v3.26.1
Corporate Investments and Funds Held For Clients (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Cash and Cash Equivalents and Investments

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.
Summary of Unrealized Losses and Fair Values of Available-for-Sale Securities that have been in Unrealized Loss Position for Period of Less than and Greater than 12 Months

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

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 
Summary of Expected Maturities of Available for Sale Securities

Expected maturities of available-for-sale securities at June 30, 2026 were as follows:

Expected maturity

 

Amortized cost

 

 

Fair value

 

One year or less

 

$

375.2

 

 

$

375.1