General (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of Derivative Instruments

The following table summarizes the classification and carrying amounts of the derivative instruments and the foreign currency denominated debt, a non-derivative financial instrument, that are designated and qualify as part of hedging relationships (in thousands):

		June 30, 2023				December 31, 2022
Instrument	Balance Sheet Location	Notional		Balance		Notional		Balance
Net investment hedges:
Forward contracts	Prepaid expenses and other current assets	$	606,950	$	39,731	$	606,950	$	46,670
Forward contract	Other current liabilities	$	106,800	$	4,344	$	106,800	$	3,064
Foreign currency debt	Long-term debt	€	700,000	$	760,480	€	700,000	$	749,280

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The tables below present gains and losses related to designated net investment hedges:

	Gain (Loss) Recognized in AOCL before Reclassifications				Gain Recognized in Interest Expense for Excluded Components
(in thousands)	2023		2022		2023		2022
Three Months Ended June 30,
Net investment hedges:
Forward contracts	$	(9,212)	$	66,986	$	3,158	$	7,565
Foreign currency debt	2,940		50,190		—		—
Total	$	(6,272)	$	117,176	$	3,158	$	7,565

	Gain (Loss) Recognized in AOCL before Reclassifications				Gain Recognized in Interest Expense for Excluded Components
(in thousands)	2023		2022		2023		2022
Six Months Ended June 30,
Net investment hedges:
Forward contracts	$	(14,536)	$	86,380	$	6,317	$	15,130
Foreign currency debt	(11,200)		61,950		—		—
Total	$	(25,736)	$	148,330	$	6,317	$	15,130

Schedule of Earnings per Share, Basic and Diluted

The following table summarizes basic and diluted shares outstanding:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2023		2022		2023		2022
Net income	$	344,494	$	372,529	$	648,451	$	618,367
Weighted average common shares outstanding	140,574		141,581		140,688		141,747
Dilutive effect of stock options and non-vested restricted stock awards	673		723		808		835
Weighted average common shares outstanding – assuming dilution	141,247		142,304		141,496		142,582
Basic earnings per share	$	2.45	$	2.63	$	4.61	$	4.36
Diluted earnings per share	$	2.44	$	2.62	$	4.58	$	4.34