Fair Value Measurements

6 Months Ended

Jun. 29, 2025

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 29, 2025
(In thousands)	Total		Quoted market prices in active markets (Level 1)		Significant other observable inputs (Level 2)
Assets:
Cash equivalents: money-market funds	$	114,933	$	114,933	$	—
Available-for-sale investments: U.S. treasury securities(1)		119,702		—		119,702
Trading securities: mutual funds(1)		2,750		2,750		—
Foreign currency forward contracts(2)		435	—			435
Total assets measured at fair value	$	237,820	$	117,683	$	120,137
Liabilities:
Foreign currency forward contracts(3)	$	1,694	$	—	$	1,694
Total liabilities measured at fair value	$	1,694	$	—	$	1,694

	December 31, 2024
(In thousands)	Total		Quoted market prices in active markets (Level 1)		Significant other observable inputs (Level 2)
Assets:
Cash equivalents: money-market funds	$	111,043	$	111,043	$	—
Available-for-sale investments: U.S. treasury securities(1)		119,370		—		119,370
Trading securities: mutual funds(1)		2,876		2,876		—
Foreign currency forward contracts(2)		1,053	—			1,053
Total assets measured at fair value	$	234,342	$	113,919	$	120,423
Liabilities:
Foreign currency forward contracts(3)	$	273	$	—	$	273
Total liabilities measured at fair value	$	273	$	—	$	273

(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.