Financial Instruments and Fair Value (Tables)

9 Months Ended

Sep. 30, 2020

Financial Instruments and Fair Value [Abstract]

The following tables summarize our investments (in millions):


	September 30, 2020
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate debt securities	$	501.1	$	1.8	$	(0.1)	$	502.8
U.S. government securities	166.3		0.1		—		166.4
Commercial paper	125.2		0.1		—		125.3
Certificates of deposit and term deposits (1)	97.8		—		—		97.8
Total available-for-sale securities	$	890.4	$	2.0	$	(0.1)	$	892.3


	December 31, 2019
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate debt securities	$	576.1	$	1.0	$	(0.1)	$	577.0
U.S. government securities	195.0		0.2		—		195.2
Commercial paper	148.7		0.1		—		148.8
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):


	September 30, 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	$	103.9	$	—	$	—	$	—	$	103.9	$	—
U.S. government securities	42.1		—		—		—		42.1		—
Commercial paper	24.6		—		—		—		24.6		—
Certificates of deposit and term deposits	17.3		(0.1)		—		—		17.3		(0.1)
Total available-for-sale securities	$	187.9	$	(0.1)	$	—	$	—	$	187.9	$	(0.1)


	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)
U.S. government securities	47.1		—		—		—		47.1		—
Commercial paper	26.0		—		—		—		26.0		—
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):


	September 30, 2020		December 31, 2019
Due within one year	$	774.4	$	843.1
Due within one to three years	117.9		144.3
Total	$	892.3	$	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 September 30, 2020 and December 31, 2019 (in millions):


	September 30, 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	$	505.9	$	—	$	505.9	$	—	$	577.0	$	—	$	577.0	$	—
U.S. government securities	166.4		166.4		—		—		195.2		195.2		—		—
Commercial paper	125.3		—		125.3		—		165.8		—		165.8		—
Certificates of deposit and term deposits	97.8		—		97.8		—		66.4		—		66.4		—
Money market funds	164.0		164.0		—		—		15.0		15.0		—		—
Total	$	1,059.4	$	330.4	$	729.0	$	—	$	1,019.4	$	210.2	$	809.2	$	—

Reported as:
Cash equivalents	$	167.1							$	32.0
Short-term investments	774.4								843.1
Long-term investments	117.9								144.3
Total	$	1,059.4							$	1,019.4