Our cash equivalents consist of highly-liquid money market funds. Our short-term and long-term investments primarily consist of equity method investments and equity securities without a readily determinable fair value. Our mutual fund investments held in our SERP are classified as trading securities. Derivative contracts are used to hedge currency risk, and these are carried at fair value and classified as other current assets, other non-current assets, and accrued liabilities in the unaudited interim condensed consolidated balance sheets.

Our cash and investment portfolio consisted of the following (in thousands):


	June 26, 2026
	Cost		Unrealized						Estimated Fair Value
			Gains		Losses		Total		Level 1		Level 2		Level 3
Cash and cash equivalents:
Cash	$	667,740	$	—	$	—	$	667,740	$	667,740	$	—	$	—
Cash equivalents:



Money market funds	1,654		—		—		1,654		1,654		—		—



Cash and cash equivalents	669,394		—		—		669,394		669,394		—		—

Short-term investments:







Marketable equity securities	652		—		—		652		652		—		—
Short-term investments	652		—		—		652		652		—		—

Long-term investments:








Other investments	86,437		—		—		86,437		—		—		—
Long-term investments	86,437		—		—		86,437		—		—		—

Total cash, cash equivalents, and investments	$	756,483	$	—	$	—	$	756,483	$	670,046	$	—	$	—

Investments held in supplemental retirement plan:
Assets	$	5,685	$	—	$	—	$	5,685	$	5,685	$	—	$	—
Included in prepaid expenses and other current assets and other non-current assets
Liabilities	$	5,685	$	—	$	—	$	5,685	$	5,685	$	—	$	—
Included in accrued liabilities and other non-current liabilities





Currency derivatives as hedge instruments:
Assets: Included in other current assets	$	—	$	484	$	—	$	484	$	—	$	484	$	—

Liabilities: Included in other accrued liabilities	—		—		(290)		(290)		—		(290)		—


	September 26, 2025
	Cost		Unrealized						Estimated Fair Value
			Gains		Losses		Total		Level 1		Level 2		Level 3
Cash and cash equivalents:
Cash	$	529,422	$	—	$	—	$	529,422	$	529,422	$	—	$	—
Cash equivalents:


Money market funds	172,471		—		—		172,471		172,471		—		—



Cash and cash equivalents	701,893		—		—		701,893		701,893		—		—

Short-term investments:






Marketable equity securities	703		—		—		703		703		—		—
Short-term investments	703		—		—		703		703		—		—

Long-term investments:







Other investments	80,205		—		—		80,205		—		—		—
Long-term investments	80,205		—		—		80,205		—		—		—

Total cash, cash equivalents, and investments	$	782,801	$	—	$	—	$	782,801	$	702,596	$	—	$	—

Investments held in supplemental retirement plan:
Assets	$	5,413	$	—	$	—	$	5,413	$	5,413	$	—	$	—
Included in prepaid expenses and other current assets and other non-current assets
Liabilities	$	5,413	$	—	$	—	$	5,413	$	5,413	$	—	$	—
Included in accrued liabilities and other non-current liabilities





Currency derivatives as hedge instruments:
Assets: Included in other current assets	$	—	$	1,442	$	—	$	1,442	$	—	$	1,442	$	—
Assets: included in other non-current assets	—		111		—		111		—		111		—
Liabilities: Included in other accrued liabilities	—		—		(48)		(48)		—		(48)		—

Our equity securities primarily consist of our equity method investments, including our equity method investment in Access Advance LLC ("Access Advance"), of $74.7 million and $68.5 million as of June 26, 2026 and September 26, 2025, respectively, and equity securities without a readily determinable fair value, valued at $11.8 million and $11.8 million as of June 26, 2026 and September 26, 2025, respectively. The equity method investments and equity securities without a readily determinable fair value are recorded within long-term investments in our unaudited interim condensed consolidated balance sheets.

The equity method investments are regularly assessed for impairment, and in the case of an impairment, we adjust the carrying value of our investment. Our share of our equity method investees' net income or loss is included in Other income/(expense) on the unaudited interim condensed consolidated statements of operations. Our share of our equity method investees' net income was $5.7 million in the third quarter of fiscal 2026 and was $3.7 million in the third quarter of fiscal 2025. Our share of our equity method investees' net income was $14.1 million in the fiscal year-to-date period ended June 26, 2026 and was $17.1 million in the fiscal year-to-date period ended June 27, 2025.

Fair value is the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants at the measurement date. We minimize the use of unobservable inputs and use observable market data, if available, when determining fair value. We classify our inputs to measure fair value using the following three-level hierarchy:

Level 2: Prices may be based upon quoted prices in active markets or inputs not quoted on active markets but are corroborated by market data. We obtain the fair value of our Level 2 financial instruments from a professional pricing service, which may use quoted market prices for identical or comparable instruments, or model driven

valuations using observable market data or inputs corroborated by observable market data. To validate the fair value determination provided by our primary pricing service, we perform quality controls over values received which include comparing our pricing service provider’s assessment of the fair values of our investment securities against the fair values of our investment securities obtained from another independent source, reviewing the pricing movement in the context of overall market trends, and reviewing trading information from our investment managers. In addition, we assess the inputs and methods used in determining the fair value in order to determine the classification of securities in the fair value hierarchy. The fair value of the currency derivatives are calculated from market spot rates, forward rates, interest rates, and credit ratings at the end of the period.

The following table summarizes the amortized cost and estimated fair value of our cash equivalents as of June 26, 2026 and September 26, 2025, which are recorded within cash and cash equivalents in our unaudited interim condensed consolidated balance sheets (in thousands):


	June 26, 2026				September 26, 2025
Range of maturity	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within 1 year	$	1,654	$	1,654	$	172,471	$	172,471
Due in 1 to 2 years	—		—		—		—
Due in 2 to 5 years	—		—		—		—
Total	$	1,654	$	1,654	$	172,471	$	172,471