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Financial Instruments
 12 Months Ended
Dec. 31, 2022
Investments, All Other Investments [Abstract]  
Financial Instruments
Note 9:
Financial Instruments
The following table summarizes our financial assets with maturities of less than three months from the date of purchase included in cash and cash equivalents in our consolidated balance sheets:
 As of December 31,
(In millions)20222021
Commercial paper$177.2 $247.6 
Overnight reverse repurchase agreements59.0 200.0 
Money market funds2,581.5 901.6 
Short-term debt securities29.9 283.0 
Total$2,847.6 $1,632.2 
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 consolidated statements of income. The following tables summarize our marketable debt and equity securities, classified as available for sale:
As of December 31, 2022
(In millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Marketable debt securities:
Corporate debt securities:
Current$936.2 $— $(4.9)$931.3 
Non-current305.3 0.1 (5.1)300.3 
Government securities:
Current547.1 0.1 (5.0)542.2 
Non-current271.4 — (3.3)268.1 
Mortgage and other asset backed securities:
Current— — — — 
Non-current139.1 0.1 (1.9)137.3 
Total marketable debt securities$2,199.1 $0.3 $(20.2)$2,179.2 
Marketable equity securities:
Marketable equity securities, current$1,133.8 $— $(342.7)$791.1 
Total marketable equity securities$1,133.8 $— $(342.7)$791.1 
As of December 31, 2021
(In millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Marketable debt securities:
Corporate debt securities:
Current$723.6 $0.1 $(0.3)$723.4 
Non-current385.4 0.2 (0.8)384.8 
Government securities:
Current817.0 — (0.4)816.6 
Non-current377.0 0.1 (1.0)376.1 
Mortgage and other asset backed securities:
Current1.1 — — 1.1 
Non-current131.8 — (0.7)131.1 
Total marketable debt securities$2,435.9 $0.4 $(3.2)$2,433.1 
Marketable equity securities:
Marketable equity securities, current$33.9 $9.9 $— $43.8 
Marketable equity securities, non-current1,133.1 151.0 (279.4)1,004.7 
Total marketable equity securities$1,167.0 $160.9 $(279.4)$1,048.5 
Summary of Contractual Maturities: Available-for-Sale Debt Securities
The estimated fair value and amortized cost of our marketable debt securities classified as available-for-sale by contractual maturity are summarized as follows:
As of December 31,
 20222021
(In millions)Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value		Amortized
Cost
Due in one year or less$1,473.5 $1,483.3 $1,541.1 $1,541.7 
Due after one year through five years694.4 703.7 868.2 870.2 
Due after five years11.3 12.1 23.8 24.0 
Total marketable debt securities$2,179.2 $2,199.1 $2,433.1 $2,435.9 
The average maturity of our marketable debt securities classified as available-for-sale as of December 31, 2022 and 2021, was approximately 8 months and 10 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)202220212020
Proceeds from maturities and sales$3,671.0 $3,405.4 $7,299.4 
Realized gains— 0.2 17.7 
Realized losses12.6 4.0 26.0 
Realized losses for the year ended December 31, 2022, 2021 and 2020, primarily relate to sales of corporate bonds, agency mortgage-backed securities and other asset-backed securities.
Strategic Investments
As of December 31, 2022, our strategic investment portfolio comprised of investments totaling $846.0 million which are included in investments and other assets in our consolidated balance sheets. As of December 31, 2021, our strategic investment portfolio comprised of investments totaling $1,110.3 million, which are included in other current assets and 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 8, 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.
The decrease in our strategic investment portfolio for the year ended December 31, 2022, was primarily due to a decrease in the fair value of our investments in Denali and Sangamo common stock.
For additional information on our investments in Denali, Sangamo, Sage and Ionis common stock, please read Note 19, Collaborative and Other Relationships, to these consolidated financial statements.