Summary of Significant Accounting Policies (Tables)

12 Months Ended

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.