XML 55 R39.htm IDEA: XBRL DOCUMENT
v3.23.2

Investments (Tables) | 12 Months Ended
--- | ---
Jun. 30, 2023
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, 2023 |  | June 30, 2022
Cash and cash equivalents: |  |  |  |
Money market funds |  | $ | 97,129 |  |  | $ | 162,483 |
Certificates of deposit |  | — |  |  | 16,026 |
Commercial paper |  | 54,402 |  |  | 229,272 |
Agency bonds |  | 60,865 |  |  | — |
Government bonds |  |  |  |
US |  | — |  |  | 58,541 |
Securities, available for sale: |  |  |  |
Certificates of deposit |  | 97,224 |  |  | 300,390 |
Corporate bonds |  | 256,772 |  |  | 368,671 |
Commercial paper |  | 266,193 |  |  | 478,293 |
Agency bonds |  | 84,276 |  |  | — |
Government bonds |  |  |  |
Non-US |  | 9,151 |  |  | 17,955 |
US |  | 441,096 |  |  | 378,386 |
Securitization notes receivable and certificates (1) |  | 18,913 |  |  | 51,678 |
Other |  | 1,028 |  |  | — |
Total marketable securities: |  | $ | 1,387,049 |  |  | $ | 2,061,695 |
(1)These securities have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 9. 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, 2023 and June 30, 2022 were as follows (in thousands):
|  | June 30, 2023
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
Certificates of deposit |  | $ | 97,399 |  |  | $ | 11 |  |  | $ | (186) |  |  | $ | — |  |  | $ | 97,224 |
Corporate bonds |  | 260,627 |  |  | 55 |  |  | (3,910) |  |  | — |  |  | 256,772 |
Commercial paper (1) |  | 320,882 |  |  | 34 |  |  | (321) |  |  | — |  |  | 320,595 |
Agency bonds (1) |  | 145,312 |  |  | 62 |  |  | (233) |  |  | — |  |  | 145,141 |
Government bonds |  |  |  |  |  |  |  |  |  |
Non-US |  | 9,330 |  |  | — |  |  | (179) |  |  | — |  |  | 9,151 |
US |  | 444,858 |  |  | 28 |  |  | (3,790) |  |  | — |  |  | 441,096 |
Securitization notes receivable and certificates (2) |  | 19,841 |  |  | — |  |  | (475) |  |  | (453) |  |  | 18,913 |
Other |  | 1,028 |  |  | — |  |  | — |  |  | — |  |  | 1,028 |
Total securities available for sale |  | $ | 1,299,277 |  |  | $ | 190 |  |  | $ | (9,094) |  |  | $ | (453) |  |  | $ | 1,289,920 |
|  | June 30, 2022
|  | 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 |  | 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, commercial paper, agency bonds, and US government bonds include $115.3 million and $303.8 million as of June 30, 2023 and 2022, respectively, classified as cash and cash equivalents within the consolidated balance sheets. (2)These securities have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 9. Debt
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, 2023 and June 30, 2022, are as follows (in thousands):
|  | June 30, 2023
|  | 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 |  | $ | 63,489 |  |  | $ | (186) |  |  | $ | — |  |  | $ | — |  |  | $ | 63,489 |  |  | $ | (186) |
Corporate bonds |  | 92,171 |  |  | (834) |  |  | 131,762 |  |  | (3,076) |  |  | 223,933 |  |  | (3,910) |
Commercial paper |  | 164,037 |  |  | (321) |  |  | — |  |  | — |  |  | 164,037 |  |  | (321) |
Agency bonds |  | 44,214 |  |  | (233) |  |  | — |  |  | — |  |  | 44,214 |  |  | (233) |
Government bonds |  |  |  |  |  |  |  |  |  |  |  |
Non-US |  | 3,061 |  |  | (58) |  |  | 6,089 |  |  | (121) |  |  | 9,150 |  |  | (179) |
US |  | 292,333 |  |  | (2,395) |  |  | 67,606 |  |  | (1,395) |  |  | 359,939 |  |  | (3,790) |
Total securities available for sale (1) |  | $ | 659,305 |  |  | $ | (4,027) |  |  | $ | 205,457 |  |  | $ | (4,592) |  |  | $ | 864,762 |  |  | $ | (8,619) |
|  | June 30, 2022
|  | 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 for which an allowance for credit losses has not been recorded totaled 142 and 270 as of June 30, 2023 and June 30, 2022, respectively.
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, 2023 and June 30, 2022, were as follows (in thousands):
|  | June 30, 2023
|  | 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 |  | $ | 97,399 |  |  | $ | 97,224 |  |  | $ | — |  |  | $ | — |  |  | $ | 97,399 |  |  | $ | 97,224 |
Corporate bonds |  | 173,523 |  |  | 171,634 |  |  | 87,104 |  |  | 85,138 |  |  | 260,627 |  |  | 256,772 |
Commercial paper (1) |  | 320,882 |  |  | 320,595 |  |  | — |  |  | — |  |  | 320,882 |  |  | 320,595 |
Agency bonds (1) |  | 130,176 |  |  | 130,165 |  |  | 15,136 |  |  | 14,976 |  |  | 145,312 |  |  | 145,141 |
Government bonds |  |  |  |  |  |  |  |  |  |  |  |
Non-US |  | 4,063 |  |  | 3,996 |  |  | 5,267 |  |  | 5,155 |  |  | 9,330 |  |  | 9,151 |
US |  | 308,179 |  |  | 306,656 |  |  | 136,679 |  |  | 134,440 |  |  | 444,858 |  |  | 441,096 |
Securitization notes receivable and certificates (2) |  | — |  |  | — |  |  | 19,841 |  |  | 18,913 |  |  | 19,841 |  |  | 18,913 |
Other |  | — |  |  | — |  |  | 1,028 |  |  | 1,028 |  |  | 1,028 |  |  | 1,028 |
Total securities available for sale |  | $ | 1,034,222 |  |  | $ | 1,030,270 |  |  | $ | 265,055 |  |  | $ | 259,650 |  |  | $ | 1,299,277 |  |  | $ | 1,289,920 |
|  | June 30, 2022
|  | 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 (1) |  | $ | 317,331 |  |  | $ | 316,416 |  |  | $ | — |  |  | $ | — |  |  | $ | 317,331 |  |  | $ | 316,416 |
Corporate bonds |  | 206,208 |  |  | 204,614 |  |  | 165,699 |  |  | 164,057 |  |  | 371,907 |  |  | 368,671 |
Commercial paper (1) |  | 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 (1) |  | 360,757 |  |  | 359,242 |  |  | 78,190 |  |  | 77,685 |  |  | 438,947 |  |  | 436,927 |
Securitization notes receivable and certificates (2) |  | — |  |  | — |  |  | 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)Certificates of deposit, commercial paper, agency bonds, and US government bonds include $115.3 million and $303.8 million as of June 30, 2023 and 2022, respectively, classified as cash and cash equivalents within the consolidated balance sheets. (2)Based on weighted average life of expected cash flows as of June 30, 2023 and 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 -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479106/326-30-50-4 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsAllOtherInvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets. + References No definition available. + Details
Name: | us-gaap_MarketableSecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of unrealized gains and losses on investments. + References No definition available. + Details
Name: | us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration