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Investments | 6 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Short-term investments consisted of the following (in millions of U.S. Dollars):
|  | December 31, 2023
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Credit Loss Allowance |  | Estimated Fair Value
U.S. treasury securities |  | $888.5 |  |  | $1.3 |  |  | ($0.4) |  |  | $— |  |  | $889.4 |
Corporate bonds |  | 478.7 |  |  | 1.0 |  |  | (9.3) |  |  | — |  |  | 470.4 |
Municipal bonds |  | 137.9 |  |  | 0.2 |  |  | (2.5) |  |  | — |  |  | 135.6 |
Commercial paper |  | 90.1 |  |  | — |  |  | — |  |  | — |  |  | 90.1 |
Certificates of deposit |  | 60.1 |  |  | — |  |  | — |  |  | — |  |  | 60.1 |
U.S. agency securities |  | 58.5 |  |  | — |  |  | (0.1) |  |  | — |  |  | 58.4 |
Variable rate demand notes |  | 27.3 |  |  | — |  |  | — |  |  | — |  |  | 27.3 |
Total short-term investments |  | $1,741.1 |  |  | $2.5 |  |  | ($12.3) |  |  | $— |  |  | $1,731.3 |
|  | June 25, 2023
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Credit Loss Allowance |  | Estimated Fair Value
Corporate bonds |  | $512.3 |  |  | $— |  |  | ($16.7) |  |  | $— |  |  | $495.6 |
U.S. treasury securities |  | 261.8 |  |  | — |  |  | (1.4) |  |  | — |  |  | 260.4 |
Municipal bonds |  | 179.7 |  |  | — |  |  | (4.4) |  |  | — |  |  | 175.3 |
Certificates of deposit |  | 112.3 |  |  | — |  |  | — |  |  | — |  |  | 112.3 |
U.S. agency securities |  | 77.0 |  |  | — |  |  | (0.2) |  |  | — |  |  | 76.8 |
Commercial paper |  | 50.2 |  |  | — |  |  | — |  |  | — |  |  | 50.2 |
Variable rate demand notes |  | 27.3 |  |  | — |  |  | — |  |  | — |  |  | 27.3 |
Total short-term investments |  | $1,220.6 |  |  | $— |  |  | ($22.7) |  |  | $— |  |  | $1,197.9 |
All short-term investments are classified as available-for-sale. The following tables present 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 (in millions of U.S. Dollars):
|  | December 31, 2023
|  | Less than 12 Months |  | Greater than 12 Months |  | Total
|  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Corporate bonds |  | $47.6 |  |  | ($0.1) |  |  | $280.8 |  |  | ($9.2) |  |  | $328.4 |  |  | ($9.3) |
U.S. treasury securities |  | 119.1 |  |  | (0.1) |  |  | 19.6 |  |  | (0.3) |  |  | 138.7 |  |  | (0.4) |
Municipal bonds |  | 17.1 |  |  | (0.1) |  |  | 84.0 |  |  | (2.5) |  |  | 101.1 |  |  | (2.6) |
U.S. agency securities |  | 58.5 |  |  | — |  |  | — |  |  | — |  |  | 58.5 |  |  | — |
Total |  | $242.3 |  |  | ($0.3) |  |  | $384.4 |  |  | ($12.0) |  |  | $626.7 |  |  | ($12.3) |
Number of securities with an unrealized loss |  |  |  | 43 |  |  |  |  | 192 |  |  |  |  | 235 |
|  | June 25, 2023
|  | Less than 12 Months |  | Greater than 12 Months |  | Total
|  | 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) |
U.S. treasury securities |  | 229.3 |  |  | (0.5) |  |  | 31.1 |  |  | (0.9) |  |  | 260.4 |  |  | (1.4) |
Municipal bonds |  | 61.4 |  |  | (0.4) |  |  | 105.9 |  |  | (4.0) |  |  | 167.3 |  |  | (4.4) |
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 |
Additionally, the Company held cash equivalent securities in unrealized loss positions as of June 25, 2023. As of June 25, 2023, the Company held two cash equivalent securities in unrealized loss positions with an aggregate fair value of $18.5 million and an aggregate unrealized loss of less than $0.1 million. All cash equivalents in unrealized loss positions as of June 25, 2023 had been in unrealized loss positions for less than 12 months. The Company did not hold cash equivalent securities in an unrealized loss position as of December 31, 2023. 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 $14.2 million and $10.1 million as of December 31, 2023 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 during the three and six months ended December 31, 2023 and December 25, 2022. The Company utilizes specific identification in computing realized gains and losses on the sale of investments. Realized gains and losses are included in non-operating expense (income), net in the consolidated statements of operations. Unrealized gains and losses are included as a separate component of equity, net of tax, unless the Company determines there is an expected credit loss. 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 December 31, 2023 until the investments fully recover in market value. No allowance for credit losses was recorded as of December 31, 2023. The contractual maturities of short-term investments as of December 31, 2023 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
U.S. treasury securities |  | $780.6 |  |  | $108.8 |  |  | $— |  |  | $— |  |  | $889.4 |
Corporate bonds |  | 214.1 |  |  | 256.3 |  |  | — |  |  | — |  |  | 470.4 |
Municipal bonds |  | 57.8 |  |  | 75.4 |  |  | — |  |  | 2.4 |  |  | 135.6 |
Commercial paper |  | 90.1 |  |  | — |  |  | — |  |  | — |  |  | 90.1 |
Certificates of deposit |  | 60.1 |  |  | — |  |  | — |  |  | — |  |  | 60.1 |
U.S. agency securities |  | 58.4 |  |  | — |  |  | — |  |  | — |  |  | 58.4 |
Variable rate demand notes |  | — |  |  | — |  |  | 10.7 |  |  | 16.6 |  |  | 27.3 |
Total short-term investments |  | $1,261.1 |  |  | $440.5 |  |  | $10.7 |  |  | $19.0 |  |  | $1,731.3 |

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