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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.

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- Definition

The entire disclosure for investments in certain debt and equity securities.

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-Name Accounting Standards Codification
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