Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Income before Provision for Income Taxes

Our income before provision for (benefit from) income taxes for the years ended December 31, 2024, 2023 and 2022 was as follows (in millions):


	Year Ended December 31,
	2024		2023		2022
Domestic	$	2,292	$	3,196	$	5,524
Noncontrolling interest and redeemable noncontrolling interest	62		(23)		31
Foreign	6,636		6,800		8,164
Income before income taxes	$	8,990	$	9,973	$	13,719

Components of Provision for Income Taxes

The components of the provision for (benefit from) income taxes for the years ended December 31, 2024, 2023 and 2022 consisted of the following (in millions):


	Year Ended December 31,
	2024		2023		2022
Current:
Federal	$	—	$	48	$	—
State	45		57		62
Foreign	1,315		1,243		1,266
Total current	1,360		1,348		1,328
Deferred:
Federal	831		(5,246)		26
State	(49)		(653)		1
Foreign	(305)		(450)		(223)
Total deferred	477		(6,349)		(196)
Total provision for (benefit from) income taxes	$	1,837	$	(5,001)	$	1,132

Schedule of Reconciliation of Taxes at Federal Statutory Rate to Provision for Income Taxes

The reconciliation of taxes at the federal statutory rate to our provision for (benefit from) income taxes for the years ended December 31, 2024, 2023 and 2022 was as follows (in millions):


	Year Ended December 31,
	2024		2023		2022
Tax at statutory federal rate	$	1,887	$	2,094	$	2,881
State tax, net of federal benefit	8		(372)		51
Excess tax benefits related to stock-based compensation	(267)		(288)		(745)
Nontaxable manufacturing credit	(291)		(101)		—
Foreign income rate differential	(545)		(816)		(923)
U.S. tax credits	(317)		(593)		(276)
GILTI and Subpart F inclusion	882		670		1,279
Unrecognized tax benefits	144		183		252
Change in valuation allowance	163		(5,962)		(1,532)
Other	173		184		145
Provision for (benefit from) income taxes	$	1,837	$	(5,001)	$	1,132

Schedule of Deferred Tax Assets (Liabilities)

Deferred tax assets (liabilities) as of December 31, 2024 and 2023 consisted of the following (in millions):


	December 31, 2024		December 31, 2023
Deferred tax assets:
Net operating loss carry-forwards	$	1,295	$	2,826
Research and development credits	1,735		1,358
Other tax credits and attributes	1,325		827
Deferred revenue	1,101		1,035
Inventory and warranty reserves	1,769		1,258

Operating lease right-of-use liabilities	1,186		930
Capitalized research and development costs	2,448		1,344
Deferred GILTI tax assets	691		760
Other	412		436
Total deferred tax assets	11,962		10,774
Valuation allowance	(1,224)		(892)
Deferred tax assets, net of valuation allowance	10,738		9,882
Deferred tax liabilities:
Depreciation and amortization	(2,658)		(2,122)

Operating lease right-of-use assets	(1,097)		(859)


Other	(561)		(249)
Total deferred tax liabilities	(4,316)		(3,230)
Deferred tax assets (liabilities), net of valuation allowance	$	6,422	$	6,652

Schedule of Unrecognized Tax Benefits Roll Forward

The changes to our gross unrecognized tax benefits were as follows (in millions):


December 31, 2021	$	531
Increases in balances related to prior year tax positions	136
Decreases in balances related to prior year tax positions	(12)
Increases in balances related to current year tax positions	222
Decreases in balances related to expiration of the statute of limitations	(7)
December 31, 2022	870
Increases in balances related to prior year tax positions	59
Decreases in balances related to settlement with tax authorities	(6)
Increases in balances related to current year tax positions	255
Decreases in balances related to expiration of the statute of limitations	(4)
December 31, 2023	1,174
Increases in balances related to prior year tax positions	51
Decreases in balances related to prior year tax positions	(27)
Increases in balances related to current year tax positions	227
Decreases in balances related to settlement with tax authorities	(4)
Decreases in balances related to expiration of the statute of limitations	(4)
December 31, 2024	$	1,417