XML 90 R27.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Funds Held for Clients and Corporate Investments (Tables) | 12 Months Ended
--- | ---
May 31, 2014
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, 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 |
|  | 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 |
(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 |  | 2014 |  | 2013
Funds held for clients |  | $ | 4,198.6 |  |  | $ | 4,072.5 |
Corporate investments |  | 398.7 |  |  | 398.2 |
Long-term corporate investments |  | 385.6 |  |  | 369.1 |
Total funds held for clients and corporate investments |  | $ | 4,982.9 |  |  | $ | 4,839.8 |
Securities in an unrealized loss position | The securities in an unrealized loss position were as follows:
| May 31, 2014
| 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 | $ | (0.1 | ) |  | $ | 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 |
| 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 |
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 |  | 2014 |  | 2013 |  | 2012
Gross realized gains |  | $ | 0.6 |  |  | $ | 0.9 |  |  | $ | 1.0 |
Gross realized losses |  | — |  |  | — |  |  | — |
Net realized gains |  | $ | 0.6 |  |  | $ | 0.9 |  |  | $ | 1.0 |
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 May 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.
|  | May 31, 2014
In millions |  | Amortized cost |  | Fair value
Maturity date: |  |  |  |
Due in one year or less |  | $ | 392.0 |  |  | $ | 394.3 |
Due after one year through three years |  | 759.8 |  |  | 776.0 |
Due after three years through five years |  | 764.1 |  |  | 774.3 |
Due after five years |  | 1,441.0 |  |  | 1,446.8 |
Total |  | $ | 3,356.9 |  |  | $ | 3,391.4 |

X
- Definition Tabular disclosure of classification of investments on consolidated balance sheets. + References No definition available. + Details
Name: | payx_ClassificationOfInvestmentsOnConsolidatedBalanceSheetsTableTextBlock
Namespace Prefix: | payx_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of components of funds held for clients and corporate investments. + References No definition available. + Details
Name: | payx_ComponentsOfFundsHeldForClientsAndCorporateInvestmentsTableTextBlock
Namespace Prefix: | payx_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | payx_FundsHeldForClientsAndCorporateInvestmentsAbstract
Namespace Prefix: | payx_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of realized gains and losses on investments reported in the statement of income. + References No definition available. + Details
Name: | us-gaap_RealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 + Details
Name: | us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration