FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2021

The Company’s financial assets and liabilities that are measured at fair value on a recurring basis are classified as follows (in thousands):


	December 31, 2021						December 31, 2020
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Cash Equivalents:
Money market funds	$	2,344,768	$	—	$	—	$	1,694,736	$	—	$	—
U.S. agency securities	—		22,999		—		—		41,186		—
Certificates of deposit	—		4,983		—		—		—		—

Corporate bonds	—		790		—		—		—		—

U.S. government securities	—		—		—		15,000		—		—

Customer funds:
Money market funds	2,126,579		—		—		777,193		—		—
Reverse repurchase agreement	72,119		—		—		246,880		—		—
U.S. agency securities	—		29,994		—		—		160,478		—
U.S. government securities	360,060		—		—		445,142		—		—
Short-term debt securities:
U.S. agency securities	—		74,128		—		—		154,004		—
Certificates of deposit	—		9,200		—		—		—		—
Corporate bonds	—		293,319		—		—		77,199		—
Commercial paper	—		36,088		—		—		4,999		—
Municipal securities	—		5,548		—		—		10,431		—
U.S. government securities	430,843				—		405,434		—		—
Foreign government securities	—		20,157		—		—		43,045		—
Long-term debt securities:
U.S. agency securities	—		153,320		—		—		169,278		—
Corporate bonds	—		663,207		—		—		176,014		—
Municipal securities	—		22,417		—		—		1,060		—
U.S. government securities	674,476		—		—		92,073		—		—
Foreign government securities	—		13,010		—		—		25,525		—
Other:
Investment in marketable equity security	—		—		—		376,258		—		—
Total	$	6,008,845	$	1,349,160	$	—	$	4,052,716	$	863,219	$	—

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 is as follows (in thousands):