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Income Taxes (Tables)

12 Months Ended

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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