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v3.25.1

Investments | 9 Months Ended
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Mar. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments
(in millions of U.S. Dollars) |  | March 30, 2025
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Credit Loss Allowance |  | Estimated Fair Value
U.S. treasury securities |  | $224.7 |  |  | $0.1 |  |  | $— |  |  | $— |  |  | $224.8 |
Corporate bonds |  | 263.7 |  |  | 0.4 |  |  | (2.0) |  |  | — |  |  | 262.1 |
Municipal bonds |  | 93.1 |  |  | 0.1 |  |  | (0.7) |  |  | — |  |  | 92.5 |
Certificates of deposit |  | 17.0 |  |  | — |  |  | — |  |  | — |  |  | 17.0 |
Commercial paper |  | 3.0 |  |  | — |  |  | — |  |  | — |  |  | 3.0 |
Total short-term investments |  | $601.5 |  |  | $0.6 |  |  | ($2.7) |  |  | $— |  |  | $599.4 |
|  | 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 |
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):
|  | March 30, 2025
|  | Less than 12 Months |  | Greater than 12 Months |  | Total
|  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Corporate bonds |  | $82.5 |  |  | ($0.6) |  |  | $48.1 |  |  | ($1.4) |  |  | $130.6 |  |  | ($2.0) |
U.S. treasury securities |  | 37.9 |  |  | — |  |  | — |  |  | — |  |  | 37.9 |  |  | — |
Municipal bonds |  | 32.3 |  |  | (0.2) |  |  | 23.2 |  |  | (0.5) |  |  | 55.5 |  |  | (0.7) |
Total |  | $152.7 |  |  | ($0.8) |  |  | $71.3 |  |  | ($1.9) |  |  | $224.0 |  |  | ($2.7) |
Number of securities with an unrealized loss |  |  |  | 55 |  |  |  |  | 31 |  |  |  |  | 86 |
|  | June 30, 2024
|  | Less than 12 Months |  | Greater than 12 Months |  | Total
|  | 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 |
Additionally, the Company held four cash equivalent securities with an aggregate fair value of $23 million in unrealized loss positions as of March 30, 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 $9.0 million and $11.6 million as of March 30, 2025 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 nine months ended March 30, 2025 and March 31, 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 March 30, 2025 until the investments fully recover in market value. No allowance for credit losses was recorded as of March 30, 2025. The contractual maturities of short-term investments as of March 30, 2025 were as follows:
(in millions of U.S. Dollars) |  | Within One Year |  | After One, Within Five Years |  |  |  | After Ten Years |  | Total
U.S. treasury securities |  | $210.0 |  |  | $14.8 |  |  |  |  | $— |  |  | $224.8 |
Corporate bonds |  | 190.2 |  |  | 71.9 |  |  |  |  | — |  |  | 262.1 |
Municipal bonds |  | 54.8 |  |  | 35.3 |  |  |  |  | 2.4 |  |  | 92.5 |
Certificates of deposit |  | 17.0 |  |  | — |  |  |  |  | — |  |  | 17.0 |
Commercial paper |  | 3.0 |  |  | — |  |  |  |  | — |  |  | 3.0 |
Total short-term investments |  | $475.0 |  |  | $122.0 |  |  |  |  | $2.4 |  |  | $599.4 |

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