hanera gave the key details.
Tax reform reduced corporate taxes to 21% for all profits from the revenues they make within USA !
If companies make profits from revenues outside USA (like NFLX…) the tax is 13.125% for that outside portion
This increases NFLX margins as they go globally !
The actual tax clause is
In addition to the above GILTI provisions, Section 250 also permits U.S. corporations to deduct 37.5% of “foreign-derived intangible income” (FDII), resulting in an effective U.S. federal income tax rate of 13.125% on such income. FDII is the portion of the U.S. corporation’s net income (other than GILTI and certain other income) that exceeds a 10% rate of return on the U.S. corporation’s tangible depreciable business assets and is attributable to certain sales of property (including leases and licenses) to foreign persons or to the provision of certain services to any person located outside the United States.