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Financial Instruments
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
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 June 30, 2023As of December 31, 2022
Commercial paper$348.4 $177.2 
Overnight reverse repurchase agreements222.9 59.0 
Money market funds1,655.4 2,581.5 
Short-term certificates of deposit33.0 — 
Short-term debt securities2.7 29.9 
Total$2,262.4 $2,847.6 
The carrying values of our commercial paper, including accrued interest, overnight reverse repurchase agreements, money market funds, short-term certificates of deposit 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, classified as available-for-sale:
As of June 30, 2023
(In millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Marketable debt securities
Corporate debt securities:
Current$1,363.9 $0.1 $(4.0)$1,360.0 
Non-current475.2 0.3 (4.5)471.0 
Government securities:
Current2,104.3 0.4 (4.2)2,100.5 
Non-current555.3 0.1 (5.6)549.8 
Mortgage and other asset backed securities:
Current— — — — 
Non-current188.1 0.2 (1.1)187.2 
Total marketable debt securities$4,686.8 $1.1 $(19.4)$4,668.5 
Marketable equity securities
Marketable equity securities, non-current$1,001.1 $— $(284.1)$717.0 
Total marketable equity securities$1,001.1 $— $(284.1)$717.0 
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, non-current$1,133.8 $— $(342.7)$791.1 
Total marketable equity securities$1,133.8 $— $(342.7)$791.1 
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 June 30, 2023As of December 31, 2022
(In millions)Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value		Amortized
Cost
Due in one year or less$3,460.5 $3,468.2 $1,473.5 $1,483.3 
Due after one year through five years1,192.9 1,202.9 694.4 703.7 
Due after five years15.1 15.7 11.3 12.1 
Total marketable debt securities$4,668.5 $4,686.8 $2,179.2 $2,199.1 
The average maturity of our marketable debt securities classified as available-for-sale as of both June 30, 2023 and December 31, 2022, was approximately 8 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 June 30,For the Six Months Ended June 30,
(In millions)2023202220232022
Proceeds from maturities and sales$1,275.5 $917.9 $1,682.2 $1,461.5 
Realized gains0.3 — 0.4 — 
Realized losses1.4 0.8 2.1 1.4 
Realized losses for the three and six months ended June 30, 2023, primarily relate to sales of U.S. treasuries and corporate bonds. Realized losses for the three and six months ended June 30, 2022, primarily relate to sales of corporate bonds, agency mortgage-backed securities and other asset-backed securities.
Strategic Investments
As of June 30, 2023 and December 31, 2022, our strategic investment portfolio was comprised of investments totaling $770.7 million and $846.0 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 as of June 30, 2023, was primarily due to the sale of our remaining Ionis common stock during the second quarter of 2023.
For additional information on our strategic investments in Denali, Sangamo and Sage common stock, please read Note 19, Collaborative and Other Relationships, to our consolidated financial statements included in our 2022 Form 10-K.