Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

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 June 30, 2026 and December 31, 2025.


	Level 1		Level 2		Level 3		Total
June 30, 2026
Assets:
Interest rate swaps	$	—	$	1,058	$	—	$	1,058
Convertible debt investment	—		—		33,816		33,816
Foreign exchange forward contracts	—		30		—		30
Deferred compensation assets	—		55,432		—		55,432
Total assets	$	—	$	56,520	$	33,816	$	90,336
Liabilities:
Interest rate swaps	$	—	$	622	$	—	$	622
Foreign exchange forward contracts	—		258		—		258
Contingent consideration for business acquisitions	—		—		34,134		34,134
Total liabilities	$	—	$	880	$	34,134	$	35,014
December 31, 2025
Assets:
Interest rate swaps	$	—	$	439	$	—	$	439
Convertible debt investment	—		—		34,079		34,079
Deferred compensation assets	—		50,927		—		50,927
Total assets	$	—	$	51,366	$	34,079	$	85,445
Liabilities:
Interest rate swaps	$	—	$	3,832	$	—	$	3,832
Foreign exchange forward contracts	—		349		—		349
Contingent consideration for business acquisitions	—		—		23,274		23,274
Total liabilities	$	—	$	4,181	$	23,274	$	27,455

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 six months ended June 30, 2026.


	Contingent Consideration for Business Acquisitions
Balance as of December 31, 2025	$	23,274
Acquisition	3,423
Payment	(253)
Change in fair value	7,690
Balance as of June 30, 2026(1)	$	34,134

(1) Of the $34.1 million contingent consideration liability, $17.3 million was recorded to accrued expenses and other current liabilities and $16.8 million was recorded to deferred compensation and other liabilities in our consolidated balance sheet.

See Note 4 "Acquisitions" and Note 14 "Commitments, Contingencies and Guarantees" for additional information on our acquisitions and contingent consideration liabilities.

Fair Value, 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 six months ended June 30, 2026.


	Convertible Debt Investment
Balance as of December 31, 2025	$	34,079

Unrealized loss included in other comprehensive income (loss)	(1,330)
Unrealized gain included in earnings	1,067
Balance as of June 30, 2026	$	33,816

- 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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