| Cash and Cash Equivalents and Funds Held for Clients |
(4) Cash and Cash Equivalents and Funds Held for Clients Cash and cash equivalents and Funds held for clients consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Type of Issue | | Amortized cost | | Gross unrealized gains | | Gross unrealized losses | | Fair value | | Cash and cash equivalents | | $ | 398,070 | | $ | — | | $ | — | | $ | 398,070 | | Funds held for clients' cash and cash equivalents | | 2,084,456 | | — | | — | | 2,084,456 | | Available-for-sale securities: | | | | | | | | | | Corporate bonds | | 372,171 | | 6,497 | | (76) | | 378,592 | | Asset-backed securities | | 51,709 | | 476 | | (7) | | 52,178 | | Certificates of deposit | | 61,681 | | 9 | | (3) | | 61,687 | | U.S treasury securities | | 84,889 | | 402 | | (27) | | 85,264 | | Commercial paper | | 17,273 | | — | | (1) | | 17,272 | | | | | | | | | | | Other | | 24,378 | | 310 | | — | | 24,688 | | Total available-for-sale securities | | 612,101 | | 7,694 | | (114) | | 619,681 | | Total investments | | $ | 3,094,627 | | $ | 7,694 | | $ | (114) | | $ | 3,102,207 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Type of Issue | | Amortized cost | | Gross unrealized gains | | Gross unrealized losses | | Fair value | | Cash and cash equivalents | | $ | 271,917 | | $ | — | | $ | — | | $ | 271,917 | | Funds held for clients' cash and cash equivalents | | 2,598,049 | | — | | — | | 2,598,049 | | Available-for-sale securities: | | | | | | | | | | | | | | | | | | | Corporate bonds | | 506,538 | | 2,571 | | (3,439) | | 505,670 | | Asset-backed securities | | 38,987 | | 97 | | (107) | | 38,977 | | | | | | | | | | | U.S treasury securities | | 38,800 | | 41 | | (19) | | 38,822 | | | | | | | | | | | | | | | | | | | | Other | | 29,016 | | 154 | | (184) | | 28,986 | | Total available-for-sale securities | | 613,341 | | 2,863 | | (3,749) | | 612,455 | | Total investments | | $ | 3,483,307 | | $ | 2,863 | | $ | (3,749) | | $ | 3,482,421 |
All available-for-sale securities were included in Funds held for clients at June 30, 2025 and 2026. Cash and cash equivalents and funds held for clients’ cash and cash equivalents included demand deposit accounts and money market funds as of June 30, 2025 and 2026. Classification of investments on the consolidated balance sheets was as follows: | | | | | | | | | | | | | June 30, | | 2025 | | 2026 | | Cash and cash equivalents | $ | 398,070 | | $ | 271,917 | | | | | | Funds held for clients | 2,704,137 | | 3,210,504 | | | | | | Total investments | $ | 3,102,207 | | $ | 3,482,421 |
Available-for-sale securities that have been in an unrealized loss position for a period of less and greater than 12 months as of June 30, 2025 and 2026 had fair market value as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | 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 | | Corporate bonds | $ | (9) | | $ | 10,002 | | $ | (67) | | $ | 8,279 | | $ | (76) | | $ | 18,281 | | Asset-backed securities | (4) | | 4,154 | | (3) | | 2,948 | | (7) | | 7,102 | | Certificates of deposit | (3) | | 19,468 | | — | | — | | (3) | | 19,468 | | U.S. treasury securities | (25) | | 37,581 | | (2) | | 998 | | (27) | | 38,579 | | Commercial paper | (1) | | 17,272 | | — | | — | | (1) | | 17,272 | | | | | | | | | | | | | | | | | | | | | | | | | | Total available-for-sale securities | $ | (42) | | $ | 88,477 | | $ | (72) | | $ | 12,225 | | $ | (114) | | $ | 100,702 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | 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 | | Corporate bonds | $ | (3,431) | | 253,572 | | $ | (8) | | $ | 1,947 | | $ | (3,439) | | $ | 255,519 | | Asset-backed securities | (107) | | 18,105 | | — | | — | | (107) | | 18,105 | | | | | | | | | | | | | | U.S. treasury securities | (19) | | 31,823 | | — | | — | | (19) | | 31,823 | | | | | | | | | | | | | | | | | | | | | | | | | | Other | (184) | | 12,235 | | — | | — | | (184) | | 12,235 | | Total available-for-sale securities | $ | (3,741) | | $ | 315,735 | | $ | (8) | | $ | 1,947 | | $ | (3,749) | | $ | 317,682 |
The Company regularly reviews the composition of its portfolio to determine the existence of credit impairment. The Company did not recognize any credit impairment losses during the years ended June 30, 2024, 2025 or 2026. All securities in the Company's portfolio held an A rating or better as of June 30, 2026. The Company did not make any material reclassification adjustments out of Accumulated other comprehensive income for realized gains and losses on the sale of available-for-sale securities during the years ended June 30, 2024, 2025 or 2026. Gross realized gains and losses on the sale of available-for-sale securities were immaterial for the years ended June 30, 2024, 2025 and 2026. Expected maturities of available-for-sale securities at June 30, 2026 were as follows: | | | | | | | | | | | | | Amortized cost | | Fair value | | One year or less | $ | 65,383 | | $ | 65,587 | | One year to two years | 49,381 | | 49,489 | | Two years to three years | 191,146 | | 192,912 | | Three years to five years | 297,696 | | 294,659 | | Five years and thereafter | 9,735 | | 9,808 | | Total available-for-sale securities | $ | 613,341 | | $ | 612,455 |
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