v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 29, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 5. Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three levels of inputs that may be used to measure fair value are defined below:

•
Level 1 – Quoted prices in active markets for identical assets or liabilities.
•
Level 2 – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
•
Level 3 – Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

Assets Measured at Fair Value on a Recurring Basis

The fair value hierarchy requires the use of observable market data when available. In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability.

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis for the periods presented:

 

 

Fair Value Measurements as of June 29, 2025, Using:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market

 

$

19,990

 

 

$

—

 

 

$

—

 

 

$

19,990

 

U.S. Treasury Bills

 

 

—

 

 

 

15,886

 

 

 

—

 

 

 

15,886

 

Investment securities, available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. corporate bonds and U.S. dollar
   denominated foreign bonds

 

 

—

 

 

 

1,369

 

 

 

—

 

 

 

1,369

 

U.S. Treasury Bills

 

 

—

 

 

 

45,404

 

 

 

—

 

 

 

45,404

 

Prepaid expenses and other current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

 

—

 

 

 

59

 

 

 

—

 

 

 

59

 

Total assets measured at fair value

 

$

19,990

 

 

$

62,718

 

 

$

—

 

 

$

82,708

 

 

 

 

Fair Value Measurements as of December 29, 2024, Using:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market

 

$

114,249

 

 

$

—

 

 

$

—

 

 

$

114,249

 

Investment securities, available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. corporate bonds and U.S. dollar
   denominated foreign bonds

 

 

—

 

 

 

9,692

 

 

 

—

 

 

 

9,692

 

Prepaid expenses and other current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

 

—

 

 

 

1,153

 

 

 

—

 

 

 

1,153

 

Total assets measured at fair value

 

$

114,249

 

 

$

10,845

 

 

$

—

 

 

$

125,094

 

During the 26-week period ended June 29, 2025, there were no transfers between fair value measurement levels. For additional information on concentrations of credit risk for the Company’s financial instruments, refer to “Investment Securities” in Note 3 above.

Fair Value of Other Financial Instruments

The carrying values of the Company’s short-term financial instruments not included above, including cash, trade receivables, other non-trade receivables included in prepaid expense and other current assets, accounts payable, accrued expenses and other current liabilities approximate their fair value due to their short-term nature.