Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Investments, All Other Investments [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 consolidated balance sheets:


	As of December 31,
(In millions)	2020		2019
Commercial paper	$	61.1	$	384.4
Overnight reverse repurchase agreements	37.4		368.8
Money market funds	505.1		1,628.5
Short-term debt securities	23.3		159.4
Total	$	626.9	$	2,541.1

Debt and equity securities, available-for-sale

The following tables summarize our marketable debt and equity securities, classified as available for sale:


	As of December 31, 2020
(In millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate debt securities
Current	$	897.8	$	0.4	$	(0.2)	$	898.0
Non-current	402.5		1.1		(0.1)		403.5
Government securities
Current	380.6		0.1		—		380.7
Non-current	245.9		0.5		—		246.4
Mortgage and other asset backed securities
Current	0.2		—		—		0.2
Non-current	122.1		0.2		(0.1)		122.2
Total marketable debt securities	$	2,049.1	$	2.3	$	(0.4)	$	2,051.0
Marketable equity securities, current	$	70.6	$	15.9	$	—	$	86.5
Marketable equity securities, non-current	$	1,168.9	$	733.8	$	(14.9)	$	1,887.8


	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 December 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	$	1,278.9	$	1,278.6	$	1,562.2	$	1,560.8
Due after one year through five years	722.6		721.3		1,234.5		1,230.4
Due after five years	49.5		49.2		173.6		173.8
Total marketable debt securities	$	2,051.0	$	2,049.1	$	2,970.3	$	2,965.0

Proceeds from marketable securities, excluding strategic investments

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)	2020		2019		2018
Proceeds from maturities and sales	$	7,299.4	$	6,007.0	$	9,173.7
Realized gains	17.7		6.0		3.2
Realized losses	26.0		1.5		11.7