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Financial Instruments
 12 Months Ended
Dec. 31, 2019
Investments, All Other Investments [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 consolidated balance sheets:
 
As of December 31,
(In millions)
2019
 
2018
Commercial paper
$
384.4

 
$
231.2

Overnight reverse repurchase agreements
368.8

 
—

Money market funds
1,628.5

 
279.5

Short-term debt securities
159.4

 
194.8

Total
$
2,541.1

 
$
705.5


The carrying values of our commercial paper, including accrued interest, overnight reverse repurchase agreements, money market funds and our short-term debt securities approximate fair value due to their short-term maturities.
Marketable equity securities gains (losses) are recorded in other income (expense), net in our consolidated statements of income. The following tables summarize our marketable debt and equity securities, classified as available for sale:
As of December 31, 2019 (In millions)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Corporate debt securities
 
 
 
 
 
 
 
Current
$
1,057.2

 
$
1.0

 
$
—

 
$
1,058.2

Non-current
633.9

 
3.0

 
—

 
636.9

Government securities
 
 
 
 
 
 
 
Current
502.9

 
0.4

 
—

 
503.3

Non-current
510.1

 
0.8

 
(0.3
)
 
510.6

Mortgage and other asset backed securities
 
 
 
 
 
 
 
Current
0.7

 
—

 
—

 
0.7

Non-current
260.2

 
0.8

 
(0.4
)
 
260.6

Total marketable debt securities
$
2,965.0

 
$
6.0

 
$
(0.7
)
 
$
2,970.3

Marketable equity securities, non-current
$
218.4

 
$
132.1

 
$
(13.0
)
 
$
337.5

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 Debt 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 December 31, 2019
 
As of December 31, 2018
(In millions)
Estimated
Fair  Value
 
Amortized
Cost
 
Estimated
Fair  Value
 
Amortized
Cost
Due in one year or less
$
1,562.2

 
$
1,560.8

 
$
2,313.4

 
$
2,314.6

Due after one year through five years
1,234.5

 
1,230.4

 
1,232.7

 
1,235.9

Due after five years
173.6

 
173.8

 
143.2

 
143.5

Total marketable debt securities
$
2,970.3

 
$
2,965.0

 
$
3,689.3

 
$
3,694.0


The average maturity of our marketable debt securities available-for-sale as of December 31, 2019 and 2018, were 14 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 Years Ended December 31,
(In millions)
2019
 
2018
 
2017
Proceeds from maturities and sales
$
6,007.0

 
$
9,173.7

 
$
5,565.9

Realized gains
$
6.0

 
$
3.2

 
$
3.0

Realized losses
$
1.5

 
$
11.7

 
$
22.4


Realized losses for the year ended December 31, 2019, primarily relate to sales of corporate bonds, agency mortgage-backed securities and other asset-backed securities. Realized losses for the year ended December 31, 2018, primarily relate to sales of corporate bonds, agency mortgage-backed securities and other asset-backed securities. Realized losses for the year ended December 31, 2017, primarily relate to impairments recognized on certain of our available-for-sale marketable debt securities, sales of agency mortgage-backed securities, corporate bonds and government securities.
Strategic Investments
As of December 31, 2019 and 2018, our strategic investment portfolio was comprised of investments totaling $393.9 million and $676.3 million, respectively, which are included in investments and other assets in our consolidated balance sheets.
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 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 year ended December 31, 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 the June 2018 investment in Ionis common stock, please read Note 18, Collaborative and Other Relationships, to these consolidated financial statements.
Samsung Bioepis
In June 2018 we exercised our option under our joint venture agreement with Samsung BioLogics to increase our ownership percentage in Samsung Bioepis from approximately 5% to approximately 49.9%. The share purchase transaction was completed in November 2018 and, upon closing, we paid 759.5 billion South Korean won ($676.6 million) to Samsung BioLogics.
As of December 31, 2019 and 2018, the carrying value of our investment in Samsung Bioepis totaled 670.8 billion South Korean won ($580.2 million) and 759.5 billion South Korean won ($680.6 million), respectively, which is classified as a component of investments and other assets within our consolidated balance sheets.
For additional information on our collaboration arrangements with Samsung Bioepis, please read Note 18, Collaborative and Other Relationships, to these consolidated financial statements.