
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Short-term debt securities:
U.S. agency securities	$	102,238	$	392	$	(97)	$	102,533

Corporate bonds	137,647		462		(81)		138,028
Commercial paper	80,137		—		—		80,137
Municipal securities	9,531		34		—		9,565
U.S. government securities	270,554		652		—		271,206
Foreign government securities	42,951		113		(79)		42,985
Total	$	643,058	$	1,653	$	(257)	$	644,454

Long-term debt securities:
U.S. agency securities	$	122,027	$	216	$	(38)	$	122,205

Corporate bonds	284,669		734		(497)		284,906
Municipal securities	1,039		12		—		1,051
U.S. government securities	87,957		277		(66)		88,168
Foreign government securities	26,090		137		(15)		26,212
Total	$	521,782	$	1,376	$	(616)	$	522,542


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Short-term debt securities:
U.S. agency securities	$	153,386	$	782	$	(164)	$	154,004
Corporate bonds	76,957		256		(14)		77,199
Commercial paper	4,999		—		—		4,999
Municipal securities	10,377		57		(3)		10,431
U.S. government securities	404,194		1,244		(4)		405,434
Foreign government securities	42,988		139		(82)		43,045
Total	$	692,901	$	2,478	$	(267)	$	695,112

Long-term debt securities:
U.S. agency securities	$	168,762	$	519	$	(3)	$	169,278
Corporate bonds	174,655		1,401		(42)		176,014
Municipal securities	1,045		15		—		1,060
U.S. government securities	91,642		433		(2)		92,073
Foreign government securities	25,351		184		(10)		25,525
Total	$	461,455	$	2,552	$	(57)	$	463,950

The Company's gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2021 and December 31, 2020, aggregated by investment category and the length of time that individual securities have been in a continuous loss position are as follows (in thousands):


	March 31, 2021
	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	$	40,196	$	(97)	$	—	$	—	$	40,196	$	(97)
Corporate bonds	75,260		(81)		—		—		75,260		(81)


Foreign government securities	19,836		(79)		—		—		19,836		(79)
Total	$	135,292	$	(257)	$	—	$	—	$	135,292	$	(257)

Long-term debt securities:
U.S. agency securities	$	49,311	$	(38)	$	—	$	—	$	49,311	$	(38)

Corporate bonds	160,854		(497)		—		—		160,854		(497)

U.S. government securities	67,138		(66)		—		—		67,138		(66)
Foreign government securities	10,223		(15)		—		—		10,223		(15)
Total	$	287,526	$	(616)	$	—	$	—	$	287,526	$	(616)


	December 31, 2020
	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	$	41,711	$	(162)	$	2,505	$	(2)	$	44,216	$	(164)
Corporate bonds	15,255		(14)		—		—		15,255		(14)
Municipal securities	2,566		(3)		—		—		2,566		(3)
U.S. government securities	45,970		(4)		—		—		45,970		(4)
Foreign government securities	21,341		(82)		—		—		21,341		(82)
Total	$	126,843	$	(265)	$	2,505	$	(2)	$	129,348	$	(267)

Long-term debt securities:
U.S. agency securities	$	1,406	$	(3)	$	—	$	—	$	1,406	$	(3)
Corporate bonds	28,189		(42)		—		—		28,189		(42)

U.S. government securities	8,658		(2)		—		—		8,658		(2)
Foreign government securities	10,929		(10)		—		—		10,929		(10)
Total	$	49,182	$	(57)	$	—	$	—	$	49,182	$	(57)

The U.S. government and U.S. agency securities are either explicitly or implicitly guaranteed by the U.S. government and are highly rated by major rating agencies. The corporate bonds are issued by highly rated entities. The foreign government securities are issued by highly rated international entities. The Company has the ability and intent to hold these investments with unrealized losses for a reasonable period of time sufficient for the recovery of their amortized cost bases, which may be at maturity. The Company determines any realized gains or losses on the sale of marketable debt securities on a specific identification method, and records such gains and losses as a component of other expense, net.


	March 31, 2021		December 31, 2020
Cash	$	20,584	$	145,577
Customer funds in transit	—		262,562
Cash Equivalents:
Money market funds	1,655,962		777,193
Reverse repurchase agreement (i)	921,906		246,880
U.S. agency securities	—		47,300
U.S. government securities	—		111,796
Short-term debt securities:
U.S. agency securities	39,521		113,178
U.S. government securities	338,455		333,346
Total	$	2,976,428	$	2,037,832

(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 the short-term nature.


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Short-term debt securities:
U.S. agency securities	$	39,517	$	4	$	—	$	39,521
U.S. government securities	338,395		61		(1)		338,455
Total	$	377,912	$	65	$	(1)	$	377,976


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Short-term debt securities:
U.S. agency securities	$	113,156	$	22	$	—	$	113,178
U.S. government securities	333,323		28		(5)		333,346
Total	$	446,479	$	50	$	(5)	$	446,524

The gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2021 and December 31, 2020, aggregated by investment category and the length of time that individual securities have been in a continuous loss position are as follows (in thousands):


	March 31, 2021
	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. government securities	$	25,479	$	(1)	$	—	$	—	$	25,479	$	(1)
Total	$	25,479	$	(1)	$	—	$	—	$	25,479	$	(1)


	December 31, 2020
	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. government securities	$	73,609	$	(5)	$	—	$	—	$	73,609	$	(5)
Total	$	73,609	$	(5)	$	—	$	—	$	73,609	$	(5)

The unrealized losses above were caused by interest rate changes. The U.S. government securities are either explicitly or implicitly guaranteed by the U.S. government and are highly rated by major rating agencies. The Company has the ability and intent to hold these investments with unrealized losses for a reasonable period of time sufficient for the recovery of their amortized cost bases, which may be at maturity. The Company determines any realized gains or losses on the sale of marketable debt securities on a specific identification method, and records such gains and losses as a component of other expense, net.