INVESTMENTS

3 Months Ended

Mar. 31, 2023

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, 2023								December 31, 2022
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	$	28.0	$	—	$	—	$	28.0	$	96.0	$	—	$	—		$	96.0








Available-for-sale


U.S government and agency securities	108.6		—		(4.9)		103.7		137.7		—		(6.1)			131.6

Asset-backed securities	304.2		—		(11.2)		293.0		380.6		—		(14.0)			366.6
Corporate debt securities	948.8		—		(38.8)		910.0		1,028.1		—		(47.8)			980.3
Municipal securities	2.8		—		(0.2)		2.6		2.7		—		(0.2)			2.5
Total	$	1,364.4	$	—	$	(55.1)	$	1,309.3	$	1,549.1	$	—	$	(68.1)		$	1,481.0

The cost and fair value of investments in debt securities, by contractual maturity, as of March 31, 2023, 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	$	23.5	$	23.5	$	366.5	$	358.2
Due after 1 year through 5 years	4.5		4.5		647.3		614.8
Due after 5 years through 10 years	—		—		5.2		5.1

Instruments not due at a single maturity date (a)	—		—		345.4		331.2
	$	28.0	$	28.0	$	1,364.4	$	1,309.3

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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 tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2023 and December 31, 2022, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):


	March 31, 2023
	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	$	10.6	$	(0.1)	$	92.2	$	(4.8)	$	102.8	$	(4.9)

Asset-backed securities	59.1		(0.8)		224.7		(10.4)		283.8		(11.2)
Corporate debt securities	30.8		(0.1)		871.7		(38.7)		902.5		(38.8)
Municipal securities	—		—		2.6		(0.2)		2.6		(0.2)
	$	100.5	$	(1.0)	$	1,191.2	$	(54.1)	$	1,291.7	$	(55.1)



	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)

The Company reviews its investments in debt securities to determine if there has been an other-than-temporary decline in fair value. Consideration is given to 1) the length of time and the extent to which the security's fair value has been below cost, 2) the financial condition and near term prospects of the issuer, including the credit quality of the security's issuer, 3) the Company's intent to sell the security, and 4) whether it is more likely than not the Company will have to sell the security before recovery of its amortized cost. The decline in fair value of the debt securities was largely due to changes in interest rates, not credit quality, and as of March 31, 2023, the Company did not intend to sell the securities, and it was not more likely than not that it will be required to sell the securities before recovery of the unrealized losses, and, therefore, the unrealized losses are 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, 2023		December 31, 2022
	(in millions)
Equity method investments
Carrying value of equity method investments	$	24.2	$	21.4
Equity securities
Carrying value of non-marketable equity securities	86.9		86.9
Total investments in unconsolidated entities	$	111.1	$	108.3

During the three months ended March 31, 2023, the Company made $1.7 million of equity investments in limited liability companies that invest in qualified community development entities ("CDEs") through the New Markets Tax Credit ("NMTC") program. The NMTC program provides federal tax incentives to investors to make investments in distressed communities and promotes economic improvements through the development of successful businesses in these communities. The NMTC is equal to 39% of the qualified investment and is taken over seven years. These limited liability companies are variable interest entities ("VIEs"). The Company determined that it is not the primary beneficiary of the VIEs because it does not have the power to direct the activities that most significantly impact the economic performance of the VIEs, and therefore the Company does not consolidate these entities. Instead, the NMTC investments are accounted for as equity method investments.

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, 2023, the Company had recorded cumulative upward adjustments of $8.8 million based on observable price changes, and cumulative downward adjustments of $3.1 million due to impairments and observable price changes.

During the three months ended March 31, 2023, the gross realized gains or losses from sales of available-for-sale investments were not material.