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Fair Value Measurements
 9 Months Ended
Sep. 27, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair Value Measurements - Recurring Basis
The Company's financial assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):
 
Fair Value Measurements as of
September 27, 2025
Level 1
Level 2
Level 3
Assets:
Money market funds$20,152 $— $— 
Restricted cash (Note 2)
5,000 — — 
Restricted cash, non-current (Note 2)1,985 — — 
Total assets measured at fair value$27,137 $— $— 
Liabilities:
Term loan (unpaid principal of $182,541) (Note 9)
$— $— $205,292 
Total liabilities measured at fair value$— $— $205,292 
 
Fair Value Measurements as of
 December 28, 2024
 Level 1
Level 2
Level 3
Assets:
Money market funds$59,717 $— $— 
Restricted cash, current1,259 — — 
Restricted cash, non-current (Note 2)2,389 — — 
Derivative instruments (Note 10)
— 438 — 
Total assets measured at fair value$63,365 $438 $— 
Liabilities:
Term loan (unpaid principal of $179,447 ) (Note 9)
$— $— $200,604 
Total liabilities measured at fair value$— $— $200,604 
The following table provides a summary of changes in fair value of our Level 3 instrument for the nine months ended September 27, 2025 (in thousands):
Balance as of December 28, 2024
$200,604 
Repayment(4,000)
Change in fair value8,688 
Balance as of September 27, 2025
$205,292 
As discussed further in Note 9 to the consolidated financial statements, the Company elected to recognize the Term Loan under the fair value option. The fair value of the Term Loan as of September 27, 2025 has been determined based on a discounted cash flow model, which represents Level 3 measurements. Fair value estimates using probability-weighted scenarios which include assumptions that are highly subjective and require judgments regarding significant matters, such as the amount and timing of future cash flows, expected interest rate volatility and the discount rate. The use of different assumptions could have a material effect on the fair value estimates.