Marketable Securities

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Marketable securities as of September 30, 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 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

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, 2021 mature at various dates through September 2026. 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

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)

For the three and nine months ended September 30, 2021, realized gains and losses on sales of marketable securities were not material. For the three months ended September 30, 2020, realized gains and losses on sales of marketable securities were not material. Realized gains were $28.5 million and realized losses were not material for the nine months ended September 30, 2020.

With respect to marketable securities, for the three and nine months ended September 30, 2021 and 2020, 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.