| Unrealized Gain (Loss) on Investments |
The amortized cost and fair value of marketable securities as of the dates indicated below were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As of March 31, 2023 (In thousands) |
Amortized
Cost |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
| Corporate debt securities |
$ |
466,754 |
|
|
$ |
473 |
|
|
$ |
(6,022) |
|
|
$ |
461,205 |
|
| Money market funds and other |
1,080,003 |
|
|
— |
|
|
— |
|
|
1,080,003 |
|
|
|
|
|
|
|
|
|
| Municipal securities |
36,660 |
|
|
— |
|
|
(776) |
|
|
35,884 |
|
| Sovereign securities |
5,021 |
|
|
— |
|
|
(5) |
|
|
5,016 |
|
| U.S. Government agency securities |
118,073 |
|
|
127 |
|
|
(830) |
|
|
117,370 |
|
| U.S. Treasury securities |
431,619 |
|
|
466 |
|
|
(7,362) |
|
|
424,723 |
|
Equity securities(1)
|
3,211 |
|
|
16,628 |
|
|
— |
|
|
19,839 |
|
|
|
|
|
|
|
|
|
| Subtotal |
2,141,341 |
|
|
17,694 |
|
|
(14,995) |
|
|
2,144,040 |
|
Add: Time deposits(2)
|
430,719 |
|
|
— |
|
|
— |
|
|
430,719 |
|
| Less: Cash equivalents |
1,253,063 |
|
|
— |
|
|
— |
|
|
1,253,063 |
|
| Marketable securities |
$ |
1,318,997 |
|
|
$ |
17,694 |
|
|
$ |
(14,995) |
|
|
$ |
1,321,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As of June 30, 2022 (In thousands) |
Amortized
Cost |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
| Corporate debt securities |
$ |
481,881 |
|
|
$ |
3 |
|
|
$ |
(8,915) |
|
|
$ |
472,969 |
|
| Money market funds and other |
948,027 |
|
|
— |
|
|
— |
|
|
948,027 |
|
| Municipal securities |
61,973 |
|
|
— |
|
|
(1,249) |
|
|
60,724 |
|
| Sovereign securities |
6,041 |
|
|
2 |
|
|
(53) |
|
|
5,990 |
|
| U.S. Government agency securities |
92,273 |
|
|
26 |
|
|
(1,183) |
|
|
91,116 |
|
| U.S. Treasury securities |
378,871 |
|
|
18 |
|
|
(8,378) |
|
|
370,511 |
|
Equity securities(1)
|
3,211 |
|
|
7,824 |
|
|
— |
|
|
11,035 |
|
|
|
|
|
|
|
|
|
| Subtotal |
1,972,277 |
|
|
7,873 |
|
|
(19,778) |
|
|
1,960,372 |
|
Add: Time deposits(2)
|
274,873 |
|
|
— |
|
|
— |
|
|
274,873 |
|
| Less: Cash equivalents |
1,112,146 |
|
|
— |
|
|
(1) |
|
|
1,112,145 |
|
| Marketable securities |
$ |
1,135,004 |
|
|
$ |
7,873 |
|
|
$ |
(19,777) |
|
|
$ |
1,123,100 |
|
________________
(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.
|
| 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.
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As of March 31, 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 |
$ |
163,334 |
|
|
$ |
(1,687) |
|
|
$ |
221,831 |
|
|
$ |
(4,335) |
|
|
$ |
385,165 |
|
|
$ |
(6,022) |
|
| Municipal securities |
8,711 |
|
|
(69) |
|
|
27,173 |
|
|
(707) |
|
|
35,884 |
|
|
(776) |
|
| Sovereign securities |
3,019 |
|
|
— |
|
|
1,997 |
|
|
(5) |
|
|
5,016 |
|
|
(5) |
|
| U.S. Government agency securities |
38,897 |
|
|
(125) |
|
|
34,650 |
|
|
(705) |
|
|
73,547 |
|
|
(830) |
|
| U.S. Treasury securities |
137,766 |
|
|
(1,945) |
|
|
206,896 |
|
|
(5,417) |
|
|
344,662 |
|
|
(7,362) |
|
| Total |
$ |
351,727 |
|
|
$ |
(3,826) |
|
|
$ |
492,547 |
|
|
$ |
(11,169) |
|
|
$ |
844,274 |
|
|
$ |
(14,995) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| As of June 30, 2022 (In thousands) |
Fair Value(1)
|
|
Gross
Unrealized
Losses(1)
|
| Corporate debt securities |
$ |
458,699 |
|
|
$ |
(8,915) |
|
| Municipal securities |
58,722 |
|
|
(1,249) |
|
| Sovereign securities |
2,963 |
|
|
(53) |
|
| U.S. Government agency securities |
60,285 |
|
|
(1,183) |
|
| U.S. Treasury securities |
336,819 |
|
|
(8,378) |
|
| Total |
$ |
917,488 |
|
|
$ |
(19,778) |
|
________________
(1) As of June 30, 2022, 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.
|
| 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 March 31, 2023 (In thousands) |
Amortized Cost |
|
Fair Value |
| Due within one year |
$ |
836,765 |
|
|
$ |
845,394 |
|
| Due after one year through three years |
482,232 |
|
|
476,302 |
|
| Total |
$ |
1,318,997 |
|
|
$ |
1,321,696 |
|
|