Quarterly report pursuant to Section 13 or 15(d)

Short-term Financing (Tables)

v3.20.1
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

%