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

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

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):

	2022		2021		2020
Foreign exchange (losses) gains	$	(1.7)	$	(3.7)	$	2.9

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, net of tax, in the Consolidated Statements of Comprehensive Income for the years ended December 31 as follows (in millions):

	2022		2021		2020
Foreign currency losses on long-term intra-entity transactions	$	205.7	$	44.4	$	219.8

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, 2022 and 2021 (in millions):

	December 31, 2022						December 31, 2021
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	2,409.8	$	(2,266.0)	$	143.8	$	1,185.9	$	(1,057.7)	$	128.2
Liabilities
Accounts Payable	$	2,332.5	$	(2,266.0)	$	66.5	$	1,199.5	$	(1,057.7)	$	141.8

The table below presents the fair value of the Company’s derivative assets and liabilities, as well as their classification on the accompanying Consolidated Balance Sheets, as of December 31, 2022 and December 31, 2021 (in millions).

		2022		2021
	Balance Sheet Classification	Fair Value
Derivative Assets	Prepaid expenses and other current assets	$	204.9	$	94.0
Derivative Assets	Other assets	$	62.0	$	26.9
Derivative Liabilities	Other current liabilities	$	184.1	$	66.9
Derivative Liabilities	Other noncurrent liabilities	$	40.6	$	23.0

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): 

	2022		2021
Gross domestic unsecuritized accounts receivables	$	985,873	$	994,063
Gross domestic securitized accounts receivable	1,287,000		1,118,000
Gross foreign receivables	1,228,718		897,930
Total gross receivables	3,501,591		3,009,993
Less allowance for credit losses	(149,846)		(98,719)
Net accounts and securitized accounts receivable	$	3,351,745	$	2,911,274

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):

 

	2022		2021		2020
Allowance for credit losses beginning of year	$	98,719	$	86,886	$	70,890
Provision for credit losses	131,096		37,919		158,549
Write-offs	(90,540)		(35,868)		(146,063)
Recoveries	10,320		13,459		9,603
Impact of foreign currency	251		(3,677)		(6,093)
Allowance for credit losses end of year	$	149,846	$	98,719	$	86,886