Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Taxes

The components of income before provision for income taxes are as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Domestic	$	2,635,557	$	1,977,687	$	1,260,614
Foreign	629,477		444,339		321,182
Income before income taxes	$	3,265,034	$	2,422,026	$	1,581,796

Schedule of Components of Income Tax Expense (Benefit)

The components of the provision for income taxes are as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Current provision for income taxes:
Federal	$	751,279	$	574,449	$	359,158
State	114,731		106,866		76,321
Foreign	39,771		24,186		38,250
Total current	905,781		705,501		473,729
Deferred tax expense (benefit):
Federal	(504,730)		(372,270)		(219,568)
State	(42,781)		(41,152)		(34,689)
Foreign	54,710		42,626		9,878
Total deferred tax expense (benefit)	(492,801)		(370,796)		(244,379)
Total provision for income taxes	$	412,980	$	334,705	$	229,350

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of the statutory federal income tax rate and our effective income tax rate is as follows (in percentages):

	Year Ended December 31,
	2024		2023		2022
U.S. federal statutory income tax rate	21.00	%	21.00	%	21.00	%
State tax, net of federal benefit	1.75		2.13		2.09
Taxes on foreign earnings differential	(2.38)		(1.96)		(2.24)
Tax credits	(2.79)		(2.74)		(2.24)
Stock-based compensation	(4.96)		(4.59)		(4.07)
Acquisition and integration costs	—		0.01		0.05
Other, net	0.03		(0.04)		(0.09)
Effective tax rate	12.65	%	13.81	%	14.50	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of deferred tax assets (liabilities) are as follows (in thousands) :

	December 31,
	2024		2023
Deferred tax assets:
Intangible assets	$	273,867	$	322,325
Reserves and accruals not currently deductible	135,167		120,973
Deferred revenue	566,273		295,268
Tax credits	130,188		118,123
Lease financing obligation	13,719		15,485
Capitalized research and development expenses	634,534		417,095
Stock-based compensation	38,631		28,079
Net operating losses	25,916		34,274
Other	3,593		1,328
Gross deferred tax assets	1,821,888		1,352,950
Valuation allowance	(179,789)		(146,268)
Total deferred tax assets	1,642,099		1,206,682
Deferred tax liabilities:
US tax on foreign earnings	(189,823)		(245,074)
Right of use asset	(11,571)		(12,935)
Other	(287)		(2,881)
Total deferred tax liabilities	(201,681)		(260,890)
Net deferred tax assets	$	1,440,418	$	945,792

Schedule of Unrecognized Tax Benefits Roll Forward

The reconciliation of the beginning and ending amount of gross unrecognized tax benefits as of December 31, 2024, 2023 and 2022 is as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Gross unrecognized tax benefits—beginning balance	$	163,266	$	137,357	$	114,813
Increases related to tax positions taken in a prior year	294		4,690		1,566
Increases related to tax positions taken during current year	52,701		39,895		25,355
Decreases related to tax positions taken in a prior year	(8,624)		(513)		(3,781)
Decreases related to lapse of statute of limitations	(26,010)		(18,163)		(596)
Decreases related to settlements with taxing authorities	(150)		—		—
Gross unrecognized tax benefits—ending balance	$	181,477	$	163,266	$	137,357