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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of composition of pre-tax income (loss) | The composition of pre-tax income (loss) for the years ended December 31, 2024, 2023, and 2022 is as follows:
|  | Year Ended December 31,
(in millions) |  | 2024 |  | 2023 |  | 2022
International |  | $ | 8,029 |  |  | $ | 6,119 |  |  | $ | 4,717 |
U.S. |  | (737) |  |  | (638) |  |  | (794) |
Total |  | $ | 7,292 |  |  | $ | 5,481 |  |  | $ | 3,923 |
Income tax expense (benefit) | The composition of income tax expense for the years ended December 31, 2024, 2023, and 2022 is as follows:
|  | Year Ended December 31,
(in millions) |  | 2024 |  | 2023 |  | 2022
Current income tax expense (benefit): |  |  |  |  |  |
International |  | $ | 1,545 |  |  | $ | 1,371 |  |  | $ | 1,145 |
U.S. Federal |  | (235) |  |  | 291 |  |  | (8) |
U.S. State |  | 2 |  |  | 8 |  |  | (15) |
Current income tax expense (benefit): |  | 1,312 |  |  | 1,670 |  |  | 1,122 |
Deferred income tax expense (benefit): |  |  |  |  |  |
International |  | 25 |  |  | (47) |  |  | (61) |
U.S. Federal |  | 51 |  |  | (411) |  |  | (172) |
U.S. State |  | 22 |  |  | (20) |  |  | (24) |
Deferred income tax expense (benefit) |  | 98 |  |  | (478) |  |  | (257) |
Income tax expense |  | $ | 1,410 |  |  | $ | 1,192 |  |  | $ | 865 |
Tax effects of temporary differences that give rise to significant portions of deterred tax assets and liabilities | The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities at December 31, 2024 and 2023 are as follows:
|  | December 31,
(in millions) |  | 2024 |  | 2023
Deferred tax assets: |  |  |  |
Net operating loss carryforward — U.S. |  | $ | 117 |  |  | $ | 89 |
Net operating loss carryforward — International |  | 156 |  |  | 200 |
Accrued expenses |  | 83 |  |  | 70 |
Stock-based compensation |  | 55 |  |  | 47 |
Unrealized losses on investments |  | 67 |  |  | 83 |
Foreign currency translation adjustments |  | 103 |  |  | 66 |
Tax credits |  | 45 |  |  | 39 |
Operating lease liabilities |  | 22 |  |  | 20 |
Property and equipment |  | 234 |  |  | 195 |
Embedded derivative liability |  | 123 |  |  | — |
Other |  | — |  |  | 16 |
Total deferred tax assets |  | 1,005 |  |  | 825 |
Valuation allowance on deferred tax assets |  | (111) |  |  | (114) |
Deferred tax assets, net |  | 894 |  |  | 711 |
Deferred tax liabilities: |  |  |  |
Debt discount on convertible notes |  | (123) |  |  | — |
Intangible assets and other |  | (110) |  |  | (140) |
Euro-denominated debt |  | (144) |  |  | (11) |
Operating lease assets |  | (22) |  |  | (19) |
Installment sale liability |  | (118) |  |  | (118) |
Other |  | (4) |  |  | (6) |
Deferred tax liabilities |  | (521) |  |  | (294) |
Net deferred tax assets (1) |  | $ | 373 |  |  | $ | 417 |
(1) Includes deferred tax assets of $662 million and $675 million at December 31, 2024 and 2023, respectively, included in "Other assets, net" in the Consolidated Balance Sheets.
Schedule of effective income tax rate reconciliation | The effective income tax rate of the Company is different from the amount computed using the expected U.S. statutory federal rate of 21% for the years ended December 31, 2024, 2023, and 2022 as a result of the following items:
|  | Year Ended December 31,
(in millions) |  | 2024 |  | 2023 |  | 2022
Income tax expense at U.S. federal statutory rate |  | $ | 1,531 |  |  | $ | 1,151 |  |  | $ | 824 |
Adjustment due to: |  |  |  |  |  |
Foreign rate differential |  | 386 |  |  | 307 |  |  | 264 |
Innovation Box Tax benefit |  | (607) |  |  | (544) |  |  | (452) |
Stock-based compensation |  | 73 |  |  | 59 |  |  | 42 |
Federal GILTI |  | 82 |  |  | 24 |  |  | 10 |
State income tax benefit |  | 19 |  |  | (9) |  |  | (31) |
Valuation allowance |  | (5) |  |  | (4) |  |  | 87 |
Uncertain tax positions |  | 189 |  |  | 14 |  |  | 72 |
Fines and penalties |  | — |  |  | 144 |  |  | 2 |
Loss related to the conversion option on convertible senior notes |  | 167 |  |  | — |  |  | — |
Tax Act - U.S. transition tax |  | (416) |  |  | 1 |  |  | — |
Other |  | (9) |  |  | 49 |  |  | 47 |
Income tax expense |  | $ | 1,410 |  |  | $ | 1,192 |  |  | $ | 865 |
Reconciliation of unrecognized tax benefits | The following is a reconciliation of the total beginning and ending amount of unrecognized tax benefits:
|  | Year Ended December 31,
(in millions) |  | 2024 |  | 2023 |  | 2022
Unrecognized tax benefit — January 1 |  | $ | 67 |  |  | $ | 184 |  |  | $ | 120 |
Gross increases — tax positions in current period |  | 5 |  |  | 16 |  |  | 3 |
Gross increases — tax positions in prior periods |  | 193 |  |  | 22 |  |  | 94 |
Gross decreases — tax positions in prior periods |  | (4) |  |  | (5) |  |  | (33) |
Reduction due to lapse in statute of limitations |  | — |  |  | (3) |  |  | — |
Reduction due to settlements during the current period |  | (1) |  |  | (147) |  |  | — |
Unrecognized tax benefit — December 31 |  | $ | 260 |  |  | $ | 67 |  |  | $ | 184 |

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