v3.26.1
Fair value measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements of Financial Assets and Liabilities The fair value measurements of these financial assets and liabilities were determined using the following inputs as of June 30, 2026 and December 31, 2025: 
As of June 30, 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)$31,847 $— $31,847 $— 
Deferred compensation plan assets (Note a, e)86,670 — — 86,670 
Total$118,517 $— $31,847 $86,670 
Liabilities
Derivative instruments (Note b, c)143,740 — 143,740 — 
Deferred compensation plan liability (Note b, f)85,916 — — 85,916 
Total$229,656 $— $143,740 $85,916 

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 
5. Fair value measurements (Continued) 
(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.
Schedule of Fair Value of Earn-out Consideration
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, 2026 and 2025:
Three months ended June 30,Six months ended June 30,
2026202520262025
Opening balance$— $— $77,500 $— 
Earn-out consideration payable in connection with acquisitions— 77,500 (77,500)77,500 
Closing balance$— $77,500 $— $77,500 
Schedule of Fair Value of Deferred Compensation Plan Assets
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, 2026 and 2025:
Three months ended June 30,Six months ended June 30,
2026202520262025
Opening balance$76,775 $61,812 $75,586 $61,549 
Additions (net of redemption)1,107 941 3,733 2,345 
Change in fair value of deferred compensation plan assets (Note a)8,788 5,603 7,351 4,462 
Closing balance$86,670 $68,356 $86,670 $68,356 
(a)Changes in the fair value of plan assets are reported in “other income (expense), net” in the consolidated statements of income.
Schedule of Fair Value of Deferred Compensation Plan Liabilities
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, 2026 and 2025:
Three months ended June 30,Six Months Ended June 30,
2026202520262025
Opening balance$76,178 $61,196 $74,820 $60,924 
Additions (net of redemption)962 941 3,748 2,345 
Change in fair value of deferred compensation plan liabilities (Note a)8,776 5,595 7,348 4,463 
Closing balance$85,916 $67,732 $85,916 $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.