v3.24.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Components of Loss From Continuing Operations Before Income Taxes
The components of income before income taxes by U.S. and foreign jurisdictions were as follows (in millions):
 Year Ended December 31,
 202420232022
United States$1,055 $523 $173 
Foreign683 485 226 
Total$1,738 $1,008 $399 
Components of Provision for Income Taxes
The provision for (benefit from) income taxes consists of the following (in millions):
 Year Ended December 31,
 202420232022
Current provision:
Federal$36 $2 $— 
State49 31 13 
Foreign130 101 46 
215 134 59 
Deferred provision:
Federal51 (750)(1)
State(5)(135)(1)
Foreign52 28 17 
98 (857)15 
Provision for (benefit from) income taxes$313 $(723)$74 
Reconciliation of Federal Income Tax Rate
The effective income tax rate differs from the federal statutory income tax rate applied to the income before income taxes due to the following (in millions):     
 Year Ended December 31,
 202420232022
Tax computed at U.S. federal statutory rate$365 $212 $84 
State taxes, net of federal benefit42 47 10 
U.S. tax on foreign earnings(7)42 96 
Tax rate differential for international subsidiaries24 29 18 
Stock-based compensation(78)25 7 
Executive compensation28 32 22 
Tax credits(98)(93)(70)
Other12 15 7 
Valuation allowance25 (1,032)(100)
Provision for (benefit from) income taxes$313 $(723)$74 
Reconciliation of Deferred Tax Assets and Liabilities
Significant components of our deferred tax assets are shown below (in millions). A valuation allowance has been recognized to offset our deferred tax assets, as necessary, by the amount of any tax benefits that, based on evidence, are not expected to be realized.
 December 31,
 20242023
Deferred tax assets:
Net operating loss carryforwards$138 $257 
Credit carryforwards458 476 
Lease liability171 184 
Capitalized research and development434 324 
Depreciation and amortization514 552 
Other168 167 
Total deferred tax assets1,883 1,960 
Less: valuation allowance
(220)(196)
1,663 1,764 
Deferred tax liabilities:
Right of use asset(150)(165)
Depreciation and amortization
(113)(90)
Other(61)(41)
Net deferred tax assets$1,339 $1,468 
Reconciliation of Beginning and Ending Balance of Total Unrecognized Tax Benefits
A reconciliation of the beginning and ending balance of total unrecognized tax benefits is as follows (in millions):
 Year Ended December 31,
 202420232022
Balance, beginning period$221 $159 $124 
Tax positions taken in prior period:
Gross increases2 — — 
Gross decreases(2)— (1)
Tax positions taken in current period:
Gross increases73 63 38 
Settlements(3)(1)(2)
Balance, end of period$291 $221 $159