FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2019

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


	December 31, 2019										December 31, 2018
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Cash Equivalents:
Money market funds	$	213,576	$	—	$	—	$	218,109	$	—	$	—
U.S. agency securities	—		19,976		—		—		46,423		—
Commercial paper	—		—		—		—		—		—


U.S. government securities	46,914		—		—		86,239		—		—
Foreign securities	—		—		—		—		23,981		—
Customer Funds:
Money market funds	233		—		—		18		—		—
U.S. agency securities	—		8,585		—		—		67,282		—
U.S. government securities	245,015		—		—		108,020		—		—
Short-term debt securities:
U.S. agency securities	—		131,522		—		—		80,122		—
Corporate bonds	—		67,721		—		—		109,519		—
Commercial paper	—		—		—		—		—		—
Municipal securities	—		6,776		—		—		27,832		—
U.S. government securities	265,135		—		—		292,267		—		—
Foreign securities	—		21,302		—		—		31,251		—
Long-term debt securities:
U.S. agency securities	—		64,068		—		—		114,560		—
Corporate bonds	—		143,078		—		—		159,252		—
Municipal securities	—		9,706		—		—		28,594		—
U.S. government securities	295,779		—		—		154,124		—		—
Foreign securities	—		24,672		—		—		8,150		—
Other:
Marketable equity investment	—		—		—		45,342		—		—
Total	$	1,066,652	$	497,406	$	—	$	904,119	$	696,966	$	—

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):