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Marketable Securities and Equity Investments
 6 Months Ended
Jun. 30, 2023
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 $4.2 billion and $3.1 billion of cash as of June 30, 2023 and December 31, 2022, respectively), is shown below:
As of June 30, 2023As of December 31, 2022
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$3,474.5 $— $— $3,474.5 $5,162.6 $— $— $5,162.6 
Time deposits2,000.0 — — 2,000.0 2,000.0 — — 2,000.0 
U.S. Treasury securities133.3 — — 133.3 — — — — 
Corporate debt securities5.0 — — 5.0 5.8 — — 5.8 
Commercial paper298.5 — — 298.5 204.5 — — 204.5 
Total cash equivalents
$5,911.3 $— $— $5,911.3 $7,372.9 $— $— $7,372.9 
Marketable securities:
U.S. Treasury securities$340.7 $— $(4.2)$336.5 $— $— $— $— 
Government-sponsored enterprise securities
502.0 — (2.0)500.0 127.0 0.2 (0.1)127.1 
Asset-backed securities170.4 — (1.0)169.4 — — — — 
Certificates of deposit40.3 — (0.1)40.2 — — — — 
Corporate debt securities
994.0 — (8.7)985.3 87.2 — (0.2)87.0 
Commercial paper
358.6 — (0.1)358.5 55.8 — — 55.8 
Total marketable debt securities
2,406.0 — (16.1)2,389.9 270.0 0.2 (0.3)269.9 
Corporate equity securities
72.1 — (19.5)52.6 104.4 30.9 (18.5)116.8 
Total marketable securities
$2,478.1 $— $(35.6)$2,442.5 $374.4 $31.1 $(18.8)$386.7 
Available-for-sale debt securities were classified on our condensed consolidated balance sheets at fair value as follows:
As of June 30, 2023As of December 31, 2022
(in millions)
Cash and cash equivalents$3,911.3 $5,372.9 
Marketable securities
1,032.6 157.7 
Long-term marketable securities1,357.3 112.2 
Total
$6,301.2 $5,642.8 
Available-for-sale debt securities by contractual maturity were as follows:
As of June 30, 2023As of December 31, 2022
(in millions)
Matures within one year$4,943.9 $5,530.6 
Matures after one year through five years
1,357.3 112.2 
Total
$6,301.2 $5,642.8 
We did not record any allowances for credit losses to adjust the fair value of available-for-sale debt securities or gross realized gains or losses in the three and six months ended June 30, 2023 and 2022. As of June 30, 2023, we held available-for-sale debt securities with a total fair value of $2.13 billion that were in unrealized loss positions totaling $16.1 million; however, none of these investments had been in an unrealized loss position for greater than twelve months.
We record changes in the fair value of our investments in corporate equity securities to “Other income (expense), net” in our condensed consolidated statements of income. During the three and six months ended June 30, 2023 and 2022, our net unrealized gains (losses) on corporate equity securities held at the conclusion of each period were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
(in millions)
Net unrealized gains (losses)
$9.2 $(84.2)$(0.9)$(159.8)
        
During the six months ended June 30, 2023, we received proceeds of $95.1 million related to the sale of the common stock of a publicly traded company, which had a total original cost basis of $57.3 million. There were no sales of the common stock of publicly traded companies during the six months ended June 30, 2022.
As of June 30, 2023, the carrying value of our equity investments without readily determinable fair values, which are recorded in “Other assets” on our condensed consolidated balance sheets, was $98.6 million.