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INVESTMENTS
 6 Months Ended
Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS

Debt Securities

Investments in debt securities at the end of each period were as follows (in millions):
 
June 30, 2019
 
December 31, 2018
Held-to-maturity
Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
 
Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
Fair Value
Bank time deposits
$
—

 
$
—

 
$
—

 
$
—

 
$
20.0

 
$
—

 
$
—

 
$
20.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial paper
$
10.9

 
$
—

 
$
—

 
$
10.9

 
$
56.7

 
$
—

 
$
—

 
$
56.7

U.S. government and agency securities
80.8

 
0.6

 
(0.1
)
 
81.3

 
79.7

 
0.2

 
(0.7
)
 
79.2

Foreign government bonds
1.7

 
—

 
—

 
1.7

 
1.7

 
—

 
—

 
1.7

Asset-backed securities
80.7

 
0.5

 
—

 
81.2

 
110.6

 
0.1

 
(0.5
)
 
110.2

Corporate debt securities
417.8

 
1.8

 
(0.4
)
 
419.2

 
459.8

 
0.1

 
(4.3
)
 
455.6

Municipal securities
2.7

 
—

 
—

 
2.7

 
2.8

 
—

 
—

 
2.8

Total
$
594.6

 
$
2.9

 
$
(0.5
)
 
$
597.0

 
$
711.3

 
$
0.4

 
$
(5.5
)
 
$
706.2


The cost and fair value of investments in debt securities, by contractual maturity, as of June 30, 2019 were as follows:
 
Available-for-Sale
 
Cost
 
Fair Value
 
(in millions)
Due in 1 year or less
$
207.4

 
$
207.5

Due after 1 year through 5 years
324.0

 
325.9

Instruments not due at a single maturity date
63.2

 
63.6

 
$
594.6

 
$
597.0


Actual maturities may differ from the contractual maturities due to call or prepayment rights.
The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of June 30, 2019 and December 31, 2018, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):

 
June 30, 2019
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
U.S. government and agency securities
$
—

 
$
—

 
$
29.7

 
$
(0.1
)
 
$
29.7

 
$
(0.1
)
Asset-backed securities
—

 
—

 
31.0

 
—

 
31.0

 
—

Corporate debt securities
47.2

 
(0.1
)
 
129.1

 
(0.3
)
 
176.3

 
(0.4
)
 
$
47.2

 
$
(0.1
)
 
$
189.8

 
$
(0.4
)
 
$
237.0

 
$
(0.5
)

 
December 31, 2018
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
U.S. government and agency securities
$
0.7

 
$
(0.1
)
 
$
56.5

 
$
(0.6
)
 
$
57.2

 
$
(0.7
)
Asset-backed securities
4.0

 
0.1

 
61.3

 
(0.6
)
 
65.3

 
(0.5
)
Corporate debt securities
177.4

 
(1.1
)
 
203.7

 
(3.2
)
 
381.1

 
(4.3
)
 
$
182.1

 
$
(1.1
)
 
$
321.5

 
$
(4.4
)
 
$
503.6

 
$
(5.5
)


Investments in Unconsolidated Affiliates

The Company has a number of equity investments in privately and publicly held companies. Investments in these unconsolidated affiliates are recorded in "Long-term Investments" on the consolidated condensed balance sheets, and are as follows:
 
June 30,
2019
 
December 31,
2018
 
(in millions)
Equity method investments
 

 
 

Cost
$
10.3

 
$
9.1

Equity in losses
(5.0
)
 
(4.7
)
Carrying value of equity method investments
5.3

 
4.4

Equity securities
 

 
 

Carrying value of non-marketable equity securities
18.1

 
18.1

Total investments in unconsolidated affiliates
$
23.4

 
$
22.5


Non-marketable equity securities consist of investments in privately held companies without readily determinable fair values, and are reported at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. The Company did not record any upward or downward adjustments during the six months ended June 30, 2019. As of June 30, 2019, the Company had recorded accumulated upward adjustments of $1.7 million based on observable price changes, and accumulated downward adjustments of $1.9 million due to impairment and observable price changes.
During the three and six months ended June 30, 2019, the gross realized gains or losses from sales of available-for-sale investments were not material.