FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

FASB ASC Topic 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy that requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The inputs used to measure fair value are classified into the following hierarchy:

•Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities

•Level 2 — Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability

•Level 3 — Unobservable inputs for the asset or liability

We endeavor to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. As circumstances change, we will reassess the level in which the inputs are included in the fair value hierarchy.

For the years ended December 31, 2024 and 2023, there were no transfers between the valuation hierarchy Levels 1, 2 and 3. The following table summarizes our assets and (liabilities) at December 31, 2024 and 2023 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	December 31, 2024	December 31, 2023
Deferred compensation plan assets	1	167,170	143,499
Available-for-sale debt securities	1	40,999	39,459
Other depository assets	1	176	1,031
Deferred compensation plan liabilities	1	(167,170)	(143,499)
Interest rate swaps, net	2	2,681	3,999
Bank debt	2	(1,399,932)	(310,826)
Contingent purchase price liabilities	3	(96,967)	(114,946)

Contingent Purchase Price Liabilities - During the years ended December 31, 2024 and 2023, we recorded expense of $7.0 million and expense of $2.7 million, respectively, due to accretion, adjusting for expected results of acquired businesses and the revaluation of stock related to contingent payments. These changes are included in Other income (expense), net in the accompanying Consolidated Statements of Comprehensive Income. Refer to Note 2, Business Combinations, for further discussion of our acquisitions and contingent purchase price liabilities.

The following table summarizes the change in fair value of our contingent purchase price liabilities identified as Level 3 for the years ended December 31, 2024 and 2023 (pre-tax basis, in thousands):

	Contingent Purchase Price Liabilities
Beginning balance — December 31, 2022	$	(132,010)
Additions from business acquisitions	(32,142)
Settlement of contingent purchase price payable	51,949
Change in fair value of contingency	62
Change in net present value of contingency	(2,805)
Balance — December 31, 2023	$	(114,946)
Additions from business acquisitions	(40,034)
Settlement of contingent purchase price payable	65,007
Change in fair value of contingency	(4,710)
Change in net present value of contingency	(2,284)
Balance — December 31, 2024	$	(96,967)