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Financial Instruments and Fair Value | 12 Months Ended
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Dec. 31, 2021
Financial Instruments and Fair Value [Abstract] |
FINANCIAL INSTRUMENTS AND FAIR VALUE | FINANCIAL INSTRUMENTS AND FAIR VALUE The following tables summarize our available-for-sale securities (in millions):
| December 31, 2021
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Commercial paper | $ | 566.0 |  |  | $ | — |  |  | $ | (0.2) |  |  | $ | 565.8 |
Corporate debt securities | 540.7 |  |  | — |  |  | (1.2) |  |  | 539.5 |
U.S. government and agency securities | 356.1 |  |  | — |  |  | (1.0) |  |  | 355.1 |
Certificates of deposit and term deposits (1) | 169.1 |  |  | — |  |  | (0.1) |  |  | 169.0 |
Municipal Bonds | 5.4 |  |  | — |  |  | — |  |  | 5.4 |
Total available-for-sale securities | $ | 1,637.3 |  |  | $ | — |  |  | $ | (2.5) |  |  | $ | 1,634.8 |
| December 31, 2020
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Commercial paper | $ | 185.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 185.4 |
Corporate debt securities | 410.5 |  |  | 1.0 |  |  | — |  |  | 411.5 |
U.S. government securities | 184.9 |  |  | — |  |  | — |  |  | 184.9 |
Certificates of deposit and term deposits (1) | 112.0 |  |  | — |  |  | — |  |  | 112.0 |
Total available-for-sale securities | $ | 892.8 |  |  | $ | 1.0 |  |  | $ | — |  |  | $ | 893.8 |
(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 available-for-sale securities that have been in a continuous unrealized loss position (in millions):
| December 31, 2021
| Less Than 12 Months |  | 12 Months or Greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Commercial paper | $ | 288.0 |  |  | $ | (0.2) |  |  | $ | — |  |  | $ | — |  |  | $ | 288.0 |  |  | $ | (0.2) |
Corporate debt securities | 494.4 |  |  | (1.2) |  |  | — |  |  | — |  |  | 494.4 |  |  | (1.2) |
U.S. government and agency securities | 334.2 |  |  | (1.0) |  |  | — |  |  | — |  |  | 334.2 |  |  | (1.0) |
Certificates of deposit and term deposits | 93.1 |  |  | (0.1) |  |  | — |  |  | — |  |  | 93.1 |  |  | (0.1) |
Municipal Bonds | 5.3 |  |  | — |  |  | — |  |  | — |  |  | 5.3 |  |  | — |
Total available-for-sale securities | $ | 1,215.0 |  |  | $ | (2.5) |  |  | $ | — |  |  | $ | — |  |  | $ | 1,215.0 |  |  | $ | (2.5) |
| December 31, 2020
| Less Than 12 Months |  | 12 Months or Greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Commercial paper | $ | 61.5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 61.5 |  |  | $ | — |
Corporate debt securities | 111.3 |  |  | — |  |  | — |  |  | — |  |  | 111.3 |  |  | — |
U.S. government securities | 38.1 |  |  | — |  |  | — |  |  | — |  |  | 38.1 |  |  | — |
Certificates of deposit and term deposits | 29.5 |  |  | — |  |  | — |  |  | — |  |  | 29.5 |  |  | — |
Total available-for-sale securities | $ | 240.4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 240.4 |  |  | $ | — |
The contractual maturities of our investments were as follows (in millions):
| December 31, 2021 |  | December 31, 2020
Due within one year | $ | 1,194.0 |  |  | $ | 775.5 |
Due within one to three years | 440.8 |  |  | 118.3 |
Total | $ | 1,634.8 |  |  | $ | 893.8 |
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 equity and in comprehensive income. Realized gains and losses on available-for-sale securities were insignificant in the periods presented. Our marketable equity securities were $38.6 million as of December 31, 2021. The changes in fair value of our marketable equity securities are recorded in other expense, net on the consolidated statements of income. We recognized $5.1 million of losses in 2021. 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, certain U.S. government and agency securities and marketable equity 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 (in millions):
| December 31, 2021 |  | December 31, 2020
| 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | $ | 580.3 |  |  | $ | — |  |  | $ | 580.3 |  |  | $ | — |  |  | $ | 197.2 |  |  | $ | — |  |  | $ | 197.2 |  |  | $ | — |
Corporate debt securities | 542.5 |  |  | — |  |  | 542.5 |  |  | — |  |  | 413.7 |  |  | — |  |  | 413.7 |  |  | — |
U.S. government and agency securities | 355.1 |  |  | 345.2 |  |  | 9.9 |  |  | — |  |  | 184.9 |  |  | 184.9 |  |  | — |  |  | — |
Certificates of deposit and term deposits | 259.0 |  |  | — |  |  | 259.0 |  |  | — |  |  | 112.0 |  |  | — |  |  | 112.0 |  |  | — |
Money market funds | 57.5 |  |  | 57.5 |  |  | — |  |  | — |  |  | 152.7 |  |  | 152.7 |  |  | — |  |  | — |
Municipal bonds | 5.4 |  |  | — |  |  | 5.4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Marketable equity securities | 38.6 |  |  | 38.6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 1,838.4 |  |  | $ | 441.3 |  |  | $ | 1,397.1 |  |  | $ | — |  |  | $ | 1,060.5 |  |  | $ | 337.6 |  |  | $ | 722.9 |  |  | $ | — |
Reported as: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents | $ | 165.0 |  |  |  |  |  |  |  |  | $ | 166.7 |  |  |  |  |  |  |
Marketable equity securities | 38.6 |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |
Short-term investments | 1,194.0 |  |  |  |  |  |  |  |  | 775.5 |  |  |  |  |  |  |
Long-term investments | 440.8 |  |  |  |  |  |  |  |  | 118.3 |  |  |  |  |  |  |
Total | $ | 1,838.4 |  |  |  |  |  |  |  |  | $ | 1,060.5 |  |  |  |  |  |  |
There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the years ended December 31, 2021 and December 31, 2020.

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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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