v3.25.2
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
FAIR VALUE MEASUREMENTS
7.
FAIR VALUE MEASUREMENTS
The following tables present our assets and liabilities carried at fair value that are measured on a recurring basis:
 
 
  
 
  
 
 
  
Fair Value Measurements
at June 30, 2025 Using
 
  
Balance Sheet Location
  
Total
 
  
Level 1
 
  
Level 2
 
  
Level 3
 
Assets:
  
  
  
  
  
Equity securities
  
Other assets
  
$
  1,714
 
  
$
1,714
 
  
 
— 
 
  
 
— 
 
Private equity securities
  
Other assets
  
$
2,906
 
  
 
— 
 
  
 
— 
 
  
$
2,906
 
Liabilities:
  
  
  
  
  
Derivative financial instruments
  
Accrued expenses & other current liabilities
  
$
51
 
  
 
— 
 
  
$
     51
 
  
 
— 
 
 
 
  
 
  
 
 
  
Fair Value Measurements
at December 31, 2024 Using
 
  
Balance Sheet Location
  
Total
 
  
Level 1
 
  
Level 2
 
  
Level 3
 
Assets:
            
Certificates of deposit
   
Short-term cash investments
   $ 255,669        —       $ 255,669        —   
Derivative financial instruments
    Other current assets   $ 6        —       $ 6        —   
Equity securities
    Other assets   $ 1,078      $ 1,078        —         —   
Private equity securities
    Other assets   $ 1,500        —        
— 
      $ 1,500  
The following is a description of the valuation techniques used for these assets and liabilities, as well as the level of input used to measure fair value:
Equity securities
– these investments are exchange-traded equity securities. Fair values for these investments are based on closing stock prices from active markets and are therefore classified within Level 1 of the fair value hierarchy.
Private equity securities
– other investments in which fair value inputs are unobservable and are therefore classified within Level 3 of the fair value hierarchy.
Derivative financial instruments
– these derivatives are foreign currency forward and option contracts. See Note 6. Fair value is based on observable market inputs, such as forward rates in active markets; therefore, we classify these derivatives within Level 2 of the valuation hierarchy.
Certificates of deposit
– these investments consist of certificates of deposit that had varying maturities through March 2025. We classify these investments within Level 2 of the valuation hierarchy because fair value is based on indirectly observable market inputs.