Marketable Investments

3 Months Ended

Mar. 31, 2017

Marketable Investments

Marketable Investments

3.     MarketableInvestments

Available-for-Sale Investments

Marketable investments classified as available-for-sale consisted of the following (in millions):

As of March 31, 2017	Amortized Cost		Gross Unrealized Gains		Fair Value
U.S. government and agency securities	$	311.8	$	0.1	$	311.9
Total	$	311.8	$	0.1	$	311.9
Reported under the following captions on the consolidated balance sheet:
Cash and cash equivalents					$	168.1
Non-current marketable investments					143.8
					$	311.9

We had no available-for-sale investments as of December 31, 2016.

The following table summarizes the contractual maturities of available-for-sale marketable investments (in millions):

	March 31, 2017
	Amortized Cost		Fair Value
Due in less than one year	$	168.1	$	168.1
Due in one to two years	80.8		80.8
Due in three to five years	62.9		63.0
Total	$	311.8	$	311.9

Held-to-Maturity Investments and Other

The balance of our marketable investments classified as held-to-maturity was $9.3 million and $30.1 million as of March 31, 2017 and December 31, 2016, respectively. The March 31, 2017 balance also includes an investment of $25.1 million of time deposits which will mature in September 2017. Marketable investments classified as held-to-maturity are comprised of government-sponsored enterprises and corporate notes and bonds. 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 recovery of their amortized cost basis. 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.