Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of income from continuing operations before income taxes by geographic region

Income before income taxes by geographic region was as follows:

	Year Ended December 31,
	2025		2024		2023
U.S.	$	998.8	$	1,026.4	$	1,175.5
Non-U.S.	264.9		263.5		299.6
Income before income taxes	$	1,263.7	$	1,289.9	$	1,475.1

Schedule of income taxes relating to income from continuing operations

Income taxes consisted of the following:

	Year Ended December 31,
	2025		2024		2023
Current:
Federal	$	143.9	$	215.4	$	131.0
State and local	42.7		43.1		53.4
Non-U.S.	73.0		71.0		74.7
Total current	$	259.6	$	329.5	$	259.1
Deferred:
Federal	44.6		(19.7)		85.5
State and local	17.0		4.1		10.0
Non-U.S.	4.6		2.6		6.3
Total deferred	$	66.2	$	(13.0)	$	101.8
Income taxes	$	325.8	$	316.5	$	360.9

Schedule of reconciliation of income taxes from continuing operations at federal statutory rate

Income taxes varied from the U.S. federal statutory income tax rate due to the following:

	Year Ended December 31,
	2025				2024				2023
	Amount		Percent		Amount		Percent		Amount		Percent
Income taxes at federal statutory rate	$	265.4	21.0	%	$	270.8	21.0	%	$	309.8	21.0	%
State and local income taxes, net of federal taxes (1)	$	48.4	3.8	%	$	40.5	3.1	%	$	47.7	3.2	%
Foreign Tax Effects
Non-U.S. income taxed at other rates	$	22.0	1.7	%	$	18.3	1.4	%	$	18.2	1.2	%
Other adjustments	$	(10.0)	(0.8)	%	$	(13.1)	(1.0)	%	$	(14.8)	(1.0)	%
Effective tax rate	$	325.8	25.8	%	$	316.5	24.5	%	$	360.9	24.5	%
_____________________
(1)State taxes in California, New Jersey, Georgia, Arizona, and Pennsylvania made up the majority (greater than 50 percent) of the tax effect in this category.

Schedule of components of deferred tax assets and liabilities

The components of deferred tax assets and liabilities as of December 31, 2025 and 2024 were as follows:

	December 31,
	2025		2024
Deferred Tax Assets
Accrued liabilities	$	84.0	$	79.9
Net operating loss and credit carryforwards	46.2		47.0
Leasing liabilities	665.7		641.7
Other	46.4		44.5
Total deferred tax assets	842.3		813.1
Valuation allowance	(61.9)		(59.2)
Net deferred tax assets	$	780.4	$	753.9
Deferred Tax Liabilities
Depreciation and amortization	(329.7)		(402.2)
Partnership investments	(979.1)		(930.0)
Leasing assets	(662.4)		(641.7)
Other	(9.6)		(11.0)
Total deferred tax liabilities	(1,980.8)		(1,984.9)
Net deferred tax liabilities	$	(1,200.4)	$	(1,231.0)

Schedule of Cash Paid for Income Taxes (Net of Refunds)

Cash paid for income taxes (net of refunds) consisted of the following:

	Year Ended December 31,
	2025		2024		2023
Federal	$	153.2	$	206.0	$	158.0
State and local	43.3		39.8		55.5
Non-U.S.
United Kingdom	27.4		28.9		36.2
Australia	17.8		17.9		10.7
Other	29.8		24.8		27.7
Total cash paid for income taxes	$	271.5	$	317.4	$	288.1