Quarterly report pursuant to Section 13 or 15(d)

Funds Held for Clients and Corporate Investments (Tables)

v2.4.0.6
Funds Held for Clients and Corporate Investments (Tables)
6 Months Ended
Nov. 30, 2011
Funds Held for Clients and Corporate Investments [Abstract]  
Funds held for clients and corporate investments
      $0,000.0       $0,000.0       $0,000.0       $0,000.0  
    November 30, 2011  

In millions

  Amortized
cost
    Gross
unrealized
gains
    Gross
unrealized
losses
    Fair
value
 
         

Type of issue:

                               

Money market securities and other cash equivalents

  $ 852.9     $ —       $ —       $ 852.9  

Available-for-sale securities:

                               

General obligation municipal bonds

    1,067.7       32.4       (0.2     1,099.9  

Pre-refunded municipal bonds (1)

    395.8       10.2       —         406.0  

Revenue municipal bonds

    394.0       11.4       (0.1     405.3  

Variable rate demand notes

    839.9       —         —         839.9  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total available-for-sale securities

    2,697.4       54.0       (0.3     2,751.1  

Other

    8.8       0.3       (0.1     9.0  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total funds held for clients and corporate investments

  $ 3,559.1     $ 54.3     $ (0.4   $ 3,613.0  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

      $0,000.0       $0,000.0       $0,000.0       $0,000.0  
    May 31, 2011  

In millions

  Amortized
cost
    Gross
unrealized
gains
    Gross
unrealized
losses
    Fair
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
                 

In millions

  November 30,
2011
    May 31,
2011
 

Funds held for clients

  $ 3,032.8     $ 3,566.7  

Corporate investments

    315.0       345.0  

Long-term corporate investments

    265.2       207.3  
   

 

 

   

 

 

 

Total funds held for clients and corporate investments

  $ 3,613.0     $ 4,119.0  
   

 

 

   

 

 

 
Securities in an unrealized loss position
                                 
    November 30, 2011     May 31, 2011  

In millions

  Gross
unrealized
loss
    Fair
value
    Gross
unrealized
loss
    Fair
value
 

Type of issue:

                               

General obligation municipal bonds

  $ (0.2   $ 41.7     $ (0.1   $ 37.3  

Pre-refunded municipal bonds

    —         1.6       —         —    

Revenue municipal bonds

    (0.1     36.4       —         14.4  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ (0.3   $ 79.7     $ (0.1   $ 51.7  
   

 

 

   

 

 

   

 

 

   

 

 

 
Amortized cost and fair value of available-for-sale securities by contractual maturity
                 
    November 30, 2011  

In millions

  Amortized
cost
    Fair
value
 
     

Maturity date:

               

Due in one year or less

  $ 377.2     $ 381.1  

Due after one year through three years

    615.5       637.8  

Due after three years through five years

    600.8       621.7  

Due after five years

    1,103.9       1,110.5  
   

 

 

   

 

 

 

Total

  $ 2,697.4     $ 2,751.1