v3.25.1
Customer Funds (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Values of Investments of Customer Funds Available for Sale The amortized cost and fair values of investments of customer funds available for sale were as follows:

 

 

 

March 31, 2025

 

 

 

Amortized

 

 

Gross Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gain

 

 

Loss

 

 

Value

 

 

 

(In millions)

 

Money market securities, investments carried at cost
   and other cash equivalents

 

$

2,888.4

 

 

$

—

 

 

$

—

 

 

$

2,888.4

 

Available for sale investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency securities

 

 

839.5

 

 

 

2.8

 

 

 

(18.1

)

 

 

824.2

 

Canadian and provincial government securities

 

 

468.1

 

 

 

6.9

 

 

 

(2.0

)

 

 

473.0

 

Corporate debt securities

 

 

765.6

 

 

 

11.2

 

 

 

(4.0

)

 

 

772.8

 

Asset-backed securities

 

 

207.7

 

 

 

2.4

 

 

 

(0.5

)

 

 

209.6

 

Mortgage-backed securities

 

 

109.7

 

 

 

1.3

 

 

 

(0.5

)

 

 

110.5

 

Other securities

 

 

57.2

 

 

 

0.2

 

 

 

(0.5

)

 

 

56.9

 

Total available for sale investments

 

 

2,447.8

 

 

 

24.8

 

 

 

(25.6

)

 

 

2,447.0

 

Invested customer funds

 

 

5,336.2

 

 

$

24.8

 

 

$

(25.6

)

 

 

5,335.4

 

Receivables

 

 

27.3

 

 

 

 

 

 

 

 

 

27.3

 

Total customer funds

 

$

5,363.5

 

 

 

 

 

 

 

 

$

5,362.7

 

 

 

 

December 31, 2024

 

 

 

Amortized

 

 

Gross Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gain

 

 

Loss

 

 

Value

 

 

 

(In millions)

 

Money market securities, investments carried at cost
   and other cash equivalents

 

$

2,650.9

 

 

$

—

 

 

$

—

 

 

$

2,650.9

 

Available for sale investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency securities

 

 

818.3

 

 

 

0.5

 

 

 

(27.1

)

 

 

791.7

 

Canadian and provincial government securities

 

 

449.2

 

 

 

4.6

 

 

 

(3.6

)

 

 

450.2

 

Corporate debt securities

 

 

734.7

 

 

 

7.7

 

 

 

(7.0

)

 

 

735.4

 

Asset-backed securities

 

 

202.9

 

 

 

1.9

 

 

 

(0.6

)

 

 

204.2

 

Mortgage-backed securities

 

 

83.5

 

 

 

0.1

 

 

 

(1.3

)

 

 

82.3

 

Other securities

 

 

64.3

 

 

 

0.1

 

 

 

(0.9

)

 

 

63.5

 

Total available for sale investments

 

 

2,352.9

 

 

 

14.9

 

 

 

(40.5

)

 

 

2,327.3

 

Invested customer funds

 

 

5,003.8

 

 

$

14.9

 

 

$

(40.5

)

 

 

4,978.2

 

Receivables

 

 

23.3

 

 

 

 

 

 

 

 

 

23.3

 

Total customer funds

 

$

5,027.1

 

 

 

 

 

 

 

 

$

5,001.5

 
Schedule of Unrealized Losses and Fair Value

The following represents the gross unrealized losses and the related fair value of the investments of customer funds available for sale, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

 

 

 

March 31, 2025

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

 

(In millions)

 

U.S. government and agency securities

 

$

(1.4

)

 

$

135.4

 

 

$

(16.7

)

 

$

410.4

 

 

$

(18.1

)

 

$

545.8

 

Canadian and provincial government securities

 

 

—

 

 

 

—

 

 

 

(2.0

)

 

 

173.4

 

 

 

(2.0

)

 

 

173.4

 

Corporate debt securities

 

 

(0.3

)

 

 

57.2

 

 

 

(3.7

)

 

 

253.4

 

 

 

(4.0

)

 

 

310.6

 

Asset-backed securities

 

 

(0.1

)

 

 

17.9

 

 

 

(0.4

)

 

 

42.0

 

 

 

(0.5

)

 

 

59.9

 

Mortgage-backed securities

 

 

(0.2

)

 

 

22.9

 

 

 

(0.3

)

 

 

7.4

 

 

 

(0.5

)

 

 

30.3

 

Other securities

 

 

—

 

 

 

3.5

 

 

 

(0.5

)

 

 

41.4

 

 

 

(0.5

)

 

 

44.9

 

Total available for sale investments

 

$

(2.0

)

 

$

236.9

 

 

$

(23.6

)

 

$

928.0

 

 

$

(25.6

)

 

$

1,164.9

 

 
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, 2025, 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, 2025

 

 

 

Cost

 

 

Fair Value

 

 

 

(In millions)

 

Due in one year or less

 

$

3,275.5

 

 

$

3,273.2

 

Due in one to three years

 

 

1,002.1

 

 

 

988.5

 

Due in three to five years

 

 

671.6

 

 

 

683.2

 

Due after five years

 

 

387.0

 

 

 

390.5

 

Invested customer funds

 

$

5,336.2

 

 

$

5,335.4