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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Components of Income Before Income Taxes

The domestic and foreign components of Income before income taxes were as follows (in millions):

			Year Ended December 31,
			2022			2023			2024
Domestic			$	1,820		$	1,913		$	3,047
Foreign			169			189			284
Income before income taxes			$	1,989		$	2,102		$	3,331

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,
			2022			2023			2024
Current
Federal			$	19		$	19		$	103
State			10			8			23
Foreign			68			158			124
Total current provision for income taxes			97			185			250
Deferred
Federal			—			(2,410)			397
State			—			(461)			36
Foreign			(1)			(4)			—
Total deferred provision for (benefit from) income taxes			(1)			(2,875)			433
Total provision for (benefit from) income taxes			$	96		$	(2,690)		$	683

Schedule of Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate

The following is a reconciliation of the U.S. federal statutory federal income tax rate to the Company’s effective tax rate:

			Year Ended December 31,
			2022			2023			2024
Expected income tax expense at U.S. federal statutory rate			21.0		%	21.0		%	21.0		%
State taxes, net of federal benefits			0.4			0.3			1.3
Foreign tax rate differential			1.0			2.9			0.8
Stock-based compensation			(6.9)			(16.7)			(0.2)
Other statutorily non-deductible expenses			0.3			0.1			0.1
Research and development credits			(4.7)			(5.5)			(2.2)
Uncertain tax positions—prior year positions			0.1			1.8			—
Uncertain tax positions—current year positions			0.8			1.7			1.4
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)			(2.0)
Change in valuation allowance			(6.0)			(136.6)			0.3
Other, net			—			0.1			—
Effective tax rate			4.8		%	(128.0)		%	20.5		%

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities consisted of the following (in millions):

			December 31,
			2023			2024
Deferred tax assets:
Loss carryforwards			$	1,232		$	462
Tax credit carryforwards			844			999
Accruals and reserves			113			122
Non-income tax accruals			78			84
Stock-based compensation			70			70
Operating lease liabilities			62			61
Intangible assets			158			140
Capitalized research and development costs			671			882
Other, net			55			62
Gross deferred tax assets			3,283			2,882
Valuation allowance			(364)			(395)
Total deferred tax assets			2,919			2,487
Deferred tax liabilities:
Property and equipment basis differences			(18)			(20)
Operating lease assets			(18)			(25)
Other, net			(2)			(7)
Total deferred tax liabilities			(38)			(52)
Total net deferred tax assets			$	2,881		$	2,435

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,
			2022			2023			2024
Balance at beginning of year			$	597		$	650		$	780
Gross increases related to prior year tax positions			7			52			1
Gross decreases related to prior year tax positions			(2)			(8)			(1)
Gross increases related to current year tax positions			60			103			106
Reductions due to settlements with taxing authorities			(7)			(12)			(14)
Reduction due to lapse in statute of limitations			(5)			(5)			(3)
Balance at end of year			$	650		$	780		$	869

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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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-Topic 740
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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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