v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Domestic and Foreign Components of Pre-Tax Loss
The domestic and foreign components of pre-tax loss were as follows:
Year Ended December 31,
202420232022
(in thousands)
Domestic (1)
$(280,877)$(285,330)$(538,311)
Foreign (1)
(391,349)(1,009,093)(862,386)
Loss before income taxes$(672,226)$(1,294,423)$(1,400,697)
(1)Includes the impact of intercompany charges to foreign affiliates for financing, management fees, and research and development cost sharing, inclusive of stock-based compensation.
Schedule of Components of Income Tax (Benefit) Expense
The components of our income tax (benefit) expense were as follows:
Year Ended December 31,
202420232022
(in thousands)
Current:
Federal$5,216 $— $— 
State6,811 8,585 10,704 
Foreign13,273 26,727 22,404 
Total current income tax expense (benefit)25,300 35,312 33,108 
Deferred:
Federal1,595 1,267 1,212 
State1,027 1,061 837 
Foreign(2,292)(9,578)(6,201)
Total deferred income tax expense (benefit)330 (7,250)(4,152)
Income tax expense (benefit)$25,630 $28,062 $28,956 
Summary of Reconciliation of Statutory Federal Income Tax Rate
The following is a reconciliation of the statutory federal income tax rate to our effective tax rate:
Year Ended December 31,
202420232022
Tax benefit (expense) computed at the federal statutory rate21.0 %21.0 %21.0 %
State tax benefit (expense), net of federal benefit (1)
3.9 2.2 2.9 
Change in valuation allowance(31.0)(31.5)(32.0)
Differences between U.S. and foreign tax rates on foreign income(0.3)3.3 2.5 
Stock-based compensation(6.4)(7.0)(0.1)
U.S. federal research & development credit benefit11.0 8.6 5.0 
Acquisitions and divestitures(1.0)1.8 (0.7)
Other benefits (expenses)(1.0)(0.6)(0.7)
Total income tax benefit (expense)(3.8)%(2.2)%(2.1)%
(1)    Inclusive of state research and development credits.
Summary of Significant Components of Net Deferred Tax Balances
The significant components of net deferred tax balances were as follows:
Year Ended December 31,
20242023
(in thousands)
Deferred tax assets:
Accruals and reserves$16,413 $22,475 
Intangible assets139,612 168,661 
IRC 174 capitalized R&D598,669 449,253 
Stock-based compensation58,171 70,563 
Loss carryforwards2,757,814 2,774,231 
Tax credit carryforwards1,060,486 969,368 
Lease liability128,072 126,637 
Other67,958 51,764 
Total deferred tax assets4,827,195 4,632,952 
Deferred tax liabilities:
Right-of-use asset(112,907)(111,777)
Investments(18,333)(20,183)
Other(18,445)(28,416)
Total deferred tax liabilities(149,685)(160,376)
Total net deferred tax assets before valuation allowance4,677,510 4,472,576 
Valuation allowance(4,677,088)(4,471,571)
Net deferred taxes$422 $1,005 
Schedule of Unrecognized Tax Benefits Roll Forward
The following table summarizes the activity related to our gross unrecognized tax benefits for the years ended December 31, 2024, 2023, and 2022:
Year Ended December 31,
202420232022
(in thousands)
Beginning balance of unrecognized tax benefits$513,404 $510,669 $469,573 
Additions for current year tax positions49,536 46,188 47,366 
Additions for prior year tax positions1,163 10,171 115 
Reductions for prior year tax positions(622)(16,736)(3,569)
Changes due to lapse of statute of limitations(99)(31,786)(1,887)
Reductions for settlements with taxing authorities— (4,927)— 
Changes due to foreign currency translation adjustments(574)(175)(929)
Ending balance of unrecognized tax benefits (excluding interest and penalties)562,808 513,404 510,669 
Interest and penalties associated with unrecognized tax benefits1,918 967 385 
Ending balance of unrecognized tax benefits (including interest and penalties)$564,726 $514,371 $511,054