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Fair value measurements (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of fair value of 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, 2023 and September 30, 2024:


	As of December 31, 2023
	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)	$	22,307	$	—	$	22,307	$	—
Deferred compensation plan assets (Note a, d)	51,983		—		—		51,983
Total	$	74,290	$	—	$	22,307	$	51,983
Liabilities
Derivative instruments (Note b, c)	17,363		—		17,363		—
Deferred compensation plan liability (Note b, e)	51,354		—		—		51,354
Total	$	68,717	$	—	$	17,363	$	51,354

4. Fair value measurements (Continued)


	As of September 30, 2024
	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)	$	15,324	$	—	$	15,324	$	—
Deferred compensation plan assets (Note a, d)	60,991		—		—		60,991
Total	$	76,315	$	—	$	15,324	$	60,991
Liabilities
Derivative instruments (Note b, c)	35,067		—		35,067		—
Deferred compensation plan liability (Note b, e)	60,354		—		—		60,354
Total	$	95,421	$	—	$	35,067	$	60,354

(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)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.

(e)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 roll-forward of fair value of earn-out consideration categorized as level 3 in 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 and nine months ended September 30, 2023 and 2024:


	Three months ended September 30,				Nine months ended September 30,
	2023		2024		2023		2024
Opening balance	$	—	$	—	$	2,517	$	—
Payments made on earn-out consideration	—		—		(2,399)		—
Change in fair value of earn-out consideration (Note a)	—		—		(118)		—
Closing balance	$	—	$	—	$	—	$	—

(a)Changes in the fair value of earn-out consideration are reported in “other operating (income) expense, net” in the consolidated statements of income.

Schedule of roll-forward of fair value of deferred compensation plan assets categorized as level 3 in fair value hierarchy

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 nine months ended September 30, 2023 and 2024:


	Three months ended September 30,				Nine months ended September 30,
	2023		2024		2023		2024
Opening balance	$	47,975	$	56,992	$	40,261	$	51,983
Additions (net of redemption)	555		747		3,752		1,547
Change in fair value of deferred compensation plan assets (Note a)	(1,586)		3,252		2,931		7,461
Closing balance	$	46,944	$	60,991	$	46,944	$	60,991

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

Roll-forward of fair value of deferred compensation liabilities categorized as Level 3 in fair value hierarchy

The following table provides a roll-forward of the fair value of deferred compensation liabilities categorized as level 3 in the fair value hierarchy for the three and nine months ended September 30, 2023 and 2024:


	Three months ended September 30,				Nine months ended September 30,
	2023		2024		2023		2024
Opening balance	$	47,313	$	56,311	$	39,654	$	51,354
Additions (net of redemption)	555		746		3,752		1,547
Change in fair value of deferred compensation plan liabilities (Note a)	(1,536)		3,297		2,926		7,453
Closing balance	$	46,332	$	60,354	$	46,332	$	60,354

(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.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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