Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Before Provision for (Benefit From) Income Taxes

The components of income before provision for income taxes during the three years ended December 31, 2022, consisted of the following:

	2022		2021		2020
	(in millions)
United States	$	3,257.0	$	2,030.7	$	2,885.4
Foreign	975.4		699.7		231.5
Income before provision for income taxes	$	4,232.4	$	2,730.4	$	3,116.9

Schedule of Components of Provision for (Benefit From) Income Taxes

The components of our provision for income taxes during the three years ended December 31, 2022, consisted of the following:

	2022		2021		2020
	(in millions)
Current taxes:
Federal	$	779.0	$	374.9	$	71.4
State	34.9		26.5		18.9
Foreign	372.4		141.5		37.6
Total current taxes	1,186.3		542.9		127.9
Deferred taxes:
Federal	(404.0)		(36.9)		510.2
State	(11.0)		(19.3)		6.7
Foreign	139.1		(98.4)		(239.6)
Total deferred taxes	(275.9)		(154.6)		277.3
Provision for income taxes	$	910.4	$	388.3	$	405.2

Schedule of Reconciliation of the Provision for (Benefit From) Income Taxes

A reconciliation between the U.S. federal statutory rate of 21% and our effective tax rate is as follows:

	2022		2021		2020
Federal statutory tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	0.6	%	0.8	%	0.6	%
Foreign income tax rate differential	(0.3)	%	(0.3)	%	0.2	%
U.S. tax on foreign earnings, net of credits	1.9	%	0.7	%	2.7	%
Foreign derived intangible income deduction	(1.4)	%	(0.8)	%	(0.2)	%
Tax credits	(2.2)	%	(6.4)	%	(1.8)	%
Tax rate change	0.0	%	(3.5)	%	(1.2)	%
Stock compensation (benefit), shortfalls and cancellations	(0.8)	%	0.0	%	(2.3)	%
Long-term intercompany receivable write-off	—	%	—	%	(1.7)	%
Uncertain tax positions	2.7	%	2.0	%	1.3	%
Intra-entity transfer of intellectual property rights	—	%	—	%	(6.7)	%
Other	0.0	%	0.7	%	1.1	%
Effective tax rate	21.5	%	14.2	%	13.0	%

Schedule of Deferred Tax Assets and Liabilities

The components of the deferred taxes were as follows:

	As of December 31,
	2022		2021
	(in millions)
Deferred tax assets:
Net operating loss	$	77.4	$	106.6
Tax credit carryforwards	223.0		202.4
Intangible assets	738.5		802.8
Stock-based compensation	124.4		94.6
Finance lease liabilities	94.9		103.4
Operating lease assets	79.6		81.1
R&D capitalization	438.3		—
Other	69.2		90.3
Gross deferred tax assets	1,845.3		1,481.2
Valuation allowance	(237.8)		(220.4)
Total deferred tax assets	1,607.5		1,260.8
Deferred tax liabilities:
Property and equipment	(139.8)		(118.2)
Acquired intangibles	(130.5)		(87.0)
Operating lease liabilities	(63.1)		(64.8)
Other	(27.2)		(56.3)
Total deferred tax liabilities	(360.6)		(326.3)
Net deferred tax assets	$	1,246.9	$	934.5

Summary of Unrecognized Tax Benefits

Unrecognized tax benefits during the three years ended December 31, 2022 were as follows:

	2022		2021		2020
	(in millions)
Balance at beginning of the period	$	147.2	$	86.6	$	33.9
Increases related to current period tax positions	128.3		42.0		26.7
Increases related to prior period tax positions	205.3		19.9		26.7
Decreases related to prior period tax positions	(14.4)		—		—
Statute of limitations expiration	(4.5)		(1.3)		(0.7)
Foreign currency translation adjustment	(2.3)		—		—
Balance at end of period	$	459.6	$	147.2	$	86.6