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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The table below sets forth our fair value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024.

						Level 1						Level 2						Level 3						Total
September 30, 2025
Assets:
Interest rate swaps						$	—					$	565					$	—					$	565
Convertible debt investment						—						—						32,790						32,790
Deferred compensation assets						—						49,945						—						49,945
Total assets						$	—					$	50,510					$	32,790					$	83,300
Liabilities:
Interest rate swaps						$	—					$	4,142					$	—					$	4,142
Foreign exchange forward contracts						—						376						—						376
Contingent consideration for business acquisitions						—						—						18,703						18,703
Total liabilities						$	—					$	4,518					$	18,703					$	23,221
December 31, 2024
Assets:
Interest rate swaps						$	—					$	2,981					$	—					$	2,981
Convertible debt investment						—						—						62,344						62,344
Deferred compensation assets						—						42,083						—						42,083
Total assets						$	—					$	45,064					$	62,344					$	107,408
Liabilities:
Foreign exchange forward contracts						$	—					$	381					$	—					$	381
Contingent consideration for business acquisitions						—						—						221						221
Total liabilities						$	—					$	381					$	221					$	602

Fair Value of Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The table below sets forth the changes in the balance of the convertible debt investment for the nine months ended September 30, 2025.

						Convertible Debt Investment
Balance as of December 31, 2024						$	62,344
Unrealized losses included in other comprehensive income (loss)						(18,429)
Unrealized losses included in earnings						(11,125)
Balance as of September 30, 2025(1)						$	32,790

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The table below sets forth the changes in the balance of the contingent consideration for business acquisitions for the nine months ended September 30, 2025.

						Contingent Consideration for Business Acquisitions
Balance as of December 31, 2024						$	221
Acquisition(1)						18,703
Payment						(150)
Change in fair value						(71)
Balance as of September 30, 2025(2)						$	18,703

(1)    Of the $18.7 million contingent consideration liabilities acquired in 2025, $15.4 million related to our second quarter business combination and $3.3 million related to our third quarter business combinations. The contingent consideration liabilities acquired represent the acquisition date fair values of the contingent consideration arrangements, pursuant to which we may be required to pay additional consideration to the sellers if specific revenues before reimbursable expenses targets are met over a specified period. The aggregate maximum amount of contingent consideration that may be paid in connection with the 2025 business combinations is $49.5 million, which is payable, if earned, on a staggered basis through December 31, 2028.

(2)    Of the $18.7 million contingent consideration liability, $8.7 million was recorded to accrued expenses and other current liabilities and $10.0 million was recorded to deferred compensation and other liabilities in our consolidated balance sheet as of September 30, 2025.

X

- 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.

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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

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-Topic 820
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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).

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-Topic 820
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