Quarterly report pursuant to Section 13 or 15(d)

MARKETABLE SECURITIES

v3.21.2
MARKETABLE SECURITIES
3 Months Ended
Sep. 30, 2021
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 September 30, 2021 (In thousands) Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Corporate debt securities $ 467,126  $ 516  $ (113) $ 467,529 
Money market funds and other 690,579  —  —  690,579 
Municipal securities 70,830  83  (21) 70,892 
Sovereign securities 5,044  (2) 5,049 
U.S. Government agency securities 126,088  103  (44) 126,147 
U.S. Treasury securities 247,853  30  (119) 247,764 
Equity securities(1)
3,211  15,442  —  18,653 
Subtotal 1,610,731  16,181  (299) 1,626,613 
Add: Time deposits(2)
250,553  —  —  250,553 
Less: Cash equivalents 761,917  —  —  761,917 
Marketable securities $ 1,099,367  $ 16,181  $ (299) $ 1,115,249 
As of June 30, 2021 (In thousands) Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Corporate debt securities $ 468,192  $ 689  $ (135) $ 468,746 
Money market funds and other 691,375  —  —  691,375 
Municipal securities 70,155  106  (33) 70,228 
Sovereign securities 3,045  —  3,052 
U.S. Government agency securities 145,810  160  (49) 145,921 
U.S. Treasury securities 233,052  129  (117) 233,064 
Equity securities(1)
3,211  26,719  —  29,930 
Subtotal 1,614,840  27,810  (334) 1,642,316 
Add: Time deposits(2)
210,636  —  —  210,636 
Less: Cash equivalents 793,040  —  —  793,040 
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.
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, 2021, we had 197 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 September 30, 2021 (In thousands) Fair Value Gross
Unrealized
Losses
Corporate debt securities $ 142,915  $ (113)
Sovereign securities 2,002  (2)
Municipal securities 16,727  (21)
U.S. Government agency securities 37,410  (44)
U.S. Treasury securities 172,839  (119)
Total $ 371,893  $ (299)

As of June 30, 2021 (In thousands) Fair Value Gross
Unrealized
Losses
Corporate debt securities $ 161,012  $ (135)
Municipal securities 21,605  (33)
U.S. Government agency securities 38,904  (49)
U.S. Treasury securities 117,761  (117)
Total $ 339,282  $ (334)
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, 2021 (In thousands) Amortized Cost Fair Value
Due within one year $ 547,941  $ 563,772 
Due after one year through three years 551,426  551,477 
Total $ 1,099,367  $ 1,115,249 
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, 2021 and 2020 were immaterial.