Investments

9 Months Ended

Sep. 30, 2016

Investments

Investments

3.Investments

Marketable Investments

Marketable investments classified as held-to-maturity consist of the following (in millions):

As of September 30, 2016	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Government-sponsored enterprises	$	44.2	$	—	$	—	$	44.2
Corporate notes and bonds	37.7		—		—		37.7
Total	$	81.9	$	—	$	—	$	81.9
Reported under the following captions on the consolidated balance sheet:
Current marketable investments	$	79.6
Noncurrent marketable investments	2.3
	$	81.9

As of December 31, 2015	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Government-sponsored enterprises	$	53.3	$	—	$	(0.2	)	$	53.1
Corporate notes and bonds	106.7		—		—			106.7
Total	$	160.0	$	—	$	(0.2	)	$	159.8
Reported under the following captions on the consolidated balance sheet:
Current marketable investments	$	122.0
Noncurrent marketable investments	38.0
	$	160.0

The following table summarizes gross unrealized losses and the length of time marketable investments have been in a continuous unrealized loss position (in millions):

	As of September 30, 2016				As of December 31, 2015
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Government-sponsored enterprises:
Continuous unrealized loss position less than one year	$	—	$	—	$	48.1	$	(0.2	)
Continuous unrealized loss position greater than one year	—		—		—		—
	—		—		48.1		(0.2		)
Corporate notes and bonds:
Continuous unrealized loss position less than one year	7.0		—		63.8		—
Continuous unrealized loss position greater than one year	—		—		—		—
	7.0		—		63.8		—
Total	$	7.0	$	—	$	111.9	$	(0.2	)

We attribute gross unrealized losses pertaining to our held-to-maturity securities as of December 31, 2015 to the variability in related market interest rates. We do not intend to sell these securities, nor is it more likely than not that we will be required to sell them prior to the end of their contractual terms. Furthermore, we do not believe that these securities expose us to undue market risk or counterparty credit risk. As such, we do not consider these securities to be other than temporarily impaired.

The following table summarizes the contractual maturities of held-to-maturity marketable investments (in millions):

	September 30, 2016
	Amortized Cost		Fair Value
Due in less than one year	$	79.6	$	79.6
Due in one to two years	2.3		2.3
Total	$	81.9	$	81.9