Funds Held for Clients and Corporate Investments (Tables)
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6 Months Ended |
Nov. 30, 2022 |
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| Funds Held for Clients and Corporate Investments [Abstract] |
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| Funds Held for Clients and Corporate Investments |
Funds held for clients and corporate investments were as follows:
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November 30, 2022 |
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Gross |
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Gross |
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Amortized |
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unrealized |
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unrealized |
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Fair |
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In millions |
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cost |
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gains |
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losses |
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value |
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Type of issue: |
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Funds held for clients' money market securities and other
restricted cash equivalents |
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$ |
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460.1 |
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$ |
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— |
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$ |
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— |
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$ |
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460.1 |
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AFS securities: |
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Asset-backed securities |
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51.6 |
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— |
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(2.1 |
) |
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49.5 |
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Corporate bonds |
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773.6 |
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1.5 |
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(36.2 |
) |
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738.9 |
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Municipal bonds |
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1,469.6 |
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0.0 |
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(133.7 |
) |
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1,335.9 |
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U.S. government agency and treasury securities |
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602.0 |
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— |
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(47.3 |
) |
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554.7 |
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Variable rate demand notes |
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131.3 |
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— |
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— |
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131.3 |
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Total AFS securities |
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3,028.1 |
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1.5 |
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(219.3 |
) |
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2,810.3 |
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Other |
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33.2 |
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1.5 |
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(2.9 |
) |
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31.8 |
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Total funds held for clients and corporate investments |
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$ |
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3,521.4 |
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$ |
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3.0 |
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$ |
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(222.2 |
) |
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$ |
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3,302.2 |
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May 31, 2022 |
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Gross |
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Gross |
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Amortized |
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unrealized |
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unrealized |
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Fair |
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In millions |
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cost |
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gains |
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losses |
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value |
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Type of issue: |
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Funds held for clients' money market securities and other
restricted cash equivalents |
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$ |
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482.6 |
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$ |
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— |
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$ |
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— |
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$ |
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482.6 |
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AFS securities: |
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Asset-backed securities |
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68.5 |
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0.0 |
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(1.3 |
) |
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67.2 |
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Corporate bonds |
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699.3 |
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1.8 |
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(19.0 |
) |
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682.1 |
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Municipal bonds |
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1,577.6 |
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0.6 |
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(92.4 |
) |
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1,485.8 |
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U.S. government agency and treasury securities |
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574.5 |
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0.3 |
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(26.3 |
) |
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548.5 |
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Variable rate demand notes |
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1,245.6 |
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— |
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— |
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1,245.6 |
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Total AFS securities |
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4,165.5 |
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2.7 |
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(139.0 |
) |
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4,029.2 |
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Other |
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30.4 |
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1.8 |
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(2.2 |
) |
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30.0 |
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Total funds held for clients and corporate investments |
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$ |
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4,678.5 |
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$ |
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4.5 |
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$ |
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(141.2 |
) |
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$ |
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4,541.8 |
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| Classification of Investments on Consolidated Balance Sheets |
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November 30, |
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May 31, |
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In millions |
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2022 |
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2022 |
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Funds held for clients |
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$ |
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3,132.7 |
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$ |
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3,682.9 |
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Corporate investments |
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165.6 |
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853.9 |
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Long-term corporate investments |
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3.9 |
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5.0 |
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Total funds held for clients and corporate investments |
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$ |
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3,302.2 |
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$ |
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4,541.8 |
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| Securities in Unrealized Loss Position |
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November 30, 2022 |
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Securities in an unrealized
loss position for less than
twelve months |
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Securities in an unrealized
loss position for more than
twelve months |
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Total |
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Gross |
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Gross |
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Gross |
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unrealized |
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Fair |
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unrealized |
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Fair |
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unrealized |
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Fair |
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In millions |
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losses |
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value |
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losses |
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value |
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losses |
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value |
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Type of issue: |
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Asset-backed securities |
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$ |
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(0.8 |
) |
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$ |
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35.4 |
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$ |
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(1.3 |
) |
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$ |
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14.1 |
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$ |
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(2.1 |
) |
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$ |
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49.5 |
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Corporate bonds |
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(23.4 |
) |
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584.0 |
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(12.8 |
) |
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93.7 |
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(36.2 |
) |
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677.7 |
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Municipal bonds |
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(38.6 |
) |
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721.7 |
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(95.1 |
) |
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606.5 |
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(133.7 |
) |
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1,328.2 |
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U.S. government agency and treasury securities |
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(29.9 |
) |
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441.6 |
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(17.4 |
) |
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113.1 |
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(47.3 |
) |
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554.7 |
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Total |
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$ |
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(92.7 |
) |
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$ |
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1,782.7 |
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$ |
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(126.6 |
) |
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$ |
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827.4 |
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$ |
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(219.3 |
) |
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$ |
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2,610.1 |
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May 31, 2022 |
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Securities in an unrealized
loss position for less than
twelve months |
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Securities in an unrealized
loss position for more than
twelve months |
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Total |
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Gross |
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Gross |
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Gross |
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unrealized |
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Fair |
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unrealized |
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Fair |
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unrealized |
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Fair |
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In millions |
|
losses |
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value |
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|
losses |
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|
value |
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|
losses |
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|
value |
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Type of issue: |
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Asset-backed securities |
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$ |
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(0.9 |
) |
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$ |
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48.5 |
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$ |
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(0.3 |
) |
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$ |
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5.7 |
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$ |
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(1.2 |
) |
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$ |
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54.2 |
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Corporate bonds |
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(17.5 |
) |
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425.4 |
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(1.5 |
) |
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16.7 |
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(19.0 |
) |
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442.1 |
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Municipal bonds |
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(81.9 |
) |
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1,171.5 |
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(10.6 |
) |
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86.6 |
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(92.5 |
) |
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1,258.1 |
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U.S. government agency and treasury securities |
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(15.9 |
) |
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414.2 |
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(10.4 |
) |
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91.7 |
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(26.3 |
) |
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505.9 |
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Total |
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$ |
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(116.2 |
) |
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$ |
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2,059.6 |
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$ |
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(22.8 |
) |
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$ |
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200.7 |
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$ |
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(139.0 |
) |
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$ |
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2,260.3 |
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| Realized Gains and Losses from Sale of Available-for-sale Securities |
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For the three months ended |
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For the six months ended |
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November 30, |
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November 30, |
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In millions |
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2022 |
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2021 |
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2022 |
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2021 |
|
Gross realized gains |
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$ |
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0.0 |
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$ |
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0.0 |
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$ |
|
0.1 |
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$ |
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0.1 |
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Gross realized losses |
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(0.0 |
) |
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(0.0 |
) |
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(0.0 |
) |
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(0.0 |
) |
Net realized gains |
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$ |
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(0.0 |
) |
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$ |
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0.0 |
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$ |
|
0.1 |
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$ |
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0.1 |
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| Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity |
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November 30, 2022 |
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Amortized |
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Fair |
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In millions |
|
cost |
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|
value |
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Maturity date: |
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Due in one year or less |
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$ |
|
307.3 |
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$ |
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305.0 |
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Due after one year through three years |
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845.5 |
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809.7 |
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Due after three years through five years |
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1,399.4 |
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1,259.5 |
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Due after five years |
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475.9 |
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436.1 |
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Total |
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$ |
|
3,028.1 |
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$ |
|
2,810.3 |
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|