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Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025 and December 31, 2024 (in thousands):
Fair ValueLevel 1Level 2Level 3
March 31, 2025
Assets:
Overnight deposits
$147,803 $— $147,803 $— 
Money market
366,688 — 366,688 — 
Certificates of deposit235,831 — 235,831 — 
Treasury bills357,497 — 357,497 — 
Interest rate swaps8,892 — 8,892 — 
Cross-currency interest rate swaps
24,260 — 24,260 — 
       Foreign exchange contracts 631,789 — 631,789 — 
Total assets$1,772,760 $— $1,772,760 $— 
Cash collateral for foreign exchange contracts$38,330 
Liabilities:
Interest rate swaps $21,263 $— $21,263 $— 
Cross-currency interest rate swaps
50,608 — 50,608 — 
       Foreign exchange contracts 532,833 — 532,833 — 
Total liabilities$604,704 $— $604,704 $— 
Cash collateral obligation for foreign exchange contracts$545,658 
 
December 31, 2024
Assets:
Overnight deposits
$140,359 $— $140,359 $— 
Money market
320,289 — 320,289 — 
Certificates of deposit273,082 — 273,082 — 
Treasury bills
550,514 — 550,514 — 
Interest rate swaps19,765 — 19,765 — 
Cross-currency interest rate swaps
30,530 30,530 
Foreign exchange contracts 833,695 — 833,695 — 
Total assets$2,168,234 $— $2,168,234 $— 
Cash collateral for foreign exchange contracts$34,994 
Liabilities:
Interest rate swaps
$9,861 $— $9,861 $— 
Cross-currency interest rate swap
5,220 — 5,220 — 
Foreign exchange contracts
724,296 — 724,296 — 
Total liabilities$739,377 $— $739,377 $— 
Cash collateral obligation for foreign exchange contracts$718,143 
The level within the fair value hierarchy and the measurement technique are reviewed quarterly. The valuation techniques and inputs used to estimate the fair value of the Company's Level 2 assets and liabilities are consistent with those used at December 31, 2024. 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 March 31, 2025 and December 31, 2024.
The Company regularly evaluates the carrying value of its investments. The carrying amount of investments without readily determinable fair values was $62.7 million and $60.1 million at March 31, 2025 and December 31, 2024, respectively.