Customer Funds (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022
	Amortized		Gross Unrealized					Fair
	Cost		Gain		Loss			Value
	(Dollars in millions)
Money market securities, investments carried at cost    and other cash equivalents	$	5,288.2	$	—	$	—		$	5,288.2
Available for sale investments:
U.S. government and agency securities		701.8		0.9		(25.3	)		677.4
Canadian and provincial government securities		469.6		1.0		(9.7	)		460.9
Corporate debt securities		641.2		2.2		(18.8	)		624.6
Asset-backed securities		172.1		0.2		(2.8	)		169.5
Mortgage-backed securities		2.2		—		—			2.2
Other short-term investments		60.9		—		—			60.9
Other securities		70.3		—		(3.8	)		66.5
Total available for sale investments		2,118.1		4.3		(60.4	)		2,062.0
Invested customer funds		7,406.3	$	4.3	$	(60.4	)		7,350.2
Receivables		12.2							14.0
Total customer funds	$	7,418.5						$	7,364.2

	December 31, 2021
	Amortized		Gross Unrealized					Fair
	Cost		Gain		Loss			Value
	(Dollars in millions)
Money market securities, investments carried at cost    and other cash equivalents	$	1,562.4	$	—	$	—		$	1,562.4
Available for sale investments:
U.S. government and agency securities		697.8		9.5		(5.8	)		701.5
Canadian and provincial government securities		399.9		5.3		(1.3	)		403.9
Corporate debt securities		551.4		8.3		(3.1	)		556.6
Asset-backed securities		174.2		1.5		(0.3	)		175.4
Mortgage-backed securities		2.7		—		—			2.7
Other short-term investments		41.4		—		—			41.4
Other securities		71.7		—		(0.8	)		70.9
Total available for sale investments		1,939.1		24.6		(11.3	)		1,952.4
Invested customer funds		3,501.5	$	24.6	$	(11.3	)		3,514.8
Receivables		18.4							21.0
Total customer funds	$	3,519.9						$	3,535.8

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, 2022
	Less than 12 months					12 months or more					Total
	Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value
	(Dollars in millions)
U.S. government and agency securities	$	(17.5	)	$	368.1	$	(7.8	)	$	113.6	$	(25.3	)	$	481.7
Canadian and provincial government securities		(9.3	)		243.0		(0.4	)		6.6		(9.7	)		249.6
Corporate debt securities		(17.1	)		369.7		(1.7	)		23.0		(18.8	)		392.7
Asset-backed securities		(2.8	)		98.1		—			—		(2.8	)		98.1
Other securities		(2.1	)		43.7		(1.7	)		22.6		(3.8	)		66.3
Total available for sale investments	$	(48.8	)	$	1,122.6	$	(11.6	)	$	165.8	$	(60.4	)	$	1,288.4

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, 2022, 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, 2022
	Cost		Fair Value
	(Dollars in millions)
Due in one year or less	$	5,660.9	$	5,662.4
Due in one to three years		702.4		694.8
Due in three to five years		754.1		716.8
Due after five years		288.9		276.2
Invested customer funds	$	7,406.3	$	7,350.2