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

Funds Held for Clients and Corporate Investments (Tables)

3 Months Ended

Aug. 31, 2012


	August 31, 2012
In millions	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Type of issue:
Funds held for clients money market securities and other cash equivalents	$	1,000.3	$	—	$	—		$	1,000.3
Available-for-sale securities:
General obligation municipal bonds		1,372.7		38.9		(0.3	)		1,411.3
Pre-refunded municipal bonds⁽¹⁾		235.5		6.5		—			242.0
Revenue municipal bonds		587.5		13.8		(0.1	)		601.2
Variable rate demand notes		1,153.4		—		—			1,153.4

Total available-for-sale securities		3,349.1		59.2		(0.4	)		3,407.9
Other		9.5		0.7		—			10.2

Total funds held for clients and corporate investments	$	4,358.9	$	59.9	$	(0.4	)	$	4,418.4


	May 31, 2012
In millions	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Type of issue:
Funds held for clients money market securities and other cash equivalents	$	2,157.2	$	—	$	—		$	2,157.2
Available-for-sale securities:
General obligation municipal bonds		1,295.0		39.1		(0.2	)		1,333.9
Pre-refunded municipal bonds⁽¹⁾		326.8		7.5		—			334.3
Revenue municipal bonds		487.9		13.2		(0.1	)		501.0
Variable rate demand notes		889.8		—		—			889.8

Total available-for-sale securities		2,999.5		59.8		(0.3	)		3,059.0
Other		8.8		0.5		(0.1	)		9.2

Total funds held for clients and corporate investments	$	5,165.5	$	60.3	$	(0.4	)	$	5,225.4

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


In millions	August 31, 2012		May 31, 2012
Funds held for clients	$	3,696.1	$	4,544.2
Corporate investments		241.9		207.5
Long-term corporate investments		480.4		473.7

Total funds held for clients and corporate investments	$	4,418.4	$	5,225.4


	August 31, 2012					May 31, 2012
In millions	Gross unrealized losses			Fair value		Gross unrealized losses			Fair Value
Type of issue:
General obligation municipal bonds	$	(0.3	)	$	76.9	$	(0.2	)	$	124.4
Pre-refunded municipal bonds		—			3.2		—			—
Revenue municipal bonds		(0.1	)		45.2		(0.1	)		55.6

Total	$	(0.4	)	$	125.3	$	(0.3	)	$	180.0


	August 31, 2012
In millions	Amortized cost		Fair value
Maturity date:
Due in one year or less	$	301.8	$	306.3
Due after one year through three years		653.6		673.2
Due after three years through five years		705.3		731.1
Due after five years		1,688.4		1,697.3

Total	$	3,349.1	$	3,407.9