In accordance with ASC 825, “Financial Instruments,” the Company is required to disclose the fair value of financial instruments for which it is practical to estimate fair value. To obtain fair values, observable market prices are used if available. In some instances, observable market prices are not readily available and fair value is determined using present value or other techniques appropriate for a particular financial instrument. These techniques involve judgment and as a result are not necessarily indicative of the amounts the Company would realize in a current market exchange. The use of different assumptions or estimation techniques may have a material effect on the estimated fair value amounts.

Fair Value of Financial Instruments—The estimated fair values of the Company’s financial instruments are as follows:

The following techniques and assumptions were used by the Company in estimating fair values of financial instruments as disclosed herein:

Redemption settlement assets, restricted — Redemption settlement assets, restricted are recorded at fair value based on quoted market prices for the same or similar securities.

Other investments — Other investments consist of marketable securities and are included in other current assets in the combined balance sheets. Other investments are recorded at fair value based on quoted market prices for the same or similar securities.

Derivative instruments — The Company’s foreign currency cash flow hedges and foreign currency exchange forward contracts are recorded at fair value based on a discounted cash flow analysis on the expected cash flows of each

derivative. This analysis reflected the contractual terms of the derivatives, including the period to maturity, and used observable market-based inputs.

ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:

Financial instruments are considered Level 3 when their values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. Level 3 financial instruments also include those for which the determination of fair value requires significant management judgment or estimation. The use of different techniques to determine fair value of these financial instruments could result in different estimates of fair value at the reporting date.

The following tables provide information for the assets and liabilities carried at fair value measured on a recurring basis as of September 30, 2021 and December 31, 2020:


	Balance at		Fair Value Measurements at
	September 30,		September 30, 2021 Using
	2021		Level 1		Level 2		Level 3

	(in thousands)
Mutual funds ⁽¹⁾	$	26,220	$	26,220	$	—	$	—
Corporate bonds ⁽¹⁾		649,536		—		649,536		—
Marketable securities ⁽²⁾		254		254		—		—
Derivative instruments ⁽³⁾		1,890		—		1,890		—
Total assets measured at fair value	$	677,900	$	26,474	$	651,426	$	—

Derivative instruments ⁽³⁾	$	847	$	—	$	847	$	—
Total liabilities measured at fair value	$	847	$	—	$	847	$	—


	Balance at		Fair Value Measurements at
	December 31,		December 31, 2020 Using
	2020		Level 1		Level 2		Level 3

	(in thousands)
Mutual funds ⁽¹⁾	$	26,850	$	26,850	$	—	$	—
Corporate bonds ⁽¹⁾		611,184		—		611,184		—
Marketable securities ⁽²⁾		253		253		—		—
Derivative instruments ⁽³⁾		353		—		353		—
Total assets measured at fair value	$	638,640	$	27,103	$	611,537	$	—

Derivative instruments ⁽³⁾	$	1,505	$	—	$	1,505	$	—
Total liabilities measured at fair value	$	1,505	$	—	$	1,505	$	—

(1)	Amounts are included in redemption settlement assets, restricted in the unaudited condensed combined balance sheets.

(2)	Amounts are included in other current assets in the unaudited condensed combined balance sheets.

(3)	Amounts are included in other current assets and other current liabilities in the unaudited condensed combined balance sheets.