Quarterly report [Sections 13 or 15(d)]

FAIR VALUE MEASUREMENT

v3.25.3
FAIR VALUE MEASUREMENT
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT FAIR VALUE MEASUREMENT
Assets and liabilities recorded at fair value are measured using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The levels of the fair value hierarchy are:
•Level 1: observable inputs such as quoted prices in active markets for identical assets or liabilities;
•Level 2: inputs other than quoted prices in active markets in Level 1 that are either directly or indirectly observable; and
•Level 3: unobservable inputs for which little or no market data exists.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Debt Securities
As of September 30, 2025 and December 31, 2024, we had investments in international bonds of $6.9 million and $8.2 million, respectively. These bonds are accounted for as available for sale securities and are Level 2 assets under the fair value hierarchy. The bonds are recorded at their fair market values and reported within other current assets and other assets on our condensed consolidated statements of financial position. The unrealized gain or loss activity during the three and nine months ended September 30, 2025 and 2024 was not significant.
Contingent Consideration
As of September 30, 2025 and December 31, 2024, the Company had $42.1 million and $21.0 million of acquisition holdback and earnout liabilities payable to former owners of acquired companies, respectively. Holdback and earnout liabilities are considered Level 3 liabilities under the fair value hierarchy. The earnout liabilities were adjusted to reflect the expected probability of payout, and both earnout and holdback liabilities were discounted to their net present value on the Company’s condensed consolidated statements of financial position. The table below presents a summary of the changes in fair value for these liabilities.
Three Months Ended
September 30,		 Nine Months Ended
September 30,
(in thousands) 2025 2024 2025 2024
Beginning balance $ 40,215  $ 22,637  $ 21,008  $ 46,104 
New acquisitions and measurement adjustments 4,457  3,123  26,164  13,572 
Payouts (4,325) (3,128) (7,773) (37,614)
Interest and fair value adjustments 739  13  1,936  556 
Charge offset, forfeit and other 1,004  (507) 755  (480)
Ending balance $ 42,090  $ 22,138  $ 42,090  $ 22,138 
Other Fair Value Disclosures
The carrying amount of cash and cash equivalents, trade and financed receivables, accounts payable, and short-term liabilities, including short-term borrowings under our commercial paper program, approximate fair value due to their short-term nature. The carrying amounts of borrowings outstanding under our Revolving Credit Facility approximate fair value, as interest rates are variable and reflective of market rates.
The following table presents the aggregate fair value and carrying value of our 2035 Senior Notes, which are classified as Level 2 within the fair value hierarchy:
September 30, 2025 December 31, 2024
(in thousands) Fair Value Carrying Value Fair Value Carrying Value
2035 Senior Notes $ 510,190  $ 485,659  $ —  $ —