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v3.20.1

Funds Held for Clients and Corporate Investments (Tables) | 9 Months Ended
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Feb. 29, 2020
Funds Held for Clients and Corporate Investments [Abstract] |
Funds Held for Clients and Corporate Investments |
|  | February 29, 2020
|  |  |  |  | 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 |  | $ | 1,226.1 |  | $ | — |  | $ | — |  | $ | 1,226.1
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  |  | 68.0 |  |  | 1.1 |  |  | — |  |  | 69.1
Corporate bonds |  |  | 667.6 |  |  | 24.0 |  |  | — |  |  | 691.6
General obligation municipal bonds |  |  | 741.8 |  |  | 16.9 |  |  | — |  |  | 758.7
Pre-refunded municipal bonds(1) |  |  | 21.9 |  |  | 0.3 |  |  | — |  |  | 22.2
Revenue municipal bonds |  |  | 586.9 |  |  | 14.5 |  |  | — |  |  | 601.4
U.S. government agency and treasury securities |  |  | 866.2 |  |  | 27.3 |  |  | — |  |  | 893.5
Variable rate demand notes |  |  | 149.9 |  |  | — |  |  | — |  |  | 149.9
Total available-for-sale securities |  |  | 3,102.3 |  |  | 84.1 |  |  | — |  |  | 3,186.4
Other |  |  | 25.6 |  |  | 2.0 |  |  | (0.4) |  |  | 27.2
Total funds held for clients and corporate investments |  | $ | 4,354.0 |  | $ | 86.1 |  | $ | (0.4) |  | $ | 4,439.7
|  | 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 |
|  | February 29, |  | May 31,
In millions |  | 2020 |  | 2019
Funds held for clients |  | $ | 4,355.7 |  | $ | 3,803.8
Corporate investments |  |  | 73.8 |  |  | 39.0
Long-term corporate investments |  |  | 10.2 |  |  | 10.2
Total funds held for clients and corporate investments |  | $ | 4,439.7 |  | $ | 3,853.0
Securities in Unrealized Loss Position |
|  | 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
Realized Gains and Losses from Sale of Available-for-sale Securities |
|  | For the three months ended |  | For the nine months ended
|  | February 29, |  | February 28, |  | February 29, |  | February 28,
In millions |  | 2020 |  | 2019 |  | 2020 |  | 2019
Realized gains |  | $ | 0.6 |  | $ | 0.4 |  | $ | 2.4 |  | $ | 0.5
Realized losses |  |  | — |  |  | (0.3) |  |  | — |  |  | (0.6)
Net realized gains/(losses) |  | $ | 0.6 |  | $ | 0.1 |  | $ | 2.4 |  | $ | (0.1)
Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity |
|  | February 29, 2020
|  | Amortized |  | Fair
In millions |  | cost |  | value
Maturity date: |  |  |  |  |  |
Due in one year or less |  | $ | 332.6 |  | $ | 333.9
Due after one year through three years |  |  | 782.2 |  |  | 798.2
Due after three years through five years |  |  | 890.2 |  |  | 917.9
Due after five years |  |  | 1,097.3 |  |  | 1,136.4
Total |  | $ | 3,102.3 |  | $ | 3,186.4

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