Corporate Investments and Funds Held For Clients

9 Months Ended

Sep. 30, 2022

Investments Debt And Equity Securities [Abstract]

Corporate Investments and Funds Held For Clients

CORPORATE INVESTMENTS AND FUNDS HELD FOR CLIENTS

The tables below present our cash and cash equivalents, the funds held for clients’ cash and cash equivalents as well as the investments that were included within funds held for clients on the consolidated balance sheets:


	September 30, 2022
Type of issue	Amortized cost		Gross unrealized gains		Gross unrealized losses(1)			Fair value
Cash and cash equivalents	$	317,163	$	—	$	—		$	317,163
Funds held for clients' cash and cash equivalents		1,501,276		—		—			1,501,276
Available-for-sale securities (2):
Commercial paper		53,478		—		(140	)		53,338
Certificates of deposit		25,000		—		—			25,000
U.S. treasury securities		174,242		—		(4,741	)		169,501
Total investments	$	2,071,159	$	—	$	(4,881	)	$	2,066,278

	December 31, 2021
Type of issue	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Cash and cash equivalents	$	277,978	$	—	$	—		$	277,978
Funds held for clients' cash and cash equivalents		1,534,894		—		—			1,534,894
Available-for-sale securities (2):
Commercial paper		311,679		—		—			311,679
Certificates of deposit		—		—		—			—
Total investments	$	2,124,551	$	—	$	—		$	2,124,551

(1)

These securities have been in an unrealized loss position for a period of less than 12 months.

(2)

All available-for-sale securities were included within funds held for clients.

We did not make any reclassification adjustments out of accumulated other comprehensive income for realized gains or losses on the sale or maturity of available-for-sale securities for the nine months ended September 30, 2022 or 2021. There were no realized gains or losses on the sale of available-for-sale securities for the nine months ended September 30, 2022 or 2021.

We regularly review the composition of our investment portfolio and did not recognize any credit impairment losses during the nine months ended September 30, 2022 or during the nine months ended September 30, 2021. All of our commercial paper securities held an A-2 rating or better as of September 30, 2022 and the U.S. treasury securities held a rating of AAA as of September 30, 2022.

Expected maturities of available-for-sale securities at September 30, 2022 are as follows:


Expected maturity	Amortized cost		Fair value
One year or less	$	78,478	$	78,338
One year to five years	$	174,242	$	169,501
Total available-for-sale securities	$	252,720	$	247,839