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v3.20.1

Customer Trust Funds (Tables) | 3 Months Ended
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Mar. 31, 2020
Investments Debt And Equity Securities [Abstract] |
Schedule of Amortized Cost and Fair Values of Investments of Customer Trust Funds Available for Sale | Investments of Customer Trust Funds at March 31, 2020
|  | Amortized |  |  | Gross Unrealized |  |  | Fair |
|  | Cost |  |  | Gain |  |  | Loss |  |  | Value |
|  | (Dollars in millions) |
Money market securities, investments carried at cost and other cash equivalents |  | $ | 1,872.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,872.4 |
Available for sale investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  |  | 542.3 |  |  |  | 22.9 |  |  |  | — |  |  |  | 565.2 |
Canadian and provincial government securities |  |  | 375.2 |  |  |  | 11.3 |  |  |  | — |  |  |  | 386.5 |
Corporate debt securities |  |  | 529.8 |  |  |  | 9.3 |  |  |  | (0.5 | ) |  |  | 538.6 |
Asset-backed securities |  |  | 247.0 |  |  |  | 1.8 |  |  |  | (0.8 | ) |  |  | 248.0 |
Mortgage-backed securities |  |  | 17.9 |  |  |  | 0.3 |  |  |  | — |  |  |  | 18.2 |
Other securities |  |  | 4.0 |  |  |  | — |  |  |  | — |  |  |  | 4.0 |
Total available for sale investments |  |  | 1,716.2 |  |  |  | 45.6 |  |  |  | (1.3 | ) |  |  | 1,760.5 |
Invested customer trust funds |  |  | 3,588.6 |  |  | $ | 45.6 |  |  | $ | (1.3 | ) |  |  | 3,632.9 |
Trust receivables |  |  | 16.6 |  |  |  |  |  |  |  |  |  |  |  | 16.6 |
Total customer trust funds |  | $ | 3,605.2 |  |  |  |  |  |  |  |  |  |  | $ | 3,649.5 |
Investments of Customer Trust Funds at December 31, 2019
|  | Amortized |  |  | Gross Unrealized |  |  | Fair |
|  | Cost |  |  | Gain |  |  | Loss |  |  | Value |
|  | (Dollars in millions) |
Money market securities, investments carried at cost and other cash equivalents |  | $ | 1,348.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,348.1 |
Available for sale investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  |  | 542.4 |  |  |  | 7.1 |  |  |  | (0.3 | ) |  |  | 549.2 |
Canadian and provincial government securities |  |  | 406.7 |  |  |  | 5.4 |  |  |  | (0.7 | ) |  |  | 411.4 |
Corporate debt securities |  |  | 562.2 |  |  |  | 9.0 |  |  |  | (0.3 | ) |  |  | 570.9 |
Asset-backed securities |  |  | 270.0 |  |  |  | 1.7 |  |  |  | (0.3 | ) |  |  | 271.4 |
Mortgage-backed securities |  |  | 19.8 |  |  |  | 0.2 |  |  |  | (0.1 | ) |  |  | 19.9 |
Other securities |  |  | 4.0 |  |  |  | — |  |  |  | — |  |  |  | 4.0 |
Total available for sale investments |  |  | 1,805.1 |  |  |  | 23.4 |  |  |  | (1.7 | ) |  |  | 1,826.8 |
Invested customer trust funds |  |  | 3,153.2 |  |  | $ | 23.4 |  |  | $ | (1.7 | ) |  |  | 3,174.9 |
Trust receivables (a) |  |  | 40.4 |  |  |  |  |  |  |  |  |  |  |  | 29.2 |
Total customer trust funds |  | $ | 3,193.6 |  |  |  |  |  |  |  |  |  |  | $ | 3,204.1 |
(a) | The fair value of trust receivables as of December 31, 2019, includes a loss of $11.2 million related to unrecovered duplicate payments resulting from the September 26, 2019, isolated service incident. Ceridian is liable for these unrecovered duplicate payments and has reimbursed the customer trust for the resulting losses as of March 31, 2020. Please refer to Note 13, “Commitments and Contingencies,” for further discussion of the September 26, 2019, isolated service incident.
Schedule of Unrealized Losses and Fair Value | 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, 2020.
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |
|  | (Dollars in millions) |
Corporate debt securities |  | $ | (0.5 | ) |  | $ | 86.6 |  |  | (a) |  |  | $ | 31.2 |  |  | $ | (0.5 | ) |  | $ | 117.8 |
Asset-backed securities |  |  | (0.8 | ) |  |  | 114.0 |  |  |  | — |  |  |  | — |  |  |  | (0.8 | ) |  |  | 114.0 |
Total available for sale investments |  | $ | (1.3 | ) |  | $ | 200.6 |  |  | $ | — |  |  | $ | 31.2 |  |  | $ | (1.3 | ) |  | $ | 231.8 |
(a) | These investments have been in an unrealized loss position; however, the amount of unrealized loss is less than $0.05 million.
Schedule of Amortized Cost and Fair Value of Investment Securities Available for Sale by Contractual Maturity | The amortized cost and fair value of investment securities available for sale at March 31, 2020, 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, 2020 |
|  | Cost |  |  | Fair Value |
|  | (Dollars in millions) |
Due in one year or less |  | $ | 2,221.1 |  |  | $ | 2,222.1 |
Due in one to three years |  |  | 711.9 |  |  |  | 725.0 |
Due in three to five years |  |  | 494.5 |  |  |  | 513.4 |
Due after five years |  |  | 161.1 |  |  |  | 172.4 |
Invested customer trust funds |  | $ | 3,588.6 |  |  | $ | 3,632.9 |

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