Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Company's Accounts Receivable and Securitized Accounts Receivable

The Company’s accounts receivable and securitized accounts receivable include the following at December 31 (in thousands):

 

	2019			2018
Gross domestic unsecuritized accounts receivables	$	734,410		$	668,154
Gross domestic securitized accounts receivable	970,973			886,000
Gross foreign receivables	905,441			817,624
Total gross receivables	2,610,824			2,371,778
Less allowance for doubtful accounts	(70,890		)	(59,963		)
Net accounts and securitized accounts receivable	$	2,539,934		$	2,311,815

Allowance for Doubtful Accounts Related to Accounts Receivable

A rollforward of the Company’s allowance for doubtful accounts related to accounts receivable for the years ended December 31 is as follows (in thousands): 

	2019			2018			2017
Allowance for doubtful accounts beginning of year	$	59,963		$	46,031		$	32,506
Provision for bad debts	74,309			64,377			44,857
Write-offs	(63,382		)	(50,445		)	(31,332		)
Allowance for doubtful accounts end of year	$	70,890		$	59,963		$	46,031

Schedule of Derivative Assets at Fair Value

The following table presents the Company’s spot trade assets and liabilities at their fair value for the years ended December 31, 2019 and 2018 (in millions):

	December 31, 2019							December 31, 2018
	Gross		Offset on the Balance Sheet			Net		Gross		Offset on the Balance Sheet			Net
Assets
Accounts Receivable	$	1,139.1	$	(1,084.6	)	$	54.5	$	815.7	$	(745.2	)	$	70.5
Liabilities
Accounts Payable	$	1,140.4	$	(1,084.6	)	$	55.8	$	760.8	$	(745.2	)	$	15.6

The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheet as of December 31, 2019 and 2018 (in millions):

December 31, 2019	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	114.9	$	103.8	$	72.1	$	60.9
Cash collateral	6.1		25.6		6.1		25.6
Total net derivative assets and liabilities	$	108.8	$	78.2	$	66.0	$	35.3

December 31, 2018	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	109.5		112.9		68.8		72.1
Cash collateral	9.6		73.1		9.6		73.1
Total net derivative assets and liabilities	$	99.9	$	39.8	$	59.2	$	(1.0	)