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Investments

6 Months Ended

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

X

- References

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//320/tableOfContent

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-Topic 320
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Regulation S-K (SK)
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