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v3.23.2

Investments | 12 Months Ended
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Jun. 30, 2023
Investments, All Other Investments [Abstract] |
Investments | Investments 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. Securities Available for Sale, at Fair Value 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 As of June 30, 2023 and June 30, 2022, there were no material reversals of prior period allowance for credit losses recognized for available for sale securities. 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. 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. Gross proceeds from matured or redeemed securities were $3.7 billion and $2.2 billion for the years ended June 30, 2023 and June 30, 2022, respectively. For available for sale securities realized gains and losses from portfolio sales were not material for the June 30, 2023 and June 30, 2022. Non-marketable Equity Securities Equity investments without a readily determinable fair value held at cost were $43.2 million as of both June 30, 2023 and June 30, 2022 and are included in other assets within the consolidated balance sheets. There have been no unrealized or realized gains and losses due to observable changes in orderly transactions and we did not record any impairment for the years ended June 30, 2023 or June 30, 2022.

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org//321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org//325/tableOfContent + Details
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