General (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Reconciliation of Prepaid Expenses And Other Current Assets

The following table provides a detail of prepaid expenses and other current assets reported within the Condensed Consolidated Balance Sheets as of:

(in thousands)	March 31, 2024		December 31, 2023
Prepaid expenses	$	161,952	$	110,863
Consideration receivable from vendors	875,095		928,499
Other current assets	558,519		564,366
Total prepaid expenses and other current assets	$	1,595,566	$	1,603,728

Summary 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):

		March 31, 2024				December 31, 2023
Instrument	Balance Sheet Location	Notional		Balance		Notional		Balance
Net investment hedges:
Forward contracts	Prepaid expenses and other current assets	$	1,053,110	$	52,519	$	606,950	$	37,676
Forward contract	Other current liabilities	$	106,800	$	1,595	$	106,800	$	4,383
Foreign currency debt	Long-term debt	€	700,000	$	755,580	€	700,000	$	772,660

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

The tables below presents 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)	2024		2023		2024		2023
Three Months Ended March 31,
Net investment hedges:
Forward contracts	$	13,262	$	(5,324)	$	4,369	$	3,158
Foreign currency debt	17,080		(14,140)		—		—
Total	$	30,342	$	(19,464)	$	4,369	$	3,158

Schedule of Supplier Finance Program

(in thousands)	March 31, 2024
Obligations outstanding at the beginning of the year	$	3,026,824
Invoices confirmed during the year	995,254
Confirmed invoices paid during the year	(987,476)
Confirmed obligations outstanding at the end of the year	$	3,034,602

Summary of Earnings per Share, Basic and Diluted

The following table summarizes basic and diluted shares outstanding:

	Three Months Ended March 31,
(in thousands, except per share data)	2024		2023
Net income	$	248,894	$	303,957
Weighted average common shares outstanding	139,429		140,804
Dilutive effect of stock options and non-vested restricted stock awards	667		921
Weighted average common shares outstanding – assuming dilution	140,096		141,725
Basic earnings per share	$	1.79	$	2.16
Diluted earnings per share	$	1.78	$	2.14