Annual report pursuant to Section 13 and 15(d)

Funds Held for Clients and Corporate Investments (Tables)

v3.20.2
Funds Held for Clients and Corporate Investments (Tables)
12 Months Ended
May 31, 2020
Funds Held for Clients and Corporate Investments [Abstract]  
Funds Held for Clients and Corporate Investments

May 31, 2020

Gross

Gross

Amortized

unrealized

unrealized

Fair

In millions

cost

gains

losses

value

Type of issue:

Funds held for clients' money market securities and other
   cash equivalents

$

683.5

$

$

$

683.5

Available-for-sale securities:

Asset-backed securities

68.0

1.7

69.7

Corporate bonds

649.6

34.1

(0.1)

683.6

Municipal bonds

1,373.8

37.4

(1.6)

1,409.6

U.S. government agency and treasury securities

565.8

28.5

594.3

Total available-for-sale securities

2,657.2

101.7

(1.7)

2,757.2

Other

25.4

2.2

(0.4)

27.2

Total funds held for clients and corporate investments

$

3,366.1

$

103.9

$

(2.1)

$

3,467.9

May 31, 2019

Gross

Gross

Amortized

unrealized

unrealized

Fair

In millions

cost

gains

losses

value

Type of issue:

Funds held for clients' money market securities and other
   cash equivalents

$

204.5

$

$

$

204.5

Available-for-sale securities:

Asset-backed securities

5.3

5.3

Corporate bonds

442.1

5.3

(0.9)

446.5

Municipal bonds

1,411.6

12.4

(0.5)

1,423.5

U.S. government agency and treasury securities

612.5

4.7

(1.3)

615.9

Variable rate demand notes

1,129.6

1,129.6

Total available-for-sale securities

3,601.1

22.4

(2.7)

3,620.8

Other

26.3

1.7

(0.3)

27.7

Total funds held for clients and corporate investments

$

3,831.9

$

24.1

$

(3.0)

$

3,853.0

Classification of Investments on Consolidated Balance Sheets

May 31,

In millions

2020

2019

Funds held for clients

$

3,430.5

$

3,803.8

Corporate investments

27.2

39.0

Long-term corporate investments

10.2

10.2

Total funds held for clients and corporate investments

$

3,467.9

$

3,853.0

Securities in Unrealized Loss Position

May 31, 2020

Securities in an unrealized 
loss position for less than 
twelve months

Securities in an unrealized 
loss position for more than 
twelve months

Total

Gross

Gross

Gross

unrealized

Fair

unrealized

Fair

unrealized

Fair

In millions

losses

value

losses

value

losses

value

Type of issue:

Corporate bonds

$

(0.1)

$

6.5

$

$

$

(0.1)

$

6.5

Municipal bonds

(1.6)

60.3

(1.6)

60.3

Total

$

(1.7)

$

66.8

$

$

$

(1.7)

$

66.8

May 31, 2019

Securities in an unrealized 
loss position for less than 
twelve months

Securities in an unrealized 
loss position for more than 
twelve months

Total

Gross

Gross

Gross

unrealized

Fair

unrealized

Fair

unrealized

Fair

In millions

losses

value

losses

value

losses

value

Type of issue:

Corporate bonds

$

$

1.5

$

(0.9)

$

133.8

$

(0.9)

$

135.3

Municipal bonds

3.2

(0.5)

249.1

(0.5)

252.3

U.S. government agency and treasury securities

4.7

(1.3)

175.6

(1.3)

180.3

Total

$

$

9.4

$

(2.7)

$

558.5

$

(2.7)

$

567.9

Realized Gains and Losses from Sale of Available-for-sale Securities

Year ended May 31,

In millions

2020

2019

2018

Gross realized gains

$

11.6

$

0.6

$

0.3

Gross realized losses

(0.3)

(0.6)

(0.2)

Net realized gains

$

11.3

$

$

0.1

Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity

May 31, 2020

Amortized

Fair

In millions

cost

value

Maturity date:

Due in one year or less

$

353.4

$

355.7

Due after one year through three years

700.9

723.5

Due after three years through five years

812.0

850.0

Due after five years

790.9

828.0

Total

$

2,657.2

$

2,757.2