Quarterly report pursuant to Section 13 or 15(d)

MARKETABLE SECURITIES

v3.22.1
MARKETABLE SECURITIES
9 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
MARKETABLE SECURITIES MARKETABLE SECURITIES
The amortized cost and fair value of marketable securities as of the dates indicated below were as follows:
As of March 31, 2022 (In thousands) Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Corporate debt securities $ 477,237  $ 18  $ (6,244) $ 471,011 
Money market funds and other 734,466  —  —  734,466 
Municipal securities 66,714  —  (1,011) 65,703 
Sovereign securities 6,044  (46) 6,000 
U.S. Government agency securities 115,223  38  (1,012) 114,249 
U.S. Treasury securities 355,576  13  (6,771) 348,818 
Equity securities(1)
3,211  12,585  —  15,796 
Subtotal 1,758,471  12,656  (15,084) 1,756,043 
Add: Time deposits(2)
270,290  —  —  270,290 
Less: Cash equivalents 863,609  —  —  863,609 
Marketable securities $ 1,165,152  $ 12,656  $ (15,084) $ 1,162,724 
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  —  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 
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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 of these investments upon maturity. As of March 31, 2022, we had 543 investments in a gross unrealized loss position. Our investments that were in a continuous loss position of 12 months or more, as well as the unrealized losses on those investments, were immaterial. 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.
As of March 31, 2022 (In thousands) Fair Value Gross
Unrealized
Losses
Corporate debt securities $ 439,540  $ (6,244)
Sovereign securities 2,969  (46)
Municipal securities 65,352  (1,011)
U.S. Government agency securities 75,936  (1,012)
U.S. Treasury securities 333,334  (6,771)
Total $ 917,131  $ (15,084)

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)
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 March 31, 2022 (In thousands) Amortized Cost Fair Value
Due within one year $ 550,125  $ 560,500 
Due after one year through three years 615,027  602,224 
Total $ 1,165,152  $ 1,162,724 
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 and nine months ended March 31, 2022 and 2021 were immaterial.