Corporate Investments and Funds Held For Clients (Tables)

9 Months Ended

Mar. 31, 2020

Corporate Investments and Funds Held for Clients

Schedule of corporate investments and funds held for clients

	June 30, 2019
			Gross		Gross
	Amortized		unrealized		unrealized
Type of Issue	cost		gains		losses		Fair value
Cash and cash equivalents	$	132,478	$	—	$	(2)	$	132,476
Funds held for clients' cash and cash equivalents		1,293,673		—		(6)		1,293,667
Available-for-sale securities:
Commercial paper		63,397		33		(2)		63,428
Corporate bonds		27,044		59		(4)		27,099
Asset-backed securities		26,488		55		(3)		26,540
U.S. treasury securities		13,736		21		—		13,757
Total available-for-sale securities (1)		130,665		168		(9)		130,824
Total investments	$	1,556,816	$	168	$	(17)	$	1,556,967

(1) Included within the fair value of total available-for-sale securities above is $30,022 of corporate investments and $100,802 of funds held for clients.

	March 31, 2020
			Gross		Gross
	Amortized		unrealized		unrealized
Type of Issue	cost		gains		losses		Fair value
Cash and cash equivalents	$	114,323	$	3	$	(1)	$	114,325
Funds held for clients' cash and cash equivalents		1,520,105		23		(1)		1,520,127
Available-for-sale securities:
Commercial paper		150,388		50		(1)		150,437
Corporate bonds		52,587		18		(357)		52,248
Asset-backed securities		57,612		64		(90)		57,586
U.S. treasury securities		21,302		155		—		21,457
Total available-for-sale securities (2)		281,889		287		(448)		281,728
Total investments	$	1,916,317	$	313	$	(450)	$	1,916,180

(2) Included within the fair value of total available-for-sale securities above is $72,679 of corporate investments and $209,049 of funds held for clients.

Schedule of the classification of investments

	June 30,		March 31,
	2019		2020
Cash and cash equivalents	$	132,476	$	114,325
Corporate investments		29,314		66,308
Funds held for clients		1,394,469		1,729,176
Long-term prepaid expenses and other		708		6,371
Total investments	$	1,556,967	$	1,916,180

Schedule of available-for-sale securities that have been in an unrealized loss position for less than and greater than 12 months

	June 30, 2019
	Securities in an				Securities in an
	unrealized loss				unrealized loss
	position for less				position for greater
	than 12 months				than 12 months				Total
	Gross				Gross				Gross
	unrealized				unrealized				unrealized
	losses		Fair value		losses		Fair value		losses		Fair value
Commercial paper	$	(2)	$	19,055	$	—	$	—	$	(2)	$	19,055
Corporate bonds		(1)		1,500		(3)		3,701		(4)		5,201
Asset-backed securities		(1)		386		(2)		2,958		(3)		3,344
Total available-for-sale securities	$	(4)	$	20,941	$	(5)	$	6,659	$	(9)	$	27,600

	March 31, 2020
	Securities in an				Securities in an
	unrealized loss				unrealized loss
	position for less				position for greater
	than 12 months				than 12 months				Total
	Gross				Gross				Gross
	unrealized				unrealized				unrealized
	losses		Fair value		losses		Fair value		losses		Fair value
Commercial paper	$	(1)	$	498	$	—	$	—	$	(1)	$	498
Corporate bonds		(357)		42,474		—		—		(357)		42,474
Asset-backed securities		(90)		29,900		—		—		(90)		29,900
Total available-for-sale securities	$	(448)	$	72,872	$	—	$	—	$	(448)	$	72,872

Schedule of expected maturities of available-for-sale securities

Expected maturities of available-for-sale securities at March 31, 2020 are as follows:

	Amortized
	cost		Fair value
One year or less	$	244,939	$	245,004
One year to two years		36,950		36,724
Total available-for-sale securities	$	281,889	$	281,728