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INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2019
Fair Value Disclosures [Abstract] |
Available-for-Sale Securities | Investments classified as available-for-sale consisted of the following:
| Amortized Cost |  | Gross Unrealized Gains (1) |  | Gross Unrealized Losses (1) |  | Aggregate Estimated Fair Value
September 30, 2019: |  |  |  |  |  |  |
Funds Held for Clients (2) |  |  |  |  |  |  |
Certificates of deposit | $ | 5,888 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 5,894 |
Municipal bonds | 4,986 |  |  | 58 |  |  | (43 | ) |  | 5,001 |
Corporate debt securities | 3,059 |  |  | — |  |  | (3 | ) |  | 3,056 |
US Government agency securities | 2,262 |  |  | 27 |  |  | (10 | ) |  | 2,279 |
Asset-backed securities | 1,557 |  |  | 50 |  |  | (33 | ) |  | 1,574 |
Other securities | 1,030 |  |  | $ | — |  |  | $ | (28 | ) |  | 1,002 |
Total | $ | 18,782 |  |  | $ | 141 |  |  | $ | (117 | ) |  | $ | 18,806 |
December 31, 2018: |  |  |  |  |  |  |
Funds Held for Clients (2) |  |  |  |  |  |  |
Corporate debt securities | $ | 4,334 |  |  | $ | 21 |  |  | $ | (99 | ) |  | $ | 4,256 |
(1) | Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At September 30, 2019 and December 31, 2018, there were 63 and 26 securities, respectively, in an unrealized gain position and there were 32 and 32 securities, respectively, in an unrealized loss position. As of September 30, 2019 and December 31, 2018, these unrealized losses were less than $30 individually and $117 in the aggregate. These securities have not been in a continuous unrealized gain or loss position for more than 12 months. We do not intend to sell these investments and we do not expect to sell these investments before recovery of their amortized cost basis, which may be at maturity. We review our investments to identify and evaluate investments that indicate possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and our intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.
(2) | At September 30, 2019 and December 31, 2018, none of these securities were classified as cash and cash equivalents on the accompanying condensed consolidated balance sheet.
Expected Maturities of Available-for-Sale Securities | Expected maturities of available-for-sale securities as of September 30, 2019 are as follows:
One year or less | $ | 3,681 |
After one year through five years | 11,422 |
After five years through 10 years | 234 |
After 10 years | 3,469 |
| $ | 18,806 |
Fair Value Hierarchy for Financial Assets | The following table presents the fair value hierarchy for our financial assets measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018, respectively:
|  |  | Fair Value Measure at September 30, 2019
| Total Carrying Value at September 30, 2019 |  | Quoted Prices in Active Market (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 11,588 |  |  | $ | 11,588 |  |  | $ | — |  |  | $ | — |
Funds held for clients |  |  |  |  |  |  |
Money market funds | 23,508 |  |  | 23,508 |  |  | — |  |  | — |
Available-for-sale securities | 18,806 |  |  | — |  |  | 18,806 |  |  | — |
Total | $ | 53,902 |  |  | $ | 35,096 |  |  | $ | 18,806 |  |  | $ | — |
|  |  | Fair Value Measure at December 31, 2018
| Total Carrying Value at December 31, 2018 |  | Quoted Prices in Active Market (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 8,111 |  |  | $ | 8,111 |  |  | $ | — |  |  | $ | — |
Funds held for clients |  |  |  |  |  |  |
Money market funds | — |  |  | — |  |  | — |  |  | — |
Available-for-sale securities | 4,256 |  |  | — |  |  | 4,256 |  |  | — |
Total | $ | 12,367 |  |  | $ | 8,111 |  |  | $ | 4,256 |  |  | $ | — |

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- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 + Details
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