XML 29 R13.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Fair Value Measurements | 12 Months Ended
--- | ---
May 31, 2016
Fair Value Measurements [Abstract] |
Fair Value Measurements | Note G — Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The accounting standards related to fair value measurements include a hierarchy for information and valuations used in measuring fair value that is broken down into three levels based on reliability, as follows:
| · |  | Level 1 valuations are based on quoted prices in active markets for identical instruments that the Company can access at the measurement date.
| · |  | Level 2 valuations are based on inputs other than quoted prices included in Level 1 that are observable for the instrument, either directly or indirectly, for substantially the full term of the asset or liability including the following:
| o |  | quoted prices for similar, but not identical, instruments in active markets;
| o |  | quoted prices for identical or similar instruments in markets that are not active;
| o |  | inputs other than quoted prices that are observable for the instrument; or
| o |  | inputs that are derived principally from or corroborated by observable market data by correlation or other means.
| · |  | Level 3 valuations are based on information that is unobservable and significant to the overall fair value measurement.
The carrying values of cash and cash equivalents, accounts receivable, net of allowance for doubtful accounts, and accounts payable approximate fair value due to the short maturities of these instruments. Marketable securities included in funds held for clients and corporate investments consist primarily of securities classified as available-for-sale and are recorded at fair value on a recurring basis. The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | May 31, 2016
﻿ |  |  |  |  | Quoted |  | Significant |  |  |
﻿ |  |  |  |  | prices in |  | other |  | Significant
﻿ |  | Carrying |  | active |  | observable |  | unobservable
﻿ |  | value |  | markets |  | inputs |  | inputs
﻿In millions |  | (Fair value) |  | (Level 1) |  | (Level 2) |  | (Level 3)
﻿Assets: |  |  |  |  |  |  |  |  |  |  |  |
﻿Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |
﻿Corporate bonds |  | $ | 131.2 |  | $ | — |  | $ | 131.2 |  | $ | —
﻿General obligation municipal bonds |  |  | 1,621.6 |  |  | — |  |  | 1,621.6 |  |  | —
﻿Pre-refunded municipal bonds |  |  | 61.6 |  |  | — |  |  | 61.6 |  |  | —
﻿Revenue municipal bonds |  |  | 931.8 |  |  | — |  |  | 931.8 |  |  | —
﻿U.S. government agency securities |  |  | 161.1 |  |  | — |  |  | 161.1 |  |  | —
﻿Variable rate demand notes |  |  | 1,234.6 |  |  | — |  |  | 1,234.6 |  |  | —
﻿Total available-for-sale securities |  | $ | 4,141.9 |  | $ | — |  | $ | 4,141.9 |  | $ | —
﻿Other |  | $ | 14.9 |  | $ | 14.9 |  | $ | — |  | $ | —
﻿Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
﻿Other long-term liabilities |  | $ | 14.9 |  | $ | 14.9 |  | $ | — |  | $ | —
﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | May 31, 2015
﻿ |  |  |  |  | Quoted |  | Significant |  |  |
﻿ |  |  |  |  | prices in |  | other |  | Significant
﻿ |  | Carrying |  | active |  | observable |  | unobservable
﻿ |  | value |  | markets |  | inputs |  | inputs
﻿In millions |  | (Fair value) |  | (Level 1) |  | (Level 2) |  | (Level 3)
﻿Assets: |  |  |  |  |  |  |  |  |  |  |  |
﻿Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
﻿Commercial paper |  | $ | 15.0 |  | $ | — |  | $ | 15.0 |  | $ | —
﻿General obligation municipal bonds |  |  | 55.1 |  |  | — |  |  | 55.1 |  |  | —
﻿Pre-refunded municipal bonds |  |  | 20.5 |  |  | — |  |  | 20.5 |  |  | —
﻿Revenue municipal bonds |  |  | 12.3 |  |  | — |  |  | 12.3 |  |  | —
﻿Money market securities |  |  | 0.2 |  |  | 0.2 |  |  | — |  |  | —
﻿Total cash equivalents |  | $ | 103.1 |  | $ | 0.2 |  | $ | 102.9 |  | $ | —
﻿Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |
﻿General obligation municipal bonds |  | $ | 1,703.7 |  | $ | — |  | $ | 1,703.7 |  | $ | —
﻿Pre-refunded municipal bonds |  |  | 102.7 |  |  | — |  |  | 102.7 |  |  | —
﻿Revenue municipal bonds |  |  | 963.6 |  |  | — |  |  | 963.6 |  |  | —
﻿Variable rate demand notes |  |  | 825.6 |  |  | — |  |  | 825.6 |  |  | —
﻿Total available-for-sale securities |  | $ | 3,595.6 |  | $ | — |  | $ | 3,595.6 |  | $ | —
﻿Other |  | $ | 14.2 |  | $ | 14.2 |  | $ | — |  | $ | —
﻿Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
﻿Other long-term liabilities |  | $ | 14.2 |  | $ | 14.2 |  | $ | — |  | $ | —
﻿ In determining the fair value of its assets and liabilities, the Company predominately uses the market approach. Money market securities, which are cash equivalents, are valued based on quoted market prices in active markets. Time deposits are considered Level 1 investments as they are highly liquid and have a short maturity period, usually no longer than overnight. Commercial paper is included in Level 2 because it may not trade on a daily basis. Available-for-sale securities, including municipal bonds, corporate bonds, and U.S. government agency securities, and short-term municipal bonds and short-term U.S. government agency securities with a maturity of less than 90 days included in Level 2 are valued utilizing inputs obtained from an independent pricing service. To determine the fair value of the Company’s Level 2 available-for-sale securities, a variety of inputs are utilized, including benchmark yields, reported trades, non-binding broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, new issue data, and monthly payment information. The Company has not adjusted the prices obtained from the independent pricing service because it believes that they are appropriately valued. Assets included as other are mutual fund investments, consisting of participants’ eligible deferral contributions under the Company’s non-qualified and unfunded deferred compensation plans. The related liability is reported as other long-term liabilities. The mutual funds are valued based on quoted market prices in active markets. The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration