Quarterly report pursuant to Section 13 or 15(d)

Funds Held for Clients and Corporate Investments (Tables)

v3.21.1
Funds Held for Clients and Corporate Investments (Tables)
9 Months Ended
Feb. 28, 2021
Funds Held for Clients and Corporate Investments [Abstract]  
Funds Held for Clients and Corporate Investments

February 28, 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

$

1,184.9

$

$

$

1,184.9

AFS securities:

Asset-backed securities

82.3

1.6

83.9

Corporate bonds

626.4

30.4

(0.2)

656.6

Municipal bonds

1,699.3

33.9

(2.9)

1,730.3

U.S. government agency and treasury securities

546.2

20.6

(1.3)

565.5

VRDNs

171.1

171.1

Total AFS securities

3,125.3

86.5

(4.4)

3,207.4

Other

26.3

6.3

32.6

Total funds held for clients and corporate investments

$

4,336.5

$

92.8

$

(4.4)

$

4,424.9

May 31, 2020

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

$

683.5

$

$

$

683.5

AFS securities:

Asset-backed securities

68.0

1.7

69.7

Corporate bonds

649.6

34.1

(0.1)

683.6

Municipal bonds

1,373.8

37.4

(1.6)

1,409.6

U.S. government agency and treasury securities

565.8

28.5

594.3

Total AFS securities

2,657.2

101.7

(1.7)

2,757.2

Other

25.4

2.2

(0.4)

27.2

Total funds held for clients and corporate investments

$

3,366.1

$

103.9

$

(2.1)

$

3,467.9

Classification of Investments on Consolidated Balance Sheets

February 28,

May 31,

In millions

2021

2020

Funds held for clients

$

4,211.3

$

3,430.5

Corporate investments

203.7

27.2

Long-term corporate investments

9.9

10.2

Total funds held for clients and corporate investments

$

4,424.9

$

3,467.9

Securities in Unrealized Loss Position

February 28, 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)

22.6

(0.2)

22.6

Municipal bonds

(2.9)

300.7

(2.9)

300.7

U.S. government agency and treasury

securities

(1.3)

104.8

(1.3)

104.8

Total

$

(4.4)

$

435.2

$

$

$

(4.4)

$

435.2

May 31, 2020

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:

Corporate bonds

$

(0.1)

$

6.5

$

$

$

(0.1)

$

6.5

Municipal bonds

(1.6)

60.3

(1.6)

60.3

Total

$

(1.7)

$

66.8

$

$

$

(1.7)

$

66.8

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

For the three months ended

For the nine months ended

February 28,

February 29,

February 28,

February 29,

In millions

2021

2020

2021

2020

Gross realized gains

$

0.3

$

0.6

$

1.0

$

2.4

Gross realized losses

Net realized gains

$

0.3

$

0.6

$

1.0

$

2.4

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

February 28, 2021

Amortized

Fair

In millions

cost

value

Maturity date:

Due in one year or less

$

336.0

$

338.8

Due after one year through three years

769.1

797.3

Due after three years through five years

876.4

912.5

Due after five years

1,143.8

1,158.8

Total

$

3,125.3

$

3,207.4