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Marketable Securities and Equity Investments (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Summary of Cash, Cash Equivalents and Marketable Securities
A summary of our cash equivalents and marketable securities, which are recorded at fair value (and do not include $3.1 billion and $3.3 billion of cash as of December 31, 2022 and 2021, respectively), is shown below:
As of December 31, 2022As of December 31, 2021
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
$5,162.6 $— $— $5,162.6 $3,478.1 $— $— $3,478.1 
Time deposits2,000.0 — — 2,000.0 — — — — 
Corporate debt securities5.8 — — 5.8 — — — — 
Commercial paper
204.5 — — 204.5 — — — — 
Total cash equivalents$7,372.9 $— $— $7,372.9 $3,478.1 $— $— $3,478.1 
Marketable securities:
U.S. Treasury securities$— $— $— $— $86.6 $— $(0.2)$86.4 
Government-sponsored enterprise securities
127.0 0.2 (0.1)127.1 69.0 — — 69.0 
Corporate debt securities87.2 — (0.2)87.0 91.1 — (0.2)90.9 
Commercial paper
55.8 — — 55.8 252.8 — (0.1)252.7 
Total marketable debt securities270.0 0.2 (0.3)269.9 499.5 — (0.5)499.0 
Corporate equity securities
104.4 30.9 (18.5)116.8 69.4 167.1 (5.6)230.9 
Total marketable securities$374.4 $31.1 $(18.8)$386.7 $568.9 $167.1 $(6.1)$729.9 
Available-for-sale debt securities were classified on our consolidated balance sheets at fair value as follows:
December 31,
20222021
(in millions)
Cash and cash equivalents$5,372.9 $3,478.1 
Marketable securities
157.7 499.0 
Other assets112.2 — 
Total
$5,642.8 $3,977.1 
Available-for-sale debt securities by contractual maturity were as follows:
December 31,
20222021
(in millions)
Matures within one year$5,530.6 $3,912.3 
Matures after one year through five years
112.2 64.8 
Total
$5,642.8 $3,977.1 
Schedule of Company's Net Unrealized (Losses) Gains on Corporate Equity Securities During the three years ended December 31, 2022, our net unrealized (losses) gains on corporate equity securities held at the conclusion of each period were as follows:
202220212020
(in millions)
Net unrealized (losses) gains$(149.1)$17.1 $136.2 
Schedule of Sale of Equity Investments
In 2020, we sold the common stock of publicly traded companies, which were primarily sales of our investment in CRISPR, resulting in the following:
2020
(in millions)
Proceeds received$437.6 
Weighted-average cost basis$103.3