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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, 2020December 31, 2019
Held-to-maturityAmortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair 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 securities149.6 1.9 — 151.5 141.2 0.6 (0.1)141.7 
Corporate debt securities600.8 7.5 — 608.3 487.0 2.3 (0.1)489.2 
Municipal securities2.8 — — 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-MaturityAvailable-for-Sale
 Amortized CostFair ValueAmortized CostFair 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 Months12 Months or GreaterTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Asset-backed securities$73.4 $(0.1)$— $— $73.4 $(0.1)
Corporate debt securities81.4 (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,
 20202019
 (in millions)
Equity method investments  
Carrying value of equity method investments$5.7 $6.2 
Equity securities  
Carrying value of non-marketable equity securities29.4 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.