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Financial Instruments | 12 Months Ended
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Dec. 31, 2017
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 in our consolidated balance sheets:
| As of December 31,
(In millions) | 2017 |  | 2016
Commercial paper | $ | 30.5 |  |  | $ | 31.0 |
Overnight reverse repurchase agreements | 3.6 |  |  | — |
Money market funds | 948.0 |  |  | 741.7 |
Short-term debt securities | 247.3 |  |  | 1,266.9 |
Total | $ | 1,229.4 |  |  | $ | 2,039.6 |
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. The following tables summarize our marketable debt and equity securities, classified as available for sale:
As of December 31, 2017 (In millions) | Fair Value |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Amortized Cost
Corporate debt securities |  |  |  |  |  |  |
Current | $ | 1,039.3 |  |  | $ | — |  |  | $ | (0.2 | ) |  | $ | 1,039.5 |
Non-current | 1,570.5 |  |  | 0.9 |  |  | — |  |  | 1,569.6 |
Government securities |  |  |  |  |  |  |
Current | 1,075.1 |  |  | 0.1 |  |  | (0.7 | ) |  | 1,075.7 |
Non-current | 844.2 |  |  | 0.2 |  |  | (1.1 | ) |  | 845.1 |
Mortgage and other asset backed securities |  |  |  |  |  |  |
Current | 0.8 |  |  | — |  |  | — |  |  | 0.8 |
Non-current | 642.6 |  |  | 1.1 |  |  | (0.8 | ) |  | 642.3 |
Total marketable debt securities | $ | 5,172.5 |  |  | $ | 2.3 |  |  | $ | (2.8 | ) |  | $ | 5,173.0 |
Marketable equity securities, non-current | $ | 11.8 |  |  | $ | 1.8 |  |  | $ | (4.4 | ) |  | $ | 14.4 |
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 December 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 | $ | 2,115.2 |  |  | $ | 2,116.0 |  |  | $ | 2,568.6 |  |  | $ | 2,569.1 |
Due after one year through five years | 2,730.0 |  |  | 2,730.0 |  |  | 2,552.6 |  |  | 2,559.7 |
Due after five years | 327.3 |  |  | 327.0 |  |  | 276.8 |  |  | 277.5 |
Total available-for-sale securities | $ | 5,172.5 |  |  | $ | 5,173.0 |  |  | $ | 5,398.0 |  |  | $ | 5,406.3 |
The average maturity of our marketable debt securities available-for-sale as of December 31, 2017 and 2016 was 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 Years Ended December 31,
(In millions) | 2017 |  | 2016 |  | 2015
Proceeds from maturities and sales | $ | 5,565.9 |  |  | $ | 7,378.9 |  |  | $ | 4,063.0 |
Realized gains | $ | 3.0 |  |  | $ | 3.3 |  |  | $ | 1.5 |
Realized losses | $ | 22.4 |  |  | $ | 4.3 |  |  | $ | 3.5 |
Realized losses for the year ended December 31, 2017 primarily relate to impairments recognized on certain of our available-for-sale marketable debt securities as we intend to sell these securities as a result of the Tax Cuts and Jobs Act of 2017 (the 2017 Tax Act), sales of agency mortgage-backed securities, corporate bonds and government securities. 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. Strategic Investments As of December 31, 2017 and 2016, our strategic investment portfolio was comprised of investments totaling $85.8 million and $99.9 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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- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 305 -URI http://asc.fasb.org/topic&trid=2122426 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 + Details
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