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Funds Held for Clients and Corporate Investments (Tables) | 3 Months Ended
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Aug. 31, 2022
Funds Held for Clients and Corporate Investments [Abstract] |
Funds Held for Clients and Corporate Investments | Funds held for clients and corporate investments were as follows:
|  | August 31, 2022 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | unrealized |  |  | unrealized |  |  | Fair |
In millions |  | cost |  |  | gains |  |  | losses |  |  | value |
Type of issue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Funds held for clients' money market securities and other restricted cash equivalents |  | $ |  | 429.2 |  |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 429.2 |
AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  |  |  | 56.2 |  |  |  |  | — |  |  |  |  | (1.7 | ) |  |  |  | 54.5 |
Corporate bonds |  |  |  | 715.1 |  |  |  |  | 0.0 |  |  |  |  | (28.2 | ) |  |  |  | 686.9 |
Municipal bonds |  |  |  | 1,515.1 |  |  |  |  | 0.0 |  |  |  |  | (108.3 | ) |  |  |  | 1,406.8 |
U.S. government agency and treasury securities |  |  |  | 602.3 |  |  |  |  | — |  |  |  |  | (37.4 | ) |  |  |  | 564.9 |
Variable rate demand notes |  |  |  | 11.7 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 11.7 |
Total AFS securities |  |  |  | 2,900.4 |  |  |  |  | 0.0 |  |  |  |  | (175.6 | ) |  |  |  | 2,724.8 |
Other |  |  |  | 33.3 |  |  |  |  | 1.4 |  |  |  |  | (3.2 | ) |  |  |  | 31.5 |
Total funds held for clients and corporate investments |  | $ |  | 3,362.9 |  |  | $ |  | 1.4 |  |  | $ |  | (178.8 | ) |  | $ |  | 3,185.5 |
|  | May 31, 2022 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | unrealized |  |  | unrealized |  |  | Fair |
In millions |  | cost |  |  | gains |  |  | losses |  |  | value |
Type of issue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Funds held for clients' money market securities and other restricted cash equivalents |  | $ |  | 482.6 |  |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 482.6 |
AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  |  |  | 68.5 |  |  |  |  | 0.0 |  |  |  |  | (1.3 | ) |  |  |  | 67.2 |
Corporate bonds |  |  |  | 699.3 |  |  |  |  | 1.8 |  |  |  |  | (19.0 | ) |  |  |  | 682.1 |
Municipal bonds |  |  |  | 1,577.6 |  |  |  |  | 0.6 |  |  |  |  | (92.4 | ) |  |  |  | 1,485.8 |
U.S. government agency and treasury securities |  |  |  | 574.5 |  |  |  |  | 0.3 |  |  |  |  | (26.3 | ) |  |  |  | 548.5 |
Variable rate demand notes |  |  |  | 1,245.6 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 1,245.6 |
Total AFS securities |  |  |  | 4,165.5 |  |  |  |  | 2.7 |  |  |  |  | (139.0 | ) |  |  |  | 4,029.2 |
Other |  |  |  | 30.4 |  |  |  |  | 1.8 |  |  |  |  | (2.2 | ) |  |  |  | 30.0 |
Total funds held for clients and corporate investments |  | $ |  | 4,678.5 |  |  | $ |  | 4.5 |  |  | $ |  | (141.2 | ) |  | $ |  | 4,541.8 |
Classification of Investments on Consolidated Balance Sheets |
|  | August 31, |  |  | May 31, |
In millions |  | 2022 |  |  | 2022 |
Funds held for clients |  | $ |  | 3,135.8 |  |  | $ |  | 3,682.9 |
Corporate investments |  |  |  | 45.8 |  |  |  |  | 853.9 |
Long-term corporate investments |  |  |  | 3.9 |  |  |  |  | 5.0 |
Total funds held for clients and corporate investments |  | $ |  | 3,185.5 |  |  | $ |  | 4,541.8 |
Securities in Unrealized Loss Position |
|  | August 31, 2022 |
|  | 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  | $ |  | (1.2 | ) |  | $ |  | 48.8 |  |  | $ |  | (0.4 | ) |  | $ |  | 5.7 |  |  | $ |  | (1.6 | ) |  | $ |  | 54.5 |
Corporate bonds |  |  |  | (24.8 | ) |  |  |  | 634.3 |  |  |  |  | (3.5 | ) |  |  |  | 29.1 |  |  |  |  | (28.3 | ) |  |  |  | 663.4 |
Municipal bonds |  |  |  | (92.8 | ) |  |  |  | 1,279.2 |  |  |  |  | (15.5 | ) |  |  |  | 111.5 |  |  |  |  | (108.3 | ) |  |  |  | 1,390.7 |
U.S. government agency and treasury securities |  |  |  | (24.4 | ) |  |  |  | 468.1 |  |  |  |  | (13.0 | ) |  |  |  | 96.8 |  |  |  |  | (37.4 | ) |  |  |  | 564.9 |
Total |  | $ |  | (143.2 | ) |  | $ |  | 2,430.4 |  |  | $ |  | (32.4 | ) |  | $ |  | 243.1 |  |  | $ |  | (175.6 | ) |  | $ |  | 2,673.5 |
|  | May 31, 2022 |
|  | 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  | $ |  | (0.9 | ) |  | $ |  | 48.5 |  |  | $ |  | (0.3 | ) |  | $ |  | 5.7 |  |  | $ |  | (1.2 | ) |  | $ |  | 54.2 |
Corporate bonds |  |  |  | (17.5 | ) |  |  |  | 425.4 |  |  |  |  | (1.5 | ) |  |  |  | 16.7 |  |  |  |  | (19.0 | ) |  |  |  | 442.1 |
Municipal bonds |  |  |  | (81.9 | ) |  |  |  | 1,171.5 |  |  |  |  | (10.6 | ) |  |  |  | 86.6 |  |  |  |  | (92.5 | ) |  |  |  | 1,258.1 |
U.S. government agency and treasury securities |  |  |  | (15.9 | ) |  |  |  | 414.2 |  |  |  |  | (10.4 | ) |  |  |  | 91.7 |  |  |  |  | (26.3 | ) |  |  |  | 505.9 |
Total |  | $ |  | (116.2 | ) |  | $ |  | 2,059.6 |  |  | $ |  | (22.8 | ) |  | $ |  | 200.7 |  |  | $ |  | (139.0 | ) |  | $ |  | 2,260.3 |
Realized Gains and Losses from Sale of Available-for-sale Securities |
|  | For the three months ended |
|  | August 31, |
In millions |  | 2022 |  |  | 2021 |
Gross realized gains |  | $ |  | 0.1 |  |  | $ |  | 0.1 |
Gross realized losses |  |  |  | — |  |  |  |  | — |
Net realized gains |  | $ |  | 0.1 |  |  | $ |  | 0.1 |
Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity |
|  | August 31, 2022 |
|  | Amortized |  |  | Fair |
In millions |  | cost |  |  | value |
Maturity date: |  |  |  |  |  |  |  |
Due in one year or less |  | $ |  | 289.4 |  |  | $ |  | 288.4 |
Due after one year through three years |  |  |  | 746.9 |  |  |  |  | 728.0 |
Due after three years through five years |  |  |  | 1,421.1 |  |  |  |  | 1,312.3 |
Due after five years |  |  |  | 443.0 |  |  |  |  | 396.1 |
Total |  | $ |  | 2,900.4 |  |  | $ |  | 2,724.8 |

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