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Investments
 12 Months Ended
Dec. 31, 2020
Investments Debt And Equity Securities [Abstract]  
Investments

7)

Investments

Investments classified as short-term consist of the following:

 

 

 

Years Ended December 31,

 

 

 

2020

 

 

2019

 

Available-for-sale investments:

 

 

 

 

 

 

 

 

Time deposits and certificates of deposit

 

$

0.7

 

 

$

13.1

 

Bankers’ acceptance drafts

 

 

3.8

 

 

 

4.0

 

Commercial paper

 

 

—

 

 

 

61.2

 

U.S. treasury obligations

 

 

223.2

 

 

 

5.0

 

U.S. agency obligations

 

 

—

 

 

 

26.1

 

 

 

$

227.7

 

 

$

109.4

 

 

Investments classified as long-term consist of the following:

 

 

 

Years Ended December 31,

 

 

 

2020

 

 

2019

 

Available-for-sale investments:

 

 

 

 

 

 

 

 

Group insurance contracts

 

$

6.5

 

 

$

5.8

 

The following table shows the gross unrealized gains and (losses) aggregated by investment category for available-for-sale investments:

 

As of December 31, 2020:

 

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

(Losses)

 

 

Estimated

Fair Value

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time deposits and certificates of deposit

 

$

0.7

 

 

$

—

 

 

$

—

 

 

$

0.7

 

Bankers' acceptance drafts

 

 

3.8

 

 

 

—

 

 

 

—

 

 

 

3.8

 

U.S. treasury obligations

 

 

223.2

 

 

 

—

 

 

 

—

 

 

 

223.2

 

 

 

$

227.7

 

 

$

—

 

 

$

—

 

 

$

227.7

 

 

As of December 31, 2020:

 

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

(Losses)

 

 

Estimated

Fair Value

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Group insurance contracts

 

$

5.6

 

 

$

0.9

 

 

$

—

 

 

$

6.5

 

 

As of December 31, 2019:

 

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

(Losses)

 

 

Estimated

Fair Value

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time deposits and certificates of deposit

 

$

13.1

 

 

$

—

 

 

$

—

 

 

$

13.1

 

Bankers' acceptance drafts

 

 

4.0

 

 

 

—

 

 

 

—

 

 

 

4.0

 

Commercial paper

 

 

61.5

 

 

 

—

 

 

 

(0.3

)

 

 

61.2

 

U.S. treasury obligations

 

 

5.0

 

 

 

—

 

 

 

—

 

 

 

5.0

 

U.S. agency obligations

 

 

26.1

 

 

 

—

 

 

 

—

 

 

 

26.1

 

 

 

$

109.7

 

 

$

—

 

 

$

(0.3

)

 

$

109.4

 

 

 

As of December 31, 2019:

 

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

(Losses)

 

 

Estimated

Fair Value

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Group insurance contracts

 

$

5.2

 

 

$

0.6

 

 

$

—

 

 

$

5.8

 

 

The tables above, which show the gross unrealized gains and (losses) aggregated by investment category for available-for-sale investments as of December 31, 2020 and 2019, reflect the inclusion within short-term investments of investments with contractual maturities greater than one year from the date of purchase. Management has the ability, if necessary, to liquidate any of its investments in order to meet the Company’s liquidity needs in the next 12 months. Accordingly, those investments with contractual maturities greater than one year from the date of purchase are classified as short-term on the accompanying balance sheets.

 

The Company reviews and evaluates its investments for any indication of possible impairment.

Interest income is accrued as earned. Dividend income is recognized as income on the date the security trades “ex-dividend.” Realized gains or losses are reflected in income and were not material in 2020, 2019 and 2018.