11. INVESTMENTS

The Company had cash and cash equivalents of $413.1 million and $392.6 million at June 30, 2014 and December 31, 2013, respectively. Cash and cash equivalents consist of cash in banks, as well as highly liquid investments in money market funds, time deposits, savings accounts, commercial paper, U.S. government and agency securities, municipal securities and corporate debt securities. At June 30, 2014, the Company’s long-term investments had contractual maturities of one to two years.

In addition, the Company has short-term and long-term investments in debt securities which are summarized as follows (in thousands):

	Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Balances at June 30, 2014:
Investments-Short-term:
U.S. government securities	$	30,609	$	18	$	—		$	30,627
U.S. government agency securities		40,007		15		(2	)		40,020
Non-U.S. government securities		8,567		6		—			8,573
Corporate debt securities		57,080		24		(4	)		57,100
Total investments - short-term	$	136,263	$	63	$	(6	)	$	136,320
Investments-Long-term:
U.S. government securities	$	30,224	$	23	$	—		$	30,247
U.S. government agency securities		31,002		6		(7	)		31,001
Non-U.S. government securities		1,167		1		—			1,168
Corporate debt securities		28,499		12		(12	)		28,499
Total investments - long-term	$	90,892	$	42	$	(19	)	$	90,915

Balances at December 31, 2013:
Investments-Short-term:
U.S. government securities	$	19,792	$	9	$	—		$	19,801
U.S. government agency securities		38,388		16		(3	)		38,401
Non-U.S. government securities		13,734		10		—			13,744
Corporate debt securities		62,720		22		(4	)		62,738
Total investments - short-term	$	134,634	$	57	$	(7	)	$	134,684
Investments-Long-term:
U.S. government securities	$	12,252	$	8	$	—		$	12,260
U.S. government agency securities		30,627		12		(3	)		30,636
Non-U.S. government securities		2,305		4		—			2,309
Corporate debt securities		11,152		15		—			11,167
Total investments - long-term	$	56,336	$	39	$	(3	)	$	56,372

Unrealized Losses

The following table summarizes the fair value and gross unrealized losses of the Company’s investments, including those that are categorized as cash equivalents, with unrealized losses aggregated by type of investment instrument and length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2014 and December 31, 2013 (in thousands):

	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
June 30, 2014:
U.S. government agency securities	$	22,132	$	(9	)	$	—	$	—		$	22,132	$	(9	)
Corporate debt securities		21,874		(16	)		—		—			21,874		(16	)
Total investments	$	44,006	$	(25	)	$	—	$	—		$	44,006	$	(25	)
December 31, 2013:
U.S. government agency securities	$	5,533	$	(6	)	$	—	$	—		$	5,533	$	(6	)
Corporate debt securities		9,837		(3	)		1,504		(1	)		11,341		(4	)
Total investments	$	15,370	$	(9	)	$	1,504	$	(1	)	$	16,874	$	(10	)

The Company reviews the individual securities in its portfolio to determine whether a decline in a security’s fair value below the amortized cost basis is other-than-temporary. If the decline in fair value is considered to be other-than-temporary, the cost basis of the individual security is written down to its fair value as a new cost basis and the amount of the write-down is accounted for as a realized loss and included in earnings. During the six months ended June 30, 2014 and 2013, the Company determined that there were no investments in its portfolio that were other-than temporarily impaired.

Private Company Investments

The Company has made various strategic investments in private companies. The private company investments are carried at cost and written down to their estimated net realizable value when indications exist that these investments have been impaired. The Company did not record such impairment charges during the six months ended June 30, 2014 and 2013. The cost of these investments at both June 30, 2014 and December 31, 2013 was $2.0 million, and has been recorded in “Other assets” in the Company’s condensed consolidated balance sheets.