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INVESTMENTS
 3 Months Ended
Mar. 31, 2020
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):
 
March 31, 2020
 
December 31, 2019
Held-to-maturity
Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
 
Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
Fair Value
Bank time deposits
$
112.0

 
$
—

 
$
—

 
$
112.0

 
$
100.2

 
$
—

 
$
—

 
$
100.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bank time deposits
$
13.1

 
$
—

 
$
—

 
$
13.1

 
$
13.1

 
$
—

 
$
—

 
$
13.1

Commercial paper
49.8

 
—

 
—

 
49.8

 
34.3

 
—

 
—

 
34.3

U.S. government and agency securities
112.9

 
2.9

 
—

 
115.8

 
113.2

 
0.6

 
—

 
113.8

Foreign government bonds
1.7

 
—

 
—

 
1.7

 
1.7

 
—

 
—

 
1.7

Asset-backed securities
157.2

 
0.2

 
(1.5
)
 
155.9

 
141.2

 
0.6

 
(0.1
)
 
141.7

Corporate debt securities
479.2

 
1.0

 
(5.8
)
 
474.4

 
487.0

 
2.3

 
(0.1
)
 
489.2

Total
$
813.9

 
$
4.1

 
$
(7.3
)
 
$
810.7

 
$
790.5

 
$
3.5

 
$
(0.2
)
 
$
793.8


The cost and fair value of investments in debt securities, by contractual maturity, as of March 31, 2020, were as follows:
 
Available-for-Sale
 
Cost
 
Fair Value
 
(in millions)
Due in 1 year or less
$
256.7

 
$
256.2

Due after 1 year through 5 years
395.1

 
393.0

Due after 5 years through 10 years
3.0

 
3.1

Instruments not due at a single maturity date
159.1

 
158.4

 
$
813.9

 
$
810.7


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 March 31, 2020 and December 31, 2019, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):

 
March 31, 2020
 
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
$
116.3

 
$
(1.5
)
 
$
—

 
$
—

 
$
116.3

 
$
(1.5
)
Corporate debt securities
331.0

 
(5.8
)
 
—

 
—

 
331.0

 
(5.8
)
 
$
447.3

 
$
(7.3
)
 
$
—

 
$
—

 
$
447.3

 
$
(7.3
)

 
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
)


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:
 
March 31,
2020
 
December 31,
2019
 
(in millions)
Equity method investments
 

 
 

Cost
$
11.5

 
$
10.7

Equity in losses
(5.8
)
 
(4.5
)
Carrying value of equity method investments
5.7

 
6.2

Equity securities
 

 
 

Carrying value of non-marketable equity securities
27.6

 
23.1

Total investments in unconsolidated affiliates
$
33.3

 
$
29.3


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 a downward adjustment of $0.7 million during the three months ended March 31, 2020 due to impairment. As of March 31, 2020, the Company had recorded accumulated upward adjustments of $2.0 million based on observable price changes, and accumulated downward adjustments of $2.6 million due to impairment and observable price changes.
During the three months ended March 31, 2020, the gross realized gains or losses from sales of available-for-sale investments were not material.