TAXES BASED ON INCOME (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Taxes Based on Income

Taxes based on income were as follows:

(In millions)	2025		2024		2023
Current:
U.S. federal tax	$	45.9	$	36.0	$	42.5
State taxes	11.0		10.6		9.0
Foreign taxes	205.3		214.9		160.8
	262.2		261.5		212.3
Deferred:
U.S. federal tax	(17.2)		(8.7)		(29.0)
State taxes	(1.3)		(3.3)		(3.5)
Foreign taxes	(6.6)		(.9)		11.9
	(25.1)		(12.9)		(20.6)
Provision for income taxes	$	237.1	$	248.6	$	191.7

Schedule of the Principal Items Accounting for the Difference Between Taxes Computed at the U.S. Federal Statutory Rate

A reconciliation of our provision for income taxes to the amount computed by multiplying the U.S. federal statutory tax rate to income before taxes for the year ended December 31, 2025 is provided below:

	2025
(In millions, except percentages)	Amount		Percent
U.S. federal statutory tax rate	$	194.3	21.0	%
State and local income taxes, net of federal income tax effect(1)	7.7		.8	%
Foreign tax effects
China	18.0		1.9	%
The Netherlands
Nontaxable or nondeductible items	(9.9)		(1.1)	%
Other	5.4		.6	%
Germany
Changes in valuation allowances	(10.6)		(1.1)	%
Other	2.5		.3	%
Other foreign jurisdictions	44.9		4.9	%
Effect of cross-border tax laws	(18.1)		(2.0)	%
Tax credits	(8.8)		(1.0)	%
Changes in valuation allowances	8.3		.9	%
Nontaxable or nondeductible items	2.9		.3	%
Changes in unrecognized tax benefits	.5		.1	%
Provision for income taxes and effective tax rate	$	237.1	25.6	%

(1) State taxes in California, Illinois, Pennsylvania, Wisconsin, New York and New Jersey made up the majority of the tax effect in this category.

A reconciliation of our provision for income taxes to the amount computed by multiplying the U.S. federal statutory tax rate to income before taxes previously disclosed for the years ended December 28, 2024 and December 30, 2023 is provided below:

(In millions)	2024		2023
Tax provision computed at U.S. federal statutory rate(1)	$	200.2	$	145.9
Increase (decrease) in taxes resulting from:
State taxes, net of federal tax benefit	2.7		2.6
Foreign earnings taxed at different rates(1)	49.5		50.4
Global intangible low-taxed income high-tax exclusion election, net(2)	(6.2)		(10.0)
Valuation allowances	15.9		2.6
U.S. federal research and development tax credits	(7.7)		(8.3)
Tax contingencies and audit settlements	1.9		11.9
Other items, net	(7.7)		(3.4)
Provision for income taxes	$	248.6	$	191.7

(1) Both years included certain U.S. international tax provisions and foreign earnings taxed in the U.S., net of credits.

(2) In 2024, we recognized $6.2 million from our current year global intangible low-taxed income exclusion election. In 2023, we recognized $4.4 million from our 2023 exclusion election and $5.6 million related to the exclusion election made on our 2022 U.S. federal tax return.

Schedule of Income Before Taxes from the U.S. and International Operations

Income before taxes from our U.S. and foreign operations was as follows:

(In millions)	2025		2024		2023
U.S.	$	160.4	$	211.4	$	187.2
Foreign	764.7		742.1		507.5
Income before taxes	$	925.1	$	953.5	$	694.7

Schedule of Components of the Temporary Differences

The primary components of the temporary differences that gave rise to our deferred tax assets and liabilities were as follows:

(In millions)	2025		2024
Accrued expenses not currently deductible	$	32.2	$	29.8
Net operating loss carryforwards	144.7		137.9
Tax credit carryforwards	24.3		14.8
Capitalized research expenses	94.0		81.7
Stock-based compensation	9.0		8.8
Pension and other postretirement benefits	13.7		31.1
Inventory reserve	19.7		19.2
Lease liabilities	44.8		44.7
Other assets	38.8		31.6
Valuation allowances	(77.5)		(72.7)
Total deferred tax assets(1)	343.7		326.9
Depreciation and amortization	(335.9)		(306.0)
Repatriation accrual	(33.0)		(24.2)
Foreign operating loss recapture	—		(3.1)
Lease assets	(44.5)		(44.3)
Total deferred tax liabilities(1)	(413.4)		(377.6)
Total net deferred tax assets (liabilities)	$	(69.7)	$	(50.7)

(1) Reflect gross amounts before jurisdictional netting of deferred tax assets and liabilities.

Schedule of Tax Credit and Net Operating Loss Carryforwards

If unused, foreign net operating losses and tax credit carryforwards will expire as follows:

(In millions)	Net Operating Losses(1)		Tax Credits
Year of Expiry
2026	$	2.3	$	.2
2027	3.2		.3
2028	5.7		.7
2029	21.4		.4
2030	13.7		1.4
2031-2045	24.9		20.3
Indefinite life/no expiry	423.4		1.0
Total	$	494.6	$	24.3

(1) Net operating losses are presented before tax effects and valuation allowances.

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is provided below.

(In millions)	2025		2024
Balance at beginning of year	$	81.1	$	88.0
Additions for tax positions of current year	9.4		11.4
Additions (reductions) for tax positions of prior years, net	(8.2)		(7.2)
Settlements with tax authorities	(.2)		(4.6)
Expirations of statutes of limitations	(4.7)		(3.7)
Changes due to foreign currency translation	3.5		(2.8)
Balance at end of year	$	80.9	$	81.1

Schedule of Income Taxes Paid

Cash paid for income taxes, net of refunds received, for the year ended December 31, 2025 was as follows:

(In millions)	2025
U.S. federal	$	35.7
State	10.4
Foreign
China	58.3
The Netherlands	18.6
India	16.4
Other	125.6
Cash paid for income taxes (net of refunds received)	$	265.0