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INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the fair value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020, respectively (in thousands):
| Total Carrying Value |  | Level 1 |  | Level 2 |  | Level 3
September 30, 2021 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Funds held for clients |  |  |  |  |  |  |
Money market funds | $ | 2,409 |  |  | $ | 2,409 |  |  | $ | — |  |  | $ | — |
Available-for-sale securities | 17,451 |  |  | — |  |  | 17,451 |  |  | — |
Total | $ | 19,860 |  |  | $ | 2,409 |  |  | $ | 17,451 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Contingent purchase consideration(1) | $ | 4,943 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,943 |
Total | $ | 4,943 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,943 |
December 31, 2020 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
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(1) | $ | 3,880 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,880 |
Total | $ | 3,880 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,880 |
Debt Securities, Available-for-sale | Restricted cash equivalents and investments classified as available-for-sale within funds held for clients consisted of the following (in thousands):
| Amortized Cost |  | Gross Unrealized Gains (1) |  | Gross Unrealized Losses (1) |  | Aggregate Estimated Fair Value
September 30, 2021 |  |  |  |  |  |  |
Restricted cash equivalents | $ | 1,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,000 |
Available-for-sale securities: |  |  |  |  |  |  |
Certificates of deposit | 5,153 |  |  | 93 |  |  | (4) |  |  | 5,242 |
Corporate debt securities | 8,085 |  |  | 160 |  |  | (5) |  |  | 8,240 |
Municipal bonds | 3,427 |  |  | 52 |  |  | (5) |  |  | 3,474 |
U.S. Government agency securities | 500 |  |  | — |  |  | (5) |  |  | 495 |
Total available-for-sale securities | 17,165 |  |  | 305 |  |  | (19) |  |  | 17,451 |
Total(2) | $ | 18,165 |  |  | $ | 305 |  |  | $ | (19) |  |  | $ | 18,451 |
December 31, 2020 |  |  |  |  |  |  |
Restricted cash equivalents | $ | 1,258 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,258 |
Available-for-sale securities: |  |  |  |  |  |  |
Certificates of deposit | 7,370 |  |  | 204 |  |  | — |  |  | 7,574 |
Corporate debt securities | 8,914 |  |  | 295 |  |  | (1) |  |  | 9,208 |
Municipal bonds | 7,276 |  |  | 103 |  |  | (1) |  |  | 7,378 |
U.S. Government agency securities | 500 |  |  | 1 |  |  | — |  |  | 501 |
Total available-for-sale securities | 24,060 |  |  | 603 |  |  | (2) |  |  | 24,661 |
Total(2) | $ | 25,318 |  |  | $ | 603 |  |  | $ | (2) |  |  | $ | 25,919 |
(1)Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive income (loss). As of September 30, 2021 and December 31, 2020, there were 42 and 69 securities, respectively, in an unrealized gain position and there were 9 and 2 securities in an unrealized loss position, respectively. As of September 30, 2021, these unrealized losses were less than $6 individually and $19 in the aggregate. As of December 31, 2020, these unrealized losses were less than $2 individually and $2 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, 2021 and December 31, 2020, none of these securities were classified as cash and cash equivalents on the accompanying Condensed Consolidated Balance Sheets. Funds held for clients represent assets that the Company has classified as restricted for use solely for the purposes of satisfying the obligations to remit funds relating to the Company’s payroll and payroll tax filing services, which are classified as client funds obligations on our Condensed Consolidated Balance Sheets. Funds held for clients have been invested in the following categories (in thousands):
| September 30, 2021 |  | December 31, 2020
Restricted cash and cash equivalents held to satisfy client funds obligations | $ | 157,303 |  |  | $ | 296,408 |
Restricted short-term marketable securities held to satisfy client funds obligations | 3,297 |  |  | 4,249 |
Restricted long-term marketable securities held to satisfy client funds obligations | 14,154 |  |  | 20,412 |
Total funds held for clients | $ | 174,754 |  |  | $ | 321,069 |
Investments Classified by Contractual Maturity Date | Expected maturities of available-for-sale securities as of September 30, 2021 are as follows (in thousands):
One year or less | $ | 3,297 |
After one year through five years | 14,154 |
| $ | 17,451 |

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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://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=123874694&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=123874694&loc=d3e19207-110258 + Details
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