Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

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): 

	2020		2019
Gross domestic unsecuritized accounts receivables	$	719,675	$	734,410
Gross domestic securitized accounts receivable	700,000		970,973
Gross foreign receivables	733,986		905,441
Total gross receivables	2,153,661		2,610,824
Less allowance for credit losses	(86,886)		(70,890)
Net accounts and securitized accounts receivable	$	2,066,775	$	2,539,934

Allowance for Doubtful Accounts Related to Accounts Receivable

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

	2020		2019		2018
Allowance for credit losses beginning of year	$	70,890	$	59,963	$	46,031
Provision for credit losses	158,549		74,309		64,377
Write-offs	(146,063)		(67,732)		(50,287)
Recoveries1	9,603		4,798		3,644
Impact of foreign currency1	(6,093)		(448)		(3,802)
Allowance for credit losses end of year	$	86,886	$	70,890	$	59,963

1Comparable disclosure provided to conform with 2020 presentation. Activity previously included within write-offs.

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, 2020 and 2019 (in millions):

	December 31, 2020						December 31, 2019
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	521.5	$	(478.2)	$	43.3	$	1,139.1	$	(1,084.6)	$	54.5
Liabilities
Accounts Payable	$	527.5	$	(478.2)	$	49.4	$	1,140.4	$	(1,084.6)	$	55.8

The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheets as of December 31, 2020 and 2019 (in millions):

December 31, 2020	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	326.1	$	310.5	$	155.8	$	140.3
Less: Cash collateral	18.2		38.6		18.2		38.6
Total net derivative assets and liabilities	$	307.9	$	271.9	$	137.6	$	101.7

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
Less: Cash collateral	6.1		25.6		6.1		25.6
Total net derivative assets and liabilities	$	108.8	$	78.2	$	66.0	$	35.3

Schedule of Foreign Exchange Gains (Losses)

The Company recognized foreign exchange gains (losses), which are recorded within other (income) expense, net in the Consolidated Statements of Income for the years ended December 31 as follows (in millions):

	2020		2019		2018
Foreign exchange gains (losses)	$	2.9	$	0.7	$	(0.1)

Schedule of Foreign Currency Losses on Long-Term Intra-entity Transactions

The Company recorded foreign currency losses on long-term intra-entity transactions included as a component of foreign currency translation (losses) gains, net of tax, in the Consolidated Statements of Comprehensive Income for the years ended December 31 as follows (in millions):

	2020		2019		2018
Foreign currency losses on long-term intra-entity transactions	$	219.8	$	88.1	$	79.6