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Corporate Investments and Funds Held For Clients (Tables)

9 Months Ended

Mar. 31, 2023

Corporate Investments and Funds Held for Clients [Abstract]

Schedule of corporate investments and funds held for clients

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

						June 30, 2022
Type of Issue						Amortized cost						Gross unrealized gains						Gross unrealized losses						Fair value
Cash and cash equivalents						$	139,756					$	—					$	—					$	139,756
Funds held for clients' cash and cash equivalents						3,653,699						—						(2)						3,653,697
Available-for-sale securities:
Commercial paper						58,166						—						(126)						58,040
Corporate bonds						59,568						—						(1,715)						57,853
Asset-backed securities						9,843						2						(141)						9,704
Certificates of deposit						31,879						—						(43)						31,836
U.S. treasury securities						167,566						12						(591)						166,987
U.S government agency securities						8,000						—						(451)						7,549
Other						2,181						—						(71)						2,110
Total available-for-sale securities						337,203						14						(3,138)						334,079
Total investments						$	4,130,658					$	14					$	(3,140)					$	4,127,532

						March 31, 2023
Type of Issue						Amortized cost						Gross unrealized gains						Gross unrealized losses						Fair value
Cash and cash equivalents						$	233,692					$	—					$	—					$	233,692
Funds held for clients' cash and cash equivalents						2,605,158						—						—						2,605,158
Available-for-sale securities:
Commercial paper						151,851						53						(73)						151,831
Corporate bonds						118,722						575						(1,499)						117,798
Asset-backed securities						29,171						—						(270)						28,901
Certificates of deposit						84,047						17						(37)						84,027
U.S. treasury securities						200,957						635						(1,653)						199,939
U.S government agency securities						8,000						—						(496)						7,504
Other						7,328						29						(100)						7,257
Total available-for-sale securities						600,076						1,309						(4,128)						597,257
Total investments						$	3,438,926					$	1,309					$	(4,128)					$	3,436,107

Schedule of the classification of investments

Classification of investments on the Unaudited Consolidated Balance Sheets was as follows:

			June 30, 2022						March 31, 2023
Cash and cash equivalents			$	139,756					$	233,692
Funds held for clients			3,987,776						3,202,415
Total investments			$	4,127,532					$	3,436,107

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

Available-for-sale securities that had been in an unrealized loss position for a period of less and greater than 12 months as of June 30, 2022 and March 31, 2023 had fair market value as follows:

						June 30, 2022
						Securities in an unrealized loss position for less than 12 months												Securities in an unrealized loss position for greater than 12 months												Total
						Gross unrealized losses						Fair value						Gross unrealized losses						Fair value						Gross unrealized losses						Fair value
Commercial paper						$	(126)					$	53,756					$	—					$	—					$	(126)					$	53,756
Corporate bonds						(1,715)						57,853						—						—						(1,715)						57,853
Asset-backed securities						(141)						7,354						—						—						(141)						7,354
Certificates of deposit						(43)						27,086						—						—						(43)						27,086
U.S. treasury securities						(591)						129,943						—						—						(591)						129,943
U.S. government agency securities						(451)						7,549						—						—						(451)						7,549
Other						(71)						2,110						—						—						(71)						2,110
Total available-for-sale securities						$	(3,138)					$	285,651					$	—					$	—					$	(3,138)					$	285,651

						March 31, 2023
						Securities in an unrealized loss position for less than 12 months												Securities in an unrealized loss position for greater than 12 months												Total
						Gross unrealized losses						Fair value						Gross unrealized losses						Fair value						Gross unrealized losses						Fair value
Commercial paper						$	(73)					$	93,799					$	—					$	—					$	(73)					$	93,799
Corporate bonds						(313)						23,406						(1,186)						34,341						(1,499)						57,747
Asset-backed securities						(161)						26,279						(109)						2,464						(270)						28,743
Certificates of deposit						(37)						57,363						—						—						(37)						57,363
U.S. treasury securities						(1,597)						112,216						(56)						3,957						(1,653)						116,173
U.S. government agency securities						(28)						973						(468)						6,531						(496)						7,504
Other						(41)						2,879						(59)						1,556						(100)						4,435
Total available-for-sale securities						$	(2,250)					$	316,915					$	(1,878)					$	48,849					$	(4,128)					$	365,764

Schedule of expected maturities of available-for-sale securities

Expected maturities of available-for-sale securities at March 31, 2023 were as follows:

			Amortized cost						Fair value
One year or less			$	340,316					$	339,603
One year to two years			139,047						137,505
Two years to three years			118,717						118,336
Three years to five years			1,996						1,813
Total available-for-sale securities			$	600,076					$	597,257

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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 55
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-URI https://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=124269663&loc=SL82922888-210455

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-Name Accounting Standards Codification
-Topic 325
-URI https://asc.fasb.org/topic&trid=2197064

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 321
-URI https://asc.fasb.org/topic&trid=75115024

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-Name Accounting Standards Codification
-Topic 320
-URI https://asc.fasb.org/topic&trid=2196928

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