The tables below present our cash and cash equivalents, the funds held for clients cash and cash equivalents as well as the investments that were included within funds held for clients on the consolidated balance sheets:


	June 30, 2026
Type of issue	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Cash and cash equivalents	$	198.0	$	—	$	—		$	198.0
Funds held for clients cash and cash equivalents		2,631.0		—		—			2,631.0
Available-for-sale securities(1):
U.S. treasury securities		300.2		0.1		(0.2	)		300.1
Certificates of deposit		75.0		—		—			75.0
Total investments	$	3,204.1	$	0.1	$	(0.2	)	$	3,204.1

	December 31, 2025
Type of issue	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Cash and cash equivalents	$	370.0	$	—	$	—		$	370.0
Funds held for clients cash and cash equivalents		4,762.5		—		—			4,762.5
Available-for-sale securities(1):
U.S. treasury securities		298.7		0.7		—			299.4
Certificates of deposit		75.0		0.1		—			75.1
Total investments	$	5,506.2	$	0.8	$	—		$	5,507.0

(1)

All available-for-sale securities were included within the funds held for clients.

The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of June 30, 2026, were as follows:


	June 30, 2026
	Securities in unrealized loss position for less than 12 months					Securities in unrealized loss position for greater than 12 months				Total
Type of issue	Gross unrealized losses			Fair value		Gross unrealized losses		Fair value		Gross unrealized losses			Fair value
U.S. treasury securities	$	(0.2	)	$	241.2	$	—	$	—	$	(0.2	)	$	241.2
Certificates of deposit		—			75.0		—		—		—			75.0
Total	$	(0.2	)	$	241.2	$	—	$	—	$	(0.2	)	$	241.2

The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of December 31, 2025, were as follows:

          
         December 31, 2025

          
         Securities in unrealized loss position for less than 12 months

         Securities in unrealized loss position for greater than 12 months

         Total

         Type of issue

         Gross unrealized losses

         Fair value

         Gross unrealized losses

         Fair value

         Gross unrealized losses

         Fair value

U.S. treasury securities

—

—

—

—

—

—

Certificates of deposit

—

—

—

—

—

—

Total

—

—

—

—

—

—

We did not make any reclassification adjustments out of accumulated other comprehensive income for realized gains or losses on the sale or maturity of available-for-sale securities for the six months ended June 30, 2026 or 2025. There were no realized gains or losses on the sale of available-for-sale securities for the six months ended June 30, 2026 or 2025.

We regularly review the composition of our investment portfolio and did not recognize any credit impairment losses during the six months ended June 30, 2026 or 2025. We believe it is probable that the principal and interest will be collected in accordance with contractual terms and that the unrealized losses on these securities were due to changes in interest rates and were not due to increased credit risk. As of June 30, 2026, our U.S. treasury securities held a rating of AA+.