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Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract] |
Summary of financial assets with maturities of less than 90 days included within cash and cash equivalents | 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 condensed consolidated balance sheets:
(In millions) |  | As of March 31, 2020 |  | As of December 31, 2019
Commercial paper |  | $ | 121.8 |  |  | $ | 384.4 |
Overnight reverse repurchase agreements |  | 36.9 |  |  | 368.8 |
Money market funds |  | 1,705.4 |  |  | 1,628.5 |
Short-term debt securities |  | 110.0 |  |  | 159.4 |
Total |  | $ | 1,974.1 |  |  | $ | 2,541.1 |
Marketable debt and equity securities | The following tables summarize our marketable debt and equity securities:
As of March 31, 2020 (In millions) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Corporate debt securities |  |  |  |  |  |  |  |
Current |  | $ | 923.8 |  |  | $ | 0.2 |  |  | $ | (2.2 | ) |  | $ | 921.8 |
Non-current |  | 442.7 |  |  | 0.6 |  |  | (11.6 | ) |  | 431.7 |
Government securities |  |  |  |  |  |  |  |
Current |  | 343.2 |  |  | 3.4 |  |  | — |  |  | 346.6 |
Non-current |  | 361.5 |  |  | 2.5 |  |  | (0.2 | ) |  | 363.8 |
Mortgage and other asset backed securities |  |  |  |  |  |  |  |
Current |  | 0.7 |  |  | — |  |  | — |  |  | 0.7 |
Non-current |  | 175.1 |  |  | 1.0 |  |  | (2.1 | ) |  | 174.0 |
Total marketable debt securities |  | $ | 2,247.0 |  |  | $ | 7.7 |  |  | $ | (16.1 | ) |  | $ | 2,238.6 |
Marketable equity securities, non-current |  | $ | 286.2 |  |  | $ | 6.5 |  |  | $ | (16.6 | ) |  | $ | 276.1 |
As of December 31, 2019 (In millions) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Corporate debt securities |  |  |  |  |  |  |  |
Current |  | $ | 1,057.2 |  |  | $ | 1.0 |  |  | $ | — |  |  | $ | 1,058.2 |
Non-current |  | 633.9 |  |  | 3.0 |  |  | — |  |  | 636.9 |
Government securities |  |  |  |  |  |  |  |
Current |  | 502.9 |  |  | 0.4 |  |  | — |  |  | 503.3 |
Non-current |  | 510.1 |  |  | 0.8 |  |  | (0.3 | ) |  | 510.6 |
Mortgage and other asset backed securities |  |  |  |  |  |  |  |
Current |  | 0.7 |  |  | — |  |  | — |  |  | 0.7 |
Non-current |  | 260.2 |  |  | 0.8 |  |  | (0.4 | ) |  | 260.6 |
Total marketable debt securities |  | $ | 2,965.0 |  |  | $ | 6.0 |  |  | $ | (0.7 | ) |  | $ | 2,970.3 |
Marketable equity securities, non-current |  | $ | 218.4 |  |  | $ | 132.1 |  |  | $ | (13.0 | ) |  | $ | 337.5 |
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, 2020 |  | As of December 31, 2019
(In millions) |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost
Due in one year or less |  | $ | 1,269.1 |  |  | $ | 1,267.7 |  |  | $ | 1,562.2 |  |  | $ | 1,560.8 |
Due after one year through five years |  | 846.0 |  |  | 856.3 |  |  | 1,234.5 |  |  | 1,230.4 |
Due after five years |  | 123.5 |  |  | 123.0 |  |  | 173.6 |  |  | 173.8 |
Total marketable debt securities |  | $ | 2,238.6 |  |  | $ | 2,247.0 |  |  | $ | 2,970.3 |  |  | $ | 2,965.0 |
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) |  | 2020 |  | 2019
Proceeds from maturities and sales |  | $ | 2,389.3 |  |  | $ | 1,489.2 |
Realized gains |  | 5.7 |  |  | 0.6 |
Realized losses |  | $ | (19.1 | ) |  | $ | (0.3 | )

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