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INVESTMENTS
 12 Months Ended
Dec. 31, 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):

 
December 31, 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
$
100.2

 
$
—

 
$
—

 
$
100.2

 
$
20.0

 
$
—

 
$
—

 
$
20.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bank time deposits
$
13.1

 
$
—

 
$
—

 
$
13.1

 
$
—

 
$
—

 
$
—

 
$
—

Commercial paper
34.3

 
—

 
—

 
34.3

 
56.7

 
—

 
—

 
56.7

U.S. government and agency securities
113.2

 
0.6

 
—

 
113.8

 
79.7

 
0.2

 
(0.7
)
 
79.2

Foreign government bonds
1.7

 
—

 
—

 
1.7

 
1.7

 
—

 
—

 
1.7

Asset-backed securities
141.2

 
0.6

 
(0.1
)
 
141.7

 
110.6

 
0.1

 
(0.5
)
 
110.2

Corporate debt securities
487.0

 
2.3

 
(0.1
)
 
489.2

 
459.8

 
0.1

 
(4.3
)
 
455.6

Municipal securities
—

 
—

 
—

 
—

 
2.8

 
—

 
—

 
2.8

 
$
790.5

 
$
3.5

 
$
(0.2
)
 
$
793.8

 
$
711.3

 
$
0.4

 
$
(5.5
)
 
$
706.2


The cost and fair value of investments in debt securities, by contractual maturity, as of December 31, 2019 were as follows:

 
Held-to-Maturity
 
Available-for-Sale
 
Cost
 
Fair Value
 
Cost
 
Fair Value
 
(in millions)
Due in 1 year or less
$
100.2

 
$
100.2

 
$
237.2

 
$
237.6

Due after 1 year through 5 years
—

 
—

 
439.1

 
441.7

Instruments not due at a single maturity date
—

 
—

 
114.2

 
114.5

 
$
100.2

 
$
100.2

 
$
790.5

 
$
793.8



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 December 31, 2019 and 2018, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):

 
December 31, 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
Asset-backed securities
73.4

 
(0.1
)
 
—

 
—

 
73.4

 
(0.1
)
Corporate debt securities
81.4

 
(0.1
)
 
—

 
—

 
81.4

 
(0.1
)
 
$
154.8

 
$
(0.2
)
 
$
—

 
$
—

 
$
154.8

 
$
(0.2
)

 
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 balance sheets, and are as follows:

 
December 31,
 
2019
 
2018
 
(in millions)
Equity method investments
 

 
 

Cost
$
10.7

 
$
9.1

Equity in losses
(4.5
)
 
(4.7
)
Carrying value of equity method investments
6.2

 
4.4

Equity securities
 

 
 

Carrying value of non-marketable equity securities
23.1

 
18.1

Total investments in unconsolidated affiliates
$
29.3

 
$
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 2019 based on observable price changes. As of December 31, 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 2019, 2018, and 2017, the gross realized gains or losses from sales of available-for-sale investments were not material.