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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

Income tax expense (benefit) attributable to continuing operations for the years ended December 31, 2025, 2024 and 2023, consists of the following (in millions):

			2025						2024						2023
Current provision (benefit):
Federal			$	138					$	357					$	235
State			41						103						96
Foreign			141						109						96
Total current provision			$	320					$	569					$	427
Deferred provision (benefit):
Federal			$	(23)					$	(183)					$	(193)
State			8						(41)						(73)
Foreign			(40)						17						(4)
Total deferred provision			(55)						(207)						(270)
Total provision for income taxes			$	265					$	362					$	157

Total income tax expense (benefit) attributable to continuing and discontinued operations for the years ended December 31, 2025, 2024 and 2023, is allocated as follows (in millions):

			2025						2024						2023
Tax expense (benefit) per statements of earnings (loss)			$	265					$	362					$	157
Tax expense (benefit) on income from discontinued operations			—						(1,062)						(301)
Change in fair value of net investment hedges			(168)						91						(176)
Foreign currency translation adjustments			—						—						40
Share of equity method investment			49						(11)						—
Other components of other comprehensive earnings (loss)			(28)						8						20
Total income tax expense (benefit) allocated to other comprehensive earnings			(147)						88						(116)
Total income tax expense (benefit)			$	118					$	(612)					$	(260)

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, 2025, 2024 and 2023 (in millions):

			2025						2024						2023
United States			$	864					$	920					$	330
Foreign			312						377						332
Total			$	1,176					$	1,297					$	662

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, 2025, 2024 and 2023, after the adoption of ASU 2023-09, is as follows:

						2025												2024												2023
						Amount						Percent						Amount						Percent						Amount						Percent
U.S. Federal statutory tax rate						$	247					21.0		%				$	272					21.0		%				$	139					21.0		%
State and local income taxes, net of federal income tax effect (a)						39						3.3						48						3.7						28						4.2
Foreign tax effects
India
Withholding tax						12						1.0						24						1.8						16						2.4
Other						4						0.3						4						0.3						1						0.2
Hong Kong
Nontaxable interest						—						—						(10)						(0.8)						(10)						(1.5)
Other						—						—						(3)						(0.2)						(3)						(0.4)
Bermuda
Statutory rate difference between Bermuda and U.S.						(13)						(1.1)						—						—						—						—
Other foreign jurisdictions						26						2.2						38						2.9						22						3.3
Effect of cross-border tax laws
Global intangible low-taxed income						18						1.5						14						1.1						7						1.1
Foreign-derived intangible income						(28)						(2.4)						(30)						(2.3)						(30)						(4.5)
Other						14						1.2						4						0.3						—						—
Tax credits
Research and development credits						(15)						(1.2)						(15)						(1.2)						(12)						(1.8)
Foreign tax credits						(39)						(3.3)						—						—						—						—
Other						—						—						—						—						(7)						(1.1)
Changes in valuation allowances						6						0.5						—						—						—						—
Nontaxable or nondeductible items
Tax loss (benefit) from stock-based compensation						17						1.4						15						1.2						16						2.4
Other						1						0.1						1						0.1						1						0.2
Changes in unrecognized tax benefits						10						0.9						(3)						(0.2)						(1)						(0.2)
Other adjustments
Return to provision						(17)						(1.4)						—						—						(14)						(2.1)
Changes in capital losses						(15)						(1.3)						—						—						—						—
Other						(2)						(0.2)						3						0.2						4						0.6
Effective income tax rate						$	265					22.5		%				$	362					27.9		%				$	157					23.8		%

(a)The jurisdictions that make up the majority (greater than 50%) of the tax effect in this category include New York City, New Jersey, California, and Florida for 2025; Florida, New York, California, Illinois, and New York City for 2024; and Florida, California, New York, Illinois, and New York City for 2023.

Schedule of Deferred Income Tax Assets and Liabilities

The significant components of deferred income tax assets and liabilities as of December 31, 2025 and 2024, consist of the following (in millions):

			2025						2024
Deferred income tax assets:
Net operating loss carryforwards			$	490					$	364
Capital loss carryforwards			136						220
Employee benefit accruals			97						115
Equity method investment			363						—
Other deferred tax assets			292						170
Total gross deferred income tax assets			1,378						869
Less valuation allowance			(914)						(505)
Total deferred income tax assets			464						364
Deferred income tax liabilities:
Equity method investment			(498)						(15)
Amortization of goodwill and intangible assets			(695)						(707)
Deferred contract costs			(298)						(259)
Other deferred tax liabilities			(161)						(232)
Total deferred income tax liabilities			(1,652)						(1,213)
Net deferred income tax liability			$	(1,188)					$	(849)

Deferred income taxes are classified in the consolidated balance sheets as of December 31, 2025 and 2024, as follows (in millions):

			2025						2024
Noncurrent deferred income tax assets (included in Other noncurrent assets)			$	27					$	14
Noncurrent deferred income tax liabilities			(1,215)						(863)
Net deferred income tax liability			$	(1,188)					$	(849)

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
Unrecognized tax benefits as of December 31, 2023			$	41
Decreases due to lapse of the applicable statute of limitations			(6)
Increases due to settlements			4
Increases as a result of tax positions taken in the prior period			4
Increases as a result of tax positions taken in the current period			6
Unrecognized tax benefit as of December 31, 2024			49
Decreases due to lapse of the applicable statute of limitations			(1)
Decreases due to settlements			(2)
Decreases as a result of tax positions taken in prior period			(13)
Increases as a result of tax positions taken in the current period			27
Unrecognized tax benefit as of December 31, 2025			$	60

Schedule of Cash Flow, Supplemental Disclosures

The following table summarizes the cash payments for income taxes for the period ended December 31, 2025, 2024, and 2023 as follows (in millions):

						2025						2024						2023
Federal						$	395					$	288					$	159
State						60						90						85
Foreign
United Kingdom						44						35						52
Other foreign jurisdictions						129						75						106
Total						$	628					$	488					$	402

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