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2. Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2021 | Mar. 31, 2020
Fair Value Disclosures [Abstract] |  |
Debt Securities, Available-for-sale [Table Text Block] | Available-for-sale investments consist of the following (in millions):
| March 31, 2021
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Allowances for Credit Losses | Fair Value
Short-term investments: |  |  |  |  |  |  |  |
Corporate debt securities | $ | 160.3 |  |  | $ | 1.9 |  |  | $ | — |  |  | $ | — |  | $ | 162.2 |
Municipal obligations | 14.0 |  |  | 0.1 |  |  | — |  |  | — |  | 14.1 |
Asset-backed securities | 27.7 |  |  | 0.3 |  |  | — |  |  | — |  | 28.0 |
U.S. government sponsored agencies | 70.6 |  |  | 1.3 |  |  | (0.1) |  |  | — |  | 71.8 |
Foreign government obligations | 4.0 |  |  | — |  |  | — |  |  | — |  | 4.0 |
Other foreign obligations | 2.1 |  |  | — |  |  | — |  |  | — |  | 2.1 |
| 278.7 |  |  | 3.6 |  |  | (0.1) |  |  | — |  | 282.2 |
Long-term investments: |  |  |  |  |  |  |  |
Asset-backed securities | 0.1 |  |  | — |  |  | — |  |  | — |  | 0.1 |
| 0.1 |  |  | — |  |  | — |  |  | — |  | 0.1 |
Total | $ | 278.8 |  |  | $ | 3.6 |  |  | $ | (0.1) |  |  | $ | — |  | $ | 282.3 |
| Available-for-sale investments consist of the following (in millions):
| December 31, 2020
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses | Allowances for Credit Losses |  | Estimated Fair Value
Short-term investments: |  |  |  |  |  |  |  |
Corporate debt securities | $ | 130.5 |  |  | $ | 2.7 |  |  | $ | — |  | — |  |  | $ | 133.2 |
Municipal obligations | 15.0 |  |  | 0.2 |  |  | — |  | — |  |  | 15.2 |
Asset-backed securities | 35.8 |  |  | 0.3 |  |  | — |  | — |  |  | 36.1 |
U.S. government sponsored agencies | 74.7 |  |  | 2.2 |  |  | — |  | — |  |  | 76.9 |
Foreign government obligations | 4.0 |  |  | — |  |  | — |  | — |  |  | 4.0 |
Other foreign obligations | 2.1 |  |  | — |  |  | — |  | — |  |  | 2.1 |
| 262.1 |  |  | 5.4 |  |  | — |  | — |  |  | 267.5 |
Long-term investments: |  |  |  |  |  |  |  |
Asset-backed securities | 0.1 |  |  | — |  |  | — |  | — |  |  | 0.1 |
| 0.1 |  |  | — |  |  | — |  | — |  |  | 0.1 |
Total | $ | 262.2 |  |  | $ | 5.4 |  |  | $ | — |  | $ | — |  |  | $ | 267.6 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |  |
Summary of fair value of gross unrealized losses for investments with unrealized losses | The following is a summary of investments with gross unrealized losses and the associated fair value (in millions):
| March 31, 2021
| Less than 12 months |  | Greater than 12 months |  | Total
Description of securities: | Fair Value | Unrealized Losses |  | Fair Value | Unrealized Losses |  | Fair Value | Unrealized Losses
U.S. government sponsored agencies | 7.4 |  | 0.1 |  |  | — |  | — |  |  | 7.4 |  | 0.1 |
Total | $ | 7.4 |  | $ | 0.1 |  |  | $ | — |  | $ | — |  |  | $ | 7.4 |  | $ | 0.1 |
T |
Discussion of current derivative risk management | The following is a summary of our forward foreign exchange contracts (in millions):
| March 31,
| 2021
Contracts maturing in April through June 2021 to sell foreign currency: |
Notional value | $ | 284.0 |
Unrealized loss | $ | 0.4 |
Contracts maturing in April through June 2021 to purchase foreign currency: |
Notional value | $ | 252.3 |
Unrealized gain or loss | $ | — |
Summary of amortized cost and estimated fair value of debt securities by contractual maturity date | The following is a summary of the amortized cost and estimated fair value of our debt securities at March 31, 2021 by contractual maturity date (in millions):
| Amortized Cost |  | Estimated Fair Value
Mature in less than one year | $ | 173.6 |  |  | $ | 174.1 |
Mature in one to five years | 66.2 |  |  | 67.9 |
Mature in more than five years | 39.0 |  |  | 40.3 |
Total | $ | 278.8 |  |  | $ | 282.3 |
Fair Value Measurements, Recurring and Nonrecurring | Financial assets and liabilities carried at fair value and measured on a recurring basis as of March 31, 2021 are classified in the hierarchy as follows (in millions):
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets carried at fair value: |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Commercial paper | $ | — |  |  | $ | 29.3 |  |  | $ | — |  |  | $ | 29.3 |
U.S. government sponsored agencies | — |  |  | 2.6 |  |  | — |  |  | 2.6 |
Time deposits | 8.7 |  |  | 10.0 |  |  | — |  |  | 18.7 |
Money market funds | 61.3 |  |  | — |  |  | — |  |  | 61.3 |
Total cash equivalents (a) | 70.0 |  |  | 41.9 |  |  | — |  |  | 111.9 |
Restricted investments (b) | 6.8 |  |  | — |  |  | — |  |  | 6.8 |
Equity securities (c) | 10,524.3 |  |  | — |  |  | — |  |  | 10,524.3 |
Available-for-sale investments: |  |  |  |  |  |  |
Corporate debt securities | — |  |  | 162.2 |  |  | — |  |  | 162.2 |
U.S. government sponsored agencies | — |  |  | 71.8 |  |  | — |  |  | 71.8 |
Foreign government obligations | — |  |  | 4.0 |  |  | — |  |  | 4.0 |
Other foreign obligations | — |  |  | 2.1 |  |  | — |  |  | 2.1 |
Municipal obligations | — |  |  | 14.1 |  |  | — |  |  | 14.1 |
Asset-backed securities | — |  |  | 28.1 |  |  | — |  |  | 28.1 |
Total available-for-sale investments (d) | — |  |  | 282.3 |  |  | — |  |  | 282.3 |
Forward foreign exchange contracts (e) | — |  |  | 0.6 |  |  | — |  |  | 0.6 |
Total financial assets carried at fair value | $ | 10,601.1 |  |  | $ | 324.8 |  |  | $ | — |  |  | $ | 10,925.9 |
Financial liabilities carried at fair value: |  |  |  |  |  |  |
Forward foreign exchange contracts (f) | $ | — |  |  | $ | 1.1 |  |  | $ | — |  |  | $ | 1.1 |
Contingent consideration (g) | — |  |  | — |  |  | 0.7 |  |  | 0.7 |
Total financial liabilities carried at fair value | $ | — |  |  | $ | 1.1 |  |  | $ | 0.7 |  |  | $ | 1.8 |
Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2020 are classified in the hierarchy as follows (in millions):
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets carried at fair value: |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Commercial paper | $ | — |  |  | $ | 41.7 |  |  | $ | — |  |  | $ | 41.7 |
Time deposits | 17.6 |  |  | 10.0 |  |  | — |  |  | 27.6 |
Asset-backed securities | — |  |  | 0.9 |  |  | — |  |  | 0.9 |
U.S. government sponsored agencies | — |  |  | 2.5 |  | — |  |  | 2.5 |
Money market funds | 60.1 |  |  | — |  |  | — |  |  | 60.1 |
Total cash equivalents (a) | 77.7 |  |  | 55.1 |  |  | — |  |  | 132.8 |
Restricted investments (b) | 6.7 |  |  | — |  |  | — |  |  | 6.7 |
Equity securities (c) | 9,582.4 |  |  | — |  |  | — |  |  | 9,582.4 |
Available-for-sale investments: |  |  |  |  |  |  |
Corporate debt securities | — |  |  | 133.2 |  |  | — |  |  | 133.2 |
U.S. government sponsored agencies | — |  |  | 76.9 |  |  | — |  |  | 76.9 |
Foreign government obligations | — |  |  | 4.0 |  |  | — |  |  | 4.0 |
Other foreign obligations | — |  |  | 2.1 |  |  | — |  |  | 2.1 |
Municipal obligations | — |  |  | 15.2 |  |  | — |  |  | 15.2 |
Asset-backed securities | — |  |  | 36.2 |  |  | — |  |  | 36.2 |
Total available-for-sale investments (d) | — |  |  | 267.6 |  |  | — |  |  | 267.6 |
Forward foreign exchange contracts (e) | — |  |  | 1.0 |  |  | — |  |  | 1.0 |
Total financial assets carried at fair value | $ | 9,666.8 |  |  | $ | 323.7 |  |  | $ | — |  |  | $ | 9,990.5 |
Financial liabilities carried at fair value: |  |  |  |  |  |  |
Forward foreign exchange contracts (f) | $ | — |  |  | $ | 1.0 |  |  | $ | — |  |  | $ | 1.0 |
Contingent consideration (g) | — |  |  | — |  |  | 0.7 |  |  | 0.7 |
Total financial liabilities carried at fair value | $ | — |  |  | $ | 1.0 |  |  | $ | 0.7 |  |  | $ | 1.7 |
(a)Cash equivalents are included in Cash and cash equivalents in the condensed consolidated balance sheets. (b) Restricted investments are included in the following accounts in the condensed consolidated balance sheets (in millions):
| March 31, 2021 |  | December 31, 2020
Restricted investments | $ | 5.6 |  |  | $ | 5.6 |
Other investments | 1.2 |  |  | 1.1 |
Total | $ | 6.8 |  |  | $ | 6.7 |
(c) Equity securities are included in the following accounts in the condensed consolidated balance sheets (in millions):
| March 31, 2021 |  | December 31, 2020
Short-term investments | $ | 64.2 |  |  | $ | 61.4 |
Other investments | 10,460.1 |  |  | 9,521.0 |
Total | $ | 10,524.3 |  |  | $ | 9,582.4 |
The change in fair market value on our equity securities for the three months ended March 31, 2021 was a $1,179.4 million gain, which was primarily due to our investment in Sartorius AG and is recorded in our condensed consolidated statements of income. As of March 31, 2021, we own 12,987,900 ordinary voting shares and 9,588,908 preferenc e shares of Sartorius AG (Sartorius), of Goettingen, Germany, a process technology supplier to the biotechnology, pharmaceutical, chemical and food and beverage industries. We own approximately 37% of the ordinary outstanding voting shares (excluding treasury shares) and 28% of the preference shares of Sartorius as of March 31, 2021. (d) Available-for-sale investments are included in the following accounts in the condensed consolidated balance sheets (in millions):
| March 31, 2021 |  | December 31, 2020
Short-term investments | $ | 282.2 |  |  | $ | 267.5 |
Other investments | 0.1 |  |  | 0.1 |
Total | $ | 282.3 |  |  | $ | 267.6 |
(e) Forward foreign exchange contracts in an asset position are included in other current assets in the condensed consolidated balance sheets. (f) Forward foreign exchange contracts in a liability position are included in other current liabilities in the condensed consolidated balance sheets. (g) Contingent consideration liability is included in the following accounts in the condensed consolidated balance sheets (in millions):
| March 31, 2021 |  | December 31, 2020
Other current liabilities | $ | 0.6 |  |  | $ | 0.6 |
Other long-term liabilities | 0.1 |  |  | 0.1 |
Total | $ | 0.7 |  |  | $ | 0.7 |

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