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Marketable Investment Securities | 12 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
MARKETABLE INVESTMENT SECURITIES | MARKETABLE INVESTMENT SECURITIES The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value debt securities classified as available-for-sale securities by major security type and class of security at December 31, 2022 and December 31, 2021 were as follows:
(in millions) | Amortized cost |  | Gross unrealized holding gains |  | Gross unrealized holding losses |  | Estimated fair value
December 31, 2022: |  |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |  |
Cash | $ | 53.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 53.6 |
Cash equivalents | 3.3 |  |  | — |  |  | — |  |  | 3.3 |
Total cash and cash equivalents | 56.9 |  |  | — |  |  | — |  |  | 56.9 |
Available-for-sale: |  |  |  |  |  |  |
Corporate bonds and notes | 66.7 |  |  | — |  |  | (1.6) |  |  | 65.1 |
Municipal bonds | 16.3 |  |  | — |  |  | (0.3) |  |  | 16.0 |
Federal agency issues | 20.7 |  |  | — |  |  | (0.7) |  |  | 20.0 |
U.S. government securities | 11.8 |  |  | — |  |  | (0.1) |  |  | 11.7 |
Total | $ | 172.4 |  |  | $ | — |  |  | $ | (2.7) |  |  | $ | 169.7 |
(in millions) | Amortized cost |  | Gross unrealized holding gains |  | Gross unrealized holding losses |  | Estimated fair value
December 31, 2021: |  |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |  |
Cash | $ | 194.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 194.2 |
Cash equivalents | 63.2 |  |  | — |  |  | — |  |  | 63.2 |
Total cash and cash equivalents | 257.4 |  |  | — |  |  | — |  |  | 257.4 |
Available-for-sale: |  |  |  |  |  |  |
Corporate bonds and notes | 105.7 |  |  | 0.1 |  |  | (0.2) |  |  | 105.6 |
Municipal bonds | 16.1 |  |  | — |  |  | — |  |  | 16.1 |
Federal agency issues | 6.8 |  |  | — |  |  | — |  |  | 6.8 |
U.S. government securities | 11.9 |  |  | — |  |  | — |  |  | 11.9 |
Total | $ | 397.9 |  |  | $ | 0.1 |  |  | $ | (0.2) |  |  | $ | 397.8 |
Cash, cash equivalents, and maturities of debt securities classified as available-for-sale are as follows at December 31, 2022:
(in millions) | Amortized cost |  | Estimated fair value
Cash | $ | 53.6 |  |  | $ | 53.6 |
Cash equivalents | 3.3 |  |  | 3.3 |
Available-for-sale: |  |  |
Due within one year | 58.8 |  |  | 58.0 |
Due after one year through five years | 56.7 |  |  | 54.8 |
Due after five years | — |  |  | — |
Total | $ | 172.4 |  |  | $ | 169.7 |
During the years ended December 31, 2022 and 2021, the transition period ended December 31, 2020, and the fiscal year ended June 30, 2020, the Company sold $28.4 million, $8.3 million, $1.6 million, and $3.4 million of investments, respectively. The amount of gross realized gains and realized losses upon sales of investments were insignificant in all periods presented. As of December 31, 2022, the Company had 118 available-for-sale debt securities in a gross unrealized loss position of $2.7 million, with a fair market value of $111.6 million. As of December 31, 2021, the Company had 100 available-for-sale debt securities in a gross unrealized loss position of $0.2 million, with a fair market value of $77.7 million. As of December 31, 2022 and December 31, 2021, the expected losses were determined to be immaterial and as such, the Company did not record an allowance for credit losses. The Company does not intend to sell these available-for-sale debt securities, and it is not more likely than not that it will be required to sell these securities prior to recovery of their amortized cost basis. Additional information relating to fair value of marketable investment securities can be found in Note 3.

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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 https://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 https://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 https://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 https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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