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Marketable Securities and Equity Investments
 12 Months Ended
Dec. 31, 2022
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 $3.1 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 $3,977.1 
We did not record any allowances for credit losses to adjust the fair value of available-for-sale debt securities in 2022, 2021 or 2020. Additionally, we did not record any realized gains or losses that were material to our consolidated statements of operations in 2022, 2021 or 2020.
We record changes in the fair value of our investments in corporate equity securities to “Other (expense) income, net” in our consolidated statements of operations. During the three years ended December 31, 2022, our net unrealized (losses) gains on corporate equity securities held at the conclusion of each period were as follows:
202220212020
(in millions)
Net unrealized (losses) gains$(149.1)$17.1 $136.2 
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 
In 2022 and 2021, we did not sell any common stock of publicly traded companies.
As of December 31, 2022, the carrying value of our equity investments without readily determinable fair values, which are recorded in “Other assets” on our consolidated balance sheets, was $98.6 million.