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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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