| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The Company’s financial assets and liabilities that are measured at fair value on a recurring basis are classified as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2019 | | December 31, 2018 | | Level 1 | | Level 2 | | Level 3 | | Level 1 | | Level 2 | | Level 3 | Cash Equivalents: | | | | | | | | | | | | Money market funds | $ | 304,690 |
| | $ | — |
| | $ | — |
| | $ | 218,109 |
| | $ | — |
| | $ | — |
| U.S. agency securities | — |
| | 40,410 |
| | — |
| | — |
| | 46,423 |
| | — |
| Time deposits | 10,146 |
| | — |
| | — |
| | — |
| | — |
| | — |
| U.S. government securities | 23,963 |
| | — |
| | — |
| | — |
| | — |
| | — |
| Municipal securities | — |
| | — |
| | — |
| | 86,239 |
| | — |
| | — |
| Foreign securities | — |
| | — |
| | — |
| | — |
| | 23,981 |
| | — |
| Customer funds: | | | | | | | | | | | | Money market funds | 388 |
| | — |
| | — |
| | 18 |
| | — |
| | — |
| U.S. agency securities | — |
| | 23,321 |
| | — |
| | — |
| | 67,282 |
| | — |
| U.S. government securities | 229,171 |
| | — |
| | — |
| | 108,020 |
| | — |
| | — |
| Short-term debt securities: | | | | | | | | | | | | U.S. agency securities | — |
| | 132,348 |
| | — |
| | — |
| | 80,122 |
| | — |
| Corporate bonds | — |
| | 55,501 |
| | — |
| | — |
| | 109,519 |
| | — |
| Commercial paper | — |
| | 2,245 |
| | — |
| | — |
| | — |
| | — |
| Municipal securities | — |
| | 2,669 |
| | — |
| | — |
| | 27,832 |
| | — |
| U.S. government securities | 351,717 |
| | — |
| | — |
| | 292,267 |
| | — |
| | — |
| Foreign securities | — |
| | 13,176 |
| | — |
| | — |
| | 31,251 |
| | — |
| Long-term debt securities: | | | | | | | | | | | | U.S. agency securities | — |
| | 87,903 |
| | — |
| | — |
| | 114,560 |
| | — |
| Corporate bonds | — |
| | 185,563 |
| | — |
| | — |
| | 159,252 |
| | — |
| Municipal securities | — |
| | 12,582 |
| | — |
| | — |
| | 28,594 |
| | — |
| U.S. government securities | 250,265 |
| | — |
| | — |
| | 154,124 |
| | — |
| | — |
| Foreign securities | — |
| | 28,195 |
| | — |
| | — |
| | 8,150 |
| | — |
| Other: | | | | | | | | | | | | Marketable equity investment | 28,875 |
| | — |
| | — |
| | 45,342 |
| | — |
| | — |
| Total | $ | 1,199,215 |
| | $ | 583,913 |
| | $ | — |
| | $ | 904,119 |
| | $ | 696,966 |
| | $ | — |
|
The estimated fair value and carrying value of loans held for sale is as follows (in thousands):
| | | | | | | | | | | | | | | | | | September 30, 2019 | | December 31, 2018 | | Carrying Value | | Fair Value (Level 3) | | Carrying Value | | Fair Value (Level 3) | Loans held for sale | $ | 120,776 |
| | $ | 126,218 |
| | $ | 89,974 |
| | $ | 93,064 |
| Total | $ | 120,776 |
| | $ | 126,218 |
| | $ | 89,974 |
| | $ | 93,064 |
|
| | | | | | | | | | | | | | | | | | September 30, 2019 | | December 31, 2018 | | Carrying Value | | Fair Value (Level 2) | | Carrying Value | | Fair Value (Level 2) | 2023 Notes | $ | 740,921 |
| | $ | 961,092 |
| | $ | 718,522 |
| | $ | 901,468 |
| 2022 Notes | 187,948 |
| | 575,661 |
| | 181,173 |
| | 515,693 |
| Total | $ | 928,869 |
| | $ | 1,536,753 |
| | $ | 899,695 |
| | $ | 1,417,161 |
|
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