Corporate Investments and Funds Held For Clients (Tables)

6 Months Ended

Dec. 31, 2021

Corporate Investments and Funds Held for Clients [Abstract]

Schedule of corporate investments and funds held for clients

Corporate investments and funds held for clients consist of the following:


	June 30, 2021
Type of Issue	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Cash and cash equivalents	$	202,287	$	—	$	—	$	202,287
Funds held for clients' cash and cash equivalents	1,743,594		—		—		1,743,594
Available-for-sale securities:
Corporate bonds	13,390		70		—		13,460
Asset-backed securities	7,062		17		—		7,079
Total available-for-sale securities (1)	20,452		87		—		20,539
Total investments	$	1,966,333	$	87	$	—	$	1,966,420


			(1)			Included within the fair value of total available-for-sale securities above is $4,456 of corporate investments and $16,083 of funds held for clients.


	December 31, 2021
Type of Issue	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Cash and cash equivalents	$	84,104	$	—	$	—	$	84,104
Funds held for clients' cash and cash equivalents	1,770,689		—		—		1,770,689
Available-for-sale securities:
Commercial paper	62,240		3		(16)		62,227
Corporate bonds	42,873		—		(286)		42,587
Asset-backed securities	10,361		1		(26)		10,336
Certificates of deposit	20,500		—		(7)		20,493
U.S treasury securities	4,042		—		(19)		4,023
U.S government agency securities	7,000		—		(101)		6,899
Other	2,824		—		(15)		2,809
Total available-for-sale securities (2)	149,840		4		(470)		149,374
Total investments	$	2,004,633	$	4	$	(470)	$	2,004,167


			(2)			All available-for-sale securities are included in funds held for clients.

Schedule of the classification of investments

Classification of investments on the unaudited consolidated balance sheets is as follows:


	June 30, 2021		December 31, 2021
Cash and cash equivalents	$	202,287	$	84,104
Corporate investments	4,456		—
Funds held for clients	1,759,677		1,920,063
Total investments	$	1,966,420	$	2,004,167

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

Available-for-sale securities that have been in an unrealized loss position for a period of less than 12 months as of December 31, 2021 had fair market value as follows:


	December 31, 2021
	Securities in an unrealized loss position for less than 12 months
	Gross unrealized losses		Fair Value
Commercial paper	$	(16)	$	35,463
Corporate bonds	(286)		42,587
Asset-backed securities	(26)		9,664
Certificates of deposit	(7)		15,243
U.S. treasury securities	(19)		4,023
U.S. government agency securities	(101)		6,899
Other	(15)		2,809
Total available-for-sale securities	$	(470)	$	116,688

Schedule of expected maturities of available-for-sale securities

Expected maturities of available-for-sale securities at December 31, 2021 are as follows:


	Amortized cost		Fair value
One year or less	$	94,906	$	94,867
One year to two years	33,284		33,124
Two years to three years	16,637		16,437
Three years to five years	5,013		4,946
Total available-for-sale securities	$	149,840	$	149,374