Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Tax Expense

The components of taxes on income are as follows:

Year Ended December 31,	2021		2020		2019
Current:
Federal	$	1,507	$	967	$	958
State	298		172		184
Total current	1,805		1,139		1,142
Deferred:
Federal	38		(113)		3
State	15		(25)		(1)
Total deferred	53		(138)		2
Taxes on income	$	1,858	$	1,001	$	1,144

Temporary Differences That Created Deferred Tax Assets and Liabilities

The temporary differences that created deferred tax assets and liabilities are detailed below:

December 31,	2021		2020
Deferred tax assets:
Net unrealized loss on available for sale securities	$	347	$	—
Employee compensation, severance, and benefits	237		271
Operating lease liabilities	225		249
Reserves and allowances	74		70
Debt fair value remeasurement	47		67
State and local taxes	40		37
Net operating loss carryforwards	8		8
Total deferred tax assets	978		702
Valuation allowance	(8)		(8)
Deferred tax assets — net of valuation allowance	970		694
Deferred tax liabilities:
Amortization of acquired intangible assets	(1,888)		(1,954)
Net unrealized gain on available for sale securities	—		(1,686)
Operating lease ROU assets	(210)		(233)
Capitalized internal-use software development costs	(142)		(101)
Other	(212)		(182)
Total deferred tax liabilities	(2,452)		(4,156)
Deferred tax asset/(liability) — net (1)	$	(1,482)	$	(3,462)

(1) Amounts are included in accrued expenses and other liabilities on the consolidated balance sheets at December 31, 2021 and 2020.

Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate

A reconciliation of the federal statutory income tax rate to the effective income tax rate is as follows:

Year Ended December 31,	2021		2020		2019
Federal statutory income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal tax benefit	3.4		3.2		3.2
Equity compensation benefit	(1.2)		(0.3)		(0.5)
Other	0.9		(0.6)		(0.1)
Effective income tax rate	24.1	%	23.3	%	23.6	%

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

December 31,	2021		2020
Balance at beginning of year	$	248	$	101
Additions for tax positions related to the current year	34		15
Additions for tax positions related to prior years	15		3
Additions for current year acquisitions	—		200
Reductions for tax positions related to prior years	(15)		(7)
Reductions due to lapse of statute of limitations	(8)		(24)
Reductions for settlements with tax authorities	(3)		(40)
Balance at end of year	$	271	$	248