XML 93 R45.htm IDEA: XBRL DOCUMENT
v3.25.4

Provision for (Benefit from) Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Components of Loss From Continuing Operations Before Income Taxes | The components of income before income taxes by U.S. and foreign jurisdictions were as follows (in millions):
| Year Ended December 31,
|  | 2025 | 2024 | 2023
United States |  | $ | 1,302 |  |  | $ | 1,055 |  |  | $ | 523 |
Foreign |  | 959 |  |  | 683 |  |  | 485 |
Total |  | $ | 2,261 |  |  | $ | 1,738 |  |  | $ | 1,008 |
Components of Provision for Income Taxes | The provision for (benefit from) income taxes consists of the following (in millions):
|  | Year Ended December 31,
|  | 2025 | 2024 | 2023
Current provision: |  |  |  |  |  |
Federal |  | $ | 36 |  |  | $ | 36 |  |  | $ | 2 |
State |  | 43 |  |  | 49 |  |  | 31 |
Foreign |  | 183 |  |  | 130 |  |  | 101 |
|  | 262 |  |  | 215 |  |  | 134 |
Deferred provision: |  |  |  |  |  |
Federal |  | 169 |  |  | 51 |  |  | (750) |
State |  | 25 |  |  | (5) |  |  | (135) |
Foreign |  | 57 |  |  | 52 |  |  | 28 |
|  | 251 |  |  | 98 |  |  | (857) |
Provision for (benefit from) income taxes |  | $ | 513 |  |  | $ | 313 |  |  | $ | (723) |
Reconciliation of Federal Income Tax Rate | The effective income tax rate differs from the federal statutory income tax rate applied to the income before income taxes due to the following (in millions):
|  | Year Ended December 31,
|  | 2025 | 2024 | 2023
U.S. federal statutory tax rate |  | $ | 475 |  | 21.0 | % |  | $ | 365 |  | 21.0 | % |  | $ | 212 |  | 21.0 | %
State and local income tax, net of federal benefit (1) |  | 51 |  | 2.3 | % |  | 33 |  | 1.9 | % |  | (81) |  | (8.1) | %
Foreign tax effects |  |  |  |  |  |  |  |  |
Ireland |  |  |  |  |  |  |  |  |
Statutory tax rate difference between Ireland and United States |  | (45) |  | (2.0) | % |  | (31) |  | (1.8) | % |  | (20) |  | (1.9) | %
Other |  | (17) |  | (0.7) | % |  | 1 |  | — | % |  | 12 |  | 1.2 | %
Brazil |  |  |  |  |  |  |  |  |
Withholding |  | 30 |  | 1.3 | % |  | 18 |  | 1.0 | % |  | — |  | — | %
Other |  | — |  | — | % |  | 2 |  | 0.1 | % |  | 10 |  | 0.9 | %
Other foreign jurisdictions |  | 63 |  | 2.8 | % |  | 58 |  | 3.3 | % |  | 21 |  | 2.1 | %
Effect of cross-border tax laws |  |  |  |  |  |  |  |  |
Global intangible low-taxed income |  | (22) |  | (1.0) | % |  | (29) |  | (1.6) | % |  | 45 |  | 4.5 | %
Other |  | (1) |  | (0.1) | % |  | (6) |  | (0.3) | % |  | (1) |  | (0.1) | %
Research and development tax credits |  | (53) |  | (2.3) | % |  | (64) |  | (3.7) | % |  | (74) |  | (7.3) | %
Changes in valuation allowances |  | (1) |  | (0.1) | % |  | 3 |  | 0.2 | % |  | (930) |  | (92.2) | %
Nontaxable or nondeductible items |  |  |  |  |  |  |  |  |
Stock-based compensation |  | (66) |  | (2.9) | % |  | (78) |  | (4.5) | % |  | 25 |  | 2.5 | %
Officer’s compensation |  | 32 |  | 1.4 | % |  | 28 |  | 1.6 | % |  | 32 |  | 3.2 | %
Other |  | 29 |  | 1.3 | % |  | 13 |  | 0.8 | % |  | 16 |  | 1.5 | %
Change in unrecognized tax benefits |  | 11 |  | 0.5 | % |  | 3 |  | 0.2 | % |  | 9 |  | 0.9 | %
Acquisition-related effects |  | 29 |  | 1.3 | % |  | (5) |  | (0.3) | % |  | 3 |  | 0.3 | %
Other |  | (2) |  | (0.1) | % |  | 2 |  | 0.1 | % |  | (2) |  | (0.2) | %
Provision for (benefit from) income taxes |  | $ | 513 |  | 22.7 | % |  | $ | 313 |  | 18.0 | % |  | $ | (723) |  | (71.7) | %
(1) The states that contribute to the majority (greater than 50%) of the tax effect in this category include Illinois, New Jersey, Virginia, Minnesota, and New York for 2025; Virginia, New York, Illinois, Minnesota, and Georgia for 2024; and Illinois, Virginia, Minnesota, and Pennsylvania for 2023.
Reconciliation of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets are shown below (in millions). A valuation allowance has been recognized to offset our deferred tax assets, as necessary, by the amount of any tax benefits that, based on evidence, are not expected to be realized.
|  | December 31,
|  | 2025 | 2024
Deferred tax assets: |  |  |  |
Net operating loss carryforwards |  | $ | 260 |  |  | $ | 138 |
Credit carryforwards |  | 425 |  |  | 458 |
Lease liability |  | 207 |  |  | 171 |
Capitalized research and development |  | 323 |  |  | 434 |
Depreciation and amortization |  | 465 |  |  | 514 |
Accrued expenses |  | 98 |  |  | 78 |
Other |  | 90 |  |  | 90 |
Total deferred tax assets |  | 1,868 |  |  | 1,883 |
Less: valuation allowance |  | (241) |  |  | (220) |
|  | $ | 1,627 |  |  | $ | 1,663 |
Deferred tax liabilities: |  |  |  |
Right of use asset |  | (182) |  |  | (150) |
Depreciation and amortization |  | (375) |  |  | (113) |
Other |  | (56) |  |  | (61) |
Net deferred tax assets |  | $ | 1,014 |  |  | $ | 1,339 |
Reconciliation of Beginning and Ending Balance of Total Unrecognized Tax Benefits | A reconciliation of the beginning and ending balance of total unrecognized tax benefits is as follows (in millions):
|  | Year Ended December 31,
|  | 2025 | 2024 | 2023
Balance at the beginning of the period |  | $ | 291 |  |  | $ | 221 |  |  | $ | 159 |
Tax positions taken in prior period: |  |  |  |  |  |
Gross increases |  | — |  |  | 2 |  |  | — |
Gross decreases |  | (3) |  |  | (2) |  |  | — |
Tax positions taken in current period: |  |  |  |  |  |
Gross increases |  | 116 |  |  | 73 |  |  | 63 |
Settlements |  | — |  |  | (3) |  |  | (1) |
Balance at the end of the period |  | $ | 404 |  |  | $ | 291 |  |  | $ | 221 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration