XML 31 R10.htm IDEA: XBRL DOCUMENT
v3.22.1

INVESTMENTS | 3 Months Ended
--- | ---
Mar. 31, 2022
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, 2022 |  | December 31, 2021
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 | $ | 160.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 160.0 |  |  | $ | 162.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 162.0 |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank time deposits | $ | 4.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 4.5 |  |  | $ | 2.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 2.5 |
Commercial paper | 23.1 |  |  | — |  |  | — |  |  | 23.1 |  |  | 127.7 |  |  | — |  |  | — |  |  | 127.7 |
United States government and agency securities | 142.5 |  |  | — |  |  | (4.0) |  |  | 138.5 |  |  | 147.4 |  |  | 0.6 |  |  | (0.7) |  |  | 147.3 |
Asset-backed securities | 451.0 |  |  | — |  |  | (10.8) |  |  | 440.2 |  |  | 515.2 |  |  | 0.3 |  |  | (2.9) |  |  | 512.6 |
Corporate debt securities | 1,264.5 |  |  | 0.2 |  |  | (37.0) |  |  | 1,227.7 |  |  | 1,397.1 |  |  | 2.0 |  |  | (8.3) |  |  | 1,390.8 |
Municipal securities | 2.8 |  |  | — |  |  | (0.2) |  |  | 2.6 |  |  | 2.8 |  |  | — |  |  | — |  |  | 2.8 |
Total | $ | 1,888.4 |  |  | $ | 0.2 |  |  | $ | (52.0) |  |  | $ | 1,836.6 |  |  | $ | 2,192.7 |  |  | $ | 2.9 |  |  | $ | (11.9) |  |  | $ | 2,183.7 |
The cost and fair value of investments in debt securities, by contractual maturity, as of March 31, 2022, 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 | $ | 160.0 |  |  | $ | 160.0 |  |  | $ | 305.9 |  |  | $ | 305.0 |
Due after 1 year through 5 years | — |  |  | — |  |  | 1,070.8 |  |  | 1,033.4 |
Due after 5 years through 10 years | — |  |  | — |  |  | 8.1 |  |  | 7.8 |
Instruments not due at a single maturity date (a) | — |  |  | — |  |  | 503.6 |  |  | 490.4 |
| $ | 160.0 |  |  | $ | 160.0 |  |  | $ | 1,888.4 |  |  | $ | 1,836.6 |
_______________________________________ (a) Consists primarily of asset-backed securities. Actual maturities may differ from the contractual maturities due to call or prepayment rights. The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2022 and December 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, 2022
| 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 | $ | 101.8 |  |  | $ | (3.6) |  |  | $ | 9.4 |  |  | $ | (0.4) |  |  | $ | 111.2 |  |  | $ | (4.0) |
Asset-backed securities | 396.5 |  |  | (10.5) |  |  | 15.8 |  |  | (0.3) |  |  | 412.3 |  |  | (10.8) |
Corporate debt securities | 1,110.1 |  |  | (34.5) |  |  | 33.6 |  |  | (2.5) |  |  | 1,143.7 |  |  | (37.0) |
Municipal securities | 3.1 |  |  | (0.2) |  |  | — |  |  | — |  |  | 3.1 |  |  | (0.2) |
| $ | 1,611.5 |  |  | $ | (48.8) |  |  | $ | 58.8 |  |  | $ | (3.2) |  |  | $ | 1,670.3 |  |  | $ | (52.0) |
| 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. 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 condensed balance sheets, and are as follows:
| March 31, 2022 |  | December 31, 2021
| (in millions)
Equity method investments |  |  |
Carrying value of equity method investments | $ | 7.7 |  |  | $ | 8.4 |
Equity securities |  |  |
Carrying value of non-marketable equity securities | 84.4 |  |  | 84.1 |
Total investments in unconsolidated entities | $ | 92.1 |  |  | $ | 92.5 |
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. As of March 31, 2022, 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 impairments and observable price changes. During the three months ended March 31, 2022, 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 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration