CASH EQUIVALENT AND INVESTMENTS

9 Months Ended

Sep. 30, 2017

NOTE 5. CASH EQUIVALENTS AND INVESTMENTS

The table below provides additional information on the Company’s cash equivalents and investments:

	As of September 30, 2017
							Balance sheet location
	Cost		Gross Unrealized Gains		Fair Value		Cash and cash equivalents		Short-term investments		Other assets
Money market mutual funds	$	18.5	$	-	$	18.5	$	18.5	$	-	$	-
Certificates of deposit and money market deposit accounts ⁽¹⁾	$	253.2	$	-	$	253.2	$	142.6	$	108.3	$	2.3
Fixed maturity and open ended mutual funds ⁽²⁾	$	21.8	$	5.2	$	27.0	$	-	$	-	$	27.0

	As of December 31, 2016
							Balance sheet location
	Cost		Gross Unrealized Gains		Fair Value		Cash and cash equivalents		Short-term investments		Other assets
Money market mutual funds	$	189.0	$	-	$	189.0	$	189.0	$	-	$	-
Certificates of deposit and money market deposit accounts ⁽¹⁾	$	1,190.5	$	-	$	1,190.5	$	1,017.0	$	173.4	$	0.1
Fixed maturity and open ended mutual funds ⁽²⁾	$	27.0	$	5.6	$	32.6	$	-	$	-	$	32.6
(1) Consists of time deposits and money market deposit accounts. The remaining contractual maturities for the certificates of deposits classified as short-term investments were one to 12 months at both September 30, 2017 and December 31, 2016. The remaining contractual maturities for the certificates of deposits classified in other assets are 13 to 51 months at September 30, 2017 and 13 months to 15 months at December 31, 2016. Time deposits with a maturity of less than 90 days at time of purchase are classified as cash and cash equivalents.
(2) Consists of investments in fixed maturity mutual funds and open-ended mutual funds. The remaining contractual maturities for the fixed maturity instruments range from nine months to ten months and six months to 19 months at September 30, 2017 and December 31, 2016 respectively.

The money market mutual funds as well as the fixed maturity and open ended mutual funds in the table above are deemed to be “available for sale” under ASC Topic 320 and the fair value of these instruments is determined using Level 1 inputs as defined in the ASC.

- Definition

The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify.

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