Funds Held for Clients and Corporate Investments (Tables)
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3 Months Ended |
Aug. 31, 2025 |
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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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August 31, 2025 |
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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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775.2 |
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$ |
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— |
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$ |
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— |
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$ |
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775.2 |
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AFS securities: |
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Asset-backed securities |
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165.6 |
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1.6 |
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(0.1 |
) |
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167.1 |
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Corporate bonds |
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1,922.6 |
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20.0 |
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(5.0 |
) |
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1,937.6 |
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Municipal bonds |
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973.2 |
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1.0 |
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(33.2 |
) |
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941.0 |
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U.S. government agency and treasury securities |
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1,111.8 |
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7.2 |
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(12.5 |
) |
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1,106.5 |
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Variable rate demand notes |
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824.6 |
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— |
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— |
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824.6 |
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Total AFS securities |
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4,997.8 |
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29.8 |
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(50.8 |
) |
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4,976.8 |
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Other |
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34.3 |
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3.5 |
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(0.5 |
) |
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37.3 |
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Total funds held for clients and corporate investments |
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$ |
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5,807.3 |
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$ |
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33.3 |
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$ |
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(51.3 |
) |
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$ |
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5,789.3 |
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May 31, 2025 |
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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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1,057.8 |
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$ |
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— |
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$ |
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— |
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$ |
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1,057.8 |
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AFS securities: |
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Asset-backed securities |
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158.3 |
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0.9 |
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(0.0 |
) |
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159.2 |
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Corporate bonds |
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1,640.3 |
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10.7 |
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(7.0 |
) |
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1,644.0 |
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Municipal bonds |
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1,017.3 |
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0.5 |
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(44.3 |
) |
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973.5 |
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U.S. government agency and treasury securities |
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993.2 |
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2.3 |
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(16.7 |
) |
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978.8 |
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Variable rate demand notes |
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— |
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— |
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— |
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— |
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Total AFS securities |
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3,809.1 |
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14.4 |
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(68.0 |
) |
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3,755.5 |
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Other |
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33.1 |
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2.3 |
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(0.9 |
) |
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34.5 |
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Total funds held for clients and corporate investments |
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$ |
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4,900.0 |
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$ |
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16.7 |
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$ |
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(68.9 |
) |
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$ |
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4,847.8 |
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| Classification of Investments on Consolidated Balance Sheets |
The classification of funds held for clients and corporate investments on the Consolidated Balance Sheets was as follows:
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August 31, |
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May 31, |
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In millions |
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2025 |
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2025 |
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Funds held for clients |
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$ |
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4,927.4 |
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$ |
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4,813.3 |
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Corporate investments |
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861.9 |
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34.5 |
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Total funds held for clients and corporate investments |
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$ |
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5,789.3 |
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$ |
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4,847.8 |
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| Securities in Unrealized Loss Position |
AFS securities in an unrealized loss position for which a credit loss has not been recognized were as follows:
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August 31, 2025 |
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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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(0.0 |
) |
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$ |
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— |
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$ |
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(0.1 |
) |
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$ |
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2.8 |
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$ |
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(0.1 |
) |
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$ |
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2.8 |
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Corporate bonds |
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(0.1 |
) |
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56.5 |
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(4.9 |
) |
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207.2 |
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(5.0 |
) |
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263.7 |
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Municipal bonds |
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(2.5 |
) |
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44.9 |
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(30.7 |
) |
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843.2 |
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(33.2 |
) |
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888.1 |
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U.S. government agency and treasury securities |
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(0.7 |
) |
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73.2 |
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(11.8 |
) |
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506.4 |
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(12.5 |
) |
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579.6 |
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Total |
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$ |
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(3.3 |
) |
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$ |
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174.6 |
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$ |
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(47.5 |
) |
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$ |
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1,559.6 |
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$ |
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(50.8 |
) |
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$ |
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1,734.2 |
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May 31, 2025 |
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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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(0.0 |
) |
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$ |
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16.4 |
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$ |
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(0.0 |
) |
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$ |
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2.8 |
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$ |
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(0.0 |
) |
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$ |
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19.2 |
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Corporate bonds |
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(0.1 |
) |
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83.2 |
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(6.9 |
) |
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236.7 |
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(7.0 |
) |
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319.9 |
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Municipal bonds |
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(2.2 |
) |
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48.5 |
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(42.1 |
) |
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880.1 |
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(44.3 |
) |
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928.6 |
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U.S. government agency and treasury securities |
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(0.7 |
) |
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152.0 |
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(16.0 |
) |
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531.8 |
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(16.7 |
) |
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683.8 |
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Total |
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$ |
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(3.0 |
) |
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$ |
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300.1 |
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$ |
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(65.0 |
) |
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$ |
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1,651.4 |
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$ |
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(68.0 |
) |
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$ |
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1,951.5 |
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| Realized Gains and Losses from Sale of Available-for-sale Securities |
Realized gains and losses from the sale of AFS securities were as follows:
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For the three months ended |
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August 31, |
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August 31, |
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In millions |
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2025 |
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|
2024 |
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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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Gross realized losses |
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(0.0 |
) |
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(0.0 |
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Net realized (losses)/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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| Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity |
The amortized cost and fair value of AFS securities that had stated maturities as of August 31, 2025 are shown below by expected maturity.
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August 31, 2025 |
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Amortized |
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Fair |
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In millions |
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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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$ |
|
677.9 |
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$ |
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672.2 |
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Due after one year through three years |
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2,104.8 |
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2,078.7 |
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Due after three years through five years |
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645.9 |
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650.2 |
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Due after five years |
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1,569.2 |
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1,575.7 |
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Total |
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$ |
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4,997.8 |
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$ |
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4,976.8 |
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