| 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, 2022 (In thousands) |
Amortized
Cost |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair Value |
| Corporate debt securities |
$ |
481,881 |
|
|
$ |
3 |
|
|
$ |
(8,915) |
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|
$ |
472,969 |
|
| Money market funds and other |
948,027 |
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|
— |
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|
— |
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|
948,027 |
|
| Municipal securities |
61,973 |
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|
— |
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|
(1,249) |
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|
60,724 |
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| Sovereign securities |
6,041 |
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|
2 |
|
|
(53) |
|
|
5,990 |
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| U.S. Government agency securities |
92,273 |
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|
26 |
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|
(1,183) |
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|
91,116 |
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| U.S. Treasury securities |
378,871 |
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|
18 |
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|
(8,378) |
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|
370,511 |
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Equity securities(1)
|
3,211 |
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|
7,824 |
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— |
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|
11,035 |
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| Subtotal |
1,972,277 |
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|
7,873 |
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(19,778) |
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|
1,960,372 |
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Add: Time deposits(2)
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274,873 |
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— |
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— |
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274,873 |
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| Less: Cash equivalents |
1,112,146 |
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— |
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(1) |
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|
1,112,145 |
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| Marketable securities |
$ |
1,135,004 |
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|
$ |
7,873 |
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|
$ |
(19,777) |
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|
$ |
1,123,100 |
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| As of June 30, 2021 (In thousands) |
Amortized
Cost |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair Value |
| Corporate debt securities |
$ |
468,192 |
|
|
$ |
689 |
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|
$ |
(135) |
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|
$ |
468,746 |
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| Money market funds and other |
691,375 |
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|
— |
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— |
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|
691,375 |
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| Municipal securities |
70,155 |
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|
106 |
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(33) |
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|
70,228 |
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| Sovereign securities |
3,045 |
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|
7 |
|
|
— |
|
|
3,052 |
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| U.S. Government agency securities |
145,810 |
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|
160 |
|
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(49) |
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|
145,921 |
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| U.S. Treasury securities |
233,052 |
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|
129 |
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(117) |
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|
233,064 |
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Equity securities(1)
|
3,211 |
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|
26,719 |
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— |
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|
29,930 |
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| Subtotal |
1,614,840 |
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|
27,810 |
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(334) |
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|
1,642,316 |
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Add: Time deposits(2)
|
210,636 |
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— |
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— |
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|
210,636 |
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| Less: Cash equivalents |
793,040 |
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— |
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|
— |
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|
793,040 |
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| Marketable securities |
$ |
1,032,436 |
|
|
$ |
27,810 |
|
|
$ |
(334) |
|
|
$ |
1,059,912 |
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__________________
(1)Unrealized gains on equity securities included in our portfolio consist of the initial fair value adjustment recorded upon a security becoming marketable.
(2)Time deposits excluded from fair value measurements.
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| Unrealized Gain (Loss) on Investments |
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, 2022 (In thousands) |
Fair Value |
|
Gross
Unrealized
Losses |
| Corporate debt securities |
$ |
458,699 |
|
|
$ |
(8,915) |
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| Municipal securities |
58,722 |
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(1,249) |
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| Sovereign securities |
2,963 |
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(53) |
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| U.S. Government agency securities |
60,285 |
|
|
(1,183) |
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| U.S. Treasury securities |
336,819 |
|
|
(8,378) |
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| Total |
$ |
917,488 |
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|
$ |
(19,778) |
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| As of June 30, 2021 (In thousands) |
Fair Value |
|
Gross
Unrealized
Losses |
| Corporate debt securities |
$ |
161,012 |
|
|
$ |
(135) |
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| Municipal securities |
21,605 |
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(33) |
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| U.S. Government agency securities |
38,904 |
|
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(49) |
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| U.S. Treasury securities |
117,761 |
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(117) |
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| Total |
$ |
339,282 |
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|
$ |
(334) |
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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, 2022 (In thousands) |
Amortized
Cost |
|
Fair Value |
| Due within one year |
$ |
571,149 |
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|
$ |
573,696 |
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| Due after one year through three years |
563,855 |
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|
549,404 |
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$ |
1,135,004 |
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|
$ |
1,123,100 |
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