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Cash Equivalents and Investments
 6 Months Ended
Jun. 30, 2016
Cash Equivalents and Investments [Abstract]  
Cash Equivalents and Investments
Cash Equivalents and Investments

Investments in Available-for-Sale and Trading Securities

The following tables summarize the Company's unrealized gains and losses and fair value of investments designated as available-for-sale and trading securities as of June 30, 2016 and December 31, 2015 (in millions):
 
Amortized
Cost
 
Gross Unrealized
Gains
 
Gross Unrealized
Losses
 
Estimated Fair
Value
As of June 30, 2016
 
 
 
 
 
 
 
Fixed income securities:
 
 
 
 
 
 
 
Asset-backed securities
$
320.3

 
$
0.4

 
$
—

 
$
320.7

Certificates of deposit
19.4

 
—

 
—

 
19.4

Commercial paper
6.7

 
—

 
—

 
6.7

Corporate debt securities
861.3

 
3.0

 
(0.6
)
 
863.7

Foreign government debt securities
35.5

 
—

 
—

 
35.5

Government-sponsored enterprise obligations
177.1

 
0.1

 
—

 
177.2

U.S. government securities
366.2

 
0.5

 
—

 
366.7

Total fixed income securities
1,786.5

 
4.0

 
(0.6
)
 
1,789.9

Money market funds
538.7

 
—

 
—

 
538.7

Mutual funds
5.8

 
—

 
—

 
5.8

Publicly-traded equity securities
6.2

 
—

 
(1.7
)
 
4.5

Total available-for-sale securities
2,337.2

 
4.0

 
(2.3
)
 
2,338.9

Trading securities in mutual funds(*)
19.3

 
—

 
—

 
19.3

Total
$
2,356.5

 
$
4.0

 
$
(2.3
)
 
$
2,358.2

 
 
 
 
 
 
 
 
Reported as:
 
 
 
 
 
 
 
Cash equivalents
$
555.2

 
$
—

 
$
—

 
$
555.2

Restricted investments
68.8

 
—

 
—

 
68.8

Short-term investments
588.5

 
0.4

 
(1.8
)
 
587.1

Long-term investments
1,144.0

 
3.6

 
(0.5
)
 
1,147.1

Total
$
2,356.5

 
$
4.0

 
$
(2.3
)
 
$
2,358.2


________________________________
(*) 
Balance consists of the Company's non-qualified deferred compensation plan assets.
 
Amortized
Cost
 
Gross Unrealized
Gains
 
Gross Unrealized
Losses
 
Estimated Fair
Value
As of December 31, 2015
 
 
 
 
 
 
 
Fixed income securities:
 
 
 
 
 
 
 
Asset-backed securities
$
312.2

 
$
—

 
$
(0.5
)
 
$
311.7

Certificates of deposit
9.6

 
—

 
—

 
9.6

Commercial paper
17.7

 
—

 
—

 
17.7

Corporate debt securities
913.8

 
0.2

 
(2.6
)
 
911.4

Foreign government debt securities
16.5

 
—

 
—

 
16.5

Government-sponsored enterprise obligations
204.1

 
—

 
(0.4
)
 
203.7

U.S. government securities
278.0

 
—

 
(0.4
)
 
277.6

Total fixed income securities
1,751.9

 
0.2

 
(3.9
)
 
1,748.2

Money market funds
29.7

 
—

 
—

 
29.7

Mutual funds
6.1

 
0.1

 
—

 
6.2

Publicly-traded equity securities
8.7

 
0.8

 
(0.7
)
 
8.8

Total available-for-sale securities
1,796.4

 
1.1

 
(4.6
)
 
1,792.9

Trading securities in mutual funds(*)
17.7

 
—

 
—

 
17.7

Total
$
1,814.1

 
$
1.1

 
$
(4.6
)
 
$
1,810.6

 
 
 
 
 
 
 
 
Reported as:
 
 
 
 
 
 
 
Cash equivalents
$
3.4

 
$
—

 
$
—

 
$
3.4

Restricted investments
35.8

 
0.1

 
—

 
35.9

Short-term investments
527.2

 
0.9

 
(1.0
)
 
527.1

Long-term investments
1,247.7

 
0.1

 
(3.6
)
 
1,244.2

Total
$
1,814.1

 
$
1.1

 
$
(4.6
)
 
$
1,810.6


________________________________
(*) 
Balance consists of the Company's non-qualified deferred compensation plan assets.

The following table presents the contractual maturities of the Company's total fixed income securities as of June 30, 2016 (in millions):
 
Amortized
Cost
 
Gross Unrealized
Gains
 
Gross Unrealized
Losses
 
Estimated Fair
Value
Due in less than one year
$
642.4

 
$
0.4

 
$
(0.1
)
 
$
642.7

Due between one and five years
1,144.1

 
3.6

 
(0.5
)
 
1,147.2

Total
$
1,786.5

 
$
4.0

 
$
(0.6
)
 
$
1,789.9



The Company had 214 and 682 investments in unrealized loss positions as of June 30, 2016 and December 31, 2015, respectively. The gross unrealized losses related to these investments were primarily due to changes in market interest rates and stock prices. The Company periodically reviews its investments to identify and evaluate investments that have an indication of possible impairment. The Company aggregates its investments by category and length of time the securities have been in a continuous unrealized loss position to facilitate its evaluation.

For available-for-sale debt securities that have unrealized losses, the Company evaluates whether (i) it has the intention to sell any of these investments and (ii) whether it is more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis. As of June 30, 2016, the Company anticipates that it will recover the entire amortized cost basis of such available-for-sale debt securities and has determined that no other-than-temporary impairments associated with credit losses were required to be recognized during the three and six months ended June 30, 2016 and June 30, 2015.
For available-for-sale equity securities that have unrealized losses, the Company evaluates whether there is an indication of other-than-temporary impairments. This determination is based on several factors, including the financial condition and near-term prospects of the issuer and the Company's intent and ability to hold the publicly-traded equity securities for a period of time sufficient to allow for any anticipated recovery in market value. During the three and six months ended June 30, 2016 and June 30, 2015, the Company did not recognize other-than-temporary impairments associated with these investments.

During the three and six months ended June 30, 2016 and June 30, 2015, there were no material gross realized gains or losses from available-for-sale securities and there were no material gross realized gains or losses from trading securities.

The following tables present the Company's available-for-sale securities that were in an unrealized loss position as of June 30, 2016 and December 31, 2015 (in millions):
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
As of June 30, 2016
 
 
 
 
 
 
 
 
 
 
 
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
Asset-backed securities(1)(2)
$
82.4

 
$
—

 
$
12.4

 
$
—

 
$
94.8

 
$
—

Certificates of deposit(2)
3.3

 
—

 
—

 
—

 
3.3

 
—

Corporate debt securities
153.9

 
(0.3
)
 
93.8

 
(0.3
)
 
247.7

 
(0.6
)
Foreign government debt securities(2)
13.5

 
—

 
—

 
—

 
13.5

 
—

Government-sponsored enterprise obligations(2)
23.0

 
—

 
—

 
—

 
23.0

 
—

U.S. government securities(2)
17.2

 
—

 
—

 
—

 
17.2

 
—

Total fixed income securities
293.3

 
(0.3
)
 
106.2

 
(0.3
)
 
399.5

 
(0.6
)
Publicly-traded equity securities
4.5

 
(1.7
)
 
—

 
—

 
4.5

 
(1.7
)
Total available-for-sale securities
$
297.8

 
$
(2.0
)
 
$
106.2

 
$
(0.3
)
 
$
404.0

 
$
(2.3
)
________________________________
(1) Balances greater than 12 months include investments that were in an immaterial unrealized loss position as of June 30, 2016.
(2) Balances less than 12 months include investments that were in an immaterial unrealized loss position as of June 30, 2016.

 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
As of December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
Asset-backed securities
$
274.2

 
$
(0.4
)
 
$
30.8

 
$
(0.1
)
 
$
305.0

 
$
(0.5
)
Certificates of deposit(*)
3.3

 
—

 
—

 
—

 
$
3.3

 
—

Corporate debt securities
687.9

 
(2.3
)
 
58.9

 
(0.3
)
 
746.8

 
(2.6
)
Foreign government debt securities(*)
9.5

 
—

 
—

 
—

 
9.5

 
—

Government-sponsored enterprise obligations
185.3

 
(0.4
)
 
—

 
—

 
185.3

 
(0.4
)
U.S. government securities
259.3

 
(0.4
)
 
—

 
—

 
259.3

 
(0.4
)
Total fixed income securities
1,419.5

 
(3.5
)
 
89.7

 
(0.4
)
 
1,509.2

 
(3.9
)
Publicly-traded equity securities
2.1

 
(0.7
)
 
—

 
—

 
2.1

 
(0.7
)
Total available-for-sale securities
$
1,421.6

 
$
(4.2
)
 
$
89.7

 
$
(0.4
)
 
$
1,511.3

 
$
(4.6
)
 ________________________________
(*) 
Balances less than 12 months include investments that were in an immaterial unrealized loss position as of December 31, 2015.

Restricted Cash and Investments

The Company classifies certain cash and investments as restricted cash and investments on its Condensed Consolidated Balance Sheets for: (i) amounts held in escrow accounts, as required in connection with certain acquisitions completed between 2005 and 2016; (ii) the India Gratuity Trust and Israel Retirement Trust, which cover statutory severance obligations in the event of termination of any of the Company's India and Israel employees, respectively; (iii) the Directors and Officers indemnification trust (“D&O Trust”); (iv) amounts held under the Company's short-term disability plan in California; and (v) amounts under the non-qualified deferred compensation ("NQDC") plan for officers and other senior employees. The restricted investments are designated as available-for-sale securities except the NQDC plan which is designated as trading securities.

Privately-Held Investments

The Company has privately-held investments, which include debt and redeemable preferred stock securities that are carried at fair value, and non-redeemable preferred stock securities that are carried at cost.

As of June 30, 2016 and December 31, 2015, the carrying values of the Company's privately-held investments of $88.5 million and $102.4 million, respectively, were included in other long-term assets in the Condensed Consolidated Balance Sheets. As of June 30, 2016 and December 31, 2015, the carrying value of the privately-held investments includes debt and redeemable preferred stock securities of $51.4 million and $60.2 million, respectively. For the three and six months ended June 30, 2016 and June 30, 2015, there were no unrealized gains or losses associated with the privately-held debt and redeemable preferred stock securities.

The Company reviews its investments to identify and evaluate investments that have an indication of possible impairment. During the six months ended June 30, 2016, the Company determined that certain privately-held investments were other-than-temporarily impaired, resulting in impairment charges of $5.1 million that were recorded within other expense, net in the Condensed Consolidated Statement of Operations. No such charges were recorded during the three months ended June 30, 2016 and three and six months ended June 30, 2015.