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Investments
 3 Months Ended
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.