The Company measures certain financial 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, 2025 and March 31, 2026:


	As of December 31, 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)	$	15,440	$	—	$	15,440	$	—
Deferred compensation plan assets (Note a, e)	75,586		—		—		75,586
Total	$	91,026	$	—	$	15,440	$	75,586
Liabilities
Earn-out consideration (Note b, d)	77,500		—		—		77,500
Derivative instruments (Note b, c)	105,009		—		105,009		—
Deferred compensation plan liability (Note b, f)	74,820		—		—		74,820
Total	$	257,329	$	—	$	105,009	$	152,320


	As of March 31, 2026
	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)	$	23,748	$	—	$	23,748	$	—
Deferred compensation plan assets (Note a, e)	76,775		—		—		76,775
Total	$	100,523	$	—	$	23,748	$	76,775
Liabilities
Earn-out consideration (Note b, d)	—		—		—		—
Derivative instruments (Note b, c)	205,857		—		205,857		—
Deferred compensation plan liability (Note b, f)	76,178		—		—		76,178
Total	$	282,035	$	—	$	205,857	$	76,178

(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.

(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 the purchase agreements 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.

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 months ended March 31, 2025 and 2026:


	Three months ended March 31,
	2025		2026
Opening balance	$	—	$	77,500
Payments made on earn-out consideration	$	—	$	(77,500)
Closing balance	$	—	$	—

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 months ended March 31, 2025 and 2026:


	Three months ended March 31,
	2025		2026
Opening balance	$	61,549	$	75,586
Additions (net of redemption)	1,404		2,626
Change in fair value of deferred compensation plan assets (Note a)	(1,141)		(1,437)
Closing balance	$	61,812	$	76,775

(a)Changes in the fair value of plan assets are reported in “other income (expense), net” in the consolidated statements of income.

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 months ended March 31, 2025 and 2026:


	Three months ended March 31,
	2025		2026
Opening balance	$	60,924	$	74,820
Additions (net of redemption)	1,404		2,786
Change in fair value of deferred compensation plan liabilities (Note a)	(1,132)		(1,428)
Closing balance	$	61,196	$	76,178

(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.