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MARKETABLE SECURITIES
 9 Months Ended
Mar. 31, 2024
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, 2024 (In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Corporate debt securities$767,413 $1,646 $(1,923)$767,136 
Money market funds and other1,091,385 — — 1,091,385 
Municipal securities40,271 64 (208)40,127 
U.S. Government agency securities93,382 57 (231)93,208 
U.S. Treasury securities764,664 180 (3,729)761,115 
Subtotal2,757,115 1,947 (6,091)2,752,971 
Add: Time deposits(1)
1,054,499 — — 1,054,499 
Less: Cash equivalents1,390,596 — (1)1,390,595 
Marketable securities(2)
$2,421,018 $1,947 $(6,090)$2,416,875 
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 
Subtotal2,471,232 66 (16,350)2,454,948 
Add: Time deposits(1)
471,439 — — 471,439 
Less: Cash equivalents1,629,248 4 — 1,629,252 
Marketable securities(2)
$1,313,423 $62 $(16,350)$1,297,135 
________________
(1) Time deposits excluded from fair value measurements.
(2) Excludes equity marketable securities.
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, 2024, we had 341 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, 2024Less than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
Corporate debt securities$295,694 $(823)$81,327 $(1,100)$377,021 $(1,923)
Municipal securities13,938 (91)8,088 (117)22,026 (208)
U.S. Government agency securities54,739 (227)2,517 (4)57,256 (231)
U.S. Treasury securities460,112 (1,521)141,125 (2,208)601,237 (3,729)
Total$824,483 $(2,662)$233,057 $(3,429)$1,057,540 $(6,091)
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 March 31, 2024 (In thousands)Amortized CostFair Value
Due within one year$1,566,845 $1,564,521 
Due after one year through three years854,173 852,354 
Total$2,421,018 $2,416,875 
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, 2024 and 2023 were immaterial.