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FAIR VALUE MEASUREMENTS
 12 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Our financial assets and liabilities are measured and recorded at fair value, except for our debt and certain equity investments in privately held companies. Equity investments without a readily available fair value are accounted for using the measurement alternative. The measurement alternative is calculated as cost minus impairment, if any, plus or minus changes resulting from observable price changes. See Note 8 “Debt” for disclosure of the fair value of our Senior Notes, as defined in that Note.
Our non-financial assets, such as goodwill, intangible assets, and land, property and equipment, are assessed for impairment when an event or circumstance indicates that an other-than-temporary decline in value may have occurred.
Fair Value of Financial Instruments. We have evaluated the estimated fair value of financial instruments using available market information and valuations as provided by third-party sources. The use of different market assumptions and/or estimation methodologies could have a significant effect on the estimated fair value amounts. The fair value of our cash
equivalents, accounts receivable, accounts payable and other current assets and liabilities approximate their carrying amounts due to the relatively short maturity of these items.
Fair Value Hierarchy. The authoritative guidance for fair value measurements establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:
Level 1Valuations based on quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.
Level 2Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.
Level 3Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. There were no transfers between Level 1, Level 2 and Level 3 fair value measurements during the years ended June 30, 2024 and June 30, 2023.
The types of instruments valued based on quoted market prices in active markets included money market funds, certain U.S. Treasury securities, U.S. Government agency securities and equity securities. Such instruments are generally classified within Level 1 of the fair value hierarchy.
The types of instruments valued based on other observable inputs included corporate debt securities, municipal securities and certain U.S. Treasury securities. The market inputs used to value these instruments generally consist of market yields, reported trades and broker/dealer quotes. Such instruments are generally classified within Level 2 of the fair value hierarchy.
The principal market in which we execute our foreign currency contracts is the institutional market in an over-the-counter environment with a relatively high level of price transparency. The market participants generally are large financial institutions. Our foreign currency contracts’ valuation inputs are based on quoted prices and quoted pricing intervals from public data sources and do not involve management judgment. These contracts are typically classified within Level 2 of the fair value hierarchy.
The fair values of contingent consideration payable, the majority of which were recorded in connection with business combinations, were classified as Level 3 and estimated using significant inputs that were not observable in the market. See Note 6 “Business Combinations and Dispositions” for additional information.
Financial assets (excluding cash held in operating accounts and time deposits) and liabilities measured at fair value on a recurring basis as of the date indicated below were presented on our Consolidated Balance Sheets as follows:
As of June 30, 2024 (In thousands)TotalQuoted Prices
in Active Markets
for Identical
Assets (Level 1)		Significant 
Other
Observable 
Inputs
(Level 2)		Little or No
Market Activity Inputs (Level 3)
Assets
Cash equivalents:
Corporate debt securities$2,312 $— $2,312 $— 
Money market funds and other1,585,832 1,585,832 — — 
U.S. Treasury securities35,158 — 35,158 — 
Marketable securities:
Corporate debt securities771,920 — 771,920 — 
Municipal securities41,159 — 41,159 — 
U.S. Government agency securities105,874 105,874 — — 
U.S. Treasury securities716,148 476,230 239,918 — 
Equity securities
25,566 25,566 — — 
Total cash equivalents and marketable securities(1)
3,283,969 2,193,502 1,090,467 — 
Other current assets:
Derivative assets36,503 — 36,503 — 
Other non-current assets:
EDSP303,365 272,816 30,549 — 
Total financial assets(1)
$3,623,837 $2,466,318 $1,157,519 $— 
Liabilities
Derivative liabilities$(15,683)$— $(15,683)$— 
Total financial liabilities$(15,683)$— $(15,683)$— 
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(1)Excludes cash of $287.6 million held in operating accounts and time deposits of $932.4 million (of which $66.2 million were cash equivalents) as of June 30, 2024.
Financial assets (excluding cash held in operating accounts and time deposits) and liabilities measured at fair value on a recurring basis as of the date indicated below were presented on our Consolidated Balance Sheets as follows:
As of June 30, 2023 (In thousands)TotalQuoted Prices in
Active Markets
for Identical
Assets (Level 1)		Significant Other
Observable Inputs
(Level 2)		Little or No
Market Activity Inputs (Level 3)
Assets
Cash equivalents:
Money market funds and other$1,257,223 $1,257,223 $— $— 
U.S. Government agency securities3,788 — 3,788 — 
U.S. Treasury securities11,500 — 11,500 — 
Marketable securities:
Corporate debt securities502,650 — 502,650 — 
Municipal securities31,788 — 31,788 — 
U.S. Government agency securities129,784 127,715 2,069 — 
U.S. Treasury securities518,215 425,234 92,981 — 
Equity securities
18,159 18,159 — — 
Total cash equivalents and marketable securities(1)
2,473,107 1,828,331 644,776 — 
Other current assets:
Derivative assets35,712 — 35,712 — 
Other non-current assets:
EDSP256,846 198,639 58,207 — 
Total financial assets(1)
$2,765,665 $2,026,970 $738,695 $— 
Liabilities
Derivative liabilities$(12,106)$— $(12,106)$— 
Contingent consideration payable(6,447)— — (6,447)
Total financial liabilities$(18,553)$— $(12,106)$(6,447)
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(1)Excludes cash of $298.6 million held in operating accounts and time deposits of $471.4 million (of which $356.7 million were cash equivalents) as of June 30, 2023.