Basis of Presentation and Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Accounting Policies [Abstract] |
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| Schedule of Foreign Exchange Gains (Losses) |
The Company recognized foreign exchange (losses) gains, which are recorded within other (income) expense, net in the Consolidated Statements of Income for the years ended December 31 as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | 2021 | | 2020 | | 2019 | | Foreign exchange (losses) gains | | $ | (3.7) | | | $ | 2.9 | | | $ | 0.7 | |
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| 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): | | | | | | | | | | | | | | | | | | | | | | | 2021 | | 2020 | | 2019 | | Foreign currency losses on long-term intra-entity transactions | | $ | 44.4 | | | $ | 219.8 | | | $ | 88.1 | |
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| 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, 2021 and 2020 (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2021 | | December 31, 2020 | | Gross | | Offset on the Balance Sheet | | Net | | Gross | | Offset on the Balance Sheet | | Net | | Assets | | | | | | | | | | | | | Accounts Receivable | $ | 1,185.9 | | | $ | (1,057.7) | | | $ | 128.2 | | | $ | 521.5 | | | $ | (478.2) | | | $ | 43.3 | | | | | | | | | | | | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | Accounts Payable | $ | 1,199.5 | | | $ | (1,057.7) | | | $ | 141.8 | | | $ | 527.5 | | | $ | (478.2) | | | $ | 49.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | | 2021 | | 2020 | | | | Balance Sheet Classification | | Fair Value | | | | | | | | | Derivative Asset | | Other current assets | | $ | 94.0 | | | $ | 139.3 | | | Derivative Asset | | Other noncurrent assets | | $ | 26.9 | | | $ | 16.6 | | | Derivative Liability | | Other current liabilities | | $ | 66.9 | | | $ | 127.7 | | | Derivative Liability | | Other noncurrent liabilities | | $ | 23.0 | | | $ | 12.5 | |
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| 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): | | | | | | | | | | | | | | | | | 2021 | | 2020 | | Gross domestic unsecuritized accounts receivables | | $ | 994,063 | | | $ | 719,675 | | | Gross domestic securitized accounts receivable | | 1,118,000 | | | 700,000 | | | Gross foreign receivables | | 897,930 | | | 733,986 | | | Total gross receivables | | 3,009,993 | | | 2,153,661 | | | Less allowance for credit losses | | (98,719) | | | (86,886) | | | Net accounts and securitized accounts receivable | | $ | 2,911,274 | | | $ | 2,066,775 | |
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| 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): | | | | | | | | | | | | | | | | | | | | | | | 2021 | | 2020 | | 2019 | | Allowance for credit losses beginning of year | | $ | 86,886 | | | $ | 70,890 | | | $ | 59,963 | | | Provision for credit losses | | 37,919 | | | 158,549 | | | 74,309 | | | Write-offs | | (35,868) | | | (146,063) | | | (67,732) | | | Recoveries | | 13,459 | | | 9,603 | | | 4,798 | | | Impact of foreign currency | | (3,677) | | | (6,093) | | | (448) | | | Allowance for credit losses end of year | | $ | 98,719 | | | $ | 86,886 | | | $ | 70,890 | |
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