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Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2020
Accounting Policies [Abstract] |
Company's Accounts Receivable and Securitized Accounts Receivable | The Company’s accounts receivable and securitized accounts receivable include the following at December 31 (in thousands):
|  | 2020 |  | 2019
Gross domestic unsecuritized accounts receivables |  | $ | 719,675 |  |  | $ | 734,410 |
Gross domestic securitized accounts receivable |  | 700,000 |  |  | 970,973 |
Gross foreign receivables |  | 733,986 |  |  | 905,441 |
Total gross receivables |  | 2,153,661 |  |  | 2,610,824 |
Less allowance for credit losses |  | (86,886) |  |  | (70,890) |
Net accounts and securitized accounts receivable |  | $ | 2,066,775 |  |  | $ | 2,539,934 |
Allowance for Doubtful Accounts Related to Accounts Receivable | A rollforward of the Company’s allowance for credit losses related to accounts receivable for the years ended December 31 is as follows (in thousands):
|  | 2020 |  | 2019 |  | 2018
Allowance for credit losses beginning of year |  | $ | 70,890 |  |  | $ | 59,963 |  |  | $ | 46,031 |
Provision for credit losses |  | 158,549 |  |  | 74,309 |  |  | 64,377 |
Write-offs |  | (146,063) |  |  | (67,732) |  |  | (50,287) |
Recoveries 1 |  | 9,603 |  |  | 4,798 |  |  | 3,644 |
Impact of foreign currency 1 |  | (6,093) |  |  | (448) |  |  | (3,802) |
Allowance for credit losses end of year |  | $ | 86,886 |  |  | $ | 70,890 |  |  | $ | 59,963 |
1Comparable disclosure provided to conform with 2020 presentation. Activity previously included within write-offs.
Schedule of Derivative Assets at Fair Value | The following table presents the Company’s spot trade assets and liabilities at their fair value for the years ended December 31, 2020 and 2019 (in millions):
| December 31, 2020 |  | December 31, 2019
| Gross |  | Offset on the Balance Sheet |  | Net |  | Gross |  | Offset on the Balance Sheet |  | Net
Assets |  |  |  |  |  |  |  |  |  |  |
Accounts Receivable | $ | 521.5 |  |  | $ | (478.2) |  |  | $ | 43.3 |  |  | $ | 1,139.1 |  |  | $ | (1,084.6) |  |  | $ | 54.5 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Accounts Payable | $ | 527.5 |  |  | $ | (478.2) |  |  | $ | 49.4 |  |  | $ | 1,140.4 |  |  | $ | (1,084.6) |  |  | $ | 55.8 |
The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheets as of December 31, 2020 and 2019 (in millions):
December 31, 2020 | Fair Value, Gross |  | Fair Value, Net |  |
| Derivative Assets |  | Derivative Liabilities |  | Derivative Assets |  | Derivative Liabilities |  |  |  |
Derivatives - undesignated: |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | $ | 326.1 |  |  | $ | 310.5 |  |  | $ | 155.8 |  |  | $ | 140.3 |  |  |  |  |
Less: Cash collateral | 18.2 |  |  | 38.6 |  |  | 18.2 |  |  | 38.6 |  |  |  |  |
Total net derivative assets and liabilities | $ | 307.9 |  |  | $ | 271.9 |  |  | $ | 137.6 |  |  | $ | 101.7 |  |  |  |  |
December 31, 2019 | Fair Value, Gross |  | Fair Value, Net
| Derivative Assets |  | Derivative Liabilities |  | Derivative Assets |  | Derivative Liabilities
Derivatives - undesignated: |  |  |  |  |  |  |
Foreign exchange contracts | 114.9 |  |  | 103.8 |  |  | 72.1 |  |  | 60.9 |
Less: Cash collateral | 6.1 |  |  | 25.6 |  |  | 6.1 |  |  | 25.6 |
Total net derivative assets and liabilities | $ | 108.8 |  |  | $ | 78.2 |  |  | $ | 66.0 |  |  | $ | 35.3 |
Schedule of Foreign Exchange Gains (Losses) | The Company recognized foreign exchange gains (losses), which are recorded within other (income) expense, net in the Consolidated Statements of Income for the years ended December 31 as follows (in millions):
|  | 2020 |  | 2019 |  | 2018
Foreign exchange gains (losses) |  | $ | 2.9 |  |  | $ | 0.7 |  |  | $ | (0.1) |
Schedule of Foreign Currency Losses on Long-Term Intra-entity Transactions | The Company recorded foreign currency losses on long-term intra-entity transactions included as a component of foreign currency translation (losses) gains, net of tax, in the Consolidated Statements of Comprehensive Income for the years ended December 31 as follows (in millions):
|  | 2020 |  | 2019 |  | 2018
Foreign currency losses on long-term intra-entity transactions |  | $ | 219.8 |  |  | $ | 88.1 |  |  | $ | 79.6 |

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