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Marketable Securities and Equity Investments
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities and Equity Investments Marketable Securities and Equity Investments
A summary of our cash equivalents and marketable securities, which are recorded at fair value (and do not include $3.3 billion and $2.8 billion of cash as of December 31, 2021 and 2020, respectively), is shown below:
As of December 31, 2021As of December 31, 2020
Amortized Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Amortized Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
(in millions)
Cash equivalents:
Money market funds
$3,478.1 $— $— $3,478.1 $3,141.1 $— $— $3,141.1 
Marketable securities:
U.S. Treasury securities$86.6 $— $(0.2)$86.4 $— $— $— $— 
Government-sponsored enterprise securities
69.0 — — 69.0 80.0 — — 80.0 
Corporate debt securities
91.1 — (0.2)90.9 231.3 0.4 (0.1)231.6 
Commercial paper
252.8 — (0.1)252.7 163.3 — — 163.3 
Total marketable debt securities499.5 — (0.5)499.0 474.6 0.4 (0.1)474.9 
Corporate equity securities
69.4 167.1 (5.6)230.9 51.4 144.4 — 195.8 
Total marketable securities$568.9 $167.1 $(6.1)$729.9 $526.0 $144.8 $(0.1)$670.7 
Available-for-sale debt securities were classified on our consolidated balance sheets at fair value as follows:
December 31,
20212020
(in millions)
Cash and cash equivalents$3,478.1 $3,141.1 
Marketable securities
499.0 474.9 
Total
$3,977.1 $3,616.0 
Available-for-sale debt securities by contractual maturity were as follows:
December 31,
20212020
(in millions)
Matures within one year$3,912.3 $3,526.2 
Matures after one year through five years
64.8 89.8 
Total
$3,977.1 $3,616.0 
We have a limited number of available-for-sale debt securities in insignificant loss positions as of December 31, 2021, which we do not intend to sell and have concluded we will not be required to sell before recovery of the amortized costs for the investments at maturity. We did not record any charges for other-than-temporary declines in the fair value of available-for-sale debt securities or gross realized gains or losses in 2021, 2020 or 2019.
We record changes in the fair value of our investments in corporate equity securities to “Other income, net” in our consolidated statements of operations. During the three years ended December 31, 2021, our net unrealized gains on corporate equity securities held at the conclusion of each period were as follows:
202120202019
(in millions)
Net unrealized gains$17.1 $136.2 $143.2 
During the years ended December 31, 2020 and 2019, we sold the common stock of publicly traded companies, which were primarily sales of our investment in CRISPR, resulting in the following:
20202019
(in millions)
Proceeds received$437.6 $94.9 
Weighted-average cost basis$103.3 $29.8 
During the year ended December 31, 2021, we did not sell any common stock of publicly traded companies.
As of December 31, 2021, the carrying value of our equity investments without readily determinable fair values, which are recorded in “Other assets” on our consolidated balance sheets, was $85.8 million.