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MARKETABLE SECURITIES | 12 Months Ended
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Jun. 30, 2023
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 June 30, 2023 (In thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Corporate debt securities | $ | 508,511 |  |  | $ | 52 |  |  | $ | (5,913) |  |  | $ | 502,650 |
Money market funds and other | 1,257,223 |  |  | — |  |  | — |  |  | 1,257,223 |
Municipal securities | 32,525 |  |  | — |  |  | (737) |  |  | 31,788 |
U.S. Government agency securities | 134,486 |  |  | 4 |  |  | (918) |  |  | 133,572 |
U.S. Treasury securities | 538,487 |  |  | 10 |  |  | (8,782) |  |  | 529,715 |
Equity securities(1) | 3,211 |  |  | 14,948 |  |  | — |  |  | 18,159 |
Subtotal | 2,474,443 |  |  | 15,014 |  |  | (16,350) |  |  | 2,473,107 |
Add: Time deposits(2) | 471,439 |  |  | — |  |  | — |  |  | 471,439 |
Less: Cash equivalents | 1,629,248 |  |  | 4 |  |  | — |  |  | 1,629,252 |
Marketable securities | $ | 1,316,634 |  |  | $ | 15,010 |  |  | $ | (16,350) |  |  | $ | 1,315,294 |
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 other | 948,027 |  |  | — |  |  | — |  |  | 948,027 |
Municipal securities | 61,973 |  |  | — |  |  | (1,249) |  |  | 60,724 |
Sovereign securities | 6,041 |  |  | 2 |  |  | (53) |  |  | 5,990 |
U.S. Government agency securities | 92,273 |  |  | 26 |  |  | (1,183) |  |  | 91,116 |
U.S. Treasury securities | 378,871 |  |  | 18 |  |  | (8,378) |  |  | 370,511 |
Equity securities(1) | 3,211 |  |  | 7,824 |  |  | — |  |  | 11,035 |
Subtotal | 1,972,277 |  |  | 7,873 |  |  | (19,778) |  |  | 1,960,372 |
Add: Time deposits(2) | 274,873 |  |  | — |  |  | — |  |  | 274,873 |
Less: Cash equivalents | 1,112,146 |  |  | — |  |  | (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 of these investments upon maturity. As of June 30, 2023, we had 494 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 dates indicated below:
As of June 30, 2023 | 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 | $ | 310,613 |  |  | $ | (2,242) |  |  | $ | 161,263 |  |  | $ | (3,671) |  |  | $ | 471,876 |  |  | $ | (5,913) |
Municipal securities | 9,011 |  |  | (199) |  |  | 17,253 |  |  | (538) |  |  | 26,264 |  |  | (737) |
U.S. Government agency securities | 80,793 |  |  | (459) |  |  | 36,406 |  |  | (459) |  |  | 117,199 |  |  | (918) |
U.S. Treasury securities | 288,376 |  |  | (4,117) |  |  | 183,475 |  |  | (4,665) |  |  | 471,851 |  |  | (8,782) |
Total | $ | 688,793 |  |  | $ | (7,017) |  |  | $ | 398,397 |  |  | $ | (9,333) |  |  | $ | 1,087,190 |  |  | $ | (16,350) |
As of June 30, 2022 (In thousands) | Fair Value(1) |  | Gross Unrealized Losses(1)
Corporate debt securities | $ | 458,699 |  |  | $ | (8,915) |
Municipal securities | 58,722 |  |  | (1,249) |
Sovereign securities | 2,963 |  |  | (53) |
U.S. Government agency securities | 60,285 |  |  | (1,183) |
U.S. Treasury securities | 336,819 |  |  | (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 Consolidated Balance Sheets, as of the date indicated below were as follows:
As of June 30, 2023 (In thousands) | Amortized Cost |  | Fair Value
Due within one year | $ | 704,633 |  |  | $ | 713,189 |
Due after one year through three years | 612,001 |  |  | 602,105 |
| $ | 1,316,634 |  |  | $ | 1,315,294 |
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 were immaterial for the fiscal years ended June 30, 2023, 2022 and 2021.

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