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INCOME TAXES (Tables)

12 Months Ended

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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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.

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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.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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