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Marketable Securities | 9 Months Ended
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Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | Marketable Securities Marketable securities as of September 30, 2020 and December 31, 2019 consist of both available-for-sale debt securities of investment grade issuers (see below and Note 6) as well as equity securities of publicly traded companies (see Note 6). The following tables summarize the Company's investments in available-for-sale debt securities:
|  | Amortized |  | Unrealized |  | Fair
As of September 30, 2020 |  | Cost Basis |  | Gains |  | Losses |  | Value
Corporate bonds |  | $ | 2,796.6 |  |  | $ | 40.1 |  |  | $ | (0.7) |  |  | $ | 2,836.0 |
U.S. government and government agency obligations |  | 133.5 |  |  | 1.3 |  |  | (0.1) |  |  | 134.7 |
Sovereign bonds |  | 65.4 |  |  | 1.2 |  |  | — |  |  | 66.6 |
Commercial paper |  | 390.4 |  |  | 0.2 |  |  | — |  |  | 390.6 |
Certificates of deposit |  | 122.4 |  |  | 0.1 |  |  | — |  |  | 122.5 |
|  | $ | 3,508.3 |  |  | $ | 42.9 |  |  | $ | (0.8) |  |  | $ | 3,550.4 |
As of December 31, 2019 |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 3,960.5 |  |  | $ | 27.8 |  |  | $ | (0.2) |  |  | $ | 3,988.1 |
U.S. government and government agency obligations |  | 54.3 |  |  | 0.2 |  |  | (0.1) |  |  | 54.4 |
Sovereign bonds |  | 26.9 |  |  | 0.4 |  |  | — |  |  | 27.3 |
Commercial paper |  | 92.3 |  |  | — |  |  | — |  |  | 92.3 |
Certificates of deposit |  | 72.3 |  |  | 0.1 |  |  | — |  |  | 72.4 |
|  | $ | 4,206.3 |  |  | $ | 28.5 |  |  | $ | (0.3) |  |  | $ | 4,234.5 |
The Company classifies its investments in available-for-sale debt securities based on their contractual maturity dates. The available-for-sale debt securities listed as of September 30, 2020 mature at various dates through September 2025. The fair values of available-for-sale debt security investments by contractual maturity consist of the following:
|  | September 30, |  | December 31,
|  | 2020 |  | 2019
Maturities within one year |  | $ | 1,452.9 |  |  | $ | 1,596.5 |
Maturities after one year through five years |  | 2,097.5 |  |  | 2,638.0 |
|  | $ | 3,550.4 |  |  | $ | 4,234.5 |
The following table shows the fair value of the Company's available-for-sale debt securities that have unrealized losses, aggregated by investment category and length of time that the individual securities have been in a continuous loss position.
| Less than 12 Months |  | 12 Months or Greater |  | Total
As of September 30, 2020 | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Corporate bonds | $ | 560.5 |  |  | $ | (0.7) |  |  | — |  |  | — |  |  | $ | 560.5 |  |  | $ | (0.7) |
U.S. government and government agency obligations | 45.5 |  |  | (0.1) |  |  | — |  |  | — |  |  | 45.5 |  |  | (0.1) |
| $ | 606.0 |  |  | $ | (0.8) |  |  | — |  |  | — |  |  | $ | 606.0 |  |  | $ | (0.8) |
As of December 31, 2019 |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 257.2 |  |  | $ | (0.2) |  |  | — |  |  | — |  |  | $ | 257.2 |  |  | $ | (0.2) |
U.S. government and government agency obligations | 17.3 |  |  | (0.1) |  |  | — |  |  | — |  |  | 17.3 |  |  | (0.1) |
| $ | 274.5 |  |  | $ | (0.3) |  |  | — |  |  | — |  |  | $ | 274.5 |  |  | $ | (0.3) |
For the three months ended September 30, 2020, realized gains on sales of marketable securities were not material. For the nine months ended September 30, 2020, realized gains were $28.5 million. Realized losses were not material for the three and nine months ended September 30, 2020. There were no realized losses on sales of marketable securities, and realized gains were not material, for the three and nine months ended September 30, 2019. With respect to marketable securities, for the three and nine months ended September 30, 2020 and 2019, amounts reclassified from Accumulated other comprehensive income into Other (expense) income, net were related to realized gains and losses on sales of available-for-sale debt securities (as described above).

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