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v3.23.1

Marketable Securities (Tables) | 3 Months Ended
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Mar. 31, 2023
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 March 31, 2023 |  | Cost Basis |  | Gains |  | Losses |  | Value
Corporate bonds |  | $ | 6,819.1 |  |  | $ | 4.8 |  |  | $ | (231.7) |  |  | $ | 6,592.2 |
U.S. government and government agency obligations |  | 2,902.2 |  |  | 5.5 |  |  | (4.3) |  |  | 2,903.4 |
Sovereign bonds |  | 72.6 |  |  | 0.1 |  |  | (2.3) |  |  | 70.4 |
Commercial paper |  | 279.1 |  |  | 0.1 |  |  | (0.1) |  |  | 279.1 |
Certificates of deposit |  | 153.9 |  |  | — |  |  | (0.2) |  |  | 153.7 |
Asset-backed securities |  | 53.9 |  |  | 0.1 |  |  | (1.5) |  |  | 52.5 |
|  | $ | 10,280.8 |  |  | $ | 10.6 |  |  | $ | (240.1) |  |  | $ | 10,051.3 |
As of December 31, 2022 |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 6,975.5 |  |  | $ | — |  |  | $ | (291.1) |  |  | $ | 6,684.4 |
U.S. government and government agency obligations |  | 2,945.4 |  |  | 0.9 |  |  | (6.9) |  |  | 2,939.4 |
Sovereign bonds |  | 67.1 |  |  | — |  |  | (3.0) |  |  | 64.1 |
Commercial paper |  | 121.1 |  |  | — |  |  | — |  |  | 121.1 |
Certificates of deposit |  | 182.1 |  |  | — |  |  | (0.1) |  |  | 182.0 |
Asset-backed securities |  | 28.9 |  |  | — |  |  | (1.7) |  |  | 27.2 |
|  | $ | 10,320.1 |  |  | $ | 0.9 |  |  | $ | (302.8) |  |  | $ | 10,018.2 |
Marketable Securities, Based on Contractual Maturity Dates | The fair values of available-for-sale debt securities by contractual maturity consist of the following:
|  | March 31, |  | December 31,
(In millions) |  | 2023 |  | 2022
Maturities within one year |  | $ | 5,043.4 |  |  | $ | 4,636.4 |
Maturities after one year through five years |  | 4,996.6 |  |  | 5,381.4 |
Maturities after five years |  | 11.3 |  |  | 0.4 |
|  | $ | 10,051.3 |  |  | $ | 10,018.2 |
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 March 31, 2023 | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Corporate bonds | $ | 707.1 |  |  | $ | (8.1) |  |  | $ | 5,293.7 |  |  | $ | (223.6) |  |  | $ | 6,000.8 |  |  | $ | (231.7) |
U.S. government and government agency obligations | 228.1 |  |  | (0.1) |  |  | 79.2 |  |  | (4.2) |  |  | 307.3 |  |  | (4.3) |
Sovereign bonds | — |  |  | — |  |  | 64.0 |  |  | (2.3) |  |  | 64.0 |  |  | (2.3) |
Commercial paper | 212.6 |  |  | (0.1) |  |  | — |  |  | — |  |  | 212.6 |  |  | (0.1) |
Certificates of deposit | 74.9 |  |  | (0.1) |  |  | 2.9 |  |  | (0.1) |  |  | 77.8 |  |  | (0.2) |
Asset-backed securities | — |  |  | — |  |  | 24.7 |  |  | (1.5) |  |  | 24.7 |  |  | (1.5) |
| $ | 1,222.7 |  |  | $ | (8.4) |  |  | $ | 5,464.5 |  |  | $ | (231.7) |  |  | $ | 6,687.2 |  |  | $ | (240.1) |
As of December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 2,445.4 |  |  | $ | (73.1) |  |  | $ | 4,200.4 |  |  | $ | (218.0) |  |  | $ | 6,645.8 |  |  | $ | (291.1) |
U.S. government and government agency obligations | 785.2 |  |  | (2.0) |  |  | 71.0 |  |  | (4.9) |  |  | 856.2 |  |  | (6.9) |
Sovereign bonds | 18.6 |  |  | (1.1) |  |  | 45.6 |  |  | (1.9) |  |  | 64.2 |  |  | (3.0) |
Certificates of deposit | 40.2 |  |  | (0.1) |  |  | — |  |  | — |  |  | 40.2 |  |  | (0.1) |
Asset-backed securities | 11.5 |  |  | (0.6) |  |  | 15.2 |  |  | (1.1) |  |  | 26.7 |  |  | (1.7) |
| $ | 3,300.9 |  |  | $ | (76.9) |  |  | $ | 4,332.2 |  |  | $ | (225.9) |  |  | $ | 7,633.1 |  |  | $ | (302.8) |

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