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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Financial Assets and Liabilities Measured at Fair Value on a 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, 2021 |  | December 31, 2020
| Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Cash Equivalents: |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 2,495,120 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,694,736 |  |  | $ | — |  |  | $ | — |
U.S. agency securities | — |  |  | — |  |  | — |  |  | — |  |  | 41,186 |  |  | — |
Certificates of deposit | — |  |  | 1,500 |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial paper | — |  |  | 46,150 |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate bonds | — |  |  | 1,500 |  |  | — |  |  | — |  |  | — |  |  | — |
U.S. government securities | — |  |  | — |  |  | — |  |  | 15,000 |  |  | — |  |  | — |
Customer funds: |  |  |  |  |  |  |  |  |  |  |
Money market funds | 1,485,002 |  |  | — |  |  | — |  |  | 777,193 |  |  | — |  |  | — |
Reverse repurchase agreement | 402,097 |  |  | — |  |  | — |  |  | 246,880 |  |  | — |  |  | — |
U.S. agency securities | — |  |  | 53,564 |  |  | — |  |  | — |  |  | 160,478 |  |  | — |
U.S. government securities | 546,205 |  |  | — |  |  | — |  |  | 445,142 |  |  | — |  |  | — |
Short-term debt securities: |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities | — |  |  | 94,088 |  |  | — |  |  | — |  |  | 154,004 |  |  | — |
Certificates of deposit | — |  |  | 8,200 |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate bonds | — |  |  | 290,523 |  |  | — |  |  | — |  |  | 77,199 |  |  | — |
Commercial paper | — |  |  | 141,551 |  |  | — |  |  | — |  |  | 4,999 |  |  | — |
Municipal securities | — |  |  | 15,750 |  |  | — |  |  | — |  |  | 10,431 |  |  | — |
U.S. government securities | 308,323 |  |  | — |  |  | — |  |  | 405,434 |  |  | — |  |  | — |
Foreign government securities | — |  |  | 10,374 |  |  | — |  |  | — |  |  | 43,045 |  |  | — |
Long-term debt securities: |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities | — |  |  | 152,691 |  |  | — |  |  | — |  |  | 169,278 |  |  | — |
Corporate bonds | — |  |  | 704,097 |  |  | — |  |  | — |  |  | 176,014 |  |  | — |
Municipal securities | — |  |  | 21,965 |  |  | — |  |  | — |  |  | 1,060 |  |  | — |
U.S. government securities | 543,180 |  |  | — |  |  | — |  |  | 92,073 |  |  | — |  |  | — |
Foreign government securities | — |  |  | 29,174 |  |  | — |  |  | — |  |  | 25,525 |  |  | — |
Other: |  |  |  |  |  |  |  |  |  |  |
Investment in marketable equity security | — |  |  | — |  |  | — |  |  | 376,258 |  |  | — |  |  | — |
Total | $ | 5,779,927 |  |  | $ | 1,571,127 |  |  | $ | — |  |  | $ | 4,052,716 |  |  | $ | 863,219 |  |  | $ | — |
The estimated fair value and carrying value of the convertible and senior notes were as follows (in thousands):
| September 30, 2021 |  | December 31, 2020
| Carrying Value |  | Fair Value (Level 2) |  | Carrying Value |  | Fair Value (Level 2)
2031 Senior Notes | $ | 986,420 |  |  | $ | 1,032,250 |  |  | $ | — |  |  | $ | — |
2026 Senior Notes | 986,924 |  |  | 1,017,070 |  |  | — |  |  | — |
2027 Convertible Notes | 566,873 |  |  | 685,297 |  |  | 458,496 |  |  | 644,000 |
2026 Convertible Notes | 567,195 |  |  | 659,404 |  |  | 482,204 |  |  | 638,250 |
2025 Convertible Notes | 989,599 |  |  | 2,051,760 |  |  | 858,332 |  |  | 1,912,440 |
2023 Convertible Notes | 640,818 |  |  | 1,982,159 |  |  | 780,046 |  |  | 2,417,820 |
2022 Convertible Notes | 4,637 |  |  | 48,830 |  |  | 7,846 |  |  | 80,731 |
Total | $ | 4,742,466 |  |  | $ | 7,476,770 |  |  | $ | 2,586,924 |  |  | $ | 5,693,241 |
The estimated fair value and carrying value of loans held for sale and loans held for investment is as follows (in thousands):
| September 30, 2021 |  | December 31, 2020
| Carrying Value |  | Fair Value (Level 3) |  | Carrying Value |  | Fair Value (Level 3)
Loans held for sale | $ | 708,086 |  |  | $ | 824,640 |  |  | $ | 462,665 |  |  | $ | 467,805 |
Loans held for investment | 79,482 |  |  | 83,760 |  |  | — |  |  | — |
Total | $ | 787,568 |  |  | $ | 908,400 |  |  | $ | 462,665 |  |  | $ | 467,805 |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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