v3.26.1
Fair Value Measurements
 6 Months Ended
Jul. 03, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Fair value reflects the amounts that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy has the following three levels:
•Level 1 - quoted prices (unadjusted) in active markets for identical assets and liabilities;
•Level 2 - inputs other than Level 1 that are observable either directly or indirectly, such as quoted prices in active markets for similar instruments or on industry models using data inputs, such as interest rates and prices that can be directly observed or corroborated in active markets; and
•Level 3 - unobservable inputs that are supported by little or no market activity that are significant to the fair value measurement.
The classifications within the fair value hierarchy of our financial assets that were measured and recorded at fair value on a recurring basis were as follows (in thousands):
June 30, 2026
Level 1Level 2Total
Commercial paper$— $158,312 $158,312 
Corporate bonds— 822,911 822,911 
U.S. Treasury and government-sponsored enterprises— 166,074 166,074 
Municipal bonds— 8,705 8,705 
Total debt securities available-for-sale— 1,156,002 1,156,002 
Money market funds171,852 — 171,852 
Certificates of deposit— 55,886 55,886 
Total financial assets carried at fair value$171,852 $1,211,888 $1,383,740 
December 31, 2025
Level 1Level 2Total
Commercial paper$— $241,439 $241,439 
Corporate bonds— 886,500 886,500 
U.S. Treasury and government-sponsored enterprises— 155,139 155,139 
Municipal bonds— 8,764 8,764 
Total debt securities available-for-sale— 1,291,842 1,291,842 
Money market funds304,352 — 304,352 
Certificates of deposit— 66,388 66,388 
Total financial assets carried at fair value$304,352 $1,358,230 $1,662,582 
When available, we value marketable securities based on quoted prices for those financial instruments, which is a Level 1 input. Our remaining marketable securities are valued using third-party pricing sources, which use observable market prices, interest rates and yield curves observable at commonly quoted intervals for similar assets as observable inputs for pricing, which is a Level 2 input.
The carrying amount of our remaining financial assets and liabilities, which include cash, receivables and payables, approximate their fair values due to their short-term nature.
Forward Foreign Currency Contracts
We may enter into forward foreign currency exchange contracts that are not designated as hedges for accounting purposes to hedge certain operational exposures for the changes in foreign currency exchange rates associated with assets or liabilities denominated in foreign currencies, primarily the Euro.
As of June 30, 2026, we had one forward contract outstanding to sell €3.5 million. The forward contract with a maturity of three months is recorded at fair value and is included in other current liabilities in the accompanying Condensed Consolidated Balance Sheets. The unrealized loss on the forward contract was immaterial as of June 30, 2026. The forward contract is considered a Level 2 in the fair value hierarchy of our fair value measurements. The net realized gains (losses) we recognized on the maturity of forward contracts were immaterial for each of the three and six months ended June 30, 2026 and 2025, and are included in other income (expenses), net in the accompanying Condensed Consolidated Statements of Income.