v3.25.1
Fair value measurement
 3 Months Ended
Mar. 30, 2025
Fair Value Disclosures [Abstract]  
Fair value measurement Fair value measurement
The following tables provide information regarding our financial assets and liabilities measured at fair value on a recurring basis as of March 30, 2025 and December 31, 2024:
 
Total carrying
 value at
 March 30, 2025
Quoted prices in active
markets (Level 1)		Significant other
observable
Inputs (Level 2)		Significant
unobservable
Inputs (Level 3)
Investments in marketable securities$36,379 $36,379 $— $— 
Derivative assets35,825 — 35,825 — 
Derivative liabilities28,543 — 28,543 — 
Contingent consideration liabilities47,426 — — 47,426 
 Total carrying
value at December 31, 2024		Quoted prices in active
markets (Level 1)		Significant other
observable
Inputs (Level 2)		Significant
unobservable
Inputs (Level 3)
Investments in marketable securities$39,559 $39,559 $— $— 
Derivative assets27,415 — 27,415 — 
Derivative liabilities13,584 — 13,584 — 
Contingent consideration liabilities49,277 — — 49,277 
Valuation Techniques
Our financial assets valued based upon Level 1 inputs are comprised of investments in marketable securities, including money market funds. The investment assets are valued using quoted market prices.
Our financial assets and liabilities valued based upon Level 2 inputs are comprised of foreign currency forward contracts and cross-currency interest rate swap agreements. We use foreign currency forward contracts and cross-currency interest rate swap agreements to manage foreign currency transaction exposure as well as exposure to foreign currency denominated monetary assets and liabilities. We measure the fair value of the foreign currency forwards and cross-currency swap agreements by calculating the amount required to enter into offsetting contracts with similar remaining maturities, based on quoted market prices, and taking into account the creditworthiness of the counterparties.
Our financial liabilities valued based upon Level 3 inputs are comprised of contingent consideration arrangements pertaining to our acquisitions. Our primary non-recurring fair value estimates, which utilize Level 3 inputs, typically include the following: business acquisitions (Note 4); goodwill impairment testing (Note 7); and asset impairments (Note 5).
Contingent consideration
Contingent consideration liabilities, which primarily consist of payment obligations that are contingent upon the achievement of revenue-based goals, but also can be based on other milestones such as regulatory approvals, are remeasured to fair value each reporting period using assumptions including revenue growth rates (based on internal operational budgets and long-range strategic plans), revenue volatility, discount rates, probability of payment and projected payment dates.
We determine the fair value of certain contingent consideration liabilities using a Monte Carlo simulation (which involves a simulation of future revenues during the earn-out period using management's best estimates) or discounted cash flow analysis. Increases in projected revenues, estimated cash flows and probabilities of payment may result in significantly higher fair value measurements; decreases in these items may have the opposite effect. Increases in the discount rates in periods prior to payment may result in significantly lower fair value measurements and decreases in the discount rates may have the opposite effect.
The table below provides additional information regarding the valuation technique and inputs used in determining the fair value of our significant contingent consideration liabilities.
Contingent Consideration LiabilityValuation TechniqueUnobservable Input
Revenue-based
Monte Carlo simulationRevenue volatility
18.9%
Risk free rateCost of debt structure
Projected year of payment
Prior to the end of 2026
The following table provides information regarding changes in our contingent consideration liabilities for the three months ended March 30, 2025:
Contingent consideration
Balance – December 31, 2024
$49,277 
Payments(56)
Revaluations(1,795)
Balance – March 30, 2025
$47,426