Fair Value Measurements

3 Months Ended

Mar. 30, 2025

Fair Value Measurements

Fair Value Measurements

3.Fair Value Measurements

The Company’s financial instruments consist of cash and cash equivalents, accounts payable, accounts receivable, accrued expenses, revolving line of credit, goodwill and tradename. As of March 30, 2025 and December 29, 2024, the carrying values of cash and cash equivalents, accounts payable and accrued expenses and other current liabilities approximate their fair value, due to their short-term maturities. As of March 30, 2025, the fair value of the Company’s 2021 Credit Agreement, as amended, (see Note 5, Debt) approximates its carrying value as the stated interest rates reset daily at the daily secured overnight financing rate (“SOFR”) plus an applicable margin and, as such, approximates market rates currently available to the Company.

The Company performed a qualitative assessment of its goodwill, tradename and intangible assets as of March 30, 2025 and determined that it is more likely than not that the fair value of its reporting unit exceeds the carrying value of the reporting unit and that no impairment related to the goodwill, tradename and intangible assets existed. The Company does not have any financial instruments that were determined to be Level 3.