Corporate Investments and Funds Held for Clients (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Cash and Cash Equivalents and Investments

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:

	December 31, 2022
Type of issue	Amortized cost		Gross unrealized gains		Gross unrealized losses(1)			Fair value
Cash and cash equivalents	$	400,730	$	—	$	—		$	400,730
Funds held for clients’ cash and cash equivalents		2,008,365		—		—			2,008,365
Available-for-sale securities (2):
Commercial paper		—		—		—			—
Certificates of deposit		25,000		—		—			25,000
U.S. treasury securities		174,367		—		(4,757	)		169,610
Total investments	$	2,608,462	$	—	$	(4,757	)	$	2,603,705
	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 a gross unrealized loss position for a period of less than 12 months.

(2)All available-for-sale securities were included within the funds held for clients.

Summary of Expected Maturities of Available for Sale Securities

Expected maturities of available-for-sale securities at December 31, 2022 are as follows:

Expected maturity	Amortized cost		Fair value
One year or less	$	25,000	$	25,000
One year to five years	$	174,367	$	169,610
Total available-for-sale securities	$	199,367	$	194,610