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, 2020

Funds Held for Clients and Corporate Investments [Abstract]

Funds Held for Clients and Corporate Investments



		November 30, 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		$	359.3		$	—		$	—		$	359.3
AFS securities:
Asset-backed securities			75.8			1.9			—			77.7
Corporate bonds			630.4			35.3			—			665.7
Municipal bonds			1,701.1			43.4			(0.5)			1,744.0
U.S. government agency and treasury securities			527.7			28.8			—			556.5
VRDNs			142.9			—			—			142.9
Total AFS securities			3,077.9			109.4			(0.5)			3,186.8
Other			26.6			5.4			—			32.0
Total funds held for clients and corporate investments		$	3,463.8		$	114.8		$	(0.5)		$	3,578.1



		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
AFS 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 AFS 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



		November 30,			May 31,
In millions		2020			2020
Funds held for clients		$	3,393.1		$	3,430.5
Corporate investments			174.9			27.2
Long-term corporate investments			10.1			10.2
Total funds held for clients and corporate investments		$	3,578.1		$	3,467.9

Securities in Unrealized Loss Position



		November 30, 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		$	—		$	1.0		$	—		$	—		$	—		$	1.0
Municipal bonds			(0.5)			113.3			—			—			(0.5)			113.3
U.S. government agency and treasury securities			—			12.7			—			—			—			12.7
Total		$	(0.5)		$	127.0		$	—		$	—		$	(0.5)		$	127.0



		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						For the six months ended
		November 30,						November 30,
In millions		2020			2019			2020			2019
Gross realized gains		$	0.4		$	0.9		$	0.7		$	1.8
Gross realized losses			—			—			—			—
Net realized gains		$	0.4		$	0.9		$	0.7		$	1.8

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



		November 30, 2020

		Amortized			Fair
In millions		cost			value
Maturity date:
Due in one year or less		$	301.1		$	303.7
Due after one year through three years			729.3			756.2
Due after three years through five years			915.3			963.6
Due after five years			1,132.2			1,163.3
Total		$	3,077.9		$	3,186.8