The following tables summarize the amortized cost, gross unrealized gains and losses and fair value of our short-term debt securities as of March 31, 2022 and December 31, 2021 (in millions):

	March 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Aggregate
	Cost		Gains		Losses		Fair Value
Short-term debt securities:
Foreign certificates of deposit and time deposits	$	10.5	$	—	$	—	$	10.5
Total	$	10.5	$	—	$	—	$	10.5

	December 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized		Aggregate
	Cost		Gains		Losses		Fair Value
Short-term debt securities:
Corporate debt securities	$	112.0	$	—	$	—	$	112.0
Foreign certificates of deposit and time deposits		11.3		—		—		11.3
Total	$	123.3	$	—	$	—	$	123.3

We recognized a loss totaling $0.4 million and a gain totaling $0.2 million during the three months ended March 31, 2022 and 2021, respectively, as a component of other income (expense), net in our consolidated statement of operations associated with our mutual fund equity investments.

Beginning in July 2021, we entered into derivative instruments to manage certain of our foreign exchange risks. We use foreign currency contracts to reduce the risk that our cash flows, earnings and investment in foreign subsidiaries will be adversely affected by foreign currency exchange rate fluctuations. The Company records all derivatives net, as either other current assets or liabilities, at fair value.

Certain foreign currency forward contracts are designated as net investment hedges to hedge foreign currency risks related to the Company’s investment in certain foreign subsidiaries. Changes in the fair value of the net investment hedge amounts that are included in the assessment of hedge effectiveness are recorded in other comprehensive income (loss) ("OCI") as a component of the foreign currency translation adjustment and the excluded components (e.g. forward points) from the assessment of hedge effectiveness are recognized in other income (expense) on a straight-line basis over the life of the hedge.

Other derivatives not designated as hedging instruments consist of foreign currency forward contracts that are used to offset foreign currency risks associated with the remeasurement of certain intercompany loans, as well as certain contingent consideration payments. Gains and losses on these contracts are recognized in either other income (expense), net or research and development expenses in our consolidated statement of operations, depending on the underlying nature of the risk the derivative is designed to mitigate.

The following table summarizes the notional amounts of our outstanding derivative instruments (in millions):

	March 31, 2022
Designated Hedging Derivatives:
Foreign exchange contracts
Net investment hedge	$	202.5

Non-Designated Hedging Derivatives:
Foreign exchange contracts	$	304.3

The following table shows the gains and losses on designated hedging derivatives recognized in OCI (in millions):

	Gains (Losses) Recognized in OCI
	Three Months Ended March 31,
	2022
Net Investment Hedging Derivatives:
Foreign exchange contracts
Amount included in the assessment of effectiveness	$	14.8

The following table shows the effect of derivative instruments recorded in other income (expense), net and research and development expenses in our consolidated statements of operations (in millions):

	Gains (Losses)
	Three Months Ended March 31,
	2022
Net Investment Hedging Derivatives:
Foreign exchange contracts
Amount excluded from the assessment of effectiveness (recognized as a component of other income (expense), net)	$	0.3

Non-Designated Hedging Derivatives:
Foreign exchange contracts (recognized as a component of other income (expense), net)	$	(9.2	)
Foreign exchange contracts (recognized as a component of research and development expense)		(11.9	)