General (Tables)
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9 Months Ended |
Sep. 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) | | September 30, 2024 | | December 31, 2023 | | Prepaid expenses | | $ | 145,377 | | | $ | 110,863 | | | Consideration receivable from vendors | | 1,013,785 | | | 928,499 | | | Other current assets | | 564,670 | | | 564,366 | | | Total prepaid expenses and other current assets | | $ | 1,723,832 | | | $ | 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): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Instrument | | Balance Sheet Location | | Notional | | Balance | | Notional | | Balance | | Net investment hedges: | | | | | | | | | | | | Forward contracts | | Prepaid expenses and other current assets | | $ | 481,140 | | $ | 23,809 | | $ | 606,950 | | $ | 37,676 | | Forward contracts | | Other current liabilities | | $ | 1,020,460 | | $ | 24,928 | | $ | 106,800 | | $ | 4,383 | | Foreign currency debt | | Long-term debt | | € | 700,000 | | $ | 781,480 | | € | 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 September 30, | | | | | | | | | | Net investment hedges: | | | | | | | | | | Forward contracts | | $ | (52,429) | | | $ | 19,217 | | | $ | 4,731 | | | $ | 3,158 | | | Foreign currency debt | | (31,570) | | | 20,300 | | | — | | | — | | | Total | | $ | (83,999) | | | $ | 39,517 | | | $ | 4,731 | | | $ | 3,158 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gain (Loss) Recognized in AOCL before Reclassifications | | Gain Recognized in Interest Expense for Excluded Components | | (in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | Nine Months Ended September 30, | | | | | | | | | | Net investment hedges: | | | | | | | | | | Forward contracts | | $ | (32,174) | | | $ | 4,681 | | | $ | 13,750 | | | $ | 9,475 | | | Foreign currency debt | | (8,820) | | | 9,100 | | | — | | | — | | | Total | | $ | (40,994) | | | $ | 13,781 | | | $ | 13,750 | | | $ | 9,475 | |
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| Summary of Supplier Finance Program |
| | | | | | | | | | (in thousands) | | September 30, 2024 | | Obligations outstanding at the beginning of the year | | $ | 3,054,586 | | | Invoices confirmed during the year | | 3,207,893 | | | Confirmed invoices paid during the year | | (2,980,121) | | | Confirmed obligations outstanding at the end of period | | $ | 3,282,358 | |
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| Summary of Earnings per Share, Basic and Diluted |
The following table summarizes basic and diluted shares outstanding: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (in thousands, except per share data) | | 2024 | | 2023 | | 2024 | | 2023 | | Net income | | $ | 226,582 | | | $ | 351,198 | | | $ | 771,020 | | | $ | 999,649 | | | | | | | | | | | | Weighted average common shares outstanding | | 139,193 | | | 140,335 | | | 139,326 | | | 140,569 | | | Dilutive effect of non-vested restricted stock awards | | 406 | | | 599 | | | 500 | | | 716 | | | Weighted average common shares outstanding – assuming dilution | | 139,599 | | | 140,934 | | | 139,826 | | | 141,285 | | | Basic earnings per share | | $ | 1.63 | | | $ | 2.50 | | | $ | 5.53 | | | $ | 7.11 | | | Diluted earnings per share | | $ | 1.62 | | | $ | 2.49 | | | $ | 5.51 | | | $ | 7.08 | |
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