Quarterly report pursuant to Section 13 or 15(d)

Marketable Securities

v3.19.3
Marketable Securities
 3 Months Ended
Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
MARKETABLE SECURITIES
NOTE 5 – MARKETABLE SECURITIES
The amortized cost and fair value of marketable securities as of the dates indicated below were as follows:
As of September 30, 2019 (In thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Corporate debt securities
$
419,980

 
$
430

 
$
(113
)
 
$
420,297

Money market funds and other
399,036

 
—

 
—

 
399,036

Municipal securities
1,899

 
7

 
—

 
1,906

Sovereign securities
6,014

 
3

 
(3
)
 
6,014

U.S. Government agency securities
104,391

 
10

 
(72
)
 
104,329

U.S. Treasury securities
230,632

 
120

 
(238
)
 
230,514

Subtotal
1,161,952

 
570

 
(426
)
 
1,162,096

Add: Time deposits(1)
85,902

 
—

 
—

 
85,902

Less: Cash equivalents
484,824

 
—

 
—

 
484,824

Marketable securities
$
763,030

 
$
570

 
$
(426
)
 
$
763,174

As of June 30, 2019 (In thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Corporate debt securities
$
433,518

 
$
141

 
$
(582
)
 
$
433,077

Money market funds and other
352,708

 
—

 
—

 
352,708

Municipal securities
1,910

 
3

 
—

 
1,913

Sovereign securities
6,001

 
1

 
(8
)
 
5,994

U.S. Government agency securities
159,454

 
5

 
(241
)
 
159,218

U.S. Treasury securities
208,058

 
39

 
(401
)
 
207,696

Subtotal
1,161,649

 
189

 
(1,232
)
 
1,160,606

Add: Time deposits(1)
99,006

 
—

 
—

 
99,006

Less: Cash equivalents
536,206

 
17

 
(2
)
 
536,221

Marketable securities
$
724,449

 
$
172

 
$
(1,230
)
 
$
723,391

________________
(1) Time deposits excluded from fair value measurements.
Our investment portfolio consists of 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 of these investments upon maturity. As of September 30, 2019, we had 158 investments in an 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 date indicated below, $260.4 million of which were in a continuous loss position for 12 months or more:
As of September 30, 2019 (In thousands)
Fair Value
 
Gross
Unrealized
Losses
Corporate debt securities
$
182,963

 
$
(112
)
Sovereign securities
1,997

 
(3
)
U.S. Government agency securities
79,082

 
(72
)
U.S Treasury securities
167,750

 
(239
)
Total
$
431,792

 
$
(426
)




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 September 30, 2019 (In thousands)
Amortized Cost
 
Fair Value
Due within one year
$
442,133

 
$
441,938

Due after one year through three years
320,897

 
321,236

 
$
763,030

 
$
763,174


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 months ended September 30, 2019 and 2018 were immaterial.