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Financial Instruments
 9 Months Ended
Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Financial Instruments Financial Instruments
The following table summarizes our financial assets with maturities of less than 90 days from the date of purchase included in cash and cash equivalents in our condensed consolidated balance sheets:
(In millions)
As of
September 30,
2019
 
As of
December 31,
2018
Commercial paper
$
255.9

 
$
231.2

Overnight reverse repurchase agreements
176.9

 
—

Money market funds
1,103.2

 
279.5

Short-term debt securities
119.8

 
194.8

Total
$
1,655.8

 
$
705.5


The carrying values of our commercial paper, including accrued interest, overnight reverse repurchase agreements, money market funds and short-term debt securities approximate fair value due to their short-term maturities.
Our marketable equity securities gains (losses) are recorded in other income (expense), net in our condensed consolidated statements of income. The following tables summarize our marketable debt and equity securities:
As of September 30, 2019 (In millions)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Corporate debt securities
 
 
 
 
 
 
 
Current
$
1,655.9

 
$
1.5

 
$
—

 
$
1,657.4

Non-current
1,040.4

 
4.7

 
(0.3
)
 
1,044.8

Government securities
 
 
 
 
 
 
 
Current
435.6

 
0.5

 
(0.1
)
 
436.0

Non-current
431.8

 
0.8

 
(0.4
)
 
432.2

Mortgage and other asset backed securities
 
 
 
 
 
 
 
Current
0.1

 
—

 
—

 
0.1

Non-current
335.7

 
1.6

 
(0.4
)
 
336.9

Total marketable debt securities
$
3,899.5

 
$
9.1

 
$
(1.2
)
 
$
3,907.4

Marketable equity securities, non-current
$
218.8

 
$
120.7

 
$
(2.8
)
 
$
336.7

As of December 31, 2018 (In millions)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Corporate debt securities
 
 
 
 
 
 
 
Current
$
1,608.4

 
$
—

 
$
(0.9
)
 
$
1,607.5

Non-current
854.9

 
0.7

 
(3.9
)
 
851.7

Government securities
 
 
 
 
 
 
 
Current
706.1

 
0.1

 
(0.4
)
 
705.8

Non-current
264.0

 
0.1

 
(0.3
)
 
263.8

Mortgage and other asset backed securities
 
 
 
 
 
 
 
Current
0.1

 
—

 
—

 
0.1

Non-current
260.5

 
0.4

 
(0.5
)
 
260.4

Total marketable debt securities
$
3,694.0

 
$
1.3

 
$
(6.0
)
 
$
3,689.3

Marketable equity securities, non-current
$
496.2

 
$
127.7

 
$
(8.5
)
 
$
615.4


Summary of Contractual Maturities: Available-for-Sale Securities
The estimated fair value and amortized cost of our marketable debt securities available-for-sale by contractual maturity are summarized as follows:
 
As of September 30, 2019
 
As of December 31, 2018
(In millions)
Amortized
Cost
 
Estimated
Fair Value
 
Amortized
Cost
 
Estimated
Fair Value
Due in one year or less
$
2,091.6

 
$
2,093.5

 
$
2,314.6

 
$
2,313.4

Due after one year through five years
1,686.0

 
1,691.7

 
1,235.9

 
1,232.7

Due after five years
121.9

 
122.2

 
143.5

 
143.2

Total available-for-sale securities
$
3,899.5

 
$
3,907.4

 
$
3,694.0

 
$
3,689.3


The average maturity of our marketable debt securities available-for-sale as of September 30, 2019 and December 31, 2018, were approximately 15 months and 12 months, respectively.
Proceeds from Marketable Debt Securities
The proceeds from maturities and sales of marketable debt securities and resulting realized gains and losses are summarized as follows:
 
For the Three Months
Ended September 30,
 
For the Nine Months
Ended September 30,
(In millions)
2019
 
2018
 
2019
 
2018
Proceeds from maturities and sales
$
611.8

 
$
1,192.0

 
$
3,867.6

 
$
7,994.7

Realized gains
$
0.7

 
$
0.4

 
$
2.3

 
$
3.0

Realized losses
$
(0.1
)
 
$
(0.6
)
 
$
(0.7
)
 
$
(10.8
)

Strategic Investments
As of September 30, 2019 and December 31, 2018, our strategic investment portfolio was comprised of investments totaling $394.5 million and $676.3 million, respectively, which is included in investments and other assets in our condensed consolidated balance sheet.
Our strategic investment portfolio includes investments in equity securities of certain biotechnology companies, which are reflected within our disclosures included in Note 7, Fair Value Measurements, to these condensed consolidated financial statements, venture capital funds where the underlying investments are in equity securities of certain biotechnology companies and non-marketable equity securities.
Our investments in equity securities include shares of Ionis common stock acquired in June 2018. This investment is classified as a Level 2 marketable security due to certain holding period restrictions and is remeasured each reporting period and carried at fair value. The effect of the holding period restrictions on our investment in Ionis common stock valuation are estimated using an option pricing valuation model. The most significant assumptions within the model are the term of the restrictions and the stock price volatility, which is based upon historical volatility of similar companies. We also use a constant maturity risk-free interest rate to match the remaining term of the restrictions on our investment in Ionis common stock and a dividend yield of zero based upon the fact that Ionis and similar companies generally have not historically granted cash dividends. The remainder of our investments in equity securities of certain publicly-traded biotechnology companies are regularly measured and carried at fair value and classified as Level 1.
The decrease in our strategic investment portfolio for the nine months ended September 30, 2019, primarily reflects our sale of a portion of our investment in Ionis common stock for approximately $382.0 million as well as our sale of our investment in a non-marketable equity security, partially offset by an increase in the fair value of our remaining investment in Ionis common stock.
For additional information on our June 2018 investment in Ionis common stock, please read Note 19, Collaborative and Other Relationships, to our consolidated financial statements included in our 2018 Form 10-K.