| 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 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 |
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|
|
|
|
|
|
|
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| Subtotal |
2,474,443 |
|
|
15,014 |
|
|
(16,350) |
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|
2,473,107 |
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Add: Time deposits(2)
|
471,439 |
|
|
— |
|
|
— |
|
|
471,439 |
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| Less: Cash equivalents |
1,629,248 |
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|
4 |
|
|
— |
|
|
1,629,252 |
|
| Marketable securities |
$ |
1,316,634 |
|
|
$ |
15,010 |
|
|
$ |
(16,350) |
|
|
$ |
1,315,294 |
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|
|
|
|
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|
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| 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 |
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|
|
|
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|
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| Subtotal |
1,972,277 |
|
|
7,873 |
|
|
(19,778) |
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|
1,960,372 |
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Add: Time deposits(2)
|
274,873 |
|
|
— |
|
|
— |
|
|
274,873 |
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| 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.
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| 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 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) |
|
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|
|
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|
|
|
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| 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.
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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 Consolidated Balance Sheets, as of the date indicated below were as follows:
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| As of June 30, 2023 (In thousands) |
Amortized
Cost |
|
Fair Value |
| Due within one year |
$ |
704,633 |
|
|
$ |
713,189 |
|
| Due after one year through three years |
612,001 |
|
|
602,105 |
|
|
$ |
1,316,634 |
|
|
$ |
1,315,294 |
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|