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MARKETABLE SECURITIES (Tables)

6 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of 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 other			959,851						—						—						959,851
Municipal securities			38,669						156						(243)						38,582
U.S. Government agency securities			109,973						371						(83)						110,261
U.S. Treasury securities			590,021						1,441						(3,091)						588,371
Equity securities(1)			3,211						11,806						—						15,017
Subtotal			2,444,134						17,007						(5,409)						2,455,732
Add: Time deposits(2)			457,188						—						—						457,188
Less: Cash equivalents			1,234,975						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 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

________________

(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.

Schedule of 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, 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			$	190,129					$	(371)					$	139,118					$	(1,621)					$	329,247					$	(1,992)
Municipal securities			6,173						(29)						13,192						(214)						19,365						(243)
U.S. Government agency securities			42,904						(74)						2,770						(9)						45,674						(83)
U.S. Treasury securities			81,838						(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, 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)

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, 2023 (In thousands)			Amortized Cost						Fair Value
Due within one year			$	833,891					$	843,309
Due after one year through three years			832,456						834,631
Total			$	1,666,347					$	1,677,940

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