Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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 consisted of the following:

	Year ended December 31,
	2024		2023		2022
	(in millions)
United States	$	(1,369.7)	$	3,089.1	$	3,257.0
Foreign	1,618.2		1,290.7		975.4
Income before provision for income taxes	$	248.5	$	4,379.8	$	4,232.4

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

The components of our provision for income taxes consisted of the following:

	Year ended December 31,
	2024		2023		2022
	(in millions)
Current taxes:
Federal	$	704.9	$	900.4	$	779.0
State	118.2		46.2		34.9
Foreign	309.8		350.1		372.4
Total current taxes	1,132.9		1,296.7		1,186.3
Deferred taxes:
Federal	(438.7)		(569.9)		(404.0)
State	(48.7)		(21.9)		(11.0)
Foreign	138.6		55.3		139.1
Total deferred taxes	(348.8)		(536.5)		(275.9)
Provision for income taxes	$	784.1	$	760.2	$	910.4

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 was as follows:

	Year ended December 31,
	2024		2023		2022
Federal statutory tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	29.5	%	0.3	%	0.6	%
Foreign income tax rate differential	21.3	%	(0.6)	%	(0.3)	%
U.S. tax on foreign earnings, net of credits	(12.6)	%	0.7	%	1.9	%
Foreign derived intangible income deduction	(28.3)	%	(1.7)	%	(1.4)	%
Tax credits	(102.9)	%	(6.0)	%	(2.2)	%
Stock compensation (benefit), shortfalls and cancellations	(25.5)	%	(0.8)	%	(0.8)	%
Uncertain tax positions	11.3	%	3.4	%	2.7	%
Non-deductible AIPR&D	373.8	%	—	%	—	%
Other	27.9	%	1.1	%	0.0	%
Effective tax rate	315.5	%	17.4	%	21.5	%

Schedule of Deferred Tax Assets and Liabilities

The components of the deferred taxes were as follows:

	As of December 31,
	2024		2023
	(in millions)
Deferred tax assets:
Tax credit carryforwards	$	298.3	$	261.0
Intangible assets	769.3		799.2
Stock-based compensation	164.2		144.1
Finance lease liabilities	25.9		92.1
Operating lease assets	333.5		72.5
R&D capitalization	1,404.1		919.3
Other	166.1		146.6
Gross deferred tax assets	3,161.4		2,434.8
Valuation allowance	(272.9)		(266.6)
Total deferred tax assets	2,888.5		2,168.2
Deferred tax liabilities:
Property and equipment	(110.8)		(145.1)
Acquired intangibles	(132.7)		(130.2)
Operating lease liabilities	(271.9)		(55.6)
Other	(42.0)		(25.2)
Total deferred tax liabilities	(557.4)		(356.1)
Net deferred tax assets	$	2,331.1	$	1,812.1

Schedule of Unrecognized Tax Benefits

Unrecognized tax benefits were as follows:

	Year ended December 31,
	2024		2023		2022
	(in millions)
Balance at beginning of the period	$	615.9	$	459.6	$	147.2
Increases related to current period tax positions	119.2		116.0		128.3
Increases related to prior period tax positions	4.6		62.5		205.3
Decreases related to prior period tax positions	(1.9)		(14.4)		(14.4)
Statute of limitations expiration	(16.6)		(8.1)		(4.5)
Settlement with tax authorities	(14.5)		—		—
Foreign currency translation adjustment	(0.5)		0.3		(2.3)
Balance at end of period	$	706.2	$	615.9	$	459.6