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Cash Equivalents and Investments
 12 Months Ended
Dec. 31, 2020
Cash Equivalents and Investments [Abstract]  
Cash Equivalents and Investments
Note 3. 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 December 31, 2020 and December 31, 2019 (in millions):
As of December 31, 2020As of December 31, 2019
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$76.5 $0.2 $— $76.7 $81.3 $0.1 $— $81.4 
Certificates of deposit32.9 — — 32.9 38.6 — — 38.6 
Commercial paper89.3 — — 89.3 168.2 — — 168.2 
Corporate debt securities632.0 5.5 (0.1)637.4 604.9 0.7 (0.1)605.5 
Foreign government debt securities
4.6 — — 4.6 11.4 — — 11.4 
Time deposits255.6 — — 255.6 226.3 — — 226.3 
U.S. government agency securities
65.3 0.2 — 65.5 89.0 — — 89.0 
U.S. government securities232.8 1.0 — 233.8 394.3 0.3 (0.1)394.5 
Total fixed income securities
1,389.0 6.9 (0.1)1,395.8 1,614.0 1.1 (0.2)1,614.9 
Privately-held debt and redeemable preferred stock securities
18.3 37.4 — $55.7 19.1 37.4 — 56.5 
Total available-for-sale debt securities
$1,407.3 $44.3 $(0.1)$1,451.5 $1,633.1 $38.5 $(0.2)$1,671.4 
Reported as:
Cash equivalents$333.7 $— $— $333.7 $290.9 $— $— $290.9 
Short-term investments404.3 1.2 — 405.5 733.7 0.5 — 734.2 
Long-term investments651.0 5.7 (0.1)656.6 589.4 0.6 (0.2)589.8 
Other long-term assets18.3 37.4 — 55.7 19.1 37.4 — 56.5 
Total$1,407.3 $44.3 $(0.1)$1,451.5 $1,633.1 $38.5 $(0.2)$1,671.4 

The following table presents the contractual maturities of the Company's total fixed income securities as of December 31, 2020 (in millions):
 Amortized
Cost		Estimated Fair
Value
Due in less than one year$738.0 $739.2 
Due between one and five years651.0 656.6 
Total$1,389.0 $1,395.8 
The following tables present the Company's total fixed income securities that were in an unrealized loss position as of December 31, 2020 and December 31, 2019 (in millions):
As of December 31, 2020
 Less than 12 Months12 Months or GreaterTotal
 Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Fixed income securities:
Asset-backed securities$17.5 $— $— $— $17.5 $— 
Corporate debt securities61.0 (0.1)— — 61.0 (0.1)
Foreign government debt securities0.6 — — — 0.6 — 
U.S. government securities2.3 — — — 2.3 — 
Total fixed income securities$81.4 $(0.1)$— $— $81.4 $(0.1)
As of December 31, 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$21.6 $— $5.2 $— $26.8 $— 
Corporate debt securities142.6 (0.1)2.1 — 144.7 (0.1)
Foreign government debt securities4.0 — 4.0 — 8.0 — 
U.S. government agency securities20.0 — — — 20.0 — 
U.S. government securities71.6 (0.1)— — 71.6 (0.1)
Total fixed income securities$259.8 $(0.2)$11.3 $— $271.1 $(0.2)
 

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 December 31, 2020, the Company had 69 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 allowance for credit losses were required to be recognized during the years ended December 31, 2020, 2019, and 2018.

During the years ended December 31, 2020, 2019, and 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 December 31, 2020 and 2019 (in millions):
As of December 31,
20202019
Equity investments with readily determinable fair value
Money market funds$536.6 $446.4 
Mutual funds29.3 26.8 
Publicly-traded equity securities6.6 3.8 
Equity investments without readily determinable fair value146.2 133.3 
Total equity securities$718.7 $610.3 
Reported as:
Cash equivalents$519.8 $442.3 
Short-term investments6.6 3.8 
Prepaid expenses and other current assets9.9 4.1 
Other long-term assets182.4 160.1 
Total$718.7 $610.3 


During the years ended December 31, 2020, 2019, and 2018, there were no material unrealized gains or losses recognized for equity investments.

Restricted Cash and Investments

The Company has restricted cash and investments for: (i) amounts held in escrow accounts, as required in connection with certain acquisitions completed primarily in 2019 and 2020; (ii) amounts held under the Company's short-term disability plan in California; and (iii) amounts under the Company's non-qualified deferred compensation plan for senior-level employees. Restricted investments consist of equity investments. As of December 31, 2020, the carrying value of restricted cash and investments was $67.2 million, of which $29.0 million was included in prepaid expenses and other current assets and $38.2 million was included in other long-term assets on the Consolidated Balance Sheets.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Consolidated Balance Sheets as of December 31, 2020 and December 31, 2019 (in millions):
As of December 31,
20202019
Cash and cash equivalents$1,361.9 $1,215.8 
Restricted cash included in Prepaid expenses and other current assets19.2 60.5 
Restricted cash included in Other long-term assets1.9 0.2 
Total cash, cash equivalents, and restricted cash$1,383.0 $1,276.5