FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022						December 31, 2021
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	1,259,739	$	—	$	—	$	2,344,768	$	—	$	—

U.S. agency securities	—		—		—		—		22,999		—
Certificates of deposit	—		—		—		—		4,983		—
Commercial paper	—		16,991		—		—		—		—
Corporate bonds	—		4,944		—		—		790		—

U.S. government securities	56,999		—		—		—		—		—
Municipal securities	—		3,914		—		—		—		—

Customer funds:
Money market funds	187,782		—		—		2,126,579		—		—
Reverse repurchase agreement	670,187		—		—		72,119		—		—
U.S. agency securities	—		—		—		—		29,994		—
U.S. government securities	—		—		—		360,060		—		—
Short-term debt securities:
U.S. agency securities	—		27,657		—		—		74,128		—
Certificates of deposit	—		8,495		—		—		9,200		—
Corporate bonds	—		299,670		—		—		293,319		—
Commercial paper	—		13,763		—		—		36,088		—
Municipal securities	—		4,035		—		—		5,548		—
U.S. government securities	423,093		—		—		430,843				—
Foreign government securities	—		20,036		—		—		20,157		—
Long-term debt securities:
U.S. agency securities	—		144,098		—		—		153,320		—
Corporate bonds	—		566,899		—		—		663,207		—
Municipal securities	—		18,518		—		—		22,417		—
U.S. government securities	590,871		—		—		674,476		—		—
Foreign government securities	—		12,753		—		—		13,010		—
Other:
Investment in marketable equity security	22,186		—		—		—		—		—
Total	$	3,210,857	$	1,141,773	$	—	$	6,008,845	$	1,349,160	$	—

The estimated fair value and carrying value of the convertible and senior notes were as follows (in thousands):

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