INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2019

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	$	—