v3.23.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Assets and Liabilities Measured at Fair Value

The following table sets forth the Company’s assets and liabilities that were recognized at fair value:
Quoted Prices in
Active Markets for
Identical Assets		Significant Other
Observable
Inputs		Significant Other
Unobservable
Inputs
As of June 30, 2023(Level 1)(Level 2)(Level 3)Total
Assets
Cash equivalents - Money market funds*
$17,972 $— $— $17,972 
Mutual funds**68,891 — — 68,891 
Derivative financial instruments — 10,300 — 10,300 
Total$86,863 $10,300 $— $97,163 
Liabilities
Derivative financial instruments $— $3,908 $— $3,908 
Contingent consideration***
— — 13,689 13,689 
Total$— $3,908 $13,689 $17,597 
Quoted Prices in
Active Markets for
Identical Assets		Significant Other
Observable
Inputs		Significant Other
Unobservable
Inputs
As of December 31, 2022(Level 1)(Level 2)(Level 3)Total
Assets
Cash equivalents - Money market funds*
$1,137 $— $— $1,137 
Mutual funds**110,964 — — 110,964 
Derivative financial instruments — 2,346 — 2,346 
Total$112,101 $2,346 $— $114,447 
Liabilities
Derivative financial instruments $— $16,277 $— $16,277 
Contingent consideration***
— — 18,689 18,689 
Total$— $16,277 $18,689 $34,966 

* Represents money market funds which are carried at the fair value option under ASC Topic 825 “Financial Instruments”.

** Represents those short-term investments which are carried at the fair value option under ASC Topic 825 “Financial Instruments”.

*** Contingent consideration is presented under “Accrued Expenses and Other Current Liabilities” and “Other Non-Current Liabilities,” as applicable, in the consolidated balance sheets.
Derivative Financial Instruments:

The Company’s derivative financial instruments consist of foreign currency forward contracts and interest rate swaps. Fair values for derivative financial instruments are based on independent sources including highly rated financial institutions and are classified as Level 2. Refer to Note 17 - Derivatives and Hedge Accounting to the unaudited consolidated financial statements for further details.

Fair Value of Contingent Consideration:

The fair value measurement of contingent consideration is determined using Level 3 inputs. The Company’s contingent consideration represents a component of the total purchase consideration for business acquisitions. The measurement is calculated using unobservable inputs based on the Company’s own assessment of achievement of certain performance goals. The Company estimated the fair value of the contingent consideration based on the Monte Carlo simulation model and scenario-based method.

The following table summarizes the changes in the fair value of contingent consideration:
Three months ended June 30,Six months ended June 30,
2023202220232022
Opening balance$18,689 $9,000 $18,689 $9,000
Acquisitions— 1,439 — 1,439 
Fair value changes— 1,000 — 1,000 
Payments(5,000)— (5,000)— 
Closing balance$13,689 $11,439 $13,689 $11,439 

During the three and six months ended June 30, 2023 and 2022, there were no transfers among Level 1, Level 2 and Level 3.
Financial Instruments Not Carried at Fair Value:

The Company’s other financial instruments not carried at fair value consist primarily of cash and cash equivalents (except investments in money market funds, as disclosed above), short-term investments (except investments in mutual funds, as disclosed above), restricted cash, accounts receivable, net, long-term investments, accrued capital expenditures, accrued expenses, client liabilities and interest payable on borrowings for which fair values approximate their carrying amounts. The carrying value of the Company’s outstanding revolving credit facility approximates its fair value because the Company’s interest rate yield is near current market rates for comparable debt instruments.