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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, 2022December 31, 2021
Held-to-maturityAmortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair 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 paper23.1 — — 23.1 127.7 — — 127.7 
United States government and agency securities142.5 — (4.0)138.5 147.4 0.6 (0.7)147.3 
Asset-backed securities451.0 — (10.8)440.2 515.2 0.3 (2.9)512.6 
Corporate debt securities1,264.5 0.2 (37.0)1,227.7 1,397.1 2.0 (8.3)1,390.8 
Municipal securities2.8 — (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-MaturityAvailable-for-Sale
 Amortized CostFair ValueAmortized CostFair 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 Months12 Months or GreaterTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
United States government and agency securities$101.8 $(3.6)$9.4 $(0.4)$111.2 $(4.0)
Asset-backed securities396.5 (10.5)15.8 (0.3)412.3 (10.8)
Corporate debt securities1,110.1 (34.5)33.6 (2.5)1,143.7 (37.0)
Municipal securities3.1 (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 Months12 Months or GreaterTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
United States government and agency securities$85.1 $(0.7)$— $— $85.1 $(0.7)
Asset-backed securities433.3 (2.9)— — 433.3 (2.9)
Corporate debt securities1,114.1 (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 securities84.4 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.