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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
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 was as follows for the years ended December 31:
(In millions) | 2020 |  | 2019 |  | 2018
Components of income tax provision (benefit): |  |  |  |  |
Current: |  |  |  |  |
Federal | $ | (25) |  |  | $ | 25 |  |  | $ | 189 |
State | 71 |  |  | 69 |  |  | 39 |
Foreign | 79 |  |  | 57 |  |  | 17 |
| 125 |  |  | 151 |  |  | 245 |
Deferred: |  |  |  |  |
Federal | 189 |  |  | 118 |  |  | 110 |
State | (34) |  |  | (18) |  |  | 24 |
Foreign | (84) |  |  | (53) |  |  | (1) |
| 71 |  |  | 47 |  |  | 133 |
Income tax provision | $ | 196 |  |  | $ | 198 |  |  | $ | 378 |
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 is as follows for the years ended December 31:
| 2020 |  | 2019 |  | 2018
Statutory federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal effect | 2.0 | % |  | 3.7 | % |  | 3.2 | %
Tax expense due to federal tax reform | — | % |  | — | % |  | 1.2 | %
Enacted United Kingdom tax rate change | 2.8 | % |  | — | % |  | — | %
Foreign derived intangibles income deduction | (3.2) | % |  | (0.2) | % |  | (0.2) | %
Excess tax benefit from share-based awards | (3.9) | % |  | (5.1) | % |  | (2.2) | %
Sale of businesses and subsidiary restructuring | 0.7 | % |  | (2.6) | % |  | 1.3 | %
Unrecognized tax benefits | (1.0) | % |  | (0.1) | % |  | — | %
Nondeductible executive compensation | 2.0 | % |  | 1.0 | % |  | 0.2 | %
Valuation Allowance | (1.7) | % |  | 0.3 | % |  | — | %
Other, net | (2.0) | % |  | 0.3 | % |  | (0.2) | %
Effective income tax rate | 16.7 | % |  | 18.3 | % |  | 24.3 | %
Schedule of deferred tax assets and liabilities | Significant components of deferred tax assets and liabilities consisted of the following at December 31:
(In millions) | 2020 |  | 2019
Accrued expenses | $ | 189 |  |  | $ | 303 |
Share-based compensation | 185 |  |  | 216 |
Net operating loss and credit carry-forwards | 1,158 |  |  | 1,444 |
Foreign tax credits on undistributed earnings | — |  |  | 289 |
Leasing liabilities | 171 |  |  | 219 |
Other | 76 |  |  | 65 |
Subtotal | 1,779 |  |  | 2,536 |
Valuation allowance | (888) |  |  | (1,145) |
Total deferred tax assets | 891 |  |  | 1,391 |
Capitalized software development costs | (614) |  |  | (622) |
Intangible assets | (2,993) |  |  | (3,297) |
Property and equipment | (198) |  |  | (143) |
Capitalized commissions | (87) |  |  | (86) |
Investments in joint ventures | (908) |  |  | (841) |
Leasing right-of-use assets | (141) |  |  | (205) |
Other | (311) |  |  | (332) |
Total deferred tax liabilities | (5,252) |  |  | (5,526) |
Total | $ | (4,361) |  |  | $ | (4,135) |
Deferred tax assets and liabilities are reported in the consolidated balance sheets as follows at December 31:
(In millions) | 2020 |  | 2019
Noncurrent assets | $ | 28 |  |  | $ | 112 |
Noncurrent liabilities | (4,389) |  |  | (4,247) |
Total | $ | (4,361) |  |  | $ | (4,135) |
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) | 2020 |  | 2019
Net operating loss carryforwards: (1) |  |  |
Federal | $ | 443 |  |  | $ | 1,674 |
State | 3,944 |  |  | 4,636 |
Foreign | 3,343 |  |  | 3,201 |
General business credit carryforwards (2) | 41 |  |  | 57 |
(1)At December 31, 2020, the Company had federal net operating loss carryforwards of $443 million, most of which expire in 2021 through 2037, state net operating loss carryforwards of $3.9 billion, most of which expire in 2021 through 2040, and foreign net operating loss carryforwards of $3.3 billion, of which $263 million expire in 2021 through 2040, and the remainder of which do not expire. (2)At December 31, 2020, the Company had general business credit carryforwards of $41 million which expire in 2025 through 2038.
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) | 2020 |  | 2019
Net operating loss carryforwards: (1) |  |  |
Federal | $ | 443 |  |  | $ | 1,674 |
State | 3,944 |  |  | 4,636 |
Foreign | 3,343 |  |  | 3,201 |
General business credit carryforwards (2) | 41 |  |  | 57 |
(1)At December 31, 2020, the Company had federal net operating loss carryforwards of $443 million, most of which expire in 2021 through 2037, state net operating loss carryforwards of $3.9 billion, most of which expire in 2021 through 2040, and foreign net operating loss carryforwards of $3.3 billion, of which $263 million expire in 2021 through 2040, and the remainder of which do not expire. (2)At December 31, 2020, the Company had general business credit carryforwards of $41 million which expire in 2025 through 2038.
Schedule of unrecognized tax benefits | Unrecognized tax benefits were as follows at December 31:
(In millions) | 2020 |  | 2019 |  | 2018
Unrecognized tax benefits - Beginning of year | $ | 145 |  |  | $ | 49 |  |  | $ | 42 |
Increases for assumed tax positions related to First Data | — |  |  | 82 |  |  | — |
Increases for tax positions taken during the current year | 9 |  |  | 8 |  |  | 3 |
Increases for tax positions taken in prior years | 53 |  |  | 16 |  |  | 20 |
Decreases for tax positions taken in prior years | (23) |  |  | (2) |  |  | (8) |
Decreases for settlements | (2) |  |  | (1) |  |  | — |
Lapse of the statute of limitations | (11) |  |  | (7) |  |  | (8) |
Unrecognized tax benefits - End of year | $ | 171 |  |  | $ | 145 |  |  | $ | 49 |

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