Quarterly report pursuant to Section 13 or 15(d)

Funds Held for Clients and Corporate Investments (Tables)

v3.3.0.814
Funds Held for Clients and Corporate Investments (Tables)
 3 Months Ended
Aug. 31, 2015
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, 2015
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
$
1,329.4

 
$
—

 
$
—

 
$
1,329.4

Available-for-sale securities:
 
 
 
 
 
 
 
Corporate bonds
65.0

 
0.1

 
(0.3
)
 
64.8

General obligation municipal bonds
1,708.7

 
16.7

 
(1.9
)
 
1,723.5

Pre-refunded municipal bonds(1)
94.7

 
1.6

 
—

 
96.3

Revenue municipal bonds
950.4

 
8.3

 
(1.1
)
 
957.6

U.S. government agency securities
37.0

 
0.1

 
—

 
37.1

Variable rate demand notes
23.0

 
—

 
—

 
23.0

Total available-for-sale securities
2,878.8

 
26.8

 
(3.3
)
 
2,902.3

Other
13.8

 
1.0

 
(0.1
)
 
14.7

Total funds held for clients and corporate investments
$
4,222.0

 
$
27.8

 
$
(3.4
)
 
$
4,246.4

 
 
 
 
 
 
 
 
 
May 31, 2015
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
$
1,430.0

 
$
—

 
$
—

 
$
1,430.0

Available-for-sale securities:
 
 
 
 
 
 
 
General obligation municipal bonds
1,694.0

 
14.0

 
(4.3
)
 
1,703.7

Pre-refunded municipal bonds(1)
101.7

 
1.0

 
—

 
102.7

Revenue municipal bonds
960.7

 
6.1

 
(3.2
)
 
963.6

Variable rate demand notes
825.6

 
—

 
—

 
825.6

Total available-for-sale securities
3,582.0

 
21.1

 
(7.5
)
 
3,595.6

Other
12.7

 
1.5

 
—

 
14.2

Total funds held for clients and corporate investments
$
5,024.7

 
$
22.6

 
$
(7.5
)
 
$
5,039.8

(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, 2015
 
May 31, 2015
Funds held for clients
$
3,748.4

 
$
4,273.4

Corporate investments
81.8

 
366.6

Long-term corporate investments
416.2

 
399.8

Total funds held for clients and corporate investments
$
4,246.4

 
$
5,039.8

Securities in an unrealized loss position
The securities in an unrealized loss position were as follows:
 
August 31, 2015
 
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:
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds
$
(0.3
)
 
$
42.3

 
$
—

 
$
—

 
$
(0.3
)
 
$
42.3

General obligation municipal bonds
(1.5
)
 
298.9

 
(0.4
)
 
29.1

 
(1.9
)
 
328.0

Revenue municipal bonds
(1.1
)
 
183.2

 
—

 
1.5

 
(1.1
)
 
184.7

Total
$
(2.9
)
 
$
524.4

 
$
(0.4
)
 
$
30.6

 
$
(3.3
)
 
$
555.0

 
May 31, 2015
 
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
$
(3.8
)
 
$
535.1

 
$
(0.5
)
 
$
26.3

 
$
(4.3
)
 
$
561.4

Revenue municipal bonds
(3.2
)
 
361.6

 
—

 
—

 
(3.2
)
 
361.6

Total
$
(7.0
)
 
$
896.7

 
$
(0.5
)
 
$
26.3

 
$
(7.5
)
 
$
923.0

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, 2015 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, 2015
In millions
Amortized
cost
 
Fair
value
Maturity date:
 
 
 
Due in one year or less
$
369.7

 
$
372.5

Due after one year through three years
697.9

 
705.8

Due after three years through five years
851.3

 
858.7

Due after five years
959.9

 
965.3

Total
$
2,878.8

 
$
2,902.3