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INVESTMENTS | 3 Months Ended
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Mar. 31, 2021
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, 2021 |  | December 31, 2020
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 |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank time deposits | $ | 14.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 14.1 |  |  | $ | 24.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 24.1 |
U.S. government and agency securities | 136.4 |  |  | 1.8 |  |  | (0.1) |  |  | 138.1 |  |  | 147.0 |  |  | 2.2 |  |  | — |  |  | 149.2 |
Foreign government bonds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Asset-backed securities | 161.1 |  |  | 1.3 |  |  | (0.2) |  |  | 162.2 |  |  | 149.6 |  |  | 1.9 |  |  | — |  |  | 151.5 |
Corporate debt securities | 600.3 |  |  | 5.0 |  |  | (1.5) |  |  | 603.8 |  |  | 600.8 |  |  | 7.5 |  |  | — |  |  | 608.3 |
Municipal securities | 2.8 |  |  | — |  |  | — |  |  | 2.8 |  |  | 2.8 |  |  | — |  |  | — |  |  | 2.8 |
Total | $ | 914.7 |  |  | $ | 8.1 |  |  | $ | (1.8) |  |  | $ | 921.0 |  |  | $ | 924.3 |  |  | $ | 11.6 |  |  | $ | — |  |  | $ | 935.9 |
The cost and fair value of investments in debt securities, by contractual maturity, as of March 31, 2021, were as follows:
|  |  | Available-for-Sale
|  |  |  |  | Amortized Cost |  | Fair Value
|  |  |  |  | (in millions)
Due in 1 year or less |  |  |  |  | $ | 155.5 |  |  | $ | 156.4 |
Due after 1 year through 5 years |  |  |  |  | 569.7 |  |  | 573.3 |
Instruments not due at a single maturity date |  |  |  |  | 189.5 |  |  | 191.3 |
|  |  |  |  | $ | 914.7 |  |  | $ | 921.0 |
Actual maturities may differ from the contractual maturities due to call or prepayment rights. The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):
| March 31, 2021
| 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 | $ | 23.1 |  |  | $ | (0.1) |  |  | $ | — |  |  | $ | — |  |  | $ | 23.1 |  |  | $ | (0.1) |
Asset-backed securities | 58.6 |  |  | (0.2) |  |  | — |  |  | — |  |  | 58.6 |  |  | (0.2) |
Corporate debt securities | 214.4 |  |  | (1.5) |  |  | — |  |  | — |  |  | 214.4 |  |  | (1.5) |
| $ | 296.1 |  |  | $ | (1.8) |  |  | $ | — |  |  | $ | — |  |  | $ | 296.1 |  |  | $ | (1.8) |
There were no investments that were in an unrealized loss position as of December 31, 2020. 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, 2021 |  | December 31, 2020
| (in millions)
Equity method investments |  |  |
Carrying value of equity method investments | $ | 7.1 |  |  | $ | 5.7 |
Equity securities |  |  |
Carrying value of non-marketable equity securities | 30.5 |  |  | 29.4 |
Total investments in unconsolidated affiliates | $ | 37.6 |  |  | $ | 35.1 |
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 $1.0 million during the three months ended March 31, 2021 based on observable price changes. As of March 31, 2021, the Company had recorded accumulated upward adjustments of $4.8 million based on observable price changes, and accumulated downward adjustments of $2.6 million due to impairments and observable price changes. During the three months ended March 31, 2021, the gross realized gains or losses from sales of available-for-sale investments were not material.

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- 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
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