Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income before Income Taxes

Below is a summary of the components of the Company’s income before income taxes for the years ended December 31 (in thousands).

	2025		2024		2023
U.S.	$	302,391	$	629,656	$	574,458
Non-U.S.	665,727		757,718		572,671
Income before income taxes	$	968,118	$	1,387,374	$	1,147,129

Schedule of Components of Income Tax

The components of the expense (benefit) for income taxes on the above income are summarized in the table below (in thousands).

	2025		2024		2023
Current tax expense:
U.S. federal	$	104,476	$	161,155	$	171,917
State and local	36,615		48,084		51,441
Foreign	95,788		88,318		107,421
Total current	236,879		297,557		330,779
Deferred tax (benefit) expense:
U.S. federal	(9,578)		(31,708)		(35,457)
State and local	(1,834)		963		(13,475)
Foreign	17,386		(128,291)		(12,845)
Total deferred	5,974		(159,036)		(61,777)
Total current and deferred	242,853		138,521		269,002
Expense relating to interest rate swaps used to increase equity	(3,405)		(4,695)		(4,976)
Benefit from stock transactions with employees used to increase equity	113		97		105
Benefit (expense) relating to defined-benefit pension adjustments used to increase equity	(674)		(264)		532
Total tax expense	$	238,887	$	133,659	$	264,663

Schedule of Deferred Tax Assets and Liabilities

The components of long-term deferred tax assets (liabilities) are summarized in the table below (in thousands).

	December 31,
	2025		2024
Accrued liabilities	$	110,054	$	86,831
Operating leases	32,590		41,777
Intangible assets	—		132,292
Property, equipment and leasehold improvements	5,480		11,592
Loss and credit carryforwards	191,660		61,313
Assets relating to equity compensation	40,078		37,247
Other assets	7,547		16,870
Gross deferred tax assets	387,409		387,922
Valuation allowance	(86,787)		(76,285)
Net deferred tax assets	300,622		311,637
Intangible assets	(1,879)		—
Prepaid expenses	(70,155)		(79,559)
Other liabilities	(12,468)		(18,063)
Gross deferred tax liabilities	(84,502)		(97,622)
Net deferred tax assets	$	216,120	$	214,015

Schedule of Differences Between U.S. Federal Statutory Income Tax Rate and Effective Tax Rate on Income Before Income Taxes

The items comprising the differences between the U.S. federal statutory income tax rate and the Company’s effective tax rate on income before income taxes for the years ended December 31 are summarized in the tables below (dollars in thousands).

	2025
U.S. federal statutory tax rate	$	203,305	21.0	%
U.S. federal:
Goodwill impairment	23,560		2.4
Global intangible low-taxed income, net of foreign tax credits	10,865		1.1
Other cross border tax laws	6,372		0.7
Nontaxable or nondeductible items	(152)		—
Tax credits	(4,000)		(0.4)
Change in the valuation allowance	3,050		0.3
Other	(15,099)		(1.6)
State and local income tax, net of federal (national) income tax effect (1)	26,174		2.7
Foreign tax effects:
Ireland
Statutory rate difference between Ireland and United States	(19,967)		(2.1)
Other	(757)		(0.1)
Malta
Statutory rate difference between Malta and United States	(35,315)		(3.6)
Other	(635)		—
Other foreign jurisdictions	34,961		3.6
Changes in unrecognized tax benefits	6,525		0.7
Effective tax rate	$	238,887	24.7	%

(1)State and local income taxes in California, Florida, New York, and Virginia make up the majority (greater than 50 percent) of the tax effects in this category.

	2024		2023
Statutory tax rate	21.0	%	21.0	%
State income taxes, net of federal benefit	2.2		2.1
Effect of non-U.S. operations	(3.0)		(0.4)
Intercompany sale of intellectual property	(11.8)		—
Net activity in unrecognized tax benefits	2.0		1.3
Stock-based compensation expense	(3.3)		(3.1)
Limitation on executive compensation	2.4		2.3
Global intangible low-taxed income, net of foreign tax credits	1.1		1.2
Foreign-derived intangible income	—		(0.3)
Change in the valuation allowance	(0.1)		(1.2)
Other items, net	(0.9)		0.2
Effective tax rate	9.6	%	23.1	%

Schedule of Reconciliation of Beginning and Ending Unrecognized Tax Benefits

The table below is a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits, excluding interest and penalties, for the years ended December 31 (in thousands).

	2025		2024		2023
Beginning balance	$	257,533	$	148,390	$	137,227
Additions based on tax positions related to the current year	41,465		116,373		22,822
Reductions based on tax positions related to current year	—		—		—
Additions for tax positions of prior years	4,888		7,925		4,361
Reductions for tax positions of prior years	(130)		(888)		(14)
Reductions for expiration of statutes	(7,911)		(10,573)		(15,625)
Settlements	—		—		(441)
Change in foreign currency exchange rates	5,737		(3,694)		60
Ending balance	$	301,582	$	257,533	$	148,390

Schedule of Income Taxes Paid, Net of Refunds

The following table summarizes income taxes paid, net of refunds received, for the year ended December 31 (in thousands).

	2025
US federal	$	95,586
US state and local	28,595
Foreign
United Kingdom	14,157
Other	71,219
Total Foreign	85,376
Total income taxes, net of refunds received	$	209,557