XML 68 R53.htm IDEA: XBRL DOCUMENT
v3.25.4

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Components of income tax provision (benefits) from continuing operations | The components of Interest expense, net in our Consolidated Statements of Operations were as follows (in millions):
| For the Years Ended December 31,
| 2025 |  | 2024 |  | 2023
Interest expense, net of capitalized interest | $ | 46.4 |  |  | $ | 44.1 |  |  | $ | 56.0 |
Less: Interest income | 5.5 |  |  | 5.4 |  |  | 4.3 |
Interest expense, net | $ | 40.9 |  |  | $ | 38.7 |  |  | $ | 51.7 |
Our provision for income taxes consisted of the following (in millions):
| For the Years Ended December 31,
| 2025 |  | 2024 As Adjusted |  | 2023 As Adjusted
Current: |  |  |  |  |
Federal | $ | 109.0 |  |  | $ | 159.2 |  |  | $ | 132.1 |
State | 34.9 |  |  | 33.7 |  |  | 26.6 |
Foreign | 27.0 |  |  | 20.0 |  |  | 14.5 |
Total current | 170.9 |  |  | 212.9 |  |  | 173.2 |
Deferred: |  |  |  |  |
Federal | 23.2 |  |  | (19.6) |  |  | (22.2) |
State | (3.5) |  |  | (4.0) |  |  | (4.9) |
Foreign | 0.4 |  |  | (1.0) |  |  | 1.6 |
Total deferred | 20.1 |  |  | (24.6) |  |  | (25.5) |
Total provision for income taxes | $ | 191.0 |  |  | $ | 188.3 |  |  | $ | 147.7 |
Income from continuing operations before income taxes | Income before income taxes was comprised of the following (in millions):
| For the Years Ended December 31,
| 2025 |  | 2024 As Adjusted |  | 2023 As Adjusted
Domestic | $ | 584.9 |  |  | $ | 625.8 |  |  | $ | 472.8 |
Foreign | 411.9 |  |  | 373.6 |  |  | 266.1 |
Total | $ | 996.8 |  |  | $ | 999.4 |  |  | $ | 738.9 |
Summary of difference between the income tax provision from continuing operations computed at the statutory federal income tax rate and the financial statement provision for taxes | The difference between the income tax provision computed at the statutory federal income tax rate and the financial statement Provision for income taxes is summarized as follows (in millions):
| For the Years Ended December 31,
| 2024 As Adjusted |  | 2023 As Adjusted
Provision at the U.S. statutory rate of 21% | $ | 209.9 |  |  | $ | 155.2 |
Increase (reduction) in tax expense resulting from: |  |  |
State income tax, net of federal income tax benefit | 23.2 |  |  | 16.4 |
Tax credits, net of unrecognized tax benefits | (5.3) |  |  | (3.4) |
Change in unrecognized tax benefits | 0.5 |  |  | 0.4 |
Change in valuation allowance | — |  |  | 0.1 |
Foreign taxes at rates other than U.S. statutory rate | (61.1) |  |  | (40.3) |
Deemed inclusions | 7.6 |  |  | 6.1 |
Global intangible low-taxed income | 20.8 |  |  | 17.5 |
Change in rates from the Tax Act & other law changes | — |  |  | 0.2 |
Excess tax benefits from stock-based compensation | (8.0) |  |  | (5.2) |
Miscellaneous other | 0.7 |  |  | 0.7 |
Total provision for income taxes | $ | 188.3 |  |  | $ | 147.7 |
| For the Year Ended December 31, 2025
| Amount |  | Percent
US federal statutory tax rate | 209.3 |  |  | 21.0 | %
State and local income taxes, net of federal income tax effect(1) | 24.8 |  |  | 2.5 |
Foreign tax effects |  |  |
Mexico |  |  |
Statutory tax rate difference between Mexico and United States | 15.2 |  |  | 1.5 |
Nontaxable income | (42.3) |  |  | (4.1) |
Other | 3.1 |  |  | 0.3 |
Other foreign jurisdictions | 7.4 |  |  | 0.7 |
Effects of changes in tax laws or rates enacted in the current period | — |  |  | — |
Effect of cross-border tax laws |  |  |
Global intangible low-taxed income | 14.0 |  |  | 1.4 |
Other | 4.3 |  |  | 0.5 |
Tax credits | (3.0) |  |  | (0.3) |
Changes in valuation allowances | (0.6) |  |  | (0.1) |
Nontaxable or nondeductible items |  |  |
Nontaxable income | (41.1) |  |  | (4.1) |
Other | (0.5) |  |  | (0.1) |
Changes in unrecognized tax benefits | 0.4 |  |  | — |
Effective tax rate | $ | 191.0 |  |  | 19.2 | %
(1) State taxes in California, Florida, Illinois, New Jersey, Pennsylvania, and Minnesota made up the majority (greater than 50%) of the tax effect in this category.
Summary of deferred tax assets (liabilities) | Deferred tax assets (liabilities) were comprised of the following (in millions):
| As of December 31,
| 2025 |  | 2024 As Adjusted
Gross deferred tax assets: |  |  |
Warranties | $ | 41.6 |  |  | $ | 39.4 |
Loss carryforwards (foreign, U.S. and state) | 2.4 |  |  | 2.7 |
Post-retirement and pension benefits | 4.2 |  |  | 4.5 |
Receivables allowance | 3.9 |  |  | 7.4 |
Compensation liabilities | 7.4 |  |  | 6.6 |
Legal reserves | 20.8 |  |  | 14.2 |
Tax credits, net of federal effect | 13.4 |  |  | 12.3 |
Research and development capitalization | 32.2 |  |  | 55.8 |
Lease liabilities | 81.0 |  |  | 76.9 |
Other | 6.2 |  |  | 5.4 |
Total deferred tax assets | 213.1 |  |  | 225.2 |
Valuation allowance | (9.9) |  |  | (10.6) |
Total deferred tax assets, net of valuation allowance | 203.2 |  |  | 214.6 |
Gross deferred tax liabilities: |  |  |
Depreciation | (77.8) |  |  | (64.4) |
Intangibles | (72.5) |  |  | (17.4) |
Insurance liabilities | (4.1) |  |  | (2.0) |
Inventory reserve | (13.5) |  |  | (20.1) |
Hedges | (6.5) |  |  | (1.5) |
Lease assets | (72.1) |  |  | (70.4) |
Other | (2.3) |  |  | — |
Total deferred tax liabilities | (248.8) |  |  | (175.8) |
Net deferred tax assets | $ | (45.6) |  |  | $ | 38.8 |
Schedule of Cash Flow, Supplemental Disclosures | Income taxes paid, net of refunds, was comprised of the following (in millions):
| For the Year Ended December 31, 2025
Federal | $ | 57.0 |
State |
California | 5.5 |
Other | 18.5 |
Foreign |
Canada | 5.8 |
Mexico | 10.8 |
Other | 6.2 |
Total | $ | 103.8 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of supplemental cash flow information for the periods presented. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration