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Fair Value Measurements
12 Months Ended
Dec. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements
5.
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
 December 30, 2023
Level 1
Level 2
Level 3
Assets:
Money market funds$117,652 $— $— 
Restricted cash, current (Note 2)1,000 — — 
Restricted cash, non-current (Note 2)1,766 — — 
Derivative instruments (Note 10)
— 3,999 — 
Total assets measured at fair value$120,418 $3,999 $— 
Liabilities:
Term loan (unpaid principal of $200,000) (Note 9)
$— $— $201,501 
Derivative instruments (Note 10)
— 7,643 — 
Total liabilities measured at fair value$— $7,643 $201,501 
Fair Value Measurements as of
 December 31, 2022
Level 1
Level 2
Level 3
Assets:
Money market funds$79,005 $— $— 
Derivative instruments (Note 10)
— 5,619 — 
Total assets measured at fair value$79,005 $5,619 $— 
Liabilities:
Derivative instruments (Note 10)
$— $13,793 $— 
Total liabilities measured at fair value$— $13,793 $— 

The following table provides a summary of changes in fair value of our Level 3 instrument for twelve months ended December 30, 2023 (in thousands):
Balance at December 31, 2022$— 
Term loan (Note 9)
200,000 
Change in fair value1,501 
Balance at December 30, 2023$201,501 
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 December 30, 2023 has been determined based on a discounted cash flow model, which represents Level 3 measurements. Estimates of the fair value are highly subjective and require judgements 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.
Fair Value Measurements - Nonrecurring Basis
The Company measures the fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. During fiscal 2023 and 2022, in connection with the long-lived assets impairment analysis, certain intangible assets, right-of-use assets and property and equipment were measured and written down to fair value on a nonrecurring basis as a result of impairment. The fair value measurements were determined using a discounted cash flow method with unobservable inputs and were classified within Level 3 of the fair value hierarchy. In fiscal 2023, the Company recognized impairment charges of $4.9 million, $3.0 million and $1.0 million, respectively, related to intangible assets, right-of-use assets and property and equipment on its consolidated statement of operations. The fair value of the remaining intangible assets, right-of-use assets and property and equipment at the time of impairment was zero, $1.5 million and zero, respectively. In fiscal 2022, the Company recognized impairment charges of $11.1 million, $2.3 million and $1.1 million, respectively, related to intangible assets, right-of-use assets and property and equipment on its consolidated statement of operations. The fair value of the remaining intangible assets, right-of-use assets and property and equipment at the time of impairment were $5.5 million, $1.6 million and $0.6 million, respectively. See Note 2, Summary of Significant Accounting Policies, and Note 7, Goodwill and Other Intangible Assets, for additional information.
The Company's non-marketable equity securities are investments in privately held companies without readily determinable fair values and the carrying value of these non-marketable equity securities are remeasured to fair value based on price changes from observable transactions of identical or similar securities of the same issuer or for impairment. During both fiscal 2023 and 2022, the Company recorded impairment charges of $3.9 million related to investments in non-marketable equity securities and is recorded in other (expense) income, net on the consolidated statement of operations. See Note 2 to the consolidated financial statements, Summary of Significant Accounting Policies, for additional information.