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Marketable Securities
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities Marketable Securities
Marketable securities as of March 31, 2020 and December 31, 2019 consist of both available-for-sale debt securities of investment grade issuers (see below and Note 6) as well as equity securities of publicly traded companies (see Note 6).
The following tables summarize the Company's investments in available-for-sale debt securities:
 
 
Amortized
 
Unrealized
 
Fair
As of March 31, 2020
 
Cost Basis
 
Gains
 
Losses
 
Value
Corporate bonds
 
$
4,128.3

 
$
20.7

 
$
(31.6
)
 
$
4,117.4

U.S. government and government agency obligations
 
73.7

 
1.4

 
—

 
75.1

Sovereign bonds
 
36.0

 
1.2

 
—

 
37.2

Commercial paper
 
162.6

 
0.1

 
—

 
162.7

Certificates of deposit
 
77.4

 
0.1

 
(0.3
)
 
77.2

 
 
$
4,478.0

 
$
23.5

 
$
(31.9
)
 
$
4,469.6

 
 
 
 
 
 
 
 
 
As of December 31, 2019
 
 
 
 
 
 
 
 
Corporate bonds
 
$
3,960.5

 
$
27.8

 
$
(0.2
)
 
$
3,988.1

U.S. government and government agency obligations
 
54.3

 
0.2

 
(0.1
)
 
54.4

Sovereign bonds
 
26.9

 
0.4

 
—

 
27.3

Commercial paper
 
92.3

 
—

 
—

 
92.3

Certificates of deposit
 
72.3

 
0.1

 
—

 
72.4

 
 
$
4,206.3

 
$
28.5

 
$
(0.3
)
 
$
4,234.5

The Company classifies its investments in available-for-sale debt securities based on their contractual maturity dates. The available-for-sale debt securities listed as of March 31, 2020 mature at various dates through March 2025. The fair values of available-for-sale debt security investments by contractual maturity consist of the following:
 
 
March 31,
 
December 31,
 
 
2020
 
2019
Maturities within one year
 
$
1,795.1

 
$
1,596.5

Maturities after one year through five years
 
2,674.5

 
2,638.0

 
 
$
4,469.6

 
$
4,234.5


The following table shows the fair value of the Company's available-for-sale debt securities that have unrealized losses, aggregated by investment category and length of time that the individual securities have been in a continuous loss position.
 
Less than 12 Months
 
12 Months or Greater
 
Total
As of March 31, 2020
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
Corporate bonds
$
1,990.1

 
$
(31.6
)
 
—

 
—

 
$
1,990.1

 
$
(31.6
)
Certificates of deposit
49.5

 
(0.3
)
 
—

 
—

 
49.5

 
(0.3
)
 
$
2,039.6

 
$
(31.9
)
 
—

 
—

 
$
2,039.6

 
$
(31.9
)
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds
$
257.2

 
$
(0.2
)
 
—

 
—

 
$
257.2

 
$
(0.2
)
U.S. government and government agency obligations
17.3

 
(0.1
)
 
—

 
—

 
17.3

 
(0.1
)
 
$
274.5

 
$
(0.3
)
 
—

 
—

 
$
274.5

 
$
(0.3
)

There were no realized losses on sales of marketable securities, and realized gains were not material, for the three months ended March 31, 2020 and 2019.
With respect to marketable securities, for the three months ended March 31, 2020 and 2019, amounts reclassified from Accumulated other comprehensive (loss) income into Other (expense) income, net were related to realized gains on sales of available-for-sale debt securities (as described above).