Quarterly report [Sections 13 or 15(d)]

MARKETABLE SECURITIES

v3.25.1
MARKETABLE SECURITIES
9 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
MARKETABLE SECURITIES MARKETABLE SECURITIES
The amortized cost and fair value of our fixed income marketable securities as of the dates indicated below were as follows:
As of March 31, 2025 (In thousands) Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Corporate debt securities $ 968,847  $ 3,699  $ (98) $ 972,448 
Money market funds and other 1,275,947  —  —  1,275,947 
Municipal securities 55,416  137  (13) 55,540 
U.S. Government agency securities 95,736  369  (54) 96,051 
U.S. Treasury securities 800,978  2,301  (431) 802,848 
Subtotal 3,196,924  6,506  (596) 3,202,834 
Add: Time deposits(1)
340,461  —  —  340,461 
Less: Cash equivalents 1,384,950  —  —  1,384,950 
Marketable securities(2)
$ 2,152,435  $ 6,506  $ (596) $ 2,158,345 
As of June 30, 2024 (In thousands) Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Corporate debt securities $ 775,277  $ 973  $ (2,018) $ 774,232 
Money market funds and other 1,585,832  —  —  1,585,832 
Municipal securities 41,343  13  (197) 41,159 
U.S. Government agency securities 106,101  26  (253) 105,874 
U.S. Treasury securities 754,505  209  (3,408) 751,306 
Subtotal 3,263,058  1,221  (5,876) 3,258,403 
Add: Time deposits(1)
932,436  —  —  932,436 
Less: Cash equivalents 1,689,540  —  (1) 1,689,539 
Marketable securities(2)
$ 2,505,954  $ 1,221  $ (5,875) $ 2,501,300 
________________
(1) Time deposits excluded from fair value measurements.
(2) Excludes equity marketable securities.
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 these investments upon maturity. As of March 31, 2025, we had 116 investments in a gross unrealized loss position. 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.
As of March 31, 2025 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 $ 116,450  $ (83) $ 13,499  $ (15) $ 129,949  $ (98)
Municipal securities 7,937  (10) 2,012  (3) 9,949  (13)
U.S. Government agency securities 25,326  (54) —  —  25,326  (54)
U.S. Treasury securities 175,173  (306) 38,443  (125) 213,616  (431)
Total $ 324,886  $ (453) $ 53,954  $ (143) $ 378,840  $ (596)
As of June 30, 2024 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 $ 355,882  $ (942) $ 100,957  $ (1,076) $ 456,839  $ (2,018)
Municipal securities 17,364  (81) 10,788  (116) 28,152  (197)
U.S. Government agency securities 58,598  (137) 17,197  (116) 75,795  (253)
U.S. Treasury securities 466,144  (1,040) 166,867  (2,368) 633,011  (3,408)
Total $ 897,988  $ (2,200) $ 295,809  $ (3,676) $ 1,193,797  $ (5,876)
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, 2025 (In thousands) Amortized Cost Fair Value
Due within one year $ 1,126,524  $ 1,127,648 
Due after one year through three years 1,025,911  1,030,697 
Total $ 2,152,435  $ 2,158,345 
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, 2025 and 2024 were immaterial.
The costs for our equity marketable securities were $22.9 million as of both March 31, 2025, and June 30, 2024. Unrealized losses for our equity marketable securities were $3.7 million and $5.4 million during the three months ended March 31, 2025 and 2024, respectively. Unrealized losses for our equity marketable securities were $13.3 million and $8.6 million during the nine months ended March 31, 2025 and 2024, respectively.