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Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
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 June 30, 2026 and December 31, 2025 (in thousands):
Fair ValueLevel 1Level 2Level 3
June 30, 2026
Assets:
Overnight deposits
$199,563 $— $199,563 $— 
Money market
467,962 — 467,962 — 
Certificates of deposit593,981 — 593,981 — 
Treasury bills410,635 — 410,635 — 
Interest rate swaps13,266 — 13,266 — 
Cross-currency interest rate swap
13,361 — 13,361 — 
       Foreign exchange, interest rate and commodity contracts
1,050,065 — $1,050,065 $— 
Total assets$2,748,833 $— $2,748,833 $— 
Cash collateral for foreign exchange contracts$192,168 
Liabilities:
Interest rate swaps $3,321 $— $3,321 $— 
Cross-currency interest rate swap
114,900 — 114,900 — 
       Foreign exchange, interest rate and commodity contracts
743,567 — 743,567 — 
Total liabilities$861,788 $— $861,788 $— 
Cash collateral obligation for foreign exchange contracts$331,356 
December 31, 2025
Assets:
Overnight deposits
$192,427 $— $192,427 $— 
Money market
399,401 — 399,401 — 
Certificates of deposit371,843 — 371,843 — 
Treasury bills
360,085 — 360,085 — 
Interest rate swaps1,265 — 1,265 — 
Cross-currency interest rate swap
13,361 — 13,361 — 
       Foreign exchange, interest rate and commodity contracts
949,026 — 949,026 — 
Total assets$2,287,408 $— $2,287,408 $— 
Cash collateral for foreign exchange contracts$175,158 
Liabilities:
Interest rate swaps
$24,443 $— $24,443 $— 
Cross-currency interest rate swap
149,742 — 149,742 — 
       Foreign exchange, interest rate and commodity contracts
655,039 — 655,039 — 
Total liabilities$829,224 $— $829,224 $— 
Cash collateral obligation for foreign exchange contracts$356,712 
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, 2025. 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 June 30, 2026 and December 31, 2025.
The Company regularly evaluates the carrying value of its investments. The carrying amount of investments (including equity method investments) without readily determinable fair values was $576.2 million and $601.9 million at June 30, 2026 and December 31, 2025, respectively.