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Fair Value of Financial Instruments
 12 Months Ended
Dec. 28, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The following summarizes the valuation of the Company’s financial instruments (in thousands). The tables do not include either cash on hand or assets and liabilities that are measured at historical cost or any basis other than fair value.
Fair Value Measurements
at December 28, 2024 Using		Total
DescriptionQuoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable
Inputs
(Level 2)
Cash equivalents:
Money market funds$188,057 $— $188,057 
Total cash equivalents$188,057 $— $188,057 
Short-term investments:
Corporate debt securities$— $13,514 $13,514 
Government debt securities— 87,040 87,040 
Total short-term investments$— $100,554 $100,554 
Total$188,057 $100,554 $288,611 
Fair Value Measurements
at December 30, 2023 Using		Total
DescriptionQuoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable
Inputs
(Level 2)
Cash equivalents:
Money market funds$137,195 $— $137,195 
Total cash equivalents$137,195 $— $137,195 
Short-term investments:
Corporate debt securities$— $130,047 $130,047 
Government debt securities— 81,673 81,673 
Total short-term investments$— $211,720 $211,720 
Total$137,195 $211,720 $348,915 
Valuation methodology
The Company’s cash equivalents and short-term investments that are classified as Level 2 are valued using non-binding market consensus prices that are corroborated with observable market data; quoted market prices for similar instruments in active markets; quoted prices in less active markets; or pricing models, such as a discounted cash flow model, with all significant inputs derived from or corroborated with observable market data. The Company’s foreign currency derivative instruments are valued using discounted cash flow models. The assumptions used in preparing the valuation models include foreign exchange rates, forward and spot prices for currencies and market observable data of similar instruments.
The following summarizes the components of available-for-sale investments:
Reported As
As of December 28, 2024Amortized Cost BasisGross Unrealized GainsGross Unrealized LossesFair ValueCash EquivalentMarketable Securities
Corporate debt securities$13,517 $12 $(15)$13,514 $— $13,514 
Government debt securities86,949 141 (49)87,040 — 87,040 
Money market funds188,057 — — 188,057 188,057 — 
Total$288,523 $153 $(64)$288,611 $188,057 $100,554 
Reported As
As of December 30, 2023Amortized Cost BasisGross Unrealized GainsGross Unrealized LossesFair ValueCash EquivalentMarketable Securities
Corporate debt securities$130,858 $69 $(880)$130,047 $— $130,047 
Government debt securities82,091 137 (555)81,673 — 81,673 
Money market funds137,195 — — 137,195 137,195 — 
Total$350,144 $206 $(1,435)$348,915 $137,195 $211,720 
Contractual maturities of investments
The Company’s available-for-sale investments are reported at fair value, with unrealized gains and losses, net of tax, recorded as a component of accumulated other comprehensive loss in the Consolidated Balance Sheet. The following summarizes the contractual underlying maturities of the Company’s available-for-sale investments at December 28, 2024 (in thousands):
CostFair
Value
Due in one year or less$44,953 $45,009 
Due after one year through five years55,513 55,546 
$100,466 $100,554 
Unrealized Gains and Losses
The available-for-sale investments that were in a continuous unrealized loss position, aggregated by length of time that individual securities have been in a continuous loss position, were as follows (in thousands):
Less Than 12 Months12 Months or GreaterTotal
As of December 28, 2024Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Corporate debt securities$—$— $4,187$(15)$4,187$(15)
Government debt securities 26,318(49)—— 26,318(49)
$26,318$(49)$4,187$(15)$30,505$(64)
Less Than 12 Months12 Months or GreaterTotal
As of December 30, 2023Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Corporate debt securities$12,449$(13)$95,760$(867)$108,209$(880)
Government debt securities 28,255(115)31,122(440)59,377(555)
$40,704$(128)$126,882$(1,307)$167,586$(1,435)
The gross unrealized losses as of December 28, 2024 and December 30, 2023 were due primarily to changes in market interest rates.
The Company records an allowance for credit loss when a decline in investment market value is due to credit-related factors. When evaluating an investment for impairment, the Company reviews factors such as the severity of the impairment, changes in underlying credit ratings, forecasted recovery, the Company’s intent to sell or the likelihood that it would be required to sell the investment before its anticipated recovery in market value and the probability that the scheduled cash payments will continue to be made. As of December 28, 2024, there were no material declines in the market value of available-for-sale investments due to credit-related factors.
At December 28, 2024 and December 30, 2023, there were no material unrealized gains associated with the Company’s available-for-sale investments.
Fair values of other financial instruments
Prior to its conversion or redemption in June 2023, the Company’s debt was recorded at cost, but measured at fair value for disclosure purposes. The fair value of the Company’s 2025 Notes was determined using observable market prices. The notes were traded in less active markets and were therefore classified as a Level 2 fair value measurement. No notes were outstanding as of December 28, 2024.
The Company’s other financial instruments, including cash, accounts receivable and accounts payable, are recorded at amounts that approximate their fair values due to their short maturities.