One year to two years

  
cash received from and paid on behalf of clients on a net basis within net increase / (decrease) in client funds obligations in the financing activities section of the Statements of Consolidated Cash Flows.  
All available-for-sale securities were rated as investment grade at September 30, 2022. Expected maturities of available-for-sale securities at September 30, 2022 are as follows:

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
| One year or less | $ | 3,353.5  |  |
| One year to two years | 5,500.0  |  |
| Two years to three years | 5,774.3  |  |
| Three years to four years | 6,549.4  |  |
| After four years | 7,583.8  |  |
| Total available-for-sale securities | $ | 28,761.0  |  |

  
Note 7.  Leases  
The Company records leases on the Consolidated Balance Sheets as operating lease right-of-use (“ROU”) assets, records the current portion of operating lease liabilities within accrued expenses and other current liabilities and, separately, records long-term operating lease liabilities. The difference between total ROU assets and total lease liabilities is primarily attributable to pre-payments of our obligations and the recognition of various lease incentives.   
The Company has entered into operating lease agreements for facilities and equipment. The Company's leases have remaining lease terms of up to approximately ten years.   
The components of operating lease expense were as follows: 

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended |  |  |
|  | September 30, |  |  |
|  | 2022 |  | 2021 |  |  |  |  |
| Operating lease cost | $ | 35.6  |  |  | $ | 35.9  |  |  |  |  |  |
| Short-term lease cost | 0.3  |  |  | 0.3  |  |  |  |  |  |
| Variable lease cost | 3.0  |  |  | 2.5  |  |  |  |  |  |
| Total operating lease cost | $ | 38.9  |  |  | $ | 38.7  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |

The following table provides supplemental cash flow information related to the Company's leases:

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended |
|  | September 30, |
|  | 2022 |  | 2021 |
| Cash paid for operating lease liabilities | $ | 33.5  |  |  | $ | 33.1  |  |
| Operating lease ROU assets obtained in exchange for new operating lease liabilities | $ | 12.4  |  |  | $ | 19.5  |  |
|  |  |  |  |
|  |  |  |  |

  
Other information related to our operating lease liabilities is as follows:

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  | September 30, |  | June 30, |
|  | 2022 |  | 2022 |
| Weighted-average remaining lease term (in years) | 6 |  | 6 |
| Weighted-average discount rate | 2.2  | % |  | 2.2  | % |
| Current operating lease liability | $ | 88.8  |  |  | $ | 95.1  |  |

13
