v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 28, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 13. Fair Value Measurements

The following tables summarize assets and liabilities measured at fair value on a recurring basis:

 

 

 

June 28, 2026

 

(In thousands)

 

 

Total

 

 

 

Quoted market
prices in active
markets
(Level 1)

 

 

 

Significant
other
observable
inputs
(Level 2)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents: money-market funds

 

$

 

70,333

 

 

$

 

70,333

 

 

$

 

—

 

Available-for-sale investments: U.S. treasury securities(1)

 

 

 

90,099

 

 

 

 

—

 

 

 

 

90,099

 

Trading securities: mutual funds(1)

 

 

 

3,482

 

 

 

 

3,482

 

 

 

 

—

 

Foreign currency forward contracts(2)

 

 

 

810

 

 

 

—

 

 

 

 

810

 

Total assets measured at fair value

 

$

 

164,724

 

 

$

 

73,815

 

 

$

 

90,909

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts(3)

 

$

 

259

 

 

$

 

—

 

 

$

 

259

 

Total liabilities measured at fair value

 

$

 

259

 

 

$

 

—

 

 

$

 

259

 

 

 

 

 

December 31, 2025

 

(In thousands)

 

 

Total

 

 

 

Quoted market
prices in active
markets
(Level 1)

 

 

 

Significant
other
observable
inputs
(Level 2)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents: money-market funds

 

$

 

107,070

 

 

$

 

107,070

 

 

$

 

—

 

Available-for-sale investments: U.S. treasury securities(1)

 

 

 

110,210

 

 

 

 

—

 

 

 

 

110,210

 

Trading securities: mutual funds(1)

 

 

 

2,922

 

 

 

 

2,922

 

 

 

 

—

 

Foreign currency forward contracts(2)

 

 

 

315

 

 

 

—

 

 

 

 

315

 

Total assets measured at fair value

 

$

 

220,517

 

 

$

 

109,992

 

 

$

 

110,525

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts(3)

 

$

 

729

 

 

$

 

—

 

 

$

 

729

 

Total liabilities measured at fair value

 

$

 

729

 

 

$

 

—

 

 

$

 

729

 

 

(1)
Included in Short-term investments on the Company’s unaudited condensed consolidated balance sheets.
(2)
Included in Prepaid expenses and other current assets on the Company’s unaudited condensed consolidated balance sheets.
(3)
Included in Other accrued liabilities on the Company’s unaudited condensed consolidated balance sheets.

The Company’s investments in money-market funds and mutual funds are classified within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company’s investments in U.S. treasury securities are classified within Level 2 of the fair value hierarchy because they are valued based on readily available pricing sources for comparable or identical instruments in less active markets. The Company’s foreign currency forward contracts are classified within Level 2 of the fair value hierarchy as they are valued using pricing models that consider the contract terms as well as currency rates and counterparty credit rates. The Company verifies the reasonableness of these pricing models using observable market data for related inputs into such models. The Company enters into foreign currency forward contracts with only those counterparties that have long-term credit ratings of A-/A3 or higher. The carrying value of non-financial assets and liabilities measured at fair value in the financial statements on a recurring basis, including accounts receivable and accounts payable, approximate fair value due to their short maturities.