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

Funds Held for Clients and Corporate Investments (Tables)

9 Months Ended

Feb. 29, 2012


	February 29, 2012
In millions	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Type of issue:
Money market securities and other cash equivalents	$	1,190.8	$	—	$	—		$	1,190.8
Available-for-sale securities:
General obligation municipal bonds		1,056.7		43.2		(0.1	)		1,099.8
Pre-refunded municipal bonds⁽¹⁾		355.9		9.8		—			365.7
Revenue municipal bonds		401.2		15.2		—			416.4
Variable rate demand notes		1,737.2		—		—			1,737.2

Total available-for-sale securities		3,551.0		68.2		(0.1	)		3,619.1
Other		8.7		0.6		—			9.3

Total funds held for clients and corporate investments	$	4,750.5	$	68.8	$	(0.1	)	$	4,819.2


	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.


In millions	February 29, 2012		May 31, 2011
Funds held for clients	$	4,167.0	$	3,566.7
Corporate investments		356.8		345.0
Long-term corporate investments		295.4		207.3

Total funds held for clients and corporate investments	$	4,819.2	$	4,119.0


	February 29, 2012					May 31, 2011
In millions	Gross unrealized losses			Fair value		Gross unrealized losses			Fair value
Type of issue:
General obligation municipal bonds	$	(0.1	)	$	21.8	$	(0.1	)	$	37.3
Revenue municipal bonds		—			2.4		—			14.4

Total	$	(0.1	)	$	24.2	$	(0.1	)	$	51.7


	February 29, 2012
In millions	Amortized cost		Fair value
Maturity date:
Due in one year or less	$	317.5	$	321.1
Due after one year through three years		604.9		627.8
Due after three years through five years		617.1		647.8
Due after five years		2,011.5		2,022.4

Total	$	3,551.0	$	3,619.1