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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) from Operations Before Income Taxes | The provision for income taxes is based on income before provision for income taxes as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
U.S. | $ | 401,760 |  |  | $ | 1,084,254 |  |  | $ | 766,781 |
Non-U.S. | (85,130) |  |  | (250,039) |  |  | (237,665) |
Income before provision for income taxes | $ | 316,630 |  |  | $ | 834,215 |  |  | $ | 529,116 |
Schedule of (Benefit) Provision for Income Taxes | Our provision for income taxes consists of the following (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 322,682 |  | $ | 344,407 |  | $ | 90,088
State | 43,955 |  | 48,106 |  | 38,136
Foreign | 2,931 |  | 3,001 |  | 3,141
| 369,568 |  | 395,514 |  | 131,365
Deferred: |  |  |  |  |
Federal | (106,549) |  |  | (139,468) |  | 62,107
State | 21,824 |  |  | (19,625) |  | (3,709) |
Foreign | (828) |  |  | 195 |  |  | (1,307) |
| (85,553) |  |  | (158,898) |  |  | 57,091 |
Total provision for income taxes | $ | 284,015 |  |  | $ | 236,616 |  |  | $ | 188,456 |
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 for income taxes is as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Provision at U.S. federal statutory rate | $ | 66,492 |  | $ | 175,185 |  |  | $ | 111,114
State and local income taxes | 51,753 |  | 21,145 |  |  | 26,767
Foreign tax rate differential | 61,026 |  | (96,434) |  | 13,670
Income tax credits | (70,989) |  |  | (1,433,507) |  |  | (30,505) |
Change in valuation allowance | 21,425 |  |  | 1,572,951 |  | 67,056 |
Change in uncertain tax positions | 6,418 |  | 5,943 |  | 3,262
Foreign-derived intangible income | (31,786) |  |  | (32,891) |  |  | (36,748) |
Stock based compensation | 25,647 |  | 20,971 |  | 19,704 |
Acquisitions accounted for as research and development expenses | 149,287 |  | 4,200 |  | 14,700 |
Other | 4,742 |  | (947) |  | (564)
Provision for income taxes | $ | 284,015 |  |  | $ | 236,616 |  | $ | 188,456
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,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Net operating loss carry forwards | $ | 315,969 |  |  | $ | 326,446 |
Income tax credits | 1,398,495 |  |  | 1,441,981 |
Capitalized research and development | 648,989 |  |  | 457,603 |
Deferred revenue and accruals | 190,446 |  |  | 130,291 |
Non-cash compensation | 100,788 |  |  | 96,469 |
Acquisition-related contingent consideration | 27,796 |  |  | 30,298 |
Intangibles, net | 229,741 |  |  | 233,311 |
Long term investments | 6,697 |  |  | 42,975 |
Other | 20,814 |  |  | 9,044 |
Total gross deferred tax assets | 2,939,735 |  |  | 2,768,418 |
Less valuation allowance for deferred tax assets | (2,139,673) |  |  | (2,096,318) |
Net deferred tax assets | $ | 800,062 |  |  | $ | 672,100 |
Deferred tax liabilities: |  |  |
Property and equipment | $ | (30,676) |  |  | $ | (34,757) |
Other | (7,315) |  |  | (5,457) |
Total gross deferred tax liabilities | (37,991) |  |  | (40,214) |
Net deferred tax assets | $ | 762,071 |  |  | $ | 631,886 |
Schedule of Operating Loss Carryforwards | As of December 31, 2024, 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 |  |  |
Federal | $ | 102,034 |  | Indefinite
State | 782,156 |  | 2025 through 2044; indefinite
Foreign | 1,749,821 |  | 2025 through 2041; indefinite
Research and development credit carryforwards |  |  |
Federal | $ | 9,431 |  | 2039 through 2044
State | 18,064 |  | 2025 through 2043
Swiss income tax credit carryforwards | 1,382,413 |  | 2028
Schedule of Unrecognized Tax Benefits | The following table summarizes the gross amounts of unrecognized tax benefits (in thousands):
| Year Ended December 31,
| 2024 |  | 2023
Balance at beginning of year | $ | 69,145 |  | $ | 73,040
Additions related to prior periods tax positions | 9,173 |  | 3,687
Reductions related to prior periods tax positions | (2,014) |  |  | (10,382) |
Additions related to current period tax positions | 5,939 |  | 3,019
Additions related to acquisitions | 9,114 |  | —
Settlements | (71) |  |  | (209) |
Reductions due to lapse of applicable statute of limitations | (3,538) |  |  | (33) |
Currency translation adjustment | (25) |  |  | 23
Balance at end of year | $ | 87,723 |  | $ | 69,145

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