| FAIR VALUE MEASUREMENTS |
FAIR VALUE MEASUREMENTS The following table summarizes our assets and (liabilities) at September 30, 2025 and December 31, 2024, respectively, that are measured at fair value on a recurring basis subsequent to initial recognition and indicates the fair value hierarchy of the valuation techniques utilized by us to determine such fair value (in thousands): | | | | | | | | | | | | | | | | | | | | Level | | September 30, 2025 | | December 31, 2024 | | | Assets of deferred compensation plan | 1 | | $ | 181,127 | | | $ | 167,170 | | | | Available-for-sale debt securities | 1 | | $ | 45,159 | | | $ | 40,999 | | | | Other depository assets | 1 | | $ | 180 | | | $ | 176 | | | | Deferred compensation plan obligations | 1 | | $ | (181,127) | | | $ | (167,170) | | | | Interest rate swaps | 2 | | $ | (3,635) | | | $ | 2,681 | | | Bank debt, net | 2 | | $ | (1,568,962) | | | $ | (1,399,932) | | | | Contingent purchase price liabilities | 3 | | $ | (41,257) | | | $ | (96,967) | | |
During the nine months ended September 30, 2025 and 2024, there were no transfers between the valuation hierarchy Levels 1, 2 and 3. The following table summarizes the change in Level 3 fair values of our contingent purchase price liabilities for the nine months ended September 30, 2025 and 2024 (pre-tax basis, in thousands): | | | | | | | | | | | | | | 2025 | | 2024 | | | Beginning balance – December 31 | $ | (96,967) | | | $ | (114,946) | | | | Additions from business acquisitions | (2,941) | | | (15,184) | | | | Contingent purchase price liabilities assumed | — | | | (5,231) | | | | Settlement of contingent purchase price liabilities | 60,635 | | | 58,468 | | | | Change in fair value of contingencies | 170 | | | 516 | | | | Change in net present value of contingencies | (2,154) | | | (1,625) | | | | Ending balance – September 30 | $ | (41,257) | | | $ | (78,002) | | |
The following table summarizes the changes in contingent purchase price consideration for previous acquisitions and contingent payments made for previous business acquisitions in the three and nine months ended September 30, 2025 and 2024, respectively (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Net expense | $ | 497 | | | $ | 5,702 | | | $ | 1,984 | | | $ | 6,340 | | | Cash settlement paid | $ | 7,061 | | | $ | 9,840 | | | $ | 55,825 | | | $ | 50,695 | | | Shares issued (number) | 13 | | 23 | | | 60 | | 117 |
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