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MARKETABLE SECURITIES
 9 Months Ended
Mar. 31, 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 March 31, 2023 (In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Corporate debt securities$466,754 $473 $(6,022)$461,205 
Money market funds and other1,080,003 — — 1,080,003 
Municipal securities36,660 — (776)35,884 
Sovereign securities5,021 — (5)5,016 
U.S. Government agency securities118,073 127 (830)117,370 
U.S. Treasury securities431,619 466 (7,362)424,723 
Equity securities(1)
3,211 16,628 — 19,839 
Subtotal2,141,341 17,694 (14,995)2,144,040 
Add: Time deposits(2)
430,719 — — 430,719 
Less: Cash equivalents1,253,063 — — 1,253,063 
Marketable securities$1,318,997 $17,694 $(14,995)$1,321,696 
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 March 31, 2023, we had 440 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 March 31, 2023Less than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
Corporate debt securities$163,334 $(1,687)$221,831 $(4,335)$385,165 $(6,022)
Municipal securities8,711 (69)27,173 (707)35,884 (776)
Sovereign securities3,019 — 1,997 (5)5,016 (5)
U.S. Government agency securities38,897 (125)34,650 (705)73,547 (830)
U.S. Treasury securities137,766 (1,945)206,896 (5,417)344,662 (7,362)
Total$351,727 $(3,826)$492,547 $(11,169)$844,274 $(14,995)

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 March 31, 2023 (In thousands)Amortized CostFair Value
Due within one year$836,765 $845,394 
Due after one year through three years482,232 476,302 
Total$1,318,997 $1,321,696 
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 nine months ended March 31, 2023 and 2022 were immaterial.