Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Reconciliation of Total Provision for Income Taxes with Amounts Computed at Federal Tax Rate of 35%

The following table reconciles the statutory federal tax rate with the effective tax rate for the periods presented below.

TABLE 100: INCOME TAXES

	FOR THE YEAR ENDED DECEMBER 31,
	2022		2021		2020
Statutory Federal Tax Rate	21.0	%	21.0	%	21.0	%
Tax Exempt Income	(0.9)		(0.6)		(0.9)
Foreign Tax Rate Differential	0.1		0.1		0.7
Excess Tax Benefit Related to Share-Based Compensation	(0.2)		(0.4)		(0.6)
Tax Credits	(2.0)		(1.6)		(1.7)
Reversal of Tax Benefits Previously Recognized through Earnings	—		—		1.6
State Taxes, net	3.3		3.4		3.2
Valuation Allowance	1.5		0.6		1.6
Other	1.6		0.6		0.8
Effective Tax Rate	24.4	%	23.1	%	25.7	%

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.

TABLE 101: UNRECOGNIZED TAX BENEFITS

(In Millions)	2022		2021		2020
Balance at January 1	$	25.3	$	22.4	$	25.3
Additions for Tax Positions Taken in the Current Year	1.7		1.2		0.9
Additions for Tax Positions Taken in Prior Years	13.7		4.2		0.4
Reductions for Tax Positions Taken in Prior Years	—		(2.5)		(4.2)
Reductions Resulting from Expiration of Statutes	—		—		—
Balance at December 31	$	40.7	$	25.3	$	22.4

Components of Consolidated Provision for Income Taxes

The components of the consolidated Provision for Income Taxes for each of the three years ended December 31 are as follows.

TABLE 102: PROVISION FOR INCOME TAXES

	FOR THE YEAR ENDED DECEMBER 31,
(In Millions)	2022		2021		2020
Current Tax Provision:
Federal	$	357.7	$	241.5	$	203.0
State	84.7		74.0		57.2
Non-U.S.	130.6		147.3		141.7
Total	$	573.0	$	462.8	$	401.9
Deferred Tax Provision:
Federal	$	(126.0)	$	(11.7)	$	8.8
State	(10.7)		12.0		5.4
Non-U.S.	(6.0)		1.7		2.2
Total	$	(142.7)	$	2.0	$	16.4
Provision for Income Taxes	$	430.3	$	464.8	$	418.3

Tax Charges (Benefits) Recorded Directly to Stockholders' Equity

In addition to the amounts shown above, tax charges (benefits) have been recorded directly to Stockholders’ Equity for the following. For further detail, refer to Note 15, “Accumulated Other Comprehensive Income (Loss).”

TABLE 103: TAX CHARGES (BENEFITS) RECORDED DIRECTLY TO STOCKHOLDERS’ EQUITY

	FOR THE YEAR ENDED DECEMBER 31,
(In Millions)	2022		2021		2020
Tax Effect of Other Comprehensive Income	$	(471.3)	$	(126.6)	$	168.1

Deferred Tax Liabilities and Assets

Deferred tax assets and liabilities have been computed as follows.

TABLE 104: DEFERRED TAX ASSETS AND LIABILITIES

	DECEMBER 31,
(In Millions)	2022		2021
Deferred Tax Liabilities:
Lease Financing	$	—	$	7.0
Software Development	354.7		271.8
Depreciation and Amortization	122.6		181.3
Unrealized Gains on Securities, net	—		82.8
Compensation and Benefits	5.2		65.6
State Taxes, net	58.3		76.3
Other Liabilities	42.1		23.3
Gross Deferred Tax Liabilities	582.9		708.1
Deferred Tax Assets:
Allowance for Credit Losses	41.8		38.6
Unrealized Losses on Securities, net	427.3		—
Tax Credit and Loss Carryforwards	95.3		68.2
Other Assets	143.7		85.4
Gross Deferred Tax Assets	708.1		192.2
Valuation Reserve	(95.3)		(68.2)
Deferred Tax Assets, net of Valuation Reserve	612.8		124.0
Net Deferred Tax Assets (Liabilities)	$	29.9	$	(584.1)