Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Components of Income (Loss) From Continuing Operations Before Taxes

The following table presents the components of income (loss) from continuing operations before taxes for the periods indicated (in millions):


	Year Ended December 31,
	2024		2023		2022
United States	$	1,286	$	704	$	123
International	992		3,003		(1,724)
	$	2,278	$	3,707	$	(1,601)

Schedule of Components of Income Tax Expense (Benefit)

The following table summarizes the income tax provision (benefit) for the periods indicated (in millions):


	Year Ended December 31,
	2024		2023		2022
Current:
Federal	$	985	$	488	$	350
State and local	89		94		36
Foreign	97		95		67
	$	1,171	$	677	$	453
Deferred:
Federal	$	(993)	$	112	$	(847)
State and local	(46)		(41)		(50)
Foreign	165		184		117
	(874)		255		(780)
	$	297	$	932	$	(327)

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation of the difference between the actual provision for income taxes and the provision computed by applying the federal statutory rate of 21% to income (loss) before income taxes for the periods indicated (in millions):


	Year Ended December 31,
	2024		2023		2022
Provision (benefit) at statutory rate	$	478	$	778	$	(337)

Foreign income taxed at different rates	5		8		7
Other taxes on foreign operations	(157)		72		13

Change in valuation allowance	—		(62)		—
Stock-based compensation	7		33		17
State taxes, net of federal benefit	43		53		(14)
Research and other tax credits	(83)		(44)		(45)


Penalties	(13)		14		11
Impact of tax rate change	—		73		—



Other	17		7		21
	$	297	$	932	$	(327)

Schedule of Deferred Tax Assets and Liabilities

The following table summarizes significant deferred tax assets and liabilities as of the dates indicated (in millions):


	As of December 31,
	2024		2023
Deferred tax assets:
Net operating loss, capital loss and credits	$	181	$	200
Accruals and allowances	554		560
Capitalized research expense	475		334
Stock-based compensation	10		12
Amortizable tax basis in intangibles	2,701		2,872

Net deferred tax assets	3,921		3,978
Valuation allowance	(163)		(143)
	3,758		3,835
Deferred tax liabilities:
Outside basis differences	(1,970)		(2,817)
Acquisition-related intangibles	(57)		(65)
Depreciation and amortization	(197)		(213)
Net unrealized gain on investments	(3)		(60)


	(2,227)		(3,155)
	$	1,531	$	680

Schedule of Changes in Unrecognized Tax Benefits

The following table presents changes in unrecognized tax benefits for the periods indicated (in millions):


	Year Ended December 31,
	2024		2023		2022
Gross amounts of unrecognized tax benefits as of the beginning of the period	$	613	$	493	$	461
Increases related to prior period tax positions	22		120		4
Decreases related to prior period tax positions	(23)		(45)		(7)
Increases related to current period tax positions	67		53		40
Settlements	(5)		(8)		(5)
Gross amounts of unrecognized tax benefits as of the end of the period	$	674	$	613	$	493