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INVESTMENTS | 9 Months Ended
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Sep. 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):
| September 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 | 75.4 |  |  | 0.6 |  |  | — |  |  | 76.0 |  |  | 79.7 |  |  | 0.2 |  |  | (0.7 | ) |  | 79.2 |
Foreign government bonds | 1.6 |  |  | — |  |  | — |  |  | 1.6 |  |  | 1.7 |  |  | — |  |  | — |  |  | 1.7 |
Asset-backed securities | 80.7 |  |  | 0.6 |  |  | — |  |  | 81.3 |  |  | 110.6 |  |  | 0.1 |  |  | (0.5 | ) |  | 110.2 |
Corporate debt securities | 354.9 |  |  | 2.0 |  |  | (0.1 | ) |  | 356.8 |  |  | 459.8 |  |  | 0.1 |  |  | (4.3 | ) |  | 455.6 |
Municipal securities | 2.7 |  |  | — |  |  | — |  |  | 2.7 |  |  | 2.8 |  |  | — |  |  | — |  |  | 2.8 |
Total | $ | 526.2 |  |  | $ | 3.2 |  |  | $ | (0.1 | ) |  | $ | 529.3 |  |  | $ | 711.3 |  |  | $ | 0.4 |  |  | $ | (5.5 | ) |  | $ | 706.2 |
The cost and fair value of investments in debt securities, by contractual maturity, as of September 30, 2019 were as follows:
| Available-for-Sale
| Cost |  | Fair Value
| (in millions)
Due in 1 year or less | $ | 169.9 |  |  | $ | 170.3 |
Due after 1 year through 5 years | 292.4 |  |  | 294.5 |
Instruments not due at a single maturity date | 63.9 |  |  | 64.5 |
| $ | 526.2 |  |  | $ | 529.3 |
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 September 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):
| September 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
Corporate debt securities | $ | — |  |  | $ | — |  |  | $ | 41.4 |  |  | $ | (0.1 | ) |  | $ | 41.4 |  |  | $ | (0.1 | )
| 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 |  |  | — |  |  | 61.3 |  |  | (0.5 | ) |  | 65.3 |  |  | (0.5 | )
Corporate debt securities | 177.4 |  |  | (1.1 | ) |  | 203.7 |  |  | (3.2 | ) |  | 381.1 |  |  | (4.3 | )
| $ | 182.1 |  |  | $ | (1.2 | ) |  | $ | 321.5 |  |  | $ | (4.3 | ) |  | $ | 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:
| September 30, 2019 |  | December 31, 2018
| (in millions)
Equity method investments |  |  |  |  |
Cost | $ | 10.7 |  |  | $ | 9.1 |
Equity in losses | (3.8 | ) |  | (4.7 | )
Carrying value of equity method investments | 6.9 |  |  | 4.4 |
Equity securities |  |  |  |  |
Carrying value of non-marketable equity securities | 20.1 |  |  | 18.1 |
Total investments in unconsolidated affiliates | $ | 27.0 |  |  | $ | 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 recorded an upward adjustment of $0.3 million during the three and nine months ended September 30, 2019 based on observable price changes. As of September 30, 2019, the Company had recorded accumulated upward adjustments of $2.0 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 nine months ended September 30, 2019, the gross realized gains or losses from sales of available-for-sale investments were not material.

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