v3.25.2
Financial Instruments
 9 Months Ended
Jun. 28, 2025
Fair Value Disclosures [Abstract]  
Financial Instruments
3. Financial Instruments
The carrying values of the Company’s accounts receivable and accounts payable, approximate their fair values due to the short period of time to maturity or repayment. The Company utilizes the following fair value hierarchy to establish priorities of the inputs used to measure fair value:
•Level 1: Quoted prices in active markets for identical assets or liabilities.
•Level 2: Observable inputs other than quoted market prices included in Level 1, such as quoted prices for similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
The following table summarizes cash, cash equivalents and marketable securities by investment category as of June 28, 2025 and September 28, 2024:
June 28, 2025
Amortized CostUnrealized GainUnrealized LossEstimated Fair ValueCash and Cash EquivalentsMarketable Securities
Cash$172,644 $— $— $172,644 $172,644 $— 
Level 1:
Money market funds28,629 — — 28,629 28,629 — 
Subtotal28,629 — — 28,629 28,629 — 
Level 2:
U.S. Treasury securities52,699 2 (20)52,681 — 52,681 
Subtotal52,699 2 (20)52,681 — 52,681 
Total$253,972 $2 $(20)$253,954 $201,273 $52,681 

September 28, 2024
Amortized CostUnrealized GainUnrealized LossEstimated Fair ValueCash and Cash EquivalentsMarketable Securities
Cash$144,184 $— $— $144,184 $144,184 $— 
Level 1:
Money market funds25,548 — — 25,548 25,548 — 
Subtotal25,548 — — 25,548 25,548 — 
Level 2:
U.S. Treasury securities51,304 122 — 51,426 — 51,426 
Subtotal51,304 122 — 51,426 — 51,426 
Total$221,036 $122 $— $221,158 $169,732 $51,426 
Marketable securities
As of June 28, 2025, the Company held no securities with original maturities exceeding one year. Realized gains and losses on the sale of securities are recorded in other income (expense), net in the condensed consolidated statements of operations and comprehensive income.
There were no realized gains or losses on sales of marketable securities during the three and nine months ended June 28, 2025. For securities in a loss position, the Company does not intend to sell the securities, and it is more-likely-than-not that it will not be required to sell before recovery of their amortized cost basis. The Company evaluated whether the decline in fair value resulted from credit losses or other factors and concluded these amounts were related to temporary fluctuations in value of the securities and were due primarily to changes in interest rates and market conditions of the underlying securities. Accordingly, an allowance for credit losses was deemed unnecessary for these securities as of June 28, 2025.
Accrued interest receivable related to our marketable securities was immaterial as of June 28, 2025. No accrued interest receivables were written off during the three and nine months ended June 28, 2025.