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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Earnings Before Provision For Income Taxes And Discontinued Operations
Income taxes have been based on the following components of earnings before provision for income taxes and discontinued operations in the consolidated statements of earnings:
 Years Ended December 31,
 202520242023
Domestic$844,403 $1,127,389 $608,423 
Foreign529,849 629,627 514,577 
Total$1,374,252 $1,757,016 $1,123,000 
Schedule of Components of Income Tax Expense (Benefit)
Income tax expense (benefit) related to continuing operations for the years ended December 31, 2025, 2024 and 2023 is comprised of the following:
 Years Ended December 31,
 202520242023
Current:
U.S. federal$131,881 $233,348 $114,195 
State and local18,529 47,199 13,930 
Foreign155,029 168,151 143,216 
Total current305,439 448,698 271,341 
Deferred:
U.S. federal(8,707)(35,304)(28,471)
State and local1,472 (12,362)4,047 
Foreign(21,381)(43,984)(67,781)
Total deferred (28,616)(91,650)(92,205)
Provision for income taxes
$276,823 $357,048 $179,136 
Schedule of Effective Income Tax Rate Reconciliation The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective rate for the year ended December 31, 2025 in accordance with the guidance in ASU No. 2023-09:
 
Year Ended December 31,
2025
 
Amount
Percent
U.S. federal income tax rate$288,578 21.0 %
State and local taxes, net of federal income tax benefit(a)
15,611 1.1 
Foreign tax effects
Switzerland:
Statutory tax rate differential(15,059)(1.1)
Other10,135 0.7 
Other jurisdictions25,229 1.8 
Enactment of new tax laws4,414 0.3 
Effect of cross-border tax laws
Foreign-derived intangible income(15,814)(1.2)
Other1,467 0.1 
Tax credits(7,308)(0.5)
Change in valuation allowance— — 
Non-taxable or non-deductible items
(26)— 
Changes in unrecognized tax benefits4,473 0.3 
Other adjustments
Capital loss(34,853)(2.5)
Other(24)— 
Total tax provision and effective tax rate$276,823 20.1 %
(a) State taxes in California, Illinois, Michigan, Minnesota, New Hampshire, and Pennsylvania comprised greater than 50% of the tax effect in this category.

The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective rate for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU No. 2023-09:
 
Years Ended December 31,
 20242023
U.S. federal income tax rate21.0 %21.0 %
State and local taxes, net of federal income tax benefit1.0 1.5 
Foreign operations tax effect0.6 0.5 
Foreign-derived intangible income(1.0)(1.5)
Share awards(0.3)(0.4)
Withholding tax
0.1 2.7 
Change in valuation allowance(0.4)(6.2)
Dispositions0.6 — 
Tax credits(0.4)(0.6)
Audit resolutions(0.2)(0.7)
Other
(0.7)(0.3)
Effective tax rate20.3 %16.0 %
Schedule of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to deferred tax assets and liabilities are as follows:
December 31, 2025December 31, 2024
Deferred Tax Assets:
Accrued compensation, postretirement and other employee benefits$38,722 $45,145 
Accrued expenses18,689 17,218 
Net operating loss and other carryforwards386,863 311,043 
Inventories31,632 31,583 
Allowance for credit losses7,938 8,428 
Accrued insurance1,569 2,340 
Long-term liabilities, warranty and environmental costs6,585 6,818 
Lease obligations54,357 51,837 
Capitalized research and development39,167 68,240 
Other assets17,821 — 
Total gross deferred tax assets603,343 542,652 
Valuation allowance(209,948)(198,082)
Total deferred tax assets, net of valuation allowances$393,395 $344,570 
Deferred Tax Liabilities:
Intangible assets$(523,317)$(440,946)
Property, plant and equipment(73,924)(69,920)
Lease right-of-use assets(50,356)(48,088)
Other liabilities(10,057)(21,250)
Total deferred tax liabilities
(657,654)(580,204)
Net deferred tax liability$(264,259)$(235,634)
Classified as follows in the Consolidated Balance Sheets:
Other assets and deferred charges$130,109 $116,372 
Deferred income taxes(394,368)(352,006)
$(264,259)$(235,634)
Schedule of Valuation Allowance The following table is a reconciliation of the beginning and ending balances of the Company's valuation allowance on deferred tax assets:
 Total
Balance at January 1, 2023$271,203 
Additions
31,388 
Reductions
(92,660)
Balance at December 31, 2023209,931 
Additions27,192 
Reductions(39,041)
Balance at December 31, 2024198,082 
Additions25,027 
Reductions(13,161)
Balance at December 31, 2025$209,948 
Schedule of Unrecognized Tax Benefits Roll Forward
The following table is a reconciliation of the beginning and ending balances of the Company's unrecognized tax benefits:
 Total
Unrecognized tax benefits at January 1, 2023$28,186 
Additions based on tax positions related to the current year1,235 
Additions for tax positions of prior years2,223 
Reductions for tax positions of prior years(3,361)
Cash settlements(1,791)
Lapse of statutes(3,983)
Unrecognized tax benefits at December 31, 2023
22,509 
Additions based on tax positions related to the current year33,688 
Additions for tax positions of prior years507 
Reductions for tax positions of prior years(337)
Cash settlements(2,307)
Lapse of statutes(4,314)
Unrecognized tax benefits at December 31, 2024
49,746 
Additions based on tax positions related to the current year3,783 
Additions for tax positions of prior years2,533 
Reductions for tax positions of prior years (1,122)
Cash settlements(856)
Lapse of statutes(3,344)
Unrecognized tax benefits at December 31, 2025
$50,740 
Schedule of Cash Flow, Supplemental Disclosures
Disclosed below is a summary of income taxes paid by jurisdiction pursuant to the disclosure requirements of ASU No. 2023-09 for the year ended December 31, 2025:
Year Ended December 31, 2025
United States – federal$131,106 
United States - state and local38,292 
China23,322 
Other114,348 
Total$307,068