XML 21 R11.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

INVESTMENTS IN DEBT SECURITIES | 3 Months Ended
--- | ---
Mar. 31, 2024
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 March 31, 2024 were as follows (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Short-term debt securities: |  |  |  |  |  |  |
U.S. agency securities | $ | 58,399 |  |  | $ | — |  |  | $ | (676) |  |  | $ | 57,723 |
Corporate bonds | 135,097 |  |  | 60 |  |  | (626) |  |  | 134,531 |
Commercial paper | 724 |  |  | — |  |  | — |  |  | 724 |
Municipal securities | 9,391 |  |  | — |  |  | (138) |  |  | 9,253 |
Certificates of deposit | 500 |  |  | — |  |  | — |  |  | 500 |
U.S. government securities | 372,337 |  |  | 43 |  |  | (2,317) |  |  | 370,063 |
Foreign government securities | 600 |  |  | — |  |  | (4) |  |  | 596 |
Total | $ | 577,048 |  |  | $ | 103 |  |  | $ | (3,761) |  |  | $ | 573,390 |
Long-term debt securities: |  |  |  |  |  |  |
Corporate bonds | $ | 96,206 |  |  | $ | 273 |  |  | $ | (95) |  |  | $ | 96,384 |
Municipal securities | 2,481 |  |  | 30 |  |  | (119) |  |  | 2,392 |
U.S. government securities | 89,073 |  |  | 151 |  |  | (78) |  |  | 89,146 |
Total | $ | 187,760 |  |  | $ | 454 |  |  | $ | (292) |  |  | $ | 187,922 |
The Company's short-term and long-term investments as of December 31, 2023 were as follows (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Short-term debt securities: |  |  |  |  |  |  |
U.S. agency securities | $ | 68,778 |  |  | $ | — |  |  | $ | (1,263) |  |  | $ | 67,515 |
Corporate bonds | 216,864 |  |  | 96 |  |  | (1,733) |  |  | 215,227 |
Commercial paper | 15,159 |  |  | — |  |  | — |  |  | 15,159 |
Municipal securities | 9,396 |  |  | — |  |  | (231) |  |  | 9,165 |
Certificates of deposit | 3,856 |  |  | — |  |  | — |  |  | 3,856 |
U.S. government securities | 544,145 |  |  | 210 |  |  | (4,357) |  |  | 539,998 |
Foreign government securities | 1,000 |  |  | — |  |  | (19) |  |  | 981 |
Total | $ | 859,198 |  |  | $ | 306 |  |  | $ | (7,603) |  |  | $ | 851,901 |
Long-term debt securities: |  |  |  |  |  |  |
Corporate bonds | $ | 94,564 |  |  | $ | 809 |  |  | $ | (45) |  |  | $ | 95,328 |
Municipal securities | 2,495 |  |  | 55 |  |  | (138) |  |  | 2,412 |
U.S. government securities | 152,549 |  |  | 875 |  |  | (37) |  |  | 153,387 |
Total | $ | 249,608 |  |  | $ | 1,739 |  |  | $ | (220) |  |  | $ | 251,127 |
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 March 31, 2024 and December 31, 2023, aggregated by investment category and the length of time that individual securities have been in a continuous loss position were as follows (in thousands):
| March 31, 2024
| 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 | $ | 400 |  |  | $ | — |  |  | $ | 57,322 |  |  | $ | (676) |  |  | $ | 57,722 |  |  | $ | (676) |
Corporate bonds | 44,988 |  |  | (48) |  |  | 52,483 |  |  | (578) |  |  | 97,471 |  |  | (626) |
Municipal securities | — |  |  | — |  |  | 9,253 |  |  | (138) |  |  | 9,253 |  |  | (138) |
U.S. government securities | 92,760 |  |  | (78) |  |  | 162,389 |  |  | (2,239) |  |  | 255,149 |  |  | (2,317) |
Foreign government securities | — |  |  | — |  |  | 596 |  |  | (4) |  |  | 596 |  |  | (4) |
Total | $ | 138,148 |  |  | $ | (126) |  |  | $ | 282,043 |  |  | $ | (3,635) |  |  | $ | 420,191 |  |  | $ | (3,761) |
Long-term debt securities: |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 45,907 |  |  | $ | (87) |  |  | $ | 980 |  |  | $ | (8) |  |  | $ | 46,887 |  |  | $ | (95) |
Municipal securities | 977 |  |  | (13) |  |  | 385 |  |  | (106) |  |  | 1,362 |  |  | (119) |
U.S. government securities | 25,758 |  |  | (78) |  |  | — |  |  | — |  |  | 25,758 |  |  | (78) |
Total | $ | 72,642 |  |  | $ | (178) |  |  | $ | 1,365 |  |  | $ | (114) |  |  | $ | 74,007 |  |  | $ | (292) |
| December 31, 2023
| 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 | $ | 9,770 |  |  | $ | (10) |  |  | $ | 57,745 |  |  | $ | (1,253) |  |  | $ | 67,515 |  |  | $ | (1,263) |
Corporate bonds | 61,054 |  |  | (60) |  |  | 110,706 |  |  | (1,673) |  |  | 171,760 |  |  | (1,733) |
Municipal securities | — |  |  | — |  |  | 9,165 |  |  | (231) |  |  | 9,165 |  |  | (231) |
U.S. government securities | 80,724 |  |  | (113) |  |  | 207,183 |  |  | (4,243) |  |  | 287,907 |  |  | (4,356) |
Foreign government securities | — |  |  | — |  |  | 981 |  |  | (19) |  |  | 981 |  |  | (19) |
Total | $ | 151,548 |  |  | $ | (183) |  |  | $ | 385,780 |  |  | $ | (7,419) |  |  | $ | 537,328 |  |  | $ | (7,602) |
Long-term debt securities: |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 11,819 |  |  | $ | (31) |  |  | $ | 2,274 |  |  | $ | (14) |  |  | $ | 14,093 |  |  | $ | (45) |
Municipal securities | 976 |  |  | (24) |  |  | 383 |  |  | (112) |  |  | 1,359 |  |  | (136) |
U.S. government securities | 28,474 |  |  | (37) |  |  | — |  |  | — |  |  | 28,474 |  |  | (37) |
Total | $ | 41,269 |  |  | $ | (92) |  |  | $ | 2,657 |  |  | $ | (126) |  |  | $ | 43,926 |  |  | $ | (218) |
The Company does not intend to sell nor anticipate that it will be required to sell these securities before recovery of the amortized cost basis. Unrealized losses on available-for-sale debt securities were determined not to be related to credit related losses, therefore, an allowance for credit losses is not required. The contractual maturities of the Company's short-term and long-term investments as of March 31, 2024 were as follows (in thousands):
| Amortized Cost |  | Fair Value
Due in one year or less | $ | 577,048 |  |  | $ | 573,390 |
Due in one to five years | 187,760 |  |  | 187,922 |
Total | $ | 764,808 |  |  | $ | 761,312 |
CUSTOMER FUNDS The following table presents the assets underlying customer funds (in thousands):
| March 31, 2024 |  | December 31, 2023
Cash | $ | 3,109,317 |  |  | $ | 2,137,634 |
Cash equivalents: |  |  |
Money market funds | 4,645 |  |  | 4,042 |
Reverse repurchase agreement (i) | 932,384 |  |  | 1,028,754 |
Total customer funds | $ | 4,046,346 |  |  | $ | 3,170,430 |
(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 their short-term nature. The amortized cost of investments classified as cash equivalents approximated the fair value due to the short-term nature of the investments.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) -Publisher SEC Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//946-320/tableOfContent Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//940-320/tableOfContent Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration