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Financial Instruments
 3 Months Ended
Mar. 31, 2020
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
March 31,
2020
 
As of
December 31,
2019
Commercial paper
 
$
121.8

 
$
384.4

Overnight reverse repurchase agreements
 
36.9

 
368.8

Money market funds
 
1,705.4

 
1,628.5

Short-term debt securities
 
110.0

 
159.4

Total
 
$
1,974.1

 
$
2,541.1


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 March 31, 2020 (In millions)
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Corporate debt securities
 
 
 
 
 
 
 
 
Current
 
$
923.8

 
$
0.2

 
$
(2.2
)
 
$
921.8

Non-current
 
442.7

 
0.6

 
(11.6
)
 
431.7

Government securities
 
 
 
 
 
 
 
 
Current
 
343.2

 
3.4

 
—

 
346.6

Non-current
 
361.5

 
2.5

 
(0.2
)
 
363.8

Mortgage and other asset backed securities
 
 
 
 
 
 
 
 
Current
 
0.7

 
—

 
—

 
0.7

Non-current
 
175.1

 
1.0

 
(2.1
)
 
174.0

Total marketable debt securities
 
$
2,247.0

 
$
7.7

 
$
(16.1
)
 
$
2,238.6

Marketable equity securities, non-current
 
$
286.2

 
$
6.5

 
$
(16.6
)
 
$
276.1

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


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 March 31, 2020
 
As of December 31, 2019
(In millions)
 
Estimated
Fair Value
 
Amortized
Cost
 
Estimated
Fair Value
 
Amortized
Cost
Due in one year or less
 
$
1,269.1

 
$
1,267.7

 
$
1,562.2

 
$
1,560.8

Due after one year through five years
 
846.0

 
856.3

 
1,234.5

 
1,230.4

Due after five years
 
123.5

 
123.0

 
173.6

 
173.8

Total marketable debt securities
 
$
2,238.6

 
$
2,247.0

 
$
2,970.3

 
$
2,965.0


The average maturity of our marketable debt securities available-for-sale as of March 31, 2020 and December 31, 2019, was approximately 14 months.
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 March 31,
(In millions)
 
2020
 
2019
Proceeds from maturities and sales
 
$
2,389.3

 
$
1,489.2

Realized gains
 
5.7

 
0.6

Realized losses
 
$
(19.1
)
 
$
(0.3
)

Strategic Investments
As of March 31, 2020 and December 31, 2019, our strategic investment portfolio was comprised of investments totaling $331.9 million and $393.9 million, respectively, which are included in investments and other assets in our condensed 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 condensed consolidated financial statements, venture capital funds where the underlying investments are in equity securities of certain biotechnology companies and non-marketable equity securities.
The decrease in our strategic investment portfolio for the three months ended March 31, 2020, was primarily due to a decrease 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 18, Collaborative and Other Relationships, to our consolidated financial statements included in our 2019 Form 10-K.