XML 31 R31.htm IDEA: XBRL DOCUMENT v3.20.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
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, 2020December 31, 2019
Level 1Level 2Level 3Level 1Level 2Level 3
Cash Equivalents:
Money market funds$696,587  $—  $—  $213,576  $—  $—  
U.S. agency securities—  14,999  —  —  19,976  —  
Commercial paper—  12,999  —  —  —  —  
Time deposits100,296  —  —  —  —  —  
U.S. government securities5,637  —  —  46,914  —  —  
Foreign securities—  5,000  —  —  —  —  
Customer funds:
Money market funds505,553  —  —  233  —  —  
U.S. agency securities—  128,834  —  —  8,585  —  
U.S. government securities177,516  —  —  245,015  —  —  
Short-term debt securities:
U.S. agency securities—  174,128  —  —  131,522  —  
Corporate bonds—  74,863  —  —  67,721  —  
Commercial paper—  2,996  —  —  —  —  
Municipal securities—  8,876  —  —  6,776  —  
U.S. government securities239,620  —  —  265,135  —  —  
Foreign securities—  21,357  —  —  21,302  —  
Long-term debt securities:
U.S. agency securities—  166,313  —  —  64,068  —  
Corporate bonds—  139,975  —  —  143,078  —  
Municipal securities—  8,456  —  —  9,706  —  
U.S. government securities179,369  —  —  295,779  —  —  
Foreign securities—  35,347  —  —  24,672  —  
Total$1,904,578  $794,143  $—  $1,066,652  $497,406  $—  
The estimated fair value and carrying value of the convertible senior notes were as follows (in thousands):
March 31, 2020December 31, 2019
Carrying ValueFair Value (Level 2)Carrying ValueFair Value (Level 2)
2025 Notes
$835,130  $866,330  $—  $—  
2023 Notes756,298  890,143  748,564  962,516  
2022 Notes169,419  427,335  190,268  578,817  
Total$1,760,847  $2,183,808  $938,832  $1,541,333  

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

March 31, 2020December 31, 2019
Carrying ValueFair Value (Level 3)Carrying ValueFair Value (Level 3)
Loans held for sale$160,709  $165,572  $164,834  $173,360  
Total$160,709  $165,572  $164,834  $173,360