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Financial Instruments | 3 Months Ended
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Mar. 31, 2017
Investments, Debt and Equity Securities [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 condensed consolidated balance sheets:
(In millions) | As of March 31, 2017 |  | As of December 31, 2016
Commercial paper | $ | 71.9 |  |  | $ | 31.0 |
Money market funds | 519.2 |  |  | 741.7 |
Short-term debt securities | 54.0 |  |  | 1,266.9 |
Total | $ | 645.1 |  |  | $ | 2,039.6 |
The carrying values of our commercial paper, including accrued interest, money market funds and short-term debt securities approximate fair value due to their short-term maturities. The following tables summarize our marketable debt and equity securities, classified as available-for-sale:
As of March 31, 2017 (In millions) | Fair Value |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Amortized Cost
Corporate debt securities |  |  |  |  |  |  |
Current | $ | 1,288.5 |  |  | $ | 0.1 |  |  | $ | (0.8 | ) |  | $ | 1,289.2 |
Non-current | 1,212.2 |  |  | 2.1 |  |  | (3.3 | ) |  | 1,213.4 |
Government securities |  |  |  |  |  |  |
Current | 664.4 |  |  | 0.2 |  |  | (0.4 | ) |  | 664.6 |
Non-current | 1,073.8 |  |  | 0.8 |  |  | (3.0 | ) |  | 1,076.0 |
Mortgage and other asset backed securities |  |  |  |  |  |  |
Current | 3.3 |  |  | — |  |  | — |  |  | 3.3 |
Non-current | 539.2 |  |  | 1.1 |  |  | (1.4 | ) |  | 539.5 |
Total marketable debt securities | $ | 4,781.4 |  |  | $ | 4.3 |  |  | $ | (8.9 | ) |  | $ | 4,786.0 |
Marketable equity securities, non-current | $ | 18.7 |  |  | $ | — |  |  | $ | (14.9 | ) |  | $ | 33.6 |
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 |
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 March 31, 2017 |  | As of December 31, 2016
(In millions) | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost
Due in one year or less | $ | 1,956.2 |  |  | $ | 1,957.1 |  |  | $ | 2,568.6 |  |  | $ | 2,569.1 |
Due after one year through five years | 2,561.9 |  |  | 2,565.4 |  |  | 2,552.6 |  |  | 2,559.7 |
Due after five years | 263.3 |  |  | 263.5 |  |  | 276.8 |  |  | 277.5 |
Total available-for-sale securities | $ | 4,781.4 |  |  | $ | 4,786.0 |  |  | $ | 5,398.0 |  |  | $ | 5,406.3 |
The average maturity of our marketable debt securities available-for-sale as of March 31, 2017 and December 31, 2016 was approximately 17 months and 12 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 March 31,
(In millions) | 2017 |  | 2016
Proceeds from maturities and sales | $ | 1,884.3 |  |  | $ | 1,181.1 |
Realized gains | $ | 1.2 |  |  | $ | 0.4 |
Realized losses | $ | (1.9 | ) |  | $ | (0.4 | )
Strategic Investments As of March 31, 2017 and December 31, 2016, our strategic investment portfolio was comprised of investments totaling $99.5 million and $99.9 million, respectively, which are included in investments and other assets in our 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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