v3.24.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income before Provision for Income Taxes
Our income before provision for (benefit from) income taxes for the years ended December 31, 2024, 2023 and 2022 was as follows (in millions):
Year Ended December 31,
202420232022
Domestic$2,292 $3,196 $5,524 
Noncontrolling interest and redeemable noncontrolling interest62 (23)31 
Foreign6,636 6,800 8,164 
Income before income taxes$8,990 $9,973 $13,719 
Components of Provision for Income Taxes The components of the provision for (benefit from) income taxes for the years ended December 31, 2024, 2023 and 2022 consisted of the following (in millions):
Year Ended December 31,
202420232022
Current:
Federal$— $48 $— 
State45 57 62 
Foreign1,315 1,243 1,266 
Total current1,360 1,348 1,328 
Deferred:
Federal831 (5,246)26 
State(49)(653)1 
Foreign(305)(450)(223)
Total deferred477 (6,349)(196)
Total provision for (benefit from) income taxes$1,837 $(5,001)$1,132 
Schedule of Reconciliation of Taxes at Federal Statutory Rate to Provision for Income Taxes
The reconciliation of taxes at the federal statutory rate to our provision for (benefit from) income taxes for the years ended December 31, 2024, 2023 and 2022 was as follows (in millions):
Year Ended December 31,
202420232022
Tax at statutory federal rate$1,887 $2,094 $2,881 
State tax, net of federal benefit8 (372)51 
Excess tax benefits related to stock-based compensation(267)(288)(745)
Nontaxable manufacturing credit(291)(101)— 
Foreign income rate differential(545)(816)(923)
U.S. tax credits(317)(593)(276)
GILTI and Subpart F inclusion882 670 1,279 
Unrecognized tax benefits144 183 252 
Change in valuation allowance163 (5,962)(1,532)
Other173 184 145 
Provision for (benefit from) income taxes$1,837 $(5,001)$1,132 
Schedule of Deferred Tax Assets (Liabilities)
Deferred tax assets (liabilities) as of December 31, 2024 and 2023 consisted of the following (in millions):
December 31,
2024		December 31,
2023
Deferred tax assets:
Net operating loss carry-forwards$1,295 $2,826 
Research and development credits1,735 1,358 
Other tax credits and attributes1,325 827 
Deferred revenue1,101 1,035 
Inventory and warranty reserves1,769 1,258 
Operating lease right-of-use liabilities1,186 930 
Capitalized research and development costs2,448 1,344 
Deferred GILTI tax assets691 760 
Other412 436 
Total deferred tax assets11,962 10,774 
Valuation allowance(1,224)(892)
Deferred tax assets, net of valuation allowance10,738 9,882 
Deferred tax liabilities:
Depreciation and amortization(2,658)(2,122)
Operating lease right-of-use assets(1,097)(859)
Other(561)(249)
Total deferred tax liabilities(4,316)(3,230)
Deferred tax assets (liabilities), net of valuation allowance$6,422 $6,652 
Schedule of Unrecognized Tax Benefits Roll Forward
The changes to our gross unrecognized tax benefits were as follows (in millions):
December 31, 2021$531 
Increases in balances related to prior year tax positions136 
Decreases in balances related to prior year tax positions(12)
Increases in balances related to current year tax positions222 
Decreases in balances related to expiration of the statute of limitations(7)
December 31, 2022870 
Increases in balances related to prior year tax positions59 
Decreases in balances related to settlement with tax authorities(6)
Increases in balances related to current year tax positions255 
Decreases in balances related to expiration of the statute of limitations(4)
December 31, 20231,174 
Increases in balances related to prior year tax positions51 
Decreases in balances related to prior year tax positions(27)
Increases in balances related to current year tax positions227 
Decreases in balances related to settlement with tax authorities(4)
Decreases in balances related to expiration of the statute of limitations(4)
December 31, 2024$1,417