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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
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, 2021December 31, 2020
Level 1Level 2Level 3Level 1Level 2Level 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 funds1,485,002 — — 777,193 — — 
Reverse repurchase agreement402,097 — — 246,880 — — 
U.S. agency securities— 53,564 — — 160,478 — 
U.S. government securities546,205 — — 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 securities308,323 — — 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 securities543,180 — — 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, 2021December 31, 2020
Carrying Value Fair Value (Level 2)Carrying ValueFair Value (Level 2)
2031 Senior Notes$986,420 $1,032,250 $— $— 
2026 Senior Notes986,924 1,017,070 — — 
2027 Convertible Notes566,873 685,297 458,496 644,000 
2026 Convertible Notes567,195 659,404 482,204 638,250 
2025 Convertible Notes989,599 2,051,760 858,332 1,912,440 
2023 Convertible Notes640,818 1,982,159 780,046 2,417,820 
2022 Convertible Notes4,637 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, 2021December 31, 2020
Carrying ValueFair Value (Level 3)Carrying ValueFair Value (Level 3)
Loans held for sale$708,086 $824,640 $462,665 $467,805 
Loans held for investment79,482 83,760 — — 
Total$787,568 $908,400 $462,665 $467,805