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Fair Value Measurements
3 Months Ended
Mar. 31, 2014
Fair Value Measurements  
Fair Value Measurements

(5)  Fair Value Measurements

 

The following tables set forth the Company’s financial assets subject to fair value measurements:

 

 

 

As of
March 31, 2014

 

Level 1

 

Level 2

 

Level 3

 

 

 

(In thousands)

 

Money market funds and cash equivalents

 

$

53,361

 

$

 

$

53,361

 

$

 

Marketable securities

 

217,324

 

 

217,324

 

 

 

 

$

270,685

 

$

 

$

270,685

 

$

 

 

 

 

As of
December 31, 2013

 

Level 1

 

Level 2

 

Level 3

 

 

 

(In thousands)

 

Money market funds and cash equivalents

 

$

148,549

 

$

 

$

148,549

 

$

 

Marketable securities

 

133,581

 

 

133,581

 

 

 

 

$

282,130

 

$

 

$

282,130

 

$

 

 

There have been no transfers of assets or liabilities between the fair value measurement classifications. The Company’s financial instruments consist mainly of cash and cash equivalents, marketable securities, short-term accounts receivable and accounts payable. The Company values its marketable securities utilizing independent pricing services which normally derive security prices from recently reported trades for identical or similar securities, making adjustments based on significant observable transactions. At each balance sheet date, observable market inputs may include trade information, broker or dealer quotes, bids, offers or a combination of these data sources. Short-term accounts receivable and accounts payable are reflected in the accompanying consolidated financial statements at cost, which approximates fair value due to the short-term nature of these instruments.