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Corporate Investments and Funds Held For Clients | 6 Months Ended
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Jun. 30, 2022
Investments Debt And Equity Securities [Abstract] |
Corporate Investments and Funds Held For Clients |
8. | 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, 2022 |
Type of issue |  | Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses(1) |  |  | Fair value |
Cash and cash equivalents |  | $ | 279,039 |  |  | $ | — |  |  | $ | — |  |  | $ | 279,039 |
Funds held for clients' cash and cash equivalents |  |  | 3,158,071 |  |  |  | — |  |  |  | — |  |  |  | 3,158,071 |
Available-for-sale securities (2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  | 103,094 |  |  |  | — |  |  |  | (517 | ) |  |  | 102,577 |
Certificates of deposit |  |  | 25,000 |  |  |  | — |  |  |  | — |  |  |  | 25,000 |
U.S. treasury securities |  |  | 139,192 |  |  |  | — |  |  |  | (1,659 | ) |  |  | 137,533 |
Total investments |  | $ | 3,704,396 |  |  | $ | — |  |  | $ | (2,176 | ) |  | $ | 3,702,220 |
|  | 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 an unrealized loss position for a period of less than 12 months.
| (2) | All available-for-sale securities were included within funds held for clients.
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 six months ended June 30, 2022 or 2021. There were no realized gains or losses on the sale of available-for-sale securities for the six months ended June 30, 2022 or 2021. We regularly review the composition of our investment portfolio and did not recognize any credit impairment losses during the six months ended June 30, 2022 or during the six months ended June 30, 2021. All of our commercial paper securities held an A-2 rating or better as of June 30, 2022 and the U.S. treasury securities held a rating of AAA as of June 30, 2022. Expected maturities of available-for-sale securities at June 30, 2022 are as follows:
Expected maturity |  | Amortized cost |  |  | Fair value |
One year or less |  | $ | 128,094 |  |  | $ | 127,577 |
One year to five years |  | $ | 139,192 |  |  | $ | 137,533 |
Total available-for-sale securities |  | $ | 267,286 |  |  | $ | 265,110 |

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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