Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Before Provision for (Benefit From) Income Taxes

The components of income before provision for income taxes during the three years ended December 31, 2021, consisted of the following:

	2021		2020		2019
	(in millions)
United States	$	2,030.7	$	2,885.4	$	1,263.4
Foreign	699.7		231.5		131.5
Income before provision for income taxes	$	2,730.4	$	3,116.9	$	1,394.9

Schedule of Components of Provision for (Benefit From) Income Taxes

The components of the provision for income taxes during the three years ended December 31, 2021, consisted of the following:

	2021		2020		2019
	(in millions)
Current taxes:
Federal	$	374.9	$	71.4	$	—
Foreign	141.5		37.6		37.2
State	26.5		18.9		13.5
Total current taxes	542.9		127.9		50.7
Deferred taxes:
Federal	(36.9)		510.2		184.3
Foreign	(98.4)		(239.6)		(24.8)
State	(19.3)		6.7		7.9
Total deferred taxes	(154.6)		277.3		167.4
Provision for income taxes	$	388.3	$	405.2	$	218.1

Schedule of Reconciliation of the Provision for (Benefit From) Income Taxes

A reconciliation between the U.S. federal statutory rate of 21% and our effective tax rate is as follows:

	2021		2020		2019
Federal statutory tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	0.8	%	0.6	%	0.6	%
Foreign income tax rate differential	(0.3)	%	0.2	%	0.4	%
Tax credits	(6.4)	%	(1.8)	%	(4.3)	%
Tax rate change	(3.5)	%	(1.2)	%	—	%
Stock compensation (benefit), shortfalls and cancellations	0.0	%	(2.3)	%	(4.0)	%
Long-term intercompany receivable write-off	—	%	(1.7)	%	—	%
Uncertain tax positions	2.0	%	1.3	%	1.0	%
Inter-entity transfer of intellectual property rights	—	%	(6.7)	%	—	%
U.S. tax on foreign earnings, net of credits	0.7	%	2.7	%	—	%
Other	(0.1)	%	0.9	%	0.9	%
Effective tax rate	14.2	%	13.0	%	15.6	%

Schedule of Deferred Tax Assets and Liabilities

The components of the deferred taxes were as follows:

	As of December 31,
	2021		2020
	(in millions)
Deferred tax assets:
Net operating loss	$	106.6	$	140.6
Tax credit carryforwards	202.4		406.1
Intangible assets	802.8		507.5
Stock-based compensation	94.6		89.2
Accrued expenses	48.6		47.3
Finance lease liabilities	103.4		118.7
Operating lease assets	81.1		65.0
Other	41.7		22.1
Gross deferred tax assets	1,481.2		1,396.5
Valuation allowance	(220.4)		(213.8)
Total deferred tax assets	1,260.8		1,182.7
Deferred tax liabilities:
Property and equipment	(118.2)		(117.0)
Acquired intangibles	(87.0)		(87.0)
Operating lease liabilities	(64.8)		(63.3)
Other	(56.3)		(32.6)
Total deferred tax liabilities	(326.3)		(299.9)
Net deferred tax assets	$	934.5	$	882.8

Summary of Unrecognized Tax Benefits

Unrecognized tax benefits during the three years ended December 31, 2021 were as follows:

	2021		2020		2019
	(in millions)
Balance at beginning of the period	$	86.6	$	33.9	$	19.5
Increases related to current period tax positions	42.0		26.7		14.5
Increases related to prior period tax positions	19.9		26.7		0.6
Decreases related to prior period tax positions	—		—		(0.2)
Settlement with tax authorities	—		—		(0.5)
Statute of limitations expiration	(1.3)		(0.7)		—
Balance at end of period	$	147.2	$	86.6	$	33.9