Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) from Operations Before Income Taxes

The provision for income taxes is based on income before provision for income taxes as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
U.S.	$	401,760	$	1,084,254	$	766,781
Non-U.S.	(85,130)		(250,039)		(237,665)
Income before provision for income taxes	$	316,630	$	834,215	$	529,116

Schedule of (Benefit) Provision for Income Taxes

Our provision for income taxes consists of the following (in thousands):

	Year Ended December 31,
	2024		2023		2022
Current:
Federal	$	322,682	$	344,407	$	90,088
State	43,955		48,106		38,136
Foreign	2,931		3,001		3,141
	369,568		395,514		131,365
Deferred:
Federal	(106,549)		(139,468)		62,107
State	21,824		(19,625)		(3,709)
Foreign	(828)		195		(1,307)
	(85,553)		(158,898)		57,091
Total provision for income taxes	$	284,015	$	236,616	$	188,456

Schedule of Reconciliation of Income Taxes at the U.S. Federal Statutory Rate to the (Benefit) Provision for Income Taxes

A reconciliation of income taxes at the U.S. federal statutory rate to the provision for income taxes is as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Provision at U.S. federal statutory rate	$	66,492	$	175,185	$	111,114
State and local income taxes	51,753		21,145		26,767
Foreign tax rate differential	61,026		(96,434)		13,670
Income tax credits	(70,989)		(1,433,507)		(30,505)
Change in valuation allowance	21,425		1,572,951		67,056
Change in uncertain tax positions	6,418		5,943		3,262
Foreign-derived intangible income	(31,786)		(32,891)		(36,748)
Stock based compensation	25,647		20,971		19,704
Acquisitions accounted for as research and development expenses	149,287		4,200		14,700
Other	4,742		(947)		(564)
Provision for income taxes	$	284,015	$	236,616	$	188,456

Schedule of Significant Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows (in thousands):

	December 31,
	2024		2023
Deferred tax assets:
Net operating loss carry forwards	$	315,969	$	326,446
Income tax credits	1,398,495		1,441,981
Capitalized research and development	648,989		457,603
Deferred revenue and accruals	190,446		130,291
Non-cash compensation	100,788		96,469
Acquisition-related contingent consideration	27,796		30,298
Intangibles, net	229,741		233,311
Long term investments	6,697		42,975
Other	20,814		9,044
Total gross deferred tax assets	2,939,735		2,768,418
Less valuation allowance for deferred tax assets	(2,139,673)		(2,096,318)
Net deferred tax assets	$	800,062	$	672,100
Deferred tax liabilities:
Property and equipment	$	(30,676)	$	(34,757)
Other	(7,315)		(5,457)
Total gross deferred tax liabilities	(37,991)		(40,214)
Net deferred tax assets	$	762,071	$	631,886

Schedule of Operating Loss Carryforwards

As of December 31, 2024, we had NOL carryforwards, research and development credit carryforwards and foreign income tax credit carryforwards as follows (in thousands):

	Amount		Expiring if not utilized
Net operating loss carryforwards
Federal	$	102,034	Indefinite
State	782,156		2025 through 2044; indefinite
Foreign	1,749,821		2025 through 2041; indefinite
Research and development credit carryforwards
Federal	$	9,431	2039 through 2044
State	18,064		2025 through 2043
Swiss income tax credit carryforwards	1,382,413		2028

Schedule of Unrecognized Tax Benefits

The following table summarizes the gross amounts of unrecognized tax benefits (in thousands):

	Year Ended December 31,
	2024		2023
Balance at beginning of year	$	69,145	$	73,040
Additions related to prior periods tax positions	9,173		3,687
Reductions related to prior periods tax positions	(2,014)		(10,382)
Additions related to current period tax positions	5,939		3,019
Additions related to acquisitions	9,114		—
Settlements	(71)		(209)
Reductions due to lapse of applicable statute of limitations	(3,538)		(33)
Currency translation adjustment	(25)		23
Balance at end of year	$	87,723	$	69,145