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Fair Value Measurements
 3 Months Ended
Apr. 03, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 3: Fair Value Measurements

The Company measures certain financial assets and liabilities at fair value on a recurring basis, including money market securities, trading fixed income and equity securities held in its deferred compensation plan and the liability associated with its deferred compensation plan. There were no transfers between fair value measurement levels during the three months ended April 3, 2026 and April 4, 2025. Any transfers between fair value measurement levels would be recorded on the actual date of the event or change in circumstances that caused the transfer. The fair value of these financial assets and liabilities was determined using the following inputs at April 3, 2026:

 

 

 

Fair Value Measurements at Reporting Date Using

 

(In thousands)

 

Total

 

 

Quoted
Prices in
Active
Markets
for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market securities (1)

 

$

10,675

 

 

$

10,675

 

 

$

-

 

 

$

-

 

Fixed income trading securities held in deferred
   compensation plan (2)

 

 

50,738

 

 

 

50,738

 

 

 

-

 

 

 

-

 

Equity trading securities held in deferred
   compensation plan (2)

 

 

93,470

 

 

$

93,470

 

 

 

-

 

 

 

-

 

Total

 

$

154,883

 

 

$

154,883

 

 

$

-

 

 

$

-

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Deferred compensation plan (3)

 

 

146,484

 

 

 

146,484

 

 

 

-

 

 

 

-

 

Total

 

$

146,484

 

 

$

146,484

 

 

$

-

 

 

$

-

 

(1) Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet.

(2) Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet.

(3) Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet.

The fair value of these certain financial assets and liabilities was determined using the following inputs at January 2, 2026:

 

 

Fair Value Measurements at Reporting Date Using

 

(In thousands)

 

Total

 

 

Quoted
Prices in
Active
Markets
for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market securities (1)

 

$

60,170

 

 

$

60,170

 

 

$

-

 

 

$

-

 

Fixed income trading securities held in deferred
   compensation plan (2)

 

 

45,332

 

 

 

45,332

 

 

 

-

 

 

 

-

 

Equity trading securities held in deferred
   compensation plan (2)

 

 

94,183

 

 

 

94,183

 

 

 

-

 

 

 

-

 

Total

 

$

199,685

 

 

$

199,685

 

 

$

-

 

 

$

-

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Deferred compensation plan (3)

 

 

144,706

 

 

 

144,706

 

 

 

-

 

 

 

-

 

Total

 

$

144,706

 

 

$

144,706

 

 

$

-

 

 

$

-

 

 

(1) Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet.

(2) Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet.

(3) Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet.

Money market securities as of April 3, 2026 and January 2, 2026 represent obligations of the United States Treasury. Fixed income and equity trading securities represent mutual funds held in the Company’s deferred compensation plan. See Note 6 for additional information about the Company’s deferred compensation plan.

Cash and cash equivalents consisted of the following as of April 3, 2026:

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Classified as current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

107,878

 

 

$

-

 

 

$

-

 

 

$

107,878

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market securities

 

 

10,675

 

 

 

-

 

 

 

-

 

 

 

10,675

 

Total cash equivalents

 

 

10,675

 

 

 

-

 

 

 

-

 

 

 

10,675

 

Total cash and cash equivalents

 

$

118,553

 

 

$

-

 

 

$

-

 

 

$

118,553

 

 

 

Cash and cash equivalents consisted of the following as of January 2, 2026:

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Classified as current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

161,760

 

 

$

-

 

 

$

-

 

 

$

161,760

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market securities

 

 

60,170

 

 

 

-

 

 

 

-

 

 

 

60,170

 

Total cash equivalents

 

 

60,170

 

 

 

-

 

 

 

-

 

 

 

60,170

 

Total cash and cash equivalents

 

$

221,930

 

 

$

-

 

 

$

-

 

 

$

221,930

 

 

 

At April 3, 2026 and January 2, 2026, the Company did not have any assets or liabilities valued using significant unobservable inputs.

The following financial instruments are not measured at fair value on the Company's unaudited condensed consolidated balance sheet at April 3, 2026 and January 2, 2026, but require disclosure of their fair values: accounts receivable, other assets and accounts payable. The estimated fair value of such instruments at April 3, 2026 and January 2, 2026 approximates their carrying value as reported on the Company’s unaudited condensed consolidated balance sheets.