Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of pretax income and income tax provision (benefit) for continuing operations

The income tax provision was as follows for the years ended December 31:

(In millions)	2022		2021		2020
Components of income tax provision (benefit):
Current:
Federal	$	802	$	378	$	(25)
State	175		138		71
Foreign	132		109		79
	1,109		625		125
Deferred:
Federal	(339)		(186)		189
State	(84)		(106)		(34)
Foreign	(135)		30		(84)
	(558)		(262)		71
Income tax provision	$	551	$	363	$	196

Reconciliation of statutory federal income tax rate to effective income tax rate

A reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows for the years ended December 31:

	2022		2021		2020
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal effect	2.5	%	1.6	%	2.0	%
Foreign tax law changes	—	%	8.0	%	2.8	%
Foreign derived intangibles income deduction	(0.9)	%	(3.1)	%	(3.2)	%
Excess tax benefit from share-based awards	(0.8)	%	(2.2)	%	(3.9)	%
Sale of businesses and subsidiary restructuring	(2.2)	%	(2.1)	%	0.7	%
Unrecognized tax benefits	(0.5)	%	(2.7)	%	(1.0)	%
Nondeductible executive compensation	0.4	%	0.7	%	2.0	%
Valuation allowance	(0.5)	%	(1.3)	%	(1.7)	%
Other, net	(0.1)	%	1.9	%	(2.0)	%
Effective income tax rate	18.9	%	21.8	%	16.7	%

Schedule of deferred tax assets and liabilities

Significant components of deferred tax assets and liabilities consisted of the following at December 31:

(In millions)	2022		2021
Accrued expenses	$	170	$	171
Share-based compensation	116		134
Net operating loss and credit carry-forwards	805		804
Leasing liabilities	170		194
Other	163		194
Subtotal	1,424		1,497
Valuation allowance	(620)		(697)
Total deferred tax assets	804		800
Capitalized software development costs	(481)		(633)
Intangible assets	(2,319)		(2,676)
Property and equipment	(308)		(280)
Capitalized commissions	(106)		(95)
Investments in joint ventures	(597)		(630)
Leasing right-of-use assets	(134)		(142)
Other	(405)		(474)
Total deferred tax liabilities	(4,350)		(4,930)
Total	$	(3,546)	$	(4,130)

Deferred tax assets and liabilities are reported in the consolidated balance sheets as follows at December 31:

(In millions)	2022		2021
Noncurrent assets	$	56	$	42
Noncurrent liabilities	(3,602)		(4,172)
Total	$	(3,546)	$	(4,130)

Schedule of operating loss carryforwards and general business credit carryforwards

The following table presents the amounts of federal, state and foreign net operating loss carryforwards and general business credit carryforwards at December 31:

(In millions)	2022		2021
Net operating loss carryforwards: (1)
Federal	$	214	$	178
State	2,810		3,763
Foreign	2,373		2,580
General business credit carryforwards (2)	17		12

(1)At December 31, 2022, the Company had federal net operating loss carryforwards of $214 million, most of which do not expire, state net operating loss carryforwards of $2.8 billion, most of which expire in 2023 through 2042, and foreign net operating loss carryforwards of $2.4 billion, of which $276 million expire in 2023 through 2041, and the remainder of which do not expire.

(2)Substantially all of the general business credit carryforwards relate to foreign tax credits.

Schedule of operating loss carryforwards and general business credit carryforwards

The following table presents the amounts of federal, state and foreign net operating loss carryforwards and general business credit carryforwards at December 31:

(In millions)	2022		2021
Net operating loss carryforwards: (1)
Federal	$	214	$	178
State	2,810		3,763
Foreign	2,373		2,580
General business credit carryforwards (2)	17		12

(1)At December 31, 2022, the Company had federal net operating loss carryforwards of $214 million, most of which do not expire, state net operating loss carryforwards of $2.8 billion, most of which expire in 2023 through 2042, and foreign net operating loss carryforwards of $2.4 billion, of which $276 million expire in 2023 through 2041, and the remainder of which do not expire.

(2)Substantially all of the general business credit carryforwards relate to foreign tax credits.

Schedule of unrecognized tax benefits

Unrecognized tax benefits were as follows at December 31:

(In millions)	2022		2021		2020
Unrecognized tax benefits - Beginning of year	$	124	$	171	$	145
Increases for tax positions taken during the current year	3		16		9
Increases for tax positions taken in prior years	—		5		53
Decreases for tax positions taken in prior years	(18)		(41)		(23)
Decreases for settlements	(2)		(1)		(2)
Lapse of the statute of limitations	(11)		(26)		(11)
Unrecognized tax benefits - End of year	$	96	$	124	$	171