Paychex, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Funds Held for Clients and Corporate Investments (Tables)

Funds Held for Clients and Corporate Investments (Tables)

12 Months Ended

May 31, 2012

Funds Held for Clients and Corporate Investments [Abstract]

Funds held for clients and corporate investments


	May 31, 2012
In millions	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Type of issue:
Funds held for clients money market securities and other cash equivalents	$	2,157.2	$	—	$	—		$	2,157.2
Available-for-sale securities:
General obligation municipal bonds		1,295.0		39.1		(0.2	)		1,333.9
Pre-refunded municipal bonds⁽¹⁾		326.8		7.5		—			334.3
Revenue municipal bonds		487.9		13.2		(0.1	)		501.0
Variable rate demand notes		889.8		—		—			889.8

Total available-for-sale securities		2,999.5		59.8		(0.3	)		3,059.0
Other		8.8		0.5		(0.1	)		9.2

Total funds held for clients and corporate investments	$	5,165.5	$	60.3	$	(0.4	)	$	5,225.4


	May 31, 2011
In millions	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Type of issue:
Funds held for clients 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


	May 31,
In millions	2012		2011
Funds held for clients	$	4,544.2	$	3,566.7
Corporate investments		207.5		345.0
Long-term corporate investments		473.7		207.3

Total funds held for clients and corporate investments	$	5,225.4	$	4,119.0

Securities in an unrealized loss position


	May 31,
	2012					2011
In millions	Gross unrealized losses			Fair value		Gross unrealized losses			Fair Value
Type of issue:
General obligation municipal bonds	$	(0.2	)	$	124.4	$	(0.1	)	$	37.3
Revenue municipal bonds		(0.1	)		55.6		—			14.4

Total	$	(0.3	)	$	180.0	$	(0.1	)	$	51.7

Realized gains and losses from the sale of available-for-sale securities


	Year ended May 31,
In millions	2012		2011		2010
Gross realized gains	$	1.0	$	1.3	$	3.2
Gross realized losses		—		—		—

Net realized gains	$	1.0	$	1.3	$	3.2

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


	May 31, 2012
In millions	Amortized cost		Fair value
Maturity date:
Due in one year or less	$	323.1	$	325.8
Due after one year through three years		619.6		641.0
Due after three years through five years		630.2		655.7
Due after five years		1,426.6		1,436.5

Total	$	2,999.5	$	3,059.0

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

+ References

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

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+ Details