| 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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|
|
|
|
|
|
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|
|
|
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|
|
|
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|
|
|
|
| As of December 31, 2023 (In thousands) |
Amortized
Cost |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
| Corporate debt securities |
$ |
742,409 |
|
|
$ |
3,233 |
|
|
$ |
(1,992) |
|
|
$ |
743,650 |
|
| Money market funds and other |
959,851 |
|
|
— |
|
|
— |
|
|
959,851 |
|
|
|
|
|
|
|
|
|
| Municipal securities |
38,669 |
|
|
156 |
|
|
(243) |
|
|
38,582 |
|
|
|
|
|
|
|
|
|
| U.S. Government agency securities |
109,973 |
|
|
371 |
|
|
(83) |
|
|
110,261 |
|
| U.S. Treasury securities |
590,021 |
|
|
1,441 |
|
|
(3,091) |
|
|
588,371 |
|
Equity securities(1)
|
3,211 |
|
|
11,806 |
|
|
— |
|
|
15,017 |
|
|
|
|
|
|
|
|
|
| Subtotal |
2,444,134 |
|
|
17,007 |
|
|
(5,409) |
|
|
2,455,732 |
|
Add: Time deposits(2)
|
457,188 |
|
|
— |
|
|
— |
|
|
457,188 |
|
| Less: Cash equivalents |
1,234,975 |
|
|
5 |
|
|
— |
|
|
1,234,980 |
|
| Marketable securities |
$ |
1,666,347 |
|
|
$ |
17,002 |
|
|
$ |
(5,409) |
|
|
$ |
1,677,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
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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 |
|
|
|
|
|
|
|
|
|
| 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 |
|
________________
(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.
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|
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|
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|
|
| As of December 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 |
$ |
190,129 |
|
|
$ |
(371) |
|
|
$ |
139,118 |
|
|
$ |
(1,621) |
|
|
$ |
329,247 |
|
|
$ |
(1,992) |
|
| Municipal securities |
6,173 |
|
|
(29) |
|
|
13,192 |
|
|
(214) |
|
|
19,365 |
|
|
(243) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Government agency securities |
42,904 |
|
|
(74) |
|
|
2,770 |
|
|
(9) |
|
|
45,674 |
|
|
(83) |
|
| U.S. Treasury securities |
81,838 |
|
|
(459) |
|
|
164,874 |
|
|
(2,632) |
|
|
246,712 |
|
|
(3,091) |
|
| Total |
$ |
321,044 |
|
|
$ |
(933) |
|
|
$ |
319,954 |
|
|
$ |
(4,476) |
|
|
$ |
640,998 |
|
|
$ |
(5,409) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 December 31, 2023 (In thousands) |
Amortized Cost |
|
Fair Value |
| Due within one year |
$ |
833,891 |
|
|
$ |
843,309 |
|
| Due after one year through three years |
832,456 |
|
|
834,631 |
|
| Total |
$ |
1,666,347 |
|
|
$ |
1,677,940 |
|
|