MARKETABLE SECURITIES (Tables)

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.

Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

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)

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 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