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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | Income before income taxes and the income tax provision consisted of the following (in millions):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Income before income taxes |  |  |  |  |
Domestic | $ | 1,291 |  |  | $ | 1,016 |  |  | $ | 184 |
Foreign | 2,337 |  |  | 1,878 |  |  | 1,624 |
Total | $ | 3,628 |  |  | $ | 2,894 |  |  | $ | 1,808 |
Income tax provision |  |  |  |  |
Current tax expense: |  |  |  |  |
Federal | $ | 212 |  |  | $ | 287 |  |  | $ | 366 |
State | 158 |  |  | 27 |  |  | 206 |
Foreign | 598 |  |  | 471 |  |  | 331 |
Total | $ | 968 |  |  | $ | 785 |  |  | $ | 903 |
Deferred tax benefit: |  |  |  |  |
Federal | $ | (47) |  |  | $ | (124) |  |  | $ | (413) |
State | (86) |  |  | (197) |  |  | (165) |
Foreign | (9) |  |  | (8) |  |  | (15) |
Total | $ | (142) |  |  | $ | (329) |  |  | $ | (593) |
Total income tax expense | $ | 826 |  |  | $ | 456 |  |  | $ | 310 |
Reconciliation of Statutory U.S. Federal Income Tax Rate to Effective Income Tax Rate | A reconciliation of the statutory U.S. federal income tax rate to our effective income tax rate is as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Statutory federal income tax rate | 21 | % |  | 21 | % |  | 21 | %
State and local income taxes, net of federal benefit | 3 |  |  | 2 |  |  | 5 |
Foreign tax rate differential | 3 |  |  | 2 |  |  | (1) |
Current year tax benefit from foreign derived intangible income | (2) |  |  | (2) |  |  | (3) |
Unrecognized tax benefits | — |  |  | (1) |  |  | 1 |
State apportionment changes | (1) |  |  | (6) |  |  | — |
State deferred benefit of Bakkt impairment | — |  |  | — |  |  | (5) |
Federal research tax credits | (1) |  |  | (1) |  |  | (1) |
Other | — |  |  | 1 |  |  | — |
Total provision for income taxes | 23 | % |  | 16 | % |  | 17 | %
Schedule Of Deferred Tax Assets And Liabilities | The following table summarizes the significant components of our deferred tax assets and liabilities as of December 31, 2024 and 2023 (in millions):
| As of December 31,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Deferred and stock-based compensation | $ | 93 |  |  | $ | 98 |
Liability reserve | 74 |  |  | 60 |
Tax credits | 10 |  |  | 10 |
Loss carryforward | 207 |  |  | 275 |
Deferred revenue | 23 |  |  | 25 |
Lease liability | 66 |  |  | 64 |
Property and equipment | 178 |  |  | 118 |
Other | 6 |  |  | 81 |
Total | 657 |  |  | 731 |
Valuation allowance | (200) |  |  | (166) |
Total deferred tax assets, net of valuation allowance | $ | 457 |  |  | $ | 565 |
Deferred tax liabilities: |  |  |
Acquired intangibles | (4,239) |  |  | (4,507) |
Right of use asset | (46) |  |  | (48) |
Equity investment | (76) |  |  | (90) |
Total deferred tax liabilities | $ | (4,361) |  |  | $ | (4,645) |
Net deferred tax liabilities | $ | (3,904) |  |  | $ | (4,080) |
Reported as: |  |  |
Net non-current deferred tax liabilities | $ | (3,904) |  |  | $ | (4,080) |
Reconciliation of Deferred Income Tax Valuation Allowance | A reconciliation of the beginning and ending amount of deferred income tax valuation allowance is as follows (in millions):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Beginning balance of deferred income tax valuation allowance | $ | 166 |  |  | $ | 92 |  |  | $ | 99 |
Charges against goodwill | (27) |  |  | 102 |  |  | — |
Increases/(decreases) | 61 |  |  | (28) |  |  | (7) |
Ending balance of deferred income tax valuation allowance | $ | 200 |  |  | $ | 166 |  |  | $ | 92 |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Beginning balance of unrecognized tax benefits | 268 |  |  | 247 |  |  | $ | 229 |
Additions related to acquisitions | 9 |  |  | 25 |  |  | — |
Additions based on tax positions taken in current year | 32 |  |  | 31 |  |  | 30 |
Additions based on tax positions taken in prior years | 1 |  |  | 33 |  |  | — |
Reductions based on tax positions taken in prior years | (9) |  |  | (18) |  |  | (3) |
Reductions resulting from statutes of limitations lapses | (27) |  |  | (7) |  |  | (9) |
Reductions related to settlements with taxing authorities | — |  |  | (43) |  |  | — |
Ending balance of unrecognized tax benefits | 274 |  |  | $ | 268 |  |  | $ | 247 |
Open Tax Years and Examinations by Jurisdiction | The following table summarizes open tax years by major jurisdiction:
Jurisdiction | Open Tax Years
U.S. Federal | 2021 - 2024
U.S. States | 2013 - 2024
U.K. | 2023 - 2024

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- Definition Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15 + Details
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