Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Schedule of income before income taxes

	Year Ended December 31,
	2025		2024		2023
Income before income taxes:
United States	$	996.2	$	462.0	$	521.9
Foreign		4,604.5		2,549.9		1,932.9
	$	5,600.7	$	3,011.9	$	2,454.8
Current tax provision (benefit):
United States - Federal	$	179.4	$	22.8	$	45.8
United States - State, net		32.4		(3.8)		9.3
Foreign		1,149.2		634.1		513.0
		1,361.0		653.1		568.1
Deferred tax provision (benefit):
United States - Federal		(152.3)		(53.9)		(4.6)
United States - State, net		(12.8)		(2.3)		(5.4)
Foreign		99.5		(26.6)		(48.8)
		(65.6)		(82.8)		(58.8)
Total provision for income taxes	$	1,295.4	$	570.3	$	509.3

Schedule of provision for income taxes

The components of income before income taxes and the provision for income taxes are as follows:

	Year Ended December 31,
	2025		2024		2023
Income before income taxes:
United States	$	996.2	$	462.0	$	521.9
Foreign		4,604.5		2,549.9		1,932.9
	$	5,600.7	$	3,011.9	$	2,454.8
Current tax provision (benefit):
United States - Federal	$	179.4	$	22.8	$	45.8
United States - State, net		32.4		(3.8)		9.3
Foreign		1,149.2		634.1		513.0
		1,361.0		653.1		568.1
Deferred tax provision (benefit):
United States - Federal		(152.3)		(53.9)		(4.6)
United States - State, net		(12.8)		(2.3)		(5.4)
Foreign		99.5		(26.6)		(48.8)
		(65.6)		(82.8)		(58.8)
Total provision for income taxes	$	1,295.4	$	570.3	$	509.3

Schedule of cash paid during the year for income taxes, net of refunds

		Year Ended
Payments, net of refunds:		December 31, 2025
United States, federal	$	134.3
United States, state and local		30.6
China		579.5
Canada		84.0
Other foreign jurisdictions		255.7
Cash paid for income taxes, net	$	1,084.1

Schedule of differences between the U.S. statutory federal tax rate and the Company's effective income tax rate

	Year Ended December 31, 2025
		Amount	Percent
U.S. statutory federal tax rate	$	1,176.1	21.0	%
State and local income taxes, net of federal income tax benefit (1)		17.6	0.3
Foreign tax effects
China
Federal statutory tax rate difference		4.0	0.1
Effect of cross-border tax laws		151.6	2.7
Other		(43.7)	(0.8)
Other foreign jurisdictions		70.1	1.3
Effect of changes in tax laws or rates enacted in current period		—	—
Effect of cross-border tax laws		45.5	0.8
Tax credits		(19.3)	(0.3)
Changes in valuation allowances		—	—
Nontaxable or nondeductible items
Equity compensation		(205.9)	(3.7)
Other nontaxable or nondeductible items		13.2	0.2
Changes in unrecognized tax benefits		96.9	1.7
Other, net		(10.7)	(0.2)
Effective tax rate	$	1,295.4	23.1	%

	Year Ended December 31,
	2024		2023
U.S. statutory federal tax rate	21.0	%	21.0	%
State and local taxes, net	0.6		0.6
Foreign earnings and dividends taxed at different rates	1.9		2.2
U.S. tax on foreign income	(0.1)		—
Excess tax benefits related to stock-based compensation	(4.7)		(3.4)
Other, net	0.2		0.3
Effective tax rate	18.9	%	20.7	%

Schedule of deferred tax assets and liabilities

	December 31,
	2025		2024
Deferred tax assets relating to:
Accrued liabilities and reserves	$	204.4	$	115.7
Operating lease liabilities		121.5		86.2
Operating loss, interest, and tax credit carryforwards		143.9		114.8
Pensions		6.9		10.2
Inventories		138.4		112.0
Deferred revenue		63.8		—
Employee benefits		56.4		49.5
Total deferred tax assets		735.3		488.4
Valuation allowances		(87.6)		(73.6)
Total deferred tax assets, net of valuation allowances		647.7		414.8
Deferred tax liabilities relating to:
Goodwill		343.1		307.2
Depreciation and amortization		168.3		144.1
Operating lease right-of-use assets		121.5		86.2
Unremitted foreign earnings		266.1		125.3
Total deferred tax liabilities		899.0		662.8
Net deferred tax liability	$	251.3	$	248.0
Classification of deferred tax assets and liabilities, as reflected on the Consolidated Balance Sheets:
Other long-term assets	$	181.6	$	128.7
Deferred income taxes		432.9		376.7
Net deferred tax liability, long-term	$	251.3	$	248.0

Schedule of reconciliation of gross amounts of unrecognized tax benefits excluding interest and penalties

	2025		2024		2023
Unrecognized tax benefits as of January 1	$	176.8	$	174.2	$	164.1
Gross increases for tax positions in prior periods		84.4		15.2		3.8
Gross increases for tax positions in current period		27.0		21.1		8.4
Settlements		—		(6.1)		(1.0)
Lapse of statutes of limitations		(8.6)		(27.6)		(1.1)
Unrecognized tax benefits as of December 31	$	279.6	$	176.8	$	174.2