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Funds Held for Clients and Corporate Investments (Tables) | 3 Months Ended
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Aug. 31, 2025
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, 2025 |
|  |  |  |  |  | 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 |  | $ |  | 775.2 |  |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 775.2 |
AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  |  |  | 165.6 |  |  |  |  | 1.6 |  |  |  |  | (0.1 | ) |  |  |  | 167.1 |
Corporate bonds |  |  |  | 1,922.6 |  |  |  |  | 20.0 |  |  |  |  | (5.0 | ) |  |  |  | 1,937.6 |
Municipal bonds |  |  |  | 973.2 |  |  |  |  | 1.0 |  |  |  |  | (33.2 | ) |  |  |  | 941.0 |
U.S. government agency and treasury securities |  |  |  | 1,111.8 |  |  |  |  | 7.2 |  |  |  |  | (12.5 | ) |  |  |  | 1,106.5 |
Variable rate demand notes |  |  |  | 824.6 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 824.6 |
Total AFS securities |  |  |  | 4,997.8 |  |  |  |  | 29.8 |  |  |  |  | (50.8 | ) |  |  |  | 4,976.8 |
Other |  |  |  | 34.3 |  |  |  |  | 3.5 |  |  |  |  | (0.5 | ) |  |  |  | 37.3 |
Total funds held for clients and corporate investments |  | $ |  | 5,807.3 |  |  | $ |  | 33.3 |  |  | $ |  | (51.3 | ) |  | $ |  | 5,789.3 |
|  | May 31, 2025 |
|  |  |  |  |  | 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 |  | $ |  | 1,057.8 |  |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 1,057.8 |
AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  |  |  | 158.3 |  |  |  |  | 0.9 |  |  |  |  | (0.0 | ) |  |  |  | 159.2 |
Corporate bonds |  |  |  | 1,640.3 |  |  |  |  | 10.7 |  |  |  |  | (7.0 | ) |  |  |  | 1,644.0 |
Municipal bonds |  |  |  | 1,017.3 |  |  |  |  | 0.5 |  |  |  |  | (44.3 | ) |  |  |  | 973.5 |
U.S. government agency and treasury securities |  |  |  | 993.2 |  |  |  |  | 2.3 |  |  |  |  | (16.7 | ) |  |  |  | 978.8 |
Variable rate demand notes |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |
Total AFS securities |  |  |  | 3,809.1 |  |  |  |  | 14.4 |  |  |  |  | (68.0 | ) |  |  |  | 3,755.5 |
Other |  |  |  | 33.1 |  |  |  |  | 2.3 |  |  |  |  | (0.9 | ) |  |  |  | 34.5 |
Total funds held for clients and corporate investments |  | $ |  | 4,900.0 |  |  | $ |  | 16.7 |  |  | $ |  | (68.9 | ) |  | $ |  | 4,847.8 |
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:
|  | August 31, |  |  | May 31, |
In millions |  | 2025 |  |  | 2025 |
Funds held for clients |  | $ |  | 4,927.4 |  |  | $ |  | 4,813.3 |
Corporate investments |  |  |  | 861.9 |  |  |  |  | 34.5 |
Total funds held for clients and corporate investments |  | $ |  | 5,789.3 |  |  | $ |  | 4,847.8 |
Securities in Unrealized Loss Position | AFS securities in an unrealized loss position for which a credit loss has not been recognized were as follows:
|  | August 31, 2025 |
|  | 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 | ) |  | $ |  | — |  |  | $ |  | (0.1 | ) |  | $ |  | 2.8 |  |  | $ |  | (0.1 | ) |  | $ |  | 2.8 |
Corporate bonds |  |  |  | (0.1 | ) |  |  |  | 56.5 |  |  |  |  | (4.9 | ) |  |  |  | 207.2 |  |  |  |  | (5.0 | ) |  |  |  | 263.7 |
Municipal bonds |  |  |  | (2.5 | ) |  |  |  | 44.9 |  |  |  |  | (30.7 | ) |  |  |  | 843.2 |  |  |  |  | (33.2 | ) |  |  |  | 888.1 |
U.S. government agency and treasury securities |  |  |  | (0.7 | ) |  |  |  | 73.2 |  |  |  |  | (11.8 | ) |  |  |  | 506.4 |  |  |  |  | (12.5 | ) |  |  |  | 579.6 |
Total |  | $ |  | (3.3 | ) |  | $ |  | 174.6 |  |  | $ |  | (47.5 | ) |  | $ |  | 1,559.6 |  |  | $ |  | (50.8 | ) |  | $ |  | 1,734.2 |
|  | May 31, 2025 |
|  | 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 | ) |  | $ |  | 16.4 |  |  | $ |  | (0.0 | ) |  | $ |  | 2.8 |  |  | $ |  | (0.0 | ) |  | $ |  | 19.2 |
Corporate bonds |  |  |  | (0.1 | ) |  |  |  | 83.2 |  |  |  |  | (6.9 | ) |  |  |  | 236.7 |  |  |  |  | (7.0 | ) |  |  |  | 319.9 |
Municipal bonds |  |  |  | (2.2 | ) |  |  |  | 48.5 |  |  |  |  | (42.1 | ) |  |  |  | 880.1 |  |  |  |  | (44.3 | ) |  |  |  | 928.6 |
U.S. government agency and treasury securities |  |  |  | (0.7 | ) |  |  |  | 152.0 |  |  |  |  | (16.0 | ) |  |  |  | 531.8 |  |  |  |  | (16.7 | ) |  |  |  | 683.8 |
Total |  | $ |  | (3.0 | ) |  | $ |  | 300.1 |  |  | $ |  | (65.0 | ) |  | $ |  | 1,651.4 |  |  | $ |  | (68.0 | ) |  | $ |  | 1,951.5 |
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 |
|  | August 31, |  |  | August 31, |
In millions |  | 2025 |  |  | 2024 |
Gross realized gains |  | $ |  | 0.0 |  |  | $ |  | 0.0 |
Gross realized losses |  |  |  | (0.0 | ) |  |  |  | (0.0 | )
Net realized (losses)/gains |  | $ |  | (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 August 31, 2025 are shown below by expected maturity.
|  | August 31, 2025 |
|  | Amortized |  |  | Fair |
In millions |  | cost |  |  | value |
Maturity date: |  |  |  |  |  |  |  |
Due in one year or less |  | $ |  | 677.9 |  |  | $ |  | 672.2 |
Due after one year through three years |  |  |  | 2,104.8 |  |  |  |  | 2,078.7 |
Due after three years through five years |  |  |  | 645.9 |  |  |  |  | 650.2 |
Due after five years |  |  |  | 1,569.2 |  |  |  |  | 1,575.7 |
Total |  | $ |  | 4,997.8 |  |  | $ |  | 4,976.8 |

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