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Financial Instruments and Fair Value (Tables)
 3 Months Ended
Mar. 31, 2020
Financial Instruments and Fair Value [Abstract]  
Summary of Investments

The following tables summarize our investments (in millions):
 
 
March 31, 2020
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
Corporate debt securities
$
616.3

 
$
0.3

 
$
(4.2
)
 
$
612.4

Commercial paper
150.6

 
0.1

 
(0.1
)
 
150.6

U.S. government securities
96.6

 
0.5

 
—

 
97.1

Certificates of deposit and term deposits (1)
87.7

 
0.1

 
(0.7
)
 
87.1

Total available-for-sale securities
$
951.2

 
$
1.0

 
$
(5.0
)
 
$
947.2



 
December 31, 2019
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
Corporate debt securities
$
576.1

 
$
1.0

 
$
(0.1
)
 
$
577.0

Commercial paper
148.7

 
0.1

 
—

 
148.8

U.S. government securities
195.0

 
0.2

 
—

 
195.2

Certificates of deposit and term deposits (1)
66.4

 
—

 
—

 
66.4

Total available-for-sale securities
$
986.2

 
$
1.3

 
$
(0.1
)
 
$
987.4

 
 
 
 
 
 
 
 
(1) The majority of our certificates of deposit and term deposits are foreign deposits.
Schedule of Unrealized Loss on Investments
The following tables show the gross unrealized losses and the related fair values of our investments that have been in a continuous unrealized loss position (in millions):

 
March 31, 2020
 
Less Than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Corporate debt securities
$
475.2

 
$
(4.2
)
 
$
7.1

 
$
—

 
$
482.3

 
$
(4.2
)
Commercial paper
45.5

 
(0.1
)
 
—

 
—

 
45.5

 
(0.1
)
Certificates of deposit and term deposits
49.1

 
(0.7
)
 
—

 
—

 
49.1

 
(0.7
)
Total available-for-sale securities
$
569.8

 
$
(5.0
)
 
$
7.1

 
$
—

 
$
576.9

 
$
(5.0
)


 
December 31, 2019
 
Less Than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Corporate debt securities
$
117.3

 
$
(0.1
)
 
$
16.1

 
$
—

 
$
133.4

 
$
(0.1
)
Commercial paper
26.0

 
—

 
—

 
—

 
26.0

 
—

U.S. government securities
47.1

 
—

 
—

 
—

 
47.1

 
—

Certificates of deposit and term deposits
13.0

 
—

 
—

 
—

 
13.0

 
—

Total available-for-sale securities
$
203.4

 
$
(0.1
)
 
$
16.1

 
$
—

 
$
219.5

 
$
(0.1
)
Investments Classified by Contractual Maturity Date
The contractual maturities of our investments were as follows (in millions):
 
 
March 31,
2020
 
December 31,
2019
Due within one year
$
775.2

 
$
843.1

Due within one to three years
172.0

 
144.3

Total
$
947.2

 
$
987.4
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present the fair value of our financial assets measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 (in millions):
 
 
March 31, 2020
 
December 31, 2019
 
Aggregate
Fair
Value
 
Quoted
Prices in
Active
Markets For
Identical
Assets
 
Significant
Other
Observable
Remaining
Inputs
 
Significant
Other
Unobservable
Remaining
Inputs
 
Aggregate
Fair
Value
 
Quoted
Prices in
Active
Markets For
Identical
Assets
 
Significant
Other
Observable
Remaining
Inputs
 
Significant
Other
Unobservable
Remaining
Inputs
 
 
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
 
 
(Level 1)
 
(Level 2)
 
(Level 3)
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate debt securities
$
613.4

 
$
—

 
$
613.4

 
$
—

 
$
577.0

 
$
—

 
$
577.0

 
$
—

Commercial paper
164.6

 
—

 
164.6

 
—

 
165.8

 
—

 
165.8

 
—

Certificates of deposit and term deposits
87.1

 
—

 
87.1

 
—

 
66.4

 
—

 
66.4

 
—

U.S. government securities
97.1

 
97.1

 
—

 
—

 
195.2

 
195.2

 
—

 
—

Money market funds
163.7

 
163.7

 
—

 
—

 
15.0

 
15.0

 
—

 
—

Total
$
1,125.9

 
$
260.8

 
$
865.1

 
$
—

 
$
1,019.4

 
$
210.2

 
$
809.2

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reported as:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents
$
178.7

 
 
 
 
 
 
 
$
32.0

 
 
 
 
 
 
Short-term investments
775.2

 
 
 
 
 
 
 
843.1

 
 
 
 
 
 
Long-term investments
172.0

 
 
 
 
 
 
 
144.3

 
 
 
 
 
 
Total
$
1,125.9

 
 
 
 
 
 
 
$
1,019.4