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INVESTMENTS IN DEBT SECURITIES | 9 Months Ended
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Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS IN DEBT SECURITIES | INVESTMENTS IN DEBT SECURITIES The Company's short-term and long-term investments as of September 30, 2021 are as follows (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Short-term debt securities: |  |  |  |  |  |  |
U.S. agency securities | $ | 93,867 |  |  | $ | 227 |  |  | $ | (6) |  |  | $ | 94,088 |
Corporate bonds | 290,231 |  |  | 369 |  |  | (77) |  |  | 290,523 |
Commercial paper | 141,551 |  |  | — |  |  | — |  |  | 141,551 |
Municipal securities | 15,738 |  |  | 12 |  |  | — |  |  | 15,750 |
Certificates of deposit | 8,200 |  |  | — |  |  | — |  |  | 8,200 |
U.S. government securities | 308,080 |  |  | 248 |  |  | (5) |  |  | 308,323 |
Foreign government securities | 10,495 |  |  | 19 |  |  | (140) |  |  | 10,374 |
Total | $ | 868,162 |  |  | $ | 875 |  |  | $ | (228) |  |  | $ | 868,809 |
Long-term debt securities: |  |  |  |  |  |  |
U.S. agency securities | $ | 152,820 |  |  | $ | 46 |  |  | $ | (175) |  |  | $ | 152,691 |
Corporate bonds | 704,676 |  |  | 337 |  |  | (916) |  |  | 704,097 |
Municipal securities | 21,952 |  |  | 23 |  |  | (10) |  |  | 21,965 |
U.S. government securities | 543,483 |  |  | 34 |  |  | (337) |  |  | 543,180 |
Foreign government securities | 29,139 |  |  | 59 |  |  | (24) |  |  | 29,174 |
Total | $ | 1,452,070 |  |  | $ | 499 |  |  | $ | (1,462) |  |  | $ | 1,451,107 |
The Company's short-term and long-term investments as of December 31, 2020 are as follows (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Short-term debt securities: |  |  |  |  |  |  |
U.S. agency securities | $ | 153,386 |  |  | $ | 782 |  |  | $ | (164) |  |  | $ | 154,004 |
Corporate bonds | 76,957 |  |  | 256 |  |  | (14) |  |  | 77,199 |
Commercial paper | 4,999 |  |  | — |  |  | — |  |  | 4,999 |
Municipal securities | 10,377 |  |  | 57 |  |  | (3) |  |  | 10,431 |
U.S. government securities | 404,194 |  |  | 1,244 |  |  | (4) |  |  | 405,434 |
Foreign government securities | 42,988 |  |  | 139 |  |  | (82) |  |  | 43,045 |
Total | $ | 692,901 |  |  | $ | 2,478 |  |  | $ | (267) |  |  | $ | 695,112 |
Long-term debt securities: |  |  |  |  |  |  |
U.S. agency securities | $ | 168,762 |  |  | $ | 519 |  |  | $ | (3) |  |  | $ | 169,278 |
Corporate bonds | 174,655 |  |  | 1,401 |  |  | (42) |  |  | 176,014 |
Municipal securities | 1,045 |  |  | 15 |  |  | — |  |  | 1,060 |
U.S. government securities | 91,642 |  |  | 433 |  |  | (2) |  |  | 92,073 |
Foreign government securities | 25,351 |  |  | 184 |  |  | (10) |  |  | 25,525 |
Total | $ | 461,455 |  |  | $ | 2,552 |  |  | $ | (57) |  |  | $ | 463,950 |
The amortized cost of investments classified as cash equivalents approximated the fair value due to the short-term nature of the investments. The Company's gross unrealized losses and fair values for those investments that were in an unrealized loss position as of September 30, 2021 and December 31, 2020, aggregated by investment category and the length of time that individual securities have been in a continuous loss position are as follows (in thousands):
| September 30, 2021
| Less than 12 months |  | Greater than 12 months |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Short-term debt securities: |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities | $ | 23,705 |  |  | $ | (6) |  |  | $ | — |  |  | $ | — |  |  | $ | 23,705 |  |  | $ | (6) |
Corporate bonds | 166,579 |  |  | (73) |  |  | 925 |  |  | (3) |  |  | 167,504 |  |  | (76) |
Municipal securities | 750 |  |  | — |  |  | — |  |  | — |  |  | 750 |  |  | — |
U.S. government securities | 96,705 |  |  | (5) |  |  | — |  |  | — |  |  | 96,705 |  |  | (5) |
Foreign government securities | 8,049 |  |  | (140) |  |  | — |  |  | — |  |  | 8,049 |  |  | (140) |
Total | $ | 295,788 |  |  | $ | (224) |  |  | $ | 925 |  |  | $ | (3) |  |  | $ | 296,713 |  |  | $ | (227) |
Long-term debt securities: |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities | $ | 124,811 |  |  | $ | (175) |  |  | $ | — |  |  | $ | — |  |  | $ | 124,811 |  |  | $ | (175) |
Corporate bonds | 533,286 |  |  | (916) |  |  | — |  |  | — |  |  | 533,286 |  |  | (916) |
Municipal securities | 4,054 |  |  | (10) |  |  | — |  |  | — |  |  | 4,054 |  |  | (10) |
U.S. government securities | 470,202 |  |  | (337) |  |  | — |  |  | — |  |  | 470,202 |  |  | (337) |
Foreign government securities | 14,087 |  |  | (24) |  |  | — |  |  | — |  |  | 14,087 |  |  | (24) |
Total | $ | 1,146,440 |  |  | $ | (1,462) |  |  | $ | — |  |  | $ | — |  |  | $ | 1,146,440 |  |  | $ | (1,462) |
| December 31, 2020
| Less than 12 months |  | Greater than 12 months |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Short-term debt securities: |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities | $ | 41,711 |  |  | $ | (162) |  |  | $ | 2,505 |  |  | $ | (2) |  |  | $ | 44,216 |  |  | $ | (164) |
Corporate bonds | 15,255 |  |  | (14) |  |  | — |  |  | — |  |  | 15,255 |  |  | (14) |
Municipal securities | 2,566 |  |  | (3) |  |  | — |  |  | — |  |  | 2,566 |  |  | (3) |
U.S. government securities | 45,970 |  |  | (4) |  |  | — |  |  | — |  |  | 45,970 |  |  | (4) |
Foreign government securities | 21,341 |  |  | (82) |  |  | — |  |  | — |  |  | 21,341 |  |  | (82) |
Total | $ | 126,843 |  |  | $ | (265) |  |  | $ | 2,505 |  |  | $ | (2) |  |  | $ | 129,348 |  |  | $ | (267) |
Long-term debt securities: |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities | $ | 1,406 |  |  | $ | (3) |  |  | $ | — |  |  | $ | — |  |  | $ | 1,406 |  |  | $ | (3) |
Corporate bonds | 28,189 |  |  | (42) |  |  | — |  |  | — |  |  | 28,189 |  |  | (42) |
U.S. government securities | 8,658 |  |  | (2) |  |  | — |  |  | — |  |  | 8,658 |  |  | (2) |
Foreign government securities | 10,929 |  |  | (10) |  |  | — |  |  | — |  |  | 10,929 |  |  | (10) |
Total | $ | 49,182 |  |  | $ | (57) |  |  | $ | — |  |  | $ | — |  |  | $ | 49,182 |  |  | $ | (57) |
The U.S. government and U.S. agency securities are either explicitly or implicitly guaranteed by the U.S. government and are highly rated by major rating agencies. The corporate bonds are issued by highly rated entities. The foreign government securities are issued by highly rated international entities. 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 their amortized cost bases, which may be at maturity. The Company determines any realized gains or losses on the sale of marketable debt securities on a specific identification method, and records such gains and losses as a component of other expense, net. The Company does not have any available for sale debt securities for which the Company has recorded credit related losses. The contractual maturities of the Company's short-term and long-term investments as of September 30, 2021 are as follows (in thousands):
| Amortized Cost |  | Fair Value
Due in one year or less | $ | 868,162 |  |  | $ | 868,809 |
Due in one to five years | 1,452,070 |  |  | 1,451,107 |
Total | $ | 2,320,232 |  |  | $ | 2,319,916 |
CUSTOMER FUNDS The following table presents the assets underlying customer funds (in thousands):
| September 30, 2021 |  | December 31, 2020
Cash | $ | 162,247 |  |  | $ | 145,577 |
Customer funds in transit | — |  |  | 262,562 |
Cash Equivalents: |  |  |
Money market funds | 1,485,002 |  |  | 777,193 |
Reverse repurchase agreement (i) | 402,097 |  |  | 246,880 |
U.S. agency securities | — |  |  | 47,300 |
U.S. government securities | 133,944 |  |  | 111,796 |
Short-term debt securities: |  |  |
U.S. agency securities | 53,563 |  |  | 113,178 |
U.S. government securities | 412,261 |  |  | 333,346 |
Total | $ | 2,649,114 |  |  | $ | 2,037,832 |
(i) The Company has accounted for the reverse repurchase agreement with a third party as an overnight lending arrangement, collateralized by the securities subject to the repurchase agreement. The Company classifies the amounts due from the counterparty as cash equivalents due to the short-term nature. The Company's investments within customer funds as of September 30, 2021 are as follows (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Short-term debt securities: |  |  |  |  |  |  |
U.S. agency securities | $ | 53,568 |  |  | $ | — |  |  | $ | (5) |  |  | $ | 53,563 |
U.S. government securities | 412,268 |  |  | 18 |  |  | (25) |  |  | 412,261 |
Total | $ | 465,836 |  |  | $ | 18 |  |  | $ | (30) |  |  | $ | 465,824 |
The Company's investments within customer funds as of December 31, 2020 are as follows (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Short-term debt securities: |  |  |  |  |  |  |
U.S. agency securities | $ | 113,156 |  |  | $ | 22 |  |  | $ | — |  |  | $ | 113,178 |
U.S. government securities | 333,323 |  |  | 28 |  |  | (5) |  |  | 333,346 |
Total | $ | 446,479 |  |  | $ | 50 |  |  | $ | (5) |  |  | $ | 446,524 |
The amortized cost of investments classified as cash equivalents approximated the fair value due to the short-term nature of the investments. The gross unrealized losses and fair values for those investments that were in an unrealized loss position as of September 30, 2021 and December 31, 2020, aggregated by investment category and the length of time that individual securities have been in a continuous loss position are as follows (in thousands):
| September 30, 2021
| Less than 12 months |  | Greater than 12 months |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Short-term debt securities: |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities | $ | 30,045 |  |  | $ | (5) |  |  | $ | — |  |  | $ | — |  |  | $ | 30,045 |  |  | $ | (5) |
U.S. government securities | 247,634 |  |  | (25) |  |  | — |  |  | — |  |  | 247,634 |  |  | (25) |
Total | $ | 277,679 |  |  | $ | (30) |  |  | $ | — |  |  | $ | — |  |  | $ | 277,679 |  |  | $ | (30) |
| December 31, 2020
| Less than 12 months |  | Greater than 12 months |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Short-term debt securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government securities | $ | 73,609 |  |  | $ | (5) |  |  | $ | — |  |  | $ | — |  |  | $ | 73,609 |  |  | $ | (5) |
Total | $ | 73,609 |  |  | $ | (5) |  |  | $ | — |  |  | $ | — |  |  | $ | 73,609 |  |  | $ | (5) |
The unrealized losses above were caused by interest rate changes. The U.S. government securities are either explicitly or implicitly guaranteed by the U.S. government and are highly rated by major rating agencies. 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 their amortized cost bases, which may be at maturity. The Company determines any realized gains or losses on the sale of marketable debt securities on a specific identification method, and records such gains and losses as a component of other expense, net. The Company does not have any available for sale debt securities for which the Company has recorded credit related losses. The contractual maturities of the Company's investments within customer funds as of September 30, 2021 are as follows (in thousands):
| Amortized Cost |  | Fair Value
Due in one year or less | $ | 465,836 |  |  | $ | 465,824 |
Due in one to five years | — |  |  | — |
Total | $ | 465,836 |  |  | $ | 465,824 |

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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