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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Provision from (benefit for) Income Taxes
The provision for income taxes consisted of the following:
  
 Twelve Months Ended December 31,
 202520242023
 (In millions)
Current:   
Federal$94.3 $169.9 $155.5 
State37.1 38.3 24.2 
Foreign69.0 61.9 56.7 
 200.4 270.1 236.4 
Deferred:   
Federal36.3 (47.7)(50.2)
State0.9 (0.3)12.4 
Foreign(7.0)(18.9)(32.4)
 30.2 (66.9)(70.2)
Provision for income taxes$230.6 $203.2 $166.2 
Domestic and Foreign Income before Income Taxes
The components of consolidated income before income taxes were as follows:
 Twelve Months Ended December 31,
 202520242023
 (In millions)
U.S.$732.9 $651.9 $573.2 
Foreign162.0 158.6 144.7 
Consolidated income before income taxes
$894.9 $810.5 $717.9 
Provision for Income Taxes Reconciles with U.S. Federal Statutory Rate A reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows:
 Twelve Months Ended December 31,
 2025
Amount%
(In millions)
U.S. federal statutory income tax rate
$187.9 21.0 %
State and local income taxes, net of federal income tax effect (1)
30.8 3.4 %
Foreign tax effects
28.0 3.1 %
Effect of cross-border tax laws
(7.7)(0.9)%
Tax credits
Research and development tax credits
(19.2)(2.1)%
Other(0.1)— %
Non-taxable or non-deductible items
Excess officer's compensation
11.2 1.3 %
Other1.0 0.2 %
Changes in unrecognized tax benefits
(1.3)(0.2)%
Effective income tax rate
$230.6 25.8 %
(1) The states that contribute to the majority of the tax effect in this category are California, Maryland, Tennessee, New York, Pennsylvania, Illinois and Connecticut.

A reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate for the years ended December 31, 2024 and 2023 is as follows:

 Twelve Months Ended December 31,
 20242023
 (In millions)
Federal statutory rate21.0 %21.0 %
Provision computed at federal statutory rate$170.2 $150.8 
State and local taxes, net of federal tax benefit30.1 30.0 
Foreign differential27.1 20.5 
Federal research & development credit(17.6)(24.2)
Equity compensation(8.2)(3.2)
Tax reserves(5.7)5.8 
Reversal of BVS deferred tax liability— (27.3)
Excess officer’s compensation9.2 8.4 
Valuation allowance(7.2)1.9 
Other5.3 3.5 
Provision for income taxes$203.2 $166.2 
Effective income tax rate25.1 %23.2 %
Summary of Income Taxes Paid
Cash paid for income taxes, net of refunds received, by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows:

 Twelve Months Ended December 31,
2025
(In millions)
Federal
$97.2 
State
34.8 
Foreign
Canada24.9 
Other
40.8 
Cash paid for income taxes, net of refunds received
$197.7 
Other information related to our operating leases was as follows:
Twelve Months Ended December 31, 2025Amount
(in millions, except lease term and discount rate)
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used by operating leases$38.5
Right-of-use assets obtained in exchange for lease obligations (non-cash):
Operating leases$24.6
Weighted Average Remaining Lease Term5.7
Weighted Average Discount Rate5.0 %
Components of Deferred Income Tax Assets and Liabilities
Our deferred income tax assets (liabilities) are as follows:
 December 31,
 20252024
 (In millions)
Deferred income tax assets: 
Net operating and capital loss carryforwards$85.0 $83.9 
Goodwill and intangible assets114.5 106.2 
Employee compensation programs99.9 71.2 
Foreign tax credits8.1 17.2 
Employee pension benefits26.6 27.7 
Reserves and accrued expenses9.2 8.1 
Accrued legal expense21.5 8.6 
Research and development costs30.5 27.2 
Operating lease asset30.1 29.8 
Other23.1 30.8 
Gross deferred income tax assets448.5 410.7 
Valuation allowance(175.4)(170.8)
Total deferred income tax assets, net273.1 239.9 
Deferred income tax liabilities: 
Goodwill and intangible assets(539.1)(471.1)
Undistributed earnings of foreign subsidiaries(9.2)(8.3)
Depreciation(26.9)(27.4)
Operating lease liability(30.1)(29.8)
Prepaid expenses(16.3)(16.0)
Other(3.2)(5.1)
Total deferred income tax liability(624.8)(557.7)
Net deferred income tax liability$(351.7)$(317.8)
Deferred Income Tax Assets, Included in Other Current Assets, and Liabilities
Our deferred income tax assets and deferred income tax liabilities are included in the accompanying Consolidated Balance Sheets as follows:
 December 31,
 20252024
 (In millions)
Long-term deferred income tax assets, included in other assets$39.1 $33.8 
Long-term deferred income tax liabilities(390.8)(351.6)
Net deferred income tax liability$(351.7)$(317.8)
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
 20252024
 (In millions)
Beginning balance (January 1)$44.7 $55.5 
Increases related to prior year tax positions3.3 1.7 
Decreases related to prior year tax positions(2.9)(0.7)
Increases related to current year tax positions8.0 8.5 
Decreases related to settlements(3.3)— 
Expiration of the statute of limitations for the assessment of taxes(10.7)(20.1)
Currency translation adjustment0.1 (0.2)
Ending balance (December 31)$39.2 $44.7