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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Domestic and Foreign Components of Income (Loss) Before Income Taxes | The domestic and foreign components of income (loss) before income taxes were as follows (in millions):
| Year Ended December 31,
| 2021 | 2022 | 2023
Domestic | $ | (390) |  | $ | 1,820 |  | $ | 1,913 |
Foreign | 90 |  | 169 |  | 189 |
Income (loss) before income taxes | $ | (300) |  | $ | 1,989 |  | $ | 2,102 |
Schedule of Components of Provision (Benefit) Income Taxes | The components of the provision for (benefit from) income taxes were as follows (in millions):
| Year Ended December 31,
| 2021 | 2022 | 2023
Current |  |  |
Federal | $ | 5 |  | $ | 19 |  | $ | 19 |
State | 2 |  | 10 |  | 8 |
Foreign | 34 |  | 68 |  | 158 |
Total current provision for income taxes | 41 |  | 97 |  | 185 |
Deferred |  |  |
Federal | — |  | — |  | (2,410) |
State | — |  | — |  | (461) |
Foreign | 11 |  | (1) |  | (4) |
Total deferred provision for (benefit from) income taxes | 11 |  | (1) |  | (2,875) |
Total provision for (benefit from) income taxes | $ | 52 |  | $ | 96 |  | $ | (2,690) |
Schedule of Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate | The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate:
| Year Ended December 31,
| 2021 | 2022 | 2023
Expected income tax expense at federal statutory rate | 21.0 | % | 21.0 | % | 21.0 | %
State taxes, net of federal benefits | (0.7) |  | 0.4 |  | 0.3 |
Foreign tax rate differential | (5.1) |  | 1.0 |  | 2.9 |
Stock-based compensation | 282.4 |  | (6.9) |  | (16.7) |
Deferred tax impacts of restructuring | (9.7) |  | — |  | — |
Other statutorily non-deductible expenses | (1.1) |  | 0.3 |  | 0.1 |
Non-deductible warrant revaluations | (20.4) |  | (0.1) |  | — |
Research and development credits | 51.0 |  | (4.7) |  | (5.5) |
Uncertain tax positions—prior year positions | (3.1) |  | 0.1 |  | 1.8 |
Uncertain tax positions—current year positions | (1.0) |  | 0.8 |  | 1.7 |
U.S. tax on foreign income, net of allowable credits and deductions | — |  | 0.7 |  | 3.9 |
Foreign-derived intangible income deduction | — |  | (1.9) |  | (1.0) |
Other | 1.3 |  | 0.1 |  | 0.1 |
Change in valuation allowance | (331.9) |  | (6.0) |  | (136.6) |
Effective tax rate | (17.3) | % | 4.8 | % | (128.0) | %
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities consisted of the following (in millions):
| December 31,
| 2022 | 2023
Deferred tax assets: |  |
Net operating loss carryforwards | $ | 1,539 |  | $ | 1,232 |
Tax credit carryforwards | 664 |  | 844 |
Accruals and reserves | 123 |  | 113 |
Non-income tax accruals | 68 |  | 78 |
Stock-based compensation | 111 |  | 70 |
Operating lease liabilities | 73 |  | 62 |
Intangible assets | 188 |  | 158 |
Capitalized research and development costs | 413 |  | 671 |
Other | 37 |  | 55 |
Gross deferred tax assets | 3,216 |  | 3,283 |
Valuation allowance | (3,166) |  | (364) |
Total deferred tax assets | 50 |  | 2,919 |
Deferred tax liabilities: |  |
Property and equipment basis differences | (9) |  | (18) |
Operating lease assets | (23) |  | (18) |
Other | (2) |  | (2) |
Total deferred tax liabilities | (34) |  | (38) |
Total net deferred tax assets | $ | 16 |  | $ | 2,881 |
Schedule of Reconciliation of Total Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of the Company’s total gross unrecognized tax benefits was as follows (in millions):
| Year Ended December 31,
| 2021 | 2022 | 2023
Balance at beginning of year | $ | 508 |  | $ | 597 |  | $ | 650 |
Gross increases related to prior year tax positions | 14 |  | 7 |  | 52 |
Gross decreases related to prior year tax positions | (2) |  | (2) |  | (8) |
Gross increases related to current year tax positions | 85 |  | 60 |  | 103 |
Reductions due to settlements with taxing authorities | (1) |  | (7) |  | (12) |
Reduction due to lapse in statute of limitations | (7) |  | (5) |  | (5) |
Balance at end of year | $ | 597 |  | $ | 650 |  | $ | 780 |

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