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MARKETABLE INVESTMENT SECURITIES | 12 Months Ended
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Dec. 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 debt securities classified as available-for-sale securities by major security type and class of security at December 31, 2023 and December 31, 2022 were as follows:
(in millions) | Amortized cost |  | Gross unrealized holding gains |  | Gross unrealized holding losses |  | Estimated fair value
December 31, 2023: |  |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |  |
Cash | $ | 129.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 129.9 |
Cash equivalents | 2.2 |  |  | — |  |  | — |  |  | 2.2 |
Total cash and cash equivalents | 132.1 |  |  | — |  |  | — |  |  | 132.1 |
Available-for-sale: |  |  |  |  |  |  |
Corporate bonds and notes | 8.4 |  |  | — |  |  | (0.1) |  |  | 8.3 |
Municipal bonds | 0.5 |  |  | — |  |  | — |  |  | 0.5 |
Total | $ | 141.0 |  |  | $ | — |  |  | $ | (0.1) |  |  | $ | 140.9 |
(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 were as follows at December 31, 2023:
(in millions) | Amortized cost |  | Estimated fair value
Cash | $ | 129.9 |  |  | $ | 129.9 |
Cash equivalents | 2.2 |  |  | 2.2 |
Available-for-sale: |  |  |
Due within one year | 8.9 |  |  | 8.8 |
Total | $ | 141.0 |  |  | $ | 140.9 |
During the years ended December 31, 2023, 2022, and 2021, the Company sold $90.4 million, $28.4 million, and $8.3 million of investments, respectively. The cost of the available for sale security sold was determined using the specific-identification method. The amount of gross realized gains and realized losses upon sales of investments was $1.5 million for the year ended December 31, 2023 and was insignificant for the years ended December 31, 2022 and 2021. As of December 31, 2023, the Company had 7 available-for-sale debt securities in a gross unrealized loss position of $0.1 million, with a fair market value of $8.8 million. 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, 2023 and 2022, 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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