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Investments (Tables)

12 Months Ended

Jun. 30, 2022

Investments, All Other Investments [Abstract]

Marketable Securities

Marketable securities include certain investments classified as cash and cash equivalents and securities available for sale, at fair value, and consist of the following as of each date presented within the consolidated balance sheets (in thousands):

						June 30, 2022						June 30, 2021
Cash and cash equivalents:
Money market funds						$	162,483					$	143,241
Certificates of deposit						16,026						—
Commercial paper						229,272						—
Government bonds
US						58,541						—
Securities, available for sale:
Certificates of deposit						300,390						—
Corporate bonds						368,671						—
Commercial paper						478,293						—
Government bonds
Non-US						17,955						—
US						378,386						—
Securitization notes receivable and certificates (1)						51,678						16,170
Total marketable securities:						$	2,061,695					$	159,411

(1)These securities, excluding 2022-Z1, have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 11. Debt.

Unrealized Gain (Loss) on Investments

The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of June 30, 2022 were as follows (in thousands):

						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
Certificates of deposit (1)						$	317,331					$	6					$	(921)					$	—					$	316,416
Corporate bonds (1)						371,907						7						(3,243)						—						368,671
Commercial paper (1)						708,694						16						(1,145)						—						707,565
Government bonds
Non-US						18,196						—						(241)						—						17,955
US (1)						438,947						—						(2,020)						—						436,927
Securitization notes receivable and certificates (2)						52,180						178						(659)						(21)						51,678
Total securities available for sale						$	1,907,255					$	207					$	(8,229)					$	(21)					$	1,899,212

(1)Certificates of deposit, corporate bonds, commercial paper, and US government bonds include $303.8 million classified as cash and cash equivalents within the consolidated balance sheets.

(2)These securities, excluding 2022-Z1, have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 11. Debt

The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of June 30, 2021 were as follows (in thousands):

						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
Securitization notes receivable and certificates						$	16,144					$	29					$	—					$	(3)					$	16,170
Total securities available for sale						$	16,144					$	29					$	—					$	(3)					$	16,170

Schedule of Available-for-sale Securities with Unrealized Losses

A summary of securities available for sale with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous loss position as of June 30, 2022, is as follows (in thousands):

						Less than or equal to 1 year												Greater than 1 year												Total
						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Certificates of deposit						$	290,169					$	(921)					$	—					$	—					$	290,169					$	(921)
Corporate bonds						351,088						(3,243)						—						—						351,088						(3,243)
Commercial paper						679,272						(1,145)						—						—						679,272						(1,145)
Government bonds
Non-US						17,955						(241)						—						—						17,955						(241)
US						431,903						(2,020)						—						—						431,903						(2,020)
Securitization notes receivable and certificates						722						(45)						—						—						722						(45)
Total securities available for sale (1)						$	1,771,109					$	(7,615)					$	—					$	—					$	1,771,109					$	(7,615)

(1)The number of positions with unrealized losses as of June 30, 2022 totaled 270.

Schedule of Length of Contractual Maturities of Securities Available for Sale

The length of time to contractual maturities of securities available for sale as of June 30, 2022, were as follows (in thousands):

						Within 1 year												Greater than 1 year, less than or equal to 5 years												Total
						Amortized Cost						Fair Value						Amortized Cost						Fair Value						Amortized Cost						Fair Value
Certificates of deposit						$	317,331					$	316,416					$	—					$	—					$	317,331					$	316,416
Corporate bonds						206,208						204,614						165,699						164,057						371,907						368,671
Commercial paper						708,694						707,565						—						—						708,694						707,565
Government bonds
Non-US						11,895						11,813						6,301						6,142						18,196						17,955
US						360,757						359,242						78,190						77,685						438,947						436,927
Securitization notes receivable and certificates (1)						—						—						52,180						51,678						52,180						51,678
Total securities available for sale						$	1,604,885					$	1,599,650					$	302,370					$	299,562					$	1,907,255					$	1,899,212

(1)Based on weighted average life of expected cash flows as of June 30, 2022.

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124269663&loc=SL82922888-210455

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Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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