v3.25.2
Fair value measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of fair value of assets and liabilities, including derivative instruments, at fair value on a recurring basis The fair value measurements of these financial assets and liabilities were determined using the following inputs as of December 31, 2024 and June 30, 2025: 
As of December 31, 2024
Fair Value Measurements at Reporting Date Using
Quoted Prices in
Active Markets for
Identical Assets		Significant 
Other Observable 
Inputs		Significant 
Other Unobservable
Inputs
Total(Level 1)(Level 2)(Level 3)
Assets
Derivative instruments (Note a, c)$22,001 $— $22,001 $— 
Deferred compensation plan assets (Note a, e)61,549 — — 61,549 
Total$83,550 $— $22,001 $61,549 
Liabilities
Derivative instruments (Note b, c)58,699 — 58,699 — 
Deferred compensation plan liability (Note b, f)60,924 — — 60,924 
Total$119,623 $— $58,699 $60,924 

As of June 30, 2025
Fair Value Measurements at Reporting Date Using
Quoted Prices in
Active Markets for
Identical Assets		Significant 
Other Observable 
Inputs		Significant 
Other Unobservable
Inputs
Total(Level 1)(Level 2)(Level 3)
Assets
Derivative instruments (Note a, c)$32,545 $— $32,545 $— 
Deferred compensation plan assets (Note a, e)68,356 — — 68,356 
Total$100,901 $— $32,545 $68,356 
Liabilities
Earn-out consideration (Note b, d)77,500 — — 77,500 
Derivative instruments (Note b, c)32,679 — 32,679 — 
Deferred compensation plan liability (Note b, f)67,732 — — 67,732 
Total$177,911 $— $32,679 $145,232 
 

(a)Derivative assets are included in “prepaid expenses and other current assets” and “other assets” in the consolidated balance sheets. Deferred compensation plan assets are included in “other assets” in the consolidated balance sheets.

(b)Included in “accrued expenses and other current liabilities” and “other liabilities” in the consolidated balance sheets.

(c)The Company values its derivative instruments based on market observable inputs, including both forward and spot prices for the relevant currencies and interest rate indices for relevant interest rates. The quotes are taken from an independent market database.
5. Fair value measurements (Continued)

(d)The fair value of earn-out consideration, calculated as the present value of expected future payments to be made to the sellers of acquired businesses, was derived by estimating the future financial performance of the acquired businesses using the earn-out formulas and performance targets specified in each purchase agreement and adjusting the result to reflect the Company’s estimate of the likelihood of achievement of such targets. Given the significance of the unobservable inputs, the valuations are classified in level 3 of the fair value hierarchy.

(e)Deferred compensation plan assets consist of life insurance policies held under a Rabbi Trust. Assets held in the Rabbi Trust are valued based on the cash surrender value of the insurance contract, which is determined based on the fair value of the underlying assets included in the insurance portfolio and are therefore classified within level 3 of the fair value hierarchy.

(f)The fair value of the deferred compensation plan liability is derived based on the fair value of the underlying assets in the insurance policies and is therefore classified within level 3 of the fair value hierarchy.
Schedule of roll-forward of fair value of earn-out consideration categorized as level 3 in fair value hierarchy The following table provides a roll-forward of the fair value of earn-out consideration categorized as level 3 in the fair value hierarchy for the three and six months ended June 30, 2024 and 2025:
Three months ended June 30,
 Six months ended June 30,
2024202520242025
Opening balance$— $— $— $— 
Earn-out consideration payable in connection with acquisition— 77,500 — 77,500 
Closing balance$— $77,500 $— $77,500 
Schedule of roll-forward of fair value of deferred compensation plan assets categorized as level 3 in fair value hierarchy
The following table provides a roll-forward of the fair value of deferred compensation plan assets categorized as level 3 in the fair value hierarchy for the three and six months ended June 30, 2024 and 2025:
 
Three months ended June 30,
 Six months ended June 30,
2024202520242025
Opening balance$55,559 $61,812 $51,983 $61,549 
Additions (net of redemption)432 941 800 2,345 
Change in fair value of deferred compensation plan assets (Note a)1,001 5,603 4,209 4,462 
Closing balance$56,992 $68,356 $56,992 $68,356 
(a)Changes in the fair value of plan assets are reported in “other income (expense), net” in the consolidated statements of income.
Roll-forward of fair value of deferred compensation liabilities categorized as Level 3 in fair value hierarchy
The following table provides a roll-forward of the fair value of deferred compensation plan liabilities categorized as level 3 in the fair value hierarchy for the three and six months ended June 30, 2024 and 2025:

Three months ended June 30,
Six months ended June 30,
2024202520242025
Opening balance$54,519 $61,196 $51,354 $60,924 
Additions (net of redemption)800 941 801 2,345 
Change in fair value of deferred compensation plan liabilities (Note a)992 5,595 4,156 4,463 
Closing balance$56,311 $67,732 $56,311 $67,732 

(a)Changes in the fair value of deferred compensation plan liabilities are reported in “selling, general and administrative expenses” in the consolidated statements of income.