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MARKETABLE SECURITIES (Tables) | 6 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Unrealized Gain (Loss) on Investments | The amortized cost and fair value of marketable securities as of the dates indicated below were as follows:
As of December 31, 2022 (In thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Corporate debt securities | $ | 492,548 |  |  | $ | 133 |  |  | $ | (8,388) |  |  | $ | 484,293 |
Money market funds and other | 839,867 |  |  | — |  |  | — |  |  | 839,867 |
Municipal securities | 38,909 |  |  | — |  |  | (1,116) |  |  | 37,793 |
Sovereign securities | 6,034 |  |  | — |  |  | (30) |  |  | 6,004 |
U.S. Government agency securities | 88,752 |  |  | 8 |  |  | (1,238) |  |  | 87,522 |
U.S. Treasury securities | 451,374 |  |  | 43 |  |  | (11,014) |  |  | 440,403 |
Equity securities(1) | 3,211 |  |  | 16,113 |  |  | — |  |  | 19,324 |
Subtotal | 1,920,695 |  |  | 16,297 |  |  | (21,786) |  |  | 1,915,206 |
Add: Time deposits(2) | 341,003 |  |  | — |  |  | — |  |  | 341,003 |
Less: Cash equivalents | 961,336 |  |  | — |  |  | — |  |  | 961,336 |
Marketable securities | $ | 1,300,362 |  |  | $ | 16,297 |  |  | $ | (21,786) |  |  | $ | 1,294,873 |
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.
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | 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 December 31, 2022 | 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 | $ | 226,806 |  |  | $ | (3,852) |  |  | $ | 216,074 |  |  | $ | (4,536) |  |  | $ | 442,880 |  |  | $ | (8,388) |
Municipal securities | 6,879 |  |  | (183) |  |  | 30,914 |  |  | (933) |  |  | 37,793 |  |  | (1,116) |
Sovereign securities | 1,006 |  |  | (3) |  |  | 1,974 |  |  | (27) |  |  | 2,980 |  |  | (30) |
U.S. Government agency securities | 30,398 |  |  | (140) |  |  | 36,268 |  |  | (1,098) |  |  | 66,666 |  |  | (1,238) |
U.S. Treasury securities | 216,402 |  |  | (5,024) |  |  | 197,099 |  |  | (5,990) |  |  | 413,501 |  |  | (11,014) |
Total | $ | 481,491 |  |  | $ | (9,202) |  |  | $ | 482,329 |  |  | $ | (12,584) |  |  | $ | 963,820 |  |  | $ | (21,786) |
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.
Schedule of Contractual Maturities of Securities | 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 December 31, 2022 (In thousands) | Amortized Cost |  | Fair Value
Due within one year | $ | 810,100 |  |  | $ | 816,047 |
Due after one year through three years | 490,262 |  |  | 478,826 |
Total | $ | 1,300,362 |  |  | $ | 1,294,873 |

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