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Marketable Securities | 3 Months Ended
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Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | Marketable Securities Marketable securities as of March 31, 2023 and December 31, 2022 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 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 |
The Company classifies its investments in available-for-sale debt securities based on their contractual maturity dates. The available-for-sale debt securities as of March 31, 2023 mature at various dates through August 2028. 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 |
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) |
The unrealized losses on corporate bonds as of March 31, 2023 were primarily driven by increases in interest rates. The Company has reviewed its portfolio of available-for-sale debt securities and determined that the decline in fair value below cost did not result from credit-related factors. In addition, the Company does not intend to sell, and it is not more likely than not that the Company will be required to sell, such securities before recovery of their amortized cost bases. With respect to marketable securities, for the three months ended March 31, 2023 and 2022, amounts reclassified from Accumulated other comprehensive loss into Other (expense) income, net were related to realized gains and losses on sales of available-for-sale debt securities. For the three months ended March 31, 2023 and 2022, realized gains and losses on sales of marketable securities were not material.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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