Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of income before income tax

Components of income before income taxes consist of the following:

	Year Ended December 31,
(In millions)	2022		2021		2020
United States	$	839.9	$	5,944.7	$	2,442.3
Foreign	4,018.9		3,381.1		1,368.1
	$	4,858.8	$	9,325.8	$	3,810.4

Schedule of components of income tax expense

Components of income tax expense consist of the following:

	Year Ended December 31,
(In millions)	2022		2021		2020
Current:
Federal	$	968.5	$	1,429.8	$	199.0
State	7.4		6.2		1.2
Foreign	290.9		(38.4)		21.4
Total current tax expense	1,266.8		1,397.6		221.6
Deferred:
Federal	(797.7)		(423.2)		109.0
State	(2.7)		(0.6)		(2.0)
Foreign	54.0		276.7		(31.4)
Total deferred tax (benefit) expense	(746.4)		(147.1)		75.6
	$	520.4	$	1,250.5	$	297.2

Schedule of effective income tax rate reconciliation

A reconciliation of the U.S. statutory income tax rate to the Company's effective income tax rate is as follows:

	Year Ended December 31,
	2022		2021		2020
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
Taxation of non-U.S. operations	(5.5)		(2.8)		(1.8)
Stock-based compensation	(2.9)		(2.4)		(7.6)
Income tax credits	(2.0)		(1.0)		(2.8)
Foreign-derived intangible income deduction	(1.0)		(1.4)		—
Sale of non-inventory related assets between foreign subsidiaries	—		—		(0.8)
Other permanent differences	1.1		—		(0.2)
Effective income tax rate	10.7	%	13.4	%	7.8	%

Schedule of deferred tax assets and liabilities

Significant components of the Company's deferred tax assets and liabilities are as follows:

	As of December 31,
(In millions)	2022		2021
Deferred tax assets:
Capitalized research and development expenses	$	845.3	$	—
Deferred compensation	416.2		406.6
Accrued expenses	235.6		262.1
Fixed assets and intangible assets	227.6		257.5
Tax attribute carryforwards	41.3		6.1
Other	15.9		10.8
Deferred revenue	—		57.3
Total deferred tax assets	1,781.9		1,000.4
Deferred tax liabilities:
Unrealized gains on investments	(58.2)		(123.5)
Net deferred tax assets	$	1,723.7	$	876.9

Schedule of unrecognized tax benefits

The amount of net unrecognized tax benefits that, if settled, would impact the effective tax rate is $373.7 million, $321.1 million, and $267.0 million as of December 31, 2022, 2021, and 2020, respectively. The following table reconciles the beginning and ending amounts of unrecognized tax benefits.

(In millions)	2022		2021		2020
Balance as of January 1	$	410.9	$	267.0	$	210.8
Gross increases related to current year tax positions	136.9		182.3		76.6
Gross (decreases) increases related to prior year tax positions	(5.0)		2.9		7.2
Gross decreases due to settlements and lapse of statutes of limitations	—		(41.3)		(27.6)
Balance as of December 31	$	542.8	$	410.9	$	267.0