v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Taxes
The components of income before provision for income taxes are as follows (in thousands):
Year Ended December 31,
202420232022
Domestic $2,635,557 $1,977,687 $1,260,614 
Foreign 629,477 444,339 321,182 
Income before income taxes $3,265,034 $2,422,026 $1,581,796 
Schedule of Components of Income Tax Expense (Benefit)
The components of the provision for income taxes are as follows (in thousands):
Year Ended December 31,
202420232022
Current provision for income taxes:
Federal $751,279 $574,449 $359,158 
State 114,731 106,866 76,321 
Foreign 39,771 24,186 38,250 
Total current 905,781 705,501 473,729 
Deferred tax expense (benefit):
Federal (504,730)(372,270)(219,568)
State (42,781)(41,152)(34,689)
Foreign 54,710 42,626 9,878 
Total deferred tax expense (benefit)(492,801)(370,796)(244,379)
Total provision for income taxes$412,980 $334,705 $229,350 
Schedule of Effective Income Tax Rate Reconciliation
The reconciliation of the statutory federal income tax rate and our effective income tax rate is as follows (in percentages):
Year Ended December 31,
202420232022
U.S. federal statutory income tax rate21.00 %21.00 %21.00 %
State tax, net of federal benefit 1.75 2.13 2.09 
Taxes on foreign earnings differential (2.38)(1.96)(2.24)
Tax credits (2.79)(2.74)(2.24)
Stock-based compensation(4.96)(4.59)(4.07)
Acquisition and integration costs— 0.01 0.05 
Other, net 0.03 (0.04)(0.09)
Effective tax rate12.65 %13.81 %14.50 %
Schedule of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to significant portions of deferred tax assets (liabilities) are as follows (in thousands) :
December 31,
20242023
Deferred tax assets:
Intangible assets$273,867 $322,325 
Reserves and accruals not currently deductible135,167 120,973 
Deferred revenue566,273 295,268 
Tax credits130,188 118,123 
Lease financing obligation13,719 15,485 
Capitalized research and development expenses634,534 417,095 
Stock-based compensation38,631 28,079 
Net operating losses25,916 34,274 
Other3,593 1,328 
Gross deferred tax assets 1,821,888 1,352,950 
Valuation allowance (179,789)(146,268)
Total deferred tax assets 1,642,099 1,206,682 
Deferred tax liabilities:
US tax on foreign earnings(189,823)(245,074)
Right of use asset(11,571)(12,935)
Other(287)(2,881)
Total deferred tax liabilities (201,681)(260,890)
Net deferred tax assets $1,440,418 $945,792 
Schedule of Unrecognized Tax Benefits Roll Forward The reconciliation of the beginning and ending amount of gross unrecognized tax benefits as of December 31, 2024, 2023 and 2022 is as follows (in thousands):
Year Ended December 31,
202420232022
Gross unrecognized tax benefits—beginning balance $163,266 $137,357 $114,813 
Increases related to tax positions taken in a prior year 294 4,690 1,566 
Increases related to tax positions taken during current year 52,701 39,895 25,355 
Decreases related to tax positions taken in a prior year (8,624)(513)(3,781)
Decreases related to lapse of statute of limitations (26,010)(18,163)(596)
Decreases related to settlements with taxing authorities(150)— — 
Gross unrecognized tax benefits—ending balance $181,477 $163,266 $137,357