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Debt Securities

6 Months Ended

Jun. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Debt Securities

Debt Securities

The following table summarizes the amortized cost, unrealized gain and loss recognized in accumulated other comprehensive loss, allowance for credit losses, and fair value of debt securities available-for-sale at June 30, 2020, aggregated by major security type and contractual maturity:

(in millions)			Contractual Maturity																		Amortized Cost						Unrealized Gain						Unrealized Loss						Allowance for Credit Losses						Fair Value
Commercial paper			Within 1 year																		$	140.0					$	0.1					$	—					—						$	140.1
Corporate debt securities			Within 1 year																		287.8						2.0						—						—						289.8
Securities of government-sponsored entities			Within 1 year																		102.5						0.8						—						—						103.3
															$	530.3					$	2.9					$	—					$	—					$	533.2
Corporate debt securities			1			to			2 years						$	173.5					$	1.7					$	—					—						$	175.2
Securities of government-sponsored entities			1			to			2 years						20.0						—						—						—						20.0
															$	193.5					$	1.7					$	—					$	—					$	195.2

The following table summarizes the amortized cost, unrealized gain and loss recognized in accumulated other comprehensive income, and fair value of debt securities available-for-sale at December 31, 2019, aggregated by major security type and contractual maturity:

(in millions)			Contractual Maturity																		Amortized Cost						Unrealized Gain						Unrealized Loss						Fair Value
Commercial paper			Within 1 year																		$	144.5					—						—						$	144.5
Corporate debt securities			Within 1 year																		270.5						0.5						—						271.0
Securities of government-sponsored entities			Within 1 year																		142.3						0.4						—						142.7
															$	557.3					$	0.9					$	—					$	558.2
Corporate debt securities			1			to			2 years						$	250.5					$	0.5					$	(0.1)					$	250.9
Securities of government-sponsored entities			1			to			2 years						48.8						—						—						48.8
															$	299.3					$	0.5					$	(0.1)					$	299.7

At June 30, 2020, debt securities available-for-sale in an unrealized loss position for which an allowance for credit losses had not been recorded were not significant. Further, at June 30, 2020, our security portfolio consisted of 158 securities related to investments in debt securities available-for-sale, of which 17 securities were in an unrealized loss position.

Our investments in commercial paper, corporate debt securities and securities of government-sponsored entities are of high credit quality (rated A1, A- and AA+ or higher, respectively). Unrealized losses on these investments were primarily due to changes in interest rates. We do not intend to sell these investments and it is not more likely than not that we will be required to sell these investments before recovery of their amortized cost basis.

The following table summarizes debt securities available-for-sale in an unrealized loss position at December 31, 2019, aggregated by major security type and length of time in a continuous unrealized loss position:

			Less Than 12 Months																		12 Months or Longer																		Total
(in millions)			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
Corporate debt securities			$	186.1					$	(0.1)					$	—					$	—					$	186.1					$	(0.1)

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- References

No definition available.

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- 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

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