FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2014

Financial instruments carried at fair value

Financial assets and liabilities are carried at fair value as of December 31, 2014 and are classified in the categories described in the tables below (in thousands):



	Level 1		Level 2		Total
ASSETS:
Cash equivalents:
Money market funds	$	155,608	$	—	$	155,608
Foreign government securities	—		974,855		974,855
U.S. government securities	—		676,503		676,503
U.S. commercial paper	—		427,884		427,884
U.S. government agency securities	—		10,000		10,000
Short-term investments:
Foreign government securities	—		52,490		52,490
U.S. government securities	—		364,266		364,266
U.S. commercial paper	—		620,615		620,615
U.S. government agency securities	—		104,811		104,811
Foreign exchange derivatives	—		336		336
Long-term investments:
Foreign government securities	—		12,671		12,671
U.S. government securities	—		556,448		556,448
U.S. corporate debt securities	—		2,329,033		2,329,033
U.S. government agency securities	—		95,094		95,094
U.S. municipal securities	—		1,102		1,102
Ctrip corporate debt securities	—		425,961		425,961
Ctrip equity securities	335,344		—		335,344
Total assets at fair value	$	490,952	$	6,652,069	$	7,143,021



	Level 1		Level 2		Total
LIABILITIES:
Foreign exchange derivatives	$	—	$	129	$	129

Financial assets and liabilities are carried at fair value as of December 31, 2013 and are classified in the categories described in the tables below (in thousands):



	Level 1		Level 2		Total
ASSETS:
Cash equivalents:
Money market funds	$	433,850	$	—	$	433,850
Foreign government securities	—		238,202		238,202
U.S. government securities	—		28,000		28,000
Short-term investments:
Foreign government securities	—		4,019,407		4,019,407
U.S. government securities	—		1,443,313		1,443,313
Foreign exchange derivatives	—		292		292
Total assets at fair value	$	433,850	$	5,729,214	$	6,163,064



	Level 1		Level 2		Total
LIABILITIES:
Foreign exchange derivatives	$	—	$	122,091	$	122,091