| 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, 2025 and December 31, 2024 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value | | Level 1 | | Level 2 | | Level 3 | | June 30, 2025 | | | | | | | | | | Assets: | | | | | | | | | Overnight deposits | | $ | 158,968 | | | $ | — | | | $ | 158,968 | | | $ | — | | Money market | | 275,224 | | | — | | | 275,224 | | | — | | | Certificates of deposit | | 295,225 | | | — | | | 295,225 | | | — | | | Treasury bills | | 342,137 | | | — | | | 342,137 | | | — | | | Interest rate swaps | | 4,548 | | | — | | | 4,548 | | | — | | Cross-currency interest rate swaps | | 13,361 | | | — | | | 13,361 | | | — | | | Foreign exchange contracts | | 968,727 | | | — | | | 968,727 | | | — | | | Total assets | | $ | 2,058,190 | | | $ | — | | | $ | 2,058,190 | | | $ | — | | | Cash collateral for foreign exchange contracts | | $ | 65,351 | | | | | | | | | Liabilities: | | | | | | | | | | Interest rate swaps | | $ | 25,260 | | | $ | — | | | $ | 25,260 | | | $ | — | | Cross-currency interest rate swaps | | 168,459 | | | — | | | 168,459 | | | — | | | Foreign exchange contracts | | 815,553 | | | — | | | 815,553 | | | — | | | Total liabilities | | $ | 1,009,272 | | | $ | — | | | $ | 1,009,272 | | | $ | — | | | Cash collateral obligation for foreign exchange contracts | | $ | 622,766 | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | | | | | | | | Assets: | | | | | | | | | Overnight deposits | | $ | 140,359 | | | $ | — | | | $ | 140,359 | | | $ | — | | Money market | | 320,289 | | | — | | | 320,289 | | | — | | | Certificates of deposit | | 273,082 | | | — | | | 273,082 | | | — | | Treasury bills | | 550,514 | | | — | | | 550,514 | | | — | | | Interest rate swaps | | 19,765 | | | — | | | 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 June 30, 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 $58.3 million and $60.1 million at June 30, 2025 and December 31, 2024, respectively.
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