v3.25.2
Fair Value Measurements
 6 Months Ended
Jul. 04, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 3: Fair Value Measurements

The Company measures certain financial assets and liabilities at fair value on a recurring basis, including money market securities, trading fixed income and equity securities held in its deferred compensation plan and the liability associated with its deferred compensation plan. There were no transfers between fair value measurement levels during the three and six months ended July 4, 2025 and June 28, 2024. Any transfers between fair value measurement levels would be recorded on the actual date of the event or change in circumstances that caused the transfer. The fair value of these certain financial assets and liabilities was determined using the following inputs at July 4, 2025:

 

 

 

Fair Value Measurements at Reporting Date Using

 

(In thousands)

 

Total

 

 

Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market securities (1)

 

$

58,979

 

 

$

58,979

 

 

$

-

 

 

$

-

 

Fixed income trading securities held in deferred
   compensation plan (2)

 

 

43,899

 

 

 

43,899

 

 

 

-

 

 

 

-

 

Equity trading securities held in deferred compensation
   plan (2)

 

 

88,417

 

 

 

88,417

 

 

 

-

 

 

 

-

 

Total

 

$

191,295

 

 

$

191,295

 

 

$

-

 

 

$

-

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Deferred compensation plan (3)

 

 

134,941

 

 

 

134,941

 

 

 

-

 

 

 

-

 

Total

 

$

134,941

 

 

$

134,941

 

 

$

-

 

 

$

-

 

 

(1)
Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet.
(2)
Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet.
(3)
Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet.

The fair value of these certain financial assets and liabilities was determined using the following inputs at January 3, 2025:

 

 

 

Fair Value Measurements at Reporting Date Using

 

(In thousands)

 

Total

 

 

Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market securities (1)

 

$

57,549

 

 

$

57,549

 

 

$

-

 

 

$

-

 

Fixed income trading securities held in deferred
   compensation plan (2)

 

 

42,291

 

 

 

42,291

 

 

 

-

 

 

 

-

 

Equity trading securities held in deferred compensation
   plan (2)

 

 

85,546

 

 

 

85,546

 

 

 

-

 

 

 

-

 

Total

 

$

185,386

 

 

$

185,386

 

 

$

-

 

 

$

-

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Deferred compensation plan (3)

 

 

127,622

 

 

 

127,622

 

 

 

-

 

 

 

-

 

Total

 

$

127,622

 

 

$

127,622

 

 

$

-

 

 

$

-

 

 

(1)
Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet.
(2)
Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet.
(3)
Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet.

Money market securities as of July 4, 2025 and January 3, 2025 represent obligations of the United States Treasury. Fixed income and equity trading securities represent mutual funds held in the Company’s deferred compensation plan. See Note 6 for additional information about the Company’s deferred compensation plan.

Cash and cash equivalents consisted of the following as of July 4, 2025:

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Classified as current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

172,822

 

 

$

-

 

 

$

-

 

 

$

172,822

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market securities

 

 

58,979

 

 

 

-

 

 

 

-

 

 

 

58,979

 

Total cash equivalents

 

 

58,979

 

 

 

-

 

 

 

-

 

 

 

58,979

 

Total cash and cash equivalents

 

$

231,801

 

 

$

-

 

 

$

-

 

 

$

231,801

 

 

Cash and cash equivalents consisted of the following as of January 3, 2025:

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Classified as current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

201,352

 

 

$

-

 

 

$

-

 

 

$

201,352

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market securities

 

 

57,549

 

 

 

-

 

 

 

-

 

 

 

57,549

 

Total cash equivalents

 

 

57,549

 

 

 

-

 

 

 

-

 

 

 

57,549

 

Total cash and cash equivalents

 

$

258,901

 

 

$

-

 

 

$

-

 

 

$

258,901

 

 

 

At July 4, 2025 and January 3, 2025, the Company did not have any assets or liabilities valued using significant unobservable inputs.

The following financial instruments are not measured at fair value on the Company's unaudited condensed consolidated balance sheet at July 4, 2025 and January 3, 2025, but require disclosure of their fair values: accounts receivable, other assets and accounts payable. Due to their short-term nature, the estimated fair value of such instruments at July 4, 2025 and January 3, 2025 approximates their carrying value as reported on the Company’s unaudited condensed consolidated balance sheet.