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MARKETABLE SECURITIES
 12 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
MARKETABLE SECURITIES MARKETABLE SECURITIES
The amortized cost and fair value of our fixed income marketable securities as of the dates indicated below were as follows:
As of June 30, 2025 (In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Corporate debt securities$957,256 $4,456 $(66)$961,646 
Money market funds and other1,531,022 — — 1,531,022 
Municipal securities57,445 129 (1)57,573 
U.S. Government agency securities116,436 458 (58)116,836 
U.S. Treasury securities885,101 2,787 (329)887,559 
Subtotal3,547,260 7,830 (454)3,554,636 
Add: Time deposits(1)
478,191 — — 478,191 
Less: Cash equivalents1,641,074 1 (1)1,641,074 
Marketable securities(2)
$2,384,377 $7,829 $(453)$2,391,753 
As of June 30, 2024 (In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Corporate debt securities$775,277 $973 $(2,018)$774,232 
Money market funds and other1,585,832 — — 1,585,832 
Municipal securities41,343 13 (197)41,159 
U.S. Government agency securities106,101 26 (253)105,874 
U.S. Treasury securities754,505 209 (3,408)751,306 
Subtotal3,263,058 1,221 (5,876)3,258,403 
Add: Time deposits(1)
932,436 — — 932,436 
Less: Cash equivalents1,689,540 — (1)1,689,539 
Marketable securities(2)
$2,505,954 $1,221 $(5,875)$2,501,300 
__________________ 
(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 June 30, 2025, we had 104 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 June 30, 2025Less than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Corporate debt securities$98,149 $(63)$2,528 $(3)$100,677 $(66)
Municipal securities5,774 (1)— — 5,774 (1)
U.S. Government agency securities32,780 (58)— — 32,780 (58)
U.S. Treasury securities238,627 (297)20,330 (32)258,957 (329)
Total$375,330 $(419)$22,858 $(35)$398,188 $(454)
As of June 30, 2024Less than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Corporate debt securities$355,882 $(942)$100,957 $(1,076)$456,839 $(2,018)
Municipal securities17,364 (81)10,788 (116)28,152 (197)
U.S. Government agency securities58,598 (137)17,197 (116)75,795 (253)
U.S. Treasury securities466,144 (1,040)166,867 (2,368)633,011 (3,408)
Total$897,988 $(2,200)$295,809 $(3,676)$1,193,797 $(5,876)
The contractual maturities of securities classified as available-for-sale, regardless of their classification on our Consolidated Balance Sheets, as of the date indicated below were as follows:
As of June 30, 2025 (In thousands)Amortized CostFair Value
Due within one year$1,244,804 $1,246,095 
Due after one year through three years1,139,573 1,145,658 
Total$2,384,377 $2,391,753 
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 were immaterial for the fiscal years ended June 30, 2025, 2024 and 2023.
The costs for our equity marketable securities were $22.9 million as of both June 30, 2025, and June 30, 2024. Unrealized gains (losses) for our equity marketable securities were $(1.6) million, $(12.3) million and $7.1 million during the fiscal years ended June 30, 2025, 2024 and 2023 respectively.