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Financial Instruments and Fair Value (Tables)
6 Months Ended
Jun. 30, 2020
Financial Instruments and Fair Value [Abstract]  
Summary of Investments
The following tables summarize our investments (in millions):
 
 June 30, 2020
 Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
Corporate debt securities$502.2  $3.0  $(0.1) $505.1  
Commercial paper75.6  0.2  —  75.8  
Certificates of deposit and term deposits (1)
69.0  0.1  (0.1) 69.0  
U.S. government securities60.8  0.2  —  61.0  
Total available-for-sale securities$707.6  $3.5  $(0.2) $710.9  
 December 31, 2019
 Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
Corporate debt securities$576.1  $1.0  $(0.1) $577.0  
Commercial paper148.7  0.1  —  148.8  
Certificates of deposit and term deposits (1)
66.4  —  —  66.4  
U.S. government securities195.0  0.2  —  195.2  
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):
June 30, 2020
 Less Than 12 Months12 Months or GreaterTotal
 Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Corporate debt securities$62.6  $(0.1) $—  $—  $62.6  $(0.1) 
Commercial paper2.0  —  —  —  2.0  —  
Certificates of deposit and term deposits18.3  (0.1) —  —  18.3  (0.1) 
Total available-for-sale securities$82.9  $(0.2) $—  $—  $82.9  $(0.2) 
December 31, 2019
 Less Than 12 Months12 Months or GreaterTotal
 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 paper26.0  —  —  —  26.0  —  
Certificates of deposit and term deposits13.0  —  —  —  13.0  —  
U.S. government securities47.1  —  —  —  47.1  —  
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):
 
 June 30,
2020
December 31,
2019
Due within one year$610.5  $843.1  
Due within one to three years100.4  144.3  
Total$710.9  $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 June 30, 2020 and December 31, 2019 (in millions):
 
 June 30, 2020December 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$505.1  $—  $505.1  $—  $577.0  $—  $577.0  $—  
Commercial paper75.8  —  75.8  —  165.8  —  165.8  —  
Certificates of deposit and term deposits69.0  —  69.0  —  66.4  —  66.4  —  
U.S. government securities61.0  61.0  —  —  195.2  195.2  —  —  
Money market funds347.0  347.0  —  —  15.0  15.0  —  —  
Total$1,057.9  $408.0  $649.9  $—  $1,019.4  $210.2  $809.2  $—  
Reported as:
Cash equivalents$347.0  $32.0  
Short-term investments610.5  843.1  
Long-term investments100.4  144.3  
Total$1,057.9  $1,019.4