| Schedule of Marketable Securities |
The amortized cost and fair value of our fixed income marketable securities as of the dates indicated below were as follows:
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| As of December 31, 2025 (In thousands) |
Amortized
Cost |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
| Corporate debt securities |
$ |
1,130,306 |
|
|
$ |
4,938 |
|
|
$ |
(29) |
|
|
$ |
1,135,215 |
|
| Money market funds and other |
2,029,446 |
|
|
— |
|
|
— |
|
|
2,029,446 |
|
| Municipal securities |
38,094 |
|
|
142 |
|
|
— |
|
|
38,236 |
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|
|
|
|
|
|
|
|
| U.S. Government agency securities |
113,763 |
|
|
488 |
|
|
(18) |
|
|
114,233 |
|
| U.S. Treasury securities |
1,159,229 |
|
|
5,109 |
|
|
(19) |
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|
1,164,319 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Subtotal |
4,470,838 |
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|
10,677 |
|
|
(66) |
|
|
4,481,449 |
|
Add: Time deposits(1)
|
401,850 |
|
|
— |
|
|
— |
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|
401,850 |
|
| Less: Cash equivalents |
2,144,833 |
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|
1 |
|
|
(1) |
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|
2,144,833 |
|
Marketable securities(2)
|
$ |
2,727,855 |
|
|
$ |
10,676 |
|
|
$ |
(65) |
|
|
$ |
2,738,466 |
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|
|
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|
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|
|
|
|
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|
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| As of June 30, 2025 (In thousands) |
Amortized
Cost |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
| Corporate debt securities |
$ |
957,256 |
|
|
$ |
4,456 |
|
|
$ |
(66) |
|
|
$ |
961,646 |
|
| Money market funds and other |
1,531,022 |
|
|
— |
|
|
— |
|
|
1,531,022 |
|
| Municipal securities |
57,445 |
|
|
129 |
|
|
(1) |
|
|
57,573 |
|
|
|
|
|
|
|
|
|
| U.S. Government agency securities |
116,436 |
|
|
458 |
|
|
(58) |
|
|
116,836 |
|
| U.S. Treasury securities |
885,101 |
|
|
2,787 |
|
|
(329) |
|
|
887,559 |
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|
|
|
|
|
|
|
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|
|
|
|
|
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|
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| Subtotal |
3,547,260 |
|
|
7,830 |
|
|
(454) |
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|
3,554,636 |
|
Add: Time deposits(1)
|
478,191 |
|
|
— |
|
|
— |
|
|
478,191 |
|
| Less: Cash equivalents |
1,641,074 |
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|
1 |
|
|
(1) |
|
|
1,641,074 |
|
Marketable securities(2)
|
$ |
2,384,377 |
|
|
$ |
7,829 |
|
|
$ |
(453) |
|
|
$ |
2,391,753 |
|
________________
(1) Time deposits excluded from fair value measurements.
(2) Excludes equity marketable securities.
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| 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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| As of December 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 |
$ |
66,944 |
|
|
$ |
(29) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
66,944 |
|
|
$ |
(29) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Government agency securities |
28,897 |
|
|
(18) |
|
|
— |
|
|
— |
|
|
28,897 |
|
|
(18) |
|
| U.S. Treasury securities |
20,992 |
|
|
(19) |
|
|
2,468 |
|
|
— |
|
|
23,460 |
|
|
(19) |
|
| Total |
$ |
116,833 |
|
|
$ |
(66) |
|
|
$ |
2,468 |
|
|
$ |
— |
|
|
$ |
119,301 |
|
|
$ |
(66) |
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|
|
|
|
|
|
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|
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|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As of June 30, 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 |
$ |
98,149 |
|
|
$ |
(63) |
|
|
$ |
2,528 |
|
|
$ |
(3) |
|
|
$ |
100,677 |
|
|
$ |
(66) |
|
| Municipal securities |
5,774 |
|
|
(1) |
|
|
— |
|
|
— |
|
|
5,774 |
|
|
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Government agency securities |
32,780 |
|
|
(58) |
|
|
— |
|
|
— |
|
|
32,780 |
|
|
(58) |
|
| U.S. Treasury securities |
238,627 |
|
|
(297) |
|
|
20,330 |
|
|
(32) |
|
|
258,957 |
|
|
(329) |
|
| Total |
$ |
375,330 |
|
|
$ |
(419) |
|
|
$ |
22,858 |
|
|
$ |
(35) |
|
|
$ |
398,188 |
|
|
$ |
(454) |
|
|
| 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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|
|
|
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|
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| As of December 31, 2025 (In thousands) |
Amortized Cost |
|
Fair Value |
| Due within one year |
$ |
1,192,512 |
|
|
$ |
1,194,912 |
|
| Due after one year through three years |
1,535,343 |
|
|
1,543,554 |
|
| Total |
$ |
2,727,855 |
|
|
$ |
2,738,466 |
|
|