Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASURES

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FAIR VALUE MEASURES
 3 Months Ended
Mar. 30, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASURES FAIR VALUE MEASURES
The Company measures at fair value certain of its financial and non-financial assets and liabilities by using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price, based on the highest and best use of the asset or liability. The levels of the fair value hierarchy are:
•Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date.
•Level 2 inputs are from other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.
•Level 3 inputs are unobservable and are used to measure fair value in situations where there is little, if any, market activity for the asset or liability at the measurement date.
NOTE B – FAIR VALUE MEASURES - CONTINUED
As of March 30, 2024, and December 30, 2023, the following financial assets and liabilities were measured at fair value on a recurring basis using the type of inputs shown:
March 30,
2024		 Fair Value Measurements Using
Inputs
Level 1 Level 2 Level 3
Money market funds included in cash equivalents $ 256,787  $ 256,787  $ —  $ — 
Foreign currency contracts included in other current liabilities (12) —  (12) — 
Net investment hedge included in prepaid expenses and other current assets 1,247  —  1,247  — 
Deferred compensation liabilities included in other long-term liabilities (3,908) —  (3,908) — 
December 30,
2023		 Fair Value Measurements Using
Inputs
Level 1 Level 2 Level 3
Money market funds included in cash equivalents $ 258,319  $ 258,319  $ —  $ — 
Foreign currency contracts included in other current liabilities (62) —  (62) — 
Deferred compensation liabilities included in other long-term liabilities (3,137) —  (3,137) — 
There were no transfers of financial assets or liabilities between levels of the fair value hierarchy for the periods indicated.
The majority of the Company’s non-financial assets, which include long-lived assets, are not required to be carried at fair value on a recurring basis. However, if an impairment charge is required, a non-financial asset would be written down to fair value. As of March 30, 2024 and December 30, 2023, there were no non-financial assets measured at fair value on a non-recurring basis.
As of March 30, 2024 and December 30, 2023, the Company’s financial instruments include cash equivalents and restricted cash. The recorded values of cash equivalents and restricted cash approximate their fair values, based on their short-term nature.