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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense (Benefit) | Income tax expense (benefit) attributable to continuing operations for the years ended December 31, 2020, 2019 and 2018, consists of the following (in millions):
| 2020 |  | 2019 |  | 2018
Current provision: |  |  |  |  |
Federal | $ | 81 |  |  | $ | 53 |  |  | $ | 169 |
State | 50 |  |  | 46 |  |  | 50 |
Foreign | 176 |  |  | 116 |  |  | 105 |
Total current provision | $ | 307 |  |  | $ | 215 |  |  | $ | 324 |
Deferred provision (benefit): |  |  |  |  |
Federal | $ | (53) |  |  | $ | (47) |  |  | $ | (95) |
State | (28) |  |  | 7 |  |  | (11) |
Foreign | (130) |  |  | (75) |  |  | (10) |
Total deferred provision (benefit) | (211) |  |  | (115) |  |  | (116) |
Total Provision (benefit) for income taxes | $ | 96 |  |  | $ | 100 |  |  | $ | 208 |
Total income tax expense for the years ended December 31, 2020, 2019 and 2018, is allocated as follows (in millions):
| 2020 |  | 2019 |  | 2018
Tax expense (benefit) per statement of earnings | $ | 96 |  |  | $ | 100 |  |  | $ | 208 |
Tax expense (benefit) attributable to discontinued operations | — |  |  | — |  |  | (1) |
Unrealized (loss) gain on foreign currency translation | (154) |  |  | 240 |  |  | — |
Unrealized gain (loss) on interest rate swaps | (7) |  |  | (41) |  |  | — |
Other components of other comprehensive earnings (loss) | — |  |  | (3) |  |  | 1 |
Total income tax expense (benefit) allocated to other comprehensive income | (161) |  |  | 196 |  |  | 1 |
Total income tax expense (benefit) | $ | (65) |  |  | $ | 296 |  |  | $ | 208 |
Schedule of Pre-tax Income from Continuing Operations | The provision for income taxes is based on pre-tax income from continuing operations, which is as follows for the years ended December 31, 2020, 2019 and 2018 (in millions):
| 2020 |  | 2019 |  | 2018
United States | $ | 441 |  |  | $ | 220 |  |  | $ | 744 |
Foreign | (175) |  |  | 193 |  |  | 360 |
Total | $ | 266 |  |  | $ | 413 |  |  | $ | 1,104 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the federal statutory income tax rate to the Company's effective income tax rate for the years ended December 31, 2020, 2019 and 2018, is as follows:
| 2020 |  | 2019 |  | 2018
Federal statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes | 14.6 |  |  | 2.5 |  |  | 2.9 |
Federal benefit of state taxes | (3.1) |  |  | (0.5) |  |  | (0.6) |
Foreign rate differential | (10.1) |  |  | (1.7) |  |  | — |
U.K. tax rate adjustment | 38.2 |  |  | — |  |  | — |
Tax benefit from stock-based compensation | (18.1) |  |  | (8.1) |  |  | (5.2) |
Acquisition-related items | (15.9) |  |  | 1.8 |  |  | — |
Book basis in excess of tax basis for goodwill impairment and disposition | 9.2 |  |  | — |  |  | 3.0 |
Non-deductible executive compensation | 9.0 |  |  | 10.6 |  |  | 0.4 |
CVR liability fair value and foreign currency adjustment | 8.2 |  |  | 0.7 |  |  | — |
Foreign-derived intangible income deduction | (7.2) |  |  | (3.3) |  |  | (1.8) |
Return to provision adjustments | (4.9) |  |  | (0.4) |  |  | (0.3) |
Research and development credit | (4.1) |  |  | (2.4) |  |  | (0.9) |
State tax rate adjustment | (2.8) |  |  | 5.1 |  |  | — |
Cares Act net operating loss adjustment | (2.3) |  |  | — |  |  | — |
Withholding tax on distribution | 2.1 |  |  | — |  |  | (0.4) |
Deferred tax and other rate adjustments | 1.1 |  |  | 0.2 |  |  | — |
Unrecognized tax benefits | 0.3 |  |  | (1.4) |  |  | (0.3) |
Global intangible low-tax income | — |  |  | — |  |  | 1.1 |
Other | 0.8 |  |  | 0.1 |  |  | (0.1) |
Effective income tax rate | 36.0 | % |  | 24.2 | % |  | 18.8 | %
Schedule of Deferred Income Tax Assets and Liabilities | The significant components of deferred income tax assets and liabilities as of December 31, 2020 and 2019, consist of the following (in millions):
| 2020 |  | 2019
Deferred income tax assets: |  |  |
Net operating loss carryforwards | $ | 221 |  |  | $ | 177 |
Employee benefit accruals | 155 |  |  | 177 |
Other deferred tax assets | 204 |  |  | 142 |
Total gross deferred income tax assets | 580 |  |  | 496 |
Less valuation allowance | (204) |  |  | (178) |
Total deferred income tax assets | 376 |  |  | 318 |
Deferred income tax liabilities: |  |  |
Amortization of goodwill and intangible assets | (3,945) |  |  | (4,123) |
Foreign currency translation adjustment | (95) |  |  | (208) |
Deferred contract costs | (173) |  |  | (125) |
Other deferred tax liabilities | (140) |  |  | (105) |
Total deferred income tax liabilities | (4,353) |  |  | (4,561) |
Net deferred income tax liability | $ | (3,977) |  |  | $ | (4,243) |
Deferred income taxes are classified in the consolidated balance sheets as of December 31, 2020 and 2019, as follows (in millions):
| 2020 |  | 2019
Noncurrent assets (included in Other noncurrent assets) | $ | 40 |  |  | $ | 38 |
Total deferred income tax assets | 40 |  |  | 38 |
Noncurrent liabilities | (4,017) |  |  | (4,281) |
Total deferred income tax liabilities | (4,017) |  |  | (4,281) |
Net deferred income tax liability | $ | (3,977) |  |  | $ | (4,243) |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table reconciles the gross amounts of unrecognized tax benefits at the beginning and end of the period (in millions):
| Gross Amount
Amounts of unrecognized tax benefits as of December 31, 2018 | $ | 61 |
Amount of decreases due to lapse of the applicable statute of limitations | (5) |
Amount of decreases due to settlements | (17) |
Increases as a result of tax positions taken in the current period | 1 |
Assumed in Worldpay acquisition | 5 |
Amount of unrecognized tax benefit as of December 31, 2019 | 45 |
Amount of decreases due to lapse of the applicable statute of limitations | (1) |
Amount of decreases due to settlements | (9) |
Increases as a result of tax positions taken in the current period | 9 |
Amount of unrecognized tax benefit as of December 31, 2020 | $ | 44 |

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