Paychex, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Funds Held for Clients and Corporate Investments (Tables)

Funds Held for Clients and Corporate Investments (Tables)

3 Months Ended

Aug. 31, 2011

Funds Held for Clients and Corporate Investments [Abstract]

Funds held for clients and corporate investments


		August 31, 2011
						Gross				Gross
		Amortized				unrealized				unrealized				Fair
In millions		cost				gains				losses				value

Type of issue:
Money market securities and other cash equivalents		$	1,396.3			$	—			$	—			$	1,396.3
Available-for-sale securities:
General obligation municipal bonds			1,036.4				41.4				—				1,077.8
Pre-refunded municipal bonds⁽¹⁾			437.9				13.4				—				451.3
Revenue municipal bonds			384.3				14.9				—				399.2
Variable rate demand notes			366.6				—				—				366.6

Total available-for-sale securities			2,225.2				69.7				—				2,294.9
Other			8.7				0.2				—				8.9

Total funds held for clients and corporate investments		$	3,630.2			$	69.9			$	—			$	3,700.1


		May 31, 2011
						Gross				Gross
		Amortized				unrealized				unrealized				Fair
In millions		cost				gains				losses				value

Type of issue:
Money market securities and other cash equivalents		$	1,372.9			$	—			$	—			$	1,372.9
Available-for-sale securities:
General obligation municipal bonds			1,017.5				33.1				(0.1	)			1,050.5
Pre-refunded municipal bonds⁽¹⁾			470.5				14.2				—				484.7
Revenue municipal bonds			361.6				12.1				—				373.7
Variable rate demand notes			828.3				—				—				828.3

Total available-for-sale securities			2,677.9				59.4				(0.1	)			2,737.2
Other			8.3				0.6				—				8.9

Total funds held for clients and corporate investments		$	4,059.1			$	60.0			$	(0.1	)		$	4,119.0


⁽¹⁾		Pre-refunded municipal bonds are secured by an escrow fund of U.S. government obligations.

Classification of investments on the Consolidated Balance Sheets


		August 31,				May 31,
In millions		2011				2011

Funds held for clients		$	3,095.2			$	3,566.7
Corporate investments			372.0				345.0
Long-term corporate investments			232.9				207.3

Total funds held for clients and corporate investments		$	3,700.1			$	4,119.0

Securities in an unrealized loss position


		May 31, 2011
		Gross
		unrealized				Fair
In millions		loss				value

Type of issue:
General obligation municipal bonds		$	(0.1	)		$	37.3
Revenue municipal bonds			—				14.4

Total		$	(0.1	)		$	51.7

Amortized cost and fair value of available-for-sale securities by contractual maturity


		August 31, 2011
		Amortized				Fair
In millions		cost				value

Maturity date:
Due in one year or less		$	428.8			$	434.4
Due after one year through three years			614.5				641.1
Due after three years through five years			547.9				575.0
Due after five years			634.0				644.4

Total		$	2,225.2			$	2,294.9