REGENERON PHARMACEUTICALS, INC.  NOTES TO FINANCIAL STATEMENTS (Continued) (Unless otherwise noted, dollars in thousands, except per share data) At December 31, 2010 and 2009, marketable securities included an additional unrealized loss of $0.4 million and an additional unrealized gain of $1.4 million, respectively, related to one equity security in the Company’s marketable securities portfolio.
The following table shows the fair value of the Company’s marketable securities that have unrealized losses and that are deemed to be only temporarily impaired, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at December 31, 2010 and 2009.
The debt securities listed at December 31, 2010, excluding mortgage-backed securities, mature at various dates through November 2013.
The mortgage-backed securities listed at December 31, 2010 mature at various dates through January 2017.
## Table 0 ##
Realized gains and losses are included as a component of investment income.
For the year ended December 31, 2010, realized losses on sales of marketable securities totaled $0.2 million and realized gains on sales of marketable securities were not significant.
For the years ended December 31, 2009 and 2008, realized gains on sales of marketable securities totaled $0.2 million and $1.2 million, respectively, and realized losses on sales of marketable securities were not significant.
In computing realized gains and losses, the Company computes the cost of its investments on a specific identification basis.
Such cost includes the direct costs to acquire the security, adjusted for the amortization of any discount or premium.
REGENERON PHARMACEUTICALS, INC.  NOTES TO FINANCIAL STATEMENTS (Continued) (Unless otherwise noted, dollars in thousands, except per share data) The Company held one Level 3 marketable security, which had no fair value at December 31, 2010 and 2009, and whose fair value was $0.1 million at December 31, 2008.
This Level 3 security was valued using information provided by the Company’s investment advisors and other sources, including quoted bid prices which took into consideration the securities’ lack of liquidity.
During the years ended December 31, 2009 and 2008, the Company recorded charges of $0.1 million and $0.7 million, respectively, for other-than-temporary impairment of this Level 3 marketable security; therefore, as of December 31, 2009, the fair value of this security had been written down to zero.
There were no purchases, sales, or maturities of Level 3 marketable securities and no unrealized gains or losses related to Level 3 marketable securities for the years ended December 31, 2010 and 2009.
There were no transfers of marketable securities between Levels 1, 2, or 3 classifications during the years ended December 31, 2010 and 2009.
As described in Note 2 above under “Use of Estimates”, on a quarterly basis, the Company reviews its portfolio of marketable securities, using both quantitative and qualitative factors, to determine if declines in fair value below cost are other-than-temporary.
With respect to debt securities, this review process also includes an evaluation of the Company’s (a) intent to sell an individual debt security or (b) need to sell the debt security before its anticipated recovery or maturity.
With respect to equity securities, this review process includes an evaluation of the Company’s ability and intent to hold the securities until their full value can be recovered.7.
Property, Plant, and Equipment Property, plant, and equipment as of December 31, 2010 and 2009 consist of the following:
## Table 1 ##
Depreciation and amortization expense on property, plant, and equipment amounted to $19.7 million, $14.2 million, and $10.6 million for the years ended December 31, 2010, 2009, and 2008, respectively.
Effective in the first quarter of 2010, the estimated useful lives of certain capitalized laboratory and other equipment, which is a component of property, plant, and equipment, were extended.
The effect of this change in estimate was to lower depreciation expense by $4.0 million and to lower the Company’s net loss per share by $0.05 for the year ended December 31, 2010.
Included in property, plant, and equipment at December 31, 2010 was $2.8 million of leased equipment under capital leases (see Note 11a); related accumulated amortization was $0.1 million at December 31, 2010.
The Company held no leased equipment under capital leases at December 31, 2009.
Building and improvements at December 31, 2010 and 2009 includes $58.4 million and $58.2 million, respectively, of costs incurred by the Company’s landlord to construct new laboratory and office facilities in Tarrytown, New York in connection with the Company’s December 2006 lease, as amended, of these new facilities.
In addition, construction-in-progress at both December 31, 2010 and 2009 includes $27.8 million of costs incurred by the Company’s landlord in connection with these new facilities.
See Note 11a.
The Company capitalized interest costs of $6.4 million and $0.5 million in 2010 and 2009, respectively.
The Company did not capitalize any interest costs in 2008.
REGENERON PHARMACEUTICALS, INC.  NOTES TO FINANCIAL STATEMENTS (Continued) (Unless otherwise noted, dollars in thousands, except per share data) The estimated future minimum noncancelable commitments under these facility lease obligations, as of December 31, 2010, were as follows:
## Table 2 ##
b.
Research Collaboration and Licensing Agreements As part of the Company’s research and development efforts, the Company enters into research collaboration and licensing agreements with related and unrelated companies, scientific collaborators, universities, and consultants.
These agreements contain varying terms and provisions which include fees and milestones to be paid by the Company, services to be provided, and ownership rights to certain proprietary technology developed under the agreements.
Some of the agreements contain provisions which require the Company to pay royalties, as defined, at rates that range from 0.25% to 16.5%, in the event the Company sells or licenses any proprietary products developed under the respective agreements.
Certain agreements under which the Company is required to pay fees permit the Company, upon 30 to 90-day written notice, to terminate such agreements.
With respect to payments associated with these agreements, the Company incurred expenses of $1.6 million, $2.8 million, and $3.5 million for the years ended December 31, 2010, 2009, and 2008, respectively.
In connection with the Company’s receipt of marketing approval from the FDA for ARCALYST?
for the treatment of CAPS, in 2008, the Company commenced paying royalties under various licensing agreements based on ARCALYST?
net product sales.
For the years ended December 31, 2010, 2009, and 2008, ARCALYST?
royalties totaled $1.7 million, $1.5 million, and $0.6 million, respectively, and are included in cost of goods sold.
In July 2008, the Company and Cellectis S. A.
(“Cellectis”) entered into an Amended and Restated NonExclusive License Agreement (the “Cellectis Agreement”).
The Cellectis Agreement resolved a dispute between the parties related to the interpretation of a license agreement entered into by the parties in December 2003 pursuant to which the Company licensed certain patents and patent applications from Cellectis.
Pursuant to the Cellectis Agreement, in July 2008, the Company made a non-refundable $12.5 million payment to Cellectis (the “Cellectis Payment”) and agreed to pay Cellectis a low single-digit royalty based on revenue received by the Company from any future licenses or sales of the Company’s VelociGene?
or VelocImmune?
products and services.
No royalties are payable to Cellectis with respect to the Company’s VelocImmune?
license agreements with AstraZeneca and Astellas or the Company’s antibody collaboration with sanofi-aventis.
Moreover, no royalties are payable to Cellectis on any revenue from commercial sales of antibodies from the Company’s VelocImmune?
technology.
The Company began amortizing the Cellectis Payment in the second quarter of 2008 in proportion to past and future anticipated revenues under the Company’s license agreements with AstraZeneca and Astellas and the Discovery and Preclinical Development Agreement under the Company’s antibody collaboration with sanofi-aventis (as amended in November 2009).
In 2010, 2009, and 2008, the Company recognized $0.9 million, $2.3 million, and $2.7 million, respectively, of expense in connection with the Cellectis Payment.
At December 31, 2010 and 2009, the unamortized balance of the Cellectis Payment, which was included in other assets, was $6.6 million and $7.6 million, respectively.
The Company estimates that it will recognize expense of $1.0 million in each of 2011, 2012, and 2013, and $0.9 million in each of 2014 and 2015, in connection with the Cellectis Payment.
FAIR VALUE OF FINANCIAL INSTRUMENTS We believe that the fair values of current assets and current liabilities approximate their reported carrying amounts.
The fair values of non-current financial assets, liabilities and derivatives are shown in the following table.
## Table 3 ##
We value notes and other receivables based on the expected future cash flows discounted at risk-adjusted rates.
We determine valuations for long-term debt and other long-term liabilities based on quoted market prices or expected future payments discounted at risk-adjusted rates.
DERIVATIVE INSTRUMENTS During 2003, we entered into an interest rate swap agreement under which we receive a floating rate of interest and pay a fixed rate of interest.
The swap modifies our interest rate exposure by effectively converting a note receivable with a fixed rate to a floating rate.
The aggregate notional amount of the swap is $92 million and it matures in 2010.
The swap is classified as a fair value hedge under FAS No.133, “Accounting for Derivative Instruments and Hedging Activities” (“FAS No.133”), and the change in the fair value of the swap, as well as the change in the fair value of the underlying note receivable, is recognized in interest income.
The fair value of the swap was a $1 million asset at year-end 2005, and a $3 million liability at year-end 2004.
The hedge is highly effective, and therefore, no net gain or loss was reported during 2005, 2004, and 2003.
During 2005, we entered into two interest rate swap agreements to manage the volatility of the U. S.  Treasury component of the interest rate risk associated with the forecasted issuance our Series F Senior Notes and the exchange of our Series C and E Senior Notes for new Series G Senior Notes.
Both swaps were designated as cash flow hedges under FAS No.133 and were terminated upon pricing of the notes.
Both swaps were highly effective in offsetting fluctuations in the U. S.  Treasury component.
Thus, there was no net gain or loss reported in earnings during 2005.
The total amount for these swaps was recorded in other comprehensive income and was a net loss of $2 million during 2005, which will be amortized to interest expense using the interest method over the life of the notes.
At year-end 2005, we had six outstanding interest rate swap agreements to manage interest rate risk associated with the residual interests we retain in conjunction with our timeshare note sales.
Historically, we were required by purchasers and/or rating agencies to utilize interest rate swaps to protect the excess spread within our sold note pools.
The aggregate notional amount of the swaps is $380 million, and they expire through 2022.
These swaps are not accounted for as hedges under FAS No.133.
The fair value of the swaps is a net asset of $5 million at year-end 2005, and a net asset of approximately $3 million at year-end 2004.
We recorded a $2 million net gain during 2005 and 2004, and a $3 million net gain during 2003.
During 2005, 2004, and 2003, we entered into interest rate swaps to manage interest rate risk associated with forecasted timeshare note sales.
During 2005, one swap was designated as a cash flow hedge under FAS No.133 and was highly effective in offsetting interest rate fluctuations.
The amount of the ineffectiveness is immaterial.
The second swap entered into in 2005 did not qualify for hedge accounting.
The non-qualifying swaps resulted in a loss of $3 million during 2005, a gain of $2 million during 2004 and a loss of $4 million during 2003.
These amounts are included in the gains from the sales of timeshare notes receivable.
During 2005, 2004, and 2003, we entered into forward foreign exchange contracts to manage the foreign currency exposure related to certain monetary assets.
The aggregate dollar equivalent of the notional amount of the contracts is $544 million at year-end 2005.
The forward exchange contracts do not qualify as hedges in accordance with FAS No.133.
The fair value of the forward contracts is a liability of $2 million at year-end 2005 and zero at year-end 2004.
We recorded a $26 million gain during 2005 and a $3 million and $2 million net loss during 2004 and 2003, respectively, relating to these forward foreign exchange contracts.
The net gains and losses for all years were offset by income and losses recorded from translating the related monetary assets denominated in foreign currencies into U. S.  dollars.
During 2005, 2004, and 2003, we entered into foreign exchange option and forward contracts to hedge the potential volatility of earnings and cash flows associated with variations in foreign exchange rates.
The aggregate dollar equivalent of the notional amounts of the contracts is $27 million at year-end 2005.
These contracts have terms of less than one year and are classified as cash flow hedges.
Changes in their fair values are recorded as a component of other comprehensive income.
The fair value of the option contracts is approximately zero at year-end 2005 and 2004.
During 2004, it was determined that certain derivatives were no longer effective in offsetting the hedged item.
Thus, cash flow hedge accounting treatment was discontinued and the ineffective contracts resulted in a loss of $1 million, which was reported in earnings for 2004.
The remaining hedges were highly effective and there was no net gain or loss reported in earnings for 2005, 2004, and 2003.
As of year-end 2005, there were no deferred gains or losses on existing contracts accumulated in other comprehensive income that we expect to reclassify into earnings over the next year.
During 2005, we entered into forward foreign exchange contracts to manage currency exchange rate volatility associated with certain investments in foreign operations.
One contract was designated as a hedge in the net investment of a foreign operation under FAS No.133.
The hedge was highly effective and resulted in a $1 million net loss in the cumulative translation adjustment at year-end 2005.
Certain contracts did not qualify as hedges under FAS No.133 and resulted in a gain of $3 million for 2005.
The contracts offset the losses associated with translation adjustments for various investments in foreign operations.
The contracts have an aggregate dollar equivalent of the notional amounts of $229 million and a fair value of approximately zero at year-end 2005.
CONTINGENCIES Guarantees We issue guarantees to certain lenders and hotel owners primarily to obtain long-term management contracts.
The guarantees generally have a stated maximum amount of funding and a term of five years or less.
The terms of guarantees to lenders generally require us to fund if cash flows from hotel operations are inadequate to cover annual debt service or to repay the loan at the end of the term.
The terms of the guarantees to hotel owners generally require us to fund if the hotels do not attain specified levels of
Summary of Contractual Obligations The following table summarizes our contractual obligations as of December 31, 2013 and the anticipated effect of these obligations on our liquidity in future years (in millions):
## Table 4 ##
(a) Environmental liabilities include final capping, closure, post-closure and environmental remediation costs.
The amounts included here reflect environmental liabilities recorded in our Consolidated Balance Sheet as of December 31, 2013 without the impact of discounting and inflation.
Our recorded environmental liabilities for final capping, closure and post-closure will increase as we continue to place additional tons within the permitted airspace at our landfills.
(b) The amounts reported here represent the scheduled principal payments related to our long-term debt, excluding related interest.
Refer to Note 7 to the Consolidated Financial Statements for information regarding interest rates.
(c) Our debt obligations as of December 31, 2013 include $939 million of tax-exempt bonds subject to repricing within the next 12 months, which is prior to their scheduled maturities.
If the re-offerings of the bonds are unsuccessful, then the bonds can be put to us, requiring immediate repayment.
We have classified the anticipated cash flows for these contractual obligations based on the scheduled maturity of the borrowing for purposes of this disclosure.
For additional information regarding the classification of these borrowings in our Consolidated Balance Sheet as of December 31, 2013, refer to Note 7 to the Consolidated Financial Statements.
(d) Our recorded debt obligations include non-cash adjustments associated with discounts, premiums and fair value adjustments for interest rate hedging activities.
These amounts have been excluded here because they will not result in an impact to our liquidity in future periods.
(e) Our unrecorded obligations represent operating lease obligations and purchase commitments from which we expect to realize an economic benefit in future periods.
We have also made certain guarantees, as discussed in Note 11 to the Consolidated Financial Statements, that we do not expect to materially affect our current or future financial position, results of operations or liquidity.
(f) Our unconditional purchase obligations are for various contractual obligations that we generally incur in the ordinary course of our business.
Certain of our obligations are quantity driven.
For contracts that require us to purchase minimum quantities of goods or services, we have estimated our future minimum obligations based on the current market values of the underlying products or services.
Accordingly, the amounts reported in the table are not necessarily indicative of our actual cash flow obligations.
See Note 11 to the Consolidated Financial Statements for discussion of the nature and terms of our unconditional purchase obligations
WASTE MANAGEMENT, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) employee had remained employed until the end of the performance period, are subject to pro-rata vesting upon an employee’s retirement or involuntary termination other than for cause and are subject to forfeiture in the event of voluntary or for-cause termination.
Compensation expense associated with our ROIC PSUs that continue to vest based on future performance is measured based on the fair value of our common stock at the end of each reporting period until the performance period ends.
Compensation expense is recognized ratably over the performance period based on our estimated achievement of the established performance criteria.
Compensation expense is only recognized for those awards that we expect to vest, which we estimate based upon an assessment of both the probability that the performance criteria will be achieved and expected forfeitures.
The grant-date fair value of our TSR PSUs is based on a Monte Carlo valuation and compensation expense is recognized on a straight-line basis over the vesting period.
Compensation expense is recognized for all TSR PSUs whether or not the market conditions are achieved less expected forfeitures.
Deferred Units — Recipients can elect to defer some or all of the vested RSU or PSU awards until a specified date or dates they choose.
Deferred amounts are not invested, nor do they earn interest, but deferred amounts do earn dividend equivalents during deferral.
Deferred amounts are paid out in shares of common stock at the end of the deferral period.
At December 31, 2013, 2012 and 2011 we had approximately 297,000, 300,000 and 372,000, respectively, vested deferred units outstanding.
Stock Options — Stock options granted primarily vest in 25% increments on the first two anniversaries of the date of grant with the remaining 50% vesting on the third anniversary.
The exercise price of the options is the average of the high and low market value of our common stock on the date of grant, and the options have a term of 10 years.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="2">Less than 12 Months</td><td colspan="2">12 Months or Greater</td><td colspan="2">Total</td></tr><tr><td>At December 31, 2010</td><td>Fair Value</td><td>Unrealized Loss</td><td>Fair Value</td><td>Unrealized Loss</td><td>Fair Value</td><td>Unrealized Loss</td></tr><tr><td>Unrestricted</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. government obligations</td><td>$340,444</td><td>$-1,731</td><td></td><td></td><td>$340,444</td><td>$-1,731</td></tr><tr><td>U.S. government guaranteed</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>corporate bonds</td><td>19,005</td><td>-45</td><td></td><td></td><td>19,005</td><td>-45</td></tr><tr><td>Equity security</td><td>3,612</td><td>-433</td><td></td><td></td><td>3,612</td><td>-433</td></tr><tr><td>Mortgage-backed securities</td><td></td><td></td><td>$1,128</td><td>$-141</td><td>1,128</td><td>-141</td></tr><tr><td></td><td>363,061</td><td>-2,209</td><td>1,128</td><td>-141</td><td>364,189</td><td>-2,350</td></tr><tr><td>Restricted</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. government obligations</td><td>6,154</td><td>-18</td><td></td><td></td><td>6,154</td><td>-18</td></tr><tr><td></td><td>6,154</td><td>-18</td><td></td><td></td><td>6,154</td><td>-18</td></tr><tr><td></td><td>$369,215</td><td>$-2,227</td><td>$1,128</td><td>$-141</td><td>$370,343</td><td>$-2,368</td></tr><tr><td>At December 31, 2009</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. government obligations</td><td>$9,367</td><td>$-46</td><td></td><td></td><td>$9,367</td><td>$-46</td></tr><tr><td>Mortgage-backed securities</td><td></td><td></td><td>$3,238</td><td>$-401</td><td>3,238</td><td>-401</td></tr><tr><td></td><td>$9,367</td><td>$-46</td><td>$3,238</td><td>$-401</td><td>$12,605</td><td>$-447</td></tr></table>
<table><tr><td></td><td>2010</td><td>2009</td></tr><tr><td>Land</td><td>$2,117</td><td>$2,117</td></tr><tr><td>Building and improvements</td><td>242,035</td><td>177,710</td></tr><tr><td>Leasehold improvements</td><td>4,063</td><td>4,023</td></tr><tr><td>Construction-in-progress</td><td>70,356</td><td>58,541</td></tr><tr><td>Laboratory and other equipment</td><td>137,951</td><td>114,099</td></tr><tr><td>Furniture, computer and office equipment, and other</td><td>22,235</td><td>15,964</td></tr><tr><td></td><td>478,757</td><td>372,454</td></tr><tr><td>Less, accumulated depreciation and amortization</td><td>-131,307</td><td>-112,778</td></tr><tr><td></td><td>$347,450</td><td>$259,676</td></tr></table>
<table><tr><td>December 31,</td><td>Buildings A and B</td><td>Building C</td><td>Total</td></tr><tr><td>2011</td><td>$11,347</td><td>$2,468</td><td>$13,815</td></tr><tr><td>2012</td><td>12,603</td><td>2,767</td><td>15,370</td></tr><tr><td>2013</td><td>12,843</td><td>4,285</td><td>17,128</td></tr><tr><td>2014</td><td>13,090</td><td>4,403</td><td>17,493</td></tr><tr><td>2015</td><td>13,343</td><td>4,524</td><td>17,867</td></tr><tr><td>Thereafter</td><td>124,515</td><td>43,783</td><td>168,298</td></tr><tr><td></td><td>$187,741</td><td>$62,230</td><td>$249,971</td></tr></table>
<table><tr><td></td><td>2005</td><td>2004</td></tr><tr><td><i>($ in millions)</i></td><td>Carrying Amount</td><td>Fair Value</td><td>Carrying Amount</td><td>Fair Value</td></tr><tr><td>Notes and other long-term assets</td><td>$1,374</td><td>$1,412</td><td>$1,702</td><td>$1,770</td></tr><tr><td>Long-term debt and other long-term liabilities</td><td>$1,636</td><td>$1,685</td><td>$848</td><td>$875</td></tr><tr><td>Derivative instruments</td><td>$6</td><td>$6</td><td>$—</td><td>$—</td></tr></table>
<table><tr><td></td><td> 2014</td><td> 2015</td><td> 2016</td><td> 2017</td><td> 2018</td><td> Thereafter</td><td> Total</td></tr><tr><td> Recorded Obligations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Expected environmental liabilities:(a)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Final capping, closure and post-closure</td><td>$95</td><td>$131</td><td>$111</td><td>$107</td><td>$115</td><td>$2,110</td><td>$2,669</td></tr><tr><td>Environmental remediation</td><td>35</td><td>23</td><td>32</td><td>24</td><td>14</td><td>106</td><td>234</td></tr><tr><td></td><td>130</td><td>154</td><td>143</td><td>131</td><td>129</td><td>2,216</td><td>2,903</td></tr><tr><td>Debt payments(b),(c),(d)</td><td>916</td><td>491</td><td>704</td><td>731</td><td>793</td><td>6,631</td><td>10,266</td></tr><tr><td> Unrecorded Obligations:(e)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Non-cancelable operating lease obligations</td><td>100</td><td>86</td><td>64</td><td>55</td><td>46</td><td>393</td><td>744</td></tr><tr><td>Estimated unconditional purchase obligations(f)</td><td>76</td><td>44</td><td>25</td><td>17</td><td>9</td><td>231</td><td>402</td></tr><tr><td>Anticipated liquidity impact as of December 31, 2013</td><td>$1,222</td><td>$775</td><td>$936</td><td>$934</td><td>$977</td><td>$9,471</td><td>$14,315</td></tr></table>

Question: What's the 50 % of the Fair Value in terms of Total for Unrestricted:Equity security at December 31, 2010?
Answer: 1806
Reasoning program: multiply(0.5,3612)