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General (Tables)
 9 Months Ended
Sep. 30, 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)September 30, 2024December 31, 2023
Prepaid expenses$145,377 $110,863 
Consideration receivable from vendors1,013,785 928,499 
Other current assets564,670 564,366 
Total prepaid expenses and other current assets$1,723,832 $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):
September 30, 2024December 31, 2023
InstrumentBalance Sheet LocationNotionalBalanceNotionalBalance
Net investment hedges:
Forward contractsPrepaid expenses and other current assets$481,140$23,809$606,950$37,676
Forward contractsOther current liabilities$1,020,460$24,928$106,800$4,383
Foreign currency debt Long-term debt€700,000$781,480€700,000$772,660
Summary of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The tables below presents gains and losses related to designated net investment hedges:
Gain (Loss) Recognized in AOCL before ReclassificationsGain Recognized in Interest Expense for Excluded Components
(in thousands)2024202320242023
Three Months Ended September 30,
Net investment hedges:
Forward contracts$(52,429)$19,217 $4,731 $3,158 
Foreign currency debt (31,570)20,300 — — 
Total$(83,999)$39,517 $4,731 $3,158 
Gain (Loss) Recognized in AOCL before ReclassificationsGain Recognized in Interest Expense for Excluded Components
(in thousands)2024202320242023
Nine Months Ended September 30,
Net investment hedges:
Forward contracts$(32,174)$4,681 $13,750 $9,475 
Foreign currency debt (8,820)9,100 — — 
Total$(40,994)$13,781 $13,750 $9,475 
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 year3,207,893 
Confirmed invoices paid during the year(2,980,121)
Confirmed obligations outstanding at the end of period$3,282,358 
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)2024202320242023
Net income$226,582 $351,198 $771,020 $999,649 
Weighted average common shares outstanding139,193 140,335 139,326 140,569 
Dilutive effect of non-vested restricted stock awards406 599 500 716 
Weighted average common shares outstanding – assuming dilution139,599 140,934 139,826 141,285 
Basic earnings per share$1.63 $2.50 $5.53 $7.11 
Diluted earnings per share$1.62 $2.49 $5.51 $7.08