INVESTMENTS

The following table summarizes, by major security type, the Company's investments as of September 30, 2014 (in thousands):



	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for sale securities:
Short-term investments:
Foreign government securities	$	189,491	$	24	$	—		$	189,515
U.S. government securities	650,518		2		(7		)	650,513
U.S. commercial paper	182,788		5		(163		)	182,630
U.S. government agency securities	170,708		1		(14		)	170,695
Total short-term investments	$	1,193,505	$	32	$	(184	)	$	1,193,353

Long-term investments:
U.S. government securities	$	232,951	$	—	$	(960	)	$	231,991
U.S. corporate debt securities	1,045,353		178		(1,754		)	1,043,777
U.S. government agency securities	70,257		12		(23		)	70,246
Ctrip corporate debt securities	500,000		—		(20,500		)	479,500
Ctrip equity securities	150,914		—		(11,246		)	139,668
Total long-term investments	$	1,999,475	$	190	$	(34,483	)	$	1,965,182

As of September 30, 2014, foreign government securities included investments in debt securities issued by the governments of the Netherlands and Belgium.

In August 2014, the Company used its non-U.S. cash to invest in a five-year Senior Convertible Note issued by Ctrip.com International Ltd. ("Ctrip"). In connection with the purchase of the convertible note, Ctrip granted the Company the right to appoint an observer to Ctrip's board of directors and permission to acquire Ctrip shares (including through the acquisition of Ctrip American Depositary Shares ("ADSs")) in the open market over the twelve months following the purchase date, so that combined with ADSs issuable upon conversion of the note, the Company may hold up to 10% of Ctrip's outstanding equity. The note was issued at par in an aggregate principal amount of $500 million. Additionally, during the three months ended September 30, 2014, the Company invested $150.9 million of its non-U.S. cash in Ctrip ADSs. As of October 17, 2014, the Company beneficially owned 7.9% of Ctrip's outstanding equity (calculated in accordance with SEC rules, which include the ADSs issuable upon conversion of the note). The convertible debt and equity securities of Ctrip have been marked to market in accordance with the accounting guidance for available-for-sale securities and at September 30, 2014 show a $20.5 million and $11.2 million unrealized loss, respectively, as a result of decreases in Ctrip's publicly traded shares since the convertible debt and equity purchases were made.

The following table summarizes, by major security type, the Company's investments as of December 31, 2013 (in thousands):



	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for sale securities:
Short-term investments:
Foreign government securities	$	4,019,530	$	233	$	(356	)	$	4,019,407
U.S. government securities	1,443,083		250		(20		)	1,443,313
Total	$	5,462,613	$	483	$	(376	)	$	5,462,720

The Company has classified its investments as available-for-sale securities. These securities are carried at estimated fair value with the aggregate unrealized gains and losses related to these investments, net of taxes, reflected as a part of "Accumulated other comprehensive income (loss)" on the Unaudited Consolidated Balance Sheets. Classification as short-term or long-term is based upon the maturity of the debt securities.

There were no significant realized gains or losses related to investments for the three and nine months ended September 30, 2014 and no realized gains or losses in 2013.