General (Tables)
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3 Months Ended |
Mar. 31, 2024 |
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| Accounting Policies [Abstract] |
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| 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 | |
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| 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 |
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| 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 | |
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| 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 | |
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| 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 | |
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