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Fair Value Measurements

6 Months Ended

Mar. 30, 2024

3. Fair Value Measurements

The carrying values of the Company’s financial instruments, including accounts receivable and accounts payable, approximate their fair values due to the short period of time to maturity or repayment. The Company utilizes the following fair value hierarchy to establish priorities of the inputs used to measure fair value:

•Level 1: Quoted prices in active markets for identical assets or liabilities.

•Level 2: Observable inputs other than quoted market prices included in Level 1, such as quoted prices for similar assets or liabilities in markets that are not active; or other inputs that observable or can be corroborated by observable market data.

The following table summarizes fair value measurements by level for the assets measured at fair value on a recurring basis as of March 30, 2024 and September 30, 2023:


	March 30, 2024
	Level 1		Level 2		Level 3		Total
(In thousands)
Assets:
Cash equivalents:
Money market funds	$	83,396	$	—	$	—	$	83,396
U.S. Treasury securities	—		4,747		—		4,747
Total cash equivalents	83,396		4,747				88,143
Marketable Securities:
U.S. Treasury securities	—		45,598		—		45,598
Total marketable securities	—		45,598		—		45,598
Total assets	$	83,396	$	50,345	$	—	$	133,741


	September 30, 2023
	Level 1		Level 2		Level 3		Total
(In thousands)
Assets:
Cash equivalents:
Money market funds	$	51,522	$	—	$	—	$	51,522
Total Assets	$	51,522	$	—	$	—	$	51,522

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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