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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of income before income tax | Components of income before income taxes consist of the following:
| Year Ended December 31,
(In millions) | 2022 |  | 2021 |  | 2020
United States | $ | 839.9 |  |  | $ | 5,944.7 |  |  | $ | 2,442.3 |
Foreign | 4,018.9 |  |  | 3,381.1 |  |  | 1,368.1 |
| $ | 4,858.8 |  |  | $ | 9,325.8 |  |  | $ | 3,810.4 |
Schedule of components of income tax expense | Components of income tax expense consist of the following:
| Year Ended December 31,
(In millions) | 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |
Federal | $ | 968.5 |  |  | $ | 1,429.8 |  |  | $ | 199.0 |
State | 7.4 |  |  | 6.2 |  |  | 1.2 |
Foreign | 290.9 |  |  | (38.4) |  |  | 21.4 |
Total current tax expense | 1,266.8 |  |  | 1,397.6 |  |  | 221.6 |
Deferred: |  |  |  |  |
Federal | (797.7) |  |  | (423.2) |  |  | 109.0 |
State | (2.7) |  |  | (0.6) |  |  | (2.0) |
Foreign | 54.0 |  |  | 276.7 |  |  | (31.4) |
Total deferred tax (benefit) expense | (746.4) |  |  | (147.1) |  |  | 75.6 |
| $ | 520.4 |  |  | $ | 1,250.5 |  |  | $ | 297.2 |
Schedule of effective income tax rate reconciliation | A reconciliation of the U.S. statutory income tax rate to the Company's effective income tax rate is as follows:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
U.S. federal statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Taxation of non-U.S. operations | (5.5) |  |  | (2.8) |  |  | (1.8) |
Stock-based compensation | (2.9) |  |  | (2.4) |  |  | (7.6) |
Income tax credits | (2.0) |  |  | (1.0) |  |  | (2.8) |
Foreign-derived intangible income deduction | (1.0) |  |  | (1.4) |  |  | — |
Sale of non-inventory related assets between foreign subsidiaries | — |  |  | — |  |  | (0.8) |
Other permanent differences | 1.1 |  |  | — |  |  | (0.2) |
Effective income tax rate | 10.7 | % |  | 13.4 | % |  | 7.8 | %
Schedule of deferred tax assets and liabilities | Significant components of the Company's deferred tax assets and liabilities are as follows:
|  | As of December 31,
(In millions) |  | 2022 |  | 2021
Deferred tax assets: |  |  |  |
Capitalized research and development expenses |  | $ | 845.3 |  |  | $ | — |
Deferred compensation |  | 416.2 |  |  | 406.6 |
Accrued expenses |  | 235.6 |  |  | 262.1 |
Fixed assets and intangible assets |  | 227.6 |  |  | 257.5 |
Tax attribute carryforwards |  | 41.3 |  |  | 6.1 |
Other |  | 15.9 |  |  | 10.8 |
Deferred revenue |  | — |  |  | 57.3 |
Total deferred tax assets |  | 1,781.9 |  |  | 1,000.4 |
Deferred tax liabilities: |  |  |  |
Unrealized gains on investments |  | (58.2) |  |  | (123.5) |
Net deferred tax assets |  | $ | 1,723.7 |  |  | $ | 876.9 |
Schedule of unrecognized tax benefits | The amount of net unrecognized tax benefits that, if settled, would impact the effective tax rate is $373.7 million, $321.1 million, and $267.0 million as of December 31, 2022, 2021, and 2020, respectively. The following table reconciles the beginning and ending amounts of unrecognized tax benefits.
(In millions) |  | 2022 |  | 2021 |  | 2020
Balance as of January 1 |  | $ | 410.9 |  |  | $ | 267.0 |  |  | $ | 210.8 |
Gross increases related to current year tax positions |  | 136.9 |  |  | 182.3 |  |  | 76.6 |
Gross (decreases) increases related to prior year tax positions |  | (5.0) |  |  | 2.9 |  |  | 7.2 |
Gross decreases due to settlements and lapse of statutes of limitations |  | — |  |  | (41.3) |  |  | (27.6) |
Balance as of December 31 |  | $ | 542.8 |  |  | $ | 410.9 |  |  | $ | 267.0 |

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