| Financial Assets and Liabilities Measured at Fair Value |
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 | | | | | | | |
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