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Investments and Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2017
Fair Value Disclosures [Abstract]  
Schedule of Investments
We classify our investment portfolio as shown below:
 
 
 
As of September 30
 
As of December 31
(in millions)
 
2017

 
2016

Available-for-sale
 
$
32.4

 
$
27.7

Held-to-maturity
 
19.7

 
15.7

Trading securities
 
1.6

 
1.5

Total
 
$
53.7

 
$
44.9
Unrealized Gain (Loss) on Investments
The following table shows the net unrealized gains on trading securities as recorded in our Unaudited Condensed Consolidated Statements of Income:
 
 
 
Three months ended September 30
 
Nine months ended September 30
(in millions)
 
2017

 
2016

 
2017

 
2016

Unrealized gains, net
 
$
—

 
$
—

 
$
0.1

 
$
0.1

The following table shows the cost, unrealized gains (losses), and fair value of investments classified as available-for-sale and held-to-maturity:
 
 
 
As of September 30, 2017
 
As of December 31, 2016
(in millions)
 
Cost

 
Unrealized
Gain

 
Unrealized
Loss

 
Fair
Value

 
Cost

 
Unrealized
Gain

 
Unrealized
Loss

 
Fair
Value

Available-for-sale:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Equity securities and exchange-traded funds
 
$
26.7

 
$
3.8

 
$
(0.5
)
 
$
30.0

 
$
25.6

 
$
1.3

 
$
(1.5
)
 
$
25.4

Mutual funds
 
2.1

 
0.3

 
—

 
2.4

 
2.2

 
0.1

 
—

 
2.3

Total
 
$
28.8

 
$
4.1

 
$
(0.5
)
 
$
32.4

 
$
27.8

 
$
1.4

 
$
(1.5
)
 
$
27.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-maturity:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Certificates of deposit
 
$
19.7

 
$
—

 
$
—

 
$
19.7

 
$
13.8

 
$
—

 
$
—

 
$
13.8

Convertible note
 
—

 
—

 
—

 
—

 
1.9

 
—

 
—

 
1.9

Total
 
$
19.7

 
$
—

 
$
—

 
$
19.7

 
$
15.7

 
$
—

 
$
—

 
$
15.7
Investments Classified by Contractual Maturity Date
The table below shows the cost and fair value of investments classified as available-for-sale and held-to-maturity based on their contractual maturities as of September 30, 2017 and December 31, 2016.
 
 
 
As of September 30, 2017
 
As of December 31, 2016
(in millions)
 
Cost

 
Fair Value

 
Cost

 
Fair Value

Available-for-sale:
 
 

 
 

 
 

 
 

Equity securities, exchange-traded funds, and mutual funds
 
$
28.8

 
$
32.4

 
$
27.8

 
$
27.7

    Total
 
$
28.8

 
$
32.4

 
$
27.8

 
$
27.7

 
 
 
 
 
 
 
 
 
Held-to-maturity:
 
 

 
 

 
 

 
 

Due in one year or less
 
$
19.5

 
$
19.5

 
$
13.8

 
$
13.8

Due in one to three years
 
0.2

 
0.2

 
1.9

 
1.9

Total
 
$
19.7

 
$
19.7

 
$
15.7

 
$
15.7
Schedule of Realized Gain (Loss) on Available-For-Sale Securities
The following table shows the realized gains and losses arising from sales of our investments classified as available-for-sale recorded in our Unaudited Condensed Consolidated Statements of Income: 

 
 
Three months ended September 30
 
Nine months ended September 30
(in millions)
 
2017

 
2016

 
2017

 
2016

Realized gains
 
$
0.4

 
$
0.5

 
$
1.3

 
$
1.6

Realized losses
 
(0.1
)
 
(0.2
)
 
(0.2
)
 
(1.1
)
Realized gains, net
 
$
0.3

 
$
0.3

 
$
1.1

 
$
0.5
Fair Value, Assets Measured on Recurring Basis
The table below shows the fair value of our assets subject to fair value measurements that are measured at fair value on a recurring basis using a fair value hierarchy:

Level 1:
Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access.
Level 2:
Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3:
Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

 
 
Fair Value
 
Fair Value Measurements as of September 30, 2017
 
 
as of
 
Using Fair Value Hierarchy
(in millions)
 
September 30, 2017
 
Level 1

 
Level 2

 
Level 3

Available-for-sale investments:
 
 

 
 

 
 

 
 

Equity securities and exchange-traded funds
 
$
30.0

 
$
30.0

 
$
—

 
$
—

Mutual funds
 
2.4

 
2.4

 
—

 
—

Trading securities
 
1.6

 
1.6

 
—

 
—

Cash equivalents
 
0.3

 
0.3

 
—

 
—

Total
 
$
34.3

 
$
34.3

 
$
—

 
$
—

 
 
 
Fair Value
 
Fair Value Measurements as of December 31, 2016
 
 
as of
 
Using Fair Value Hierarchy
(in millions)
 
December 31, 2016
 
Level 1

 
Level 2

 
Level 3

Available-for-sale investments:
 
 

 
 

 
 

 
 

Equity securities and exchange-traded funds
 
$
25.4

 
$
25.4

 
$
—

 
$
—

Mutual funds
 
2.3

 
2.3

 
—

 
—

Trading securities
 
1.5

 
1.5

 
—

 
—

Cash equivalents
 
0.2

 
0.2

 
—

 
—

Total
 
$
29.4

 
$
29.4

 
$
—

 
$
—