Fair Value of Financial Instruments (Tables)

6 Months Ended

Jul. 05, 2025

Summary of valuation of the financial instruments

The following summarizes the valuation of the Company’s financial instruments (in thousands). The tables do not include either cash on hand or assets and liabilities that are measured at historical cost or any basis other than fair value.


	Fair Value Measurements at July 5, 2025 Using
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Total
Cash equivalents:
Money market funds	$	235,405	$	—	$	235,405
Total cash equivalents	$	235,405	$	—	$	235,405

Short-term investments:
Corporate debt securities	$	—	$	405	$	405
Government debt securities	—		100,676		100,676
Total short-term investments	$	—	$	101,081	$	101,081

Total	$	235,405	$	101,081	$	336,486


	Fair Value Measurements at December 28, 2024 Using
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Total
Cash equivalents:
Money market funds	$	188,057	$	—	$	188,057

Total cash equivalents	$	188,057	$	—	$	188,057

Short-term investments:
Corporate debt securities	$	—	$	13,514	$	13,514
Government debt securities	—		87,040		87,040
Total short-term investments	$	—	$	100,554	$	100,554

Total	$	188,057	$	100,554	$	288,611

Summary of components of available-for-sale investments

The following summarizes the components of available-for-sale investments (in thousands):


									Reported As
As of July 5, 2025	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalent		Marketable Securities
Corporate debt securities	$	407	$	—	$	(2)	$	405	$	—	$	405
Government debt securities	100,561		146		(31)		100,676		—		100,676
Money market funds	235,405		—		—		235,405		235,405		—
Total	$	336,373	$	146	$	(33)	$	336,486	$	235,405	$	101,081


									Reported As
As of December 28, 2024	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalent		Marketable Securities
Corporate debt securities	$	13,517	$	12	$	(15)	$	13,514	$	—	$	13,514
Government debt securities	86,949		141		(49)		87,040		—		87,040
Money market funds	188,057		—		—		188,057		188,057		—
Total	$	288,523	$	153	$	(64)	$	288,611	$	188,057	$	100,554

Schedule of maturities of the company's available-for-sale investments and money market funds

The following summarizes the contractual underlying maturities of the Company’s available-for-sale investments at July 5, 2025 (in thousands):


	Cost		Fair Value
Due in one year or less	$	66,128	$	66,163
Due after one year through five years	34,840		34,918
	$	100,968	$	101,081

Schedule of available-for-sale investments in continuous unrealized loss position

The available-for-sale investments that were in a continuous unrealized loss position, aggregated by length of time that individual securities have been in a continuous loss position, were as follows (in thousands):


	Less Than 12 Months				12 Months or Greater				Total
As of July 5, 2025	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate debt securities	$	—	$	—	$	291	$	(2)	$	291	$	(2)
Government debt securities	35,456		(31)		—		—		35,456		(31)
	$	35,456	$	(31)	$	291	$	(2)	$	35,747	$	(33)


	Less Than 12 Months				12 Months or Greater				Total
As of December 28, 2024	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate debt securities	$	—	$	—	$	4,187	$	(15)	$	4,187	$	(15)
Government debt securities	26,318		(49)		—		—		26,318		(49)
	$	26,318	$	(49)	$	4,187	$	(15)	$	30,505	$	(64)