| 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, 2024 (In thousands) |
Amortized
Cost |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
| Corporate debt securities |
$ |
828,306 |
|
|
$ |
7,102 |
|
|
$ |
(303) |
|
|
$ |
835,105 |
|
| Money market funds and other |
1,558,751 |
|
|
— |
|
|
— |
|
|
1,558,751 |
|
|
|
|
|
|
|
|
|
| Municipal securities |
43,399 |
|
|
294 |
|
|
(20) |
|
|
43,673 |
|
|
|
|
|
|
|
|
|
| U.S. Government agency securities |
96,859 |
|
|
1,037 |
|
|
(9) |
|
|
97,887 |
|
| U.S. Treasury securities |
732,428 |
|
|
4,081 |
|
|
(413) |
|
|
736,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subtotal |
3,259,743 |
|
|
12,514 |
|
|
(745) |
|
|
3,271,512 |
|
Add: Time deposits(1)
|
1,011,697 |
|
|
— |
|
|
— |
|
|
1,011,697 |
|
| Less: Cash equivalents |
1,650,347 |
|
|
2 |
|
|
— |
|
|
1,650,349 |
|
Marketable securities(2)
|
$ |
2,621,093 |
|
|
$ |
12,512 |
|
|
$ |
(745) |
|
|
$ |
2,632,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As of June 30, 2024 (In thousands) |
Amortized
Cost |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
| Corporate debt securities |
$ |
775,277 |
|
|
$ |
973 |
|
|
$ |
(2,018) |
|
|
$ |
774,232 |
|
| Money market funds and other |
1,585,832 |
|
|
— |
|
|
— |
|
|
1,585,832 |
|
| Municipal securities |
41,343 |
|
|
13 |
|
|
(197) |
|
|
41,159 |
|
|
|
|
|
|
|
|
|
| U.S. Government agency securities |
106,101 |
|
|
26 |
|
|
(253) |
|
|
105,874 |
|
| U.S. Treasury securities |
754,505 |
|
|
209 |
|
|
(3,408) |
|
|
751,306 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subtotal |
3,263,058 |
|
|
1,221 |
|
|
(5,876) |
|
|
3,258,403 |
|
Add: Time deposits(1)
|
932,436 |
|
|
— |
|
|
— |
|
|
932,436 |
|
| Less: Cash equivalents |
1,689,540 |
|
|
— |
|
|
(1) |
|
|
1,689,539 |
|
Marketable securities(2)
|
$ |
2,505,954 |
|
|
$ |
1,221 |
|
|
$ |
(5,875) |
|
|
$ |
2,501,300 |
|
________________
(1) Time deposits excluded from fair value measurements.
(2) Excludes equity marketable securities.
Our investment portfolio includes 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 these investments upon maturity. As of September 30, 2024, we had 100 investments in a gross 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 dates indicated below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As of September 30, 2024 |
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 |
$ |
33,940 |
|
|
$ |
(20) |
|
|
$ |
66,941 |
|
|
$ |
(283) |
|
|
$ |
100,881 |
|
|
$ |
(303) |
|
| Municipal securities |
1,624 |
|
|
(2) |
|
|
2,443 |
|
|
(18) |
|
|
4,067 |
|
|
(20) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Government agency securities |
13,630 |
|
|
(9) |
|
|
— |
|
|
— |
|
|
13,630 |
|
|
(9) |
|
| U.S. Treasury securities |
35,771 |
|
|
(26) |
|
|
63,733 |
|
|
(387) |
|
|
99,504 |
|
|
(413) |
|
| Total |
$ |
84,965 |
|
|
$ |
(57) |
|
|
$ |
133,117 |
|
|
$ |
(688) |
|
|
$ |
218,082 |
|
|
$ |
(745) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As of June 30, 2024 |
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 |
$ |
355,882 |
|
|
$ |
(942) |
|
|
$ |
100,957 |
|
|
$ |
(1,076) |
|
|
$ |
456,839 |
|
|
$ |
(2,018) |
|
| Municipal securities |
17,364 |
|
|
(81) |
|
|
10,788 |
|
|
(116) |
|
|
28,152 |
|
|
(197) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Government agency securities |
58,598 |
|
|
(137) |
|
|
17,197 |
|
|
(116) |
|
|
75,795 |
|
|
(253) |
|
| U.S. Treasury securities |
466,144 |
|
|
(1,040) |
|
|
166,867 |
|
|
(2,368) |
|
|
633,011 |
|
|
(3,408) |
|
| Total |
$ |
897,988 |
|
|
$ |
(2,200) |
|
|
$ |
295,809 |
|
|
$ |
(3,676) |
|
|
$ |
1,193,797 |
|
|
$ |
(5,876) |
|
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, 2024 (In thousands) |
Amortized Cost |
|
Fair Value |
| Due within one year |
$ |
1,786,826 |
|
|
$ |
1,788,386 |
|
| Due after one year through three years |
834,267 |
|
|
844,474 |
|
| Total |
$ |
2,621,093 |
|
|
$ |
2,632,860 |
|
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, 2024 and 2023 were immaterial.
The costs for our equity marketable securities were $22.9 million as of both September 30, 2024, and June 30, 2024. Unrealized losses for our equity marketable securities were $5.9 million and $4.3 million during the three months ended September 30, 2024 and 2023, respectively.
|