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Investments | 12 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Investments consist of municipal bonds, corporate bonds, U.S. agency securities, commercial paper and certificates of deposit. All short-term investments are classified as available-for-sale. Other long-term investments consist of the MACOM Shares. Short-term investments as of June 30, 2024 consist of the following:
| June 30, 2024
(in millions of U.S. Dollars) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Credit Loss Allowance |  | Estimated Fair Value
Corporate bonds | $423.5 |  |  | $0.2 |  |  | ($6.7) |  |  | $— |  |  | $417.0 |
U.S. treasury securities | 553.3 |  |  | — |  |  | (0.6) |  |  | — |  |  | 552.7 |
Municipal bonds | 102.8 |  |  | — |  |  | (2.0) |  |  | — |  |  | 100.8 |
Certificates of deposit | 31.5 |  |  | — |  |  | — |  |  | — |  |  | 31.5 |
U.S. agency securities | 10.0 |  |  | — |  |  | — |  |  | — |  |  | 10.0 |
Commercial paper | 16.7 |  |  | — |  |  | — |  |  | — |  |  | 16.7 |
Total short-term investments | $1,137.8 |  |  | $0.2 |  |  | ($9.3) |  |  | $— |  |  | $1,128.7 |
The following table presents the gross unrealized losses and estimated fair value of the Company’s short-term investments, aggregated by investment type and the length of time that individual securities have been in a continuous unrealized loss position:
| June 30, 2024
| Less than 12 Months |  | Greater than 12 Months |  | Total
(in millions of U.S. Dollars) | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Corporate bonds | $135.2 |  |  | ($0.2) |  |  | $183.4 |  |  | ($6.5) |  |  | $318.6 |  |  | ($6.7) |
U.S. treasury securities | 507.4 |  |  | (0.4) |  |  | 35.9 |  |  | (0.2) |  |  | 543.3 |  |  | (0.6) |
Municipal bonds | 9.0 |  |  | — |  |  | 74.3 |  |  | (2.0) |  |  | 83.3 |  |  | (2.0) |
U.S. agency securities | 14.9 |  |  | — |  |  | 10.0 |  |  | — |  |  | 24.9 |  |  | — |
Total | $666.5 |  |  | ($0.6) |  |  | $303.6 |  |  | ($8.7) |  |  | $970.1 |  |  | ($9.3) |
Number of securities with an unrealized loss |  |  | 141 |  |  |  |  | 66 |  |  |  |  | 207 |
Short-term investments as of June 25, 2023 consist of the following:
| June 25, 2023
(in millions of U.S. Dollars) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Credit Loss Allowance |  | Estimated Fair Value
Corporate bonds | $512.3 |  |  | $— |  |  | ($16.7) |  |  | $— |  |  | $495.6 |
Municipal bonds | 179.7 |  |  | — |  |  | (4.4) |  |  | — |  |  | 175.3 |
Variable rate demand notes | 27.3 |  |  | — |  |  | — |  |  | — |  |  | 27.3 |
U.S. treasury securities | 261.8 |  |  | — |  |  | (1.4) |  |  | — |  |  | 260.4 |
U.S. agency securities | 77.0 |  |  | — |  |  | (0.2) |  |  | — |  |  | 76.8 |
Commercial paper | 50.2 |  |  | — |  |  | — |  |  | — |  |  | 50.2 |
Certificates of deposit | 112.3 |  |  | — |  |  | — |  |  | — |  |  | 112.3 |
Total short-term investments | 1,220.6 |  |  | — |  |  | (22.7) |  |  | — |  |  | 1,197.9 |
The following table presents the gross unrealized losses and estimated fair value of the Company’s short-term investments, aggregated by investment type and the length of time that individual securities have been in a continuous unrealized loss position:
| June 25, 2023
| Less than 12 Months |  | Greater than 12 Months |  | Total
(in millions of U.S. Dollars) | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Corporate bonds | $151.5 |  |  | ($0.5) |  |  | $324.1 |  |  | ($16.2) |  |  | $475.6 |  |  | ($16.7) |
Municipal bonds | 61.4 |  |  | (0.4) |  |  | 105.9 |  |  | (4.0) |  |  | 167.3 |  |  | (4.4) |
U.S. treasury securities | 229.3 |  |  | (0.5) |  |  | 31.1 |  |  | (0.9) |  |  | 260.4 |  |  | (1.4) |
U.S. agency securities | 74.8 |  |  | (0.2) |  |  | 2.0 |  |  | — |  |  | 76.8 |  |  | (0.2) |
Commercial paper | 3.9 |  |  | — |  |  | — |  |  | — |  |  | 3.9 |  |  | — |
Total | $520.9 |  |  | ($1.6) |  |  | $463.1 |  |  | ($21.1) |  |  | $984.0 |  |  | ($22.7) |
Number of securities with an unrealized loss |  |  | 95 |  |  |  |  | 234 |  |  |  |  | 329 |
The Company does not include accrued interest in estimated fair values of short-term investments and does not record an allowance for credit losses on receivables related to accrued interest. Accrued interest receivable was $11.6 million and $10.1 million as of June 30, 2024 and June 25, 2023, respectively, and is recorded in other current assets on the consolidated balance sheets. When necessary, write-offs of noncollectable interest income are recorded as a reversal to interest income. There were no write-offs of noncollectable interest income for the years ended June 30, 2024 and June 25, 2023. The Company evaluates its investments for expected credit losses. The Company believes it is able to and intends to hold each of the investments held with an unrealized loss as of June 30, 2024 until the investments fully recover in market value. No allowance for credit losses was recorded as of June 30, 2024 and June 25, 2023. The contractual maturities of short-term investments at June 30, 2024 were as follows:
(in millions of U.S. Dollars) | Within One Year |  | After One, Within Five Years |  | After Five, Within Ten Years |  | After Ten Years |  | Total
Corporate bonds | $262.0 |  |  | $155.0 |  |  | $— |  |  | $— |  |  | $417.0 |
U.S. treasury securities | 538.0 |  |  | 14.7 |  |  | — |  |  | — |  |  | 552.7 |
Municipal bonds | 43.3 |  |  | 55.1 |  |  | — |  |  | 2.4 |  |  | 100.8 |
Certificates of deposit | 31.5 |  |  | — |  |  | — |  |  | — |  |  | 31.5 |
U.S. agency securities | 10.0 |  |  | — |  |  | — |  |  | — |  |  | 10.0 |
Commercial paper | 16.7 |  |  | — |  |  | — |  |  | — |  |  | 16.7 |
Total short-term investments | $901.5 |  |  | $224.8 |  |  | $— |  |  | $2.4 |  |  | $1,128.7 |

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