Investment Securities

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]


12.			Investment Securities

The Company’s amortized cost and estimated fair value of investment securities as of June 30, 2023 and December 31, 2022 are presented below. Accrued interest on investment securities of $21.4 million and $9.3 million, respectively, as of June 30, 2023 and December 31, 2022, is excluded from total investment securities and recorded within prepaid expenses and other current assets on the condensed consolidated balance sheets.


(In millions)	Amortized Cost		Total Unrealized Gains		Total Unrealized Losses		Fair Value1
As of June 30, 2023
Current:

Debt securities:
U.S. treasury notes	$	405.8	—		40.1		365.7
Corporate debt securities	928.8		0.7		52.6		876.9
Municipal bonds	69.8		0.1		6.2		63.7
Asset-backed securities	515.7		0.6		10.7		505.6
Mortgage-backed securities	869.1		0.1		40.0		829.2

Total	$	2,789.2	$	1.5	$	149.6	$	2,641.1

Non-current:

Debt securities3	$	15.1	$	—	$	0.9	$	14.2


Mutual fund	28.7		—		3.9		24.8
Pooled investment fund	9.0		—		—		9.0
Total	$	52.8	$	—	$	4.8	$	48.0
Total investment securities2	$	2,842.0	$	1.5	$	154.4	$	2,689.1


(In millions)	Amortized Cost		Total Unrealized Gains		Total Unrealized Losses		Fair Value1
As of December 31, 2022
Current:
Debt securities:
U.S. treasury notes	$	405.7	$	—	$	41.7	$	364.1
Corporate debt securities	547.2		0.2		49.5		497.8
Municipal bonds	53.0		—		8.0		45.0
Asset-backed securities	199.8		—		9.1		190.7
Mortgage-backed securities	330.4		—		32.7		297.7
Total	$	1,536.1	$	0.2	$	141.1	$	1,395.3

Non-current:


Debt securities3	$	15.2	$	0.1	$	0.7	$	14.5


Mutual fund	28.4		—		3.9		24.5
Pooled investment fund	9.0		—		—		9.0
Total	$	52.6	$	0.1	$	4.7	$	48.0
Total investment securities2	$	1,588.7	$	0.3	$	145.8	$	1,443.3

1 The Company’s methods for measuring the fair value of its investment securities are discussed in Note 13, Financial Instruments − Fair Value and Concentrations of Credit Risk.

2 Excludes $13.0 million and $11.1 million in equity securities as of June 30, 2023 and December 31, 2022, respectively, included in prepaid expenses and other current assets and other assets on the condensed consolidated balance sheets.

3 Substantially comprised of municipal bonds.

The following table presents estimated fair value and gross unrealized losses of debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by security category. There are no expected credit losses that have been recorded against our investment securities as of June 30, 2023 and December 31, 2022.


	As of June 30, 2023
	Less than one year				One year or longer				Total
(In millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses


Investment-grade rated debt securities:
U.S. treasury notes	$	68.9	$	3.9	$	296.9	$	36.2	$	365.8	$	40.1
Corporate debt securities	391.6		11.9		411.0		40.7		802.6		52.6
Municipal bonds	39.1		1.0		28.0		6.1		67.1		7.1
Asset-backed securities	321.1		4.5		123.7		6.2		444.8		10.7
Mortgage-backed securities	675.1		19.3		142.9		20.7		818.0		40.0
Total debt securities	$	1,495.8	$	40.6	$	1,002.5	$	109.9	$	2,498.3	$	150.5

	As of December 31, 2022
	Less than one year				One year or longer				Total
Investment-grade rated debt securities:
U.S. treasury notes	$	123.7	$	12.5	$	240.4	$	29.2	$	364.1	$	41.7
Corporate debt securities	196.9		15.1		289.9		34.4		486.8		49.5
Municipal bonds	28.1		3.8		19.1		5.0		47.2		8.8
Asset-backed securities	117.7		4.3		70.2		4.8		187.9		9.1
Mortgage-backed securities	198.1		16.4		96.5		16.3		294.6		32.7
Total debt securities	$	664.4	$	52.2	$	716.1	$	89.7	$	1,380.5	$	141.8

The above table includes 503 investment positions at June 30, 2023, where the current fair value is less than the related amortized cost. Unrealized losses on the Company’s debt securities included in the above table are not considered to be credit-related based upon an analysis that considered the extent to which the fair value is less than the amortized basis of a security, adverse conditions specifically related to the security, changes to credit rating of the instrument subsequent to Company purchase, and the strength of the underlying collateral, if any. Additionally, the Company does not intend to sell the securities and it is not more likely than not that the Company will be required to sell the securities before recovery of their amortized cost bases.

The following table summarizes the contractual maturity dates of the Company’s debt securities.



	June 30, 2023
(In millions)	Amortized Cost		Fair Value

Due within one year	$	56.9	$	55.6
Due after 1 year through year 5	612.1		565.5
Due after 5 years through year 10	771.0		719.3
Due after 10 years	1,364.3		1,314.9
Total	$	2,804.3	$	2,655.3

Changes in the fair value of the Company’s equity securities are recognized within net unrealized gain (loss) on financial instruments on the condensed consolidated statements of operations. During the three and six months ended June 30, 2023 and 2022, unrealized gains and losses recognized on equity securities still held as of June 30, 2023 and 2022 were immaterial.