
	September 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value (A)
Type of issue:
Money market securities, cash and other cash equivalents	$	3,991.7	$	—	$	—	$	3,991.7
Available-for-sale securities:
Corporate bonds	17,012.4		148.2		(333.7)		16,826.9
U.S. Treasury securities	10,874.5		103.6		(32.3)		10,945.8
Asset-backed securities	2,060.9		28.5		(11.1)		2,078.3
Canadian government obligations and Canadian government agency obligations	1,747.7		19.2		(25.0)		1,741.9
Canadian provincial bonds	1,123.1		18.0		(22.6)		1,118.5
U.S. government agency securities	1,007.4		4.4		(69.0)		942.8

Other securities	2,037.8		11.4		(51.1)		1,998.1

Total available-for-sale securities	35,863.8		333.3		(544.8)		35,652.3

Total corporate investments and funds held for clients	$	39,855.5	$	333.3	$	(544.8)	$	39,644.0

(A) Included within available-for-sale securities are corporate investments with fair values of $5,466.1 million and funds held for clients with fair values of $30,186.2 million. All available-for-sale securities are included in Level 2 of the fair value hierarchy.


	June 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value (B)
Type of issue:
Money market securities, cash and other cash equivalents	$	5,054.6	$	—	$	—	$	5,054.6
Available-for-sale securities:
Corporate bonds	17,515.2		108.7		(420.2)		17,203.7
U.S. Treasury securities	8,416.8		85.6		(43.7)		8,458.7
Canadian government obligations and Canadian government agency obligations	1,972.0		16.4		(32.4)		1,956.0
Asset-backed securities	1,837.8		22.6		(15.5)		1,844.9
U.S. government agency securities	1,328.5		2.3		(80.0)		1,250.8
Canadian provincial bonds	1,155.8		13.8		(27.7)		1,141.9

Other securities	1,977.3		7.2		(62.8)		1,921.7

Total available-for-sale securities	34,203.4		256.6		(682.3)		33,777.7

Total corporate investments and funds held for clients	$	39,258.0	$	256.6	$	(682.3)	$	38,832.3

(B) Included within available-for-sale securities are corporate investments with fair values of $4,498.8 million and funds held for clients with fair values of $29,278.9 million. All available-for-sale securities were included in Level 2 of the fair value hierarchy.

For a description of the fair value hierarchy and the Company's fair value methodologies, including the use of an independent third-party pricing service, see Note 1 “Summary of Significant Accounting Policies” in the Company's Annual Report on Form 10-K for fiscal 2025. The Company concurred with and did not adjust the prices obtained from the independent pricing service. The Company had no available-for-sale securities included in Level 1 or Level 3 at September 30, 2025.

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 September 30, 2025, are as follows:


	September 30, 2025
	Securities in Unrealized Loss Position Less Than 12 Months				Securities in Unrealized Loss Position Greater Than 12 Months				Total
	Gross Unrealized Losses		Fair Market Value		Gross Unrealized Losses		Fair Market Value		Gross Unrealized Losses		Fair Market Value
Corporate bonds	$	(1.4)	$	292.7	$	(332.3)	$	9,439.8	$	(333.7)	$	9,732.5
U.S. Treasury securities	(4.3)		955.1		(28.0)		1,809.1		(32.3)		2,764.2
Asset-backed securities	(0.2)		74.7		(10.9)		469.7		(11.1)		544.4
Canadian government obligations and Canadian government agency obligations	(0.3)		175.1		(24.7)		686.4		(25.0)		861.5
Canadian provincial bonds	(0.3)		55.8		(22.3)		547.5		(22.6)		603.3
U.S. government agency securities	(0.1)		10.4		(68.9)		773.1		(69.0)		783.5

Other securities	(0.6)		237.2		(50.5)		1,061.0		(51.1)		1,298.2
	$	(7.2)	$	1,801.0	$	(537.6)	$	14,786.6	$	(544.8)	$	16,587.6

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 Less Than 12 Months				Securities in Unrealized Loss Position Greater Than 12 Months				Total
	Gross Unrealized Losses		Fair Market Value		Gross Unrealized Losses		Fair Market Value		Gross Unrealized Losses		Fair Market Value
Corporate bonds	$	(5.4)	$	690.4	$	(414.8)	$	10,218.8	$	(420.2)	$	10,909.2
U.S. Treasury securities	(0.8)		732.2		(42.9)		1,801.7		(43.7)		2,533.9
Canadian government obligations and Canadian government agency obligations	(1.4)		219.2		(31.0)		870.2		(32.4)		1,089.4
Asset-backed securities	(0.2)		101.4		(15.3)		481.4		(15.5)		582.8
U.S. government agency securities	(0.1)		8.0		(79.9)		1,093.8		(80.0)		1,101.8
Canadian provincial bonds	(0.8)		44.3		(26.9)		588.8		(27.7)		633.1

Other securities	(1.5)		168.4		(61.3)		1,130.2		(62.8)		1,298.6
	$	(10.2)	$	1,963.9	$	(672.1)	$	16,184.9	$	(682.3)	$	18,148.8

At September 30, 2025, Corporate bonds include investment-grade debt securities with a wide variety of issuers, industries, and sectors, primarily carrying credit ratings of A and above, and have maturities ranging from October 2025 through September 2035.

At September 30, 2025, asset-backed securities include AAA-rated senior tranches of securities with predominantly prime collateral of fixed-rate auto loan, credit card, and device payment plan agreement receivables with fair values of $936.6 million, $584.7 million, and $313.6 million, respectively. These securities are collateralized by the cash flows of the underlying pools of receivables. The primary risk associated with these securities is the collection risk of the underlying receivables. All collateral on such asset-backed securities has performed as expected through September 30, 2025.

At September 30, 2025, U.S. government agency securities primarily include debt directly issued by Federal Farm Credit Banks and Federal Home Loan Banks with fair values of $743.2 million and $126.8 million, respectively. U.S. government agency securities represent senior, unsecured, non-callable debt that primarily carry ratings of Aa1 by Moody's, and AA+ by Standard & Poor's, with maturities ranging from November 2025 through May 2035.

At September 30, 2025, other securities primarily include AA-rated United Kingdom Gilt securities of $642.5 million, municipal bonds, diversified with a variety of issuers, with credit ratings of A and above with fair values of $538.6 million, commercial mortgage-backed securities of $418.6 million, and AAA-rated supranational bonds of $232.6 million.

Classification of corporate investments on the Consolidated Balance Sheets is as follows:


	September 30,		June 30,
	2025		2025
Corporate investments:
Cash and cash equivalents	$	2,478.0	$	3,347.8
Short-term marketable securities	5,466.1		4,498.8

Total corporate investments	$	7,944.1	$	7,846.6

Funds held for clients represent assets that, based upon the Company's intent, are restricted for use solely for the purposes of satisfying the obligations to remit funds relating to the Company’s payroll and payroll tax filing services, which are classified as client funds obligations on our Consolidated Balance Sheets.

Funds held for clients have been invested in the following categories:


	September 30,		June 30,
	2025		2025
Funds held for clients:
Restricted cash and cash equivalents held to satisfy client funds obligations	$	1,513.7	$	1,706.8
Restricted short-term marketable securities held to satisfy client funds obligations	2,281.6		3,155.7
Restricted long-term marketable securities held to satisfy client funds obligations	27,904.6		26,123.2
Total funds held for clients	$	31,699.9	$	30,985.7

Client funds obligations represent the Company's contractual obligations to remit funds to satisfy clients' payroll, tax, and other payee payment obligations and are recorded on the Consolidated Balance Sheets at the time that the Company impounds funds from clients. The client funds obligations represent liabilities that will be repaid within one year of the balance sheet date. The Company has reported client funds obligations as a current liability on the Consolidated Balance Sheets totaling $31,845.6 million and $31,343.3 million at September 30, 2025 and June 30, 2025, respectively. The Company has classified funds held for clients as a current asset since these funds are held solely for the purpose of satisfying the client funds obligations. Of the Company’s funds held for clients at September 30, 2025 and June 30, 2025, $28,332.9 million and $27,355.2 million, respectively, are held in the grantor trust. The liabilities held within the trust are intercompany liabilities to other Company subsidiaries and eliminate in consolidation.

The Company has reported the cash flows related to the purchases of corporate and client funds marketable securities and related to the proceeds from the sales and maturities of corporate and client funds marketable securities on a gross basis in the investing section of the Statements of Consolidated Cash Flows. The Company has reported the cash and cash equivalents related to client funds investments with original maturities of ninety days or less, within the beginning and ending balances of cash, cash equivalents, restricted cash, and restricted cash equivalents. The Company has reported the cash flows related to the cash received from and paid on behalf of clients on a net basis within net increase / (decrease) in client funds obligations in the financing activities section of the Statements of Consolidated Cash Flows.

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


One year or less	$	7,747.6
One year to two years	4,548.1
Two years to three years	5,598.5
Three years to four years	5,572.6
After four years	12,185.5
Total available-for-sale securities	$	35,652.3