Funds Held for Clients and Corporate Investments (Tables)
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9 Months Ended |
Feb. 28, 2026 |
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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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February 28, 2026 |
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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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1,130.3 |
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$ |
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— |
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$ |
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— |
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$ |
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1,130.3 |
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AFS securities: |
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Asset-backed securities |
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125.5 |
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1.4 |
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— |
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126.9 |
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Corporate bonds |
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2,286.5 |
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25.0 |
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(3.1 |
) |
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2,308.4 |
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Municipal bonds |
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889.1 |
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1.5 |
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(20.7 |
) |
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869.9 |
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U.S. government agency and treasury securities |
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1,172.3 |
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10.7 |
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(7.6 |
) |
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1,175.4 |
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Variable rate demand notes |
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0.2 |
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— |
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— |
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0.2 |
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Total AFS securities |
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4,473.6 |
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38.6 |
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(31.4 |
) |
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4,480.8 |
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Other |
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34.4 |
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4.1 |
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(0.6 |
) |
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37.9 |
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Total funds held for clients and corporate investments |
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$ |
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5,638.3 |
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$ |
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42.7 |
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$ |
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(32.0 |
) |
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$ |
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5,649.0 |
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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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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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February 28, |
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May 31, |
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In millions |
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2026 |
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2025 |
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Funds held for clients |
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$ |
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5,610.9 |
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$ |
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4,813.3 |
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Corporate investments |
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38.1 |
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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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5,649.0 |
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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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February 28, 2026 |
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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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— |
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$ |
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— |
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$ |
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— |
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$ |
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— |
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$ |
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— |
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$ |
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— |
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Corporate bonds |
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(0.5 |
) |
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157.6 |
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(2.6 |
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143.7 |
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(3.1 |
) |
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301.3 |
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Municipal bonds |
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(1.8 |
) |
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45.1 |
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(18.9 |
) |
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740.6 |
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(20.7 |
) |
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785.7 |
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U.S. government agency and treasury securities |
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(1.2 |
) |
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161.4 |
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(6.4 |
) |
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374.5 |
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(7.6 |
) |
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535.9 |
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Total |
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$ |
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(3.5 |
) |
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$ |
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364.1 |
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$ |
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(27.9 |
) |
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$ |
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1,258.8 |
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$ |
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(31.4 |
) |
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$ |
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1,622.9 |
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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 |
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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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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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For the nine months ended |
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February 28, |
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February 28, |
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In millions |
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2026 |
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2025 |
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2026 |
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2025 |
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Gross realized gains |
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$ |
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0.3 |
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$ |
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0.0 |
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$ |
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7.4 |
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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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(0.4 |
) |
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(0.0 |
) |
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(0.4 |
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Net realized gains/(losses) |
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$ |
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0.3 |
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$ |
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(0.4 |
) |
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$ |
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7.4 |
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$ |
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(0.4 |
) |
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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 February 28, 2026 are shown below by expected maturity.
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February 28, 2026 |
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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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$ |
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774.4 |
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$ |
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769.0 |
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Due after one year through three years |
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1,690.2 |
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1,678.8 |
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Due after three years through five years |
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508.1 |
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517.6 |
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Due after five years |
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1,500.9 |
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1,515.4 |
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Total |
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$ |
|
4,473.6 |
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$ |
|
4,480.8 |
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