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

Fair Value Measurements (Tables)

3 Months Ended

Aug. 31, 2014

The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows:



	August 31, 2014
In millions	Carrying value (Fair value)		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets:
Cash equivalents:
Money market securities	$	0.2	$	0.2	$	—	$	—
Total cash equivalents	$	0.2	$	0.2	$	—	$	—
Available-for-sale securities:
General obligation municipal bonds	$	1,664.5	$	—	$	1,664.5	$	—
Pre-refunded municipal bonds	124.2		—		124.2		—
Revenue municipal bonds	932.7		—		932.7		—
Variable rate demand notes	45.7		—		45.7		—
Total available-for-sale securities	$	2,767.1	$	—	$	2,767.1	$	—
Other	$	13.8	$	13.8	$	—	$	—
Liabilities:
Other long-term liabilities	$	13.8	$	13.8	$	—	$	—



	May 31, 2014
In millions	Carrying value (Fair value)		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets:
Cash equivalents:
Commercial paper	$	6.0	$	—	$	6.0	$	—
General obligation municipal bonds	10.9		—		10.9		—
Pre-refunded municipal bonds	31.2		—		31.2		—
Revenue municipal bonds	17.7		—		17.7		—
Total cash equivalents	$	65.8	$	—	$	65.8	$	—
Available-for-sale securities:
General obligation municipal bonds	$	1,628.5	$	—	$	1,628.5	$	—
Pre-refunded municipal bonds	142.8		—		142.8		—
Revenue municipal bonds	867.8		—		867.8		—
Variable rate demand notes	752.3		—		752.3		—
Total available-for-sale securities	$	3,391.4	$	—	$	3,391.4	$	—
Other	$	12.3	$	12.3	$	—	$	—
Liabilities:
Other long-term liabilities	$	12.3	$	12.3	$	—	$	—