Marketable Securities

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable securities as of September 30, 2022 and December 31, 2021 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, 2022	Cost Basis		Gains		Losses		Value
Corporate bonds	$	7,299.0	$	0.1	$	(334.3)	$	6,964.8
U.S. government and government agency obligations	476.3		—		(7.2)		469.1
Sovereign bonds	45.7		—		(2.4)		43.3
Commercial paper	606.6		—		(0.6)		606.0
Certificates of deposit	261.3		—		(0.4)		260.9
Asset-backed securities	27.4		—		(1.9)		25.5
	$	8,716.3	$	0.1	$	(346.8)	$	8,369.6

As of December 31, 2021
Corporate bonds	$	7,518.4	$	10.2	$	(40.9)	$	7,487.7
U.S. government and government agency obligations	109.0		0.3		(0.8)		108.5
Sovereign bonds	64.4		0.3		(0.3)		64.4
Commercial paper	439.7		—		(0.1)		439.6
Certificates of deposit	255.2		—		(0.1)		255.1
Asset-backed securities	42.0		—		(0.1)		41.9
	$	8,428.7	$	10.8	$	(42.3)	$	8,397.2

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, 2022 mature at various dates through April 2027. The fair values of available-for-sale debt securities by contractual maturity consist of the following:


	September 30,		December 31,
(In millions)	2022		2021
Maturities within one year	$	3,530.4	$	2,809.1
Maturities after one year through five years	4,839.2		5,588.1
	$	8,369.6	$	8,397.2

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, 2022	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Corporate bonds	$	5,360.5	$	(224.8)	$	1,561.9	$	(109.5)	$	6,922.4	$	(334.3)
U.S. government and government agency obligations	249.3		(4.8)		20.9		(2.4)		270.2		(7.2)
Sovereign bonds	27.5		(1.4)		15.8		(1.0)		43.3		(2.4)
Commercial paper	591.0		(0.6)		—		—		591.0		(0.6)
Certificates of deposit	214.9		(0.4)		—		—		214.9		(0.4)
Asset-backed securities	20.0		(1.4)		5.5		(0.5)		25.5		(1.9)
	$	6,463.2	$	(233.4)	$	1,604.1	$	(113.4)	$	8,067.3	$	(346.8)

As of December 31, 2021
Corporate bonds	$	5,889.3	$	(40.9)	$	—	$	—	$	5,889.3	$	(40.9)
U.S. government and government agency obligations	90.0		(0.8)		—		—		90.0		(0.8)
Sovereign bonds	37.0		(0.3)		—		—		37.0		(0.3)
Commercial paper	295.7		(0.1)		—		—		295.7		(0.1)
Certificates of deposit	169.4		(0.1)		—		—		169.4		(0.1)
Asset-backed securities	34.9		(0.1)		—		—		34.9		(0.1)
	$	6,516.3	$	(42.3)	$	—	$	—	$	6,516.3	$	(42.3)

With respect to marketable securities, for the three and nine months ended September 30, 2022 and 2021, amounts reclassified from Accumulated other comprehensive loss into Other income (expense), net were related to realized gains and losses on sales of available-for-sale debt securities.

For the three and nine months ended September 30, 2022 and 2021, realized gains and losses on sales of marketable securities were not material.