XML 61 R28.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Taxes | The components of income before provision for income taxes are as follows (in thousands):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Domestic |  | $ | 1,977,687 |  |  | $ | 1,260,614 |  |  | $ | 737,620 |
Foreign |  | 444,339 |  |  | 321,182 |  |  | 193,259 |
Income before income taxes |  | $ | 2,422,026 |  |  | $ | 1,581,796 |  |  | $ | 930,879 |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for income taxes are as follows (in thousands):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Current provision for income taxes: |  |  |  |  |  |
Federal |  | $ | 574,449 |  |  | $ | 359,158 |  |  | $ | 137,203 |
State |  | 106,866 |  |  | 76,321 |  |  | 38,478 |
Foreign |  | 24,186 |  |  | 38,250 |  |  | 13,391 |
Total current |  | 705,501 |  |  | 473,729 |  |  | 189,072 |
Deferred tax expense (benefit): |  |  |  |  |  |
Federal |  | (372,270) |  |  | (219,568) |  |  | (98,534) |
State |  | (41,152) |  |  | (34,689) |  |  | (16,289) |
Foreign |  | 42,626 |  |  | 9,878 |  |  | 15,776 |
Total deferred tax expense (benefit) |  | (370,796) |  |  | (244,379) |  |  | (99,047) |
Total provision for income taxes |  | $ | 334,705 |  |  | $ | 229,350 |  |  | $ | 90,025 |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of the statutory federal income tax rate and our effective income tax rate is as follows (in percentages):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
U.S. federal statutory income tax rate |  | 21.00 | % |  | 21.00 | % |  | 21.00 | %
State tax, net of federal benefit |  | 2.13 |  |  | 2.09 |  |  | 1.89 |
Taxes on foreign earnings differential |  | (1.96) |  |  | (2.24) |  |  | (2.13) |
Tax credits |  | (2.74) |  |  | (2.24) |  |  | (2.70) |
Change in valuation allowance |  | — |  |  | — |  |  | 0.01 |
Stock-based compensation |  | (4.59) |  |  | (4.07) |  |  | (8.32) |
Acquisition and integration costs |  | 0.01 |  |  | 0.05 |  |  | 0.03 |
Other, net |  | (0.04) |  |  | (0.09) |  |  | (0.11) |
Effective tax rate |  | 13.81 | % |  | 14.50 | % |  | 9.67 | %
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of deferred tax assets (liabilities) are as follows (in thousands):
|  | December 31,
|  | 2023 |  | 2022
Deferred tax assets: |  |  |  |
Intangible assets |  | $ | 322,325 |  |  | $ | 355,521 |
Reserves and accruals not currently deductible |  | 120,973 |  |  | 63,517 |
Deferred revenue |  | 295,268 |  |  | 182,594 |
Tax credits |  | 118,123 |  |  | 100,284 |
Lease financing obligation |  | 15,485 |  |  | 15,072 |
Capitalized research and development expenses |  | 417,095 |  |  | 228,946 |
Stock-based compensation |  | 28,079 |  |  | 25,480 |
Net operating losses |  | 34,274 |  |  | 29,469 |
Other |  | 1,328 |  |  | 8,721 |
Gross deferred tax assets |  | 1,352,950 |  |  | 1,009,604 |
Valuation allowance |  | (146,268) |  |  | (132,689) |
Total deferred tax assets |  | 1,206,682 |  |  | 876,915 |
Deferred tax liabilities: |  |  |  |
US tax on foreign earnings |  | (245,074) |  |  | (286,625) |
Right of use asset |  | (12,935) |  |  | (12,383) |
Other |  | (2,881) |  |  | (3,037) |
Total deferred tax liabilities |  | (260,890) |  |  | (302,045) |
Net deferred tax assets |  | $ | 945,792 |  |  | $ | 574,870 |
The following table presents the breakdown between non-current deferred tax assets and liabilities (in thousands):
|  | December 31,
|  | 2023 |  | 2022
Deferred tax assets, non-current |  | $ | 945,792 |  |  | $ | 574,912 |
Deferred tax liabilities, non-current |  | — |  |  | (42) |
Total net deferred tax assets |  | $ | 945,792 |  |  | $ | 574,870 |
Schedule of Unrecognized Tax Benefits Roll Forward | The reconciliation of the beginning and ending amount of gross unrecognized tax benefits as of December 31, 2023, 2022 and 2021 is as follows (in thousands):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Gross unrecognized tax benefits—beginning balance |  | $ | 137,357 |  |  | $ | 114,813 |  |  | $ | 92,500 |
Increases related to tax positions taken in a prior year |  | 4,690 |  |  | 1,566 |  |  | 2,476 |
Increases related to tax positions taken during current year |  | 39,895 |  |  | 25,355 |  |  | 21,104 |
Decreases related to tax positions taken in a prior year |  | (513) |  |  | (3,781) |  |  | (853) |
Decreases related to lapse of statute of limitations |  | (18,163) |  |  | (596) |  |  | (414) |
Gross unrecognized tax benefits—ending balance |  | $ | 163,266 |  |  | $ | 137,357 |  |  | $ | 114,813 |

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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -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 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/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -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