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FAIR VALUE MEASUREMENTS
12 Months Ended
Dec. 31, 2014
FAIR VALUE MEASUREMENTS
4. FAIR VALUE MEASUREMENTS

The following tables present information about our assets that are measured at fair value on a recurring basis at December 31, 2014 and 2013, and indicate the fair value hierarchy of the valuation techniques we utilized to determine such fair value, in thousands:

 

Description

   At
December 31,
2014
     Quoted
Prices in
Active
Markets
(Level 1)
     Significant
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs
(Level 3)
 

Cash equivalents

   $ 56,203       $ 56,203       $       $   

Marketable securities (fixed income):

           

Certificates of deposit

     24,300                 24,300           

Commercial paper

     40,796                 40,796           

Corporate notes

     662,545                 662,545           

Municipal debt securities

     9,005                 9,005           

U.S. government-sponsored enterprise securities

     64,856                 64,856           

U.S. treasury securities

     5,248                 5,248           

Marketable securities (Regulus equity holdings)

     94,583         94,583                   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 957,536       $ 150,786       $ 806,750       $   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

Description

   At
December 31,
2013
     Quoted
Prices in
Active
Markets
(Level 1)
     Significant
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs
(Level 3)
 

Cash equivalents

   $ 32,571       $ 32,571       $       $   

Marketable securities (fixed income):

           

Corporate notes

     228,462                 228,462           

U.S. government-sponsored enterprise securities

     56,863                 56,863           

Commercial paper

     11,978                 11,978           

Marketable securities (Regulus equity holdings)

     45,452         45,452                   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 375,326       $ 78,023       $ 297,303       $   
  

 

 

    

 

 

    

 

 

    

 

 

 

For the year ended December 31, 2014, there were no transfers between Level 1 and Level 2 financial assets. For the year ended December 31, 2013, we transferred $45.5 million of marketable securities (equity holdings in Regulus) from Level 2 to Level 1 due to the increased volume in average daily trading on the NASDAQ stock market for these instruments. The carrying amounts reflected in our consolidated balance sheets for cash, billed and unbilled collaboration receivables, other current assets, accounts payable and accrued expenses approximate fair value due to their short-term maturities.