v3.25.4
Income taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of detail about captions appearing on the statements of operations
The following table presents detail about captions appearing on the statements of operations:
(in millions)
Year ended December 31,
202520242023
(Loss) income before income taxes:
United States$(580.6)$521.2 $527.6 
Foreign139.3 332.7 (117.1)
Total$(441.3)$853.9 $410.5 
Current income tax (expense) benefit:
Federal$(24.9)$(97.6)$(110.7)
State(9.5)(30.4)(35.5)
Foreign(46.8)(61.3)(115.6)
Subtotal(81.2)(189.3)(261.8)
Deferred income tax (expense) benefit:
Federal(23.4)18.5 18.9 
State20.3 (0.4)0.9 
Foreign(4.6)28.8 152.6 
Subtotal(7.7)46.9 172.4 
Income tax expense
$(88.9)$(142.4)$(89.4)
Schedule of federal corporate rate reconciled to income tax provision
The following table reconciles the income tax provision calculated at the United States federal corporate rate to the amounts presented in the statements of operations:
(in millions)
Year ended December 31,
202520242023
$%$%$%
(Loss) income before income taxes
(441.3)853.9410.5
United States federal corporate rate(92.7)21.0 %179.321.0 %86.221.0 %
State and Local Income Taxes, Net of Federal Income Tax Effect1
(8.6)1.9 %24.32.9 %27.36.7 %
Foreign Tax Effects
Germany
 German Trade Tax2.9(0.7)%1.90.2 %5.51.3 %
 Statutory tax rate difference between Germany and United States(7.5)1.7 %(9.1)(1.1)%(21.1)(5.1)%
Valuation Allowance16.0(3.6)%22.52.6 %24.66.0 %
Other Germany(1.0)0.2 %(1.7)(0.1)%(1.6)(0.4)%
Netherlands
Valuation Allowance(9.5)2.1 %—— %—— %
Other Netherlands2.3(0.5)%2.00.2 %(6.9)(1.7)%
Singapore
Tax Exempt Income—— %(14.5)(1.7)%(14.7)(3.6)%
Other Singapore0.2— %(3.4)(0.4)%(3.3)(0.8)%
Switzerland
Change in Applicable Cantonal Tax Rate15.6(3.5)%—— %0.30.1 %
Other Switzerland(3.2)0.7 %3.10.4 %(0.6)(0.1)%
United Kingdom
Clinical Services Sale—— %(38.5)(4.5)%—— %
Tax Exempt Income(19.2)4.4 %(0.6)(0.1)%—— %
Other United Kingdom4.4(1.0)%4.30.5 %(2.3)(0.6)%
Other Foreign Jurisdictions7.5(1.7)%(1.2)(0.1)%4.51.1 %
Effect of Cross-Border Tax Laws
FDII(14.4)3.3 %(13.9)(1.6)%(17.1)(4.2)%
GILTI(0.1)— %8.00.9 %(0.1)— %
Other Effect of Cross-Border Tax Laws1.7(0.4)%1.20.1 %—— %
Tax Credits
Research and development tax credits(1.4)0.3 %(2.1)(0.2)%(1.9)(0.5)%
Nontaxable or Nondeductible Items
Executive Compensation Limitation4.7(1.1)%2.20.3 %6.11.5 %
Impairment of Goodwill164.9(37.4)%—— %—— %
Other Permanent differences6.1(1.3)%6.20.7 %1.70.4 %
Changes in Unrecognized Tax Benefits17.0(3.8)%(22.7)(2.8)%(0.3)(0.1)%
Other Adjustments3.2(0.7)%(4.9)(0.5)%3.10.8 %
Income tax benefit
$88.9(20.1)%$142.416.7%$89.421.8%
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1.State taxes in California, Massachusetts, Pennsylvania, and Maryland make up the majority (greater than 50 percent) of the tax effect in this category.
Schedule of components of deferred tax assets and liabilities
The following table presents the components of deferred tax assets and liabilities:
(in millions)
December 31,
20252024
Deferred tax assets:
Reserves and accrued expenses$49.0 $54.7 
Pension, postretirement and environmental liabilities0.5 8.2 
Net operating loss and deferred deductions367.2 458.7 
Other38.3 3.1 
Deferred tax assets, gross455.0 524.7 
Less: valuation allowances(190.1)(214.1)
Deferred tax assets, net264.9 310.6 
Deferred tax liabilities:
Intangibles(611.8)(656.1)
Property, plant and equipment(64.8)(57.8)
Investment in partnerships(71.0)(58.5)
Deferred tax liabilities(747.6)(772.4)
Net deferred tax liability
$(482.7)$(461.8)
Classification on balance sheets:
Other assets$74.4 $95.5 
Deferred income tax liabilities(557.1)(557.3)
Schedule of Unrecognized Tax Benefits Roll Forward
The following table reflects changes to the reserve for uncertain tax positions, excluding accrued interest and penalties:
(in millions)
Year ended December 31,
202520242023
Beginning balance$83.3 $106.9 $51.8 
Additions:
Tax positions related to the current year1.1 1.1 — 
Tax positions related to prior years34.0 1.6 65.2 
Reductions:
Settlements with taxing authorities(18.1)— (6.3)
Lapse of statutes of limitations(1.4)(25.6)(4.5)
Currency translation8.0 (0.7)0.7 
Ending balance$106.9 $83.3 $106.9