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Fair Value Measurements
12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The table below summarizes the Company's assets which are measured at fair value on a recurring basis. The following fair value hierarchy is used to classify assets, based on inputs to valuation techniques utilized to measure fair value:
Level 1 - Quoted prices in active markets for identical assets
Level 2 - Significant other observable inputs, such as quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or model-based valuations in which significant inputs used are observable
Level 3 - Significant other unobservable inputs
Fair Value Measurements at Reporting Date
As of December 31, 2020Fair ValueLevel 1Level 2
Available-for-sale debt securities:
Corporate bonds$3,090.3 — $3,090.3 
U.S. government and government agency obligations128.9 — 128.9 
Sovereign bonds66.3 — 66.3 
Commercial paper276.1 — 276.1 
Certificates of deposit127.5 — 127.5 
Equity securities (unrestricted)48.3 $48.3 — 
Equity securities (restricted)791.5 791.5 — 
$4,528.9 $839.8 $3,689.1 
As of December 31, 2019
Available-for-sale debt securities:
Corporate bonds$3,988.1 — $3,988.1 
U.S. government and government agency obligations54.4 — 54.4 
Sovereign bonds27.3 — 27.3 
Commercial paper92.3 — 92.3 
Certificates of deposit72.4 — 72.4 
Equity securities (unrestricted)61.6 $61.6 — 
Equity securities (restricted)557.2 557.2 — 
$4,853.3 $618.8 $4,234.5 
The Company held certain restricted equity securities as of December 31, 2020 which are subject to transfer restrictions that expire at various dates through 2024.
During the years ended December 31, 2020 and 2019, we recorded $196.0 million and $118.3 million of net unrealized gains, respectively, on equity securities in Other income (expense). During the year ended December 31, 2018, we recorded net unrealized losses on equity securities of $41.9 million in Other income (expense).
In addition to the investments summarized in the table above, as of December 31, 2020 and 2019, the Company had $59.2 million and $55.6 million, respectively, in equity investments that do not have a readily determinable fair value. These investments are recorded within Other noncurrent assets.
The fair value of our long-term debt (see Note 9) was estimated to be $1.958 billion as of December 31, 2020, and was determined based on Level 2 inputs.