v3.25.4
Provision for (Benefit from) Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
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,
 202520242023
United States$1,302 $1,055 $523 
Foreign959 683 485 
Total$2,261 $1,738 $1,008 
Components of Provision for Income Taxes
The provision for (benefit from) income taxes consists of the following (in millions):
 Year Ended December 31,
 202520242023
Current provision:
Federal$36 $36 $2 
State43 49 31 
Foreign183 130 101 
262 215 134 
Deferred provision:
Federal169 51 (750)
State25 (5)(135)
Foreign57 52 28 
251 98 (857)
Provision for (benefit from) income taxes$513 $313 $(723)
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,
 202520242023
U.S. federal statutory tax rate$475 21.0 %$365 21.0 %$212 21.0 %
State and local income tax, net of federal benefit (1)
51 2.3 %33 1.9 %(81)(8.1)%
Foreign tax effects
Ireland
Statutory tax rate difference between Ireland and United States
(45)(2.0)%(31)(1.8)%(20)(1.9)%
Other(17)(0.7)%1 — %12 1.2 %
Brazil
Withholding30 1.3 %18 1.0 %— — %
Other— — %2 0.1 %10 0.9 %
Other foreign jurisdictions63 2.8 %58 3.3 %21 2.1 %
Effect of cross-border tax laws
Global intangible low-taxed income(22)(1.0)%(29)(1.6)%45 4.5 %
       Other(1)(0.1)%(6)(0.3)%(1)(0.1)%
Research and development tax credits(53)(2.3)%(64)(3.7)%(74)(7.3)%
Changes in valuation allowances(1)(0.1)%3 0.2 %(930)(92.2)%
Nontaxable or nondeductible items
Stock-based compensation(66)(2.9)%(78)(4.5)%25 2.5 %
Officer’s compensation32 1.4 %28 1.6 %32 3.2 %
Other29 1.3 %13 0.8 %16 1.5 %
Change in unrecognized tax benefits11 0.5 %3 0.2 %9 0.9 %
Acquisition-related effects29 1.3 %(5)(0.3)%3 0.3 %
Other(2)(0.1)%2 0.1 %(2)(0.2)%
Provision for (benefit from) income taxes$513 22.7 %$313 18.0 %$(723)(71.7)%
(1) The states that contribute to the majority (greater than 50%) of the tax effect in this category include Illinois, New Jersey, Virginia, Minnesota, and New York for 2025; Virginia, New York, Illinois, Minnesota, and Georgia for 2024; and Illinois, Virginia, Minnesota, and Pennsylvania for 2023.
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,
 20252024
Deferred tax assets:
Net operating loss carryforwards$260 $138 
Credit carryforwards425 458 
Lease liability207 171 
Capitalized research and development323 434 
Depreciation and amortization465 514 
Accrued expenses
98 78 
Other90 90 
Total deferred tax assets1,868 1,883 
Less: valuation allowance(241)(220)
$1,627 $1,663 
Deferred tax liabilities:
Right of use asset(182)(150)
Depreciation and amortization(375)(113)
Other(56)(61)
Net deferred tax assets$1,014 $1,339 
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,
 202520242023
Balance at the beginning of the period
$291 $221 $159 
Tax positions taken in prior period:
Gross increases— 2 — 
Gross decreases(3)(2)— 
Tax positions taken in current period:
Gross increases116 73 63 
Settlements— (3)(1)
Balance at the end of the period
$404 $291 $221