INVESTMENTS

12 Months Ended

Dec. 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):


	December 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	$	162.0	$	—	$	—	$	162.0	$	50.0	$	—	$	—	$	50.0








Available-for-sale
Bank time deposits	$	2.5	$	—	$	—	$	2.5	$	24.1	$	—	$	—	$	24.1
Commercial paper	127.7		—		—		127.7		—		—		—		—
United States government and agency securities	147.4		0.6		(0.7)		147.3		147.0		2.2		—		149.2

Asset-backed securities	515.2		0.3		(2.9)		512.6		149.6		1.9		—		151.5
Corporate debt securities	1,397.1		2.0		(8.3)		1,390.8		600.8		7.5		—		608.3
Municipal securities	2.8		—		—		2.8		2.8		—		—		2.8
	$	2,192.7	$	2.9	$	(11.9)	$	2,183.7	$	924.3	$	11.6	$	—	$	935.9

The cost and fair value of investments in debt securities, by contractual maturity, as of December 31, 2021 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	$	162.0	$	162.0	$	441.3	$	442.0
Due after 1 year through 5 years	—		—		1,196.7		1,189.6
Due after 5 years through 10 years	—		—		8.7		8.6

Instruments not due at a single maturity date (a)	—		—		546.0		543.5
	$	162.0	$	162.0	$	2,192.7	$	2,183.7

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(a) Consists of mortgage- and asset-backed securities.

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 December 31, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):



	December 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


United States government and agency securities	$	85.1	$	(0.7)	$	—	$	—	$	85.1	$	(0.7)

Asset-backed securities	433.3		(2.9)		—		—		433.3		(2.9)
Corporate debt securities	1,114.1		(8.3)		—		—		1,114.1		(8.3)

	$	1,632.5	$	(11.9)	$	—	$	—	$	1,632.5	$	(11.9)

The unrealized losses were largely due to changes in interest rates and were considered temporary. There were no investments that were in an unrealized loss position as of December 31, 2020.

Investments in Unconsolidated Entities

The Company has a number of equity investments in unconsolidated entities. These investments are recorded in "Long-term Investments" on the consolidated balance sheets, and are as follows:


	December 31,
	2021		2020
	(in millions)
Equity method investments
Carrying value of equity method investments	$	8.4	$	5.7
Equity securities
Carrying value of non-marketable equity securities	84.1		29.4
Total investments in unconsolidated entities	$	92.5	$	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 $4.2 million based on observable price changes during 2021, and 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. As of December 31, 2021, the Company had recorded cumulative upward adjustments of $8.0 million based on observable price changes, and cumulative downward adjustments of $2.6 million due to impairment and observable price changes.

In April 2021, the Company recorded $35.9 million related to its investment in a privately-held medical device company (the "Investee"), including an initial cash investment in the Investee's preferred equity securities and other consideration. Also, in April 2021, the Company paid $5.7 million, included in "Other Assets," for an exclusive contingent option to acquire the Investee. Per the agreement, the Company may be required to invest up to an additional $9.9 million in the Investee's preferred equity securities and up to an additional $21.8 million for the option to acquire the Investee, depending on the achievement of certain milestones, of which the Company invested $10.8 million in the fourth quarter of 2021 upon achievement of the first milestone. The Company also agreed to loan the Investee up to $45 million under a secured promissory note. As of December 31, 2021, there had been no borrowings under this secured promissory note.

The Investee is a VIE; however, Edwards has determined that it is not the primary beneficiary of the VIE since Edwards does not have the power to direct the activities of the Investee that most significantly impact the Investee's economic performance. Edwards accounts for this investment as a non-marketable equity security under the measurement alternative.

During 2021, 2020, and 2019, the gross realized gains or losses from sales of available-for-sale investments were not material.