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 30, 2024
(in millions of U.S. Dollars)	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Credit Loss Allowance	Estimated Fair Value
Corporate bonds	$423.5	$0.2	($6.7)	$—	$417.0
U.S. treasury securities	553.3	—	(0.6)	—	552.7
Municipal bonds	102.8	—	(2.0)	—	100.8
Certificates of deposit	31.5	—	—	—	31.5
U.S. agency securities	10.0	—	—	—	10.0

Commercial paper	16.7	—	—	—	16.7


Total short-term investments	$1,137.8	$0.2	($9.3)	$—	$1,128.7

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 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)
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


	June 25, 2023
(in millions of U.S. Dollars)	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Credit Loss Allowance	Estimated Fair Value
Corporate bonds	$512.3	$—	($16.7)	$—	$495.6
Municipal bonds	179.7	—	(4.4)	—	175.3
Variable rate demand notes	27.3	—	—	—	27.3
U.S. treasury securities	261.8	—	(1.4)	—	260.4
U.S. agency securities	77.0	—	(0.2)	—	76.8
Commercial paper	50.2	—	—	—	50.2
Certificates of deposit	112.3	—	—	—	112.3


Total short-term investments	1,220.6	—	(22.7)	—	1,197.9


	June 25, 2023
	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	$151.5	($0.5)	$324.1	($16.2)	$475.6	($16.7)
Municipal bonds	61.4	(0.4)	105.9	(4.0)	167.3	(4.4)
U.S. treasury securities	229.3	(0.5)	31.1	(0.9)	260.4	(1.4)
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

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 $11.6 million and $10.1 million as of June 30, 2024 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 for the years ended June 30, 2024 and June 25, 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 June 30, 2024 until the investments fully recover in market value. No allowance for credit losses was recorded as of June 30, 2024 and June 25, 2023.


(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	$262.0	$155.0	$—	$—	$417.0
U.S. treasury securities	538.0	14.7	—	—	552.7
Municipal bonds	43.3	55.1	—	2.4	100.8
Certificates of deposit	31.5	—	—	—	31.5
U.S. agency securities	10.0	—	—	—	10.0

Commercial paper	16.7	—	—	—	16.7


Total short-term investments	$901.5	$224.8	$—	$2.4	$1,128.7