(1)Carrying amounts of financial instruments by category as of December 31, 2024 and 2023 are as follows:


	December 31, 2024		December 31, 2023
Financial assets at amortized cost	(In millions of Korean won)
Cash and cash equivalents	₩	228,898	₩	184,082
Short-term financial instruments	324,304		277,215
Accounts receivable, net	81,152		71,213
Other receivables, net	16		7
Other current financial assets(*1)	6,602		4,439
Other non-current financial assets(*2)	1,767		1,824
Total	₩	642,739	₩	538,780


	December 31, 2024		December 31, 2023
Financial liabilities at amortized cost	(In millions of Korean won)
Accounts payable (*)	₩	63,328	₩	57,615
Long-term accounts payable	220		677
Accrued expenses (*)	313		395
Other current liabilities	3,179		4,225
Other non-current liabilities	3,942		2,337
Total	₩	70,982	₩	65,249

(*)Annual leave allowance, bonus accruals, etc. that should be paid to employees are excluded.

(2)Net income and expenses from financial instruments for the years ended December 31, 2024, 2023 and 2022 are as follows:


	2024		2023		2022
Financial assets at amortized cost	(In millions of Korean won)
Interest income	₩	17,059	₩	11,487	₩	4,496
Differences in foreign currency	5,813		(1,654)		2,101
Financial assets at fair value through profit or loss
Interest income	—		5		5
Financial liabilities at amortized cost
Interest expense	(135)		(162)		(127)
Differences in foreign currency	(1,773)		(1,344)		(1,301)

Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

•Level 2: all inputs other than quoted prices included in Level 1 that are observable (either directly that is, prices, or indirectly that is, derived from prices) for the asset or liability;

The fair value of financial instruments traded in an active market is determined based on the quoted market price as of the end of the reporting period. If the quoted prices are readily and regularly available through exchanges, sellers, brokers, industry groups, rating agencies or regulators and such prices represent actual market transactions that occur regularly between independent parties, they are considered active markets. These products are included in Level 1.

The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. These valuation techniques use as much market observable information as possible and use the least amount of group-specific information. At this time, if all the significant input variables required to measure the fair value of a good are observable, the good is included in Level 2.

If more than one significant input variable is not based on observable market information, the item is included in Level 3.

•The fair value of derivative instruments is determined by discounting the amount to present value using the leading exchange rate as of the end of the reporting period