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Funds Held for Clients and Corporate Investments (Tables) | 6 Months Ended
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Nov. 30, 2024
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:
|  | November 30, 2024 |
|  |  |  |  |  | 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 |  | $ |  | 393.8 |  |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 393.8 |
AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  |  |  | 143.9 |  |  |  |  | 0.8 |  |  |  |  | (0.2 | ) |  |  |  | 144.5 |
Corporate bonds |  |  |  | 1,407.5 |  |  |  |  | 6.3 |  |  |  |  | (11.9 | ) |  |  |  | 1,401.9 |
Municipal bonds |  |  |  | 1,048.2 |  |  |  |  | 0.5 |  |  |  |  | (59.1 | ) |  |  |  | 989.6 |
U.S. government agency and treasury securities |  |  |  | 903.2 |  |  |  |  | 1.7 |  |  |  |  | (24.0 | ) |  |  |  | 880.9 |
Total AFS securities |  |  |  | 3,502.8 |  |  |  |  | 9.3 |  |  |  |  | (95.2 | ) |  |  |  | 3,416.9 |
Other |  |  |  | 32.1 |  |  |  |  | 5.1 |  |  |  |  | (0.8 | ) |  |  |  | 36.4 |
Total funds held for clients and corporate investments |  | $ |  | 3,928.7 |  |  | $ |  | 14.4 |  |  | $ |  | (96.0 | ) |  | $ |  | 3,847.1 |
|  | May 31, 2024 |
|  |  |  |  |  | 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 |  | $ |  | 380.3 |  |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 380.3 |
AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  |  |  | 135.7 |  |  |  |  | 0.1 |  |  |  |  | (1.1 | ) |  |  |  | 134.7 |
Corporate bonds |  |  |  | 1,400.3 |  |  |  |  | 1.3 |  |  |  |  | (32.8 | ) |  |  |  | 1,368.8 |
Municipal bonds |  |  |  | 1,060.1 |  |  |  |  | 0.2 |  |  |  |  | (86.9 | ) |  |  |  | 973.4 |
U.S. government agency and treasury securities |  |  |  | 896.0 |  |  |  |  | 0.1 |  |  |  |  | (43.4 | ) |  |  |  | 852.7 |
Total AFS securities |  |  |  | 3,492.1 |  |  |  |  | 1.7 |  |  |  |  | (164.2 | ) |  |  |  | 3,329.6 |
Other |  |  |  | 32.3 |  |  |  |  | 3.2 |  |  |  |  | (1.6 | ) |  |  |  | 33.9 |
Total funds held for clients and corporate investments |  | $ |  | 3,904.7 |  |  | $ |  | 4.9 |  |  | $ |  | (165.8 | ) |  | $ |  | 3,743.8 |
Classification of Investments on Consolidated Balance Sheets | The classification of funds held for clients and corporate investments on the Consolidated Balance Sheets was as follows:
|  | November 30, |  |  | May 31, |
In millions |  | 2024 |  |  | 2024 |
Funds held for clients |  | $ |  | 3,809.1 |  |  | $ |  | 3,706.2 |
Corporate investments |  |  |  | 38.0 |  |  |  |  | 33.9 |
Long-term corporate investments |  |  |  | — |  |  |  |  | 3.7 |
Total funds held for clients and corporate investments |  | $ |  | 3,847.1 |  |  | $ |  | 3,743.8 |
Securities in Unrealized Loss Position | AFS securities in an unrealized loss position for which a credit loss has not been recognized were as follows:
|  | November 30, 2024 |
|  | 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 |  | $ |  | (0.0 | ) |  | $ |  | 17.4 |  |  | $ |  | (0.2 | ) |  | $ |  | 8.6 |  |  | $ |  | (0.2 | ) |  | $ |  | 26.0 |
Corporate bonds |  |  |  | (1.3 | ) |  |  |  | 359.8 |  |  |  |  | (10.6 | ) |  |  |  | 335.8 |  |  |  |  | (11.9 | ) |  |  |  | 695.6 |
Municipal bonds |  |  |  | (3.2 | ) |  |  |  | 47.1 |  |  |  |  | (55.9 | ) |  |  |  | 912.8 |  |  |  |  | (59.1 | ) |  |  |  | 959.9 |
U.S. government agency and treasury securities |  |  |  | (0.8 | ) |  |  |  | 177.1 |  |  |  |  | (23.2 | ) |  |  |  | 525.9 |  |  |  |  | (24.0 | ) |  |  |  | 703.0 |
Total |  | $ |  | (5.3 | ) |  | $ |  | 601.4 |  |  | $ |  | (89.9 | ) |  | $ |  | 1,783.1 |  |  | $ |  | (95.2 | ) |  | $ |  | 2,384.5 |
|  | May 31, 2024 |
|  | 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 |  | $ |  | (0.4 | ) |  | $ |  | 77.4 |  |  | $ |  | (0.7 | ) |  | $ |  | 43.0 |  |  | $ |  | (1.1 | ) |  | $ |  | 120.4 |
Corporate bonds |  |  |  | (8.4 | ) |  |  |  | 620.8 |  |  |  |  | (24.4 | ) |  |  |  | 647.8 |  |  |  |  | (32.8 | ) |  |  |  | 1,268.6 |
Municipal bonds |  |  |  | (8.0 | ) |  |  |  | 102.5 |  |  |  |  | (78.9 | ) |  |  |  | 864.7 |  |  |  |  | (86.9 | ) |  |  |  | 967.2 |
U.S. government agency and treasury securities |  |  |  | (6.2 | ) |  |  |  | 268.2 |  |  |  |  | (37.2 | ) |  |  |  | 547.2 |  |  |  |  | (43.4 | ) |  |  |  | 815.4 |
Total |  | $ |  | (23.0 | ) |  | $ |  | 1,068.9 |  |  | $ |  | (141.2 | ) |  | $ |  | 2,102.7 |  |  | $ |  | (164.2 | ) |  | $ |  | 3,171.6 |
Realized Gains and Losses from Sale of Available-for-sale Securities | Realized gains and losses from the sale of AFS securities were as follows:
|  | For the three months ended |  |  | For the six months ended |
|  | November 30, |  |  | November 30, |
In millions |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Gross realized gains |  | $ |  | 0.0 |  |  | $ |  | 0.0 |  |  | $ |  | 0.0 |  |  | $ |  | 0.0 |
Gross realized losses |  |  |  | (0.0 | ) |  |  |  | — |  |  |  |  | (0.0 | ) |  |  |  | (0.0 | )
Net realized gains/(losses) |  | $ |  | 0.0 |  |  | $ |  | 0.0 |  |  | $ |  | 0.0 |  |  | $ |  | (0.0 | )
Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity | The amortized cost and fair value of AFS securities that had stated maturities as of November 30, 2024 are shown below by expected maturity.
|  | November 30, 2024 |
|  | Amortized |  |  | Fair |
In millions |  | cost |  |  | value |
Maturity date: |  |  |  |  |  |  |  |
Due in one year or less |  | $ |  | 394.3 |  |  | $ |  | 388.6 |
Due after one year through three years |  |  |  | 1,775.9 |  |  |  |  | 1,713.1 |
Due after three years through five years |  |  |  | 1,087.4 |  |  |  |  | 1,068.7 |
Due after five years |  |  |  | 245.2 |  |  |  |  | 246.5 |
Total |  | $ |  | 3,502.8 |  |  | $ |  | 3,416.9 |

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