v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 27, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
We measure our cash equivalents and marketable securities at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. We utilize the following three-tier value hierarchy, which prioritizes the inputs used in measuring fair value:
Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 – Observable inputs other than quoted prices included in Level 1 for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-driven valuations in which all significant inputs and significant value drivers are observable in active markets.
Level 3 – Unobservable inputs to the valuation derived from fair valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The fair value hierarchy also requires us to maximize the use of observable inputs, when available, and to minimize the use of unobservable inputs when determining inputs and determining fair value.
The following tables sets forth our financial assets measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands):
As of June 27, 2026Level 1Level 2Total
Money market funds$11,533 $— $11,533 
U.S. government securities16,129 — 16,129 
Corporate debt securities— 92,789 92,789 
U.S. government agency securities— 7,010 7,010 
Certificates of deposit— 6,196 6,196 
Commercial paper— 4,691 4,691 
$27,662 $110,686 $138,348 

As of December 31, 2025Level 1Level 2Total
Money market funds$40,879 $— $40,879 
U.S. government securities40,510 — 40,510 
Corporate debt securities— 177,127 177,127 
Commercial paper— 84,753 84,753 
U.S. government agency securities— 12,490 12,490 
Certificates of deposit— 8,701 8,701 
$81,389 $283,071 $364,460