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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of income before income tax, domestic and foreign | The provision for income taxes is based on income before income taxes and income (loss) from investments in unconsolidated affiliates, as follows:
| Year Ended December 31,
(In millions) | 2024 |  | 2023 |  | 2022
United States | $ | 3,683 |  |  | $ | 3,342 |  |  | $ | 2,752 |
Foreign | 823 |  |  | 556 |  |  | 161 |
Total | $ | 4,506 |  |  | $ | 3,898 |  |  | $ | 2,913 |
Schedule of pretax income and income tax provision (benefit) for continuing operations | The income tax provision was as follows:
| Year Ended December 31,
(In millions) | 2024 |  | 2023 |  | 2022
Components of income tax provision (benefit): |  |  |  |  |
Current: |  |  |  |  |
Federal | $ | 831 |  |  | $ | 913 |  |  | $ | 802 |
State | 242 |  |  | 148 |  |  | 175 |
Foreign | 230 |  |  | 204 |  |  | 132 |
| 1,303 |  |  | 1,265 |  |  | 1,109 |
Deferred: |  |  |  |  |
Federal | (407) |  |  | (380) |  |  | (339) |
State | (112) |  |  | (12) |  |  | (84) |
Foreign | (143) |  |  | (119) |  |  | (135) |
| (662) |  |  | (511) |  |  | (558) |
Income tax provision | $ | 641 |  |  | $ | 754 |  |  | $ | 551 |
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:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Statutory federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal effect | 2.6 | % |  | 2.8 | % |  | 2.5 | %
Foreign derived intangibles income deduction | — | % |  | (0.4) | % |  | (0.9) | %
Excess tax benefit from share-based awards | (1.3) | % |  | (0.8) | % |  | (0.8) | %
Sale of businesses and subsidiary restructuring | (0.2) | % |  | (1.3) | % |  | (2.2) | %
Unrecognized tax benefits | — | % |  | (0.2) | % |  | (0.5) | %
Nondeductible executive compensation | 0.3 | % |  | 0.2 | % |  | 0.4 | %
Transferable federal tax credits (1) | (2.3) | % |  | (1.4) | % |  | — | %
Non-cash impairment charge (see Note 8) | (2.9) | % |  | — | % |  | — | %
Valuation allowance | (1.0) | % |  | (0.6) | % |  | (0.5) | %
Other, net | (2.0) | % |  | — | % |  | (0.1) | %
Effective income tax rate | 14.2 | % |  | 19.3 | % |  | 18.9 | %
(1) Pursuant to provisions under the Inflation Reduction Act, the Company purchased transferable federal tax credits during 2024 and 2023 from various counterparties. Such federal tax credits were purchased at negotiated discounts, resulting in an income tax benefit recorded during the years ended December 31, 2024 and 2023. Receivables associated with transferable federal tax credits are recorded within prepaid expenses and other current assets, and amounts owed to counterparties for the purchased credits are recorded within accounts payable and other current liabilities within the consolidated balance sheets at December 31, 2024 and 2023.
Schedule of deferred tax assets and liabilities | Significant components of deferred tax assets and liabilities consisted of the following:
| December 31,
(In millions) | 2024 |  | 2023
Accrued expenses | $ | 167 |  |  | $ | 193 |
Share-based compensation | 93 |  |  | 122 |
Net operating loss and credit carry-forwards | 586 |  |  | 642 |
Leasing liabilities | 258 |  |  | 183 |
Other | 215 |  |  | 252 |
Subtotal | 1,319 |  |  | 1,392 |
Valuation allowance | (404) |  |  | (467) |
Total deferred tax assets | 915 |  |  | 925 |
Capitalized software development costs | (219) |  |  | (331) |
Intangible assets | (1,728) |  |  | (2,047) |
Property and equipment | (278) |  |  | (341) |
Capitalized commissions | (108) |  |  | (112) |
Investments in joint ventures | (392) |  |  | (562) |
Leasing right-of-use assets | (220) |  |  | (144) |
Other | (371) |  |  | (386) |
Total deferred tax liabilities | (3,316) |  |  | (3,923) |
Total | $ | (2,401) |  |  | $ | (2,998) |
Deferred tax assets and liabilities are reported in the consolidated balance sheets as follows:
| December 31,
(In millions) | 2024 |  | 2023
Noncurrent assets | $ | 76 |  |  | $ | 80 |
Noncurrent liabilities | (2,477) |  |  | (3,078) |
Total | $ | (2,401) |  |  | $ | (2,998) |
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 foreign tax credit carryforwards:
| December 31,
(In millions) | 2024 |  | 2023
Net operating loss carryforwards: (1) |  |  |
Federal | $ | 28 |  |  | $ | 86 |
State | 2,829 |  |  | 3,074 |
Foreign | 1,597 |  |  | 1,880 |
Foreign tax credit carryforwards | 43 |  |  | 16 |
(1)At December 31, 2024, the Company had federal net operating loss carryforwards of $28 million, most of which do not expire, state net operating loss carryforwards of $2.8 billion, most of which expire in 2025 through 2044, and foreign net operating loss carryforwards of $1.6 billion, of which $65 million expire in 2025 through 2044, and the remainder of which do not expire.
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 foreign tax credit carryforwards:
| December 31,
(In millions) | 2024 |  | 2023
Net operating loss carryforwards: (1) |  |  |
Federal | $ | 28 |  |  | $ | 86 |
State | 2,829 |  |  | 3,074 |
Foreign | 1,597 |  |  | 1,880 |
Foreign tax credit carryforwards | 43 |  |  | 16 |
(1)At December 31, 2024, the Company had federal net operating loss carryforwards of $28 million, most of which do not expire, state net operating loss carryforwards of $2.8 billion, most of which expire in 2025 through 2044, and foreign net operating loss carryforwards of $1.6 billion, of which $65 million expire in 2025 through 2044, and the remainder of which do not expire.
Schedule of unrecognized tax benefits roll forward | Unrecognized tax benefits were as follows:
| December 31,
(In millions) | 2024 |  | 2023 |  | 2022
Unrecognized tax benefits - Beginning of year | $ | 84 |  |  | $ | 96 |  |  | $ | 124 |
Increases for tax positions taken during the current year | 2 |  |  | 2 |  |  | 3 |
Increases for tax positions taken in prior years | 4 |  |  | 8 |  |  | — |
Decreases for tax positions taken in prior years | — |  |  | (10) |  |  | (18) |
Decreases for settlements | — |  |  | (3) |  |  | (2) |
Lapse of the statute of limitations | (5) |  |  | (9) |  |  | (11) |
Unrecognized tax benefits - End of year | $ | 85 |  |  | $ | 84 |  |  | $ | 96 |

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