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Fair Value Measurements
 6 Months Ended
Jun. 29, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table summarizes assets measured at fair value on a recurring basis:
As of
June 29,
2025		December 31,
2024
(In thousands)
Cash equivalents: money-market funds (<90 days)
$824 $4,095 
Cash equivalents: U.S. Treasuries (<90 days)
20,096 22,504 
Available-for-sale securities: U.S. Treasuries (1)
89,157 69,419 
Total$110,077 $96,018 
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(1)Included in short-term investments in our unaudited condensed consolidated balance sheets.

Our investments in cash equivalents and available-for-sale securities are classified within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. As of June 29, 2025 and December 31, 2024, assets and liabilities measured as Level 2 fair value were not material.

Our strategic long-term investment that does not have a readily determinable fair value was accounted for using a measurement alternative under which it is measured at cost and adjusted for observable price changes and impairments. This investment without readily determinable fair value is classified within Level 3 in the fair value hierarchy and the subsequent adjustment to its fair value by applying the measurement alternative will be disclosed as non-recurring fair value measurement, including the level in the fair value hierarchy that was used. As of June 29, 2025, the carrying value of long-term investment was $12.5 million. There was no observable price change or impairment during the six months ended June 29, 2025.