XML 44 R14.htm IDEA: XBRL DOCUMENT
v3.20.4

INVESTMENTS | 12 Months Ended
--- | ---
Dec. 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):
| December 31, 2020 |  | December 31, 2019
Held-to-maturity | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Bank time deposits | $ | 50.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 50.0 |  |  | $ | 100.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 100.2 |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank time deposits | $ | 24.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 24.1 |  |  | $ | 13.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 13.1 |
Commercial paper | — |  |  | — |  |  | — |  |  | — |  |  | 34.3 |  |  | — |  |  | — |  |  | 34.3 |
U.S. government and agency securities | 147.0 |  |  | 2.2 |  |  | — |  |  | 149.2 |  |  | 113.2 |  |  | 0.6 |  |  | — |  |  | 113.8 |
Foreign government bonds | — |  |  | — |  |  | — |  |  | — |  |  | 1.7 |  |  | — |  |  | — |  |  | 1.7 |
Asset-backed securities | 149.6 |  |  | 1.9 |  |  | — |  |  | 151.5 |  |  | 141.2 |  |  | 0.6 |  |  | (0.1) |  |  | 141.7 |
Corporate debt securities | 600.8 |  |  | 7.5 |  |  | — |  |  | 608.3 |  |  | 487.0 |  |  | 2.3 |  |  | (0.1) |  |  | 489.2 |
Municipal securities | 2.8 |  |  | — |  |  | — |  |  | 2.8 |  |  | — |  |  | — |  |  | — |  |  | — |
| $ | 924.3 |  |  | $ | 11.6 |  |  | $ | — |  |  | $ | 935.9 |  |  | $ | 790.5 |  |  | $ | 3.5 |  |  | $ | (0.2) |  |  | $ | 793.8 |
The cost and fair value of investments in debt securities, by contractual maturity, as of December 31, 2020 were as follows:
| Held-to-Maturity |  | Available-for-Sale
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
| (in millions)
Due in 1 year or less | $ | 50.0 |  |  | $ | 50.0 |  |  | $ | 168.4 |  |  | $ | 169.4 |
Due after 1 year through 5 years | — |  |  | — |  |  | 578.2 |  |  | 586.5 |
Instruments not due at a single maturity date | — |  |  | — |  |  | 177.7 |  |  | 180.0 |
| $ | 50.0 |  |  | $ | 50.0 |  |  | $ | 924.3 |  |  | $ | 935.9 |
Actual maturities may differ from the contractual maturities due to call or prepayment rights. There were no investments that were in an unrealized loss position as of December 31, 2020. The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of December 31, 2019, 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) |
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,
| 2020 |  | 2019
| (in millions)
Equity method investments |  |  |
Carrying value of equity method investments | $ | 5.7 |  |  | $ | 6.2 |
Equity securities |  |  |
Carrying value of non-marketable equity securities | 29.4 |  |  | 23.1 |
Total investments in unconsolidated affiliates | $ | 35.1 |  |  | $ | 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 an upward adjustment of $1.8 million based on observable price changes and a downward adjustment of $0.7 million due to an impairment during 2020, and an upward adjustment of $0.3 million based on observable price changes during 2019. As of December 31, 2020 and 2019, the Company had recorded accumulated upward adjustments of $3.8 million and $2.0 million, respectively, based on observable price changes, and accumulated downward adjustments of $2.6 million and $1.9 million, respectively, due to impairment and observable price changes. During 2020, 2019, and 2018, the gross realized gains or losses from sales of available-for-sale investments were not material.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration