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INVESTMENTS IN DEBT SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2020
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, 2020 are as follows (in thousands):

Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$173,424  $912  $(208) $174,128  
Corporate bonds75,440  50  (627) 74,863  
Commercial paper2,996  —  —  2,996  
Municipal securities8,837  44  (5) 8,876  
U.S. government securities238,012  1,722  (114) 239,620  
Foreign securities21,308  52  (3) 21,357  
Total$520,017  $2,780  $(957) $521,840  
Long-term debt securities:
U.S. agency securities$166,075  $704  $(466) $166,313  
Corporate bonds141,920  216  (2,161) 139,975  
Municipal securities8,464  32  (40) 8,456  
U.S. government securities177,308  2,648  (587) 179,369  
Foreign securities35,031  334  (18) 35,347  
Total$528,798  $3,934  $(3,272) $529,460  

The Company's short-term and long-term investments as of December 31, 2019 are as follows (in thousands):

Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$131,124  $409  $(11) $131,522  
Corporate bonds67,169  580  (28) 67,721  
Municipal securities6,667  109  —  6,776  
U.S. government securities264,069  1,083  (17) 265,135  
Foreign securities21,270  48  (16) 21,302  
Total$490,299  $2,229  $(72) $492,456  
Long-term debt securities:
U.S. agency securities$63,645  $612  $(189) $64,068  
Corporate bonds141,307  1,832  (61) 143,078  
Municipal securities9,594  151  (39) 9,706  
U.S. government securities294,682  1,287  (190) 295,779  
Foreign securities24,625  86  (39) 24,672  
Total$533,853  $3,968  $(518) $537,303  
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, 2020 and December 31, 2019, 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, 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$26,172  $(208) $—  $—  $26,172  $(208) 
Corporate bonds61,012  (627) —  —  61,012  (627) 
Municipal securities5,342  (5) —  —  5,342  (5) 
U.S. government securities24,028  (114) —  —  24,028  (114) 
Foreign securities4,209  (3) —  —  4,209  (3) 
Total$120,763  $(957) $—  $—  $120,763  $(957) 
Long-term debt securities:
U.S. agency securities$23,037  $(466) $—  $—  $23,037  $(466) 
Corporate bonds106,455  (2,161) —  —  106,455  (2,161) 
Municipal securities489  (40) —  —  489  (40) 
U.S. government securities9,061  (587) —  —  9,061  (587) 
Foreign securities2,003  (18) —  —  2,003  (18) 
Total$141,045  $(3,272) $—  $—  $141,045  $(3,272) 


December 31, 2019
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$23,896  $(9) $4,996  $(2) $28,892  $(11) 
Corporate bonds5,507  (27) 2,502  (1) 8,009  (28) 
U.S. government securities21,481  (8) 14,984  (9) 36,465  (17) 
Foreign securities13,499  (16) —  —  13,499  (16) 
Total$64,383  $(60) $22,482  $(12) $86,865  $(72) 
Long-term debt securities:
U.S. agency securities$16,740  $(189) $—  $—  $16,740  $(189) 
Corporate bonds16,708  (61) —  —  16,708  (61) 
Municipal securities1,005  (39) —  —  1,005  (39) 
U.S. government securities42,210  (162) —  (28) 42,210  (190) 
Foreign securities16,383  (39) —  —  16,383  (39) 
Total$93,046  $(490) $—  $(28) $93,046  $(518) 
The gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2020 and December 31, 2019, 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, 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$39,934  $(15) $—  $—  $39,934  $(15) 
U.S. government securities3,999  (55) —  —  3,999  (55) 
Total$43,933  $(70) $—  $—  $43,933  $(70) 


December 31, 2019
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$56,984  $(22) $—  $—  $56,984  $(22) 
Total$56,984  $(22) $—  $—  $56,984  $(22) 
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, 2020 are as follows (in thousands):

Amortized CostFair Value
Due in one year or less$520,017  $521,840  
Due in one to five years528,798  529,460  
Total$1,048,815  $1,051,300  
The contractual maturities of the Company's investments within customer funds as of March 31, 2020 are as follows (in thousands):

Amortized CostFair Value
Due in one year or less$295,500  $296,351  
Due in one to five years—  —  
Total$295,500  $296,351