XML 23 R12.htm IDEA: XBRL DOCUMENT v3.25.1
FAIR VALUE
 3 Months Ended
Mar. 29, 2025
FAIR VALUE  
FAIR VALUE

B.       FAIR VALUE

We apply the provisions of ASC 820, Fair Value Measurements and Disclosures, to assets and liabilities measured at fair value. Assets measured at fair value are as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 29, 2025

​

December 28, 2024

​

​

Quoted

​

Prices with

​

​

​

​

​

​

​

Quoted

​

Prices with

​

​

​

​

​

​

​

​

Prices in

​

Other

​

​

Prices with

​

​

​

​

Prices in

​

Other

​

​

Prices with

​

​

​

​

​

Active

​

Observable

​

​

Unobservable

​

​

​

​

Active

​

Observable

​

​

Unobservable

​

​

​

​

​

Markets

​

Inputs

​

​

Inputs

​

​

​

​

Markets

​

Inputs

​

​

Inputs

​

​

​

​

    

(Level 1)

    

(Level 2)

    

​

(Level 3)

​

Total

    

(Level 1)

    

(Level 2)

    

​

(Level 3)

    

Total

Money market funds

​

$

80,500

​

$

39,428

​

$

—

    

$

119,928

    

$

356,700

    

$

21,150

​

$

—

    

$

377,850

Fixed income funds

​

 

5,256

​

​

33,990

​

​

—

 

 

39,246

​

 

5,272

​

 

33,076

​

​

—

 

 

38,348

Treasury securities

​

​

344

​

​

—

​

​

—

​

​

344

​

​

344

​

​

—

​

​

—

​

​

344

Equity securities

​

 

16,319

​

​

—

​

​

28,500

 

 

44,819

​

 

16,431

​

 

—

​

​

26,000

 

 

42,431

Alternative investments

​

​

—

​

​

—

​

​

4,034

​

​

4,034

​

​

—

​

​

—

​

​

4,044

​

​

4,044

Mutual funds:

​

​

​

​

​

​

​

​

​

 

​

​

  

​

​

  

​

​

​

​

​

 

​

​

Domestic stock funds

​

 

9,267

​

​

—

​

​

—

 

 

9,267

​

 

9,534

​

 

—

​

​

—

 

 

9,534

International stock funds

​

 

665

​

​

—

​

​

—

 

 

665

​

 

641

​

 

—

​

​

—

 

 

641

Target funds

​

 

10

​

​

—

​

​

—

 

 

10

​

 

10

​

 

—

​

​

—

 

 

10

Bond funds

​

 

6

​

​

—

​

​

—

 

 

6

​

 

6

​

 

—

​

​

—

 

 

6

Alternative funds

​

​

480

​

​

—

​

​

—

​

​

480

​

​

477

​

​

—

​

​

—

​

​

477

Total mutual funds

​

 

10,428

​

 

—

​

​

—

 

 

10,428

​

 

10,668

​

 

—

​

​

—

 

 

10,668

Total

​

$

112,847

​

$

73,418

​

$

32,534

​

$

218,799

​

$

389,415

​

$

54,226

​

$

30,044

​

$

473,685

​

From the assets measured at fair value as of March 29, 2025, listed in the table above, $117.5 million of money market funds are held in Cash and Cash Equivalents, $30.6 million of mutual funds, equity securities, and alternative investments are held in Investments, $28.5 million of equity securities are held in Other Assets, $0.2 million of mutual funds are held in Other Assets for our deferred compensation plan, and $39.6 million of fixed income funds and $2.4 million of money market funds are held in Restricted Investments. As of December 28, 2024, $377.4 million of money market funds were held in Cash and Cash Equivalents, $31.0 million of mutual funds, equity securities, and alternative investments were held in Investments, $26.0 million of equity securities were held in Other Assets, $0.2 million of mutual funds were held in Other Assets for our deferred compensation plan, and $38.7 million of fixed income funds and $0.4 million of money market funds were held in Restricted Investments.

We maintain money market, mutual funds, bonds, and/or equity securities in our non-qualified deferred compensation plan, our wholly owned licensed captive insurance company, and assets held in financial institutions. These funds are valued at prices quoted in an active exchange market and are included in “Cash and Cash Equivalents”, “Investments”, “Other Assets”, and “Restricted Investments”. We have elected not to apply the fair value option under ASC 825, Financial Instruments, to any of our financial instruments except for those expressly required by U.S. GAAP.

We have $28.5 million of investments through our Innov8 Fund, which is designed to invest in emerging projects, services, and technologies. These investments are valued as Level 3 assets and are categorized as “Equity securities.”

In accordance with our investment policy, our wholly-owned captive, Ardellis Insurance Ltd. (“Ardellis”), maintains an investment portfolio, totaling $70.3 million and $69.8 million as of March 29, 2025 and December 28, 2024, respectively, which has been included in the aforementioned table of total investments. This portfolio consists of domestic and international equity securities, alternative investments, and fixed income bonds.

Ardellis’ available for sale investment portfolio, including funds held with the State of Michigan, consists of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 29, 2025

​

December 28, 2024

​

​

​

​

Unrealized

​

​

​

​

​

Unrealized

​

​

​

    

Cost

    

Gain (Loss)

    

Fair Value

    

Cost

    

Gain (Loss)

    

Fair Value

Fixed income

​

$

39,913

​

$

(667)

  

$

39,246

​

$

39,645

    

$

(1,297)

  

$

38,348

Treasury securities

​

​

344

​

​

—

​

​

344

​

​

344

​

​

—

​

​

344

Equity

​

 

13,456

​

​

2,863

  

 

16,319

​

 

13,161

​

​

3,270

  

 

16,431

Mutual funds

​

​

8,549

​

​

1,823

​

​

10,372

​

​

8,549

​

​

2,064

​

​

10,613

Alternative investments

​

​

3,349

​

​

685

​

​

4,034

​

​

3,321

​

​

723

​

​

4,044

Total

​

$

65,611

​

$

4,704

  

$

70,315

​

$

65,020

​

$

4,760

  

$

69,780

​

Our fixed income investments consist of a blend of US Government and Agency bonds and investment grade corporate bonds with varying maturities. Our equity investments consist of small, mid, and large cap growth and value funds, as well as international equity. Our mutual fund investments consist of domestic and international stock. Our alternative investments consist of a private real estate income trust which is valued as a Level 3 asset. The net pre-tax unrealized gain of the portfolio was $4.7 million and $4.8 million as of March 29, 2025 and December 28, 2024, respectively. Carrying amounts above are recorded in the Investments and Restricted Investments line items within the balance sheet as of March 29, 2025 and December 28, 2024.