v3.25.4

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
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,
| 2025 |  | 2024 |  | 2023
Income before income taxes |  |  |  |  |
Domestic | $ | 1,746 |  |  | $ | 1,291 |  |  | $ | 1,016 |
Foreign | 2,600 |  |  | 2,337 |  |  | 1,878 |
Total | $ | 4,346 |  |  | $ | 3,628 |  |  | $ | 2,894 |
Income tax provision |  |  |  |  |
Current tax expense: |  |  |  |  |
Federal | $ | 185 |  |  | $ | 212 |  |  | $ | 287 |
State | 39 |  |  | 158 |  |  | 27 |
Foreign | 670 |  |  | 598 |  |  | 471 |
Total | $ | 894 |  |  | $ | 968 |  |  | $ | 785 |
Deferred tax expense/(benefit): |  |  |  |  |
Federal | $ | 30 |  |  | $ | (47) |  |  | $ | (124) |
State | 63 |  |  | (86) |  |  | (197) |
Foreign | (11) |  |  | (9) |  |  | (8) |
Total | $ | 82 |  |  | $ | (142) |  |  | $ | (329) |
Total income tax expense | $ | 976 |  |  | $ | 826 |  |  | $ | 456 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory U.S. federal income tax rate to our effective income tax rate for the year ended December 31, 2025 is presented accordingly as follows (dollar amounts in millions):
| Year Ended December 31, 2025 |  |  |  |
| Amount |  | Percent |  |  |  |  |  |  |  |
Statutory federal income tax rate | $ | 913 |  |  | 21 | % |  |  |  |  |  |  |  |
State and local income taxes, net of federal benefit | 119 |  |  | 3 |  |  |  |  |  |  |  |  |
Effect of cross border tax laws: |  |  |  |  |  |  |  |  |  |  |
Foreign-derived intangible income | (58) |  |  | (1) |  |  |  |  |  |  |  |  |
Other | (3) |  |  | — |  |  |  |  |  |  |  |  |
Tax credits | (24) |  |  | (1) |  |  |  |  |  |  |  |  |
Changes in valuation allowance | (19) |  |  | (1) |  |  |  |  |  |  |  |  |
Nontaxable or nondeductible items | — |  |  | — |  |  |  |  |  |  |  |  |
Other reconciling items | (6) |  |  | — |  |  |  |  |  |  |  |  |
Unrecognized tax benefits | (61) |  |  | (1) |  |  |  |  |  |  |  |  |
Foreign tax effects: |  |  |  |  |  |  |  |  |  |  |
United Kingdom: |  |  |  |  |  |  |  |  |  |  |
Statutory tax rate difference | 95 |  |  | 2 |  |  |  |  |  |  |  |  |
Other | 1 |  |  | — |  |  |  |  |  |  |  |  |
Other jurisdictions | 19 |  |  | — |  |  |  |  |  |  |  |  |
Total provision for income taxes | $ | 976 |  |  | 22 | % |  |  |  |  |  |  |  |
The following table reconciles the U.S. federal statutory income tax rate to our effective income tax rates for the years ended December 31, 2024 and 2023 based on the required disclosure prior to our adoption of ASU 2023-09:
| Year Ended December 31,
| 2024 |  | 2023
Statutory federal income tax rate | 21 | % |  | 21 | %
State and local income taxes, net of federal benefit | 3 |  |  | 2 |
Foreign tax rate differential | 3 |  |  | 2 |
Current year tax benefit from foreign derived intangible income | (2) |  |  | (2) |
Unrecognized tax benefits | — |  |  | (1) |
State apportionment changes | (1) |  |  | (6) |
Federal research tax credits | (1) |  |  | (1) |
Other | — |  |  | 1 |
Total provision for income taxes | 23 | % |  | 16 | %
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, 2025 and 2024 (in millions):
| As of December 31,
| 2025 |  | 2024
Deferred tax assets: |  |  |
Deferred and stock-based compensation | $ | 93 |  |  | $ | 93 |
Liability reserve | 59 |  |  | 74 |
Tax credits | 12 |  |  | 10 |
Loss carryforward | 141 |  |  | 207 |
Deferred revenue | 23 |  |  | 23 |
Lease liability | 134 |  |  | 66 |
Property and equipment | — |  |  | 178 |
Other | — |  |  | 6 |
Total | 462 |  |  | 657 |
Valuation allowance | (140) |  |  | (200) |
Total deferred tax assets, net of valuation allowance | $ | 322 |  |  | $ | 457 |
Deferred tax liabilities: |  |  |
Property and equipment | $ | (26) |  |  | $ | — |
Intangible assets | (4,064) |  |  | (4,239) |
Right of use assets | (112) |  |  | (46) |
Equity investments | (85) |  |  | (76) |
Other | (33) |  |  | — |
Total deferred tax liabilities | $ | (4,320) |  |  | $ | (4,361) |
Net deferred tax liabilities | $ | (3,998) |  |  | $ | (3,904) |
Reported as: |  |  |
Net non-current deferred tax liabilities | $ | (3,998) |  |  | $ | (3,904) |
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,
| 2025 |  | 2024 |  | 2023
Beginning balance of deferred income tax valuation allowance | $ | 200 |  |  | $ | 166 |  |  | $ | 92 |
Charges against goodwill | — |  |  | (27) |  |  | 102 |
Increases/(decreases) | (60) |  |  | 61 |  |  | (28) |
Ending balance of deferred income tax valuation allowance | $ | 140 |  |  | $ | 200 |  |  | $ | 166 |
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,
| 2025 |  | 2024 |  | 2023
Beginning balance of unrecognized tax benefits | $ | 274 |  |  | $ | 268 |  |  | $ | 247 |
Additions related to acquisitions | — |  |  | 9 |  |  | 25 |
Additions based on tax positions taken in current year | 20 |  |  | 32 |  |  | 31 |
Additions based on tax positions taken in prior years | 2 |  |  | 1 |  |  | 33 |
Reductions based on tax positions taken in prior years | (58) |  |  | (9) |  |  | (18) |
Reductions resulting from statutes of limitations lapses | (32) |  |  | (27) |  |  | (7) |
Reductions related to settlements with taxing authorities | — |  |  | — |  |  | (43) |
Ending balance of unrecognized tax benefits | $ | 206 |  |  | $ | 274 |  |  | $ | 268 |
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 - 2025
U.S. States | 2015 - 2025
U.K. | 2023 - 2025

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