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Financial Instruments | 12 Months Ended
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Dec. 31, 2016
Investments, All Other Investments [Abstract] |
Financial Instruments | Financial Instruments 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 consolidated balance sheet:
| As of December 31,
(In millions) | 2016 |  | 2015
Commercial paper | $ | 31.0 |  |  | $ | 21.9 |
Overnight reverse repurchase agreements | — |  |  | 134.7 |
Money market funds | 741.7 |  |  | 673.8 |
Short-term debt securities | 1,266.9 |  |  | 79.1 |
Total | $ | 2,039.6 |  |  | $ | 909.5 |
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 were collateralized with agency-guaranteed mortgage-backed securities and represented approximately 0.7% of total assets as of December 31, 2015. The following tables summarize our marketable debt and equity securities, classified as available for sale:
As of December 31, 2016 (In millions) | Fair Value |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Amortized Cost
Corporate debt securities |  |  |  |  |  |  |
Current | $ | 1,408.6 |  |  | $ | 0.2 |  |  | $ | (0.6 | ) |  | $ | 1,409.0 |
Non-current | 1,255.2 |  |  | 1.2 |  |  | (4.7 | ) |  | 1,258.7 |
Government securities |  |  |  |  |  |  |
Current | 1,156.0 |  |  | 0.2 |  |  | (0.3 | ) |  | 1,156.1 |
Non-current | 1,016.5 |  |  | 0.5 |  |  | (3.4 | ) |  | 1,019.4 |
Mortgage and other asset backed securities |  |  |  |  |  |  |
Current | 4.0 |  |  | — |  |  | — |  |  | 4.0 |
Non-current | 557.7 |  |  | 0.8 |  |  | (2.2 | ) |  | 559.1 |
Total marketable debt securities | $ | 5,398.0 |  |  | $ | 2.9 |  |  | $ | (11.2 | ) |  | $ | 5,406.3 |
Marketable equity securities, non-current | $ | 24.9 |  |  | $ | 0.7 |  |  | $ | (9.3 | ) |  | $ | 33.5 |
As of December 31, 2015 (In millions) | Fair Value |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Amortized Cost
Corporate debt securities |  |  |  |  |  |  |
Current | $ | 394.3 |  |  | $ | — |  |  | $ | (0.5 | ) |  | $ | 394.8 |
Non-current | 1,116.6 |  |  | 0.1 |  |  | (4.1 | ) |  | 1,120.6 |
Government securities |  |  |  |  |  |  |
Current | 1,723.4 |  |  | 0.1 |  |  | (1.1 | ) |  | 1,724.4 |
Non-current | 1,152.5 |  |  | — |  |  | (3.1 | ) |  | 1,155.6 |
Mortgage and other asset backed securities |  |  |  |  |  |  |
Current | 2.8 |  |  | — |  |  | — |  |  | 2.8 |
Non-current | 491.3 |  |  | 0.1 |  |  | (1.8 | ) |  | 493.0 |
Total marketable debt securities | $ | 4,880.9 |  |  | $ | 0.3 |  |  | $ | (10.6 | ) |  | $ | 4,891.2 |
Marketable equity securities, non-current | $ | 37.5 |  |  | $ | 9.2 |  |  | $ | — |  |  | $ | 28.3 |
Summary of Contractual Maturities: Available-for-Sale Securities The estimated fair value and amortized cost of our marketable debt securities available-for-sale by contractual maturity are summarized as follows:
| As of December 31, 2016 |  | As of December 31, 2015
(In millions) | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost
Due in one year or less | $ | 2,568.6 |  |  | $ | 2,569.1 |  |  | $ | 2,120.5 |  |  | $ | 2,122.0 |
Due after one year through five years | 2,552.6 |  |  | 2,559.7 |  |  | 2,575.9 |  |  | 2,583.9 |
Due after five years | 276.8 |  |  | 277.5 |  |  | 184.5 |  |  | 185.3 |
Total available-for-sale securities | $ | 5,398.0 |  |  | $ | 5,406.3 |  |  | $ | 4,880.9 |  |  | $ | 4,891.2 |
The average maturity of our marketable debt securities available-for-sale as of December 31, 2016 and 2015 was 12 months and 16 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 Years Ended December 31,
(In millions) | 2016 |  | 2015 |  | 2014
Proceeds from maturities and sales | $ | 7,378.9 |  |  | $ | 4,063.0 |  |  | $ | 2,718.9 |
Realized gains | $ | 3.3 |  |  | $ | 1.5 |  |  | $ | 0.7 |
Realized losses | $ | 4.3 |  |  | $ | 3.5 |  |  | $ | 0.5 |
Realized losses for the year ended December 31, 2016, primarily relate to sales of corporate bonds, agency mortgage-backed securities and other asset-backed securities. Realized losses for the year ended December 31, 2015, primarily relate to sales of corporate bonds, agency mortgage-backed securities and other asset-backed securities. Realized losses for the year ended December 31, 2014, primarily relate to sales of agency mortgage-backed securities and government securities. Strategic Investments As of December 31, 2016 and 2015, our strategic investment portfolio was comprised of investments totaling $99.9 million and $96.0 million, respectively, which are included in investments and other assets in our 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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