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Cash Equivalents and Investments
 9 Months Ended
Sep. 30, 2019
Cash Equivalents and Investments [Abstract]  
Cash Equivalents and Investments
Note 4. Cash Equivalents and Investments

Investments in Available-for-Sale Debt Securities

The following table summarizes the Company's unrealized gains and losses and fair value of investments designated as available-for-sale debt securities as of September 30, 2019 and December 31, 2018 (in millions):


As of September 30, 2019

As of December 31, 2018

Amortized
Cost

Gross Unrealized
Gains

Gross Unrealized
Losses

Estimated Fair
Value

Amortized
Cost

Gross Unrealized
Gains

Gross Unrealized
Losses

Estimated Fair
Value
Fixed income securities:















Asset-backed securities
$
77.4


$
0.1


$
—


$
77.5


$
46.8


$
—


$
(0.3
)

$
46.5

Certificates of deposit
70.6


—


(0.1
)

70.5


152.9


—


—


152.9

Commercial paper
259.9


—


—


259.9


393.6


—


—


393.6

Corporate debt securities
713.0


0.6


(0.3
)

713.3


416.1


—


(3.1
)

413.0

Foreign government debt securities
15.2


—


—


15.2


20.0


—


(0.1
)

19.9

Time deposits
17.4


—


—


17.4


278.6


—


—


278.6

U.S. government agency securities
52.0


—


—


52.0


87.2


—


(0.2
)

87.0

U.S. government securities
578.7


0.4


(0.4
)

578.7


811.8


—


(0.5
)

811.3

Total fixed income securities
1,784.2


1.1


(0.8
)

1,784.5


2,207.0


—


(4.2
)

2,202.8

Privately-held debt and redeemable preferred stock securities
16.1

 
37.4

 
—

 
53.5


16.6


37.4

 
—

 
54.0

Total available-for-sale debt securities
$
1,800.3


$
38.5


$
(0.8
)

$
1,838.0


$
2,223.6


$
37.4


$
(4.2
)

$
2,256.8























Reported as:























Cash equivalents
$
163.2


$
—


$
—


$
163.2


$
936.5


$
—


$
—


$
936.5

Short-term investments
1,039.4


0.9


(0.1
)

1,040.2


1,069.2


—


(1.9
)

1,067.3

Long-term investments
581.6


0.2


(0.7
)

581.1


201.3


—


(2.3
)

199.0

Other long-term assets
16.1

 
37.4

 
—

 
53.5

 
16.6

 
37.4

 
—

 
54.0

Total
$
1,800.3


$
38.5


$
(0.8
)

$
1,838.0


$
2,223.6


$
37.4


$
(4.2
)

$
2,256.8




The following table presents the contractual maturities of the Company's total fixed income securities as of September 30, 2019 (in millions):
 
Amortized
Cost
 
Estimated Fair
Value
Due in less than one year
$
1,202.6

 
$
1,203.4

Due between one and five years
581.6

 
581.1

Total
$
1,784.2

 
$
1,784.5



The following tables present the Company's total fixed income securities that were in an unrealized loss position as of September 30, 2019 and December 31, 2018 (in millions):
 
As of September 30, 2019
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
Asset-backed securities
$
11.3

 
$
—

 
$
12.0

 
$
—

 
$
23.3

 
$
—

Certificates of deposit
4.9

 
(0.1
)
 
—

 
—

 
4.9

 
(0.1
)
Corporate debt securities
222.6

 
(0.3
)
 
64.3

 
—

 
286.9

 
(0.3
)
Foreign government debt securities
—

 
—

 
6.8

 
—

 
6.8

 
—

U.S. government agency securities
46.0

 
—

 
—

 
—

 
46.0

 
—

U.S. government securities
203.5

 
(0.4
)
 
4.0

 
—

 
207.5

 
(0.4
)
Total fixed income securities
$
488.3

 
$
(0.8
)
 
$
87.1

 
$
—

 
$
575.4

 
$
(0.8
)


 
As of December 31, 2018
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
Asset-backed securities
$
3.1

 
$
—

 
$
43.0

 
$
(0.3
)
 
$
46.1

 
$
(0.3
)
Corporate debt securities
72.6

 
(0.1
)
 
330.7

 
(3.0
)
 
403.3

 
(3.1
)
Foreign government debt securities
1.5

 
—

 
18.4

 
(0.1
)
 
19.9

 
(0.1
)
U.S. government agency securities
2.0

 
—

 
45.2

 
(0.2
)
 
47.2

 
(0.2
)
U.S. government securities
344.0

 
—

 
63.5

 
(0.5
)
 
407.5

 
(0.5
)
Total fixed income securities
$
423.2

 
$
(0.1
)
 
$
500.8

 
$
(4.1
)
 
$
924.0

 
$
(4.2
)


For available-for-sale debt securities that have unrealized losses, the Company assesses impairment by evaluating various factors, including 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 September 30, 2019, the Company had 290 investments in unrealized loss positions. The gross unrealized losses related to these investments were primarily due to changes in market interest rates. 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 nine months ended September 30, 2019 and September 30, 2018.

During the three and nine months ended September 30, 2019 and September 30, 2018, there were no material gross realized gains or losses from available-for-sale debt securities.

Investments in Equity Securities

The following table presents the Company's investments in equity securities as of September 30, 2019 and December 31, 2018 (in millions):
 
As of
 
September 30,
2019
 
December 31,
2018
Equity investments with readily determinable fair value
 
 
 
  Money market funds(1)
$
611.9

 
$
996.9

  Mutual funds(2)
26.4

 
24.3

  Publicly-traded equity securities
0.6

 
2.8

  Equity investments without readily determinable fair value
40.9

 
36.4

  Total equity securities
$
679.8

 
$
1,060.4

 
 
 
 
Reported as:
 
 
 
Cash equivalents
$
607.5

 
$
985.3

Short-term investments
0.6

 
2.8

Prepaid expenses and other current assets
5.2

 
10.9

Other long-term assets
66.5

 
61.4

Total
$
679.8

 
$
1,060.4

________________________________
(1) 
Balance includes $4.4 million and $11.6 million in restricted investments measured at fair value, related to the Company's acquisition-related escrow accounts as of September 30, 2019 and December 31, 2018, respectively.
(2) 
Balance relates to restricted investments measured at fair value related to the Company's Deferred Compensation Plan.

For the three and nine months ended September 30, 2019 and September 30, 2018, there were no material unrealized gains or losses recognized for equity investments.

Restricted Cash and Investments

As of September 30, 2019, the carrying value of restricted cash and investments was $92.0 million, of which $66.5 million was included in prepaid expenses and other current assets and $25.5 million was included in other long-term assets on the Condensed Consolidated Balance Sheet.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018 (in millions):
 
As of
 
September 30,
2019
 
December 31,
2018
Cash and cash equivalents
$
1,204.8

 
$
2,489.0

Restricted cash included in Prepaid expenses and other current assets
61.2

 
16.8

  Total cash, cash equivalents, and restricted cash
$
1,266.0

 
$
2,505.8