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Income Taxes (Tables)

12 Months Ended

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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