Funds Held for Clients and Corporate Investments (Tables)
|
12 Months Ended |
May 31, 2026 |
|---|
| Funds Held for Clients and Corporate Investments [Abstract] |
|
| Funds Held for Clients and Corporate Investments |
Funds held for clients and corporate investments are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May 31, 2026 |
|
|
|
|
|
|
|
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 |
|
$ |
|
343.8 |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
343.8 |
|
AFS securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-backed securities |
|
|
|
106.5 |
|
|
|
|
0.4 |
|
|
|
|
(0.1 |
) |
|
|
|
106.8 |
|
Corporate bonds |
|
|
|
2,349.9 |
|
|
|
|
5.5 |
|
|
|
|
(18.8 |
) |
|
|
|
2,336.6 |
|
Municipal bonds |
|
|
|
851.9 |
|
|
|
|
0.4 |
|
|
|
|
(21.1 |
) |
|
|
|
831.2 |
|
U.S. government agency and treasury securities |
|
|
|
1,232.6 |
|
|
|
|
1.0 |
|
|
|
|
(19.8 |
) |
|
|
|
1,213.8 |
|
Total AFS securities |
|
|
|
4,540.9 |
|
|
|
|
7.3 |
|
|
|
|
(59.8 |
) |
|
|
|
4,488.4 |
|
Other |
|
|
|
32.3 |
|
|
|
|
4.6 |
|
|
|
|
(0.6 |
) |
|
|
|
36.3 |
|
Total funds held for clients and corporate investments |
|
$ |
|
4,917.0 |
|
|
$ |
|
11.9 |
|
|
$ |
|
(60.4 |
) |
|
$ |
|
4,868.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
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 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
May 31, |
|
In millions |
|
2026 |
|
|
2025 |
|
Funds held for clients |
|
$ |
|
4,832.2 |
|
|
$ |
|
4,813.3 |
|
Corporate investments |
|
|
|
36.3 |
|
|
|
|
34.5 |
|
Total funds held for clients and corporate investments |
|
$ |
|
4,868.5 |
|
|
$ |
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May 31, 2026 |
|
|
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 |
$ |
|
(0.1 |
) |
$ |
|
21.7 |
|
$ |
|
— |
|
$ |
|
— |
|
$ |
|
(0.1 |
) |
$ |
|
21.7 |
|
Corporate bonds |
|
|
(16.3 |
) |
|
|
1,148.8 |
|
|
|
(2.5 |
) |
|
|
128.0 |
|
|
|
(18.8 |
) |
|
|
1,276.8 |
|
Municipal bonds |
|
|
(1.7 |
) |
|
|
69.0 |
|
|
|
(19.4 |
) |
|
|
713.2 |
|
|
|
(21.1 |
) |
|
|
782.2 |
|
U.S. government agency and treasury securities |
|
|
(13.4 |
) |
|
|
610.7 |
|
|
|
(6.4 |
) |
|
|
337.3 |
|
|
|
(19.8 |
) |
|
|
948.0 |
|
Total |
$ |
|
(31.5 |
) |
$ |
|
1,850.2 |
|
$ |
|
(28.3 |
) |
$ |
|
1,178.5 |
|
$ |
|
(59.8 |
) |
$ |
|
3,028.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended May 31, |
|
In millions |
|
2026 |
|
|
2025 |
|
|
2024 |
|
Gross realized gains |
|
$ |
|
7.6 |
|
|
$ |
|
0.0 |
|
|
$ |
|
— |
|
Gross realized losses |
|
|
|
(0.0 |
) |
|
|
|
(0.4 |
) |
|
|
|
(2.6 |
) |
Net realized (losses)/gains |
|
$ |
|
7.6 |
|
|
$ |
|
(0.4 |
) |
|
$ |
|
(2.6 |
) |
|
| 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 May 31, 2026 are shown below by expected maturity.
|
|
|
|
|
|
|
|
|
|
|
|
|
May 31, 2026 |
|
|
|
Amortized |
|
|
Fair |
|
In millions |
|
cost |
|
|
value |
|
Maturity date: |
|
|
|
|
|
|
|
|
Due in one year or less |
|
$ |
|
912.6 |
|
|
$ |
|
906.9 |
|
Due after one year through three years |
|
|
|
1,426.5 |
|
|
|
|
1,407.7 |
|
Due after three years through five years |
|
|
|
599.1 |
|
|
|
|
595.8 |
|
Due after five years |
|
|
|
1,602.7 |
|
|
|
|
1,578.0 |
|
Total |
|
$ |
|
4,540.9 |
|
|
$ |
|
4,488.4 |
|
|