v3.19.3

CUSTOMER FUNDS | 9 Months Ended
--- | ---
Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract] |
CUSTOMER FUNDS | INVESTMENTS The Company's short-term and long-term investments as of September 30, 2019 are as follows (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Short-term debt securities: |  |  |  |  |  |  |
U.S. agency securities | $ | 132,217 |  |  | $ | 257 |  |  | $ | (126 | ) |  | $ | 132,348 |
Corporate bonds | 55,399 |  |  | 194 |  |  | (92 | ) |  | 55,501 |
Commercial paper | 2,245 |  |  | — |  |  | — |  |  | 2,245 |
Municipal securities | 2,713 |  |  | 5 |  |  | (49 | ) |  | 2,669 |
U.S. government securities | 351,592 |  |  | 317 |  |  | (192 | ) |  | 351,717 |
Foreign securities | 13,214 |  |  | — |  |  | (38 | ) |  | 13,176 |
Total | $ | 557,380 |  |  | $ | 773 |  |  | $ | (497 | ) |  | $ | 557,656 |
Long-term debt securities: |  |  |  |  |  |  |
U.S. agency securities | $ | 87,848 |  |  | $ | 219 |  |  | $ | (164 | ) |  | $ | 87,903 |
Corporate bonds | 185,675 |  |  | 286 |  |  | (398 | ) |  | 185,563 |
Municipal securities | 12,668 |  |  | 12 |  |  | (98 | ) |  | 12,582 |
U.S. government securities | 250,434 |  |  | 267 |  |  | (436 | ) |  | 250,265 |
Foreign securities | 28,264 |  |  | 6 |  |  | (75 | ) |  | 28,195 |
Total | $ | 564,889 |  |  | $ | 790 |  |  | $ | (1,171 | ) |  | $ | 564,508 |
The Company's short-term and long-term investments as of December 31, 2018 are as follows (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Short-term debt securities: |  |  |  |  |  |  |
U.S. agency securities | $ | 80,160 |  |  | $ | 32 |  |  | $ | (70 | ) |  | $ | 80,122 |
Corporate bonds | 109,807 |  |  | 80 |  |  | (368 | ) |  | 109,519 |
Municipal securities | 27,839 |  |  | 52 |  |  | (59 | ) |  | 27,832 |
U.S. government securities | 292,615 |  |  | 161 |  |  | (509 | ) |  | 292,267 |
Foreign securities | 31,263 |  |  | 4 |  |  | (16 | ) |  | 31,251 |
Total | $ | 541,684 |  |  | $ | 329 |  |  | $ | (1,022 | ) |  | $ | 540,991 |
Long-term debt securities: |  |  |  |  |  |  |
U.S. agency securities | $ | 114,444 |  |  | $ | 194 |  |  | $ | (78 | ) |  | $ | 114,560 |
Corporate bonds | 159,783 |  |  | 419 |  |  | (950 | ) |  | 159,252 |
Municipal securities | 28,453 |  |  | 167 |  |  | (26 | ) |  | 28,594 |
U.S. government securities | 153,743 |  |  | 553 |  |  | (172 | ) |  | 154,124 |
Foreign securities | 8,122 |  |  | 28 |  |  | — |  |  | 8,150 |
Total | $ | 464,545 |  |  | $ | 1,361 |  |  | $ | (1,226 | ) |  | $ | 464,680 |
For the periods presented, gains or losses realized on the sale of investments were not material. Investments are reviewed periodically to identify possible other-than-temporary impairments. As the Company has the ability and intent to hold these investments with unrealized losses for a reasonable period of time sufficient for the recovery of fair value, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired for any of the periods presented. The amortized cost of investments classified as cash equivalents approximated the fair value due to the short-term nature of the investments. The contractual maturities of the Company's short-term and long-term investments as of September 30, 2019 are as follows (in thousands):
| Amortized Cost |  | Fair Value
Due in one year or less | $ | 557,380 |  |  | $ | 557,656 |
Due in one to five years | 564,889 |  |  | 564,508 |
Total | $ | 1,122,269 |  |  | $ | 1,122,164 |
CUSTOMER FUNDS The following table presents the assets underlying customer funds (in thousands):
| September 30, 2019 |  | December 31, 2018
Cash | $ | 407,719 |  |  | $ | 158,697 |
Cash Equivalents: |  |  |
Money market funds | 388 |  |  | 18 |
U.S. agency securities | 21,667 |  |  | 39,991 |
U.S. government securities | 6,999 |  |  | 35,349 |
Short-term debt securities: |  |  |
U.S. agency securities | 1,654 |  |  | 27,291 |
U.S. government securities | 222,172 |  |  | 72,671 |
Total | $ | 660,599 |  |  | $ | 334,017 |
The Company's investments within customer funds as of September 30, 2019 are as follows (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Short-term debt securities: |  |  |  |  |  |  |
U.S. agency securities | $ | 1,657 |  |  | $ | — |  |  | $ | (3 | ) |  | $ | 1,654 |
U.S. government securities | 222,193 |  |  | 39 |  |  | (60 | ) |  | 222,172 |
Total | $ | 223,850 |  |  | $ | 39 |  |  | $ | (63 | ) |  | $ | 223,826 |
The Company's investments within customer funds as of December 31, 2018 are as follows (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Short-term debt securities: |  |  |  |  |  |  |
U.S. agency securities | $ | 27,293 |  |  | $ | 2 |  |  | $ | (4 | ) |  | $ | 27,291 |
U.S. government securities | 72,662 |  |  | 12 |  |  | (3 | ) |  | 72,671 |
Total | $ | 99,955 |  |  | $ | 14 |  |  | $ | (7 | ) |  | $ | 99,962 |
For the periods presented, gains or losses realized on the sale of investments were not material. Investments are reviewed periodically to identify possible other-than-temporary impairments. As the Company has the ability and intent to hold these investments with unrealized losses for a reasonable period of time sufficient for the recovery of fair value, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired for any of the periods presented. The amortized cost of investments classified as cash equivalents approximated the fair value due to the short-term nature of the investments. The contractual maturities of the Company's investments within customer funds as of September 30, 2019 are as follows (in thousands):
| Amortized Cost |  | Fair Value
Due in one year or less | $ | 223,850 |  |  | $ | 223,826 |
Total | $ | 223,850 |  |  | $ | 223,826 |

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