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MARKETABLE SECURITIES
 6 Months Ended
Dec. 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 December 31, 2023 (In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Corporate debt securities$742,409 $3,233 $(1,992)$743,650 
Money market funds and other959,851 — — 959,851 
Municipal securities38,669 156 (243)38,582 
U.S. Government agency securities109,973 371 (83)110,261 
U.S. Treasury securities590,021 1,441 (3,091)588,371 
Equity securities(1)
3,211 11,806 — 15,017 
Subtotal2,444,134 17,007 (5,409)2,455,732 
Add: Time deposits(2)
457,188 — — 457,188 
Less: Cash equivalents1,234,975 5 — 1,234,980 
Marketable securities$1,666,347 $17,002 $(5,409)$1,677,940 
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 other1,257,223 — — 1,257,223 
Municipal securities32,525 — (737)31,788 
U.S. Government agency securities134,486 4 (918)133,572 
U.S. Treasury securities538,487 10 (8,782)529,715 
Equity securities(1)
3,211 14,948 — 18,159 
Subtotal2,474,443 15,014 (16,350)2,473,107 
Add: Time deposits(2)
471,439 — — 471,439 
Less: Cash equivalents1,629,248 4 — 1,629,252 
Marketable securities$1,316,634 $15,010 $(16,350)$1,315,294 
________________
(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 December 31, 2023, we had 306 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 December 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$190,129 $(371)$139,118 $(1,621)$329,247 $(1,992)
Municipal securities6,173 (29)13,192 (214)19,365 (243)
U.S. Government agency securities42,904 (74)2,770 (9)45,674 (83)
U.S. Treasury securities81,838 (459)164,874 (2,632)246,712 (3,091)
Total$321,044 $(933)$319,954 $(4,476)$640,998 $(5,409)
As of June 30, 2023Less than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
Corporate debt securities$310,613 $(2,242)$161,263 $(3,671)$471,876 $(5,913)
Municipal securities9,011 (199)17,253 (538)26,264 (737)
U.S. Government agency securities80,793 (459)36,406 (459)117,199 (918)
U.S. Treasury securities288,376 (4,117)183,475 (4,665)471,851 (8,782)
Total$688,793 $(7,017)$398,397 $(9,333)$1,087,190 $(16,350)
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, 2023 (In thousands)Amortized CostFair Value
Due within one year$833,891 $843,309 
Due after one year through three years832,456 834,631 
Total$1,666,347 $1,677,940 
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 six months ended December 31, 2023 and 2022 were immaterial.