Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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)	2023		2022		2021
United States	$	(362.3)	$	839.9	$	5,944.7
Foreign	4,561.6		4,018.9		3,381.1
	$	4,199.3	$	4,858.8	$	9,325.8

Schedule of components of income tax expense

Components of income tax expense consist of the following:

	Year Ended December 31,
(In millions)	2023		2022		2021
Current:
Federal	$	667.9	$	968.5	$	1,429.8
State	7.7		7.4		6.2
Foreign	407.9		290.9		(38.4)
Total current tax expense	1,083.5		1,266.8		1,397.6
Deferred:
Federal	(834.5)		(797.7)		(423.2)
State	(6.5)		(2.7)		(0.6)
Foreign	3.2		54.0		276.7
Total deferred tax benefit	(837.8)		(746.4)		(147.1)
	$	245.7	$	520.4	$	1,250.5

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,
	2023		2022		2021
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
Taxation of non-U.S. operations	(6.6)		(5.5)		(2.8)
Stock-based compensation	(4.6)		(2.9)		(2.4)
Income tax credits	(3.2)		(2.0)		(1.0)
Foreign-derived intangible income deduction	(0.3)		(1.0)		(1.4)
Other permanent differences	(0.4)		1.1		—
Effective income tax rate	5.9	%	10.7	%	13.4	%

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)	2023		2022
Deferred tax assets:
Capitalized research and development expenses	$	1,728.2	$	845.3
Deferred compensation	413.6		416.2
Accrued expenses	214.1		235.6
Fixed assets and intangible assets	154.8		227.6
Tax attribute carryforwards	88.7		41.3
Other	26.4		15.9
Total deferred tax assets	2,625.8		1,781.9
Deferred tax liabilities:
Unrealized gains on investments	(50.4)		(58.2)
Net deferred tax assets	$	2,575.4	$	1,723.7

Schedule of unrecognized tax benefits

The following table reconciles the beginning and ending amounts of unrecognized tax benefits:

(In millions)	2023		2022		2021
Balance as of January 1	$	542.8	$	410.9	$	267.0
Gross increases related to current year tax positions	153.4		136.9		182.3
Gross increases (decreases) related to prior year tax positions	3.2		(5.0)		2.9
Gross decreases due to settlements and lapse of statutes of limitations	(3.0)		—		(41.3)
Balance as of December 31	$	696.4	$	542.8	$	410.9