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Financial Instruments and Fair Value
 12 Months Ended
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 securities540.7 — (1.2)539.5 
U.S. government and agency securities356.1 — (1.0)355.1 
Certificates of deposit and term deposits (1)
169.1 — (0.1)169.0 
Municipal Bonds5.4 — — 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 securities410.5 1.0 — 411.5 
U.S. government securities184.9 — — 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 Months12 Months or GreaterTotal
 Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Commercial paper$288.0 $(0.2)$— $— $288.0 $(0.2)
Corporate debt securities494.4 (1.2)— — 494.4 (1.2)
U.S. government and agency securities334.2 (1.0)— — 334.2 (1.0)
Certificates of deposit and term deposits93.1 (0.1)— — 93.1 (0.1)
Municipal Bonds5.3 — — — 5.3 — 
Total available-for-sale securities$1,215.0 $(2.5)$— $— $1,215.0 $(2.5)
December 31, 2020
 Less Than 12 Months12 Months or GreaterTotal
 Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Commercial paper$61.5 $— $— $— $61.5 $— 
Corporate debt securities111.3 — — — 111.3 — 
U.S. government securities38.1 — — — 38.1 — 
Certificates of deposit and term deposits29.5 — — — 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 years440.8 118.3 
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, 2021December 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 securities542.5 — 542.5 — 413.7 — 413.7 — 
U.S. government and agency securities355.1 345.2 9.9 — 184.9 184.9 — — 
Certificates of deposit and term deposits 259.0 — 259.0 — 112.0 — 112.0 — 
Money market funds57.5 57.5 — — 152.7 152.7 — — 
Municipal bonds5.4 — 5.4 — — — — — 
Marketable equity securities38.6 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 securities38.6 — 
Short-term investments1,194.0 775.5 
Long-term investments440.8 118.3 
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.