General (Tables)
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6 Months Ended |
Jun. 30, 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) | | June 30, 2024 | | December 31, 2023 | | Prepaid expenses | | $ | 151,407 | | | $ | 110,863 | | | Consideration receivable from vendors | | 891,864 | | | 928,499 | | | Other current assets | | 568,446 | | | 564,366 | | | Total prepaid expenses and other current assets | | $ | 1,611,717 | | | $ | 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): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 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 | | $ | 63,056 | | $ | 606,950 | | $ | 37,676 | | Forward contract | | Other current liabilities | | $ | 106,800 | | $ | 487 | | $ | 106,800 | | $ | 4,383 | | Foreign currency debt | | Long-term debt | | € | 700,000 | | $ | 749,910 | | € | 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 June 30, | | | | | | | | | | Net investment hedges: | | | | | | | | | | Forward contracts | | $ | 6,994 | | | $ | (9,212) | | | $ | 4,651 | | | $ | 3,158 | | | Foreign currency debt | | 5,670 | | | 2,940 | | | — | | | — | | | Total | | $ | 12,664 | | | $ | (6,272) | | | $ | 4,651 | | | $ | 3,158 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gain (Loss) Recognized in AOCL before Reclassifications | | Gain Recognized in Interest Expense for Excluded Components | | (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | Six Months Ended June 30, | | | | | | | | | | Net investment hedges: | | | | | | | | | | Forward contracts | | $ | 20,256 | | | $ | (14,536) | | | $ | 9,020 | | | $ | 6,317 | | | Foreign currency debt | | 22,750 | | | (11,200) | | | — | | | — | | | Total | | $ | 43,006 | | | $ | (25,736) | | | $ | 9,020 | | | $ | 6,317 | |
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| Summary of Supplier Finance Program |
| | | | | | | | | | (in thousands) | | June 30, 2024 | | Obligations outstanding at the beginning of the year | | $ | 3,041,187 | | | Invoices confirmed during the year | | 2,058,584 | | | Confirmed invoices paid during the year | | (1,967,840) | | | Confirmed obligations outstanding at the end of period | | $ | 3,131,931 | |
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| Summary 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) | | 2024 | | 2023 | | 2024 | | 2023 | | Net income | | $ | 295,544 | | | $ | 344,494 | | | $ | 544,438 | | | $ | 648,451 | | | | | | | | | | | | Weighted average common shares outstanding | | 139,358 | | | 140,574 | | | 139,394 | | | 140,688 | | | Dilutive effect of non-vested restricted stock awards | | 471 | | | 673 | | | 567 | | | 808 | | | Weighted average common shares outstanding – assuming dilution | | 139,829 | | | 141,247 | | | 139,961 | | | 141,496 | | | Basic earnings per share | | $ | 2.12 | | | $ | 2.45 | | | $ | 3.91 | | | $ | 4.61 | | | Diluted earnings per share | | $ | 2.11 | | | $ | 2.44 | | | $ | 3.89 | | | $ | 4.58 | |
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