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INVESTMENTS
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS
5. INVESTMENTS

Debt Securities

Investments in debt securities at the end of each period were as follows (in millions):
 June 30, 2025December 31, 2024
Held-to-maturityAmortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Bank time deposits$44.7 $— $— $44.7 $57.9 $— $— $57.9 
Available-for-sale
Bank time deposits$— $— $— $— $13.9 $— $— $13.9 
Commercial paper416.4 — — 416.4 236.5 — — 236.5 
U.S. government and agency securities249.3 — (0.7)248.6 238.1 0.1 (1.1)237.1 
Asset-backed securities52.0 — (0.9)51.1 70.2 — (1.4)68.8 
Corporate debt securities121.7 0.1 (1.2)120.6 465.0 0.1 (2.8)462.3 
Municipal securities— — — — 2.7 — — 2.7 
Total$839.4 $0.1 $(2.8)$836.7 $1,026.4 $0.2 $(5.3)$1,021.3 
The cost and fair value of investments in debt securities, by contractual maturity, as of June 30, 2025, were as follows (in millions):
Held-to-MaturityAvailable-for-Sale
 Amortized CostFair ValueAmortized CostFair Value
Due in 1 year or less$44.7 $44.7 $745.4 $744.7 
Due after 1 year through 5 years— — 28.5 28.0 
Instruments not due at a single maturity date (a)
— — 65.5 64.0 
$44.7 $44.7 $839.4 $836.7 
_______________________________________
(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 June 30, 2025 and December 31, 2024, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):

June 30, 2025
Less than 12 Months12 Months or GreaterTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. government and agency securities$— $— $15.6 $(0.7)$15.6 $(0.7)
Asset-backed securities8.7 (0.1)36.3 (0.8)45.0 (0.9)
Corporate debt securities— — 65.0 (1.2)65.0 (1.2)
$8.7 $(0.1)$116.9 $(2.7)$125.6 $(2.8)
December 31, 2024
Less than 12 Months12 Months or GreaterTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. government and agency securities$— $— $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)

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 June 30, 2025, the Company did not intend to sell the securities, and it was not more likely than not that it would 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 condensed balance sheets, and are as follows (in millions):
 June 30,
2025		December 31,
2024
Equity method investments  
Carrying value of equity method investments$34.6 $34.8 
Equity securities  
Carrying value of marketable equity securities5.1 5.5 
Carrying value of non-marketable equity securities166.8 119.1 
Total investments in unconsolidated entities$206.5 $159.4 

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. 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 the Company does 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. As of June 30, 2025, 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 the three and six months ended June 30, 2025, the gross realized gains or losses from sales of available-for-sale investments were not material.