Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

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 September 30, 2022 and December 31, 2021 (in thousands):

	Fair Value		Level 1		Level 2		Level 3
September 30, 2022
Assets:
Repurchase agreements	$	93,152	$	—	$	93,152	$	—
Money market	242,717		—		242,717		—
Certificates of deposit	30,468		—		30,468		—
Interest Rate Swaps	12,932		—		12,932		—
Foreign exchange contracts	484,748		—		484,748		—
Total assets	$	864,017	$	—	$	864,017	$	—
Cash collateral for foreign exchange contracts	$	112,529	$	—	$	—	$	—
Liabilities:
Foreign exchange contracts	464,576		—		464,576		—
Total liabilities	$	464,576	$	—	$	464,576	$	—
Cash collateral obligation for foreign exchange contracts	$	142,263	$	—	$	—	$	—
December 31, 2021
Assets:
Repurchase agreements	$	477,069	$	—	$	477,069	$	—
Money market	43,023		—		43,023		—
Certificates of deposit	958		—		958		—
Foreign exchange contracts	120,859		—		120,859		—
Total assets	$	641,909	$	—	$	641,908	$	—
Cash collateral for foreign exchange contracts	$	25,881	$	—	$	—	$	—
Liabilities:
Interest rate swaps1	$	30,733	$	—	$	30,733	$	—
Foreign exchange contracts	89,925		—		89,925		—
Total liabilities	$	120,658	$	—	$	120,658	$	—
Cash collateral obligation for foreign exchange contracts	$	24,803	$	—	$	—	$	—

1During 2022, the Company identified and corrected an immaterial error in the presentation of the December 31, 2021 interest rate swap liabilities in the table above. Such amount was incorrectly bracketed, which has since been corrected. The liability was correctly presented and classified in the Company's Consolidated Balance Sheet at December 31, 2021.