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v3.25.4

Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2025
Accounting Policies [Abstract] |
Estimated useful lives of property, plant and equipment | Depreciation is computed using the straight-line method over the following estimated useful lives:
Buildings and improvements: |
Buildings and improvements | 2 to 40 years
Leasehold improvements | 1 to 39 years
Machinery and equipment: |
Computer hardware | 3 to 5 years
Computer software | 3 to 10 years
Factory machinery and equipment | 1 to 15 years
Research and development equipment | 3 to 5 years
Vehicles | 3 to 10 years
Components of Property, plant and equipment, net were as follows (in millions):
| As of December 31,
| 2025 |  | 2024
Land | $ | 46.4 |  |  | $ | 30.3 |
Buildings and improvements | 475.1 |  |  | 427.8 |
Machinery and equipment | 1,192.2 |  |  | 1,056.6 |
Finance leases | 108.4 |  |  | 84.9 |
Construction in progress and equipment not yet in service | 109.0 |  |  | 157.3 |
Total | 1,931.1 |  |  | 1,756.9 |
Less accumulated depreciation | (1,043.9) |  |  | (956.8) |
Property, plant and equipment, net | $ | 887.2 |  |  | $ | 800.1 |
Summary of amortization of intangible assets | The range of useful lives approximates the following (in years):
Customer relationships | 2 to 20 years
Non-compete agreements | Contracted term
Trade names | 2 to 20 years
Schedule of Error Corrections and Prior Period Adjustments | The effect of the changes made to our Consolidated Statements of Operations was as follows (in millions):
| For the Years Ended December 31,
| 2024 |  | 2023
| As Reported |  | Effect of Change |  | As Adjusted |  | As Reported |  | Effect of Change |  | As Adjusted
Net sales | $ | 5,341.3 |  |  | $ | — |  |  | $ | 5,341.3 |  |  | $ | 4,981.9 |  |  | $ | — |  |  | $ | 4,981.9 |
Cost of goods sold | 3,569.4 |  |  | (5.6) |  |  | 3,563.8 |  |  | 3,434.1 |  |  | (1.4) |  |  | 3,432.7 |
Gross profit | 1,771.9 |  |  | 5.6 |  |  | 1,777.5 |  |  | 1,547.8 |  |  | 1.4 |  |  | 1,549.2 |
Operating income | 1,034.8 |  |  | 5.6 |  |  | 1,040.4 |  |  | 790.1 |  |  | 1.4 |  |  | 791.5 |
Income before income taxes | 993.8 |  |  | 5.6 |  |  | 999.4 |  |  | 737.5 |  |  | 1.4 |  |  | 738.9 |
Provision for income taxes | 186.9 |  |  | 1.4 |  |  | 188.3 |  |  | 147.4 |  |  | 0.3 |  |  | 147.7 |
Net income | $ | 806.9 |  |  | $ | 4.2 |  |  | $ | 811.1 |  |  | $ | 590.1 |  |  | $ | 1.1 |  |  | $ | 591.2 |
Earnings per share - Basic | $ | 22.67 |  |  | $ | 0.11 |  |  | $ | 22.78 |  |  | $ | 16.61 |  |  | $ | 0.04 |  |  | $ | 16.65 |
Earnings per share - Diluted | $ | 22.54 |  |  | $ | 0.12 |  |  | $ | 22.66 |  |  | $ | 16.54 |  |  | $ | 0.04 |  |  | $ | 16.58 |
The effect of the changes made to our Consolidated Balance Sheets was as follows (in millions):
| As of December 31,
| 2024 |  | 2023
| As Reported |  | Effect of Change |  | As Adjusted |  | As Reported |  | Effect of Change |  | As Adjusted
Inventories, net | $ | 704.8 |  |  | $ | 148.2 |  |  | $ | 853.0 |  |  | $ | 699.1 |  |  | $ | 142.7 |  |  | $ | 841.8 |
Total current assets | $ | 1,884.2 |  |  | $ | 148.2 |  |  | $ | 2,032.4 |  |  | $ | 1,433.5 |  |  | $ | 142.7 |  |  | $ | 1,576.2 |
Total assets | $ | 3,471.8 |  |  | $ | 148.2 |  |  | $ | 3,620.0 |  |  | $ | 2,798.3 |  |  | $ | 142.7 |  |  | $ | 2,941.0 |
Other liabilities(1) | $ | 188.7 |  |  | $ | 36.3 |  |  | $ | 225.0 |  |  | $ | 168.2 |  |  | $ | 35.0 |  |  | $ | 203.2 |
Total liabilities | $ | 2,621.6 |  |  | $ | 36.3 |  |  | $ | 2,657.9 |  |  | $ | 2,513.0 |  |  | $ | 35.0 |  |  | $ | 2,548.0 |
Retained earnings | $ | 4,150.8 |  |  | $ | 111.9 |  |  | $ | 4,262.7 |  |  | $ | 3,506.2 |  |  | $ | 107.7 |  |  | $ | 3,613.9 |
Total stockholders’ equity | $ | 850.2 |  |  | $ | 111.9 |  |  | $ | 962.1 |  |  | $ | 285.3 |  |  | $ | 107.7 |  |  | $ | 393.0 |
Total liabilities and stockholders' equity | $ | 3,471.8 |  |  | $ | 148.2 |  |  | $ | 3,620.0 |  |  | $ | 2,798.3 |  |  | $ | 142.7 |  |  | $ | 2,941.0 |
(1) The accounting change impacts Deferred tax liabilities within Other liabilities in our Consolidated Balance Sheets. The effect of the changes made to our Consolidated Statements of Cash Flows (in millions):
| As of December 31,
| 2024 |  | 2023
| As Reported |  | Effect of Change |  | As Adjusted |  | As Reported |  | Effect of Change |  | As Adjusted
Net Income | $ | 806.9 |  |  | $ | 4.2 |  |  | $ | 811.1 |  |  | $ | 590.1 |  |  | $ | 1.1 |  |  | $ | 591.2 |
Inventories | $ | (10.1) |  |  | $ | (5.5) |  |  | $ | (15.6) |  |  | $ | 11.1 |  |  | $ | (1.4) |  |  | $ | 9.7 |
Deferred income taxes | $ | (24.5) |  |  | $ | 1.3 |  |  | $ | (23.2) |  |  | $ | (26.0) |  |  | $ | 0.3 |  |  | $ | (25.7) |
The following tables compare the amounts currently reported to the amounts that would have been reported under LIFO (in millions):
| For the Year Ended December 31, 2025
| As Reported |  | Inventory Calculated Using LIFO |  | Effect of Change
Consolidated Statement of Operations |  |  |  |  |
Cost of goods sold | $ | 3,460.5 |  |  | $ | 3,481.2 |  |  | $ | (20.7) |
Income before income taxes | $ | 996.8 |  |  | $ | 976.1 |  |  | $ | 20.7 |
Provision for income taxes | $ | 191.0 |  |  | $ | 186.0 |  |  | $ | 5.0 |
Net income | $ | 805.8 |  |  | $ | 790.1 |  |  | $ | 15.7 |
Earnings per share - Basic | $ | 22.89 |  |  | $ | 22.45 |  |  | $ | (0.44) |
Earnings per share - Diluted | $ | 22.79 |  |  | $ | 22.32 |  |  | $ | (0.47) |
| As of December 31, 2025
| As Reported |  | Inventory Calculated Using LIFO |  | Effect of Change
Consolidated Balance Sheet |  |  |  |  |
Inventories | $ | 1,152.6 |  |  | $ | 983.4 |  |  | $ | (169.2) |
Total assets | $ | 4,081.8 |  |  | $ | 3,912.6 |  |  | $ | (169.2) |
Other liabilities(1) | $ | 270.7 |  |  | $ | 229.3 |  |  | $ | (41.4) |
Retained earnings | $ | 4,891.1 |  |  | $ | 4,763.3 |  |  | $ | (127.8) |
Total liabilities and stockholders’ equity | $ | 4,081.8 |  |  | $ | 3,912.6 |  |  | $ | (169.2) |
(1) The accounting change impacts Deferred tax liabilities within Other liabilities in our Consolidated Balance Sheets.

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