Investments

9 Months Ended

Sep. 30, 2021

Investments Debt And Equity Securities [Abstract]

4)	Investments

The following tables show the gross unrealized gains and (losses) aggregated by investment category for available-for-sale investments:

As of September 30, 2021:	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Estimated Fair Value
Short-term investments:
Time deposits and certificates of deposit	$	24.0	$	—	$	—	$	24.0
Bankers’ acceptance drafts		2.5		—		—		2.5
Commercial paper		86.2		—		—		86.2
Corporate obligations		35.3		—		—		35.3
U.S. treasury obligations		98.3		—		—		98.3
	$	246.3	$	—	$	—	$	246.3

As of September 30, 2021:

Cost

Gross

Unrealized

Gains

Gross

Unrealized

(Losses)

Estimated

Fair Value

Long-term investments:

Group insurance contracts

5.5

0.9

—

6.4

As of December 31, 2020:	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Estimated Fair Value
Short-term 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:

Group insurance contracts

5.6

0.9

—

6.5

Management has the ability to liquidate 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 and nine months ended September 30, 2021 and 2020.