Funds Held for Clients and Corporate Investments (Tables)

3 Months Ended

Aug. 31, 2018

Funds Held for Clients and Corporate Investments [Abstract]

Funds Held for Clients and Corporate Investments

	August 31, 2018
			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	$	1,179.8	$	—	$	—	$	1,179.8
Available-for-sale securities:
Corporate bonds		367.7		0.3		(7.3)		360.7
General obligation municipal bonds		1,149.8		1.3		(9.7)		1,141.4
Pre-refunded municipal bonds(1)		45.7		0.2		(0.1)		45.8
Revenue municipal bonds		767.5		1.0		(7.1)		761.4
U.S. government agency securities		454.5		0.1		(14.6)		440.0
Variable rate demand notes		162.3		—		—		162.3
Total available-for-sale securities		2,947.5		2.9		(38.8)		2,911.6
Other		17.4		2.5		—		19.9
Total funds held for clients and corporate investments	$	4,144.7	$	5.4	$	(38.8)	$	4,111.3

	May 31, 2018
			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	$	1,942.3	$	—	$	—	$	1,942.3
Available-for-sale securities:
Corporate bonds		328.6		0.1		(7.3)		321.4
General obligation municipal bonds		1,231.6		1.3		(11.2)		1,221.7
Pre-refunded municipal bonds(1)		50.9		0.1		(0.1)		50.9
Revenue municipal bonds		813.5		0.9		(8.0)		806.4
U.S. government agency securities		410.2		—		(14.1)		396.1
Variable rate demand notes		308.3		—		—		308.3
Total available-for-sale securities		3,143.1		2.4		(40.7)		3,104.8
Other		16.1		2.1		—		18.2
Total funds held for clients and corporate investments	$	5,101.5	$	4.5	$	(40.7)	$	5,065.3

(1)Pre-refunded municipal bonds are secured by an escrow fund of U.S. government obligations.

Classification of Investments on Consolidated Balance Sheets

	August 31,		May 31,
In millions	2018		2018
Funds held for clients	$	3,763.8	$	4,703.8
Corporate investments		82.9		66.0
Long-term corporate investments		264.6		295.5
Total funds held for clients and corporate investments	$	4,111.3	$	5,065.3

Securities in Unrealized Loss Position

	August 31, 2018
	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	$	(5.8)	$	272.9	$	(1.5)	$	39.7	$	(7.3)	$	312.6
General obligation municipal bonds		(7.4)		745.1		(2.3)		64.1		(9.7)		809.2
Pre-refunded municipal bonds		(0.1)		12.8		—		0.5		(0.1)		13.3
Revenue municipal bonds		(5.2)		445.1		(1.9)		55.6		(7.1)		500.7
U.S. government agency securities		(7.0)		232.8		(7.6)		176.7		(14.6)		409.5
Total	$	(25.5)	$	1,708.7	$	(13.3)	$	336.6	$	(38.8)	$	2,045.3

	May 31, 2018
	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	$	(6.0)	$	271.5	$	(1.3)	$	34.6	$	(7.3)	$	306.1
General obligation municipal bonds		(8.7)		856.4		(2.5)		68.9		(11.2)		925.3
Pre-refunded municipal bonds		(0.1)		18.5		—		0.5		(0.1)		19.0
Revenue municipal bonds		(6.3)		540.9		(1.7)		50.9		(8.0)		591.8
U.S. government agency securities		(6.4)		219.7		(7.7)		176.4		(14.1)		396.1
Total	$	(27.5)	$	1,907.0	$	(13.2)	$	331.3	$	(40.7)	$	2,238.3

Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity

	August 31, 2018
	Amortized		Fair
In millions	cost		value
Maturity date:
Due in one year or less	$	382.8	$	382.4
Due after one year through three years		788.0		784.6
Due after three years through five years		979.8		965.6
Due after five years		796.9		779.0
Total	$	2,947.5	$	2,911.6