Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Income before income taxes and the income tax provision consisted of the following (in millions):

	Year Ended December 31,
	2024		2023		2022
Income before income taxes
Domestic	$	1,291	$	1,016	$	184
Foreign	2,337		1,878		1,624
Total	$	3,628	$	2,894	$	1,808
Income tax provision
Current tax expense:
Federal	$	212	$	287	$	366
State	158		27		206
Foreign	598		471		331
Total	$	968	$	785	$	903
Deferred tax benefit:
Federal	$	(47)	$	(124)	$	(413)
State	(86)		(197)		(165)
Foreign	(9)		(8)		(15)
Total	$	(142)	$	(329)	$	(593)
Total income tax expense	$	826	$	456	$	310

Reconciliation of Statutory U.S. Federal Income Tax Rate to Effective Income Tax Rate

A reconciliation of the statutory U.S. federal income tax rate to our effective income tax rate is as follows:

	Year Ended December 31,
	2024		2023		2022
Statutory federal income tax rate	21	%	21	%	21	%
State and local income taxes, net of federal benefit	3		2		5
Foreign tax rate differential	3		2		(1)
Current year tax benefit from foreign derived intangible income	(2)		(2)		(3)
Unrecognized tax benefits	—		(1)		1
State apportionment changes	(1)		(6)		—
State deferred benefit of Bakkt impairment	—		—		(5)
Federal research tax credits	(1)		(1)		(1)
Other	—		1		—
Total provision for income taxes	23	%	16	%	17	%

Schedule Of Deferred Tax Assets And Liabilities

The following table summarizes the significant components of our deferred tax assets and liabilities as of December 31, 2024 and 2023 (in millions):

	As of December 31,
	2024		2023
Deferred tax assets:
Deferred and stock-based compensation	$	93	$	98
Liability reserve	74		60
Tax credits	10		10
Loss carryforward	207		275
Deferred revenue	23		25
Lease liability	66		64
Property and equipment	178		118
Other	6		81
Total	657		731
Valuation allowance	(200)		(166)
Total deferred tax assets, net of valuation allowance	$	457	$	565
Deferred tax liabilities:
Acquired intangibles	(4,239)		(4,507)
Right of use asset	(46)		(48)
Equity investment	(76)		(90)
Total deferred tax liabilities	$	(4,361)	$	(4,645)
Net deferred tax liabilities	$	(3,904)	$	(4,080)
Reported as:
Net non-current deferred tax liabilities	$	(3,904)	$	(4,080)

Reconciliation of Deferred Income Tax Valuation Allowance

A reconciliation of the beginning and ending amount of deferred income tax valuation allowance is as follows (in millions):

	Year Ended December 31,
	2024		2023		2022
Beginning balance of deferred income tax valuation allowance	$	166	$	92	$	99
Charges against goodwill	(27)		102		—
Increases/(decreases)	61		(28)		(7)
Ending balance of deferred income tax valuation allowance	$	200	$	166	$	92

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 (in millions):

	Year Ended December 31,
	2024	2023		2022
Beginning balance of unrecognized tax benefits	268	247		$	229
Additions related to acquisitions	9	25		—
Additions based on tax positions taken in current year	32	31		30
Additions based on tax positions taken in prior years	1	33		—
Reductions based on tax positions taken in prior years	(9)	(18)		(3)
Reductions resulting from statutes of limitations lapses	(27)	(7)		(9)
Reductions related to settlements with taxing authorities	—	(43)		—
Ending balance of unrecognized tax benefits	274	$	268	$	247

Open Tax Years and Examinations by Jurisdiction

The following table summarizes open tax years by major jurisdiction:

Jurisdiction	Open Tax Years
U.S. Federal	2021 - 2024
U.S. States	2013 - 2024
U.K.	2023 - 2024