v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

NOTE 3. Fair Value Measurements

Recurring Fair Value Measurements

The following tables present information about the Company’s assets and liabilities that are regularly measured and carried at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value, which is described further within Note 4 Fair Value Measurements to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended January 3, 2026:

 

 

March 31, 2026

 

 

 

Cash and Cash Equivalents

 

 

Marketable Securities

 

 

 

Level 1

 

 

Level 2

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Total

 

 

 

(in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal and municipal notes and bonds

 

$

—

 

 

$

45,840

 

 

$

45,840

 

 

$

—

 

 

$

177,599

 

 

$

177,599

 

Cash

 

 

156,797

 

 

 

—

 

 

 

156,797

 

 

 

—

 

 

 

—

 

 

 

—

 

Money market funds

 

 

2,068

 

 

 

—

 

 

 

2,068

 

 

 

—

 

 

 

—

 

 

 

—

 

Certificates of deposit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

66,194

 

 

 

66,194

 

Commercial paper

 

 

—

 

 

 

47,542

 

 

 

47,542

 

 

 

—

 

 

 

94,339

 

 

 

94,339

 

Corporate bonds

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

63,784

 

 

 

63,784

 

      Foreign currency forward contracts

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

884

 

 

 

884

 

Total assets

 

$

158,865

 

 

$

93,382

 

 

$

252,247

 

 

$

—

 

 

$

402,800

 

 

$

402,800

 

 

 

 

January 3, 2026

 

 

 

Cash and Cash Equivalents

 

 

Marketable Securities

 

 

 

Level 1

 

 

Level 2

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Total

 

 

 

(in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal and municipal notes and bonds

 

$

—

 

 

$

40,415

 

 

$

40,415

 

 

$

—

 

 

$

141,401

 

 

$

141,401

 

Cash

 

 

245,130

 

 

 

—

 

 

 

245,130

 

 

 

—

 

 

 

—

 

 

 

—

 

Money market funds

 

 

5,118

 

 

 

—

 

 

 

5,118

 

 

 

—

 

 

 

—

 

 

 

—

 

Certificates of deposit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

47,339

 

 

 

47,339

 

Commercial paper

 

 

—

 

 

 

53,373

 

 

 

53,373

 

 

 

—

 

 

 

40,357

 

 

 

40,357

 

Corporate bonds

 

 

—

 

 

 

2,083

 

 

 

2,083

 

 

 

—

 

 

 

64,406

 

 

 

64,406

 

      Foreign currency forward contracts

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

89

 

 

 

89

 

Total assets

 

$

250,248

 

 

$

95,871

 

 

$

346,119

 

 

$

—

 

 

$

293,592

 

 

$

293,592

 

Items classified within Level 1 of the fair value hierarchy are valued using quoted prices in active markets for identical assets or liabilities. The Company’s marketable securities, comprised of Level 2 available-for-sale debt securities, are valued using observable inputs to quoted market prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency. The foreign currency forward contracts are primarily measured based on the foreign currency spot and forward rates quoted by the banks or foreign currency dealers.

There were no impairments of the Company’s assets measured and carried at fair value during the three months ended March 31, 2026 and March 29, 2025. There were no changes in valuation techniques during the three months ended March 31, 2026 and March 29, 2025.

Non-recurring Fair Value Measurements

At March 31, 2026 and January 3, 2026, the Company held investments of $8.0 million in the equity of a privately-held company. This non-marketable equity investment is recorded at fair value on a non-recurring basis and is classified as a Level 3 asset in “Other assets” on the Condensed Consolidated Balance Sheets. This non-marketable equity investment is generally accounted for under the measurement alternative, defined as cost, less impairments, adjusted for subsequent observable price changes and is periodically assessed for impairment when events or circumstances indicate that decline in value may have occurred. As of March 31, 2026, there have been no impairments recorded for the non-marketable equity investment.