Quarterly report pursuant to Section 13 or 15(d)

Funds Held for Clients and Corporate Investments (Tables)

v2.4.0.8
Funds Held for Clients and Corporate Investments (Tables)
 3 Months Ended
Aug. 31, 2014
Funds Held for Clients and Corporate Investments [Abstract]  
Funds held for clients and corporate investments
Funds held for clients and corporate investments consisted of the following:
 
August 31, 2014
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
$
1,779.1

 
$
—

 
$
—

 
$
1,779.1

Available-for-sale securities:
 
 
 
 
 
 
 
General obligation municipal bonds
1,638.3

 
27.2

 
(1.0
)
 
1,664.5

Pre-refunded municipal bonds(1)
121.6

 
2.6

 
—

 
124.2

Revenue municipal bonds
920.5

 
12.5

 
(0.3
)
 
932.7

Variable rate demand notes
45.7

 
—

 
—

 
45.7

Total available-for-sale securities
2,726.1

 
42.3

 
(1.3
)
 
2,767.1

Other
11.9

 
1.9

 
—

 
13.8

Total funds held for clients and corporate investments
$
4,517.1

 
$
44.2

 
$
(1.3
)
 
$
4,560.0

 
 
 
 
 
 
 
 
 
May 31, 2014
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
$
1,579.2

 
$
—

 
$
—

 
$
1,579.2

Available-for-sale securities:
 
 
 
 
 
 
 
General obligation municipal bonds
1,605.4

 
25.0

 
(1.9
)
 
1,628.5

Pre-refunded municipal bonds(1)
140.4

 
2.4

 
—

 
142.8

Revenue municipal bonds
858.8

 
10.1

 
(1.1
)
 
867.8

Variable rate demand notes
752.3

 
—

 
—

 
752.3

Total available-for-sale securities
3,356.9

 
37.5

 
(3.0
)
 
3,391.4

Other
10.6

 
1.7

 
—

 
12.3

Total funds held for clients and corporate investments
$
4,946.7

 
$
39.2

 
$
(3.0
)
 
$
4,982.9

(1) 
Pre-refunded municipal bonds are secured by an escrow fund of U.S. government obligations.
Classification of investments on the Consolidated Balance Sheets
Classification of investments on the Consolidated Balance Sheets is as follows:
In millions
August 31, 2014
 
May 31, 2014
Funds held for clients
$
4,066.8

 
$
4,198.6

Corporate investments
96.7

 
398.7

Long-term corporate investments
396.5

 
385.6

Total funds held for clients and corporate investments
$
4,560.0

 
$
4,982.9

Securities in an unrealized loss position
The securities in an unrealized loss position were as follows:
 
August 31, 2014
 
Securities in an unrealized loss position for less than twelve months
 
Securities in an unrealized loss position for more than twelve months
 
Total
In millions
Gross
unrealized
losses
 
Fair
value
 
Gross
unrealized
losses
 
Fair
Value
 
Gross
unrealized
losses
 
Fair
Value
Type of issue:
 
 
 
 
 
 
 
 
 
 
 
General obligation municipal bonds
$
—

 
$
16.3

 
$
(1.0
)
 
$
126.5

 
$
(1.0
)
 
$
142.8

Pre-refunded municipal bonds
—

 
1.7

 
—

 
—

 
—

 
1.7

Revenue municipal bonds
—

 
40.3

 
(0.3
)
 
81.9

 
(0.3
)
 
122.2

Total
$
—

 
$
58.3

 
$
(1.3
)
 
$
208.4

 
$
(1.3
)
 
$
266.7

 
May 31, 2014
 
Securities in an unrealized loss position for less than twelve months
 
Securities in an unrealized loss position for more than twelve months
 
Total
In millions
Gross
unrealized
losses
 
Fair
value
 
Gross
unrealized
losses
 
Fair
Value
 
Gross
unrealized
losses
 
Fair
Value
Type of issue:
 
 
 
 
 
 
 
 
 
 
 
General obligation municipal bonds
$
(0.1
)
 
$
69.6

 
$
(1.8
)
 
$
164.0

 
$
(1.9
)
 
$
233.6

Pre-refunded municipal bonds
—

 
1.7

 
—

 
—

 
—

 
1.7

Revenue municipal bonds
—

 
47.5

 
(1.1
)
 
112.4

 
(1.1
)
 
159.9

Total
$
(0.1
)
 
$
118.8

 
$
(2.9
)
 
$
276.4

 
$
(3.0
)
 
$
395.2

Amortized cost and fair value of available-for-sale securities by contractual maturity
The amortized cost and fair value of available-for-sale securities that had stated maturities as of August 31, 2014 are shown below by contractual maturity. Expected maturities can differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties.
 
August 31, 2014
In millions
Amortized
cost
 
Fair
value
Maturity date:
 
 
 
Due in one year or less
$
340.6

 
$
343.3

Due after one year through three years
802.4

 
818.2

Due after three years through five years
757.0

 
768.8

Due after five years
826.1

 
836.8

Total
$
2,726.1

 
$
2,767.1