Paychex, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies (Tables)

Commitments and Contingencies (Tables)

12 Months Ended

May 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Lines of credit facility unused borrowing capacity, amount borrowed, and interest rate

There were no amounts outstanding under this credit facility as of May 31, 2014. During fiscal 2014, the Company borrowed against this facility, for one day each, as follows:



$ in millions Fiscal quarter	Amount borrowed		Interest rate
First quarter	$	25.0	3.25	%
Second quarter	$	175.0	3.25	%

As of May 31, 2014, the Company had unused borrowing capacity available under uncommitted, secured, short-term lines of credit at market rates of interest with financial institutions as follows:




Financial institution	Amount available	Expiration date
JP Morgan Chase Bank, N.A.	$350 million	February 28, 2015
Bank of America, N.A.	$250 million	February 28, 2015
PNC Bank, National Association	$150 million	February 28, 2015
Wells Fargo Bank, National Association	$150 million	February 28, 2015

Summary of future minimum lease payments under various non-cancelable operating leases

As of May 31, 2014, future minimum lease payments under various non-cancelable operating leases with terms of more than one year are as follows:



In millions Year ending May 31,	Minimum lease payments
2015	$	37.5
2016	29.0
2017	23.9
2018	17.0
2019	10.6
Thereafter	11.2

Summary of minimum future payment obligations

These minimum future payment obligations relate to the following fiscal years:



In millions Year ending May 31,	Minimum payment obligation
2015	$	61.3
2016	16.6
2017	10.2
2018	0.3
2019	0.2
Thereafter	0.3

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

+ References + Details

- Definition

Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.

+ References + Details