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FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 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:
 
         
Total
     
Fair Value Measurements
at March 31, 2025 Using
  
  
Balance Sheet Location
   
Level 1
     
Level 2
     
Level 3
  
Assets:
  
              
Equity securities
  
Other assets
  
$
1,171
 
  
$
1,171
 
  
  
— 
 
  
 
— 
 
Private equities
  
Other assets
  
$
2,906
 
  
 
— 
 
  
  
— 
 
  
$
2,906
 
Liabilities:
               
Derivative financial instruments
  
Accrued expenses & other current liabilities
  
$
7
 
  
 
— 
 
  
$
7
 
  
  
— 
 
         
Total
     
Fair Value Measurements

at December 31, 2024 Using
  
  
Balance Sheet Location
   
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 equities
  
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 equities
– 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.