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Marketable Securities | 6 Months Ended
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Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract] |
MARKETABLE SECURITIES | NOTE 4 – MARKETABLE SECURITIES The amortized cost and fair value of marketable securities as of the dates indicated below were as follows:
As of December 31, 2016 (In thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Corporate debt securities | $ | 936,011 |  |  | $ | 205 |  |  | $ | (2,969 | ) |  | $ | 933,247 |
Money market and other | 552,189 |  |  | — |  |  | — |  |  | 552,189 |
Municipal securities | 1,004 |  |  | — |  |  | — |  |  | 1,004 |
Sovereign securities | 58,129 |  |  | 1 |  |  | (106 | ) |  | 58,024 |
U.S. Treasury securities | 312,438 |  |  | 71 |  |  | (1,203 | ) |  | 311,306 |
U.S. Government agency securities | 380,532 |  |  | 57 |  |  | (1,957 | ) |  | 378,632 |
Subtotal | 2,240,303 |  |  | 334 |  |  | (6,235 | ) |  | 2,234,402 |
Add: Time deposits(1) | 30,814 |  |  | — |  |  | — |  |  | 30,814 |
Less: Cash equivalents | 609,272 |  |  | — |  |  | — |  |  | 609,272 |
Marketable securities | $ | 1,661,845 |  |  | $ | 334 |  |  | $ | (6,235 | ) |  | $ | 1,655,944 |
As of June 30, 2016 (In thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Corporate debt securities | $ | 676,259 |  |  | $ | 2,372 |  |  | $ | (157 | ) |  | $ | 678,474 |
Money market and other | 626,156 |  |  | — |  |  | — |  |  | 626,156 |
Municipal securities | 5,014 |  |  | 2 |  |  | — |  |  | 5,016 |
Sovereign securities | 41,224 |  |  | 38 |  |  | (5 | ) |  | 41,257 |
U.S. Treasury securities | 326,321 |  |  | 1,181 |  |  | — |  |  | 327,502 |
U.S. Government agency securities | 404,889 |  |  | 830 |  |  | (14 | ) |  | 405,705 |
Subtotal | 2,079,863 |  |  | 4,423 |  |  | (176 | ) |  | 2,084,110 |
Add: Time deposits(1) | 77,131 |  |  | — |  |  | — |  |  | 77,131 |
Less: Cash equivalents | 778,451 |  |  | 1 |  |  | (17 | ) |  | 778,435 |
Marketable securities | $ | 1,378,543 |  |  | $ | 4,422 |  |  | $ | (159 | ) |  | $ | 1,382,806 |
________________
(1) | Time deposits excluded from fair value measurements.
KLA-Tencor’s 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. All unrealized losses are due to changes in market interest rates, bond yields and/or credit ratings. The Company believes that it has the ability to realize the full value of all of these investments upon maturity. The following table summarizes the fair value and gross unrealized losses of the Company’s investments that were in an unrealized loss position as of the date indicated below:
As of December 31, 2016 (In thousands) | Fair Value |  | Gross Unrealized Losses(1)
Corporate debt securities | $ | 702,366 |  |  | $ | (2,969 | )
U.S. Government agency securities | 310,258 |  |  | (1,957 | )
U.S. Treasury securities | 173,202 |  |  | (1,203 | )
Sovereign securities | 43,433 |  |  | (106 | )
Municipal securities | 1,004 |  |  | — |
Total | $ | 1,230,263 |  |  | $ | (6,235 | )
__________________
(1) | As of December 31, 2016, the amount of total gross unrealized losses related to investments that had been in a continuous loss position for 12 months or more was immaterial.
The contractual maturities of securities classified as available-for-sale, regardless of their classification on the Company’s Condensed Consolidated Balance Sheet, as of the date indicated below were as follows:
As of December 31, 2016 (In thousands) | Amortized Cost |  | Fair Value
Due within one year | $ | 673,708 |  |  | $ | 673,484 |
Due after one year through three years | 988,137 |  |  | 982,460 |
| $ | 1,661,845 |  |  | $ | 1,655,944 |
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 six months ended December 31, 2016 and 2015 were immaterial.

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