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FAIR VALUE (Tables)

12 Months Ended

Dec. 27, 2025

FAIR VALUE

Assets measured at fair value

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


		December 27, 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		$	182,051		$	26,450		$	—		$	208,501		$	356,700		$	21,150		$	—		$	377,850
Fixed income funds			5,365			44,227			—			49,592			5,272			33,076			—			38,348
Treasury securities			345			—			—			345			344			—			—			344
Equity securities			18,492			—			28,000			46,492			16,431			—			26,000			42,431
Alternative investments						—			4,186			4,186			—			—			4,044			4,044
Mutual funds:
Domestic stock funds			10,436			—			—			10,436			9,534			—			—			9,534
International stock funds			816			—			—			816			641			—			—			641
Target funds			11			—			—			11			10			—			—			10
Bond funds			6			—			—			6			6			—			—			6
Alternative funds			490			—			—			490			477			—			—			477
Total mutual funds			11,759			—			—			11,759			10,668			—			—			10,668
Total		$	218,012		$	70,677		$	32,186		$	320,875		$	389,415		$	54,226		$	30,044		$	473,685

Available for sale investment portfolio

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


		December 27, 2025									December 28, 2024
					Unrealized									Unrealized
		Cost			Gain (Loss)			Fair Value			Cost			Gain (Loss)			Fair Value
Fixed income		$	49,342		$	209		$	49,551		$	39,645		$	(1,297)		$	38,348
Treasury securities			345			—			345			344			—			344
Equity			14,028			4,464			18,492			13,161			3,270			16,431
Mutual funds			8,545			3,152			11,697			8,549			2,064			10,613
Alternative investments			3,436			750			4,186			3,321			723			4,044
Total		$	75,696		$	8,575		$	84,271		$	65,020		$	4,760		$	69,780