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Customer Trust Funds | 3 Months Ended
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Mar. 31, 2019
Investments Debt And Equity Securities [Abstract] |
Customer Trust Funds | 5. Customer Trust Funds Investment income from invested customer trust funds is a component of our compensation for providing services under agreements with our customers. Investment income from invested customer trust funds included in revenue was $24.3 and $17.6 for the three months ended March 31, 2019, and 2018, respectively. Investment income includes interest income, realized gains and losses from sales of customer trust funds’ investments, and unrealized credit losses determined to be other-than-temporary. The amortized cost of customer trust funds as of March 31, 2019, and December 31, 2018, is the original cost of assets acquired. The amortized cost and fair values of investments of customer trust funds available for sale as of March 31, 2019, and December 31, 2018, are as follows: Investments of Customer Trust Funds at March 31, 2019
|  | Amortized |  |  | Gross Unrealized |  |  | Fair |
|  | Cost |  |  | Gain |  |  | Loss |  |  | Value |
Money market securities, investments carried at cost and other cash equivalents |  | $ | 2,701.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,701.2 |
Available for sale investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  |  | 598.2 |  |  |  | 1.1 |  |  |  | (5.1 | ) |  |  | 594.2 |
Canadian and provincial government securities |  |  | 396.4 |  |  |  | 6.8 |  |  |  | (0.3 | ) |  |  | 402.9 |
Corporate debt securities |  |  | 551.4 |  |  |  | 4.8 |  |  |  | (1.1 | ) |  |  | 555.1 |
Asset-backed securities |  |  | 257.0 |  |  |  | 0.7 |  |  |  | (1.1 | ) |  |  | 256.6 |
Mortgage-backed securities |  |  | 24.3 |  |  |  | 0.1 |  |  |  | (0.1 | ) |  |  | 24.3 |
Other securities |  |  | 14.7 |  |  |  | — |  |  |  | (0.1 | ) |  |  | 14.6 |
Total available for sale investments |  |  | 1,842.0 |  |  |  | 13.5 |  |  |  | (7.8 | ) |  |  | 1,847.7 |
Invested customer trust funds |  |  | 4,543.2 |  |  | $ | 13.5 |  |  | $ | (7.8 | ) |  |  | 4,548.9 |
Trust receivables |  |  | 10.8 |  |  |  |  |  |  |  |  |  |  |  | 10.8 |
Total customer trust funds |  | $ | 4,554.0 |  |  |  |  |  |  |  |  |  |  | $ | 4,559.7 |
Investments of Customer Trust Funds at December 31, 2018
|  | Amortized |  |  | Gross Unrealized |  |  | Fair |
|  | Cost |  |  | Gain |  |  | Loss |  |  | Value |
Money market securities, investments carried at cost and other cash equivalents |  | $ | 872.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 872.3 |
Available for sale investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  |  | 573.4 |  |  |  | 0.2 |  |  |  | (11.4 | ) |  |  | 562.2 |
Canadian and provincial government securities |  |  | 392.5 |  |  |  | 3.4 |  |  |  | (1.4 | ) |  |  | 394.5 |
Corporate debt securities |  |  | 499.5 |  |  |  | 0.5 |  |  |  | (4.7 | ) |  |  | 495.3 |
Asset-backed securities |  |  | 247.1 |  |  |  | 0.2 |  |  |  | (2.7 | ) |  |  | 244.6 |
Mortgage-backed securities |  |  | 8.5 |  |  |  | — |  |  |  | (0.2 | ) |  |  | 8.3 |
Other securities |  |  | 14.8 |  |  |  | — |  |  |  | (0.1 | ) |  |  | 14.7 |
Total available for sale investments |  |  | 1,735.8 |  |  |  | 4.3 |  |  |  | (20.5 | ) |  |  | 1,719.6 |
Invested customer trust funds |  |  | 2,608.1 |  |  | $ | 4.3 |  |  | $ | (20.5 | ) |  |  | 2,591.9 |
Trust receivables |  |  | 11.6 |  |  |  |  |  |  |  |  |  |  |  | 11.6 |
Total customer trust funds |  | $ | 2,619.7 |  |  |  |  |  |  |  |  |  |  | $ | 2,603.5 |
The following represents the gross unrealized losses and the related fair value of the investments of customer trust funds available for sale, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2019.
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |
U.S. government and agency securities |  | $ | (0.1 | ) |  | $ | 24.7 |  |  | $ | (5.0 | ) |  | $ | 384.6 |  |  | $ | (5.1 | ) |  | $ | 409.3 |
Canadian and provincial government securities |  |  | — |  |  |  | — |  |  |  | (0.3 | ) |  |  | 98.7 |  |  |  | (0.3 | ) |  |  | 98.7 |
Corporate debt securities |  | (a) |  |  |  | 16.4 |  |  |  | (1.1 | ) |  |  | 169.3 |  |  |  | (1.1 | ) |  |  | 185.7 |
Asset-backed securities |  | (a) |  |  |  | 5.0 |  |  |  | (1.1 | ) |  |  | 156.7 |  |  |  | (1.1 | ) |  |  | 161.7 |
Mortgage-backed securities |  | (a) |  |  |  | 4.0 |  |  |  | (0.1 | ) |  |  | 7.4 |  |  |  | (0.1 | ) |  |  | 11.4 |
Other securities |  |  | — |  |  |  | — |  |  |  | (0.1 | ) |  |  | 10.3 |  |  |  | (0.1 | ) |  |  | 10.3 |
Total available for sale investments |  | $ | (0.1 | ) |  | $ | 50.1 |  |  | $ | (7.7 | ) |  | $ | 827.0 |  |  | $ | (7.8 | ) |  | $ | 877.1 |
(a) | These investments have been in an unrealized loss position; however, the amount of unrealized loss is less than $0.05.
Management does not believe that any individual unrealized loss as of March 31, 2019, represents an other-than-temporary impairment. The unrealized losses are primarily attributable to changes in interest rates and not to credit deterioration. We currently do not intend to sell or expect to be required to sell the securities before the time required to recover the amortized cost. The amortized cost and fair value of investment securities available for sale at March 31, 2019, by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or to prepay obligations with or without call or prepayment penalties.
|  | March 31, 2019 |
|  | Cost |  |  | Fair Value |
Due in one year or less |  | $ | 3,161.8 |  |  | $ | 3,160.9 |
Due in one to three years |  |  | 545.1 |  |  |  | 545.3 |
Due in three to five years |  |  | 601.1 |  |  |  | 608.0 |
Due after five years |  |  | 235.2 |  |  |  | 234.7 |
Invested customer trust funds |  | $ | 4,543.2 |  |  | $ | 4,548.9 |

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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 http://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 http://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 http://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 http://asc.fasb.org/subtopic&trid=2176304 + Details
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