Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

We perform fair value measurements in accordance with ASC 820, Fair Value Measurement, which establishes three levels of inputs that we use to measure fair value:

•Level 1: quoted prices in active markets for identical assets or liabilities.

•Level 2: observable inputs (e.g. spot rates and other data from the third-party pricing vendors for our derivative instruments) other than quoted market prices included within Level 1 that are observable, either directly or indirectly, for the assets or liabilities.

•Level 3: unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities.

Our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 were as follows (in thousands):

	Fair Value at December 31, 2023		Fair Value Measurement Using
			Level 1		Level 2
Assets:
Money market and deposit accounts	$	1,603,942	$	1,603,942	$	—
Derivative instruments (1)	257,019		—		257,019
	$	1,860,961	$	1,603,942	$	257,019
Liabilities:
Derivative instruments (1)	$	101,335	$	—	$	101,335

(1)Amounts are included within other current assets, other assets, other current liabilities and liabilities in the consolidated balance sheets.

Our financial assets and liabilities measured at fair value on a recurring basis at December 31, 2022 were as follows (in thousands):

	Fair Value at December 31,		Fair Value Measurement Using
	2022		Level 1		Level 2
Assets:
Money market and deposit accounts	$	764,628	$	764,628	$	—
Derivative instruments (1)	404,592		—		404,592
	$	1,169,220	$	764,628	$	404,592
Liabilities:
Derivative instruments (1)	$	33,688	$	—	$	33,688

(1)Amounts are included within other current assets, other assets, other current liabilities and other liabilities in the consolidated balance sheets.

Other than the contingent consideration related to the EMEA 1 Joint Venture as described in Note 6 above, we did not have any Level 3 financial assets or financial liabilities during the years ended December 31, 2023 and 2022.

Other than the assets and liabilities that were classified as held for sale as described in Note 5 above, we did not have any nonfinancial assets or liabilities measured at fair value on a recurring basis during the years ended December 31, 2023 and 2022.