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Cash Equivalents and Investments
 12 Months Ended
Dec. 31, 2022
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, 2022 and December 31, 2021 (in millions):
As of December 31, 2022
As of December 31, 2021
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 and mortgage-backed securities$37.8 $— $(1.2)$36.6 $139.1 $— $(0.5)$138.6 
Certificates of deposit— — — — 5.0 — — 5.0 
Commercial paper— — — — 75.8 — — 75.8 
Corporate debt securities277.5 — (7.1)270.4 443.3 0.7 (1.5)442.5 
Foreign government debt securities
8.8 — (0.4)8.4 12.8 — (0.1)12.7 
Time deposits70.6 — — 70.6 35.2 — — 35.2 
U.S. government agency securities
18.6 — (0.6)18.0 26.8 — (0.1)26.7 
U.S. government securities9.0 — (0.2)8.8 73.5 0.1 — 73.6 
Total fixed income securities
422.3 — (9.5)412.8 811.5 0.8 (2.2)810.1 
Privately-held debt and redeemable preferred stock securities
15.5 37.4 — 52.9 9.6 37.4 — 47.0 
Total available-for-sale debt securities
$437.8 $37.4 $(9.5)$465.7 $821.1 $38.2 $(2.2)$857.1 
Reported as:
Cash equivalents$70.6 $— $— $70.6 $47.2 $— $— $47.2 
Short-term investments205.9 — (3.3)202.6 306.8 0.7 (0.1)307.4 
Long-term investments145.8 — (6.2)139.6 457.5 0.1 (2.1)455.5 
Other long-term assets15.5 37.4 — 52.9 9.6 37.4 — 47.0 
Total$437.8 $37.4 $(9.5)$465.7 $821.1 $38.2 $(2.2)$857.1 

The following table presents the contractual maturities of the Company's total fixed income securities as of December 31, 2022 (in millions):
 Amortized
Cost		Estimated Fair
Value
Due in less than one year$276.5 $273.2 
Due between one and five years145.8 139.6 
Total$422.3 $412.8 
 

As of December 31, 2022, the Company's unrealized loss of $9.5 million resulted from 303 investments, of which loss aggregating $0.8 million was from investments in an unrealized loss position for less than 12 months, and $8.7 million was from investments in an unrealized loss position for more than 12 months. 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 was required to be recognized during the years ended December 31, 2022 and December 31, 2021.
During the years ended December 31, 2022 and December 31, 2020, the Company had no material gross realized gains or losses from available-for-sale debt securities. During the year ended December 31, 2021, the Company had gross realized gains of $15.3 million and no material gross realized 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, 2022 and 2021 (in millions):
As of December 31,
20222021
Equity investments with readily determinable fair value
Money market funds$420.8 $382.0 
Mutual funds28.1 33.4 
Publicly-traded equity securities7.7 8.1 
Equity investments without readily determinable fair value137.7 150.1 
Equity investment under the equity method of accounting 36.0 — 
Total equity securities$630.3 $573.6 
Reported as:
Cash equivalents$420.8 $371.5 
Short-term investments7.7 8.1 
Prepaid expenses and other current assets2.4 15.1 
Other long-term assets199.4 178.9 
Total$630.3 $573.6 


During the years ended December 31, 2022, 2021, and 2020, there were no material unrealized gains or losses recognized for equity investments with readily determinable fair value or equity investments without readily determinable fair value. During the year ended December 31, 2022, the loss recognized from the equity method investment was $4.8 million.

Restricted Cash and Investments

The Company has restricted cash and investments for: (i) amounts under the Company's non-qualified deferred compensation plan for senior-level employees; (ii) amounts held under the Company's short-term disability plan in California; and (iii) amounts held in escrow accounts, as required in connection with certain acquisitions. Restricted investments consist of equity investments. As of December 31, 2022, the carrying value of restricted cash and investments was $45.6 million, of which $17.5 million was included in prepaid expenses and other current assets and $28.1 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, 2022 and December 31, 2021 (in millions):
As of December 31,
20222021
Cash and cash equivalents$880.1 $922.5 
Restricted cash included in Prepaid expenses and other current assets15.2 17.2 
Restricted cash included in Other long-term assets2.4 3.0 
Total cash, cash equivalents, and restricted cash$897.7 $942.7