XML 26 R13.htm IDEA: XBRL DOCUMENT v3.24.4
Investments
 6 Months Ended
Dec. 29, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
(in millions of U.S. Dollars)
December 29, 2024
 Amortized CostGross Unrealized GainsGross Unrealized LossesCredit Loss AllowanceEstimated Fair Value
U.S. treasury securities$338.5 $0.4 ($0.1)$— $338.8 
Corporate bonds357.5 0.6 (3.1)— 355.0 
Municipal bonds85.9 0.1 (1.0)— 85.0 
Certificates of deposit12.0 — — — 12.0 
Total short-term investments$793.9 $1.1 ($4.2)$— $790.8 
 June 30, 2024
(in millions of U.S. Dollars)
Amortized CostGross Unrealized GainsGross Unrealized LossesCredit Loss AllowanceEstimated Fair Value
U.S. treasury securities$553.3 $— ($0.6)$— $552.7 
Corporate bonds423.5 0.2 (6.7)— 417.0 
Municipal bonds102.8 — (2.0)— 100.8 
Certificates of deposit31.5 — — — 31.5 
Commercial paper16.7 — — — 16.7 
U.S. agency securities10.0 — — — 10.0 
Total short-term investments$1,137.8 $0.2 ($9.3)$— $1,128.7 
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 29, 2024
Less than 12 MonthsGreater than 12 MonthsTotal
Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
Corporate bonds$100.1 ($0.6)$77.9 ($2.6)$178.0 ($3.2)
U.S. treasury securities26.0 (0.1)30.6 — 56.6 (0.1)
Municipal bonds33.8 (0.3)29.0 (0.7)62.8 (1.0)
Total$159.9 ($1.0)$137.5 ($3.3)$297.4 ($4.3)
Number of securities with an unrealized loss70 48 118 
June 30, 2024
Less than 12 MonthsGreater than 12 MonthsTotal
Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
Corporate bonds$135.2 ($0.2)$183.4 ($6.5)$318.6 ($6.7)
U.S. treasury securities507.4 (0.4)35.9 (0.2)543.3 (0.6)
Municipal bonds9.0 — 74.3 (2.0)83.3 (2.0)
U.S. agency securities14.9 — 10.0 — 24.9 — 
Total$666.5 ($0.6)$303.6 ($8.7)$970.1 ($9.3)
Number of securities with an unrealized loss141 66 207 
Additionally, the Company held six cash equivalent securities with an aggregate fair value of $14 million in unrealized loss positions as of December 29, 2024. 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 $9.9 million and $11.6 million as of December 29, 2024 and June 30, 2024, 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 29, 2024 and December 31, 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 December 29, 2024 until the investments fully recover in market value. No allowance for credit losses was recorded as of December 29, 2024.
The contractual maturities of short-term investments as of December 29, 2024 were as follows:
(in millions of U.S. Dollars)Within One YearAfter One, Within Five YearsAfter Ten YearsTotal
U.S. treasury securities$308.2 $30.6 $— $338.8 
Corporate bonds254.2 100.8 — 355.0 
Municipal bonds42.0 40.6 2.4 85.0 
Certificates of deposit12.0 — — 12.0 
Total short-term investments$616.4 $172.0 $2.4 $790.8