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MARKETABLE SECURITIES (Tables)

6 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of 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 December 31, 2024 (In thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Corporate debt securities			$	874,139					$	3,086					$	(523)					$	876,702
Money market funds and other			1,215,402						—						—						1,215,402
Municipal securities			55,911						148						(41)						56,018
U.S. Government agency securities			92,412						340						(89)						92,663
U.S. Treasury securities			721,084						1,383						(1,352)						721,115
Subtotal			2,958,948						4,957						(2,005)						2,961,900
Add: Time deposits(1)			265,122						—						—						265,122
Less: Cash equivalents			1,300,828						5						—						1,300,833
Marketable securities(2)			$	1,923,242					$	4,952					$	(2,005)					$	1,926,189

As of June 30, 2024 (In thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Corporate debt securities			$	775,277					$	973					$	(2,018)					$	774,232
Money market funds and other			1,585,832						—						—						1,585,832
Municipal securities			41,343						13						(197)						41,159
U.S. Government agency securities			106,101						26						(253)						105,874
U.S. Treasury securities			754,505						209						(3,408)						751,306
Subtotal			3,263,058						1,221						(5,876)						3,258,403
Add: Time deposits(1)			932,436						—						—						932,436
Less: Cash equivalents			1,689,540						—						(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.

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, 2024			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			$	172,297					$	(410)					$	41,908					$	(113)					$	214,205					$	(523)
Municipal securities			15,675						(33)						2,453						(8)						18,128						(41)
U.S. Government agency securities			17,245						(89)						—						—						17,245						(89)
U.S. Treasury securities			268,818						(1,109)						54,030						(243)						322,848						(1,352)
Total			$	474,035					$	(1,641)					$	98,391					$	(364)					$	572,426					$	(2,005)

As of June 30, 2024			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			$	355,882					$	(942)					$	100,957					$	(1,076)					$	456,839					$	(2,018)
Municipal securities			17,364						(81)						10,788						(116)						28,152						(197)
U.S. Government agency securities			58,598						(137)						17,197						(116)						75,795						(253)
U.S. Treasury securities			466,144						(1,040)						166,867						(2,368)						633,011						(3,408)
Total			$	897,988					$	(2,200)					$	295,809					$	(3,676)					$	1,193,797					$	(5,876)

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, 2024 (In thousands)			Amortized Cost						Fair Value
Due within one year			$	954,567					$	955,495
Due after one year through three years			968,675						970,694
Total			$	1,923,242					$	1,926,189

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