INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments in Debt Securities

Investments in debt securities at the end of each period were as follows (in millions):


	December 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	$	96.0	$	—	$	—	$	96.0	$	162.0	$	—	$	—	$	162.0








Available-for-sale
Bank time deposits	$	—	$	—	$	—	$	—	$	2.5	$	—	$	—	$	2.5
Commercial paper	—		—		—		—		127.7		—		—		127.7
United States government and agency securities	137.7		—		(6.1)		131.6		147.4		0.6		(0.7)		147.3

Asset-backed securities	380.6		—		(14.0)		366.6		515.2		0.3		(2.9)		512.6
Corporate debt securities	1,028.1		—		(47.8)		980.3		1,397.1		2.0		(8.3)		1,390.8
Municipal securities	2.7		—		(0.2)		2.5		2.8		—		—		2.8
	$	1,549.1	$	—	$	(68.1)	$	1,481.0	$	2,192.7	$	2.9	$	(11.9)	$	2,183.7

Schedule of Cost and Fair Value of Investments in Debt Securities, by Contractual Maturity

The cost and fair value of investments in debt securities, by contractual maturity, as of December 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	$	91.5	$	91.5	$	362.0	$	354.8
Due after 1 year through 5 years	4.5		4.5		753.8		710.8
Due after 5 years through 10 years	—		—		6.0		5.7

Instruments not due at a single maturity date (a)	—		—		427.3		409.7
	$	96.0	$	96.0	$	1,549.1	$	1,481.0

_______________________________________

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

Schedule of Gross Unrealized Losses and Fair Values for Investments in Unrealized Loss Position

The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of December 31, 2022 and 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):



	December 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


U.S. government and agency securities	$	61.6	$	(1.5)	$	69.5	$	(4.6)	$	131.1	$	(6.1)

Asset-backed securities	103.3		(1.3)		254.6		(12.7)		357.9		(14.0)
Corporate debt securities	189.0		(5.3)		784.8		(42.5)		973.8		(47.8)
Municipal securities	—		—		2.5		(0.2)		2.5		(0.2)
	$	353.9	$	(8.1)	$	1,111.4	$	(60.0)	$	1,465.3	$	(68.1)



	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


U.S. 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)

Schedule of Investments in Unconsolidated Affiliates

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,
	2022		2021
	(in millions)
Equity method investments
Carrying value of equity method investments	$	21.4	$	8.4
Equity securities
Carrying value of non-marketable equity securities	86.9		84.1
Total investments in unconsolidated entities	$	108.3	$	92.5