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FUNDS HELD FOR CLIENTS
6 Months Ended
Dec. 31, 2023
Funds Held For Clients [Abstract]  
FUNDS HELD FOR CLIENTS FUNDS HELD FOR CLIENTS:
Funds held for clients are as follows:
 December 31, 2023
 
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Demand deposit accounts and other cash equivalents$1,006,010 $— $— $1,006,010 
U.S. Treasury and direct obligations of U.S. government agencies86,840 (4)86,843 
Corporate bonds213,445 18 (29)213,434 
Commercial paper612 — — 612 
Other securities18,268 (5)18,264 
$1,325,175 $26 $(38)$1,325,163 
 
 June 30, 2023
 
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Demand deposit accounts and other cash equivalents$783,813 $— $— $783,813 
U.S. Treasury and direct obligations of U.S. government agencies72,173 — (776)71,397 
Corporate bonds172,570 91 (3,049)169,612 
Commercial paper2,977 — (3)2,974 
Other securities21,776 (418)21,360 
 $1,053,309 $93 $(4,246)$1,049,156 
Other securities are primarily comprised of municipal obligations and certificates of deposit.
Proceeds from sales and maturities of investment securities for the three months December 31, 2023 and 2022 were approximately $79,801 and $70,910, respectively. Proceeds from sales and maturities of investment securities for the six months ended December 31, 2023 and 2022 were approximately $103,453 and $214,017, respectively.
The Company is exposed to interest rate risk as rate volatility will cause fluctuations in the earnings potential of future investments. The Company does not utilize derivative financial instruments to manage interest rate risk.
The Company reviews its investments on an ongoing basis to determine if any allowance for credit loss is warranted due to changes in credit risk or other potential valuation concerns. The Company has no material individual securities that have been in a continuous unrealized loss position greater than twelve months. The Company believes unrealized losses, to the extent they exist, generally result from changes in interest rates rather than credit risk, and therefore does not believe the related investments need to be assessed to determine whether an allowance for the credit loss is warranted. Additionally, the Company believes it will recover its cost basis in the securities with unrealized losses and has the ability to hold the securities until they recover in value and had no intent to sell them at December 31, 2023.
Expected maturities as of December 31, 2023 for client fund assets are as follows:
Due within fiscal year 2024
$1,058,834 
Due within fiscal year 2025
80,096 
Due within fiscal year 2026
112,546 
Due within fiscal year 2027
50,062 
Due within fiscal year 2028
21,397 
Thereafter2,228 
Total$1,325,163