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Sales of Receivables | 12 Months Ended
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Jun. 30, 2025
Transfers and Servicing of Financial Assets [Abstract] |
Sales of Receivables | Sales of Receivables On December 20, 2024, the Company amended its Master Accounts Receivable Purchase Agreement (MARPA) with MUFG Bank, Ltd. (Purchaser), for the sale of certain designated eligible U.S. government receivables. The amendment extended the term of the MARPA to December 19, 2025. Under the MARPA, the Company can sell eligible receivables, including certain billed and unbilled receivables up to a maximum amount of $300.0 million. The Company’s receivables are sold under the MARPA without recourse for any U.S. government credit risk. The Company accounts for receivable transfers under the MARPA as sales under ASC 860, Transfers and Servicing, and derecognizes the sold receivables from its balance sheets. The fair value of the sold receivables approximated their book value due to their short-term nature. The Company does not retain an ongoing financial interest in the transferred receivables other than cash collection and administrative services. The Company estimated that its servicing fee was at fair value, and therefore, no servicing asset or liability related to these receivables was recognized as of June 30, 2025. Proceeds from the sold receivables are reflected within operating activities on the consolidated statements of cash flows. MARPA activity consisted of the following (dollars in thousands):
| As of and for the Year Ended June 30,
| 2025 |  | 2024
Beginning balance | $ | 250,000 |  |  | $ | 200,000 |
Sales of receivables | 3,902,102 |  |  | 3,471,335 |
Cash collections | (3,863,193) |  |  | (3,421,335) |
Outstanding balance sold to Purchaser (1) | 288,909 |  |  | 250,000 |
Cash collected, not remitted to Purchaser (2) | (96,391) |  |  | (110,750) |
Remaining sold receivables | $ | 192,518 |  |  | $ | 139,250 |
______________________ (1)During fiscal 2025 and 2024, the Company recorded a net cash inflow from operating activities of $38.9 million and $50.0 million, respectively, from sold receivables. (2)Includes the cash collected on behalf of but not yet remitted to Purchaser as of June 30, 2025 and 2024. This balance is included in other accrued expenses and current liabilities on the consolidated balance sheets.

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- Definition The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI 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