CUSTOMER FUNDS (Tables)

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Assets Underlying Customer Funds

The following table presents the assets underlying customer funds (in thousands):

	March 31, 2020		December 31, 2019
Cash	$	132,908	$	422,459
Cash Equivalents:
Money market funds	505,553		233
U.S. agency securities	9,999		8,585
U.S. government securities	—		6,984
Short-term debt securities:
U.S. agency securities	118,835		—
U.S. government securities	177,516		238,031
Total	$	944,811	$	676,292

Investments within Customer Funds

The Company's investments within customer funds as of March 31, 2020 are as follows (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Short-term debt securities:
U.S. agency securities	$	118,750	$	100	$	(15)	$	118,835
U.S. government securities	176,750		821		(55)		177,516
Total	$	295,500	$	921	$	(70)	$	296,351

The Company's investments within customer funds as of December 31, 2019 are as follows (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Short-term debt securities:
U.S. government securities	$	237,909	$	144	$	(22)	$	238,031
Total	$	237,909	$	144	$	(22)	$	238,031

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 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	$	26,172	$	(208)	$	—	$	—	$	26,172	$	(208)
Corporate bonds	61,012		(627)		—		—		61,012		(627)
Municipal securities	5,342		(5)		—		—		5,342		(5)
U.S. government securities	24,028		(114)		—		—		24,028		(114)
Foreign securities	4,209		(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 bonds	106,455		(2,161)		—		—		106,455		(2,161)
Municipal securities	489		(40)		—		—		489		(40)
U.S. government securities	9,061		(587)		—		—		9,061		(587)
Foreign securities	2,003		(18)		—		—		2,003		(18)
Total	$	141,045	$	(3,272)	$	—	$	—	$	141,045	$	(3,272)

	December 31, 2019
	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	$	23,896	$	(9)	$	4,996	$	(2)	$	28,892	$	(11)
Corporate bonds	5,507		(27)		2,502		(1)		8,009		(28)
U.S. government securities	21,481		(8)		14,984		(9)		36,465		(17)
Foreign securities	13,499		(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 bonds	16,708		(61)		—		—		16,708		(61)
Municipal securities	1,005		(39)		—		—		1,005		(39)
U.S. government securities	42,210		(162)		—		(28)		42,210		(190)
Foreign securities	16,383		(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 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	$	39,934	$	(15)	$	—	$	—	$	39,934	$	(15)
U.S. government securities	3,999		(55)		—		—		3,999		(55)
Total	$	43,933	$	(70)	$	—	$	—	$	43,933	$	(70)

	December 31, 2019
	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	$	56,984	$	(22)	$	—	$	—	$	56,984	$	(22)
Total	$	56,984	$	(22)	$	—	$	—	$	56,984	$	(22)

Contractual Maturities of Investments within Customer Funds

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

	Amortized Cost		Fair Value
Due in one year or less	$	520,017	$	521,840
Due in one to five years	528,798		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 Cost		Fair Value
Due in one year or less	$	295,500	$	296,351
Due in one to five years	—		—
Total	$	295,500	$	296,351