Paychex, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Funds Held for Clients and Corporate Investments (Tables)

Funds Held for Clients and Corporate Investments (Tables)

6 Months Ended

Nov. 30, 2011

Funds Held for Clients and Corporate Investments [Abstract]

Funds held for clients and corporate investments

			$0,000.0				$0,000.0				$0,000.0				$0,000.0
		November 30, 2011
In millions		Amortized cost				Gross unrealized gains				Gross unrealized losses				Fair value

Type of issue:
Money market securities and other cash equivalents		$	852.9			$	—			$	—			$	852.9
Available-for-sale securities:
General obligation municipal bonds			1,067.7				32.4				(0.2	)			1,099.9
Pre-refunded municipal bonds⁽¹⁾			395.8				10.2				—				406.0
Revenue municipal bonds			394.0				11.4				(0.1	)			405.3
Variable rate demand notes			839.9				—				—				839.9

Total available-for-sale securities			2,697.4				54.0				(0.3	)			2,751.1
Other			8.8				0.3				(0.1	)			9.0

Total funds held for clients and corporate investments		$	3,559.1			$	54.3			$	(0.4	)		$	3,613.0

			$0,000.0				$0,000.0				$0,000.0				$0,000.0
		May 31, 2011
In millions		Amortized cost				Gross unrealized gains				Gross unrealized losses				Fair Value

Type of issue:
Money market securities and other cash equivalents		$	1,372.9			$	—			$	—			$	1,372.9
Available-for-sale securities:
General obligation municipal bonds			1,017.5				33.1				(0.1	)			1,050.5
Pre-refunded municipal bonds⁽¹⁾			470.5				14.2				—				484.7
Revenue municipal bonds			361.6				12.1				—				373.7
Variable rate demand notes			828.3				—				—				828.3

Total available-for-sale securities			2,677.9				59.4				(0.1	)			2,737.2
Other			8.3				0.6				—				8.9

Total funds held for clients and corporate investments		$	4,059.1			$	60.0			$	(0.1	)		$	4,119.0

⁽¹⁾	Pre-refunded municipal bonds are secured by an escrow fund of U.S. government obligations.

Classification of investments on the Consolidated Balance Sheets


In millions		November 30, 2011				May 31, 2011
Funds held for clients		$	3,032.8			$	3,566.7
Corporate investments			315.0				345.0
Long-term corporate investments			265.2				207.3

Total funds held for clients and corporate investments		$	3,613.0			$	4,119.0

Securities in an unrealized loss position


		November 30, 2011								May 31, 2011
In millions		Gross unrealized loss				Fair value				Gross unrealized loss				Fair value
Type of issue:
General obligation municipal bonds		$	(0.2	)		$	41.7			$	(0.1	)		$	37.3
Pre-refunded municipal bonds			—				1.6				—				—
Revenue municipal bonds			(0.1	)			36.4				—				14.4

Total		$	(0.3	)		$	79.7			$	(0.1	)		$	51.7

Amortized cost and fair value of available-for-sale securities by contractual maturity


		November 30, 2011
In millions		Amortized cost				Fair value

Maturity date:
Due in one year or less		$	377.2			$	381.1
Due after one year through three years			615.5				637.8
Due after three years through five years			600.8				621.7
Due after five years			1,103.9				1,110.5

Total		$	2,697.4			$	2,751.1