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INVESTMENTS | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS | INVESTMENTS Marketable Securities Beginning in January 2024, our captive insurance subsidiary began investing cash in excess of current needs in marketable securities. The marketable securities are recorded within other current assets in the Consolidated Balance Sheets and consist of debt securities accounted for as available-for-sale (AFS) and equity securities measured at fair value. Changes in the fair value of equity securities are recognized as a component of other income, net in the Consolidated Statements of Operations and unrealized gains (losses) on AFS debt securities are recorded as a component of other comprehensive income until the security is sold. See Note 12 – Fair Value Measurements. As of June 30, 2024, equity securities recorded within other current assets in the Consolidated Balance Sheets were $2.1 million. Net unrealized gains recognized during the three and six-months ended June 30, 2024 on equity securities held at the reporting date were $0.0 million and $0.2 million, respectively. Marketable debt securities accounted for as AFS were as follows:
| As of June 30, 2024
|  |  |  |  |  |  |  |  | Fair Value of Securities with Contractual Maturities
(in millions) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Within 1 Year |  |  |  |  |  | After 1 Year through 5 Years |  | After 5 Years
U.S. Treasury | $ | 20.1 |  |  | $ | — |  |  | $ | (0.2) |  |  | $ | 19.9 |  |  | $ | 3.4 |  |  |  |  |  |  | $ | 13.5 |  |  | $ | 3.0 |
Municipal securities | 9.7 |  |  | — |  |  | (0.1) |  |  | 9.6 |  |  | 1.5 |  |  |  |  |  |  | 3.7 |  |  | 4.4 |
Corporate debt | 20.0 |  |  | — |  |  | (0.2) |  |  | 19.8 |  |  | — |  |  |  |  |  |  | 14.6 |  |  | 5.2 |
Total | $ | 49.8 |  |  | $ | — |  |  | $ | (0.5) |  |  | $ | 49.3 |  |  | $ | 4.9 |  |  |  |  |  |  | $ | 31.8 |  |  | $ | 12.6 |
There were no sales of AFS securities during the three and six-months ended June 30, 2024. All unrealized losses on AFS securities are attributable to the current year. These unrealized losses were primarily caused by interest rate increases and no allowances for credit losses have been recorded on these assets in the current period. Equity Method Investments Our investment in Pinewood Technologies Group PLC (PINE.L) consists of 25.5% common stock voting interests accounted for as an equity method investment. The investment is measured at fair value based on quoted market prices, and all fair market value changes in the investment are recorded as unrealized gains as a component of other income, net in the Consolidated Statements of Operations. The fair value of our investment was $100.0 million as of June 30, 2024. We reported an unrealized gain on investment of $29.5 million for the six months ended June 30, 2024. See Note 12 – Fair Value Measurements.

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
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