Fair Value of Financial Instruments

3 Months Ended

Oct. 02, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The following table summarizes the Company's financial instruments measured at fair value on a recurring basis as of October 2, 2026:

	Fair Value Measurements
	October 2, 2026		Level 1		Level 2		Level 3
Assets:
Assets held under rabbi trust	$	1,858	$	1,858	$	—	$	—
Total measured at fair value	$	1,858	$	1,858	$	—	$	—
Liabilities:
Interest rate swap	$	695	$	—	$	695	$	—
Total measured at fair value	$	695	$	—	$	695	$	—

The carrying values of cash and cash equivalents, including money market funds, restricted cash, accounts receivable and payable, contract assets and liabilities and accrued liabilities approximate fair value due to the short-term maturities of these assets and liabilities. The Company determined the carrying value of long-term debt approximated fair value due to variable interest rates charged on the borrowings, which reprice frequently.

The Company implemented a nonqualified deferred compensation plan as of January 1, 2024. Assets held by the rabbi trust are classified as trading securities and are recorded at fair value, with changes in value recorded as adjustments to Other expense, net. As of October 2, 2026, the Company held assets under the rabbi trust of $1,858. Assets related to this plan are included in Other assets in the Consolidated Balance Sheets.

During the first quarter ended September 29, 2023, the Company entered into an interest rate hedging agreement (the “September 2023 Swap”). The fair value of the September 2023 Swap is estimated using a discounted cash flow analysis based on the contractual terms of the derivative, leveraging observable inputs other than quoted prices, such as interest rates. As of October 2, 2026, the fair value of the September 2023 Swap was a liability of $695 and is included within Accrued expenses in the Company's Consolidated Balance Sheets.

The following table summarizes the Company's financial instruments measured at fair value on a recurring basis as of July 3, 2026:

	Fair Value Measurements
	July 3, 2026		Level 1		Level 2		Level 3
Assets:
Assets held under rabbi trust	$	983	$	983	$	—	$	—
Total measured at fair value	$	983	$	983	$	—	$	—
Liabilities:
Interest rate swap	$	1,576	$	—	$	1,576	$	—
Total measured at fair value	$	1,576	$	—	$	1,576	$	—

Assets held by the rabbi trust are classified as trading securities and are recorded at fair value, with changes in value recorded as adjustments to Other expense, net. As of July 3, 2026, the Company held assets under the rabbi trust of $983. Assets related to this plan are included in Other assets in the Consolidated Balance Sheets.

The fair value of the September 2023 Swap is estimated using a discounted cash flow analysis based on the contractual terms of the derivative, leveraging observable inputs other than quoted prices, such as interest rates. As of July 3, 2026, the fair value of the September 2023 Swap was a liability of $1,576 and was included within Accrued expenses in the Company's Consolidated Balance Sheets.

Refer to Note J for further information regarding the nonqualified deferred compensation plan.

Refer to Note N for further information regarding the September 2023 Swap.