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FAIR VALUE
 3 Months Ended
Mar. 31, 2026
FAIR VALUE  
FAIR VALUE

NOTE 13 — FAIR VALUE

​

The following table provides a summary of assets and liabilities as of March 31, 2026, measured at fair value on a recurring basis:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Quoted Prices in

  ​ ​ ​

​

​

  ​ ​ ​

​

​

​

​

​

​

​

Active Markets for

​

​

​

​

​

​

​

​

​

​

​

Identical Assets or

​

Significant Other

​

Significant

​

​

Balance as of

​

Liabilities

​

Observable Inputs

​

Unobservable

Description

  ​ ​ ​

March 31, 2026

  ​ ​ ​

(Level 1)

  ​ ​ ​

(Level 2)

  ​ ​ ​

Inputs (Level 3)

Assets:

 

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

Foreign exchange contracts

​

$

2,926

​

$

—

​

$

2,926

​

$

—

Net investment contracts

​

​

3,784

​

​

—

​

​

3,784

​

​

—

Pension surplus

​

​

9,314

​

​

9,314

​

​

—

​

​

—

Total assets

​

$

16,024

​

$

9,314

​

$

6,710

​

$

—

Liabilities:

​

 

  ​

​

 

  ​

​

 

  ​

​

 

  ​

Foreign exchange contracts

​

$

2,069

​

$

—

​

$

2,069

​

$

—

Net investment contracts

​

​

1,255

​

​

—

​

​

1,255

​

​

—

Deferred compensation

​

 

27,867

​

 

—

​

 

27,867

​

 

—

Total liabilities

​

$

31,191

​

$

—

​

$

31,191

​

$

—

​

The following table provides a summary of assets and liabilities as of December 31, 2025, measured at fair value on a recurring basis:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Quoted Prices in

  ​ ​ ​

​

​

  ​ ​ ​

​

​

​

​

​

​

​

Active Markets for

​

​

​

​

​

​

​

​

​

​

​

Identical Assets or

​

Significant Other

​

Significant

​

​

Balance as of

​

Liabilities

​

Observable Inputs

​

Unobservable

Description

  ​ ​ ​

December 31, 2025

  ​ ​ ​

(Level 1)

  ​ ​ ​

(Level 2)

  ​ ​ ​

Inputs (Level 3)

Assets:

 

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

Foreign exchange contracts

​

$

2,731

​

$

—

​

$

2,731

​

$

—

Net investment contracts

​

​

102

​

​

—

​

​

102

​

​

—

Pension surplus

​

 

12,082

​

 

12,082

​

 

—

​

 

—

Total assets

​

$

14,915

​

$

12,082

​

$

2,833

​

$

—

Liabilities:

​

 

  ​

​

 

  ​

​

 

  ​

​

 

  ​

Foreign exchange contracts

​

$

759

​

$

—

​

$

759

​

$

—

Net investment contracts

​

 

12,529

​

 

—

​

 

12,529

​

 

—

Deferred compensation

​

 

24,456

​

 

—

​

 

24,456

​

 

—

Total liabilities

​

$

37,744

​

$

—

​

$

37,744

​

$

—

​

The fair value of the Company’s pension surplus assets are based on quoted market prices in active markets and are included in the Level 1 fair value hierarchy. The pension surplus assets were invested in money market and short-term duration bond funds at both March 31, 2026 and December 31, 2025.

The Company’s derivative contracts are valued at fair value using the market approach. The Company measures the fair value of foreign exchange contracts and net investment contracts using Level 2 inputs based on observable spot and forward rates in active markets.

The deferred compensation liability is the Company’s obligation under its executive deferred compensation plan. The Company measures the fair value of the liability using the market values of the participants’ underlying investment fund elections.

The fair value of Cash and cash equivalents, Accounts receivable, Short-term debt excluding the current portion of Long-term debt and Trade accounts payable approximated book value due to the short-term nature of these instruments at both March 31, 2026 and December 31, 2025.

The Company has various financial instruments, including cash and cash equivalents, short and long-term debt and forward contracts. While these financial instruments are subject to concentrations of credit risk, the Company has minimized this risk by entering into arrangements with a number of major banks and financial institutions and investing in several high-quality instruments. The Company does not expect any counterparties to fail to meet their obligations.