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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Schedule of pretax income and income tax provision (benefit) for continuing operations | Substantially all of the Company’s pre-tax earnings are derived from domestic operations in all periods presented. The income tax provision (benefit) for continuing operations was as follows for the years ended December 31:
(In millions) | 2019 |  | 2018 |  | 2017
Components of income tax provision (benefit): |  |  |  |  |
Current: |  |  |  |  |
Federal | $ | 25 |  |  | $ | 189 |  |  | $ | 342 |
State | 69 |  |  | 39 |  |  | 44 |
Foreign | 57 |  |  | 17 |  |  | 19 |
| 151 |  |  | 245 |  |  | 405 |
Deferred: |  |  |  |  |
Federal | 118 |  |  | 110 |  |  | (250 | )
State | (18 | ) |  | 24 |  |  | 3 |
Foreign | (53 | ) |  | (1 | ) |  | — |
| 47 |  |  | 133 |  |  | (247 | )
Income tax provision (benefit) | $ | 198 |  |  | $ | 378 |  |  | $ | 158 |
Reconciliation of statutory federal income tax rate to effective income tax rate | A reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate for continuing operations is as follows for the years ended December 31:
| 2019 |  | 2018 |  | 2017
Statutory federal income tax rate | 21.0 | % |  | 21.0 | % |  | 35.0 | %
State income taxes, net of federal effect | 3.7 | % |  | 3.2 | % |  | 2.3 | %
Unconsolidated affiliates tax | 0.6 | % |  | 0.1 | % |  | 0.9 | %
Tax expense (benefit) due to federal tax reform | — | % |  | 1.2 | % |  | (20.3 | )%
Excess tax benefit from share-based awards | (5.1 | )% |  | (2.2 | )% |  | (3.6 | )%
Sale of businesses | (2.6 | )% |  | 1.3 | % |  | — | %
Domestic production activities deduction | — | % |  | — | % |  | (2.0 | )%
Other, net | 0.7 | % |  | (0.3 | )% |  | (0.7 | )%
Effective income tax rate | 18.3 | % |  | 24.3 | % |  | 11.6 | %
Schedule of deferred tax assets and liabilities | Significant components of deferred tax assets and liabilities consisted of the following at December 31:
(In millions) | 2019 |  | 2018
Accrued expenses | $ | 303 |  |  | $ | 74 |
Interest rate hedge contracts | 34 |  |  | 5 |
Share-based compensation | 216 |  |  | 43 |
Net operating loss and credit carry-forwards | 1,444 |  |  | 131 |
Foreign tax credits on undistributed earnings | 289 |  |  | — |
Leasing liabilities | 219 |  |  | — |
Other | 31 |  |  | 25 |
Subtotal | 2,536 |  |  | 278 |
Valuation allowance | (1,145 | ) |  | (101 | )
Total deferred tax assets | 1,391 |  |  | 177 |
Capitalized software development costs | (622 | ) |  | (129 | )
Intangible assets | (3,297 | ) |  | (437 | )
Property and equipment | (143 | ) |  | (66 | )
Capitalized commissions | (86 | ) |  | (80 | )
Investments in joint ventures | (841 | ) |  | (78 | )
Leasing right-of-use assets | (205 | ) |  | — |
Other | (332 | ) |  | (112 | )
Total deferred tax liabilities | (5,526 | ) |  | (902 | )
Total | $ | (4,135 | ) |  | $ | (725 | )
Deferred tax assets and liabilities are reported in the consolidated balance sheets as follows at December 31:
(In millions) | 2019 |  | 2018
Noncurrent assets | $ | 112 |  |  | $ | 20 |
Noncurrent liabilities | (4,247 | ) |  | (745 | )
Total | $ | (4,135 | ) |  | $ | (725 | )
Schedule of operating loss carryforwards and general business credit carryforwards | The following table presents the amounts of federal, state and foreign net operating loss carryforwards and general business credit carryforwards at December 31:
(In millions) | 2019 |  | 2018
Net operating loss carryforwards: (1) |  |  |
Federal | $ | 1,674 |  |  | $ | 27 |
State | 4,636 |  |  | 479 |
Foreign | 3,201 |  |  | 465 |
General business credit carryforwards (2) | 57 |  |  | — |
(1) | At December 31, 2019, the Company had federal net operating loss carryforwards of $1.7 billion, which expire in 2020 through 2037, state net operating loss carryforwards of $4.6 billion, which expire in 2021 through 2039, and foreign net operating loss carryforwards of $3.2 billion, of which $209 million expire in 2020 through 2039, and the remainder of which do not expire.
(2) At December 31, 2019, the Company had general business credit carryforwards of $57 million which expire in 2027 through 2039.
Schedule of operating loss carryforwards and general business credit carryforwards | The following table presents the amounts of federal, state and foreign net operating loss carryforwards and general business credit carryforwards at December 31:
(In millions) | 2019 |  | 2018
Net operating loss carryforwards: (1) |  |  |
Federal | $ | 1,674 |  |  | $ | 27 |
State | 4,636 |  |  | 479 |
Foreign | 3,201 |  |  | 465 |
General business credit carryforwards (2) | 57 |  |  | — |
(1) | At December 31, 2019, the Company had federal net operating loss carryforwards of $1.7 billion, which expire in 2020 through 2037, state net operating loss carryforwards of $4.6 billion, which expire in 2021 through 2039, and foreign net operating loss carryforwards of $3.2 billion, of which $209 million expire in 2020 through 2039, and the remainder of which do not expire.
(2) At December 31, 2019, the Company had general business credit carryforwards of $57 million which expire in 2027 through 2039.
Schedule of unrecognized tax benefits | Unrecognized tax benefits were as follows at December 31:
(In millions) | 2019 |  | 2018 |  | 2017
Unrecognized tax benefits - Beginning of year | $ | 49 |  |  | $ | 42 |  |  | $ | 45 |
Increases for assumed tax positions related to First Data | 82 |  |  | — |  |  | — |
Increases for tax positions taken during the current year | 8 |  |  | 3 |  |  | 11 |
Increases for tax positions taken in prior years | 16 |  |  | 20 |  |  | 2 |
Decreases for tax positions taken in prior years | (2 | ) |  | (8 | ) |  | (15 | )
Decreases for settlements | (1 | ) |  | — |  |  | (1 | )
Lapse of the statute of limitations | (7 | ) |  | (8 | ) |  | — |
Unrecognized tax benefits - End of year | $ | 145 |  |  | $ | 49 |  |  | $ | 42 |

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