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Cash Equivalents and Investments
 3 Months Ended
Mar. 31, 2015
Cash Equivalents and Investments [Abstract]  
Cash Equivalents and Investments
Cash Equivalents and Investments

Investments in Available-for-Sale and Trading Securities

The following tables summarize the Company's unrealized gains and losses and fair value of investments designated as available-for-sale and trading securities as of March 31, 2015 and December 31, 2014 (in millions):
 
Amortized
Cost
 
Gross Unrealized
Gains
 
Gross Unrealized
Losses
 
Estimated Fair
Value
As of March 31, 2015
 
 
 
 
 
 
 
Fixed income securities:
 
 
 
 
 
 
 
Asset-backed securities
$
308.9

 
$
0.1

 
$
(0.2
)
 
$
308.8

Certificates of deposit
8.2

 
—

 
—

 
8.2

Commercial paper
15.6

 
—

 
—

 
15.6

Corporate debt securities
843.2

 
1.1

 
(0.5
)
 
843.8

Foreign government debt securities
34.7

 
—

 
—

 
34.7

Government-sponsored enterprise obligations
190.3

 
0.1

 
—

 
190.4

U.S. government securities
233.7

 
0.2

 
—

 
233.9

Total fixed income securities
1,634.6

 
1.5

 
(0.7
)
 
1,635.4

Money market funds
776.2

 
—

 
—

 
776.2

Mutual funds
4.0

 
0.1

 
—

 
4.1

Publicly-traded equity securities
2.0

 
0.6

 
—

 
2.6

Total available-for-sale securities
2,416.8

 
2.2

 
(0.7
)
 
2,418.3

Trading securities in mutual funds(1)
17.7

 
—

 
—

 
17.7

Total
$
2,434.5

 
$
2.2

 
$
(0.7
)
 
$
2,436.0

 
 
 
 
 
 
 
 
Reported as:
 
 
 
 
 
 
 
Cash equivalents
$
750.8

 
$
—

 
$
—

 
$
750.8

Restricted investments
45.3

 
0.1

 
—

 
45.4

Short-term investments
397.5

 
0.8

 
(0.1
)
 
398.2

Long-term investments
1,240.9

 
1.3

 
(0.6
)
 
1,241.6

Total
$
2,434.5

 
$
2.2

 
$
(0.7
)
 
$
2,436.0


________________________________
(1) 
Balance consists of the Company's non-qualified deferred compensation plan assets.
 
Amortized
Cost
 
Gross Unrealized
Gains
 
Gross Unrealized
Losses
 
Estimated Fair
Value
As of December 31, 2014
 
 
 
 
 
 
 
Fixed income securities:
 
 
 
 
 
 
 
Asset-backed securities
$
269.3

 
$
—

 
$
(0.3
)
 
$
269.0

Certificates of deposit
10.6

 
—

 
—

 
10.6

Commercial paper
20.3

 
—

 
—

 
20.3

Corporate debt securities
738.6

 
0.5

 
(1.1
)
 
738.0

Foreign government debt securities
24.6

 
—

 
—

 
24.6

Government-sponsored enterprise obligations
162.2

 
—

 
(0.1
)
 
162.1

U.S. government securities
246.1

 
—

 
(0.1
)
 
246.0

Total fixed income securities
1,471.7

 
0.5

 
(1.6
)
 
1,470.6

Money market funds
594.2

 
—

 
—

 
594.2

Mutual funds
3.9

 
0.1

 
—

 
4.0

Publicly-traded equity securities
2.1

 
—

 
(0.1
)
 
2.0

Total available-for-sale securities
2,071.9

 
0.6

 
(1.7
)
 
2,070.8

Trading securities in mutual funds(1)
16.3

 
—

 
—

 
16.3

Total
$
2,088.2

 
$
0.6

 
$
(1.7
)
 
$
2,087.1

 
 
 
 
 
 
 
 
Reported as:
 
 
 
 
 
 
 
Cash equivalents
$
576.6

 
$
—

 
$
—

 
$
576.6

Restricted investments
45.2

 
—

 
—

 
45.2

Short-term investments
332.2

 
0.2

 
(0.2
)
 
332.2

Long-term investments
1,134.2

 
0.4

 
(1.5
)
 
1,133.1

Total
$
2,088.2

 
$
0.6

 
$
(1.7
)
 
$
2,087.1


________________________________
(1) 
Balance consists of the Company's non-qualified deferred compensation plan assets.

The following table presents the contractual maturities of the Company's total fixed income securities as of March 31, 2015 (in millions):
 
Amortized
Cost
 
Gross Unrealized
Gains
 
Gross Unrealized
Losses
 
Estimated Fair
Value
Due in less than one year
$
393.7

 
$
0.2

 
$
(0.1
)
 
$
393.8

Due between one and five years
1,240.9

 
1.3

 
(0.6
)
 
1,241.6

Total
$
1,634.6

 
$
1.5

 
$
(0.7
)
 
$
1,635.4



The Company had 354 and 437 investments in an unrealized loss positions as of March 31, 2015 and December 31, 2014, respectively. The gross unrealized losses related to these investments were primarily due to changes in market interest rates and stock prices. The Company periodically reviews its investments to identify and evaluate investments that have an indication of possible impairment. The Company aggregates its investments by category and length of time the securities have been in a continuous unrealized loss position to facilitate its evaluation.

For available-for-sale debt securities that have unrealized losses, the Company evaluates whether (i) it has the intention to sell any of these investments and (ii) whether it is more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis. The Company anticipates that it will recover the entire amortized cost basis of such available-for-sale debt securities and has determined that no other-than-temporary impairments associated with credit losses were required to be recognized during the three months ended March 31, 2015 and March 31, 2014.

For available-for-sale equity securities that have unrealized losses, the Company evaluates whether there is an indication of other-than-temporary impairments. This determination is based on several factors, including the financial condition and near-term prospects of the issuer and the Company's intent and ability to hold the publicly-traded equity securities for a period of time sufficient to allow for any anticipated recovery in market value. During the three months ended March 31, 2014, the Company determined that certain available-for-sale equity securities were other-than-temporarily impaired, resulting in an impairment charge of $1.6 million, which was recorded within other (expense) income, net, in the Condensed Consolidated Statements of Operations. During the three months ended March 31, 2015 the Company did not recognize other-than-temporary impairments associated with these investments.

During the three months ended March 31, 2015, there were no material gross realized gains or losses from available-for-sale securities and there were no material gross realized gains or losses from trading securities. During the three months ended March 31, 2014, gross realized gains from available-for-sale securities were $165.5 million and gross realized losses were not material, excluding the impairment charge noted above. During the three months ended March 31, 2014, there were no material gross realized gains or losses from trading securities.

The following tables present the Company's available-for-sale securities that were in an unrealized loss position as of March 31, 2015 and December 31, 2014 (in millions):
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
As of March 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
Asset-backed securities(1)
$
222.4

 
$
(0.2
)
 
$
1.7

 
$
—

 
$
224.1

 
$
(0.2
)
Corporate debt securities
391.5

 
(0.5
)
 
—

 
—

 
391.5

 
(0.5
)
Foreign government debt securities(2)
29.1

 
—

 
—

 
—

 
29.1

 
—

Government-sponsored enterprise obligations(2)
60.4

 
—

 
—

 
—

 
60.4

 
—

U.S. government securities(2)
47.5

 
—

 
—

 
—

 
47.5

 
—

Total fixed income securities
750.9

 
(0.7
)
 
1.7

 
—

 
752.6

 
(0.7
)
Total available-for-sale securities
$
750.9

 
$
(0.7
)
 
$
1.7

 
$
—

 
$
752.6

 
$
(0.7
)
________________________________
(1) Balances greater than 12 months include investments that were in an immaterial unrealized loss position as of March 31, 2015.
(2) Balances less than 12 months include investments that were in an immaterial unrealized loss position as of March 31, 2015.

 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
As of December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
Asset-backed securities
$
221.9

 
$
(0.3
)
 
$
—

 
$
—

 
$
221.9

 
$
(0.3
)
Corporate debt securities
515.9

 
(1.1
)
 
—

 
—

 
515.9

 
(1.1
)
Foreign government debt securities(1)
24.6

 
—

 
—

 
—

 
24.6

 
—

Government-sponsored enterprise obligations
113.8

 
(0.1
)
 
—

 
—

 
113.8

 
(0.1
)
U.S. government securities
189.0

 
(0.1
)
 
—

 
—

 
189.0

 
(0.1
)
Total fixed income securities
1,065.2

 
(1.6
)
 
—

 
—

 
1,065.2

 
(1.6
)
Publicly-traded equity securities
2.0

 
(0.1
)
 
—

 
—

 
2.0

 
(0.1
)
Total available-for-sale securities
$
1,067.2

 
$
(1.7
)
 
$
—

 
$
—

 
$
1,067.2

 
$
(1.7
)
 ________________________________
(1) 
Balances less than 12 months include investments that were in an immaterial unrealized loss position as of December 31, 2014.

Restricted Cash and Investments

The Company classifies certain cash and investments as restricted cash and investments on its Condensed Consolidated Balance Sheets for: (i) amounts held in escrow accounts, as required in connection with certain acquisitions completed between 2005 and 2014; (ii) the India Gratuity Trust and Israel Retirement Trust, which cover statutory severance obligations in the event of termination of any of the Company's India and Israel employees, respectively; and (iii) the Directors and Officers indemnification trust ("D&O Trust"). The restricted investments are designated as available-for-sale securities.

Privately-Held Investments

The Company has privately-held investments, which include debt and redeemable preferred stock securities that are carried at fair value, and non-redeemable preferred stock securities that are carried at cost.

As of March 31, 2015 and December 31, 2014, the carrying values of the Company's privately-held investments of $93.1 million and $89.9 million, respectively, were included in other long-term assets in the Condensed Consolidated Balance Sheets. As of March 31, 2015 and December 31, 2014, the carrying value of the privately-held investments includes debt and redeemable preferred stock securities of $50.3 million and $47.5 million, respectively. For the three months ended March 31, 2015 and March 31, 2014, there were no unrealized gains or losses associated with the privately-held debt and redeemable preferred stock securities.

The Company reviews its investments to identify and evaluate investments that have an indication of possible impairment. During the three months ended March 31, 2015 and March 31, 2014, the Company determined that no privately-held investments were other-than-temporarily impaired.