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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Taxes
Income before provision for income taxes was as follows:
 Year Ended December 31,
 202420232022
 (in thousands)
United States$9,101,391 $5,602,762 $4,623,218 
Foreign864,266 602,643 640,711 
Income before income taxes$9,965,657 $6,205,405 $5,263,929 
Schedule of Components of Provision for Income Taxes
The components of provision for income taxes for all periods presented were as follows:
 
 Year Ended December 31,
 202420232022
 (in thousands)
Current tax provision:
Federal$1,093,667 $854,170 $109,910 
State214,814 181,684 119,795 
Foreign536,915 304,539 676,827 
Total current1,845,396 1,340,393 906,532 
Deferred tax provision:
Federal(520,510)(412,760)(52,434)
State(41,700)(55,475)(30,691)
Foreign(29,160)(74,743)(51,402)
Total deferred(591,370)(542,978)(134,527)
Provision for income taxes$1,254,026 $797,415 $772,005 
Schedule of Reconciliation of Provision for Income Taxes
A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory Federal income tax rate to income before income taxes is as follows:

 Year Ended December 31,
 202420232022
 (in thousands)
Expected tax expense at U.S. Federal statutory tax rate$2,092,710 $1,303,123 $1,105,428 
State income taxes, net of Federal income tax effect166,311 104,717 92,084 
Foreign earnings at other than U.S. rates13,909 (32,292)104,665 
Research and development tax credit(185,312)(87,036)(146,615)
Excess tax benefits on stock-based compensation(435,909)(119,043)(75,211)
Foreign-derived intangible income deduction(502,968)(426,597)(361,013)
Nontaxable and nondeductible items70,386 41,782 44,046 
Other34,899 12,761 8,621 
Provision for income taxes$1,254,026 $797,415 $772,005 
Effective Tax Rate13 %13 %15 %
Schedule of Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities were as follows:
 
 As of December 31,
 20242023
 (in thousands)
Deferred tax assets:
Stock-based compensation$440,889 $486,876 
Tax credits and net operating loss carryforwards834,402 544,431 
Capitalized research expenses1,075,474 593,439 
Accruals and reserves152,142 137,251 
Operating lease liabilities522,489 516,574 
OCI hedging losses— 35,707 
Unrealized losses12,157 26,506 
Other18,197 11,615 
Total deferred tax assets3,055,750 2,352,399 
Valuation allowance(540,272)(442,293)
Net deferred tax assets2,515,478 1,910,106 
Deferred tax liabilities:
Depreciation & amortization(370,709)(357,477)
Operating right-of-use lease assets(449,661)(435,216)
OCI hedging gains(220,009)— 
       Acquired intangibles(282,187)(233,433)
       Other(15,354)(9,430)
Total deferred tax liabilities(1,337,920)(1,035,556)
Net deferred tax assets$1,177,558 $874,550 
The following table shows the deferred tax assets and liabilities within our Consolidated Balance Sheets:
 As of December 31,
 20242023
 (in thousands)
Total deferred tax assets:
Other non-current assets$1,290,160 $1,000,760 
Total deferred tax liabilities:
Other non-current liabilities(112,602)(126,210)
Net deferred tax assets$1,177,558 $874,550 
Schedule of Changes in Unrecognized Tax Benefits The aggregate changes in the Company’s total gross amount of unrecognized tax benefits are summarized as follows:
 
As of December 31,
202420232022
(in thousands)
Balance at the beginning of the year$327,105 $226,977 $202,557 
Increases related to tax positions taken during the current period93,325 65,630 26,865 
Increases related to tax positions taken during prior periods15,751 76,794 — 
Decreases related to tax positions taken during prior periods(3,901)(10,117)(2,445)
Decreases related to settlements with taxing authorities— (32,179)— 
Decreases related to expiration of statute of limitations— — — 
Balance at the end of the year$432,280 $327,105 $226,977