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MARKETABLE INVESTMENT SECURITIES

3 Months Ended

Mar. 31, 2023

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 for available-for-sale securities by major security type and class of security at March 31, 2023 and December 31, 2022 were as follows:

(in millions)			Amortized cost						Gross unrealized holding gains						Gross unrealized holding losses						Estimated fair value
March 31, 2023
Cash and cash equivalents:
Cash			$	51.9					$	—					$	—					$	51.9
Cash equivalents			1.7						—						—						1.7
Total cash and cash equivalents			53.6						—						—						53.6
Available-for-sale:
Corporate bonds and notes			29.3						—						(0.9)						28.4
Municipal bonds			8.7						—						(0.1)						8.6
Federal agency issues			14.5						—						(0.4)						14.1
U.S. government securities			4.5						—						(0.1)						4.4
Total			$	110.6					$	—					$	(1.5)					$	109.1

(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

Cash, cash equivalents, and maturities of debt securities classified as available-for-sale securities were as follows at March 31, 2023:

(in millions)			Amortized cost						Estimated fair value
Cash			$	51.9					$	51.9
Cash equivalents			1.7						1.7
Available-for-sale:
Due within one year			25.4						25.1
Due after one year through five years			31.6						30.4
Due after five years			—						—
Total			$	110.6					$	109.1

The Company does not intend to sell these available-for-sale debt securities, and it is not more likely than not that the Company 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 4.

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- References

No definition available.

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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)

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