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PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY | 12 Months Ended
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Dec. 31, 2025
Stockholders' Equity Note [Abstract] |
PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY | PREFERRED STOCK AND COMMON SHAREHOLDERS’ EQUITY The Company is authorized to issue up to 265.0 shares of its Common Stock. The Company is authorized to issue up to 30.0 shares of preferred stock, par value $0.10 per share. There were no preferred shares outstanding at December 31, 2025, and 2024. The changes in the Company’s shares of Common Stock issued and outstanding are summarized below:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Beginning balance | 83.4 |  |  | 83.9 |  |  | 88.2 |
Shares issued under employee stock plans | 0.6 |  |  | 0.6 |  |  | 0.5 |
Shares repurchased | (1.8) |  |  | (1.1) |  |  | (4.8) |
Ending balance | 82.2 |  |  | 83.4 |  |  | 83.9 |
Share Repurchase Program On July 24, 2024, the Company’s Board adopted a share repurchase plan authorizing the repurchase of up to $1,000.0 maximum value of the Company’s shares in addition to the remaining amount outstanding under the previous plan. During the twelve months ended December 31, 2025, the Company purchased 1.8 shares of its Common Stock at an average price of $254.17 for a total cost of $450.0. During the twelve months ended December 31, 2024, the Company purchased 1.1 shares of its Common Stock at an average price of $219.57 for a total cost of $250.1. At December 31, 2025, the Company had outstanding authorization from its Board to purchase up to $830.4 maximum value of the Company’s Common Stock. On August 8, 2023, the Company entered into accelerated share repurchase agreements (collectively, the ASR Agreements) with two different banks, Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC (collectively, the Financial Institutions), to repurchase approximately $1,000.0 in the aggregate of the Company’s Common Stock, as part of the Company’s Common Stock repurchase program. The remaining repurchase authorization has no expiration date. Under the ASR Agreements, the Company made an aggregate payment of $1,000.0 to the Financial Institutions and received an aggregate initial number of approximately 3.7 shares of Common Stock from the Financial Institutions, which were removed from the outstanding share count in connection with entering into the ASR Agreements. In December 2023, the Company received 1.1 shares of its Common Stock as a final settlement from the Financial Institutions. The average daily volume weighted-average price less discount per share was $206.85. The Company had accrued $9.0 of excise tax related to this accelerated share repurchase which was paid in April 2024. During the fourth quarter of 2021, the Company’s Board adopted a share repurchase plan authorizing up to $2,500.0 of the Company’s shares in addition to the remaining amount outstanding under the previous plan. When the Company repurchases shares of Common Stock, the amount paid to repurchase the shares in excess of the par or stated value is allocated to Additional paid-in-capital within the Consolidated Balance Sheet unless subject to limitation or the balance in Additional paid-in-capital is exhausted. Remaining amounts are recognized as a reduction in Retained earnings within the Company’s Consolidated Balance Sheets. Dividends The Company started declaring quarterly cash dividends in the second quarter of 2022, with a total of $2.88 per share declared in 2025, 2024, and 2023. On January 14, 2026, the Company announced a cash dividend of $0.72 per share of Common Stock, or approximately $61.0 in the aggregate. The dividend will be paid on March 12, 2026, to stockholders of record of all issued and outstanding shares of Common Stock as of the close of business on February 27, 2026. The declaration and payment of any future dividends will be at the discretion of the Board. Accumulated Other Comprehensive Loss The components of Accumulated other comprehensive loss were as follows:
| Foreign Currency Translation Adjustments |  | Net Benefit Plan Adjustments |  | Accumulated Other Comprehensive Loss
Balance at December 31, 2022 | $ | (462.3) |  |  | $ | (30.9) |  |  | $ | (493.2) |
Fortrea Holdings Inc. spin-off | 231.6 |  |  | 6.4 |  |  | 238.0 |
Current year adjustments | 183.1 |  |  | 30.1 |  |  | 213.2 |
Pension settlement charge | — |  |  | (10.9) |  |  | (10.9) |
Amounts reclassified from accumulated other comprehensive earnings (1) | — |  |  | (4.6) |  |  | (4.6) |
Tax effect of adjustments | — |  |  | (1.8) |  |  | (1.8) |
Balance at December 31, 2023 | $ | (47.6) |  |  | $ | (11.7) |  |  | $ | (59.3) |
Current year adjustments | (217.1) |  |  | (2.6) |  |  | (219.7) |
Amounts reclassified from Accumulated other comprehensive earnings (1) | — |  |  | 23.3 |  |  | 23.3 |
Tax effect of adjustments | — |  |  | (5.9) |  |  | (5.9) |
Balance at December 31, 2024 | $ | (264.7) |  |  | $ | 3.1 |  |  | $ | (261.6) |
Current year adjustments | 231.7 |  |  | 16.2 |  |  | 247.9 |
Pension settlement charge | — |  |  | (11.1) |  |  | (11.1) |
Amounts reclassified from Accumulated other comprehensive earnings (1) | — |  |  | (1.9) |  |  | (1.9) |
Tax effect of adjustments | — |  |  | (0.9) |  |  | (0.9) |
Balance at December 31, 2025 | $ | (33.0) |  |  | $ | 5.4 |  |  | $ | (27.6) |
(1) The amortization of prior service cost is included in the computation of net periodic benefit cost.

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