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Investments

12 Months Ended

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

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- References

No definition available.

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