v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income Before Income Taxes
Income before income taxes from continuing operations consisted of the following: 
 Year ended December 31,
 202520242023
Domestic$1,224,860 $1,374,571 $1,100,420 
International121,963 155,822 76,674 
$1,346,823 $1,530,393 $1,177,094 
Components of Income Tax Expense (Benefit)
Income tax expense for continuing operations consisted of the following:
Year ended December 31,
202520242023
Current:
Federal$134,287 $253,504 $200,070 
State26,913 52,410 38,370 
International45,338 31,532 21,008 
Total current income tax206,538 337,446 259,448 
Deferred:
Federal76,506 (47,715)(40,234)
State11,225 (2,855)367 
International(1,162)(7,220)535 
Total deferred income tax86,569 (57,790)(39,332)
 $293,107 $279,656 $220,116 
Income taxes are allocated between continuing and discontinued operations as follows:
Year ended December 31,
202520242023
Continuing operations$293,107 $279,656 $220,116 
Discontinued operations— — — 
$293,107 $279,656 $220,116 
Reconciliation between U.S. Federal Income Tax Rate and Effective Tax Rate
The reconciliation between the Company’s effective tax rate from continuing operations and the U.S. federal income tax rate is as follows:
 Year ended December 31,
 202520242023
U.S. Federal income tax$282,833 21.0 %$321,383 21.0 %$247,190 21.0 %
Tax credits(12,804)(1.0)(14,195)(0.9)(12,823)(1.1)
Nontaxable/Nondeductible items:
Impact of noncontrolling interests(69,029)(5.1)(66,186)(4.3)(55,245)(4.7)
Nondeductible executive compensation15,703 1.2 6,738 0.4 9,112 0.8 
Other954 0.1 (8,210)(0.6)634 — 
Valuation allowances13,346 1.0 9,159 0.6 5,634 0.5 
Cross-border tax impacts99 — 1,500 0.1 (102)— 
State and local income taxes, net of federal benefit(1)
32,895 2.4 44,218 2.9 29,072 2.5 
Foreign tax effects(2)
19,706 1.5 (4,836)(0.3)9,114 0.8 
Unrecognized tax benefits9,404 0.7 (9,915)(0.6)(12,470)(1.1)
Effective tax rate$293,107 21.8 %$279,656 18.3 %$220,116 18.7 %
(1)The majority (greater than 50%) of state tax expense comprises income taxes in California, Illinois, Pennsylvania, New York and New Jersey for the years presented.
(2)The majority (greater than 50%) of foreign tax expense comprises income taxes in Saudi Arabia, Ecuador, Colombia, Netherlands, Poland and Brazil for the years presented.
Deferred Tax Assets and Liabilities Arising from Temporary Differences
Deferred tax assets and liabilities arising from temporary differences for continuing operations were as follows:
December 31,
20252024
Receivables$25,685 $37,630 
Accrued liabilities81,112 74,419 
Operating lease liabilities490,562 508,729 
Net operating loss carryforwards163,156 161,371 
Investments in partnerships— 4,108 
Other61,972 54,600 
Deferred tax assets822,487 840,857 
Valuation allowance(124,013)(107,952)
Net deferred tax assets698,474 732,905 
Intangible assets(770,691)(757,797)
Property and equipment(105,338)(63,726)
Operating lease assets(444,515)(464,455)
Investments in partnerships(5,080)— 
Other(59,977)(66,035)
Deferred tax liabilities(1,385,601)(1,352,013)
Net deferred tax liabilities$(687,127)$(619,108)
Reported as:
Deferred tax liabilities$(756,869)$(665,361)
Deferred tax assets (included in other long-term assets)69,742 46,253 
$(687,127)$(619,108)
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending liability for unrecognized tax benefits that do not meet the more-likely-than-not threshold is as follows:
Year ended December 31,
20252024
Beginning balance$41,484 $47,379 
Additions for tax positions related to current year3,029 3,866 
Adjustments for tax positions related to prior years(12,183)(1,452)
Reductions related to lapse of applicable statute(4,803)(8,309)
Reductions related to settlements with taxing authorities(10,000)— 
Ending balance$17,527 $41,484