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Sales of Receivables | 9 Months Ended
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Mar. 31, 2026
Transfers and Servicing of Financial Assets [Abstract] |
Sales of Receivables | Sales of Receivables On December 19, 2025, 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 18, 2026. Under the MARPA, the Company can sell eligible receivables, including certain billed and unbilled receivables up to a maximum amount of $350.0 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 consolidated 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 March 31, 2026. Proceeds from the sold receivables are reflected within operating activities on the condensed consolidated statements of cash flows. MARPA activity consisted of the following (in thousands):
|  | As of and for the Nine Months Ended March 31,
|  | 2026 |  | 2025
Beginning balance: |  | $ | 288,909 |  |  | $ | 250,000 |
Sales of receivables |  | 2,841,139 |  |  | 2,814,912 |
Cash collections |  | (2,895,121) |  |  | (2,764,912) |
Outstanding balance sold to Purchaser (1) |  | 234,927 |  |  | 300,000 |
Cash collected, not remitted to Purchaser (2) |  | (29,104) |  |  | (79,150) |
Remaining sold receivables |  | $ | 205,823 |  |  | $ | 220,850 |
__________________________________________________ (1)For the nine months ended March 31, 2026 and 2025, the Company recorded a net cash outflow of $54.0 million and a net cash inflow of $50.0 million from operating activities, respectively, from sold receivables. (2)This balance is included in other accrued expenses and current liabilities as of the balance sheet date.

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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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