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Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Policies [Abstract] |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheets to amounts within the Consolidated Statements of Cash Flows (in thousands).
|  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Cash and cash equivalents |  | $1,553,642 |  | $1,389,648 |  | $1,435,163
Restricted cash |  | 2,902,703 |  | 1,751,887 |  | 854,017
Total cash and cash equivalents and restricted cash |  | $4,456,345 |  | $3,141,535 |  | $2,289,180
Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheets to amounts within the Consolidated Statements of Cash Flows (in thousands).
|  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Cash and cash equivalents |  | $1,553,642 |  | $1,389,648 |  | $1,435,163
Restricted cash |  | 2,902,703 |  | 1,751,887 |  | 854,017
Total cash and cash equivalents and restricted cash |  | $4,456,345 |  | $3,141,535 |  | $2,289,180
Schedule of Foreign Exchange Gains (Losses) | The Company recognized net foreign exchange losses, which are recorded within other expense (income), net in the Consolidated Statements of Income for the years ended December 31 as follows (in millions):
|  | 2024 |  | 2023 |  | 2022
Foreign exchange losses |  | $9.2 |  | $4.8 |  | $1.7
Schedule of Foreign Currency Losses on Long-Term Intra-entity Transactions | The Company recorded foreign currency losses and gains 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):
|  | 2024 |  | 2023 |  | 2022
Foreign currency losses (gains) on long-term intra-entity transactions |  | $132.0 |  | $(29.0) |  | $205.7
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, 2024 and 2023 (in millions):
| December 31, 2024 |  | December 31, 2023
| Gross |  | Offset on the Balance Sheet |  | Net |  | Gross |  | Offset on the Balance Sheet |  | Net
Assets |  |  |  |  |  |  |  |  |  |  |
Accounts Receivable | $2,305.6 |  | $(2,131.8) |  | $173.8 |  | $2,499.9 |  | $(2,373.8) |  | $126.1
Liabilities |  |  |  |  |  |  |  |  |  |  |
Accounts Payable | $2,218.3 |  | $(2,131.8) |  | $86.5 |  | $2,457.3 |  | $(2,373.8) |  | $83.5
The following table presents the fair value of the Company’s derivative assets and liabilities, as well as their classification on the accompanying Consolidated Balance Sheets, as of December 31, 2024 and December 31, 2023 (in millions):
|  |  |  | 2024 |  | 2023
|  | Balance Sheet Classification |  | Fair Value
Derivative Assets |  | Prepaid expenses and other current assets |  | $630.2 |  | $254.2
Derivative Assets |  | Other assets |  | $203.5 |  | $66.0
Derivative Liabilities |  | Other current liabilities |  | $538.6 |  | $190.4
Derivative Liabilities |  | Other noncurrent liabilities |  | $185.7 |  | $54.3
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):
|  | 2024 |  | 2023
Gross domestic unsecuritized accounts receivable |  | $945,714 |  | $921,206
Gross domestic securitized accounts receivable |  | 1,323,000 |  | 1,307,000
Gross foreign receivables |  | 1,278,543 |  | 1,420,543
Total gross receivables |  | 3,547,257 |  | 3,648,749
Less allowance for credit losses |  | (133,757) |  | (180,163)
Net accounts and securitized accounts receivable |  | $3,413,500 |  | $3,468,586
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):
|  | 2024 |  | 2023 |  | 2022
Allowance for credit losses beginning of year |  | $180,163 |  | $149,846 |  | $98,719
Provision for credit losses |  | 103,133 |  | 125,152 |  | 131,096
Write-offs |  | (139,110) |  | (115,631) |  | (90,540)
Recoveries |  | 11,380 |  | 13,596 |  | 10,320
Impact of foreign currency |  | (21,809) |  | 7,200 |  | 251
Allowance for credit losses end of year |  | $133,757 |  | $180,163 |  | $149,846

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