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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Provision from (benefit for) Income Taxes | The provision for income taxes consisted of the following:
| Twelve Months Ended December 31,
| 2025 |  | 2024 |  | 2023
| (In millions)
Current: |  |  |  |  |
Federal | $ | 94.3 |  |  | $ | 169.9 |  |  | $ | 155.5 |
State | 37.1 |  |  | 38.3 |  |  | 24.2 |
Foreign | 69.0 |  |  | 61.9 |  |  | 56.7 |
| 200.4 |  |  | 270.1 |  |  | 236.4 |
Deferred: |  |  |  |  |
Federal | 36.3 |  |  | (47.7) |  |  | (50.2) |
State | 0.9 |  |  | (0.3) |  |  | 12.4 |
Foreign | (7.0) |  |  | (18.9) |  |  | (32.4) |
| 30.2 |  |  | (66.9) |  |  | (70.2) |
Provision for income taxes | $ | 230.6 |  |  | $ | 203.2 |  |  | $ | 166.2 |
Domestic and Foreign Income before Income Taxes | The components of consolidated income before income taxes were as follows:
| Twelve Months Ended December 31,
| 2025 |  | 2024 |  | 2023
| (In millions)
U.S. | $ | 732.9 |  |  | $ | 651.9 |  |  | $ | 573.2 |
Foreign | 162.0 |  |  | 158.6 |  |  | 144.7 |
Consolidated income before income taxes | $ | 894.9 |  |  | $ | 810.5 |  |  | $ | 717.9 |
Provision for Income Taxes Reconciles with U.S. Federal Statutory Rate | A reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows:
|  | Twelve Months Ended December 31,
|  | 2025 |  |
|  | Amount |  | % |  |
|  | (In millions) |  |  |  |
U.S. federal statutory income tax rate |  | $ | 187.9 |  |  | 21.0 | % |  |
State and local income taxes, net of federal income tax effect (1) |  | 30.8 |  |  | 3.4 | % |  |
Foreign tax effects |  | 28.0 |  |  | 3.1 | % |  |
Effect of cross-border tax laws |  | (7.7) |  |  | (0.9) | % |  |
Tax credits |  |  |  |  |  |
Research and development tax credits |  | (19.2) |  |  | (2.1) | % |  |
Other |  | (0.1) |  |  | — | % |  |
Non-taxable or non-deductible items |  |  |  |  |  |
Excess officer's compensation |  | 11.2 |  |  | 1.3 | % |  |
Other |  | 1.0 |  |  | 0.2 | % |  |
Changes in unrecognized tax benefits |  | (1.3) |  |  | (0.2) | % |  |
Effective income tax rate |  | $ | 230.6 |  |  | 25.8 | % |  |
(1) The states that contribute to the majority of the tax effect in this category are California, Maryland, Tennessee, New York, Pennsylvania, Illinois and Connecticut. A reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate for the years ended December 31, 2024 and 2023 is as follows:
|  | Twelve Months Ended December 31,
|  |  | 2024 |  | 2023
|  | (In millions)
Federal statutory rate |  |  | 21.0 | % |  | 21.0 | %
Provision computed at federal statutory rate |  |  | $ | 170.2 |  |  | $ | 150.8 |
State and local taxes, net of federal tax benefit |  |  | 30.1 |  |  | 30.0 |
Foreign differential |  |  | 27.1 |  |  | 20.5 |
Federal research & development credit |  |  | (17.6) |  |  | (24.2) |
Equity compensation |  |  | (8.2) |  |  | (3.2) |
Tax reserves |  |  | (5.7) |  |  | 5.8 |
Reversal of BVS deferred tax liability |  |  | — |  |  | (27.3) |
Excess officer’s compensation |  |  | 9.2 |  |  | 8.4 |
Valuation allowance |  |  | (7.2) |  |  | 1.9 |
Other |  |  | 5.3 |  |  | 3.5 |
Provision for income taxes |  |  | $ | 203.2 |  |  | $ | 166.2 |
Effective income tax rate |  |  | 25.1 | % |  | 23.2 | %
Summary of Income Taxes Paid | Cash paid for income taxes, net of refunds received, by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows:
|  | Twelve Months Ended December 31, |  |
|  | 2025 |  |
|  | (In millions) |  |
Federal |  | $ | 97.2 |  |  |
State |  | 34.8 |  |  |
Foreign |  |  |  |
Canada |  | 24.9 |  |  |
Other |  | 40.8 |  |  |
Cash paid for income taxes, net of refunds received |  | $ | 197.7 |  |  |
Other information related to our operating leases was as follows:
Twelve Months Ended December 31, 2025 |  | Amount
(in millions, except lease term and discount rate) |  |
Supplemental Cash Flows Information |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |
Operating cash flows used by operating leases |  | $ | 38.5
Right-of-use assets obtained in exchange for lease obligations (non-cash): |  |
Operating leases |  | $ | 24.6
Weighted Average Remaining Lease Term |  | 5.7
Weighted Average Discount Rate |  | 5.0 | %
Components of Deferred Income Tax Assets and Liabilities | Our deferred income tax assets (liabilities) are as follows:
| December 31,
| 2025 |  | 2024
| (In millions)
Deferred income tax assets: |  |  |
Net operating and capital loss carryforwards | $ | 85.0 |  |  | $ | 83.9 |
Goodwill and intangible assets | 114.5 |  |  | 106.2 |
Employee compensation programs | 99.9 |  |  | 71.2 |
Foreign tax credits | 8.1 |  |  | 17.2 |
Employee pension benefits | 26.6 |  |  | 27.7 |
Reserves and accrued expenses | 9.2 |  |  | 8.1 |
Accrued legal expense | 21.5 |  |  | 8.6 |
Research and development costs | 30.5 |  |  | 27.2 |
Operating lease asset | 30.1 |  |  | 29.8 |
Other | 23.1 |  |  | 30.8 |
Gross deferred income tax assets | 448.5 |  |  | 410.7 |
Valuation allowance | (175.4) |  |  | (170.8) |
Total deferred income tax assets, net | 273.1 |  |  | 239.9 |
Deferred income tax liabilities: |  |  |
Goodwill and intangible assets | (539.1) |  |  | (471.1) |
Undistributed earnings of foreign subsidiaries | (9.2) |  |  | (8.3) |
Depreciation | (26.9) |  |  | (27.4) |
Operating lease liability | (30.1) |  |  | (29.8) |
Prepaid expenses | (16.3) |  |  | (16.0) |
Other | (3.2) |  |  | (5.1) |
Total deferred income tax liability | (624.8) |  |  | (557.7) |
Net deferred income tax liability | $ | (351.7) |  |  | $ | (317.8) |
Deferred Income Tax Assets, Included in Other Current Assets, and Liabilities | Our deferred income tax assets and deferred income tax liabilities are included in the accompanying Consolidated Balance Sheets as follows:
| December 31,
| 2025 |  | 2024
| (In millions)
Long-term deferred income tax assets, included in other assets | $ | 39.1 |  |  | $ | 33.8 |
Long-term deferred income tax liabilities | (390.8) |  |  | (351.6) |
Net deferred income tax liability | $ | (351.7) |  |  | $ | (317.8) |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| 2025 |  | 2024
| (In millions)
Beginning balance (January 1) | $ | 44.7 |  |  | $ | 55.5 |
Increases related to prior year tax positions | 3.3 |  |  | 1.7 |
Decreases related to prior year tax positions | (2.9) |  |  | (0.7) |
Increases related to current year tax positions | 8.0 |  |  | 8.5 |
Decreases related to settlements | (3.3) |  |  | — |
Expiration of the statute of limitations for the assessment of taxes | (10.7) |  |  | (20.1) |
Currency translation adjustment | 0.1 |  |  | (0.2) |
Ending balance (December 31) | $ | 39.2 |  |  | $ | 44.7 |

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