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

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Foreign Exchange Gains (Losses)

The Company recognized foreign exchange losses and 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):

	2023		2022		2021
Foreign exchange losses	$	4.8	$	1.7	$	3.7

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

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

	2023		2022		2021
Foreign currency (gains) losses on long-term intra-entity transactions	$	(29.0)	$	205.7	$	44.4

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, 2023 and 2022 (in millions):

	December 31, 2023						December 31, 2022
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	2,499.9	$	(2,373.8)	$	126.1	$	2,409.8	$	(2,266.0)	$	143.8
Liabilities
Accounts Payable	$	2,457.3	$	(2,373.8)	$	83.5	$	2,332.5	$	(2,266.0)	$	66.5

The following table 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, 2023 and December 31, 2022 (in millions):

		2023		2022
	Balance Sheet Classification	Fair Value
Derivative Assets	Prepaid expenses and other current assets	$	254.2	$	204.9
Derivative Assets	Other assets	$	66.0	$	62.0
Derivative Liabilities	Other current liabilities	$	190.4	$	184.1
Derivative Liabilities	Other noncurrent liabilities	$	54.3	$	40.6

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): 

	2023		2022
Gross domestic unsecuritized accounts receivables	$	921,206	$	985,873
Gross domestic securitized accounts receivable	1,307,000		1,287,000
Gross foreign receivables	1,420,543		1,228,718
Total gross receivables	3,648,749		3,501,591
Less allowance for credit losses	(180,163)		(149,846)
Net accounts and securitized accounts receivable	$	3,468,586	$	3,351,745

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):

 

	2023		2022		2021
Allowance for credit losses beginning of year	$	149,846	$	98,719	$	86,886
Provision for credit losses	125,152		131,096		37,919
Write-offs	(115,631)		(90,540)		(35,868)
Recoveries	13,596		10,320		13,459
Impact of foreign currency	7,200		251		(3,677)
Allowance for credit losses end of year	$	180,163	$	149,846	$	98,719