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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2018
Fair Value Disclosures [Abstract]  
Assets Measured at Fair Value on Recurring Basis

The Company’s assets, which are measured at fair value on a recurring basis as of December 31, 2018 and 2017, were determined using the inputs described above:

 

 

 

 

 

Fair Value Measurements Using

 

(in millions)

Carrying

Value

 

 

Quoted Prices in

Active Markets for

Identical Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

December 31, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified as current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds

$

141.7

 

 

$

141.7

 

 

$

—

 

 

$

—

 

Commercial paper

 

94.6

 

 

 

—

 

 

 

94.6

 

 

 

—

 

Securities of government-sponsored entities

 

20.8

 

 

 

—

 

 

 

20.8

 

 

 

—

 

Corporate debt securities

 

393.8

 

 

 

—

 

 

 

393.8

 

 

 

—

 

Subtotal

 

650.9

 

 

 

141.7

 

 

 

509.2

 

 

 

—

 

Classified as long-term assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds

 

1.5

 

 

 

1.5

 

 

 

—

 

 

 

—

 

Certificates of deposit

 

4.0

 

 

 

4.0

 

 

 

—

 

 

 

—

 

Securities of government-sponsored entities

 

64.8

 

 

 

—

 

 

 

64.8

 

 

 

—

 

Corporate debt securities

 

151.2

 

 

 

—

 

 

 

151.2

 

 

 

—

 

Total

 

872.4

 

 

 

147.2

 

 

 

725.2

 

 

 

—

 

Less cash, cash equivalents and restricted cash

 

(147.2

)

 

 

(147.2

)

 

 

—

 

 

 

—

 

Total investments

$

725.2

 

 

$

—

 

 

$

725.2

 

 

$

—

 

December 31, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified as current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds

$

170.2

 

 

$

170.2

 

 

$

—

 

 

$

—

 

Commercial paper

 

159.9

 

 

 

—

 

 

 

159.9

 

 

 

—

 

Securities of government-sponsored entities

 

7.5

 

 

 

—

 

 

 

7.5

 

 

 

—

 

Corporate debt securities

 

178.4

 

 

 

—

 

 

 

178.4

 

 

 

—

 

Subtotal

 

516.0

 

 

 

170.2

 

 

 

345.8

 

 

 

—

 

Classified as long-term assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds

 

1.5

 

 

 

1.5

 

 

 

—

 

 

 

—

 

Certificates of deposit

 

3.0

 

 

 

3.0

 

 

 

—

 

 

 

—

 

Securities of government-sponsored entities

 

10.9

 

 

 

—

 

 

 

10.9

 

 

 

—

 

Corporate debt securities

 

236.4

 

 

 

—

 

 

 

236.4

 

 

 

—

 

Total

 

767.8

 

 

 

174.7

 

 

 

593.1

 

 

 

—

 

Less cash, cash equivalents and restricted cash

 

(259.2

)

 

 

(174.6

)

 

 

(84.6

)

 

 

—

 

Total investments

$

508.6

 

 

$

0.1

 

 

$

508.5

 

 

$

—