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Marketable Securities | 6 Months Ended
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Jun. 28, 2025
Marketable Securities. |
Marketable Securities | (3) Marketable Securities The Company’s marketable securities are all classified as available-for-sale within “Current Assets” in the Company’s Condensed Consolidated Balance Sheets. The FASB has established three levels of inputs that may be used to measure fair value: Level 1Observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and Level 3Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions. The Company’s marketable securities valued using Level 1 inputs include highly liquid equity securities, for which quoted market prices are available. The Company’s bond and commercial paper portfolio is valued using a combination of pricing for similar securities, recently executed transactions, cash flow models with yield curves and other pricing models utilizing observable inputs, which are considered Level 2 inputs. For Level 2 investment valuation, the Company utilizes standard pricing procedures of its investment advisory firm which includes various third-party pricing services. These procedures also require specific price monitoring practices as well as pricing review reports, valuation oversight and pricing challenge procedures to maintain the most accurate representation of investment fair market value. The Company accrues interest on its bond and commercial paper portfolio throughout the life of each bond and commercial paper held. Unrealized gains and losses on debt securities are recognized in “Accumulated other comprehensive income (loss)” on the Company’s Condensed Consolidated Balance Sheets. Dividends from the equity securities are recognized as received. Interest, dividends and unrealized gains and losses on equity securities are recognized in “Investment income (loss) and interest expense” on the Company’s Condensed Consolidated Statements of Income. In the thirteen weeks ended June 28, 2025, the Company recognized investment income of $3.1 million, which included an unrealized loss in equity securities of $97 thousand. In the thirteen weeks ended June 29, 2024, the Company recognized investment income of $3.7 million, which included an unrealized gain in equity securities of $151 thousand. In the twenty-six weeks ended June 28, 2025, the Company recognized investment income of $7.9 million, which included an unrealized gain in equity securities of $968 thousand. In the twenty-six weeks ended June 29, 2024, the Company recognized investment income of $7.8 million, which included an unrealized gain in equity securities of $385 thousand. Marketable securities, as of June 28, 2025 and December 28, 2024, consisted of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
(amounts in thousands) | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
June 28, 2025 |  | Cost |  | Holding Gains |  | Holding Losses |  | Value
Available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Level 1 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 6,898
Level 2 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate and municipal bonds | ​ | $ | 125,425 | ​ | $ | 2,007 | ​ | $ | (7,458) | ​ | ​ | 119,974
Total | ​ | $ | 125,425 | ​ | $ | 2,007 | ​ | $ | (7,458) | ​ | $ | 126,872
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
(amounts in thousands) | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
December 28, 2024 |  | Cost |  | Holding Gains |  | Holding Losses |  | Value
Available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Level 1 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 5,930
Level 2 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate and municipal bonds | ​ | $ | 171,258 | ​ | $ | 2,525 | ​ | $ | (6,583) | ​ | ​ | 167,201
Commercial paper | ​ | ​ | 18,671 | ​ | ​ | 169 | ​ | ​ | — | ​ | ​ | 18,840
Total | ​ | $ | 189,930 | ​ | $ | 2,695 | ​ | $ | (6,583) | ​ | $ | 191,971
Maturities of marketable securities classified as available-for-sale at June 28, 2025, were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Fair
(amounts in thousands) |  | Cost |  | Value
Available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​
Due within one year | ​ | $ | 11,642 | ​ | $ | 11,581
Due after one year through five years | ​ | ​ | 51,372 | ​ | ​ | 49,622
Due after five years through ten years | ​ | ​ | 11,153 | ​ | ​ | 10,488
Due after ten years | ​ | ​ | 51,258 | ​ | ​ | 48,283
Total | ​ | $ | 125,425 | ​ | $ | 119,974
​ ​ SERP Investments The Company also maintains a non-qualified supplemental executive retirement plan for certain of its employees which allows them to defer income to future periods. Participants in the plans earn a return on their deferrals based on mutual fund investments. The Company chooses to invest in the underlying mutual fund investments to offset the liability associated with the non-qualified deferred compensation plans. Such investments are reported on the Company’s Condensed Consolidated Balance Sheets as “SERP investment,” are classified as trading securities and are measured at fair value using Level 1 inputs with gains and losses included in “Investment income (loss) and interest expense” on the Company’s Condensed Consolidated Statements of Income. The Company recognized investment income of $2.2 million and investment income of $407 thousand in the thirteen weeks ended June 28, 2025 and June 29, 2024, respectively. The Company recognized investment income of $1.8 million in the first twenty-six weeks of 2025 and 2024. The changes in the underlying liability to the employees are recorded in “Other income (expense).”

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