Investments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

We classify our investment portfolio as shown below:



	As of March 31		As of December 31
(in millions)	2018		2017
Available-for-sale	$	21.3	$	21.5
Held-to-maturity	21.5		21.9
Trading securities	1.6		1.7
Total	$	44.4	$	45.1

Unrealized Gain (Loss) on Investments

The following table shows the net unrealized losses on trading securities as recorded in our Unaudited Condensed Consolidated Statements of Income:



	Three months ended March 31
(in millions)	2018			2017
Unrealized losses, net	$	(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 March 31, 2018									As of December 31, 2017
(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	$	17.8	$	2.0	$	(1.0	)	$	18.8	$	17.1	$	2.4	$	(0.6	)	$	18.9
Mutual funds	2.4		0.1		—			2.5		2.4		0.2		—			2.6
Total	$	20.2	$	2.1	$	(1.0	)	$	21.3	$	19.5	$	2.6	$	(0.6	)	$	21.5

Held-to-maturity:
Certificates of deposit	$	19.5	$	—	$	—		$	19.5	$	19.9	$	—	$	—		$	19.9
Convertible note	2.0		—		—			2.0		2.0		—		—			2.0
Total	$	21.5	$	—	$	—		$	21.5	$	21.9	$	—	$	—		$	21.9

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 March 31, 2018 and December 31, 2017.



	As of March 31, 2018				As of December 31, 2017
(in millions)	Cost		Fair Value		Cost		Fair Value
Available-for-sale:
Equity securities, exchange-traded funds, and mutual funds	$	20.2	$	21.3	$	19.5	$	21.5
Total	$	20.2	$	21.3	$	19.5	$	21.5

Held-to-maturity:
Due in one year or less	$	19.3	$	19.3	$	19.7	$	19.7
Due in one to three years	2.2		2.2		2.2		2.2
Total	$	21.5	$	21.5	$	21.9	$	21.9

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 March 31
(in millions)	2018			2017
Realized gains	$	0.6		$	0.5
Realized losses	(0.1		)	—
Realized gains, net	$	0.5		$	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 March 31, 2018
	as of		Using Fair Value Hierarchy
(in millions)	March 31, 2018		Level 1		Level 2		Level 3
Available-for-sale investments:
Equity securities and exchange-traded funds	$	18.8	$	18.8	$	—	$	—
Mutual funds	2.5		2.5		—		—
Trading securities	1.6		1.6		—		—
Cash equivalents	0.5		0.5		—		—
Total	$	23.4	$	23.4	$	—	$	—



	Fair Value		Fair Value Measurements as of December 31, 2017
	as of		Using Fair Value Hierarchy
(in millions)	December 31, 2017		Level 1		Level 2		Level 3
Available-for-sale investments:
Equity securities and exchange-traded funds	$	18.9	$	18.9	$	—	$	—
Mutual funds	2.6		2.6		—		—
Trading securities	1.7		1.7		—		—
Cash equivalents	0.5		0.5		—		—
Total	$	23.7	$	23.7	$	—	$	—