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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | Net income before provision for income taxes consists of the following (in thousands):
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Domestic |  | $ | 280,926 |  |  | $ | 334,485 |  |  | $ | 315,643 |
Foreign |  | 304,361 |  |  | 274,474 |  |  | 325,561 |
Net income before provision for income taxes |  | $ | 585,287 |  |  | $ | 608,959 |  |  | $ | 641,204 |
Schedule of Components of Income Tax Expense (Benefit) | The provision for (benefit from) income taxes consists of the following (in thousands):
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Federal |  |  |  |  |  |
Current |  | $ | 52,962 |  |  | $ | 95,027 |  |  | $ | 134,332 |
Deferred |  | 14,385 |  |  | 1,578 |  |  | (16,805) |
|  | 67,347 |  |  | 96,605 |  |  | 117,527 |
State |  |  |  |  |  |
Current |  | 13,977 |  |  | 13,702 |  |  | 28,535 |
Deferred |  | 13,766 |  |  | 3,384 |  |  | (3,157) |
|  | 27,743 |  |  | 17,086 |  |  | 25,378 |
Foreign |  |  |  |  |  |
Current |  | 74,689 |  |  | 56,653 |  |  | 51,306 |
Deferred |  | 5,157 |  |  | 17,253 |  |  | 1,940 |
|  | 79,846 |  |  | 73,906 |  |  | 53,246 |
Provision for (benefit from) income taxes |  | $ | 174,936 |  |  | $ | 187,597 |  |  | $ | 196,151 |
Schedule of Effective Income Tax Rate Reconciliation | The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective rate for the year ended December 31, 2025 in accordance with the guidance in ASU No. 2023-09:
|  | Year Ended December 31, 2025
|  | Amount |  | Percent
US federal statutory income tax rate |  | $ | 122,911 |  |  | 21.0 | %
State income taxes, net of federal tax benefit* |  | 25,901 |  |  | 4.4 |
Foreign tax effects |  |  |  |
Switzerland |  |  |  |
Statutory tax rate difference between Switzerland and U.S. |  | (11,536) |  |  | (2.0) |
Canton tax |  | 3,233 |  |  | 0.6 |
Swiss tax rate change - Remeasurement of deferred tax assets |  | 15,136 |  |  | 2.6 |
Other |  | 4,102 |  |  | 0.7 |
Mexico |  |  |  |
Impairment Loss |  | 7,111 |  |  | 1.2 |
Other |  | 1,303 |  |  | 0.2 |
Other Foreign Jurisdictions |  | 14,135 |  |  | 2.4 |
Effect of cross-border tax laws: |  |  |  |
Subpart F |  | 21,622 |  |  | 3.7 |
Foreign-derived intangible income |  | (13,611) |  |  | (2.3) |
Other |  | 825 |  |  | 0.2 |
Tax Credits |  |  |  |
Research and development tax credits |  | (7,840) |  |  | (1.3) |
Nontaxable or Nondeductible Items |  |  |  |
Share-based payment awards |  | 17,335 |  |  | 3.0 |
Other |  | 3,219 |  |  | 0.5 |
Changes in Unrecognized Tax Benefits |  | (29,673) |  |  | (5.1) |
Other Adjustments |  | 763 |  |  | 0.1 |
Income Tax expense |  | $ | 174,936 |  |  | 29.9 | %
*State and local taxes in California, New York, Minnesota and New York City made up the majority (greater than 50%) of the tax effect in this category. The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective rate for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU 2023-09:
|  | Year Ended December 31
|  | 2024 |  | 2023
U.S. federal statutory income tax rate |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal tax benefit |  | 2.2 |  |  | 2.9 |
U.S. tax on foreign earnings |  | 5.4 |  |  | 3.7 |
Impact of differences in foreign tax rates |  | (2.0) |  |  | 1.4 |
Stock-based compensation |  | 3.4 |  |  | 3.0 |
Settlement on audits |  | — |  |  | 0.1 |
Change in valuation allowance |  | 0.9 |  |  | (1.3) |
Other items not individually material |  | (0.1) |  |  | (0.2) |
Effective tax rate |  | 30.8 | % |  | 30.6 | %
Schedule of Deferred Tax Assets and Liabilities | As of December 31, 2025 and 2024, the significant components of our deferred tax assets and liabilities are (in thousands):
|  | December 31,
|  | 2025 |  | 2024
Deferred tax assets: |  |  |  |
Net operating loss and capital loss carryforwards |  | $ | 1,683 |  |  | $ | 2,741 |
Reserves and accruals |  | 61,496 |  |  | 67,221 |
Stock-based compensation |  | 30,975 |  |  | 29,255 |
Deferred revenue |  | 140,486 |  |  | 146,509 |
Capitalized research & development |  | 23,021 |  |  | 32,027 |
Amortizable tax basis in intangibles |  | 1,283,968 |  |  | 1,301,338 |
Other |  | 649 |  |  | 12,282 |
Deferred tax assets before valuation allowance |  | 1,542,278 |  |  | 1,591,373 |
Valuation allowance |  | (11,498) |  |  | (19,390) |
Total deferred tax assets |  | 1,530,780 |  |  | 1,571,983 |
Deferred tax liabilities: |  |  |  |
Depreciation and amortization |  | $ | 11,610 |  |  | $ | 16,485 |
Acquisition-related intangibles |  | 16,357 |  |  | 28,868 |
Other |  | 14,426 |  |  | 4,511 |
Total deferred tax liabilities |  | 42,393 |  |  | 49,864 |
Net deferred tax assets |  | $ | 1,488,387 |  |  | $ | 1,522,119 |
Schedule of Unrecognized Tax Benefits Rollforward | The changes in the balance of gross unrecognized tax benefits, which exclude interest and penalties, for the years ended December 31, 2025, 2024 and 2023, are as follows (in thousands):
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Gross unrecognized tax benefits at January 1, |  | $ | 145,534 |  |  | $ | 149,172 |  |  | $ | 141,560 |
Increases related to tax positions taken during the current year |  | 8,879 |  |  | 12,264 |  |  | 8,616 |
Increases related to tax positions taken during a prior year |  | 1,288 |  |  | 2,031 |  |  | 5,647 |
Decreases related to tax positions taken during a prior year |  | (4,286) |  |  | (3,924) |  |  | (533) |
Decreases related to expiration of statute of limitations |  | (33,988) |  |  | (14,009) |  |  | (3,654) |
Decreases related to settlement with tax authorities |  | — |  |  | — |  |  | (2,464) |
Gross unrecognized tax benefits at December 31, |  | $ | 117,427 |  |  | $ | 145,534 |  |  | $ | 149,172 |
Schedule of Income Tax Paid | Disclosed below is a summary of income taxes paid by jurisdiction pursuant to the disclosure requirement of ASU 2023-09 for the year ended December 31, 2025:
|  | Year Ended December 31, 2025
United States - Federal |  | $ | 72,872 |
United States - State and local |  | 13,792 |
Israel |  | 7,291 |
Other foreign jurisdictions |  | 40,798 |
Total income taxes paid |  | $ | 134,753 |
The supplemental cash flow information consists of the following (in thousands):
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Taxes paid |  | $ | 134,753 |  |  | $ | 177,082 |  |  | $ | 294,569 |
Non-cash investing and financing activities: |  |  |  |  |  |
Acquisition of property, plant and equipment in accounts payable and accrued liabilities |  | $ | 16,592 |  |  | $ | 18,974 |  |  | $ | 32,280 |
Final settlement of prior year stock repurchase forward contract |  | $ | — |  |  | $ | 50,000 |  |  | $ | 40,000 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 39,856 |  |  | $ | 39,526 |  |  | $ | 33,714 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |
Operating leases |  | $ | 22,291 |  |  | $ | 32,671 |  |  | $ | 27,901 |

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