Quarterly report pursuant to Section 13 or 15(d)

Marketable Securities

v3.20.1
Marketable Securities
9 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
MARKETABLE SECURITIES MARKETABLE SECURITIES
The amortized cost and fair value of marketable securities as of the dates indicated below were as follows:
As of March 31, 2020 (In thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Corporate debt securities
$
389,870

 
$
307

 
$
(3,302
)
 
$
386,875

Money market funds and other
415,952

 

 

 
415,952

Municipal securities
19,531

 
161

 
(9
)
 
19,683

Sovereign securities
6,018

 
30

 

 
6,048

U.S. Government agency securities
78,416

 
272

 
(8
)
 
78,680

U.S. Treasury securities
194,710

 
2,266

 
(1
)
 
196,975

Subtotal
1,104,497

 
3,036

 
(3,320
)
 
1,104,213

Add: Time deposits(1)
85,834

 

 

 
85,834

Less: Cash equivalents
501,692

 

 
(1
)
 
501,691

Marketable securities
$
688,639

 
$
3,036

 
$
(3,319
)
 
$
688,356

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 March 31, 2020, we had 182 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, none of which were in a continuous loss position for 12 months or more:
As of March 31, 2020 (In thousands)
Fair Value
 
Gross
Unrealized
Losses
Corporate debt securities
$
304,859

 
$
(3,301
)
Municipal securities
2,891

 
(9
)
U.S. Government agency securities
10,669

 
(8
)
U.S Treasury securities
2,010

 
(1
)
Total
$
320,429

 
$
(3,319
)




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, 2020 (In thousands)
Amortized Cost
 
Fair Value
Due within one year
$
329,627

 
$
329,836

Due after one year through three years
359,012

 
358,520

 
$
688,639

 
$
688,356


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, 2020 and 2019 were immaterial.