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

Quarterly report pursuant to Section 13 or 15(d)

Short-term Financing (Tables)

Short-term Financing (Tables) - Revolving Credit Facility [Member]

9 Months Ended

Feb. 29, 2020

Line of Credit Facility [Line Items]

Description of Credit Facilities



Bank		Borrower ⁽¹⁾		Date Entered		Expiration Date		Maximum Amount Available		Purpose
JP Morgan Chase Bank, N.A. ("JPM")⁽²⁾		Paychex of New York, LLC ("PoNY")		July 31, 2019		July 31, 2024		$1 Billion		To meet short-term funding requirements.
JPM ⁽²⁾		PoNY		August 17, 2017		August 17, 2022		$500 Million		To meet short-term funding requirements.
PNC Bank, National Association ("PNC")		Paychex Advance, LLC		February 6, 2020		February 6, 2023		$250 Million		To finance working capital needs and general corporate purposes.

(1)Borrower is a wholly owned subsidiary of the Company.

(2)JPM acts as the administrative agent for this syndicated credit facility.

JPM $1 Billion Credit Facility [Member] | JP Morgan Chase Bank, N.A. [Member]

Line of Credit Facility [Line Items]

Credit Facility Amount Borrowed


		For the three months ended								For the nine months ended
			February 29,				February 28,				February 29,				February 28,
$ in millions		2020				2019				2020				2019
Number of days borrowed			—				71				16				81
Maximum amount borrowed		$	—			$	400.0			$	694.0			$	483.0
Weighted-average amount borrowed		$	—			$	400.0			$	357.1			$	385.9
Weighted-average interest rate			—	%			3.48	%			5.09	%			3.66	%

JPM $500 Million Credit Facility [Member] | JP Morgan Chase Bank, N.A. [Member]

Line of Credit Facility [Line Items]

Credit Facility Amount Borrowed



		For the three months ended								For the nine months ended
		February 29,				February 28,				February 29,				February 28,
$ in millions		2020				2019				2020				2019
Number of days borrowed			3				71				27				78
Maximum amount borrowed		$	273.0			$	400.0			$	450.0			$	400.0
Weighted-average amount borrowed		$	168.2			$	400.0			$	323.4			$	374.1
Weighted-average interest rate			4.75	%			3.48	%			3.30	%			3.57	%

PNC $250 Million Credit Facility [Member] | PNC Bank, National Association [Member]

Line of Credit Facility [Line Items]

Credit Facility Amount Borrowed


		For the three months ended								For the nine months ended
		February 29,				February 28,				February 29,				February 28,
$ in millions		2020				2019				2020				2019
Number of days borrowed			91				90				270				269
Maximum amount borrowed		$	141.3			$	58.9			$	141.3			$	58.9
Weighted-average amount borrowed		$	52.3			$	57.7			$	53.8			$	57.0
Weighted-average interest rate			2.55	%			2.94	%			2.79	%			2.72	%