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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of Provision for Income Taxes, Net | The components of the provision (benefit) for income taxes, net are as follows (in millions):
| Year Ended December 31,
| 2022 |  | 2023 |  | 2024
U.S. Federal: |  |  |  |  |
Current | $ | 2,175 |  |  | $ | 8,652 |  |  | $ | 9,039 |
Deferred | (6,686) |  |  | (5,505) |  |  | (4,101) |
Total | (4,511) |  |  | 3,147 |  |  | 4,938 |
U.S. State: |  |  |  |  |
Current | 1,074 |  |  | 2,158 |  |  | 2,109 |
Deferred | (1,302) |  |  | (498) |  |  | (453) |
Total | (228) |  |  | 1,660 |  |  | 1,656 |
International: |  |  |  |  |
Current | 1,682 |  |  | 2,186 |  |  | 2,765 |
Deferred | (160) |  |  | 127 |  |  | (94) |
Total | 1,522 |  |  | 2,313 |  |  | 2,671 |
Provision (benefit) for income taxes, net | $ | (3,217) |  |  | $ | 7,120 |  |  | $ | 9,265 |
Components of Income Before Income Taxes, Domestic and Foreign | U.S. and international components of income (loss) before income taxes are as follows (in millions):
| Year Ended December 31,
| 2022 |  | 2023 |  | 2024
U.S. | $ | (8,225) |  |  | $ | 32,328 |  |  | $ | 61,947 |
International | 2,289 |  |  | 5,229 |  |  | 6,667 |
Income (loss) before income taxes | $ | (5,936) |  |  | $ | 37,557 |  |  | $ | 68,614 |
Effective Income Tax Rate Reconciliation | The items accounting for differences between income taxes computed at the federal statutory rate and the provision (benefit) recorded for income taxes are as follows (in millions):
| Year Ended December 31,
| 2022 |  | 2023 |  | 2024
Income taxes computed at the federal statutory rate | $ | (1,246) |  |  | $ | 7,887 |  |  | $ | 14,409 |
Effect of: |  |  |  |  |
Tax impact of foreign earnings and losses | (370) |  |  | 594 |  |  | 199 |
State taxes, net of federal benefits | (173) |  |  | 1,307 |  |  | 1,306 |
Tax credits | (1,006) |  |  | (2,362) |  |  | (2,805) |
Stock-based compensation (1) | 612 |  |  | 1,047 |  |  | (1,688) |
Foreign income deduction (2) | (1,258) |  |  | (1,429) |  |  | (2,379) |
Other, net | 224 |  |  | 76 |  |  | 223 |
Total | $ | (3,217) |  |  | $ | 7,120 |  |  | $ | 9,265 |
___________________ (1)Includes non-deductible stock-based compensation and excess tax benefits or shortfalls from stock-based compensation. Our tax provision includes $33 million and $519 million of tax shortfalls from stock-based compensation for 2022 and 2023, and $2.8 billion of excess tax benefits from stock-based compensation for 2024. (2)U.S. companies are eligible for a deduction that lowers the effective tax rate on certain foreign income. This regime is referred to as the Foreign-Derived Intangible Income deduction and is dependent on the amount of our U.S. taxable income.
Deferred Tax Assets and Liabilities | Deferred income tax assets and liabilities are as follows (in millions):
| December 31,
| 2023 |  | 2024
Deferred tax assets (1): |  |  |
Loss carryforwards U.S. - Federal/States | $ | 610 |  |  | $ | 692 |
Loss carryforwards - Foreign | 2,796 |  |  | 2,687 |
Accrued liabilities, reserves, and other expenses | 3,751 |  |  | 4,254 |
Stock-based compensation | 5,279 |  |  | 4,089 |
Depreciation and amortization | 1,114 |  |  | 1,133 |
Operating lease liabilities | 19,922 |  |  | 20,921 |
Capitalized research and development | 14,800 |  |  | 22,701 |
Other items | 745 |  |  | 1,688 |
Tax credits | 1,582 |  |  | 1,773 |
Total gross deferred tax assets | 50,599 |  |  | 59,938 |
Less valuation allowances (2) | (4,811) |  |  | (4,893) |
Deferred tax assets, net of valuation allowances | 45,788 |  |  | 55,045 |
Deferred tax liabilities: |  |  |
Depreciation and amortization | (12,454) |  |  | (16,240) |
Operating lease assets | (18,648) |  |  | (19,517) |
Other items | (1,489) |  |  | (3,323) |
Net deferred tax assets (liabilities), net of valuation allowances | $ | 13,197 |  |  | $ | 15,965 |
___________________ (1)Deferred tax assets are presented after tax effects and net of tax contingencies. (2)Relates primarily to deferred tax assets that would only be realizable upon the generation of net income in certain foreign taxing jurisdictions or future capital gains, as well as tax credits.
Reconciliation of Income Tax Contingencies | The reconciliation of our income tax contingencies is as follows (in millions):
| December 31,
| 2022 |  | 2023 |  | 2024
Gross tax contingencies – January 1 | $ | 3,242 |  |  | $ | 4,002 |  |  | $ | 5,228 |
Gross increases to tax positions in prior periods | 274 |  |  | 440 |  |  | 154 |
Gross decreases to tax positions in prior periods | (172) |  |  | (38) |  |  | (129) |
Gross increases to current period tax positions | 706 |  |  | 1,009 |  |  | 1,392 |
Settlements with tax authorities | (20) |  |  | (106) |  |  | (9) |
Lapse of statute of limitations | (28) |  |  | (79) |  |  | (151) |
Gross tax contingencies – December 31 (1) | $ | 4,002 |  |  | $ | 5,228 |  |  | $ | 6,485 |
___________________ (1)As of December 31, 2024, we had approximately $6.5 billion of income tax contingencies of which $4.4 billion, if fully recognized, would decrease our effective tax rate.

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