The carrying values of financial instruments, including Trade receivables and Accounts payable, approximate their fair values due to their short-term maturities. The estimated fair values may not represent actual values of the financial instruments that could be realized as of the balance sheet date or that will be realized in the future.

A summary of the Company’s assets and liabilities that are measured at fair value for each fair value hierarchy level for the periods presented is as follows:


	July 4, 2025								December 31, 2024
	Level One		Level Two		Level Three		Total		Level One		Level Two		Level Three		Total
	(In thousands)
Assets:
Cash equivalents	$	14,078	$	—	$	—	$	14,078	$	8,990	$	—	$	—	$	8,990
Foreign currency contracts	—		3,410		—		3,410		—		657		—		657
Interest rate swap agreement	—		—		—		—		—		842		—		842
Deferred compensation plans	—		6,336		—		6,336		—		5,242		—		5,242
Other	—		1,380		—		1,380		—		—		—		—
	$	14,078	$	11,126	$	—	$	25,204	$	8,990	$	6,741	$	—	$	15,731

Liabilities:
Foreign currency contracts	$	—	$	2,249	$	—	$	2,249	$	—	$	781	$	—	$	781
Cross-currency swap agreements	—		53,941		—		53,941		—		1,830		—		1,830
Deferred compensation plans	—		6,336		—		6,336		—		5,242		—		5,242
	$	—	$	62,526	$	—	$	62,526	$	—	$	7,853	$	—	$	7,853

The Company measures the fair value of foreign currency contracts, cross-currency swap agreements and interest rate swap agreement(s) using Level Two inputs based on observable spot and forward rates in active markets. Additionally, the fair value of derivatives designated in hedging relationships includes a credit valuation adjustment to appropriately incorporate nonperformance risk for the Company and the respective counterparty. For the six months ended July 4, 2025, the impact of the credit valuation adjustment on the Company’s derivatives is immaterial. Refer to Note 11, “Derivatives” for additional information. There were no transfers in or out of Level One, Two or Three during the six months ended July 4, 2025.