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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income (loss) from operations before income taxes | The provision (benefit) for income taxes is based on income before provision (benefit) for income taxes as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
U.S. | $ | 1,084,254 |  |  | $ | 766,781 |  |  | $ | 991,873 |
Non-U.S. | (250,039) |  |  | (237,665) |  |  | (421,429) |
Income before provision (benefit) for income taxes | $ | 834,215 |  |  | $ | 529,116 |  |  | $ | 570,444 |
Schedule of (benefit) provision for income taxes | Our provision (benefit) for income taxes consists of the following (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 344,407 |  | $ | 90,088 |  | $ | 50,565
State | 48,106 |  | 38,136 |  | 32,505
Foreign | 3,001 |  | 3,141 |  | 4,397
| 395,514 |  | 131,365 |  | 87,467
Deferred: |  |  |  |  |
Federal | (139,468) |  |  | 62,107 |  | (407,852)
State | (19,625) |  |  | (3,709) |  | (57,677) |
Foreign | 195 |  |  | (1,307) |  |  | (75) |
| (158,898) |  |  | 57,091 |  |  | (465,604) |
Total provision (benefit) for income taxes | $ | 236,616 |  |  | $ | 188,456 |  |  | $ | (378,137) |
Schedule of reconciliation of income taxes at the U.S. federal statutory rate to the (benefit) provision for income taxes | A reconciliation of income taxes at the U.S. federal statutory rate to the provision (benefit) for income taxes is as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Provision at U.S. federal statutory rate | $ | 175,185 |  | $ | 111,114 |  |  | $ | 119,793
State and local income taxes | 21,145 |  | 26,767 |  |  | 34,461
Foreign tax rate differential | (96,434) |  | 13,670 |  | 55,171
Income tax credits | (1,433,507) |  |  | (30,505) |  |  | (55,139) |
Change in valuation allowance | 1,572,951 |  |  | 67,056 |  | (523,279) |
Foreign-derived intangible income | (32,891) |  |  | (36,748) |  |  | (28,259) |
Stock based compensation | 20,971 |  | 19,704 |  | 15,497 |
Acquisitions accounted for as research and development expenses | 4,200 |  | 14,700 |  | — |
Other | 4,996 |  | 2,698 |  | 3,618
Provision (benefit) for income taxes | $ | 236,616 |  |  | $ | 188,456 |  | $ | (378,137)
Schedule of significant components of deferred tax assets and liabilities | Significant components of our deferred tax assets and liabilities are as follows (in thousands):
| December 31,
| 2023 |  | 2022
Deferred tax assets: |  |  |
Net operating loss carry forwards | $ | 326,446 |  |  | $ | 182,193 |
Income tax credits | 1,441,981 |  |  | 17,141 |
Capitalized research and development | 457,603 |  |  | 265,140 |
Deferred revenue and accruals | 130,291 |  |  | 72,657 |
Non-cash compensation | 96,469 |  |  | 83,138 |
Acquisition-related contingent consideration | 30,298 |  |  | 30,483 |
Intangibles, net | 233,311 |  |  | 257,614 |
Long term investments | 42,975 |  |  | 54,662 |
Other | 9,044 |  |  | 9,600 |
Total gross deferred tax assets | 2,768,418 |  |  | 972,628 |
Less valuation allowance for deferred tax assets | (2,096,318) |  |  | (472,125) |
Net deferred tax assets | $ | 672,100 |  |  | $ | 500,503 |
Deferred tax liabilities: |  |  |
Property and equipment | $ | (34,757) |  |  | $ | (33,683) |
Other | (5,457) |  |  | (8,879) |
Total gross deferred tax liabilities | (40,214) |  |  | (42,562) |
Net deferred tax assets | $ | 631,886 |  |  | $ | 457,941 |
Summary of Operating Loss Carryforwards | As of December 31, 2023, we had NOL carryforwards, research and development credit carryforwards and foreign income tax credit carryforwards as follows (in thousands):
| Amount |  | Expiring if not utilized
Net operating loss carryforwards |  |  |
State | $ | 294,342 |  | 2024 through 2043; indefinite
Foreign | 2,145,243 |  | 2024 through 2030
Research and development credit carryforwards |  |  |
State | 14,956 |  | 2024 through 2041
Swiss income tax credit carryforwards | 1,429,193 |  | 2028
Unrecognized tax benefits | The following table summarizes the gross amounts of unrecognized tax benefits (in thousands):
| Year Ended December 31,
| 2023 |  | 2022
Balance at beginning of year | $ | 73,040 |  | $ | 62,359
Additions related to prior periods tax positions | 3,687 |  | 5,027
Reductions related to prior periods tax positions | (10,382) |  |  | (2,087) |
Additions related to current period tax positions | 3,019 |  | 8,290
Settlements | (209) |  |  | (104) |
Reductions due to lapse of applicable statute of limitations | (33) |  |  | (356) |
Currency translation adjustment | 23 |  |  | (89)
Balance at end of year | $ | 69,145 |  | $ | 73,040

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