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Marketable Securities | 3 Months Ended
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Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | Marketable Securities Marketable securities as of March 31, 2021 and December 31, 2020 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:
(In millions) |  | Amortized |  | Unrealized |  | Fair
As of March 31, 2021 |  | Cost Basis |  | Gains |  | Losses |  | Value
Corporate bonds |  | $ | 3,610.4 |  |  | $ | 27.7 |  |  | $ | (5.9) |  |  | $ | 3,632.2 |
U.S. government and government agency obligations |  | 487.4 |  |  | 0.6 |  |  | (0.2) |  |  | 487.8 |
Sovereign bonds |  | 65.0 |  |  | 0.8 |  |  | (0.1) |  |  | 65.7 |
Commercial paper |  | 254.2 |  |  | 0.1 |  |  | — |  |  | 254.3 |
Certificates of deposit |  | 167.1 |  |  | 0.1 |  |  | — |  |  | 167.2 |
|  | $ | 4,584.1 |  |  | $ | 29.3 |  |  | $ | (6.2) |  |  | $ | 4,607.2 |
As of December 31, 2020 |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 3,053.0 |  |  | $ | 37.5 |  |  | $ | (0.2) |  |  | $ | 3,090.3 |
U.S. government and government agency obligations |  | 127.6 |  |  | 1.3 |  |  | — |  |  | 128.9 |
Sovereign bonds |  | 65.2 |  |  | 1.1 |  |  | — |  |  | 66.3 |
Commercial paper |  | 276.0 |  |  | 0.1 |  |  | — |  |  | 276.1 |
Certificates of deposit |  | 127.4 |  |  | 0.1 |  |  | — |  |  | 127.5 |
|  | $ | 3,649.2 |  |  | $ | 40.1 |  |  | $ | (0.2) |  |  | $ | 3,689.1 |
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 March 31, 2021 mature at various dates through March 2026. The fair values of available-for-sale debt securities by contractual maturity consist of the following:
|  | March 31, |  | December 31,
(In millions) |  | 2021 |  | 2020
Maturities within one year |  | $ | 2,065.9 |  |  | $ | 1,393.3 |
Maturities after one year through five years |  | 2,541.3 |  |  | 2,295.8 |
|  | $ | 4,607.2 |  |  | $ | 3,689.1 |
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
(In millions) As of March 31, 2021 | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Corporate bonds | $ | 1,304.1 |  |  | $ | (5.9) |  |  | — |  |  | — |  |  | $ | 1,304.1 |  |  | $ | (5.9) |
U.S. government and government agency obligations | 123.1 |  |  | (0.2) |  |  | — |  |  | — |  |  | 123.1 |  |  | (0.2) |
Sovereign bonds | 28.0 |  |  | (0.1) |  |  | — |  |  | — |  |  | 28.0 |  |  | (0.1) |
| $ | 1,455.2 |  |  | $ | (6.2) |  |  | — |  |  | — |  |  | $ | 1,455.2 |  |  | $ | (6.2) |
As of December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 364.5 |  |  | $ | (0.2) |  |  | — |  |  | — |  |  | $ | 364.5 |  |  | $ | (0.2) |
There were no realized losses on sales of marketable securities, and realized gains were not material, for the three months ended March 31, 2021 and 2020. With respect to marketable securities, for the three months ended March 31, 2021 and 2020, amounts reclassified from Accumulated other comprehensive income into Other income (expense), net were related to realized gains on sales of available-for-sale debt securities.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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