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Financial Instruments and Fair Value | 3 Months Ended
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Mar. 31, 2020
Financial Instruments and Fair Value [Abstract] |
FINANCIAL INSTRUMENTS AND FAIR VALUE | FINANCIAL INSTRUMENTS AND FAIR VALUE 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.
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 | )
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 |
Available-for-sale securities are reported at fair value, with unrealized gains and losses and the related tax impact included as a separate component of stockholders’ equity and in comprehensive income. Accrued interest of $4.7 million as of March 31, 2020 is excluded from both the fair value and the amortized cost of our available-for-sale securities and is recorded in Prepaid expenses and other current assets in our condensed consolidated balance sheet. We have elected to not record an allowance for credit losses for accrued interest for available-for-sale securities and will reverse the accrued interest against interest income in the period in which we determine the accrued interest to be uncollectible. Prior to 2020, we followed the guidance in ASC 320 Investments—Debt and Equity Securities in determining whether unrealized losses were other than temporary. We adopted Topic 326 on January 1, 2020, and now consider whether unrealized losses have resulted from a credit loss or other factors. The unrealized losses on our available-for-sale securities as of March 31, 2020 and as of December 31, 2019 were caused by fluctuations in market value and interest rates as a result of the economic environment. We concluded that an allowance for credit losses was unnecessary as of March 31, 2020 and that the impairments as of December 31, 2019 were not other than temporary because (i) the decline in market value was attributable to changes in market conditions and not credit quality, and (ii) we concluded that neither do we intend to sell nor is it more likely than not that we will be required to sell these investments prior to recovery of their amortized cost basis. Realized losses on available-for-sale securities were insignificant in the periods presented and are included in Other expense—net in our consolidated statements of income. We use the specific identification method to determine the cost basis of investments sold. Fair Value Accounting—We apply the following fair value hierarchy for disclosure of the inputs used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows: Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2—Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments. Level 3—Unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation. We measure the fair value of money market funds and certain U.S. government securities using quoted prices in active markets for identical assets. The fair value of all other financial instruments was based on quoted prices for similar assets in active markets, or model-driven valuations using significant inputs derived from or corroborated by observable market data. We classify investments within Level 1 if quoted prices are available in active markets for identical securities. We classify items within Level 2 if the investments are valued using model-driven valuations using observable inputs such as quoted market prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency. Investments are held by custodians who obtain investment prices from a third-party pricing provider that incorporates standard inputs in various asset price models. Fair Value of Financial Instruments Assets Measured at Fair Value on a 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 |  |  |  |  |  |  |
There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the three months ended March 31, 2020 and year ended December 31, 2019.

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- Definition Financial Instruments and Fair Value [Abstract] + References No definition available. + Details
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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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