Annual report pursuant to Section 13 and 15(d)

Funds Held for Clients and Corporate Investments (Tables)

v3.22.2
Funds Held for Clients and Corporate Investments (Tables)
12 Months Ended
May 31, 2022
Funds Held for Clients and Corporate Investments [Abstract]  
Funds Held for Clients and Corporate Investments

 

 

May 31, 2022

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

unrealized

 

 

unrealized

 

 

Fair

 

In millions

 

cost

 

 

gains

 

 

losses

 

 

value

 

Type of issue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

 

482.6

 

 

$

 

 

 

$

 

 

 

$

 

482.6

 

AFS securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

 

 

68.5

 

 

 

 

0.0

 

 

 

 

(1.3

)

 

 

 

67.2

 

Corporate bonds

 

 

 

699.3

 

 

 

 

1.8

 

 

 

 

(19.0

)

 

 

 

682.1

 

Municipal bonds

 

 

 

1,577.6

 

 

 

 

0.6

 

 

 

 

(92.4

)

 

 

 

1,485.8

 

U.S. government agency and treasury securities

 

 

 

574.5

 

 

 

 

0.3

 

 

 

 

(26.3

)

 

 

 

548.5

 

Variable rate demand notes

 

 

 

1,245.6

 

 

 

 

 

 

 

 

 

 

 

 

1,245.6

 

Total AFS securities

 

 

 

4,165.5

 

 

 

 

2.7

 

 

 

 

(139.0

)

 

 

 

4,029.2

 

Other

 

 

 

30.4

 

 

 

 

1.8

 

 

 

 

(2.2

)

 

 

 

30.0

 

Total funds held for clients and corporate investments

 

$

 

4,678.5

 

 

$

 

4.5

 

 

$

 

(141.2

)

 

$

 

4,541.8

 

 

 

 

May 31, 2021

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

unrealized

 

 

unrealized

 

 

Fair

 

In millions

 

cost

 

 

gains

 

 

losses

 

 

value

 

Type of issue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

 

739.6

 

 

$

 

 

 

$

 

 

 

$

 

739.6

 

AFS securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

 

 

86.5

 

 

 

 

1.4

 

 

 

 

 

 

 

 

87.9

 

Corporate bonds

 

 

 

635.8

 

 

 

 

28.8

 

 

 

 

(0.2

)

 

 

 

664.4

 

Municipal bonds

 

 

 

1,669.0

 

 

 

 

33.0

 

 

 

 

(2.3

)

 

 

 

1,699.7

 

U.S. government agency and treasury securities

 

 

 

549.6

 

 

 

 

20.1

 

 

 

 

(1.5

)

 

 

 

568.2

 

Variable rate demand notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total AFS securities

 

 

 

2,940.9

 

 

 

 

83.3

 

 

 

 

(4.0

)

 

 

 

3,020.2

 

Other

 

 

 

26.4

 

 

 

 

7.7

 

 

 

 

(0.1

)

 

 

 

34.0

 

Total funds held for clients and corporate investments

 

$

 

3,706.9

 

 

$

 

91.0

 

 

$

 

(4.1

)

 

$

 

3,793.8

 

Classification of Investments on Consolidated Balance Sheets

 

 

May 31,

 

In millions

 

2022

 

 

2021

 

Funds held for clients

 

$

 

3,682.9

 

 

$

 

3,750.0

 

Corporate investments

 

 

 

853.9

 

 

 

 

36.7

 

Long-term corporate investments

 

 

 

5.0

 

 

 

 

7.1

 

Total funds held for clients and corporate investments

 

$

 

4,541.8

 

 

$

 

3,793.8

 

Securities in Unrealized Loss Position

 

May 31, 2022

 

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

$

 

(0.9

)

$

 

48.5

 

$

 

(0.3

)

$

 

5.7

 

$

 

(1.2

)

$

 

54.2

 

Corporate bonds

 

 

(17.5

)

 

 

425.4

 

 

 

(1.5

)

 

 

16.7

 

 

 

(19.0

)

 

 

442.1

 

Municipal bonds

 

 

(81.9

)

 

 

1,171.5

 

 

 

(10.6

)

 

 

86.6

 

 

 

(92.5

)

 

 

1,258.1

 

U.S. government agency and treasury securities

 

 

(15.9

)

 

 

414.2

 

 

 

(10.4

)

 

 

91.7

 

 

 

(26.3

)

 

 

505.9

 

Total

$

 

(116.2

)

$

 

2,059.6

 

$

 

(22.8

)

$

 

200.7

 

$

 

(139.0

)

$

 

2,260.3

 

 

 

May 31, 2021

 

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

$

 

 

$

 

7.1

 

$

 

 

$

 

 

$

 

 

$

 

7.1

 

Corporate bonds

 

 

(0.2

)

 

 

22.0

 

 

 

 

 

 

 

 

 

(0.2

)

 

 

22.0

 

Municipal bonds

 

 

(2.3

)

 

 

288.2

 

 

 

 

 

 

 

 

 

(2.3

)

 

 

288.2

 

U.S. government agency and treasury securities

 

 

(1.5

)

 

 

102.6

 

 

 

 

 

 

 

 

 

(1.5

)

 

 

102.6

 

Total

$

 

(4.0

)

$

 

419.9

 

$

 

 

$

 

 

$

 

(4.0

)

$

 

419.9

 

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

 

 

Year ended May 31,

 

In millions

 

2022

 

 

2021

 

 

2020

 

Gross realized gains

 

$

 

0.2

 

 

$

 

1.2

 

 

$

 

11.6

 

Gross realized losses

 

 

 

0.0

 

 

 

 

 

 

 

 

(0.3

)

Net realized gains

 

$

 

0.2

 

 

$

 

1.2

 

 

$

 

11.3

 

 

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

 

 

May 31, 2022

 

 

 

Amortized

 

 

Fair

 

In millions

 

cost

 

 

value

 

Maturity date:

 

 

 

 

 

 

 

 

Due in one year or less

 

$

 

295.6

 

 

$

 

296.3

 

Due after one year through three years

 

 

 

743.2

 

 

 

 

737.1

 

Due after three years through five years

 

 

 

1,304.4

 

 

 

 

1,235.4

 

Due after five years

 

 

 

1,822.3

 

 

 

 

1,760.4

 

Total

 

$

 

4,165.5

 

 

$

 

4,029.2