Financial assets (excluding cash held in operating accounts and time deposits) and liabilities measured at fair value on a recurring basis as of the dates indicated below were presented on our Consolidated Balance Sheets as follows:


As of June 30, 2026 (In thousands)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Assets
Cash equivalents:
Municipal securities	$	6,016	$	—	$	6,016
Corporate debt securities	6,075		—		6,075
Money market funds and other	1,233,035		1,233,035		—

Sovereign securities	999		—		999



Marketable securities:
Corporate debt securities	1,297,450		—		1,297,450
Municipal securities	17,403		—		17,403

Sovereign securities	39,219		—		39,219
U.S. Government agency securities	75,742		75,742		—
U.S. Treasury securities	1,355,711		1,275,725		79,986
Equity securities	46,772		46,772		—

Total cash equivalents and marketable securities(1)	4,078,422		2,631,274		1,447,148
Other current assets:
Derivative assets	41,821		—		41,821
Interest rate swap assets	2,534		—		2,534
Other non-current assets:
EDSP assets	416,389		398,414		17,975

Interest rate swap assets	6,990		—		6,990
Long-term accounts receivable, net	180,729		—		180,729
Total financial assets(1)	$	4,726,885	$	3,029,688	$	1,697,197
Liabilities
Other current liabilities:
Derivative liabilities	$	(12,546)	$	—	$	(12,546)


Other non-current liabilities:
Interest rate swap liabilities	(10,107)		—		(10,107)
Total financial liabilities	$	(22,653)	$	—	$	(22,653)


As of June 30, 2025 (In thousands)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Assets
Cash equivalents:
Municipal securities	$	6,120	$	—	$	6,120
Corporate debt securities	1,498		—		1,498
Money market funds and other	1,531,022		1,531,022		—
U.S. Government agency securities	9,955		—		9,955
U.S. Treasury securities	9,981		—		9,981


Marketable securities:
Corporate debt securities	960,148		—		960,148
Municipal securities	51,453		—		51,453

U.S. Government agency securities	106,881		106,881		—
U.S. Treasury securities	877,578		802,682		74,896

Equity securities	23,962		23,962		—

Total cash equivalents and marketable securities(1)	3,578,598		2,464,547		1,114,051
Other current assets:
Derivative assets	59,503		—		59,503
Other non-current assets:
EDSP assets	349,530		336,090		13,440
Total financial assets(1)	$	3,987,631	$	2,800,637	$	1,186,994
Liabilities
Other current liabilities:
Derivative liabilities	$	(28,615)	$	—	$	(28,615)


Total financial liabilities	$	(28,615)	$	—	$	(28,615)