| MARKETABLE SECURITIES |
MARKETABLE SECURITIES
The amortized cost and fair value of marketable securities as of the dates indicated below were as follows:
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| As of June 30, 2020 (In thousands) |
Amortized
成本 |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair Value |
| 公司债务证券 |
$ |
379,334 |
|
|
$ |
2,673 |
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|
$ |
（50） |
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|
$ |
381,957 |
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| Money market funds and other |
694,950 |
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|
— |
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|
— |
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|
694,950 |
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| Municipal securities |
28,859 |
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|
251 |
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|
— |
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|
29,110 |
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| Sovereign securities |
2,009 |
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|
8 |
|
|
— |
|
|
2,017 |
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| U.S. Government agency securities |
106,091 |
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|
252 |
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(7) |
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|
106,336 |
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| 美国国库券 |
179,631 |
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|
1,564 |
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(2) |
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|
181,193 |
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| Subtotal |
1,390,874 |
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4,748 |
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(59) |
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1,395,563 |
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Add: Time deposits
(1)
|
124,153 |
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— |
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— |
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|
124,153 |
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| Less: Cash equivalents |
773,653 |
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— |
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— |
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|
773,653 |
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| Marketable securities |
$ |
741,374 |
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$ |
4,748 |
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|
$ |
(59) |
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|
$ |
746,063 |
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| 截至2019年6月30日（成千上万） |
Amortized
成本 |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair Value |
| 公司债务证券 |
$ |
433,518 |
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|
$ |
141 |
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|
$ |
(582) |
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|
$ |
433,077 |
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| Money market funds and other |
352,708 |
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— |
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— |
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|
352,708 |
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| Municipal securities |
1,910 |
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3 |
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— |
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|
1,913 |
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| Sovereign securities |
6,001 |
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|
1 |
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(8) |
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|
5,994 |
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| U.S. Government agency securities |
159,454 |
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|
5 |
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(241) |
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|
159,218 |
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| 美国国库券 |
208,058 |
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39 |
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（401） |
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207,696 |
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| Subtotal |
1,161,649 |
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189 |
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(1,232) |
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1,160,606 |
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Add: Time deposits
(1)
|
99,006 |
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— |
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— |
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|
99,006 |
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| Less: Cash equivalents |
536,206 |
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17 |
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(2) |
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536,221 |
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| Marketable securities |
$ |
724,449 |
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$ |
172 |
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$ |
(1,230) |
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$ |
723,391 |
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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 June 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:
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| As of June 30, 2020 (In thousands) |
Fair Value |
|
Gross
Unrealized
Losses |
| 公司债务证券 |
$ |
44,429 |
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|
$ |
（50） |
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| Municipal securities |
870 |
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|
0 |
| Sovereign securities |
— |
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|
— |
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| U.S. Government agency securities |
9,951 |
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(7) |
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| 美国国库券 |
19,010 |
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(2) |
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| 全部的 |
$ |
74,260 |
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$ |
(59) |
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The contractual maturities of securities classified as available-for-sale, regardless of their classification on our Consolidated Balance Sheets, as of the date indicated below were as follows:
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| As of June 30, 2020 (In thousands) |
Amortized
成本 |
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Fair Value |
| Due within one year |
$ |
415,915 |
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$ |
418,169 |
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| 三年后到期 |
325,459 |
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|
327,894 |
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$ |
741,374 |
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$ |
746,063 |
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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 on available for sale securities were immaterial for the fiscal years ended June 30, 2020, 2019 and 2018. Realized losses on available for sale securities were $1.4 million for the fiscal year ended June 30, 2019 and were immaterial for the fiscal years ended June 30, 2020 and June 30, 2018. |