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Financial Instruments | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Financial Instruments | Financial Instruments The following tables present the carrying amounts and estimated fair values of our financial instruments by hierarchy level as of December 31, 2023 and 2022:
| December 31, 2023
|  |  | Hierarchy Level (Fair Value)
| Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3
Liabilities |  |  |  |  |  |  |
Acquisition-related contingent consideration (1) | $ | 12,801 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,801 |
Total | $ | 12,801 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,801 |
| December 31, 2022
|  |  | Hierarchy Level (Fair Value)
| Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3
Liabilities |  |  |  |  |  |  |
Acquisition-related contingent consideration (1) | $ | 14,988 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,988 |
2023 Convertible Notes (2) | 315,172 |  |  | — |  |  | 509,682 |  |  | — |
Total | $ | 330,160 |  |  | $ | — |  |  | $ | 509,682 |  |  | $ | 14,988 |
(1)The short-term portion is included in “Accounts payable, accrued expenses and other,” and the long-term portion is included in “Other liabilities” on the Consolidated Balance Sheets. (2)The carrying amount includes unamortized deferred debt issuance costs. The fair values of financial instruments not included in the tables above are estimated to be equal to their carrying values as of December 31, 2023 and December 31, 2022. We estimated the fair value of our 2023 Convertible Notes based on their last actively traded prices. The fair value of our 2023 Convertible Notes was classified within Level 2 of the fair value hierarchy as of December 31, 2022 because they were traded in less active markets. As of December 31, 2023, no 2023 Convertible Notes remain outstanding. We estimate the fair value of acquisition-related contingent consideration using either a probability-weighted discounted cash flow model or a Monte Carlo pricing model. These fair value estimates represent Level 3 measurements as they are based on significant inputs not observed in the market and reflect our own assumptions. We have multiple valuation models that use different inputs and assumptions based on the timing of the acquisitions. As a result, the significant unobservable inputs used in these models vary. The acquisition-related contingent consideration liabilities subject to the Monte Carlo pricing model were valued using significant unobservable inputs, including volatility rates between 30.0% and 32.5% and discount rates between 14.0% and 16.5%, which reflect the weighted average of our cost of debt and adjusted cost of equity of the acquired companies, and future cash flows. The acquisition-related contingent consideration subject to the probability-weighted discounted cash flow model was valued using significant unobservable inputs, including a discount rate of 15.0% and future cash flows. Significant increases (or decreases) in these unobservable inputs in isolation would result in significantly lower (or higher) fair values. We reassess the fair value of our acquisition-related contingent consideration at each reporting period based on additional information as it becomes available. The change in our liability for acquisition-related contingent consideration for our Level 3 financial instruments is as follows:
| Contingent Consideration
Balance at December 31, 2020 | $ | 20,118 |
Additions | $ | 1,093 |
Accretion expense (1) | 2,771 |
Remeasurement gain (2) | (3,095) |
Payments | (5,122) |
Foreign currency translation adjustment (3) | (655) |
Balance at December 31, 2021 | $ | 15,110 |
Additions | $ | 5,370 |
Accretion expense (1) | 2,396 |
Payments | (7,671) |
Foreign currency translation adjustment and other (3) | (217) |
Balance at December 31, 2022 | $ | 14,988 |
Accretion expense (1) | $ | 3,818 |
Payments | $ | (6,353) |
Foreign currency translation adjustment (3) | $ | 348 |
Balance at December 31, 2023 | $ | 12,801 |
(1)Accretion expense is included in SG&A expenses on the Consolidated Statements of Comprehensive Income. (2)Remeasurement gain or loss resulting from a change in fair value of an acquisition's contingent consideration liability is recorded in SG&A expenses on the Consolidated Statements of Comprehensive Income. (3)Foreign currency translation adjustments are included in “Other comprehensive income (loss), net of tax” on the Consolidated Statements of Comprehensive Income.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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