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Cash Equivalents and Investments
 3 Months Ended
Mar. 31, 2023
Cash Equivalents and Investments [Abstract]  
Cash Equivalents and Investments
Note 2. 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 March 31, 2023 and December 31, 2022 (in millions):
As of March 31, 2023
As of December 31, 2022
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$24.6 $— $(0.8)$23.8 $37.8 $— $(1.2)$36.6 
Corporate debt securities210.8 — (5.2)205.6 277.5 — (7.1)270.4 
Foreign government debt securities
8.8 — (0.3)8.5 8.8 — (0.4)8.4 
Time deposits89.7 — — 89.7 70.6 — — 70.6 
U.S. government agency securities
18.6 — (0.4)18.2 18.6 — (0.6)18.0 
U.S. government securities5.0 — (0.1)4.9 9.0 — (0.2)8.8 
Total fixed income securities
357.5 — (6.8)350.7 422.3 — (9.5)412.8 
Privately-held debt and redeemable preferred stock securities20.7 37.4 — 58.1 15.5 37.4 — 52.9 
Total available-for-sale debt securities
$378.2 $37.4 $(6.8)$408.8 $437.8 $37.4 $(9.5)$465.7 
Reported as:
Cash equivalents$89.7 $— $— $89.7 $70.6 $— $— $70.6 
Short-term investments171.4 — (3.0)168.4 205.9 — (3.3)202.6 
Long-term investments96.4 — (3.8)92.6 145.8 — (6.2)139.6 
Other long-term assets20.7 37.4 — 58.1 15.5 37.4 — 52.9 
Total$378.2 $37.4 $(6.8)$408.8 $437.8 $37.4 $(9.5)$465.7 


The following table presents the contractual maturities of the Company's total fixed income securities as of March 31, 2023 (in millions):
 Amortized
Cost		Estimated Fair
Value
Due in less than one year$261.1 $258.1 
Due between one and five years96.4 92.6 
Total$357.5 $350.7 


As of March 31, 2023, the Company's unrealized loss of $6.8 million resulted from 216 investments, of which losses aggregating $0.2 million were from investments in an unrealized loss position for less than 12 months, and $6.6 million were 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 three months ended March 31, 2023 and March 31, 2022.
During the three months ended March 31, 2023 and March 31, 2022, 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 March 31, 2023 and December 31, 2022 (in millions):
As of
March 31,
2023		December 31,
2022
Equity investments with readily determinable fair value:
Money market funds$496.7 $420.8 
Mutual funds31.9 28.1 
Publicly-traded equity securities6.5 7.7 
Equity investments without readily determinable fair value130.7 137.7 
Equity investment under the equity method of accounting33.9 36.0 
Total equity securities$699.7 $630.3 
Reported as:
Cash equivalents$496.7 $420.8 
Short-term investments6.5 7.7 
Prepaid expenses and other current assets2.5 2.4 
Other long-term assets194.0 199.4 
Total$699.7 $630.3 

For the three months ended March 31, 2023 and March 31, 2022, 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. For the three months ended March 31, 2023, the loss recognized from the equity method investment was $2.1 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 March 31, 2023, the carrying value of restricted cash and investments was $50.1 million, of which $18.4 million was included in prepaid expenses and other current assets, and $31.7 million was included in other long-term assets on the Condensed Consolidated Balance Sheets.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 (in millions):
As of
March 31,
2023		December 31,
2022
Cash and cash equivalents$923.5 $880.1 
Restricted cash included in prepaid expenses and other current assets15.9 15.2 
Restricted cash included in other long-term assets2.4 2.4 
Total cash, cash equivalents, and restricted cash$941.8 $897.7