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Corporate Investments and Funds Held For Clients (Tables)

6 Months Ended

Dec. 31, 2019

Corporate Investments and Funds Held for Clients

Schedule of corporate investments and funds held for clients


		June 30, 2019
					Gross			Gross
		Amortized			unrealized			unrealized
Type of Issue		cost			gains			losses			Fair value
Cash and cash equivalents		$	132,478		$	—		$	(2)		$	132,476
Funds held for clients' cash and cash equivalents			1,293,673			—			(6)			1,293,667
Available-for-sale securities:
Commercial paper			63,397			33			(2)			63,428
Corporate bonds			27,044			59			(4)			27,099
Asset-backed securities			26,488			55			(3)			26,540
U.S. treasury securities			13,736			21			—			13,757
Total available-for-sale securities (1)			130,665			168			(9)			130,824
Total investments		$	1,556,816		$	168		$	(17)		$	1,556,967

(1)

Included within the fair value of total available-for-sale securities above is $30,022 of corporate investments and $100,802 of funds held for clients.


		December 31, 2019
					Gross			Gross
		Amortized			unrealized			unrealized
Type of Issue		cost			gains			losses			Fair value
Cash and cash equivalents		$	75,902		$	1		$	(3)		$	75,900
Funds held for clients' cash and cash equivalents			1,660,771			1			(1)			1,660,771
Available-for-sale securities:
Commercial paper			148,627			7			(8)			148,626
Corporate bonds			22,511			54			(1)			22,564
Asset-backed securities			55,857			68			(14)			55,911
U.S. treasury securities			33,891			9			(3)			33,897
Total available-for-sale securities (2)			260,886			138			(26)			260,998
Total investments		$	1,997,559		$	140		$	(30)		$	1,997,669

(2)

Included within the fair value of total available-for-sale securities above is $76,475 of corporate investments and $184,523 of funds held for clients.

Schedule of the classification of investments


		June 30,			December 31,
		2019			2019
Cash and cash equivalents		$	132,476		$	75,900
Corporate investments			29,314			69,849
Funds held for clients			1,394,469			1,845,294
Long-term prepaid expenses and other			708			6,626
Total investments		$	1,556,967		$	1,997,669

Schedule of available-for-sale securities that have been in an unrealized loss position for less than and greater than 12 months


		June 30, 2019
		Securities in an						Securities in an
		unrealized loss						unrealized loss
		position for less						position for greater
		than 12 months						than 12 months						Total
		Gross						Gross						Gross
		unrealized						unrealized						unrealized
		losses			Fair value			losses			Fair value			losses			Fair value
Commercial paper		$	(2)		$	19,055		$	—		$	—		$	(2)		$	19,055
Corporate bonds			(1)			1,500			(3)			3,701			(4)			5,201
Asset-backed securities			(1)			386			(2)			2,958			(3)			3,344
Total available-for-sale securities		$	(4)		$	20,941		$	(5)		$	6,659		$	(9)		$	27,600


		December 31, 2019
		Securities in an						Securities in an
		unrealized loss						unrealized loss
		position for less						position for greater
		than 12 months						than 12 months						Total
		Gross						Gross						Gross
		unrealized						unrealized						unrealized
		losses			Fair value			losses			Fair value			losses			Fair value
Commercial paper		$	(8)		$	79,890		$	—		$	—		$	(8)		$	79,890
Corporate bonds			(1)			2,908			—			—			(1)			2,908
Asset-backed securities			(13)			29,007			(1)			266			(14)			29,273
U.S. treasury securities			(3)			19,200			—			—			(3)			19,200
Total available-for-sale securities		$	(25)		$	131,005		$	(1)		$	266		$	(26)		$	131,271

Schedule of expected maturities of available-for-sale securities

Expected maturities of available-for-sale securities at December 31, 2019 are as follows:


		Amortized
		cost			Fair value
One year or less		$	232,303		$	232,346
One year to two years			28,583			28,652
Total available-for-sale securities		$	260,886		$	260,998