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ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
 6 Months Ended
Jun. 30, 2023
Payables and Accruals [Abstract]  
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued expenses and other current liabilities consisted of the following (in thousands):
June 30,December 31,
20232022
Accrued expenses$80,484 $75,532 
Accrued payroll and payroll related113,357 90,257 
Income taxes payable2,840 5,534 
Short-term borrowings— 20,519 
Obligation to return collateral(1)
1,403 26,874 
Other payables(2)
64,167 112,520 
Total accrued expenses and other current liabilities$262,251 $331,236 
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(1)See Note 11. Collateral for additional details on obligation to return collateral.
(2)Includes other payables denominated in crypto assets of $15.4 million and $8.8 million as of June 30, 2023 and December 31, 2022, respectively. See Note 13. Derivatives for additional details.
Short-term borrowings
Short-term borrowings include borrowings with open terms or amounts payable within the next 12 months or sooner at the option of the Company or the lender. The weighted average interest rate on these borrowings was 4.49% per annum as of December 31, 2022. There were no short-term borrowings outstanding as of June 30, 2023. During the six months ended June 30, 2023, the Company repaid an aggregate of $52.1 million of short-term borrowings.