| Summary of Fair Value of Assets and Liabilities Measured on Recurring Basis |
The following tables set forth the fair value of assets and liabilities that were measured at fair value on a recurring basis based on the three-tier fair value hierarchy as of the dates presented (in thousands):
|
|
|
December 31, 2020 |
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
1,174,496 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,174,496 |
|
|
Corporate bonds |
|
|
— |
|
|
|
5,599 |
|
|
|
— |
|
|
|
5,599 |
|
|
|
|
|
1,174,496 |
|
|
|
5,599 |
|
|
|
— |
|
|
|
1,180,095 |
|
|
Short-term investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. treasury securities |
|
|
40,109 |
|
|
|
— |
|
|
|
— |
|
|
|
40,109 |
|
|
Corporate bonds |
|
|
— |
|
|
|
108,336 |
|
|
|
— |
|
|
|
108,336 |
|
|
Certificates of deposit |
|
|
— |
|
|
|
1,685 |
|
|
|
— |
|
|
|
1,685 |
|
|
Asset-backed securities |
|
|
— |
|
|
|
15,458 |
|
|
|
— |
|
|
|
15,458 |
|
|
|
|
|
40,109 |
|
|
|
125,479 |
|
|
|
— |
|
|
|
165,588 |
|
|
Funds held for customers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted cash equivalents |
|
|
1,577 |
|
|
|
51,623 |
|
|
|
— |
|
|
|
53,200 |
|
|
Corporate bonds |
|
|
— |
|
|
|
540,247 |
|
|
|
— |
|
|
|
540,247 |
|
|
Certificates of deposit |
|
|
— |
|
|
|
174,635 |
|
|
|
— |
|
|
|
174,635 |
|
|
U.S. treasury securities |
|
|
18,995 |
|
|
|
— |
|
|
|
— |
|
|
|
18,995 |
|
|
Municipal bonds |
|
|
— |
|
|
|
14,318 |
|
|
|
— |
|
|
|
14,318 |
|
|
|
|
|
20,572 |
|
|
|
780,823 |
|
|
|
— |
|
|
|
801,395 |
|
|
Total assets measured at fair value |
|
$ |
1,235,177 |
|
|
$ |
911,901 |
|
|
$ |
— |
|
|
$ |
2,147,078 |
|
|
|
|
June 30, 2020 |
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
20,075 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
20,075 |
|
|
|
|
|
20,075 |
|
|
|
— |
|
|
|
— |
|
|
|
20,075 |
|
|
Short-term investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. treasury securities |
|
|
28,368 |
|
|
|
— |
|
|
|
— |
|
|
|
28,368 |
|
|
Corporate bonds |
|
|
— |
|
|
|
71,131 |
|
|
|
— |
|
|
|
71,131 |
|
|
Asset-backed securities |
|
|
— |
|
|
|
24,475 |
|
|
|
— |
|
|
|
24,475 |
|
|
|
|
|
28,368 |
|
|
|
95,606 |
|
|
|
— |
|
|
|
123,974 |
|
|
Funds held for customers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted cash equivalents |
|
|
357,350 |
|
|
|
76,359 |
|
|
|
— |
|
|
|
433,709 |
|
|
Corporate bonds |
|
|
— |
|
|
|
493,879 |
|
|
|
— |
|
|
|
493,879 |
|
|
Certificates of deposit |
|
|
— |
|
|
|
85,953 |
|
|
|
— |
|
|
|
85,953 |
|
|
U.S. treasury securities |
|
|
48,952 |
|
|
|
— |
|
|
|
— |
|
|
|
48,952 |
|
|
|
|
|
406,302 |
|
|
|
656,191 |
|
|
|
— |
|
|
|
1,062,493 |
|
|
Total assets measured at fair value |
|
$ |
454,745 |
|
|
$ |
751,797 |
|
|
$ |
— |
|
|
$ |
1,206,542 |
|
|