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INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 2020
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
December 31, 2020: |  |  |  |  |  |  |
Funds Held for Clients (2) |  |  |  |  |  |  |
Certificates of deposit | $ | 7,370 |  |  | $ | 204 |  |  | $ | — |  |  | $ | 7,574 |
Corporate debt securities | 9,415 |  |  | 297 |  |  | (1) |  |  | 9,711 |
Municipal bonds | 7,531 |  |  | 103 |  |  | (1) |  |  | 7,633 |
US Government agency securities | 500 |  |  | 1 |  |  | — |  |  | 501 |
Asset-backed securities | 499 |  |  | 1 |  |  | — |  |  | 500 |
Total | $ | 25,315 |  |  | $ | 606 |  |  | $ | (2) |  |  | $ | 25,919 |
December 31, 2019: |  |  |  |  |  |  |
Funds Held for Clients (2) |  |  |  |  |  |  |
Certificates of deposit | $ | 8,828 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 8,839 |
Corporate debt securities | 6,883 |  |  | 6 |  |  | (9) |  |  | 6,880 |
Municipal bonds | 6,383 |  |  | 6 |  |  | (7) |  |  | 6,382 |
US Government agency securities | 1,000 |  |  | — |  |  | — |  |  | 1,000 |
Asset-backed securities | 1,067 |  |  | — |  |  | (32) |  |  | 1,035 |
Total | $ | 24,161 |  |  | $ | 23 |  |  | $ | (48) |  |  | $ | 24,136 |
(1)Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At December 31, 2020, there were 69 securities in an unrealized gain position and there were 2 securities in an unrealized loss position. These unrealized losses were less than $(1) individually and $(2) in the aggregate. These securities have not been in a continuous unrealized gain or loss position for more than 12 months. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. The Company reviews its investments to identify and evaluate investments that have an indication of 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 the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. (2)At December 31, 2020 and 2019, none of these securities were classified as cash and cash equivalents on the Company’s balance sheet.
Expected Maturities of Available-for-sale Securities | Expected maturities of available-for-sale securities as of December 31, 2020 are as follows:
One year or less | $ | 5,507 |
After one year through five years | 20,412 |
After five years through 10 years | — |
After 10 years | — |
| $ | 25,919 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the fair value hierarchy for our financial assets measured at fair value on a recurring basis as of December 31, 2020 and December 31, 2019, respectively:
|  |  | Fair Value Measure at December 31, 2020
| Total Carrying Value at December 31, 2020 |  | Quoted Prices in Active Market (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 5,204 |  |  | $ | 5,204 |  |  | $ | — |  |  | $ | — |
Funds held for clients |  |  |  |  |  |  |
Money market funds | 63,999 |  |  | 63,999 |  |  | — |  |  | — |
Available-for-sale securities | 25,919 |  |  | — |  |  | 25,919 |  |  | — |
Total | $ | 95,122 |  |  | $ | 69,203 |  |  | $ | 25,919 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Contingent purchase consideration | $ | 3,880 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,880 |
Total | $ | 3,880 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,880 |
|  |  | Fair Value Measure at December 31, 2019
| Total Carrying Value at December 31, 2019 |  | Quoted Prices in Active Market (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Funds held for clients |  |  |  |  |  |  |
Money market funds | $ | 48,500 |  |  | $ | 48,500 |  |  | $ | — |  |  | $ | — |
Available-for-sale securities | 24,136 |  |  | — |  |  | 24,136 |  |  | — |
Total | $ | 72,636 |  |  | $ | 48,500 |  |  | $ | 24,136 |  |  | $ | — |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation |
Balance at January 1, 2020 |  | $ | — |
Purchase |  | 2,745 |
Net realized / unrealized losses |  | 1,135 |
Balance at December 31, 2020 |  | $ | 3,880 |

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 + 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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