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.


	June 29, 2025
(in millions of U.S. Dollars)	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Credit Loss Allowance	Estimated Fair Value
Corporate bonds	$196.8	$0.3	($1.5)	$—	$195.6
U.S. treasury securities	192.0	0.1	—	—	192.1
Municipal bonds	79.5	0.2	(0.5)	—	79.2
Certificates of deposit	5.0	—	—	—	5.0


Commercial paper	16.3	—	—	—	16.3


Total short-term investments	$489.6	$0.6	($2.0)	$—	$488.2

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 29, 2025
	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	$28.7	$—	$65.2	($1.5)	$93.9	($1.5)
U.S. treasury securities	90.6	—	—	—	90.6	—
Municipal bonds	6.2	—	41.3	(0.5)	47.5	(0.5)



Total	$125.5	$—	$106.5	($2.0)	$232.0	($2.0)
Number of securities with an unrealized loss		54		25		79


	June 30, 2024
(in millions of U.S. Dollars)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Credit Loss Allowance		Estimated Fair Value
U.S. treasury securities	$	553.3	$	—	$	(0.6)	$	—	$	552.7
Corporate bonds	423.5		0.2		(6.7)		—		417.0
Municipal bonds	102.8		—		(2.0)		—		100.8
Certificates of deposit	31.5		—		—		—		31.5
Commercial paper	16.7		—		—		—		16.7
U.S. agency securities	10.0		—		—		—		10.0
Total short-term investments	$	1,137.8	$	0.2	$	(9.3)	$	—	$	1,128.7


	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)
Municipal bonds	9.0	—	74.3	(2.0)	83.3	(2.0)
U.S. treasury securities	507.4	(0.4)	35.9	(0.2)	543.3	(0.6)
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

Additionally, the Company held 3 cash equivalent securities with an aggregate fair value of $19.8 million in unrealized loss positions as of June 29, 2025. The aggregate unrealized loss was less than $0.1 million.

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 $5.4 million and $11.6 million as of June 29, 2025 and June 30, 2024, respectively, and is recorded in other current assets on the consolidated balance sheets. When necessary, write-offs of noncollectible interest income are recorded as a reversal to interest income. There were no write-offs of noncollectible interest income for the years ended June 29, 2025 and June 30, 2024.

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 29, 2025 until the investments fully recover in market value. No allowance for credit losses was recorded as of June 29, 2025 and June 30, 2024.


(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	$137.0	$58.6	$—	$—	$195.6
U.S. treasury securities	176.4	15.7	—	—	192.1
Municipal bonds	53.0	23.8	—	2.4	79.2
Certificates of deposit	5.0	—	—	—	5.0


Commercial paper	16.3	—	—	—	16.3


Total short-term investments	$387.7	$98.1	$—	$2.4	$488.2