Corporate Investments and Funds Held for Clients

6 Months Ended

Jun. 30, 2025

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:


	June 30, 2025
Type of issue	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Cash and cash equivalents	$	532.2	$	—	$	—		$	532.2
Funds held for clients cash and cash equivalents		1,120.9		—		—			1,120.9
Available-for-sale securities(1):
U.S. treasury securities		495.7		0.4		(0.1	)		496.0
Total investments	$	2,148.8	$	0.4	$	(0.1	)	$	2,149.1


	December 31, 2024
Type of issue	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Cash and cash equivalents	$	402.0	$	—	$	—		$	402.0
Funds held for clients cash and cash equivalents		3,640.8		—		—			3,640.8
Available-for-sale securities(1):
U.S. treasury securities		24.9		—		(0.2	)		24.7
Total investments	$	4,067.7	$	—	$	(0.2	)	$	4,067.5

(1)

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

The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of June 30, 2025, are as follows:


	June 30, 2025
	Securities in unrealized loss position for less than 12 months					Securities in unrealized loss position for greater than 12 months				Total
Type of issue	Gross unrealized losses			Fair value		Gross unrealized losses		Fair value		Gross unrealized losses			Fair value
U.S. treasury securities	$	(0.1	)	$	396.3	$	—	$	—	$	(0.1	)	$	396.3
Total	$	(0.1	)	$	396.3	$	—	$	—	$	(0.1	)	$	396.3

The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of December 31, 2024, are as follows:


	December 31, 2024
	Securities in unrealized loss position for less than 12 months					Securities in unrealized loss position for greater than 12 months				Total
Type of issue	Gross unrealized losses			Fair value		Gross unrealized losses		Fair value		Gross unrealized losses			Fair value
U.S. treasury securities	$	(0.2	)	$	24.7	$	—	$	—	$	(0.2	)	$	24.7
Total	$	(0.2	)	$	24.7	$	—	$	—	$	(0.2	)	$	24.7

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 six months ended June 30, 2025 or 2024. There were no realized gains or losses on the sale of available-for-sale securities for the six months ended June 30, 2025 or 2024.

We regularly review the composition of our investment portfolio and did not recognize any credit impairment losses during the six months ended June 30, 2025 or 2024. We believe it is probable that the principal and interest will be collected in accordance with contractual terms and that the unrealized losses on these securities were due to changes in interest rates and were not due to increased credit risk. As of June 30, 2025, our U.S. treasury securities held a rating of AA+.

Expected maturities of available-for-sale securities at June 30, 2025 are as follows:


Expected maturity	Amortized cost		Fair value
One year or less	$	412.5	$	412.5
One year to five years		83.2		83.5
Total available-for-sale securities	$	495.7	$	496.0