FAIR VALUE MEASUREMENT (Tables)

6 Months Ended

Jun. 29, 2025

Fair Value Measurements, Recurring and Nonrecurring

Our assets measured at fair value on a recurring basis consisted of the following:


	June 29, 2025
(in thousands)	Total fair value		Quoted prices in active markets for identical assets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)
Cash and cash equivalents	$	21,899	$	21,899	$	—	$	—
Restricted cash and cash equivalents	30,549		30,549		—		—
Cash, cash equivalents and restricted cash and cash equivalents (1)	$	52,448	$	52,448	$	—	$	—

Municipal debt securities	$	18,516	$	—	$	18,516	$	—
Corporate debt securities	55,341		—		55,341		—
Agency mortgage-backed securities	5,385		—		5,385		—
U.S. government and agency securities	982		—		982		—
Restricted investments classified as held-to-maturity (2)	$	80,224	$	—	$	80,224	$	—


	December 29, 2024
(in thousands)	Total fair value		Quoted prices in active markets for identical assets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)
Cash and cash equivalents	$	22,536	$	22,536	$	—	$	—
Restricted cash and cash equivalents	38,564		38,564		—		—
Cash, cash equivalents and restricted cash and cash equivalents (1)	$	61,100	$	61,100	$	—	$	—

Municipal debt securities	$	22,355	$	—	$	22,355	$	—
Corporate debt securities	63,512		—		63,512		—
Agency mortgage-backed securities	11,754		—		11,754		—
U.S. government and agency securities	971		—		971		—
Restricted investments classified as held-to-maturity (2)	$	98,592	$	—	$	98,592	$	—

(1)Cash, cash equivalents and restricted cash and cash equivalents include money market funds and deposits.

(2)Refer to Note 4: Restricted Cash, Cash Equivalents and Investments for additional details on our held-to-maturity debt securities.

Assets measured at fair value on a nonrecurring basis

In addition to assets that are recorded at fair value on a recurring basis, impairment tests may subject our reporting units with goodwill and other intangible assets to nonrecurring fair value measurement. We performed our annual impairment tests for goodwill and indefinite-lived intangible assets as of the first day of fiscal second quarter of 2025. Refer to Note 6: Goodwill and Intangible Assets for additional details on the impairment charges, valuation methodologies, and inputs used in the fair value measurements.

For our annual goodwill impairment test as of the first day of fiscal second quarter of 2025, the fair value of each reporting unit was estimated using an equal weighting of the income and market approaches. The various inputs to these fair value models are considered Level 3. As a result of the test, all of our reporting units with remaining goodwill had a fair value in excess of their respective carrying value.

For our annual indefinite-lived intangible asset impairment test as of the first day of fiscal second quarter of 2025, the fair value of our trademarks were estimated utilizing the relief from royalty method. The various inputs to this fair value model are considered Level 3. As a result of the test, our SMX trademark with a carrying value of $2.7 million was written down to its fair value, and an impairment charge of $0.2 million was recognized on our Consolidated Statements of Operations and Comprehensive Income (Loss) for the thirteen and twenty-six weeks ended June 29, 2025.