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MARKETABLE SECURITIES
 3 Months Ended
Sep. 30, 2022
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, 2022 (In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Corporate debt securities$476,396 $9 $(11,051)$465,354 
Money market funds and other1,050,327 — — 1,050,327 
Municipal securities50,374 — (1,403)48,971 
Sovereign securities6,034 — (55)5,979 
U.S. Government agency securities78,138 17 (1,453)76,702 
U.S. Treasury securities444,801 9 (12,592)432,218 
Equity securities(1)
3,211 9,875 — 13,086 
Subtotal2,109,281 9,910 (26,554)2,092,637 
Add: Time deposits(2)
269,755 — — 269,755 
Less: Cash equivalents1,228,151 1 — 1,228,152 
Marketable securities$1,150,885 $9,909 $(26,554)$1,134,240 
As of June 30, 2022 (In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Corporate debt securities$481,881 $3 $(8,915)$472,969 
Money market funds and other948,027 — — 948,027 
Municipal securities61,973 — (1,249)60,724 
Sovereign securities6,041 2 (53)5,990 
U.S. Government agency securities92,273 26 (1,183)91,116 
U.S. Treasury securities378,871 18 (8,378)370,511 
Equity securities(1)
3,211 7,824 — 11,035 
Subtotal1,972,277 7,873 (19,778)1,960,372 
Add: Time deposits(2)
274,873 — — 274,873 
Less: Cash equivalents1,112,146 — (1)1,112,145 
Marketable securities$1,135,004 $7,873 $(19,777)$1,123,100 
________________
(1) Unrealized gains on equity securities included in our portfolio include the initial fair value adjustment recorded upon a security becoming marketable.
(2) Time deposits excluded from fair value measurements.
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, 2022, we had 536 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, 2022Less than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
Corporate debt securities$405,334 $(9,419)$51,452 $(1,632)$456,786 $(11,051)
Municipal securities33,165 (857)15,505 (546)48,670 (1,403)
Sovereign securities4,019 (12)1,960 (43)5,979 (55)
U.S. Government agency securities25,363 (322)29,225 (1,131)54,588 (1,453)
U.S. Treasury securities310,815 (9,310)107,359 (3,282)418,174 (12,592)
Total$778,696 $(19,920)$205,501 $(6,634)$984,197 $(26,554)

As of June 30, 2022 (In thousands)
Fair Value(1)
Gross
Unrealized
Losses(1)
Corporate debt securities$458,699 $(8,915)
Municipal securities58,722 (1,249)
Sovereign securities2,963 (53)
U.S. Government agency securities60,285 (1,183)
U.S. Treasury securities336,819 (8,378)
Total$917,488 $(19,778)
________________
(1) As of June 30, 2022, our investments that were in a continuous loss position of 12 months or more, as well as the
unrealized losses on those investments, were immaterial.
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, 2022 (In thousands)Amortized CostFair Value
Due within one year$601,307 $602,657 
Due after one year through three years549,578 531,583 
Total$1,150,885 $1,134,240 
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, 2022 and 2021 were immaterial.