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Corporate Investments and Funds Held for Clients (Tables) | 6 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Summary of Debt Securities, Available-for-Sale | Corporate investments and funds held for clients at December 31, 2024 and June 30, 2024 were as follows:
| December 31, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Fair Market Value (A)
Type of issue: |  |  |  |  |  |  |  |  |
Money market securities, cash and other cash equivalents | $ | 16,604.2 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 16,604.2 |
Available-for-sale securities: |  |  |  |  |  |  |  |  |
Corporate bonds | 17,699.9 |  |  | 17.1 |  |  | (708.7) |  |  |  |  | 17,008.3 |
U.S. Treasury securities | 8,167.5 |  |  | 17.7 |  |  | (99.0) |  |  |  |  | 8,086.2 |
Canadian government obligations and Canadian government agency obligations | 2,183.3 |  |  | 12.3 |  |  | (51.7) |  |  |  |  | 2,143.9 |
U.S. government agency securities | 1,602.7 |  |  | 0.2 |  |  | (118.1) |  |  |  |  | 1,484.8 |
Asset-backed securities | 1,600.5 |  |  | 8.3 |  |  | (28.3) |  |  |  |  | 1,580.5 |
Canadian provincial bonds | 1,108.5 |  |  | 8.4 |  |  | (42.6) |  |  |  |  | 1,074.3 |
Commercial mortgage-backed securities | 481.4 |  |  | — |  |  | (28.4) |  |  |  |  | 453.0 |
Other securities | 1,250.6 |  |  | 2.1 |  |  | (63.8) |  |  |  |  | 1,188.9 |
Total available-for-sale securities | 34,094.4 |  |  | 66.1 |  |  | (1,140.6) |  |  |  |  | 33,019.9 |
Total corporate investments and funds held for clients | $ | 50,698.6 |  |  | $ | 66.1 |  |  | $ | (1,140.6) |  |  |  |  | $ | 49,624.1 |
(A) Included within available-for-sale securities are funds held for clients with fair value of $33,019.9 million. There are no corporate investments included within available-for-sale securities at December 31, 2024. All available-for-sale securities were included in Level 2 of the fair value hierarchy.
| June 30, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Market Value (B)
Type of issue: |  |  |  |  |  |  |
Money market securities, cash and other cash equivalents | $ | 10,086.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,086.0 |
Available-for-sale securities: |  |  |  |  |  |  |
Corporate bonds | 16,833.3 |  |  | 11.5 |  |  | (944.8) |  |  | 15,900.0 |
U.S. Treasury securities | 7,701.2 |  |  | 9.0 |  |  | (164.5) |  |  | 7,545.7 |
Canadian government obligations and Canadian government agency obligations | 2,130.7 |  |  | 1.7 |  |  | (86.6) |  |  | 2,045.8 |
U.S. government agency securities | 1,645.0 |  |  | 0.5 |  |  | (140.6) |  |  | 1,504.9 |
Asset-backed securities | 1,394.9 |  |  | 3.9 |  |  | (43.0) |  |  | 1,355.8 |
Canadian provincial bonds | 1,116.3 |  |  | 2.3 |  |  | (56.2) |  |  | 1,062.4 |
Commercial mortgage-backed securities | 535.9 |  |  | — |  |  | (35.1) |  |  | 500.8 |
Other securities | 1,366.0 |  |  | 2.0 |  |  | (75.9) |  |  | 1,292.1 |
Total available-for-sale securities | 32,723.3 |  |  | 30.9 |  |  | (1,546.7) |  |  | 31,207.5 |
Total corporate investments and funds held for clients | $ | 42,809.3 |  |  | $ | 30.9 |  |  | $ | (1,546.7) |  |  | $ | 41,293.5 |
(B) Included within available-for-sale securities are corporate investments with fair values of $384.0 million and funds held for clients with fair values of $30,823.5 million. All available-for-sale securities were included in Level 2 of the fair value hierarchy.
Summary of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | 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 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 | $ | (51.8) |  |  | $ | 3,389.6 |  |  | $ | (656.9) |  |  | $ | 11,809.9 |  |  | $ | (708.7) |  |  | $ | 15,199.5 |
U.S. Treasury securities | (20.3) |  |  | 2,677.3 |  |  | (78.7) |  |  | 2,754.4 |  |  | (99.0) |  |  | 5,431.7 |
Canadian government obligations and Canadian government agency obligations | (0.7) |  |  | 266.8 |  |  | (51.0) |  |  | 1,311.2 |  |  | (51.7) |  |  | 1,578.0 |
U.S. government agency securities | (1.9) |  |  | 113.0 |  |  | (116.2) |  |  | 1,346.8 |  |  | (118.1) |  |  | 1,459.8 |
Asset-backed securities | (3.0) |  |  | 271.4 |  |  | (25.3) |  |  | 601.4 |  |  | (28.3) |  |  | 872.8 |
Canadian provincial bonds | (3.9) |  |  | 166.5 |  |  | (38.7) |  |  | 612.7 |  |  | (42.6) |  |  | 779.2 |
Commercial mortgage-backed securities | (0.4) |  |  | 25.5 |  |  | (28.0) |  |  | 427.6 |  |  | (28.4) |  |  | 453.1 |
Other securities | (3.9) |  |  | 325.9 |  |  | (59.9) |  |  | 714.3 |  |  | (63.8) |  |  | 1,040.2 |
| $ | (85.9) |  |  | $ | 7,236.0 |  |  | $ | (1,054.7) |  |  | $ | 19,578.3 |  |  | $ | (1,140.6) |  |  | $ | 26,814.3 |
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 June 30, 2024, are as follows:
| June 30, 2024
| 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 | $ | (25.8) |  |  | $ | 2,173.6 |  |  | $ | (919.0) |  |  | $ | 12,413.4 |  |  | $ | (944.8) |  |  | $ | 14,587.0 |
U.S. Treasury securities | (23.1) |  |  | 2,186.2 |  |  | (141.4) |  |  | 4,076.9 |  |  | (164.5) |  |  | 6,263.1 |
Canadian government obligations and Canadian government agency obligations | (0.9) |  |  | 304.6 |  |  | (85.7) |  |  | 1,591.6 |  |  | (86.6) |  |  | 1,896.2 |
U.S. government agency securities | (0.7) |  |  | 51.5 |  |  | (139.9) |  |  | 1,428.2 |  |  | (140.6) |  |  | 1,479.7 |
Asset-backed securities | (2.3) |  |  | 351.4 |  |  | (40.7) |  |  | 668.0 |  |  | (43.0) |  |  | 1,019.4 |
Canadian provincial bonds | (1.3) |  |  | 193.0 |  |  | (54.9) |  |  | 717.4 |  |  | (56.2) |  |  | 910.4 |
Commercial mortgage-backed securities | (0.5) |  |  | 11.2 |  |  | (34.6) |  |  | 489.6 |  |  | (35.1) |  |  | 500.8 |
Other securities | (12.2) |  |  | 288.5 |  |  | (63.7) |  |  | 864.8 |  |  | (75.9) |  |  | 1,153.3 |
| $ | (66.8) |  |  | $ | 5,560.0 |  |  | $ | (1,479.9) |  |  | $ | 22,249.9 |  |  | $ | (1,546.7) |  |  | $ | 27,809.9 |
Classification of Corporate Investments on the Consolidated Balance Sheets | Classification of corporate investments on the Consolidated Balance Sheets is as follows:
|  | December 31, |  | June 30,
|  | 2024 |  | 2024
Corporate investments: |  |  |  |
Cash and cash equivalents |  | $ | 2,216.4 |  |  | $ | 2,913.4 |
Short-term marketable securities (a) |  | — |  |  | 384.0 |
Long-term marketable securities (b) |  | — |  |  | — |
Total corporate investments |  | $ | 2,216.4 |  |  | $ | 3,297.4 |
(a) - Short-term marketable securities are included within Other current assets on the Consolidated Balance Sheets. (b) - Long-term marketable securities are included within Other assets on the Consolidated Balance Sheets.
Schedule of Investment of Funds Held for Clients | Funds held for clients have been invested in the following categories:
|  | December 31, |  | June 30,
|  | 2024 |  | 2024
Funds held for clients: |  |  |  |
Restricted cash and cash equivalents held to satisfy client funds obligations |  | $ | 14,387.8 |  |  | $ | 7,172.6 |
Restricted short-term marketable securities held to satisfy client funds obligations |  | 6,807.9 |  |  | 5,538.1 |
Restricted long-term marketable securities held to satisfy client funds obligations |  | 26,212.0 |  |  | 25,285.4 |
Total funds held for clients |  | $ | 47,407.7 |  |  | $ | 37,996.1 |
Schedule of Expected Maturities of Available-for-Sale Securities | Expected maturities of available-for-sale securities at December 31, 2024 are as follows:
One year or less | $ | 6,807.9 |
One year to two years | 7,555.4 |
Two years to three years | 4,061.8 |
Three years to four years | 5,502.4 |
After four years | 9,092.4 |
Total available-for-sale securities | $ | 33,019.9 |

X
- Definition This element represents the carrying amounts of all corporate investments on the Consolidated Balance Sheets including cash and cash equivalents, short-term and long-term investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. This element excludes same type of investments held as funds held for clients which is disclosed in a separate table. + References No definition available. + Details
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