Investments consist of the following as of December 31, 2024 and 2023 (dollars in thousands):


	December 31, 2024
			Gross Unrealized
	Cost		Gain		(Loss)			Fair Value
Short-term investments (available for sale):
Non-governmental debt securities	$	246,070	$	466	$	(278	)	$	246,258
Treasury and federal agencies		213,394		258		(115	)		213,537
Total short-term investments (available for sale)	$	459,464	$	724	$	(393	)	$	459,795


	December 31, 2023
			Gross Unrealized
	Cost		Gain		(Loss)			Fair Value
Short-term investments (available for sale):
Non-governmental debt securities	$	245,886	$	719	$	(892	)		245,713
Treasury and federal agencies		239,859		393		(830	)		239,422
Total short-term investments (available for sale)	$	485,745	$	1,112	$	(1,722	)	$	485,135

In the table above, unrealized holding gains (losses) relate to short-term investments that have been in a continuous unrealized gain (loss) position for less than one year, which are recorded within accumulated other comprehensive income (loss) on our consolidated balance sheets.

Our non-governmental debt securities primarily consist of corporate bonds, certificates of deposit and commercial paper. Our treasury and federal agencies primarily consist of U.S. Treasury bills and federal home loan debt securities.

A schedule of available-for-sale investments segregated by their original stated terms to maturity as of December 31, 2024 and 2023 are as follows (dollars in thousands):


	Less than one year		One to five years		Total
Original stated term to maturity of available-for-sale- investments as of December 31, 2024	$	57,206	$	402,589	$	459,795
Original stated term to maturity of available-for-sale- investments as of December 31, 2023	$	251,070	$	234,065	$	485,135

There were no realized gains or losses from the sale of investments for the years ended December 31, 2024, 2023 and 2022.

FASB ASC Topic 820 – Fair Value Measurement establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.

As of December 31, 2024 and 2023, we held investments that are required to be measured at fair value on a recurring basis. These investments (available for sale) consist of non-governmental debt securities and treasury and federal agencies securities. Available for sale securities included in Level 2 are estimated based on observable inputs other than quoted prices in active markets for identical assets and liabilities, such as quoted prices for identical or similar assets or liabilities in inactive markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

All of our available for sale investments were measured under Level 2 as of December 31, 2024 and December 31, 2023. Additionally, money market funds of $30.2 million and $30.3 million included within cash and cash equivalents on our consolidated balance sheets as of December 31, 2024 and 2023, respectively, were measured under Level 1. As of December 31, 2024 and 2023, federal agency debt securities amounting to $13.1 million and $44.9 million, respectively, which are included in cash and cash equivalents on our consolidated balance sheets, were valued using Level 2 inputs.

Our investment in an equity affiliate, which was previously recorded within other noncurrent assets on our consolidated balance sheets, represents an international investment in a private company.

For the years ended December 31, 2024, 2023 and 2022 we recorded a loss of approximately $1.2 million, a gain of less than $0.1 million and a loss of approximately $1.8 million, respectively, related to our equity affiliate, which is reported within miscellaneous (expense) income on our consolidated statements of income. The losses in 2024 and 2022 included impairments of $1.1 million and $1.2 million, respectively, due to a decline in projected cash flows for our equity affiliate, with the loss recorded in 2024 bringing our investment value down to zero as of December 31, 2024.