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INVESTMENTS IN DEBT SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Short-term and Long-term Investments
The Company's short-term and long-term investments as of March 31, 2021 are as follows (in thousands):

Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$102,238 $392 $(97)$102,533 
Corporate bonds137,647 462 (81)138,028 
Commercial paper80,137 — — 80,137 
Municipal securities9,531 34 — 9,565 
U.S. government securities270,554 652 — 271,206 
Foreign government securities42,951 113 (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 bonds284,669 734 (497)284,906 
Municipal securities1,039 12 — 1,051 
U.S. government securities87,957 277 (66)88,168 
Foreign government securities26,090 137 (15)26,212 
Total$521,782 $1,376 $(616)$522,542 

The Company's short-term and long-term investments as of December 31, 2020 are as follows (in thousands):

Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$153,386 $782 $(164)$154,004 
Corporate bonds76,957 256 (14)77,199 
Commercial paper4,999 — — 4,999 
Municipal securities10,377 57 (3)10,431 
U.S. government securities404,194 1,244 (4)405,434 
Foreign government securities42,988 139 (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 bonds174,655 1,401 (42)176,014 
Municipal securities1,045 15 — 1,060 
U.S. government securities91,642 433 (2)92,073 
Foreign government securities25,351 184 (10)25,525 
Total$461,455 $2,552 $(57)$463,950 
The Company's investments within customer funds as of March 31, 2021 are as follows (in thousands):

Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$39,517 $4 $— $39,521 
U.S. government securities338,395 61 (1)338,455 
Total$377,912 $65 $(1)$377,976 
The Company's investments within customer funds as of December 31, 2020 are as follows (in thousands):

Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$113,156 $22 $— $113,178 
U.S. government securities333,323 28 (5)333,346 
Total$446,479 $50 $(5)$446,524 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
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 monthsGreater than 12 monthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term debt securities:
U.S. agency securities$40,196 $(97)$— $— $40,196 $(97)
Corporate bonds75,260 (81)— — 75,260 (81)
Foreign government securities19,836 (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 bonds160,854 (497)— — 160,854 (497)
U.S. government securities67,138 (66)— — 67,138 (66)
Foreign government securities10,223 (15)— — 10,223 (15)
Total$287,526 $(616)$— $— $287,526 $(616)


December 31, 2020
Less than 12 monthsGreater than 12 monthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term debt securities:
U.S. agency securities$41,711 $(162)$2,505 $(2)$44,216 $(164)
Corporate bonds15,255 (14)— — 15,255 (14)
Municipal securities2,566 (3)— — 2,566 (3)
U.S. government securities45,970 (4)— — 45,970 (4)
Foreign government securities21,341 (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 bonds28,189 (42)— — 28,189 (42)
U.S. government securities8,658 (2)— — 8,658 (2)
Foreign government securities10,929 (10)— — 10,929 (10)
Total$49,182 $(57)$— $— $49,182 $(57)
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 monthsGreater than 12 monthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross 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 monthsGreater than 12 monthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term debt securities:
U.S. government securities$73,609 $(5)$— $— $73,609 $(5)
Total$73,609 $(5)$— $— $73,609 $(5)
Contractual Maturities of Short-Term and Long-Term Investments
The contractual maturities of the Company's short-term and long-term investments as of March 31, 2021 are as follows (in thousands):

Amortized CostFair Value
Due in one year or less$643,058 $644,454 
Due in one to five years521,782 522,542 
Total$1,164,840 $1,166,996 
The contractual maturities of the Company's investments within customer funds as of March 31, 2021 are as follows (in thousands):

Amortized CostFair Value
Due in one year or less$377,912 $377,976 
Due in one to five years— — 
Total$377,912 $377,976