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)

3 Months Ended

Aug. 31, 2020

Funds Held for Clients and Corporate Investments [Abstract]

Funds Held for Clients and Corporate Investments



		August 31, 2020
					Gross			Gross
		Amortized			unrealized			unrealized			Fair
In millions		cost			gains			losses			value
Type of issue:
Funds held for clients' money market securities and other cash equivalents		$	344.4		$	—		$	—		$	344.4
Available-for-sale securities:
Asset-backed securities			75.9			2.1			—			78.0
Corporate bonds			648.8			38.6			—			687.4
Municipal bonds			1,616.2			46.3			(0.2)			1,662.3
U.S. government agency and treasury securities			522.3			30.1			—			552.4
Total available-for-sale securities			2,863.2			117.1			(0.2)			2,980.1
Other			26.3			4.4			(0.1)			30.6
Total funds held for clients and corporate investments		$	3,233.9		$	121.5		$	(0.3)		$	3,355.1



		May 31, 2020
					Gross			Gross
		Amortized			unrealized			unrealized			Fair
In millions		cost			gains			losses			value
Type of issue:
Funds held for clients' money market securities and other cash equivalents		$	683.5		$	—		$	—		$	683.5
Available-for-sale securities:
Asset-backed securities			68.0			1.7			—			69.7
Corporate bonds			649.6			34.1			(0.1)			683.6
Municipal bonds			1,373.8			37.4			(1.6)			1,409.6
U.S. government agency and treasury securities			565.8			28.5			—			594.3
Total available-for-sale securities			2,657.2			101.7			(1.7)			2,757.2
Other			25.4			2.2			(0.4)			27.2
Total funds held for clients and corporate investments		$	3,366.1		$	103.9		$	(2.1)		$	3,467.9

Classification of Investments on Consolidated Balance Sheets



		August 31,			May 31,
In millions		2020			2020
Funds held for clients		$	3,314.3		$	3,430.5
Corporate investments			30.6			27.2
Long-term corporate investments			10.2			10.2
Total funds held for clients and corporate investments		$	3,355.1		$	3,467.9

Securities in Unrealized Loss Position



		August 31, 2020
		Securities in an unrealized ‎loss position for less than ‎twelve months						Securities in an unrealized ‎loss position for more than ‎twelve months						Total
		Gross						Gross						Gross
		unrealized			Fair			unrealized			Fair			unrealized			Fair
In millions		losses			value			losses			value			losses			value
Type of issue:
Corporate bonds		$	—		$	2.5		$	—		$	—		$	—		$	2.5
Municipal bonds			(0.2)			20.0			—			—			(0.2)			20.0
U.S. government agency and treasury securities			—			6.5			—			—			—			6.5
Total		$	(0.2)		$	29.0		$	—		$	—		$	(0.2)		$	29.0



		May 31, 2020
		Securities in an unrealized ‎loss position for less than ‎twelve months						Securities in an unrealized ‎loss position for more than ‎twelve months						Total
		Gross						Gross						Gross
		unrealized			Fair			unrealized			Fair			unrealized			Fair
In millions		losses			value			losses			value			losses			value
Type of issue:
Corporate bonds		$	(0.1)		$	6.5		$	—		$	—		$	(0.1)		$	6.5
Municipal bonds			(1.6)			60.3			—			—			(1.6)			60.3
Total		$	(1.7)		$	66.8		$	—		$	—		$	(1.7)		$	66.8

Realized Gains and Losses from Sale of Available-for-sale Securities


		For the three months ended
		August 31,
In millions		2020			2019
Gross realized gains		$	0.3		$	0.9
Gross realized losses			—			—
Net realized gains		$	0.3		$	0.9

Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity



		August 31, 2020

		Amortized			Fair
In millions		cost			value
Maturity date:
Due in one year or less		$	347.8		$	351.0
Due after one year through three years			680.7			705.1
Due after three years through five years			836.1			881.0
Due after five years			998.6			1,043.0
Total		$	2,863.2		$	2,980.1