MARKETABLE SECURITIES

3 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

The amortized cost and fair value of marketable securities as of the dates indicated below were as follows:


As of September 30, 2020 (In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate debt securities	$	402,338	$	2,046	$	(88)	$	404,296
Money market funds and other	682,785		—		—		682,785

Municipal securities	35,368		261		—		35,629

U.S. Government agency securities	137,169		326		(8)		137,487
U.S. Treasury securities	177,076		1,101		—		178,177


Subtotal	1,434,736		3,734		(96)		1,438,374
Add: Time deposits(1)	133,836		—		—		133,836
Less: Cash equivalents	744,577		—		—		744,577
Marketable securities	$	823,995	$	3,734	$	(96)	$	827,633


As of June 30, 2020 (In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate debt securities	$	379,334	$	2,673	$	(50)	$	381,957
Money market funds and other	694,950		—		—		694,950
Municipal securities	28,859		251		—		29,110
Sovereign securities	2,009		8		—		2,017
U.S. Government agency securities	106,091		252		(7)		106,336
U.S. Treasury securities	179,631		1,564		(2)		181,193


Subtotal	1,390,874		4,748		(59)		1,395,563
Add: Time deposits(1)	124,153		—		—		124,153
Less: Cash equivalents	773,653		—		—		773,653
Marketable securities	$	741,374	$	4,748	$	(59)	$	746,063

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(1) Time deposits excluded from fair value measurements.

Our investment portfolio consists of both corporate and government securities that have a maximum maturity of three years. The longer the duration of these securities, the more susceptible they are to changes in market interest rates and bond yields. As yields increase, those securities with a lower yield-at-cost show a mark-to-market unrealized loss. Most of our unrealized losses are due to changes in market interest rates and bond yields. We believe that we have the ability to realize the full value of all of these investments upon maturity. As of September 30, 2020, we had 40 investments in an unrealized loss position. The following table summarizes the fair value and gross unrealized losses of our investments that were in an unrealized loss position as of the date indicated below, none of which were in a continuous loss position for 12 months or more:


As of September 30, 2020 (In thousands)	Fair Value		Gross Unrealized Losses
Corporate debt securities	$	54,747	$	(88)


Municipal securities	2,328		—
U.S. Government agency securities	24,762		(8)
U.S Treasury securities	18,564		—
Total	$	100,401	$	(96)


As of June 30, 2020 (In thousands)	Fair Value		Gross Unrealized Losses
Corporate debt securities	$	44,429	$	(50)


Municipal securities	870		—
U.S. Government agency securities	9,951		(7)
U.S Treasury securities	19,010		(2)
Total	$	74,260	$	(59)

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 September 30, 2020 (In thousands)	Amortized Cost		Fair Value
Due within one year	$	498,336	$	500,622
Due after one year through three years	325,659		327,011
	$	823,995	$	827,633


As of June 30, 2020 (In thousands)	Amortized Cost		Fair Value
Due within one year	$	415,915	$	418,169
Due after one year through three years	325,459		327,894
	$	741,374	$	746,063

Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Realized gains and losses on available-for-sale securities for the three months ended September 30, 2020 and 2019 were immaterial.