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Financial Instruments | 9 Months Ended
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Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract] |
Financial Instruments | Financial Instruments Marketable Securities The following tables summarize our marketable debt and equity securities, classified as available-for-sale:
As of September 30, 2015 (In millions) | Fair Value |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Amortized Cost
Corporate debt securities |  |  |  |  |  |  |
Current | $ | 272.1 |  |  | $ | — |  |  | $ | (0.1 | ) |  | $ | 272.2 |
Non-current | 767.8 |  |  | 0.7 |  |  | (1.3 | ) |  | 768.4 |
Government securities |  |  |  |  |  |  |
Current | 1,481.4 |  |  | 0.6 |  |  | — |  |  | 1,480.8 |
Non-current | 929.7 |  |  | 0.8 |  |  | (0.3 | ) |  | 929.2 |
Mortgage and other asset backed securities |  |  |  |  |  |  |
Current | — |  |  | — |  |  | — |  |  | — |
Non-current | 249.9 |  |  | 0.2 |  |  | (0.5 | ) |  | 250.2 |
Total marketable debt securities | $ | 3,700.9 |  |  | $ | 2.3 |  |  | $ | (2.2 | ) |  | $ | 3,700.8 |
Marketable equity securities, non-current | $ | 25.7 |  |  | $ | 0.9 |  |  | $ | (3.4 | ) |  | $ | 28.2 |
As of December 31, 2014 (In millions) | Fair Value |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Amortized Cost
Corporate debt securities |  |  |  |  |  |  |
Current | $ | 370.4 |  |  | $ | — |  |  | $ | (0.2 | ) |  | $ | 370.6 |
Non-current | 692.6 |  |  | 0.2 |  |  | (1.5 | ) |  | 693.9 |
Government securities |  |  |  |  |  |  |
Current | 269.9 |  |  | — |  |  | (0.1 | ) |  | 270.0 |
Non-current | 579.9 |  |  | 0.3 |  |  | (0.4 | ) |  | 580.0 |
Mortgage and other asset backed securities |  |  |  |  |  |  |
Current | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
Non-current | 198.1 |  |  | 0.2 |  |  | (0.2 | ) |  | 198.1 |
Total marketable debt securities | $ | 2,111.1 |  |  | $ | 0.7 |  |  | $ | (2.4 | ) |  | $ | 2,112.8 |
Marketable equity securities, non-current | $ | 6.9 |  |  | $ | 1.2 |  |  | $ | (0.2 | ) |  | $ | 5.9 |
The following table summarizes our financial assets with maturities of less than 90 days from the date of purchase included in cash and cash equivalents on the accompanying condensed consolidated balance sheet:
(In millions) | As of September 30, 2015 |  | As of December 31, 2014
Commercial paper | $ | 21.4 |  |  | $ | 54.2 |
Overnight reverse repurchase agreements | 188.3 |  |  | 305.0 |
Money market funds | 3,119.1 |  |  | 321.2 |
Short-term debt securities | 475.4 |  |  | 35.9 |
Total | $ | 3,804.2 |  |  | $ | 716.3 |
The carrying values of our commercial paper, including accrued interest, overnight reverse repurchase agreements, money market funds and our short-term debt securities approximate fair value due to their short term maturities. Our overnight reverse repurchase agreements are collateralized with agency-guaranteed mortgage securities and represent approximately 0.9% and 2.1% of total assets as of September 30, 2015 and December 31, 2014, respectively. Summary of Contractual Maturities: Available-for-Sale Securities The estimated fair value and amortized cost of our marketable debt securities classified as available-for-sale by contractual maturity are summarized as follows:
| As of September 30, 2015 |  | As of December 31, 2014
(In millions) | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost
Due in one year or less | $ | 1,753.5 |  |  | $ | 1,753.0 |  |  | $ | 640.5 |  |  | $ | 640.8 |
Due after one year through five years | 1,820.1 |  |  | 1,820.3 |  |  | 1,343.7 |  |  | 1,345.2 |
Due after five years | 127.3 |  |  | 127.5 |  |  | 126.9 |  |  | 126.8 |
Total available-for-sale securities | $ | 3,700.9 |  |  | $ | 3,700.8 |  |  | $ | 2,111.1 |  |  | $ | 2,112.8 |
The average maturity of our marketable debt securities available-for-sale as of September 30, 2015 and December 31, 2014 was approximately 13 months and 15 months, respectively. Proceeds from Marketable Debt Securities The proceeds from maturities and sales of marketable debt securities and resulting realized gains and losses are summarized as follows:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
(In millions) | 2015 |  | 2014 |  | 2015 |  | 2014
Proceeds from maturities and sales | $ | 2,387.9 |  |  | $ | 625.4 |  |  | $ | 3,363.4 |  |  | $ | 1,942.9 |
Realized gains | $ | 0.7 |  |  | $ | — |  |  | $ | 1.3 |  |  | $ | 0.4 |
Realized losses | $ | (2.0 | ) |  | $ | (0.1 | ) |  | $ | (2.9 | ) |  | $ | (0.3 | )
Strategic Investments As of September 30, 2015 and December 31, 2014, our strategic investment portfolio was comprised of investments totaling $68.4 million and $47.8 million, respectively, which are included in investments and other assets in our accompanying condensed consolidated balance sheets. Our strategic investment portfolio includes investments in equity securities of certain biotechnology companies and investments in venture capital funds where the underlying investments are in equity securities of biotechnology companies.

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