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Investments | 3 Months Ended
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Mar. 31, 2021
Investments Debt And Equity Securities [Abstract] |
Investments |
4) | Investments
The following tables show the gross unrealized gains and (losses) aggregated by investment category for available-for-sale investments:
As of March 31, 2021: |  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Estimated Fair Value |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time deposits and certificates of deposit |  | $ | 12.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 12.8 |
Bankers' acceptance drafts |  |  | 4.2 |  |  |  | — |  |  |  | — |  |  |  | 4.2 |
Commercial paper |  |  | 60.9 |  |  |  | — |  |  |  | — |  |  |  | 60.9 |
U.S. treasury obligations |  |  | 131.8 |  |  |  | — |  |  |  | — |  |  |  | 131.8 |
|  | $ | 209.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 209.7 |
As of March 31, 2021: |  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Estimated Fair Value |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Group insurance contracts |  | $ | 5.6 |  |  | $ | 0.9 |  |  | $ | — |  |  | $ | 6.5 |
As of December 31, 2020: |  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Estimated Fair Value |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time deposits and certificates of deposit |  | $ | 0.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.7 |
Bankers' acceptance drafts |  |  | 3.8 |  |  |  | — |  |  |  | — |  |  |  | 3.8 |
U.S. treasury obligations |  |  | 223.2 |  |  |  | — |  |  |  | — |  |  |  | 223.2 |
|  | $ | 227.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 227.7 |
As of December 31, 2020: |  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Estimated Fair Value |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Group insurance contracts |  | $ | 5.6 |  |  | $ | 0.9 |  |  | $ | — |  |  | $ | 6.5 |
The tables above, which show the gross unrealized gains and (losses) aggregated by investment category for available-for-sale investments as of March 31, 2021 and December 31, 2020, reflect the inclusion within short-term investments of investments with contractual maturities greater than one year from the date of purchase. Management has the ability, if necessary, to liquidate any of its investments in order to meet the Company’s liquidity needs in the next 12 months. Accordingly, those investments with contractual maturities greater than one year from the date of purchase are classified as short-term on the accompanying balance sheets. Interest income is accrued as earned. Dividend income is recognized as income on the date the security trades “ex-dividend.” The cost of marketable securities sold is determined by the specific identification method. Realized gains or losses are reflected in income and were not material for the three months ended March 31, 2021 and March 31, 2020.

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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 + Details
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