XML 15 R9.htm IDEA: XBRL DOCUMENT v3.20.1
Cash, Cash Equivalents and Short-Term Investments
 3 Months Ended
Mar. 31, 2020
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Short-Term Investments
Note 2. Cash, Cash Equivalents and Short-Term Investments

The amortized cost, unrealized gains and losses and estimated fair value of the Company's cash, cash equivalents and available-for-sale securities as of March 31, 2020 and December 31, 2019 consisted of the following:

As of March 31, 2020

Amortized Cost
 
Unrealized Gain
 
Unrealized Loss
 
Estimated Fair Value
 
 
 
 
 
 
 
 
Cash
$
112.1

 
$
—

 
$
—

 
$
112.1

Cash equivalents


 


 


 


Money market funds
373.0

 
—

 
—

 
373.0

Commercial paper
1.3

 
—

 
—

 
1.3

Total cash and cash equivalents
$
486.4

 
$
—

 
$
—

 
$
486.4

Short-term investments
 
 
 
 
 
 
 
Corporate notes and obligations
289.0

 
0.6

 
(2.7
)
 
286.9

U.S. Treasury securities
173.3

 
2.1

 
—

 
175.4

Asset-backed securities
59.1


0.1


(0.7
)

58.5

Certificates of deposit
30.8


—


—


30.8

Commercial Paper
21.4

 
—

 
—

 
21.4

U.S. agency obligations
15.3

 
0.2

 
—

 
15.5

Supranational securities
2.8

 
—

 
—

 
2.8

Municipal securities
2.5

 
—

 
—

 
2.5

Total available-for-sale securities
594.2

 
3.0

 
(3.4
)
 
593.8

Total
$
1,080.6

 
$
3.0

 
$
(3.4
)
 
$
1,080.2




As of December 31, 2019

Amortized cost
 
Unrealized gain
 
Unrealized loss
 
Estimated fair value
 
 
 
 
 
 
 
 
Cash
$
105.0

 
$
—

 
$
—

 
$
105.0

Cash equivalents:
 
 

 

 

Money market funds
444.3

 
—

 
—

 
444.3

Commercial paper
2.0

 
—

 
—

 
2.0

Total cash and cash equivalents
$
551.3

 
$
—

 
$
—

 
$
551.3

Investments

 

 

 
—

Corporate notes and obligations
285.5

 
1.2

 
(0.1
)
 
286.6

U.S. Treasury securities
171.0

 
0.3

 
—

 
$
171.3

Asset backed securities
53.8

 
—

 
—

 
53.8

Certificates of deposit
38.2

 
—

 
—

 
38.2

U.S. agency obligations
27.2

 
—

 
—

 
$
27.2

Commercial paper
24.2

 
—

 
—

 
24.2

Supranational securities
4.0

 
—

 
—

 
4.0

Municipal securities
2.4

 
—

 
—

 
2.4

Total short-term investments
606.3

 
1.5

 
(0.1
)
 
607.7

Total
$
1,157.6

 
$
1.5

 
$
(0.1
)
 
$
1,159.0



Included in cash and cash equivalents is cash in transit from payment processors for credit and debit card transactions of $11.8 million and $11.5 million as of March 31, 2020 and December 31, 2019, respectively.

With the exception of our equity security, all short-term investments were designated as available-for-sale securities as of March 31, 2020. The total fair value of short-term investments was $614.4 million as of March 31, 2020. All short-term investments were designated as available-for-sale securities as of December 31, 2019.

The following table presents the contractual maturities of the Company’s available for sale securities as of March 31, 2020:
 
As of March 31, 2020
 
Amortized cost
 
Estimated fair value
 
 
 
 
Due within one year
288.3

 
289.1

Due between one to three years
280.8

 
280.1

Due after three years
25.1

 
24.6

Total
$
594.2

 
$
593.8



The Company had 194 available-for-sale securities in unrealized loss positions as of March 31, 2020. There were no material unrealized losses from available-for-sale securities and no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive income (loss) for the three months ended March 31, 2020 and 2019.

As of March 31, 2020, the Company’s short-term investments portfolio consisted of nine security types, two of which were in an unrealized loss position. The Company’s corporate notes and obligations and asset backed securities had unrealized losses of approximately $2.7 million and $0.7 million, respectively as of March 31, 2020. Unrealized losses on corporate notes and obligations and asset backed securities have not been recorded into income because management does not intend to sell nor will be required to sell these securities prior to their anticipated recovery, and for which the decline in fair value is largely due to changes in credit spreads. The credit ratings associated with the corporate notes and obligations and asset backed securities are mostly unchanged, are highly rated and the issuers continue to make timely principal and interest payments.

The Company recorded $5.1 million and $6.2 million in interest income from its cash, cash equivalents and short-term investments for the three months ended March 31, 2020 and 2019, respectively.