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Marketable Securities and Equity Investments
 12 Months Ended
Dec. 31, 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 $3.3 billion and $3.1 billion of cash as of December 31, 2023 and 2022, respectively), is shown below:
As of December 31, 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
$5,328.4 $— $— $5,328.4 $5,162.6 $— $— $5,162.6 
Time deposits1,450.0 — — 1,450.0 2,000.0 — — 2,000.0 
U.S. Treasury securities68.9 — — 68.9 — — — — 
Government-sponsored enterprise securities
174.8 — — 174.8 — — — — 
Corporate debt securities5.2 — — 5.2 5.8 — — 5.8 
Commercial paper
6.6 — — 6.6 204.5 — — 204.5 
Total cash equivalents$7,033.9 $— $— $7,033.9 $7,372.9 $— $— $7,372.9 
Marketable securities:
U.S. Treasury securities$544.5 $3.0 $(1.0)$546.5 $— $— $— $— 
Government-sponsored enterprise securities
424.8 0.9 (0.5)425.2 127.0 0.2 (0.1)127.1 
Asset-backed securities304.9 1.4 (0.3)306.0 — — — — 
Certificates of deposit33.7 — — 33.7 — — — — 
Corporate debt securities1,794.0 10.5 (1.7)1,802.8 87.2 — (0.2)87.0 
Commercial paper
186.8 0.1 (0.1)186.8 55.8 — — 55.8 
Total marketable debt securities3,288.7 15.9 (3.6)3,301.0 270.0 0.2 (0.3)269.9 
Corporate equity securities
72.1 — (26.1)46.0 104.4 30.9 (18.5)116.8 
Total marketable securities$3,360.8 $15.9 $(29.7)$3,347.0 $374.4 $31.1 $(18.8)$386.7 
Available-for-sale debt securities were classified on our consolidated balance sheets at fair value as follows:
December 31,
20232022
(in millions)
Cash and cash equivalents$5,583.9 $5,372.9 
Marketable securities
803.2 157.7 
Long-term marketable securities2,497.8 112.2 
Total
$8,884.9 $5,642.8 
Available-for-sale debt securities by contractual maturity were as follows:
December 31,
20232022
(in millions)
Matures within one year$6,387.1 $5,530.6 
Matures after one year through five years
2,495.6 112.2 
Matures after five years
2.2 — 
Total
$8,884.9 $5,642.8 
We did not record any allowances for credit losses to adjust the fair value of available-for-sale debt securities in 2023, 2022 or 2021. Additionally, we did not record any realized gains or losses that were material to our consolidated statements of income in 2023, 2022 or 2021. As of December 31, 2023, we held available-for-sale debt securities with a total fair value of $1.5 billion that were in unrealized loss positions totaling $3.6 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 (expense) income, net” in our consolidated statements of income. During the three years ended December 31, 2023, our net unrealized (losses) gains on corporate equity securities held at the conclusion of each period were as follows:
202320222021
(in millions)
Net unrealized (losses) gains
$(7.5)$(149.1)$17.1 
In 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. In 2022 and 2021, we did not sell any common stock of publicly traded companies.
As of December 31, 2023, 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.