Fair Value of Financial Instruments (Tables)

3 Months Ended

Apr. 05, 2025

Fair Value Disclosures [Abstract]

Summary of valuation of the 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 April 5, 2025 Using
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Total
Cash equivalents:
Money market funds	$	228,053	$	—	$	228,053
Total cash equivalents	$	228,053	$	—	$	228,053
Short-term investments:
Corporate debt securities	$	—	$	3,935	$	3,935
Government debt securities	—		95,993		95,993
Total short-term investments	$	—	$	99,928	$	99,928
Total	$	228,053	$	99,928	$	327,981

	Fair Value Measurements at December 28, 2024 Using
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Total
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

Summary of components of available-for-sale investments

The following summarizes the components of available-for-sale investments (in thousands):

									Reported As
As of April 5, 2025	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalent		Marketable Securities
Corporate debt securities	$	3,940	$	—	$	(5)	$	3,935	$	—	$	3,935
Government debt securities	95,574		425		(6)		95,993		—		95,993
Money market funds	228,053		—		—		228,053		228,053		—
Total	$	327,567	$	425	$	(11)	$	327,981	$	228,053	$	99,928

									Reported As
As of December 28, 2024	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalent		Marketable Securities
Corporate debt securities	$	13,517	$	12	$	(15)	$	13,514	$	—	$	13,514
Government debt securities	86,949		141		(49)		87,040		—		87,040
Money market funds	188,057		—		—		188,057		188,057		—
Total	$	288,523	$	153	$	(64)	$	288,611	$	188,057	$	100,554

Schedule of maturities of the Company's available-for-sale investments and money market funds

The following summarizes the contractual underlying maturities of the Company’s available-for-sale investments at April 5, 2025 (in thousands):

	Cost		Fair Value
Due in one year or less	$	51,965	$	52,113
Due after one year through five years	47,549		47,815
	$	99,514	$	99,928

Schedule of available-for-sale investments in continuous unrealized loss position

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 Months				12 Months or Greater				Total
As of April 5, 2025	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate debt securities	$	—	$	—	$	935	$	(5)	$	935	$	(5)
Government debt securities	8,236		(6)		—		—		8,236		(6)
	$	8,236	$	(6)	$	935	$	(5)	$	9,171	$	(11)

	Less Than 12 Months				12 Months or Greater				Total
As of December 28, 2024	Fair 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)