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Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2022

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, 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

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)						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

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, 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)

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- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI https://asc.fasb.org/topic&trid=2196928

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+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456

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-Name Accounting Standards Codification
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-Section 50
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-Name Accounting Standards Codification
-Topic 326
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=124269663&loc=SL82922888-210455

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