Fair Value of Financial Instruments (Tables)

The table below sets forth our fair value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025.


	Level 1		Level 2		Level 3		Total
March 31, 2026
Assets:
Interest rate swaps	$	—	$	614	$	—	$	614
Convertible debt investment	—		—		34,079		34,079

Deferred compensation assets	—		49,621		—		49,621
Total assets	$	—	$	50,235	$	34,079	$	84,314
Liabilities:
Interest rate swaps	$	—	$	2,330	$	—	$	2,330
Foreign exchange forward contracts	—		636		—		636
Contingent consideration for business acquisitions	—		—		26,861		26,861
Total liabilities	$	—	$	2,966	$	26,861	$	29,827
December 31, 2025
Assets:
Interest rate swaps	$	—	$	439	$	—	$	439
Convertible debt investment	—		—		34,079		34,079
Deferred compensation assets	—		50,927		—		50,927
Total assets	$	—	$	51,366	$	34,079	$	85,445
Liabilities:
Interest rate swaps	$	—	$	3,832	$	—	$	3,832
Foreign exchange forward contracts	—		349		—		349
Contingent consideration for business acquisitions	—		—		23,274		23,274
Total liabilities	$	—	$	4,181	$	23,274	$	27,455

The table below sets forth the changes in the balance of the contingent consideration for business acquisitions for the three months ended March 31, 2026.


	Contingent Consideration for Business Acquisitions
Balance as of December 31, 2025	$	23,274

Payment	(253)
Change in fair value	3,840
Balance as of March 31, 2026(1)	$	26,861

(1) Of the $26.9 million contingent consideration liability, $15.4 million was recorded to accrued expenses and other current liabilities and $11.5 million was recorded to deferred compensation and other liabilities in our consolidated balance sheet.