MARKETABLE SECURITIES (Tables)

6 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

The amortized cost and fair value of marketable securities as of the dates indicated below were as follows:


As of December 31, 2021 (In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate debt securities	$	481,191	$	95	$	(1,312)	$	479,974
Money market funds and other	776,782		—		—		776,782

Municipal securities	67,501		14		(247)		67,268
Sovereign securities	5,036		5		(10)		5,031
U.S. Government agency securities	121,255		58		(224)		121,089
U.S. Treasury securities	295,590		4		(1,214)		294,380
Equity securities(1)	3,211		17,822		—		21,033

Subtotal	1,750,566		17,998		(3,007)		1,765,557
Add: Time deposits(2)	261,942		—		—		261,942
Less: Cash equivalents	874,095		—		—		874,095
Marketable securities	$	1,138,413	$	17,998	$	(3,007)	$	1,153,404


As of June 30, 2021 (In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate debt securities	$	468,192	$	689	$	(135)	$	468,746
Money market funds and other	691,375		—		—		691,375
Municipal securities	70,155		106		(33)		70,228
Sovereign securities	3,045		7		—		3,052
U.S. Government agency securities	145,810		160		(49)		145,921
U.S. Treasury securities	233,052		129		(117)		233,064
Equity securities(1)	3,211		26,719		—		29,930

Subtotal	1,614,840		27,810		(334)		1,642,316
Add: Time deposits(2)	210,636		—		—		210,636
Less: Cash equivalents	793,040		—		—		793,040
Marketable securities	$	1,032,436	$	27,810	$	(334)	$	1,059,912

________________

(1) Unrealized gains on equity securities included in our portfolio include the initial fair value adjustment recorded upon a security becoming marketable.

(2) Time deposits excluded from fair value measurements.

Schedule of Investments with Gross Unrealized Losses

The following table summarizes the fair value and gross unrealized losses of our investments that were in an unrealized loss position as of the date indicated below, none of which were in a continuous loss position for 12 months or more:


As of December 31, 2021 (In thousands)	Fair Value		Gross Unrealized Losses
Corporate debt securities	$	383,964	$	(1,312)
Sovereign securities	1,993		(10)
Municipal securities	60,649		(247)
U.S. Government agency securities	66,225		(224)
U.S. Treasury securities	278,686		(1,214)
Total	$	791,517	$	(3,007)


As of June 30, 2021 (In thousands)	Fair Value		Gross Unrealized Losses
Corporate debt securities	$	161,012	$	(135)

Municipal securities	21,605		(33)
U.S. Government agency securities	38,904		(49)
U.S. Treasury securities	117,761		(117)
Total	$	339,282	$	(334)

Schedule of Contractual Maturities of Securities

The contractual maturities of securities classified as available-for-sale, regardless of their classification on our Condensed Consolidated Balance Sheets, as of the date indicated below were as follows:


As of December 31, 2021 (In thousands)	Amortized Cost		Fair Value
Due within one year	$	519,562	$	537,300
Due after one year through three years	618,851		616,104
Total	$	1,138,413	$	1,153,404