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Marketable Securities (Tables)

3 Months Ended

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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- 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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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ 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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
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-Section 50
-Paragraph 6
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124269663&loc=SL82922888-210455

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