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INVESTMENTS
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
Debt Securities

Investments in debt securities at the end of each period were as follows (in millions):

 December 31, 2024December 31, 2023
Held-to-maturityAmortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Bank time deposits$57.9 $— $— $57.9 $64.5 $— $— $64.5 
Available-for-sale
Bank time deposits$13.9 $— $— $13.9 $— $— $— $— 
Commercial paper236.5 — — 236.5 — — — — 
U.S. government and agency securities238.1 0.1 (1.1)237.1 72.7 0.1 (2.8)70.0 
Asset-backed securities70.2 — (1.4)68.8 192.1 — (7.8)184.3 
Corporate debt securities465.0 0.1 (2.8)462.3 658.5 — (16.7)641.8 
Municipal securities2.7 — — 2.7 2.8 — (0.2)2.6 
$1,026.4 $0.2 $(5.3)$1,021.3 $926.1 $0.1 $(27.5)$898.7 

The cost and fair value of investments in debt securities, by contractual maturity, as of December 31, 2024 were as follows:

 Held-to-MaturityAvailable-for-Sale
 Amortized CostFair ValueAmortized CostFair Value
 (in millions)
Due in 1 year or less$57.9 $57.9 $874.0 $872.8 
Due after 1 year through 5 years— — 64.3 62.8 
Instruments not due at a single maturity date (a)
— — 88.1 85.7 
$57.9 $57.9 $1,026.4 $1,021.3 
_______________________________________
(a)     Consists of mortgage-backed and asset-backed securities.

Actual maturities may differ from the contractual maturities due to call or prepayment rights.
The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of December 31, 2024 and 2023, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):
December 31, 2024
Less than 12 Months12 Months or GreaterTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. government and agency securities$— $— $19.9 $(1.1)$19.9 $(1.1)
Asset-backed securities8.4 (0.1)53.3 (1.3)61.7 (1.4)
Corporate debt securities— — 141.0 (2.8)141.0 (2.8)
$8.4 $(0.1)$214.2 $(5.2)$222.6 $(5.3)
December 31, 2023
Less than 12 Months12 Months or GreaterTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. government and agency securities$— $— $67.1 $(2.8)$67.1 $(2.8)
Asset-backed securities10.2 (1.8)172.7 (6.0)182.9 (7.8)
Corporate debt securities25.0 (0.1)601.3 (16.6)626.3 (16.7)
Municipal securities— — 2.6 (0.2)2.6 (0.2)
$35.2 $(1.9)$843.7 $(25.6)$878.9 $(27.5)

The Company reviews its investments in debt securities to determine if there has been an other-than-temporary decline in fair value. Consideration is given to (1) the financial condition and near-term prospects of the issuer, including the credit quality of the security's issuer, (2) the Company's intent to sell the security, and (3) whether it is more likely than not the Company will have to sell the security before recovery of its amortized cost. The unrealized losses on the debt securities were largely due to changes in interest rates, not credit quality, and as of December 31, 2024, the Company did not intend to sell the securities, and it was not more likely than not that it will be required to sell the securities before recovery of the unrealized losses, and, therefore, the unrealized losses are considered temporary.

Investments in Unconsolidated Entities

The Company has a number of equity investments in unconsolidated entities. These investments are recorded in Long-term Investments on the consolidated balance sheets, and are as follows:

 December 31,
 20242023
 (in millions)
Equity method investments  
Carrying value of equity method investments$34.8 $33.6 
Equity securities  
Carrying value of marketable equity securities5.5 — 
Carrying value of non-marketable equity securities119.1 87.6 
Total investments in unconsolidated entities$159.4 $121.2 
The Company makes equity investments in limited liability companies that invest in qualified community development entities through the New Markets Tax Credit ("NMTC") program. The NMTC program provides federal tax incentives to investors to make investments in distressed communities and promotes economic improvements through the development of successful businesses in these communities. The NMTC is equal to 39% of the qualified investment and is taken over seven years. These limited liability companies are VIEs. The Company determined that it is not the primary beneficiary of the VIEs because it does not have the power to direct the activities that most significantly impact the economic performance of the VIEs, and, therefore, the Company does not consolidate these entities. Instead, the NMTC investments are accounted for as equity method investments.

Marketable equity securities consist of investments with readily determinable fair values over which we do not own a
controlling interest or exercise significant influence. Non-marketable equity securities consist of investments in privately held companies without readily determinable fair values, and are reported at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. During 2024, the Company recorded an upward adjustment of $0.5 million and a downward adjustment of $3.1 million due to observable price changes. During 2023, the Company did not record any upward or downward adjustments due to observable price changes or impairments. As of December 31, 2024, the Company had recorded cumulative upward adjustments of $9.3 million based on observable price changes, and cumulative downward adjustments of $6.2 million due to impairments and observable price changes.

During 2024, 2023, and 2022, the gross realized gains or losses from sales of available-for-sale investments were not material.