Paychex, Inc. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Other (Expense)/Income, Net

Other (Expense)/Income, Net

9 Months Ended

Feb. 28, 2025

Other Income and Expenses [Abstract]

Other (Expense)/Income, Net

Note E: Other (Expense)/Income, Net

Other (expense)/income, net, consisted of the following items:


	For the three months ended						For the nine months ended
	February 28,			February 29,			February 28,			February 29,
In millions	2025			2024			2025			2024
Interest income on corporate investments	$	16.6		$	19.3		$	52.3		$	61.1
Interest expense		(22.6	)		(9.9	)		(41.7	)		(27.8	)
Other		(0.0	)		(0.0	)		(0.6	)		0.6
Other (expense)/income, net	$	(6.0	)	$	9.4		$	10.0		$	33.9

During the three months ended February 28, 2025, the Company entered into a Bridge Loan Commitment and executed three Swaption Contracts in connection with its pending acquisition of Paycor. This resulted in an additional $13.2 million of expense related to the amortization of debt issuance costs on the Bridge Loan Commitment and the excluded component of the initial fair value of the Swaption Contracts. These amounts are included in interest expense in the above table and in other (expense)/income, net on the Consolidated Statements of Income and Comprehensive Income. Refer to Note G Fair Value Measurements and Note H Supplemental Information for further discussion of the Bridge Loan Commitment and Swaption Contracts.