| Schedule of Marketable Securities |
The amortized cost and fair value of marketable securities as of the dates indicated below were as follows:
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| 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) |
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|
$ |
471,011 |
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| Money market funds and other |
734,466 |
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|
— |
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|
— |
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|
734,466 |
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|
|
|
| Municipal securities |
66,714 |
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|
— |
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|
(1,011) |
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|
65,703 |
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| Sovereign securities |
6,044 |
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|
2 |
|
|
(46) |
|
|
6,000 |
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| U.S. Government agency securities |
115,223 |
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|
38 |
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|
(1,012) |
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|
114,249 |
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| U.S. Treasury securities |
355,576 |
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13 |
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(6,771) |
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|
348,818 |
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Equity securities(1)
|
3,211 |
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|
12,585 |
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— |
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|
15,796 |
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| Subtotal |
1,758,471 |
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12,656 |
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(15,084) |
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1,756,043 |
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Add: Time deposits(2)
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270,290 |
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— |
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— |
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|
270,290 |
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| Less: Cash equivalents |
863,609 |
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— |
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|
— |
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|
863,609 |
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| Marketable securities |
$ |
1,165,152 |
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|
$ |
12,656 |
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|
$ |
(15,084) |
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|
$ |
1,162,724 |
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| As of June 30, 2021 (In thousands) |
Amortized
Cost |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
| Corporate debt securities |
$ |
468,192 |
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|
$ |
689 |
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|
$ |
(135) |
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|
$ |
468,746 |
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| Money market funds and other |
691,375 |
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|
— |
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— |
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|
691,375 |
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| Municipal securities |
70,155 |
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|
106 |
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(33) |
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|
70,228 |
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| Sovereign securities |
3,045 |
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|
7 |
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|
— |
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|
3,052 |
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| U.S. Government agency securities |
145,810 |
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|
160 |
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(49) |
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|
145,921 |
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| U.S. Treasury securities |
233,052 |
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|
129 |
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(117) |
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|
233,064 |
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Equity securities(1)
|
3,211 |
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|
26,719 |
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— |
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|
29,930 |
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| Subtotal |
1,614,840 |
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|
27,810 |
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(334) |
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|
1,642,316 |
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Add: Time deposits(2)
|
210,636 |
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|
— |
|
|
— |
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|
210,636 |
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| Less: Cash equivalents |
793,040 |
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|
— |
|
|
— |
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|
793,040 |
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| Marketable securities |
$ |
1,032,436 |
|
|
$ |
27,810 |
|
|
$ |
(334) |
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|
$ |
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.
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| 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.
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| As of March 31, 2022 (In thousands) |
Fair Value |
|
Gross
Unrealized
Losses |
| Corporate debt securities |
$ |
439,540 |
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|
$ |
(6,244) |
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| Sovereign securities |
2,969 |
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(46) |
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| Municipal securities |
65,352 |
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(1,011) |
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| U.S. Government agency securities |
75,936 |
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(1,012) |
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| U.S. Treasury securities |
333,334 |
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(6,771) |
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| Total |
$ |
917,131 |
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|
$ |
(15,084) |
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| As of June 30, 2021 (In thousands) |
Fair Value |
|
Gross
Unrealized
Losses |
| Corporate debt securities |
$ |
161,012 |
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|
$ |
(135) |
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| Municipal securities |
21,605 |
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(33) |
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| U.S. Government agency securities |
38,904 |
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(49) |
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| U.S. Treasury securities |
117,761 |
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(117) |
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| Total |
$ |
339,282 |
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|
$ |
(334) |
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| 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:
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| As of March 31, 2022 (In thousands) |
Amortized Cost |
|
Fair Value |
| Due within one year |
$ |
550,125 |
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|
$ |
560,500 |
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| Due after one year through three years |
615,027 |
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|
602,224 |
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| Total |
$ |
1,165,152 |
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$ |
1,162,724 |
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