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Financial Instruments and Fair Value (Tables) | 3 Months Ended
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Mar. 31, 2020
Financial Instruments and Fair Value [Abstract] |
Summary of Investments | The following tables summarize our investments (in millions):
| March 31, 2020
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Corporate debt securities | $ | 616.3 |  |  | $ | 0.3 |  |  | $ | (4.2 | ) |  | $ | 612.4 |
Commercial paper | 150.6 |  |  | 0.1 |  |  | (0.1 | ) |  | 150.6 |
U.S. government securities | 96.6 |  |  | 0.5 |  |  | — |  |  | 97.1 |
Certificates of deposit and term deposits (1) | 87.7 |  |  | 0.1 |  |  | (0.7 | ) |  | 87.1 |
Total available-for-sale securities | $ | 951.2 |  |  | $ | 1.0 |  |  | $ | (5.0 | ) |  | $ | 947.2 |
| December 31, 2019
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Corporate debt securities | $ | 576.1 |  |  | $ | 1.0 |  |  | $ | (0.1 | ) |  | $ | 577.0 |
Commercial paper | 148.7 |  |  | 0.1 |  |  | — |  |  | 148.8 |
U.S. government securities | 195.0 |  |  | 0.2 |  |  | — |  |  | 195.2 |
Certificates of deposit and term deposits (1) | 66.4 |  |  | — |  |  | — |  |  | 66.4 |
Total available-for-sale securities | $ | 986.2 |  |  | $ | 1.3 |  |  | $ | (0.1 | ) |  | $ | 987.4 |
(1) The majority of our certificates of deposit and term deposits are foreign deposits.
Schedule of Unrealized Loss on Investments | The following tables show the gross unrealized losses and the related fair values of our investments that have been in a continuous unrealized loss position (in millions):
| March 31, 2020
| Less Than 12 Months |  | 12 Months or Greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Corporate debt securities | $ | 475.2 |  |  | $ | (4.2 | ) |  | $ | 7.1 |  |  | $ | — |  |  | $ | 482.3 |  |  | $ | (4.2 | )
Commercial paper | 45.5 |  |  | (0.1 | ) |  | — |  |  | — |  |  | 45.5 |  |  | (0.1 | )
Certificates of deposit and term deposits | 49.1 |  |  | (0.7 | ) |  | — |  |  | — |  |  | 49.1 |  |  | (0.7 | )
Total available-for-sale securities | $ | 569.8 |  |  | $ | (5.0 | ) |  | $ | 7.1 |  |  | $ | — |  |  | $ | 576.9 |  |  | $ | (5.0 | )
| December 31, 2019
| Less Than 12 Months |  | 12 Months or Greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Corporate debt securities | $ | 117.3 |  |  | $ | (0.1 | ) |  | $ | 16.1 |  |  | $ | — |  |  | $ | 133.4 |  |  | $ | (0.1 | )
Commercial paper | 26.0 |  |  | — |  |  | — |  |  | — |  |  | 26.0 |  |  | — |
U.S. government securities | 47.1 |  |  | — |  |  | — |  |  | — |  |  | 47.1 |  |  | — |
Certificates of deposit and term deposits | 13.0 |  |  | — |  |  | — |  |  | — |  |  | 13.0 |  |  | — |
Total available-for-sale securities | $ | 203.4 |  |  | $ | (0.1 | ) |  | $ | 16.1 |  |  | $ | — |  |  | $ | 219.5 |  |  | $ | (0.1 | )
Investments Classified by Contractual Maturity Date | The contractual maturities of our investments were as follows (in millions):
| March 31, 2020 |  | December 31, 2019
Due within one year | $ | 775.2 |  |  | $ | 843.1 |
Due within one to three years | 172.0 |  |  | 144.3 |
Total | $ | 947.2 |  |  | $ | 987.4 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present the fair value of our financial assets measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 (in millions):
| March 31, 2020 |  | December 31, 2019
| Aggregate Fair Value |  | Quoted Prices in Active Markets For Identical Assets |  | Significant Other Observable Remaining Inputs |  | Significant Other Unobservable Remaining Inputs |  | Aggregate Fair Value |  | Quoted Prices in Active Markets For Identical Assets |  | Significant Other Observable Remaining Inputs |  | Significant Other Unobservable Remaining Inputs
|  |  | (Level 1) |  | (Level 2) |  | (Level 3) |  |  |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | $ | 613.4 |  |  | $ | — |  |  | $ | 613.4 |  |  | $ | — |  |  | $ | 577.0 |  |  | $ | — |  |  | $ | 577.0 |  |  | $ | — |
Commercial paper | 164.6 |  |  | — |  |  | 164.6 |  |  | — |  |  | 165.8 |  |  | — |  |  | 165.8 |  |  | — |
Certificates of deposit and term deposits | 87.1 |  |  | — |  |  | 87.1 |  |  | — |  |  | 66.4 |  |  | — |  |  | 66.4 |  |  | — |
U.S. government securities | 97.1 |  |  | 97.1 |  |  | — |  |  | — |  |  | 195.2 |  |  | 195.2 |  |  | — |  |  | — |
Money market funds | 163.7 |  |  | 163.7 |  |  | — |  |  | — |  |  | 15.0 |  |  | 15.0 |  |  | — |  |  | — |
Total | $ | 1,125.9 |  |  | $ | 260.8 |  |  | $ | 865.1 |  |  | $ | — |  |  | $ | 1,019.4 |  |  | $ | 210.2 |  |  | $ | 809.2 |  |  | $ | — |
Reported as: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents | $ | 178.7 |  |  |  |  |  |  |  |  | $ | 32.0 |  |  |  |  |  |  |
Short-term investments | 775.2 |  |  |  |  |  |  |  |  | 843.1 |  |  |  |  |  |  |
Long-term investments | 172.0 |  |  |  |  |  |  |  |  | 144.3 |  |  |  |  |  |  |
Total | $ | 1,125.9 |  |  |  |  |  |  |  |  | $ | 1,019.4 |  |  |  |  |  |  |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=118939692&loc=d3e27290-111563 + Details
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