INVESTMENTS IN DEBT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

The Company's short-term and long-term investments as of March 31, 2022 are as follows (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Short-term debt securities:
U.S. agency securities	$	27,774	$	—	$	(117)	$	27,657
Corporate bonds	301,285		22		(1,637)		299,670
Commercial paper	13,763		—		—		13,763
Municipal securities	4,074		—		(39)		4,035
Certificates of deposit	8,495		—		—		8,495
U.S. government securities	425,679		3		(2,589)		423,093
Foreign government securities	20,187		3		(154)		20,036
Total	$	801,257	$	28	$	(4,536)	$	796,749

Long-term debt securities:
U.S. agency securities	$	148,553	$	8	$	(4,463)	$	144,098
Corporate bonds	581,770		10		(14,881)		566,899
Municipal securities	19,124		—		(606)		18,518
U.S. government securities	606,465		106		(15,700)		590,871
Foreign government securities	13,013		—		(260)		12,753
Total	$	1,368,925	$	124	$	(35,910)	$	1,333,139

The Company's short-term and long-term investments as of December 31, 2021 are as follows (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Short-term debt securities:
U.S. agency securities	$	73,986	$	150	$	(8)	$	74,128
Corporate bonds	293,460		128		(269)		293,319
Commercial paper	36,088		—		—		36,088
Municipal securities	5,543		5		—		5,548
Certificates of deposit	9,200		—		—		9,200
U.S. government securities	430,992		106		(255)		430,843
Foreign government securities	20,256		19		(118)		20,157
Total	$	869,525	$	408	$	(650)	$	869,283

Long-term debt securities:
U.S. agency securities	$	154,454	$	26	$	(1,160)	$	153,320
Corporate bonds	667,699		80		(4,572)		663,207
Municipal securities	22,541		2		(126)		22,417
U.S. government securities	678,553		3		(4,080)		674,476
Foreign government securities	13,084		—		(74)		13,010
Total	$	1,536,331	$	111	$	(10,012)	$	1,526,430

The Company's investments within customer funds as of December 31, 2021 are as follows (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Short-term debt securities:

U.S. agency securities	$	30,002	$	—	$	(8)	$	29,994



U.S. government securities	360,251		—		(191)		360,060
Total	$	390,253	$	—	$	(199)	$	390,054

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, 2022 and December 31, 2021, 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, 2022
	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	$	27,657	$	(117)	$	—	$	—	$	27,657	$	(117)
Corporate bonds	259,332		(1,637)		—		—		259,332		(1,637)

Municipal securities	3,267		(39)		—		—		3,267		(39)

U.S. government securities	390,493		(2,589)		—		—		390,493		(2,589)
Foreign government securities	18,730		(154)		—		—		18,730		(154)
Total	$	699,479	$	(4,536)	$	—	$	—	$	699,479	$	(4,536)

Long-term debt securities:
U.S. agency securities	$	138,033	$	(4,295)	$	4,832	$	(168)	$	142,865	$	(4,463)
Corporate bonds	545,068		(14,400)		16,767		(481)		561,835		(14,881)
Municipal securities	15,418		(606)		—		—		15,418		(606)
U.S. government securities	491,148		(15,700)		—		—		491,148		(15,700)
Foreign government securities	12,753		(260)		—		—		12,753		(260)
Total	$	1,202,420	$	(35,261)	$	21,599	$	(649)	$	1,224,019	$	(35,910)


	December 31, 2021
	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	$	26,749	$	(8)	$	—	$	—	$	26,749	$	(8)
Corporate bonds	241,792		(269)		311		—		242,103		(269)



U.S. government securities	347,380		(255)		—		—		347,380		(255)
Foreign government securities	12,734		(118)		—		—		12,734		(118)
Total	$	628,655	$	(650)	$	311	$	—	$	628,966	$	(650)

Long-term debt securities:
U.S. agency securities	$	151,472	$	(1,160)	$	—	$	—	$	151,472	$	(1,160)
Corporate bonds	627,467		(4,572)		—		—		627,467		(4,572)
Municipal securities	18,616		(126)		—		—		18,616		(126)
U.S. government securities	639,473		(4,080)		—		—		639,473		(4,080)
Foreign government securities	13,010		(74)		—		—		13,010		(74)
Total	$	1,450,038	$	(10,012)	$	—	$	—	$	1,450,038	$	(10,012)

The gross unrealized losses and fair values for those investments that were in an unrealized loss position as of December 31, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position are as follows (in thousands):



	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	$	29,994	$	(8)	$	—	$	—	$	29,994	$	(8)



U.S. government securities	360,060		(191)		—		—		360,060		(191)
Total	$	390,054	$	(199)	$	—	$	—	$	390,054	$	(199)

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, 2022 are as follows (in thousands):


	Amortized Cost		Fair Value
Due in one year or less	$	801,257	$	796,749
Due in one to five years	1,368,925		1,333,139
Total	$	2,170,182	$	2,129,888