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Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table presents the Company’s financial assets and liabilities which are measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 (in thousands):
Fair ValueLevel 1Level 2Level 3
September 30, 2024
Assets:
Overnight deposits
$163,274 $— $163,274 $— 
Money market
165,056 — 165,056 — 
Certificates of deposit415,338 — 415,338 — 
Treasury bills526,789 — 526,789 — 
Interest rate swaps3,632 — 3,632 — 
Cross-currency interest rate swaps
14,841 — 14,841 — 
       Foreign exchange contracts 475,447 — 475,447 — 
Total assets$1,764,377 $— $1,764,377 $— 
Cash collateral for foreign exchange contracts$49,423 
Liabilities:
Interest rate swaps $53,267 $— 53,267 — 
Cross-currency interest rate swaps
80,147 — 80,147 — 
       Foreign exchange contracts 386,900 — 386,900 — 
Total liabilities$520,314 $— $520,314 $— 
Cash collateral obligation for foreign exchange contracts$499,200 
 
December 31, 2023
Assets:
Overnight deposits
$256,466 $— $256,466 $— 
Money market
376,465 — 376,465 — 
Certificates of deposit266,316 — 266,316 — 
Treasury bills
236,505 — 236,505 — 
Interest rate swaps23,485 — 23,485 — 
Foreign exchange contracts 320,216 — 320,216 — 
Total assets$1,479,453 $— $1,479,453 $— 
Cash collateral for foreign exchange contracts$39,219 
Liabilities:
Interest rate swaps
$55,796 $— $55,796 $— 
Cross-currency interest rate swap
14,522 — 14,522 — 
Foreign exchange contracts
244,745 — 244,745 — 
Total liabilities$315,063 $— $315,063 $— 
Cash collateral obligation for foreign exchange contracts$180,168 
The level within the fair value hierarchy and the measurement technique are reviewed quarterly. Transfers between levels are deemed to have occurred at the end of the quarter. There were no transfers between fair value levels during the periods presented for September 30, 2024 and December 31, 2023.
The Company regularly evaluates the carrying value of its investments. The carrying amount of investments without readily determinable fair values was $64.6 million and $69.5 million at September 30, 2024 and December 31, 2023, respectively.