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INVESTMENTS IN DEBT SECURITIES
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS IN DEBT SECURITIES INVESTMENTS IN DEBT SECURITIES
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  
        
The Company's short-term and long-term investments as of December 31, 2018 are as follows (in thousands):

Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$80,160  $32  $(70) $80,122  
Corporate bonds109,807  80  (368) 109,519  
Municipal securities27,839  52  (59) 27,832  
U.S. government securities292,615  161  (509) 292,267  
Foreign securities31,263  4  (16) 31,251  
Total$541,684  $329  $(1,022) $540,991  
Long-term debt securities:
U.S. agency securities$114,444  $194  $(78) $114,560  
Corporate bonds159,783  419  (950) 159,252  
Municipal securities28,453  167  (26) 28,594  
U.S. government securities153,743  553  (172) 154,124  
Foreign securities8,122  28  —  8,150  
Total$464,545  $1,361  $(1,226) $464,680  

The amortized cost of investments classified as cash equivalents approximated the fair value due to the short-term nature of the investments.

For the years ended December 31, 2019, 2018 and 2017, gains or losses realized on the sale of investments were not material. Investments are reviewed periodically to identify possible other-than-temporary impairments. As the Company has
the ability and intent to hold these investments with unrealized losses for a reasonable period of time sufficient for the recovery of fair value, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired for any of the periods presented.

The Company's gross unrealized losses and fair values for those investments that were in an unrealized loss position as of December 31, 2019 and 2018, aggregated by investment category and the length of time that individual securities have been in a continuous loss position are as follows (in thousands):


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) 
Municipal securities1,004  —  —  —  1,004  —  
U.S. government securities21,481  (8) 14,984  (9) 36,465  (17) 
Foreign securities13,499  (16) —  —  13,499  (16) 
Total$65,387  $(60) $22,482  $(12) $87,869  $(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) 


December 31, 2018
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$78,134  $(70) $—  $—  $78,134  $(70) 
Corporate bonds38,052  (61) 62,479  (307) 100,531  (368) 
Municipal securities2,251  (1) 22,915  (58) 25,166  (59) 
U.S. government securities240,979  (148) 41,131  (361) 282,110  (509) 
Foreign securities27,280  (16) —  —  27,280  (16) 
Total$386,696  $(296) $126,525  $(726) $513,221  $(1,022) 
Long-term debt securities:
U.S. agency securities$20,504  $(29) $10,133  $(49) $30,637  $(78) 
Corporate bonds119,333  (824) 20,306  (126) 139,639  (950) 
Municipal securities9,701  (14) 3,260  (12) 12,961  (26) 
U.S. government securities25,850  (32) 24,576  (140) 50,426  (172) 
Foreign securities1,000  —  —  —  1,000  —  
Total$176,388  $(899) $58,275  $(327) $234,663  $(1,226) 
The contractual maturities of the Company's short-term and long-term investments as of December 31, 2019 are as follows (in thousands):

Amortized CostFair Value
Due in one year or less$490,299  $492,456  
Due in one to five years533,853  537,303  
Total$1,024,152  $1,029,759  
CUSTOMER FUNDS
The following table presents the assets underlying customer funds (in thousands):

December 31,
2019		December 31,
2018
Cash$422,459  $158,697  
Cash Equivalents:
Money market funds233  18  
U.S. agency securities8,585  39,991  
U.S. government securities6,984  35,349  
Short-term debt securities:
U.S. agency securities—  27,291  
U.S. government securities238,031  72,671  
Total$676,292  $334,017  

        

The Company's investments within customer funds as of December 31, 2019 are as follows (in thousands):
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. government securities$237,909  $144  $(22) $238,031  
Total$237,909  $144  $(22) $238,031  


The Company's investments within customer funds as of December 31, 2018 are as follows (in thousands):

Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$27,293  $2  $(4) $27,291  
U.S. government securities72,662  12  (3) 72,671  
Total$99,955  $14  $(7) $99,962  
        
The amortized cost of investments classified as cash equivalents approximated the fair value due to the short-term nature of the investments.

For the periods presented, gains or losses realized on the sale of investments were not material. Investments are reviewed periodically to identify possible other-than-temporary impairments. As the Company has the ability and intent to hold these investments with unrealized losses for a reasonable period of time sufficient for the recovery of fair value, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired for any of the periods presented.
        
The gross unrealized losses and fair values for those investments that were in an unrealized loss position as of December 31, 2019 and 2018, aggregated by investment category and the length of time that individual securities have been in a continuous loss position are as follows (in thousands):

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) 


December 31, 2018
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$11,843  $(4) $—  $—  $11,843  $(4) 
U.S. government securities34,818  (3) —  —  34,818  (3) 
Total$46,661  $(7) $—  $—  $46,661  $(7) 





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

Amortized CostFair Value
Due in one year or less$237,909  $238,031  
Due in one to five years—  —  
Total$237,909  $238,031