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Marketable Securities (Tables) | 9 Months Ended
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Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract] |
Available-for-sale Debt Securities | The following tables summarize the Company's investments in available-for-sale debt securities:
(In millions) |  | Amortized |  | Unrealized |  | Fair
As of September 30, 2021 |  | Cost Basis |  | Gains |  | Losses |  | Value
Corporate bonds |  | $ | 5,911.8 |  |  | $ | 19.9 |  |  | $ | (6.9) |  |  | $ | 5,924.8 |
U.S. government and government agency obligations |  | 101.2 |  |  | 0.6 |  |  | (0.1) |  |  | 101.7 |
Sovereign bonds |  | 64.6 |  |  | 0.5 |  |  | — |  |  | 65.1 |
Commercial paper |  | 272.6 |  |  | — |  |  | — |  |  | 272.6 |
Certificates of deposit |  | 231.7 |  |  | — |  |  | — |  |  | 231.7 |
Asset-backed securities |  | 19.0 |  |  | — |  |  | — |  |  | 19.0 |
|  | $ | 6,600.9 |  |  | $ | 21.0 |  |  | $ | (7.0) |  |  | $ | 6,614.9 |
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 |
Marketable Securities, Based on Contractual Maturity Dates | The fair values of available-for-sale debt securities by contractual maturity consist of the following:
|  | September 30, |  | December 31,
(In millions) |  | 2021 |  | 2020
Maturities within one year |  | $ | 2,355.2 |  |  | $ | 1,393.3 |
Maturities after one year through five years |  | 4,259.7 |  |  | 2,295.8 |
|  | $ | 6,614.9 |  |  | $ | 3,689.1 |
Fair Value and Unrealized Losses of Marketable Securities | 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 September 30, 2021 | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Corporate bonds | $ | 2,905.9 |  |  | $ | (6.9) |  |  | — |  |  | — |  |  | $ | 2,905.9 |  |  | $ | (6.9) |
U.S. government and government agency obligations | 27.0 |  |  | (0.1) |  |  | — |  |  | — |  |  | 27.0 |  |  | (0.1) |
| $ | 2,932.9 |  |  | $ | (7.0) |  |  | — |  |  | — |  |  | $ | 2,932.9 |  |  | $ | (7.0) |
As of December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 364.5 |  |  | $ | (0.2) |  |  | — |  |  | — |  |  | $ | 364.5 |  |  | $ | (0.2) |

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