MARKETABLE SECURITIES

3 Months Ended

Sep. 30, 2023

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 September 30, 2023 (In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate debt securities	$	687,213	$	48	$	(6,016)	$	681,245
Money market funds and other	1,077,456		—		—		1,077,456

Municipal securities	31,032		2		(556)		30,478

U.S. Government agency securities	134,563		—		(876)		133,687
U.S. Treasury securities	615,592		5		(7,637)		607,960
Equity securities(1)	3,211		10,614		—		13,825

Subtotal	2,549,067		10,669		(15,085)		2,544,651
Add: Time deposits(2)	492,767		—		—		492,767
Less: Cash equivalents	1,399,666		1		—		1,399,667
Marketable securities	$	1,642,168	$	10,668	$	(15,085)	$	1,637,751


As of June 30, 2023 (In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate debt securities	$	508,511	$	52	$	(5,913)	$	502,650
Money market funds and other	1,257,223		—		—		1,257,223
Municipal securities	32,525		—		(737)		31,788

U.S. Government agency securities	134,486		4		(918)		133,572
U.S. Treasury securities	538,487		10		(8,782)		529,715
Equity securities(1)	3,211		14,948		—		18,159

Subtotal	2,474,443		15,014		(16,350)		2,473,107
Add: Time deposits(2)	471,439		—		—		471,439
Less: Cash equivalents	1,629,248		4		—		1,629,252
Marketable securities	$	1,316,634	$	15,010	$	(16,350)	$	1,315,294

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(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.

Our investment portfolio includes both corporate and government securities that have a maximum maturity of three years. The longer the duration of these securities, the more susceptible they are to changes in market interest rates and bond yields. As yields increase, those securities with a lower yield-at-cost show a mark-to-market unrealized loss. Most of our unrealized losses are due to changes in market interest rates and bond yields. We believe that we have the ability to realize the full value of all these investments upon maturity. As of September 30, 2023, we had 591 investments in a gross unrealized loss position. The following table summarizes the fair value and gross unrealized losses of our investments that were in an unrealized loss position as of the dates indicated below.


As of September 30, 2023	Less than 12 Months				12 Months or Greater				Total
(In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate debt securities	$	463,017	$	(2,772)	$	165,161	$	(3,244)	$	628,178	$	(6,016)
Municipal securities	11,480		(147)		14,834		(409)		26,314		(556)

U.S. Government agency securities	112,180		(736)		19,667		(140)		131,847		(876)
U.S. Treasury securities	305,758		(2,456)		249,795		(5,181)		555,553		(7,637)
Total	$	892,435	$	(6,111)	$	449,457	$	(8,974)	$	1,341,892	$	(15,085)


As of June 30, 2023	Less than 12 Months				12 Months or Greater				Total
(In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate debt securities	$	310,613	$	(2,242)	$	161,263	$	(3,671)	$	471,876	$	(5,913)
Municipal securities	9,011		(199)		17,253		(538)		26,264		(737)

U.S. Government agency securities	80,793		(459)		36,406		(459)		117,199		(918)
U.S. Treasury securities	288,376		(4,117)		183,475		(4,665)		471,851		(8,782)
Total	$	688,793	$	(7,017)	$	398,397	$	(9,333)	$	1,087,190	$	(16,350)

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 September 30, 2023 (In thousands)	Amortized Cost		Fair Value
Due within one year	$	846,346	$	852,255
Due after one year through three years	795,822		785,496
Total	$	1,642,168	$	1,637,751

Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Realized gains and losses on available-for-sale securities for the three months ended September 30, 2023 and 2022 were immaterial.