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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Sources of Income Before Income Taxes | The sources of income before income taxes were as follows (in millions):
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
U.S. |  | $ | 697.5 |  |  | $ | 698.7 |  |  | $ | 751.6 |
Foreign |  |  | 277.3 |  |  |  | 195.0 |  |  |  | 106.1 |
Income before income taxes |  | $ | 974.8 |  |  | $ | 893.7 |  |  | $ | 857.7 |
Component of Income Tax Provision | The income tax provision consists of the following (in millions):
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 80.4 |  |  | $ | 128.0 |  |  | $ | 194.4 |
Foreign |  |  | 70.4 |  |  |  | 77.4 |  |  |  | 63.7 |
State |  |  | 42.7 |  |  |  | 42.0 |  |  |  | 73.9 |
Total current income tax provision |  |  | 193.5 |  |  |  | 247.4 |  |  |  | 332.0 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | 0.1 |  |  |  | (67.7 | ) |  |  | (53.9 | )
Foreign |  |  | (12.2 | ) |  |  | (14.9 | ) |  |  | (20.8 | )
State |  |  | (5.3 | ) |  |  | (32.8 | ) |  |  | (8.2 | )
Total deferred income tax (benefit) provision |  |  | (17.4 | ) |  |  | (115.4 | ) |  |  | (82.9 | )
Total income tax provision |  | $ | 176.1 |  |  | $ | 132.0 |  |  | $ | 249.1 |
Summary of Reconciliation Between Expected Tax Expense and Actual Tax Provision | A reconciliation of the U.S. federal statutory income tax rate to our effective tax rate pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows (in millions, except percentages):
|  | Year Ended December 31, |
|  | 2025 |
|  | Amount |  |  | Percent |
U.S. federal statutory tax rate |  | $ | 204.7 |  |  |  | 21.0 | %
State and local income taxes, net of federal income tax effect (1) |  |  | 29.4 |  |  |  | 3.0 |
Foreign tax effects |  |  |  |  |  |
Malta |  |  |  |  |  |
Interest expense |  |  | (11.5 | ) |  |  | (1.2 | )
Other |  |  | (0.8 | ) |  |  | (0.1 | )
Other foreign jurisdictions |  |  | 4.7 |  |  |  | 0.5 |
Effect of cross-border tax laws |  |  |  |  |  |
Global Intangible Low-Taxed Income and Subpart F |  |  | 29.7 |  |  |  | 3.0 |
Other |  |  | (5.4 | ) |  |  | (0.6 | )
Tax credits |  |  |  |  |  |
Research and development tax credits |  |  | (22.8 | ) |  |  | (2.3 | )
Foreign tax credits |  |  | (15.7 | ) |  |  | (1.6 | )
Nontaxable or nondeductible items |  |  |  |  |  |
Stock based compensation |  |  | (28.6 | ) |  |  | (2.9 | )
Officers compensation |  |  | 17.7 |  |  |  | 1.8 |
Other |  |  | (0.2 | ) |  |  | — |
Changes in unrecognized tax benefits |  |  | (21.7 | ) |  |  | (2.2 | )
Other adjustments |  |  | (3.4 | ) |  |  | (0.3 | )
Effective tax rate |  | $ | 176.1 |  |  |  | 18.1 | %
(1) State and local taxes in New York, New York City, Illinois, and California for 2025 made up the majority (greater than 50 percent) of the tax effect in this category.
Summary of Reconciliation Between Expected Tax Expense and Actual Tax Provision | The reconciliation between the expected tax expense and the actual tax provision computed by applying the U.S. federal corporate income tax rate of 21% to income before income taxes for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU 2023-09 is as follows (in millions):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Computed “expected” tax expense |  | $ | 187.7 |  |  | $ | 180.1 |
Increase (decrease) in income tax expense resulting from: |  |  |  |  |  |
State income taxes (net of federal income tax benefit) |  |  | 7.2 |  |  |  | 51.9 |
Foreign operations |  |  | 15.6 |  |  |  | 34.6 |
Effects of stock based compensation |  |  | (19.4 | ) |  |  | (5.5 | )
Effect of valuation allowance |  |  | (6.6 | ) |  |  | (17.2 | )
Uncertain tax positions |  |  | (32.4 | ) |  |  | 19.2 |
Tax credits |  |  | (16.9 | ) |  |  | (13.3 | )
Other |  |  | (3.2 | ) |  |  | (0.7 | )
Provision for income taxes |  | $ | 132.0 |  |  | $ | 249.1 |
Schedule of Cash Paid for Income Taxes, Net of Refunds | Cash paid for income taxes, net of refunds, for the year ended December 31, 2025 is as follows (in millions):
|  | Year Ended December 31,
|  | 2025 |  |
U.S. federal |  | $ | 111.5 |  |
U.S. state and local |  |  | 34.1 |  |
Foreign |  |  |  |
Luxembourg |  |  | 24.6 |  |
United Kingdom |  |  | 15.3 |  |
Other foreign jurisdictions |  |  | 33.9 |  |
Total foreign |  |  | 73.8 |  |
Total income taxes paid |  | $ | 219.4 |  |
Components of Deferred Income Taxes | The components of deferred tax (liabilities) assets at December 31, 2025 and 2024 are as follows (in millions):
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |
Deferred tax liabilities: |  |  |  |  |  |
Depreciable and amortizable property |  | $ | (882.4 | ) |  | $ | (764.2 | )
Investments |  |  | (174.4 | ) |  |  | (170.6 | )
Leases |  |  | (53.4 | ) |  |  | (48.0 | )
Other |  |  | (13.0 | ) |  |  | (12.0 | )
Total deferred tax liabilities |  |  | (1,123.2 | ) |  |  | (994.8 | )
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  |  | 87.8 |  |  |  | 68.3 |
Deferred compensation |  |  | 78.6 |  |  |  | 87.2 |
Tax credit carryforwards |  |  | 36.0 |  |  |  | 35.1 |
Interest expense carryforwards |  |  | 39.8 |  |  |  | 43.1 |
Accrued expenses |  |  | 15.4 |  |  |  | 2.1 |
Leases |  |  | 59.7 |  |  |  | 54.7 |
Other |  |  | 36.2 |  |  |  | 39.7 |
Total deferred tax assets |  |  | 353.5 |  |  |  | 330.2 |
Valuation allowance |  |  | (47.6 | ) |  |  | (38.4 | )
Deferred tax assets, net of valuation allowance |  |  | 305.9 |  |  |  | 291.8 |
Net deferred tax liabilities |  | $ | (817.3 | ) |  | $ | (703.0 | )
Summary of Activity Related to Company's Unrecognized Tax Benefits | The following table summarizes the activity related to our unrecognized tax benefits for the years ended December 31, 2025 and 2024 (in millions):
Balance at December 31, 2023 |  | $ | 142.0 |
Increases related to current year tax positions |  |  | 10.2 |
Increases related to prior tax positions |  |  | 25.0 |
Decreases related to prior tax positions |  |  | (23.2 | )
Lapse in statute of limitation |  |  | (35.3 | )
Foreign exchange translation adjustment |  |  | (0.2 | )
Balance at December 31, 2024 |  | $ | 118.5 |
Increases related to current year tax positions |  |  | 8.4 |
Increases related to prior tax positions |  |  | 0.8 |
Decreases related to prior tax positions |  |  | (4.1 | )
Lapse in statute of limitation |  |  | (22.7 | )
Foreign exchange translation adjustment |  |  | (0.3 | )
Balance at December 31, 2025 |  | $ | 100.6 |

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