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CUSTOMER FUNDS (Tables) | 9 Months Ended
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Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract] |
Assets Underlying 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.
Investments within Customer Funds | 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 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 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 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 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) |
Contractual Maturities of Short-Term and Long-Term Investments | 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 |
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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