v3.26.3
FAIR VALUE MEASUREMENTS
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
NOTE 8. FAIR VALUE MEASUREMENTS
The following table summarizes our assets and (liabilities) at September 30, 2026 and December 31, 2025, 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, 2026       December 31, 2025   
Assets of deferred compensation plan
    1    $ 193,206     $ 186,870  
Other depository assets
    1    $ 188     $ 470  
Deferred compensation plan obligations
    1    $ (193,206 )    $ (186,870 ) 
Available-for-sale debt securities
    2    $ 42,743     $ 45,004  
Interest rate swaps
    2    $ 8,461     $ (3,602 ) 
Bank debt, net
    2    $   (1,441,534 )    $   (1,455,924 ) 
Contingent purchase price liabilities
    3    $ (19,679 )    $ (40,248 ) 
During the nine months ended September 30, 2026 and 2025, there were no transfers between the valuation hierarchy Levels 1, 2, and 3. The Company reclassified its available-for-sale debt securities from Level 1 to Level 2 as these securities are not traded on an exchange as of September 30, 2026 and December 31, 2025.
The following table summarizes the change in Level 3 fair values of our contingent purchase price liabilities for the nine months ended September 30, 2026 and 2025 (pre-tax basis, in thousands):
 
     2026     2025  
Beginning balance – December 31
    $ (40,248 )    $ (96,967 ) 
Additions from business acquisitions
      (1,835 )      (2,941 ) 
Settlement of contingent purchase price liabilities
      19,766       60,635  
Change in fair value of contingencies
      3,440       170  
Change in net present value of contingencies
      (802 )      (2,154 ) 
  
 
 
    
 
 
  
Ending balance – September 30
     $   (19,679 )    $   (41,257 ) 
  
 
 
    
 
 
  
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, 2026 and 2025, respectively (in thousands):
 
    
Three Months Ended September

30,
   
Nine Months Ended September

30,
    
2026
   
2025
   
2026
  
2025
 Net (income) expense
     $   (1,060)       $ 497       $ (2,638 )     $ 1,984  
 Cash settlement paid
     $ 334        $    7,061       $    18,545      $    55,825  
 Shares issued (number)
      —         13        36       60  
Refer to Note 8, Fair Value Measurements, to the consolidated financial statements contained in our Annual Report on Form
10-K
for the year ended December 31, 2025, as amended, for further discussion on the fair value measurements and classification of our financial assets and
liabilities
.