XML 21 R28.htm IDEA: XBRL DOCUMENT
v3.19.3

Funds Held for Clients and Corporate Investments (Tables) | 3 Months Ended
--- | ---
Aug. 31, 2019
Funds Held for Clients and Corporate Investments [Abstract] |
Funds Held for Clients and Corporate Investments |
|  | August 31, 2019
|  |  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | unrealized |  | unrealized |  | Fair
In millions |  | cost |  | gains |  | losses |  | value
Type of issue: |  |  |  |  |  |  |  |  |  |  |  |
Funds held for clients' money market securities and other ‎ cash equivalents |  | $ | 717.4 |  | $ | — |  | $ | — |  | $ | 717.4
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  |  | 26.4 |  |  | 0.2 |  |  | — |  |  | 26.6
Corporate bonds |  |  | 683.8 |  |  | 14.8 |  |  | (0.1) |  |  | 698.5
General obligation municipal bonds |  |  | 775.0 |  |  | 14.1 |  |  | — |  |  | 789.1
Pre-refunded municipal bonds(1) |  |  | 23.3 |  |  | 0.3 |  |  | — |  |  | 23.6
Revenue municipal bonds |  |  | 512.1 |  |  | 9.2 |  |  | — |  |  | 521.3
U.S. government agency and treasury securities |  |  | 963.8 |  |  | 15.3 |  |  | (0.4) |  |  | 978.7
Variable rate demand notes |  |  | 35.0 |  |  | — |  |  | — |  |  | 35.0
Total available-for-sale securities |  |  | 3,019.4 |  |  | 53.9 |  |  | (0.5) |  |  | 3,072.8
Other |  |  | 27.7 |  |  | 2.6 |  |  | (0.2) |  |  | 30.1
Total funds held for clients and corporate investments |  | $ | 3,764.5 |  | $ | 56.5 |  | $ | (0.7) |  | $ | 3,820.3
|  | May 31, 2019
|  |  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | unrealized |  | unrealized |  | Fair
In millions |  | cost |  | gains |  | losses |  | value
Type of issue: |  |  |  |  |  |  |  |  |  |  |  |
Funds held for clients' money market securities and other ‎ cash equivalents |  | $ | 204.5 |  | $ | — |  | $ | — |  | $ | 204.5
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  |  | 5.3 |  |  | — |  |  | — |  |  | 5.3
Corporate bonds |  |  | 442.1 |  |  | 5.3 |  |  | (0.9) |  |  | 446.5
General obligation municipal bonds |  |  | 840.6 |  |  | 7.5 |  |  | (0.3) |  |  | 847.8
Pre-refunded municipal bonds(1) |  |  | 25.6 |  |  | 0.2 |  |  | — |  |  | 25.8
Revenue municipal bonds |  |  | 545.4 |  |  | 4.7 |  |  | (0.2) |  |  | 549.9
U.S. government agency and treasury securities |  |  | 612.5 |  |  | 4.7 |  |  | (1.3) |  |  | 615.9
Variable rate demand notes |  |  | 1,129.6 |  |  | — |  |  | — |  |  | 1,129.6
Total available-for-sale securities |  |  | 3,601.1 |  |  | 22.4 |  |  | (2.7) |  |  | 3,620.8
Other |  |  | 26.3 |  |  | 1.7 |  |  | (0.3) |  |  | 27.7
Total funds held for clients and corporate investments |  | $ | 3,831.9 |  | $ | 24.1 |  | $ | (3.0) |  | $ | 3,853.0
(1) Pre-refunded municipal bonds are secured by an escrow fund of U.S. government obligations.
Classification of Investments on Consolidated Balance Sheets |
|  | August 31, |  | May 31,
In millions |  | 2019 |  | 2019
Funds held for clients |  | $ | 3,769.1 |  | $ | 3,803.8
Corporate investments |  |  | 40.9 |  |  | 39.0
Long-term corporate investments |  |  | 10.3 |  |  | 10.2
Total funds held for clients and corporate investments |  | $ | 3,820.3 |  | $ | 3,853.0
Securities in Unrealized Loss Position |
|  | August 31, 2019
|  | Securities in an unrealized ‎loss position for less than ‎twelve months |  | Securities in an unrealized ‎loss position for more than ‎twelve months |  | Total
|  | Gross |  |  |  |  | Gross |  |  |  |  | Gross |  |  |
|  | unrealized |  | Fair |  | unrealized |  | Fair |  | unrealized |  | Fair
In millions |  | losses |  | value |  | losses |  | value |  | losses |  | value
Type of issue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | — |  | $ | 2.2 |  | $ | (0.1) |  | $ | 31.7 |  | $ | (0.1) |  | $ | 33.9
General obligation municipal bonds |  |  | — |  |  | — |  |  | — |  |  | 2.2 |  |  | — |  |  | 2.2
Revenue municipal bonds |  |  | — |  |  | 1.8 |  |  | — |  |  | — |  |  | — |  |  | 1.8
U.S. government agency and treasury securities |  |  | — |  |  | 53.5 |  |  | (0.4) |  |  | 82.8 |  |  | (0.4) |  |  | 136.3
Total |  | $ | — |  | $ | 57.5 |  | $ | (0.5) |  | $ | 116.7 |  | $ | (0.5) |  | $ | 174.2
|  | May 31, 2019
|  | Securities in an unrealized ‎loss position for less than ‎twelve months |  | Securities in an unrealized ‎loss position for more than ‎twelve months |  | Total
|  | Gross |  |  |  |  | Gross |  |  |  |  | Gross |  |  |
|  | unrealized |  | Fair |  | unrealized |  | Fair |  | unrealized |  | Fair
In millions |  | losses |  | value |  | losses |  | value |  | losses |  | value
Type of issue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | — |  | $ | 1.5 |  | $ | (0.9) |  | $ | 133.8 |  | $ | (0.9) |  | $ | 135.3
General obligation municipal bonds |  |  | — |  |  | 3.0 |  |  | (0.3) |  |  | 168.3 |  |  | (0.3) |  |  | 171.3
Pre-refunded municipal bonds |  |  | — |  |  | 0.1 |  |  | — |  |  | 1.6 |  |  | — |  |  | 1.7
Revenue municipal bonds |  |  | — |  |  | 0.1 |  |  | (0.2) |  |  | 79.2 |  |  | (0.2) |  |  | 79.3
U.S. government agency and treasury securities |  |  | — |  |  | 4.7 |  |  | (1.3) |  |  | 175.6 |  |  | (1.3) |  |  | 180.3
Total |  | $ | — |  | $ | 9.4 |  | $ | (2.7) |  | $ | 558.5 |  | $ | (2.7) |  | $ | 567.9
Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity |
|  | August 31, 2019
|  | Amortized |  | Fair
In millions |  | cost |  | value
Maturity date: |  |  |  |  |  |
Due in one year or less |  | $ | 254.5 |  | $ | 255.6
Due after one year through three years |  |  | 832.9 |  |  | 843.9
Due after three years through five years |  |  | 992.1 |  |  | 1,013.2
Due after five years |  |  | 939.9 |  |  | 960.1
Total |  | $ | 3,019.4 |  | $ | 3,072.8

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
- Definition Funds held for clients and corporate investments. + References No definition available. + 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 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=118939692&loc=d3e27290-111563 + Details
Name: | us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration