Fair Value Measurements - (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis

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:


	June 30, 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	$	—	$	124,772	$	124,772	$	—	$	308,291	$	308,291
Cash		226,804		—		226,804		—		—		—
Money market funds		787,462		—		787,462		—		—		—
Certificates of deposit		—		—		—		—		73,970		73,970
Commercial paper		—		114,167		114,167		—		179,097		179,097
Corporate bonds		—		—		—		—		67,587		67,587
Total Cash, Cash Equivalents, and Marketable Securities	$	1,014,266	$	238,939	$	1,253,205	$	—	$	628,945	$	628,945
Foreign currency forward contracts		—		—		—		—		1,284		1,284
Total assets	$	1,014,266	$	238,939	$	1,253,205	$	—	$	630,229	$	630,229


	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	$	—	$	149,554	$	149,554
Cash		245,130		—		245,130		—		—		—
Money market funds		5,118		—		5,118		—		—		—
Certificates of deposit		—		—		—		—		47,338		47,338
Commercial paper		—		53,373		53,373		—		32,204		32,204
Corporate bonds		—		2,083		2,083		—		64,407		64,407
Total Cash, Cash Equivalents, and Marketable Securities	$	250,248	$	95,871	$	346,119	$	—	$	293,503	$	293,503
Foreign currency forward contracts		—		—		—		—		89		89
Total assets	$	250,248	$	95,871	$	346,119	$	—	$	293,592	$	293,592

Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]

Financial Instruments Not Measured at Fair Value on a Recurring Basis

The Company reports its financial instruments at fair value with the exception of its 0.00% Convertible Senior Notes due 2031 (“2031 Notes”). The estimated fair value of the 2031 Notes was determined based on the trading price of the 2031 Notes as of the last day of trading for the period. The Company classifies the fair value of the 2031 Notes as a Level 2 measurement, as the 2031 Notes are not actively traded in the market. On or after March 1, 2031, until the close of business on the second Scheduled Trading Day (as defined in the Indenture governing the 2031 Notes, which is further described in Note 7 below) immediately before the maturity date, the 2031 Notes will be convertible at the option of the noteholders at any time.

At June 30, 2026 the carrying value, net of unamortized debt discount and issuance costs, and estimated fair values of the 2031 Notes are as follows:


	June 30, 2026
	Level 2
	Carrying Value, net		Estimated Fair Value
	(in thousands)
Senior Convertible Notes:
2031 Notes	$	1,471,731	$	1,982,250
Total senior convertible notes	$	1,471,731	$	1,982,250

Assets Measured at Fair Value on a Non-Recurring Basis

At June 30, 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 June 30, 2026, there have been no impairments recorded for the non-marketable equity investment.

Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]


	June 30, 2026
	Level 2
	Carrying Value, net		Estimated Fair Value
	(in thousands)
Senior Convertible Notes:
2031 Notes	$	1,471,731	$	1,982,250
Total senior convertible notes	$	1,471,731	$	1,982,250