FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2021

The Company’s financial assets and liabilities that are measured at fair value on a recurring basis are classified as follows (in thousands):


	March 31, 2021						December 31, 2020
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Cash Equivalents:
Money market funds	$	1,204,799	$	—	$	—	$	1,694,736	$	—	$	—
Mutual funds	18,973		—		—		—		—		—
U.S. agency securities	—		—		—		—		41,186		—
Commercial paper	—		38,995		—		—		—		—
Corporate bonds	—		490		—		—		—		—

U.S. government securities	7,900		—		—		15,000		—		—


Customer funds:
Money market funds	1,655,962		—		—		777,193		—		—
Reverse repurchase agreement	921,906		—		—		246,880		—		—
U.S. agency securities	—		39,521		—		—		160,478		—
U.S. government securities	338,455		—		—		445,142		—		—
Short-term debt securities:
U.S. agency securities	—		102,533		—		—		154,004		—
Corporate bonds	—		138,028		—		—		77,199		—
Commercial paper	—		80,137		—		—		4,999		—
Municipal securities	—		9,565		—		—		10,431		—
U.S. government securities	271,206		—		—		405,434		—		—
Foreign government securities	—		42,985		—		—		43,045		—
Long-term debt securities:
U.S. agency securities	—		122,205		—		—		169,278		—
Corporate bonds	—		284,906		—		—		176,014		—
Municipal securities	—		1,051		—		—		1,060		—
U.S. government securities	88,168		—		—		92,073		—		—
Foreign government securities	—		26,212		—		—		25,525		—
Other:
Investment in marketable equity security	328,384		—		—		376,258		—		—
Total	$	4,835,753	$	886,628	$	—	$	4,052,716	$	863,219	$	—

The estimated fair value and carrying value of the convertible senior notes were as follows (in thousands):

The estimated fair value and carrying value of loans held for sale is as follows (in thousands):