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Cash, cash equivalents and short-term investments
 12 Months Ended
Jun. 28, 2024
Cash and Cash Equivalents [Abstract]  
Cash, cash equivalents and short-term investments Cash, cash equivalents and short-term investments
The Company’s cash, cash equivalents, and short-term investments by category is as follows:
Fair Value
(in thousands)Carrying
Cost		Unrealized
Gain/
(Loss)		Cash and
Cash
Equivalents		Marketable
Securities		Other
Investments
As of June 28, 2024
Cash$409,938 $— $409,938 $— $— 
Cash equivalents35 — 35 — — 
Certificates of deposit and time deposits134,288 (5)— 134,283 — 
Corporate debt securities137,695 (932)— 136,763 — 
U.S. agency and U.S. Treasury securities177,824 (240)— 177,584 — 
Total$859,780 $(1,177)$409,973 $448,630 $— 
As of June 30, 2023
Cash$230,967 $— $230,967 $— $— 
Cash equivalents401 — 401 — — 
Liquidity funds41,104 — — — 41,104 
Certificate of deposits64,278 329 — 64,607 — 
Corporate debt securities161,453 (3,375)— 158,078 — 
U.S. agency and U.S. Treasury securities55,542 (231)— 55,311 — 
Total$553,745 $(3,277)$231,368 $277,996 $41,104 
The cash equivalents include short-term bank deposits, investments in money market funds, and marketable securities with maturities of three months or less at the date of purchase. The effective interest rate on short term bank deposits was 4.4% and 2.4% per annum for the years ended June 28, 2024 and June 30, 2023, respectively.
As of June 28, 2024, the Company had investments in certificates of deposit of $83.8 million and term deposit of $50.5 million which were classified as available-for-sale debt securities. As of June 30, 2023, the Company had investments in certificates of deposit of $44.6 million and term deposit of $20.0 million.
As of June 28, 2024 and June 30, 2023, 74% and 69%, respectively, of our cash and cash equivalents were held by the Parent Company.
The following table summarizes the cost and estimated fair value of short-term investments classified as available-for-sale securities based on stated effective maturities as of June 28, 2024 and June 30, 2023:
June 28, 2024June 30, 2023
(in thousands)Carrying
Cost		Fair ValueCarrying
Cost		Fair Value
Due within one year$110,671 $110,669 $172,992 $173,137 
Due between one to five years339,136 337,961 149,385 145,963 
Total$449,807 $448,630 $322,377 $319,100 
During the year ended June 28, 2024, the Company recognized a de minimis gain from sales of available-for-sale debt securities in interest income in the consolidated statements of operations and comprehensive income. During the year ended June 30, 2023, the Company recognized a realized loss of $0.1 million from sales of available-for-sale debt securities in interest income in the consolidated statements of operations and comprehensive income.
As of June 28, 2024 and June 30, 2023, the Company considered the decline in market value of its available-for-sale debt securities by using the AFS debt security impairment model. The Company typically invests in highly-rated securities, and its investment policy generally limits the amount of credit exposure to any one issuer. The policy requires investments generally to be investment grade, with the primary objective of minimizing the potential risk of principal loss. Fair values were determined for each individual security in the investment portfolio. The Company assessed impairment at the individual security level according to the relevant accounting standard by comparing its fair value/market value with its amortized cost. The Company considered factors such as the failure of the issuer of the security to make scheduled interest and principal payments and any changes to the credit rating of the security by a rating agency. The credit rating of the Company's invested securities are still in compliance with the Company's investment policy. No impairment losses on available-for-sale debt securities were recorded for the year ended June 28, 2024 and June 30, 2023.