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Funds Held for Clients and Corporate Investments (Tables) | 12 Months Ended
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May 31, 2013
Funds Held for Clients and Corporate Investments [Abstract] |
Funds held for clients and corporate investments | Funds held for clients and corporate investments are as follows:
|  | May 31, 2013
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 |  | $ | 1,137.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,137.7 |
Available-for-sale securities: |  |  |  |  |  |  |  |
General obligation municipal bonds |  | 1,432.9 |  |  | 27.4 |  |  | (3.5 | ) |  | 1,456.8 |
Pre-refunded municipal bonds(1) |  | 201.0 |  |  | 2.9 |  |  | — |  |  | 203.9 |
Revenue municipal bonds |  | 746.1 |  |  | 10.1 |  |  | (2.2 | ) |  | 754.0 |
Variable rate demand notes |  | 1,276.7 |  |  | — |  |  | — |  |  | 1,276.7 |
Total available-for-sale securities |  | 3,656.7 |  |  | 40.4 |  |  | (5.7 | ) |  | 3,691.4 |
Other |  | 9.5 |  |  | 1.2 |  |  | — |  |  | 10.7 |
Total funds held for clients and corporate investments |  | $ | 4,803.9 |  |  | $ | 41.6 |  |  | $ | (5.7 | ) |  | $ | 4,839.8 |
|  | 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.
Classification of investments on the Consolidated Balance Sheets | Classification of investments on the Consolidated Balance Sheets is as follows:
|  | May 31,
In millions |  | 2013 |  | 2012
Funds held for clients |  | $ | 4,072.5 |  |  | $ | 4,544.2 |
Corporate investments |  | 398.2 |  |  | 207.5 |
Long-term corporate investments |  | 369.1 |  |  | 473.7 |
Total funds held for clients and corporate investments |  | $ | 4,839.8 |  |  | $ | 5,225.4 |
Securities in an unrealized loss position | The securities in an unrealized loss position, were as follows:
| May 31, 2013
| Less than twelve months |  | 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 | $ | (3.5 | ) |  | $ | 349.2 |  |  | $ | — |  |  | $ | — |  |  | $ | (3.5 | ) |  | $ | 349.2 |
Pre-refunded municipal bonds | — |  |  | 3.1 |  |  | — |  |  | — |  |  | — |  |  | 3.1 |
Revenue municipal bonds | (2.2 | ) |  | 225.3 |  |  | — |  |  | 2.1 |  |  | (2.2 | ) |  | 227.4 |
Total | $ | (5.7 | ) |  | $ | 577.6 |  |  | $ | — |  |  | $ | 2.1 |  |  | $ | (5.7 | ) |  | $ | 579.7 |
| May 31, 2012
| Less than twelve months |  | 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 | $ | (0.2 | ) |  | $ | 124.4 |  |  | $ | — |  |  | $ | — |  |  | $ | (0.2 | ) |  | $ | 124.4 |
Revenue municipal bonds | (0.1 | ) |  | 55.6 |  |  | — |  |  | — |  |  | (0.1 | ) |  | 55.6 |
Total | $ | (0.3 | ) |  | $ | 180.0 |  |  | $ | — |  |  | $ | — |  |  | $ | (0.3 | ) |  | $ | 180.0 |
Realized gain (loss) on investments | Realized gains and losses from the sale of available-for-sale securities were as follows:
|  | Year ended May 31,
In millions |  | 2013 |  | 2012 |  | 2011
Gross realized gains |  | $ | 0.9 |  |  | $ | 1.0 |  |  | $ | 1.3 |
Gross realized losses |  | — |  |  | — |  |  | — |
Net realized gains |  | $ | 0.9 |  |  | $ | 1.0 |  |  | $ | 1.3 |
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 May 31, 2013 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.
|  | May 31, 2013
In millions |  | Amortized cost |  | Fair value
Maturity date: |  |  |  |
Due in one year or less |  | $ | 274.3 |  |  | $ | 276.2 |
Due after one year through three years |  | 701.2 |  |  | 718.6 |
Due after three years through five years |  | 693.4 |  |  | 709.7 |
Due after five years |  | 1,987.8 |  |  | 1,986.9 |
Total |  | $ | 3,656.7 |  |  | $ | 3,691.4 |

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