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Fair value measurements (Tables) | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of fair value of assets and liabilities, including derivative instruments, at fair value on a recurring basis | The fair value measurements of these financial assets and liabilities were determined using the following inputs as of December 31, 2023 and March 31, 2024:
| As of December 31, 2023
| Fair Value Measurements at Reporting Date Using
|  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Other Unobservable Inputs
| Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets |  |  |  |  |  |  |
Derivative instruments (Note a, c) | $ | 22,307 |  |  | $ | — |  |  | $ | 22,307 |  |  | $ | — |
Deferred compensation plan assets (Note a, d) | 51,983 |  |  | — |  |  | — |  |  | 51,983 |
Total | $ | 74,290 |  |  | $ | — |  |  | $ | 22,307 |  |  | $ | 51,983 |
Liabilities |  |  |  |  |  |  |
Derivative instruments (Note b, c) | 17,363 |  |  | — |  |  | 17,363 |  |  | — |
Deferred compensation plan liability (Note b, e) | 51,354 |  |  | — |  |  | — |  |  | 51,354 |
Total | $ | 68,717 |  |  | $ | — |  |  | $ | 17,363 |  |  | $ | 51,354 |
| As of March 31, 2024
| Fair Value Measurements at Reporting Date Using
|  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Other Unobservable Inputs
| Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets |  |  |  |  |  |  |
Derivative instruments (Note a, c) | $ | 29,468 |  |  | $ | — |  |  | $ | 29,468 |  |  | $ | — |
Deferred compensation plan assets (Note a, d) | 55,559 |  |  | — |  |  | — |  |  | 55,559 |
Total | $ | 85,027 |  |  | $ | — |  |  | $ | 29,468 |  |  | $ | 55,559 |
Liabilities |  |  |  |  |  |  |
Derivative instruments (Note b, c) | 10,311 |  |  | — |  |  | 10,311 |  |  | — |
Deferred compensation plan liability (Note b, e) | 54,519 |  |  | — |  |  | — |  |  | 54,519 |
Total | $ | 64,830 |  |  | $ | — |  |  | $ | 10,311 |  |  | $ | 54,519 |
4. Fair value measurements (Continued) (a)Derivative assets are included in “prepaid expenses and other current assets” and “other assets” in the consolidated balance sheets. Deferred compensation plan assets are included in “other assets” in the consolidated balance sheets. (b)Included in “accrued expenses and other current liabilities” and “other liabilities” in the consolidated balance sheets. (c)The Company values its derivative instruments based on market observable inputs, including both forward and spot prices for the relevant currencies and interest rate indices for relevant interest rates. The quotes are taken from an independent market database. (d)Deferred compensation plan assets consist of life insurance policies held under a Rabbi Trust. Assets held in the Rabbi Trust are valued based on the cash surrender value of the insurance contract, which is determined based on the fair value of the underlying assets included in the insurance portfolio and are therefore classified within level 3 of the fair value hierarchy. (e)The fair value of the deferred compensation plan liability is derived based on the fair value of the underlying assets in the insurance policies and is therefore classified within level 3 of the fair value hierarchy.
Schedule of roll-forward of fair value of earn-out consideration categorized as level 3 in fair value hierarchy | The following table provides a roll-forward of the fair value of earn-out consideration categorized as level 3 in the fair value hierarchy for the three months ended March 31, 2023 and 2024:
| Three months ended March 31,
| 2023 |  | 2024
Opening balance | $ | 2,517 |  |  | $ | — |
Payments made on earn-out consideration | (2,399) |  | —
Change in fair value of earn-out consideration (Note a) | (118) |  |  | — |
Closing balance | $ | — |  |  | $ | — |
(a)Changes in the fair value of earn-out consideration are reported in “other operating (income) expense, net” in the consolidated statements of income.
Schedule of roll-forward of fair value of deferred compensation plan assets categorized as level 3 in fair value hierarchy | The following table provides a roll-forward of the fair value of deferred compensation plan assets categorized as level 3 in the fair value hierarchy for the three months ended March 31, 2023 and 2024:
| Three months ended March 31,
| 2023 |  | 2024
Opening balance | $ | 40,261 |  |  | $ | 51,983 |
Additions (net of redemption) | 2,098 |  |  | 368 |
Change in fair value of deferred compensation plan assets (Note a) | 2,386 |  |  | 3,208 |
Closing balance | $ | 44,745 |  |  | $ | 55,559 |
(a)Changes in the fair value of plan assets are reported in “other income (expense), net” in the consolidated statements of income.
Roll-forward of fair value of deferred compensation liabilities categorized as Level 3 in fair value hierarchy | The following table provides a roll-forward of the fair value of deferred compensation liabilities categorized as level 3 in the fair value hierarchy for the three months ended March 31, 2023 and 2024:
| Three months ended March 31,
| 2023 |  | 2024
Opening balance | $ | 39,654 |  |  | $ | 51,354 |
Additions (net of redemption) | 2,098 |  |  | 1 |
Change in fair value of deferred compensation plan liabilities (Note a) | 2,343 |  |  | 3,164 |
Closing balance | $ | 44,095 |  |  | $ | 54,519 |
(a)Changes in the fair value of deferred compensation plan liabilities are reported in “selling, general and administrative expenses” in the consolidated statements of income.

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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