Cash, Cash Equivalents and Short-Term Investments

6 Months Ended

Jun. 30, 2020

Cash and Cash Equivalents [Abstract]

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 short-term investments as of June 30, 2020 and December 31, 2019 consisted of the following:



	As of June 30, 2020
	Amortized Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value

Cash	$	88.5	$	—	$	—		$	88.5
Cash equivalents
Money market funds	241.6		—		(0.1		)	241.5
Municipal securities	1.8		—		—			1.8
Commercial paper	1.2		—		—			1.2
Corporate notes and obligations	1.1		—		—			1.1
Total cash and cash equivalents	$	334.2	$	—	$	(0.1	)	$	334.1
Short-term investments
Corporate notes and obligations	358.3		3.3		(0.2		)	361.4
U.S. Treasury securities	234.1		1.7		—			235.8
Asset backed securities	83.0		0.7		(0.1		)	83.6
Commercial paper	40.0		—		—			40.0
U.S. agency obligations	27.8		0.1		—			27.9
Certificates of deposit	26.0		—		—			26.0
Municipal securities	5.9		0.1		—			6.0
Foreign government obligations	2.8		—		—			2.8
Total short-term investments	777.9		5.9		(0.3		)	783.5
Total	$	1,112.1	$	5.9	$	(0.4	)	$	1,117.6



	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
Short-term 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 $13.2 million and $11.5 million as of June 30, 2020 and December 31, 2019, respectively.

All short-term investments were designated as available-for-sale securities as of June 30, 2020 and December 31, 2019. The total fair value of short-term investments was $783.5 million and $607.7 million as of June 30, 2020 and December 31, 2019, respectively.

The following table presents the contractual maturities of the Company’s short-term investments as of June 30, 2020:



	As of June 30, 2020
	Amortized cost		Estimated fair value

Due within one year	434.1		435.7
Due between one to three years	304.2		307.9
Due after three years	39.6		39.9
Total	$	777.9	$	783.5

The Company had 52 short-term investments in unrealized loss positions as of June 30, 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 and six months ended June 30, 2020.

As of June 30, 2020, the Company’s short-term investments portfolio consisted of eight 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 $0.2 million and $0.1 million, respectively as of June 30, 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 interest income from its cash, cash equivalents, and short-term investments of $2.7 million and $7.8 million during the three and six months ended June 30, 2020, respectively, and $5.6 million and $11.8 during the three and six months ended June 30, 2019, respectively.