INVESTMENTS

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

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.