0000723531-21-000061.txt : 20211222 0000723531-21-000061.hdr.sgml : 20211222 20211222083728 ACCESSION NUMBER: 0000723531-21-000061 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20211222 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20211222 DATE AS OF CHANGE: 20211222 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PAYCHEX INC CENTRAL INDEX KEY: 0000723531 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-ENGINEERING, ACCOUNTING, RESEARCH, MANAGEMENT [8700] IRS NUMBER: 161124166 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-11330 FILM NUMBER: 211511070 BUSINESS ADDRESS: STREET 1: 911 PANORAMA TRAIL S CITY: ROCHESTER STATE: NY ZIP: 14625-0397 BUSINESS PHONE: 5853856666 MAIL ADDRESS: STREET 1: 911 PANORAMA TRAIL SOUTH CITY: ROCHESTER STATE: NY ZIP: 14625-0397 8-K 1 payx-20211222x8k.htm 8-K payx-20211222x8k
false000072353100007235312021-12-222021-12-22

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report: December 22, 2021

(Date of earliest event reported)

PAYCHEX, INC.

(Exact name of registrant as specified in its charter)

DELAWARE

0-11330

16-1124166

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification Number)

911 PANORAMA TRAIL SOUTH,

ROCHESTER, NY

14625-2396

(Address of principal executive offices)

(Zip Code)

(585) 385-6666

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

PAYX

Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company   

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   


‎

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

Paychex, Inc.’s press release dated December 22, 2021, which reports its financial results for the three and six months ended November 30, 2021, is furnished as Exhibit 99.1 to this Current Report on Form 8-K (“Form 8-K”).

The information furnished pursuant to Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities under such section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent specifically provided in such a filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

Exhibit

Description

Exhibit 99.1

Press Release of Paychex, Inc. dated December 22, 2021

Exhibit 104

The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.


‎

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

PAYCHEX, INC.

Date:

December 22, 2021

/s/ Martin Mucci

Martin Mucci

Chairman of the Board of Directors and Chief Executive Officer

Date:

December 22, 2021

/s/ Efrain Rivera

Efrain Rivera

Senior Vice President, Chief Financial Officer, and Treasurer

 EX-99.1 2 payx-20211222xex99_1.htm EX-99.1 Exhibit 99.1

EXHIBIT 99.1

PRESS RELEASE OF PAYCHEX, INC. DATED DECEMBER 22, 2021

Picture 1



Paychex, Inc. Reports Second Quarter Results: 

Revenue Advances 13% and Diluted Earnings Per Share Grows 21%;

Company Raises Business Outlook for the Year



Rochester, N.Y. - (December 22, 2021)  -  Paychex, Inc.  (the “Company,” “Paychex,” “we,” “our,” or “us”) today announced the following results for the quarter ended November 30, 2021 (the “second quarter”), as compared to the corresponding prior year period:



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

For the three months ended

 

 

 

 

For the six months ended

 

 

 



 

November 30,

 

 

 

 

November 30,

 

 

 

In millions, except per share amounts

 

2021

 

2020

 

Change(2)

 

2021

 

2020

 

Change(2)

Total service revenue

 

$

 1,094.4 

 

$

 968.9 

 

 13 

%

 

$

 2,162.8 

 

$

 1,886.2 

 

 15 

%

Total revenue

 

$

 1,108.5 

 

$

 983.7 

 

 13 

%

 

$

 2,191.4 

 

$

 1,915.9 

 

 14 

%

Operating income

 

$

 440.3 

 

$

 354.3 

 

 24 

%

 

$

 883.2 

 

$

 638.3 

 

 38 

%

Diluted earnings per share

 

$

 0.91 

 

$

 0.75 

 

 21 

%

 

$

 1.83 

 

$

 1.34 

 

 37 

%

Adjusted diluted earnings per share(1)

 

$

 0.91 

 

$

 0.73 

 

 25 

%

 

$

 1.80 

 

$

 1.36 

 

 32 

%



 

(1)Adjusted diluted earnings per share is not a United States (“U.S.”) generally accepted accounting principle (“GAAP”) measure. Adjusted diluted earnings per share in all periods included an adjustment for net tax windfall benefits related to employee stock-based compensation payments. In the prior year periods, adjusted diluted earnings per share included an adjustment for one-time non-recurring cost saving initiatives. Please refer to the “Non-GAAP Financial Measures” section on page 3 of this press release for a discussion of non-GAAP measures and a reconciliation to the U.S. GAAP measure of diluted earnings per share.

(2)Percentage changes are calculated based on unrounded numbers.

 Martin Mucci, Chairman and Chief Executive Officer, commented, “We posted strong financial results for the second quarter of fiscal 2022, with growth of 13% in total revenue and 21% in diluted earnings per share. Results were driven by growth in employees within our client base and continued strong sales growth and client retention.

The environment is more complicated than ever for small- and medium-sized businesses. Trends that emerged during the pandemic continue unabated, particularly the demand for human resource (“HR”) advice and the need for benefits packages that address talent needs.  We continue to support our clients in a proactive manner, as we have done throughout the pandemic. We have assisted businesses in securing $6.0 billion in employee retention and paid leave tax credits to date.  Most recently, we introduced an automated tool that businesses can leverage to capture and store employee vaccination status and communicate with their employees on an ongoing basis.” 

Mr. Mucci continued, “Our robust set of COVID-19-related tools is only a part of the integrated technology solutions we offer through our digital platform, Paychex Flex®.  We are committed to leveraging our human capital management (“HCM”) technology to assist our clients in maximizing efficiency as we continue to introduce innovative, responsive HR products to help businesses address the evolving HR landscape and streamline the employee experience from recruitment to retirement.”



1

 

 

Second Quarter Business Highlights

Highlights as compared to the corresponding prior year period are as follows:

Management Solutions revenue was $832.0 million, an increase of 14%,  led by the following:

·

Higher checks per payroll for HCM services and net gain in worksite employees for HR Solutions. 

·

Higher revenue per client resulting from improved price realization. 

·

Growth in client bases across HCM and ancillary products resulting from strong sales performance and high levels of retention, with notably strong demand for our HR Solutions offering.

·

Impact of improved market conditions on asset-based revenue for retirement services.

·

Increase in funding for temporary staffing clients.  

Professional Employer Organization (“PEO”) and Insurance Solutions revenue was $262.4 million, an increase of 11%,  driven by the following:

·

Increase in the number of average worksite employees and an increase in average wages per worksite employee.  

·

Increase in PEO health insurance revenue.

·

Higher revenue related to state unemployment insurance.

Total expenses increased 6% to $668.2 million, impacted by the following: 

·

Increase in compensation costs due to an increase in wage rates and fringe benefits.

·

Increase in PEO direct insurance costs as a result of growth in number of PEO worksite employees and health insurance revenue.

·

Investment in product development and information technology.



Operating income increased 24% to $440.3 million as a result of double-digit revenue growth and a moderate expense increase.  Operating margin (operating income as a percentage of total revenue) was 39.7% compared to 36.0% for the prior year period.    

Our effective income tax rate was 24.1% compared to 22.1% for the  prior year period.  Both periods were impacted by the recognition of net discrete tax benefits related to employee stock-based compensation payments, with a higher benefit realized in the prior year period. 

Fiscal Year-To-Date Business Highlights

Highlights for the six months ended November 30, 2021 (the “six months”) as compared to the corresponding prior year period are as follows:

·

Total service revenue and total revenue increased 15% and 14%, respectively, to $2.2 billion. 

·

Operating income increased 38% to $883.2 million.  Adjusted operating income(1) increased 32% to $883.2 million.

2

 

 

·

Diluted earnings per share increased 37% to $1.83 per share.  Adjusted diluted earnings per share(1) increased 32% to $1.80 per share.    



(1)

Adjusted operating income and adjusted diluted earnings per share are not U.S. GAAP measures. Please refer to the “Non-GAAP Financial Measures” section on page 3 of this press release for a discussion of these non-GAAP measures and a reconciliation to the most comparable U.S. GAAP measures of operating income and diluted earnings per share.

Financial Position and Liquidity

Our financial position and cash flow generation remained strong. As of November 30, 2021, we had:

·

Cash, restricted cash, and total corporate investments of $1.1 billion.  

·

Short-term and long-term borrowings, net of debt issuance costs, of  $806.4 million.  

·

Cash flow from operations was  $555.4 million for the six months. 

Return to Shareholders During the Six Months

·

Paid cumulative dividends of $1.32 per share totaling $476.4 million.

Non-GAAP Financial Measures





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

For the three months ended

 

 

 

 

For the six months ended

 

 

 



 

November 30,

 

 

 

 

November 30,

 

 

 

$ in millions

 

2021

 

2020

 

Change

 

2021

 

2020

 

Change

Operating income

 

$

 440.3 

 

 

$

 354.3 

 

 

 24 

%

 

$

 883.2 

 

 

$

 638.3 

 

 

 38 

%

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost-saving initiatives(1)

 

 

 —

 

 

 

 1.0 

 

 

 

 

 

 

 —

 

 

 

 32.2 

 

 

 

 

Total non-GAAP adjustments

 

 

 —

 

 

 

 1.0 

 

 

 

 

 

 

 —

 

 

 

 32.2 

 

 

 

 

Adjusted operating income

 

$

 440.3 

 

 

$

 355.3 

 

 

 24 

%

 

$

 883.2 

 

 

$

 670.5 

 

 

 32 

%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

 332.1 

 

 

$

 272.4 

 

 

 22 

%

 

$

 665.7 

 

 

$

 484.0 

 

 

 38 

%

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excess tax benefit related to employee stock-based compensation payments(2)

 

 

 (2.3)

 

 

 

 (8.5)

 

 

 

 

 

 

 (12.7)

 

 

 

 (15.5)

 

 

 

 

Cost-saving initiatives(1)

 

 

 —

 

 

 

 0.9 

 

 

 

 

 

 

 —

 

 

 

 24.3 

 

 

 

 

Total non-GAAP adjustments

 

 

 (2.3)

 

 

 

 (7.6)

 

 

 

 

 

 

 (12.7)

 

 

 

 8.8 

 

 

 

 

Adjusted net income

 

$

 329.8 

 

 

$

 264.8 

 

 

 25 

%

 

$

 653.0 

 

 

$

 492.8 

 

 

 33 

%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share(3)

 

$

 0.91 

 

 

$

 0.75 

 

 

 21 

%

 

$

 1.83 

 

 

$

 1.34 

 

 

 37 

%

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excess tax benefit related to employee stock-based compensation payments(2)

 

 

 (0.01)

 

 

 

 (0.02)

 

 

 

 

 

 

 (0.03)

 

 

 

 (0.04)

 

 

 

 

Cost-saving initiatives(1)

 

 

 —

 

 

 

 —

 

 

 

 

 

 

 —

 

 

 

 0.07 

 

 

 

 

Total non-GAAP adjustments

 

 

 (0.01)

 

 

 

 (0.02)

 

 

 

 

 

 

 (0.03)

 

 

 

 0.02 

 

 

 

 

Adjusted diluted earnings per share

 

$

 0.91 

 

 

$

 0.73 

 

 

 25 

%

 

$

 1.80 

 

 

$

 1.36 

 

 

 32 

%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

 332.1 

 

 

$

 272.4 

 

 

 22 

%

 

$

 665.7 

 

 

$

 484.0 

 

 

 38 

%

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 8.9 

 

 

 

 8.5 

 

 

 

 

 

 

 17.9 

 

 

 

 16.9 

 

 

 

 

Income taxes

 

 

 105.5 

 

 

 

 77.2 

 

 

 

 

 

 

 215.8 

 

 

 

 141.7 

 

 

 

 

Depreciation and amortization expense

 

 

 48.6 

 

 

 

 48.6 

 

 

 

 

 

 

 94.3 

 

 

 

 98.2 

 

 

 

 

Total non-GAAP adjustments

 

 

 163.0 

 

 

 

 134.3 

 

 

 

 

 

 

 328.0 

 

 

 

 256.8 

 

 

 

 

EBITDA

 

 

 495.1 

 

 

 

 406.7 

 

 

 22 

%

 

 

 993.7 

 

 

 

 740.8 

 

 

 34 

%

Cost-saving initiatives(1)

 

 

 —

 

 

 

 1.0 

 

 

 

 

 

 

 —

 

 

 

 32.2 

 

 

 

 

Adjusted EBITDA

 

$

 495.1 

 

 

$

 407.7 

 

 

 21 

%

 

$

 993.7 

 

 

$

 773.0 

 

 

 29 

%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

One-time costs and corresponding tax benefit recognized during fiscal 2021 related to the acceleration of cost-saving initiatives, including the long-term strategy to reduce our geographic footprint and headcount optimization. These events are not expected to recur. 

3

 

 

(2)

Net tax windfall benefits related to employee stock-based compensation payments recognized in income taxes. This item is subject to volatility and will vary based on employee decisions on exercising employee stock options and fluctuations in our stock price, neither of which is within the control of management. 

(3)

The calculation of the impact of non-GAAP adjustments on diluted earnings per share is performed on each line independently. The table may not add down by +/- $0.01 due to rounding.



In addition to reporting operating income, net income, and diluted earnings per share, which are U.S. GAAP measures, we present adjusted operating income, adjusted operating margin, adjusted net income, adjusted diluted earnings per share, earnings before interest, taxes, depreciation, and amortization (“EBITDA”), and adjusted EBITDA, which are non-GAAP measures. We believe these additional measures are indicators of our core business operations’ performance period over period. Adjusted operating income, adjusted operating margin, adjusted net income, adjusted diluted earnings per share, EBITDA, and adjusted EBITDA, are not calculated through the application of U.S. GAAP and are not required forms of disclosure by the Securities and Exchange Commission (“SEC”). As such, they should not be considered a substitute for the U.S. GAAP measures of operating income, net income, and diluted earnings per share, and, therefore, they should not be used in isolation but in conjunction with the U.S. GAAP measures. The use of any non-GAAP measure may produce results that vary from the U.S. GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies.



Business Outlook

Our outlook for the fiscal year ending May 31, 2022 (“fiscal 2022”) incorporates current assumptions and market conditions. Changes in the macroeconomic environment could alter our guidance. With consideration of these impacts, we have updated our guidance as follows:

·

Management Solutions revenue is now anticipated to grow in the range of 10% to 11%;

·

PEO and Insurance Solutions revenue is now anticipated to grow in the range of 10% to 12%;

·

Total revenue is now anticipated to grow in the range of 10% to 11%;

·

Adjusted operating margin(1) is anticipated to increase to a range of  39% to 40%;

·

Adjusted EBITDA margin(1) is anticipated to increase to approximately 44%;

·

Other expense, net is now anticipated to be in the range of $15 million to $18 million; and

·

Adjusted diluted earnings per share(2) is now anticipated to grow in the range of 18% to 20%.

Other aspects of our guidance for fiscal 2022 remain unchanged from what we provided previously.



(1) Adjusted operating margin and adjusted EBITDA margin are not U.S. GAAP measures. Adjusted operating margin is calculated as operating margin, adjusted for one-time non-recurring items, as a percentage of total revenue. Adjusted EBITDA margin is calculated as net income, adjusted for interest, taxes, depreciation, amortization, and one-time non-recurring items, as a percentage of total revenue.  We believe that the exclusion of certain one-time non-recurring items when calculating these measures provides a better indicator of our core business operations’ performance period over period.

(2) Adjusted diluted earnings per share is not a U.S. GAAP measure. Please refer to the “Non-GAAP Financial Measures” section on page 3 of this press release for a discussion of this non-GAAP measure and a reconciliation to the most comparable U.S. GAAP measure of diluted earnings per share.

4

 

 

Environmental, Social, and Governance (“ESG”)

As part of what it means to be Paychex, we are focusing our ESG efforts on where we can make the most positive impact. To learn more about our latest initiatives, please visit https://www.paychex.com/corporate/corporate-responsibility. The information available on our website is not a part of, and is not incorporated into, this press release.

Quarterly Report on Form 10-Q (“Form 10-Q”)

We anticipate filing our Form 10-Q for the second quarter within the next day, and it will be available at https://investor.paychex.com.  This press release should be read in conjunction with the Form 10-Q and the related Notes to Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations contained in that Form 10-Q.

Webcast Details

Interested parties may access the webcast of our Earnings Release Conference Call, scheduled for December 22, 2021,  at 9:30 a.m. Eastern Time, at https://investor.paychex.com.  The webcast will be archived for approximately 90 days. Our news releases, current financial information, SEC filings, and investor presentations are also accessible at https://investor.paychex.com.

For more information, contact:



 

 

 

 

Investor Relations:

 

Efrain Rivera, CFO, or Terri Allen

 

585‑383‑3406

Media Inquiries:

 

Chris Muller,  Director,  Corporate Communications

 

585‑338-4346



About Paychex

Paychex, Inc. (Nasdaq:PAYX) is a leading provider of integrated human capital management solutions for human resources, payroll, benefits, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by 50 years of industry expertise, Paychex serves more than 710,000 payroll clients as of May 31, 2021 across more than 100 locations in the U.S. and Europe, and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting www.paychex.com and stay connected on Twitter (www.twitter.com/paychex) and LinkedIn (www.linkedin.com/company/paychex).



Cautionary Note Regarding Forward-Looking Statements

Certain written and oral statements made by us may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by such words and phrases as “we expect,” “expected to,” “estimates,” “estimated,” “intend,” “overview,” “outlook,” “guidance,” “we look forward to,” “would equate to,” “projects,” “projections,” “projected,” “projected to be,” “anticipates,” “anticipated,” “we believe,” “believes,” “could be,” “targeting,” and other similar words or phrases. Examples of forward-looking statements include, among others, statements we make regarding operating performance, events, or developments that we expect or anticipate will occur in the future, including statements relating to our outlook, revenue growth, earnings, earnings-per-share growth, or similar projections.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our

5

 

 

business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict, many of which are outside our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance upon any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:

·

our ability to keep pace with changes in technology and to provide timely enhancements to our products and services; 

·

software defects, undetected errors, or development delays for our products;

·

the possibility of cyberattacks, security vulnerabilities and Internet disruptions, including breaches of data security and privacy leaks, data loss and business interruptions;

·

the possibility of failure of our operating facilities, computer systems, or communication systems during a catastrophic event;

·

the failure of third-party service providers to perform their functions;

·

the possibility that we may be subject to additional risks related to our co-employment relationship with our PEO;

·

changes in health insurance and workers’ compensation insurance rates and underlying claim trends;

·

risks related to acquisitions and the integration of the businesses we acquire;

·

our clients’ failure to reimburse us for payments made by us on their behalf;

·

the effect of changes in government regulations mandating the amount of tax withheld or the timing of remittances;

·

our failure to comply with covenants in our debt agreements;

·

changes in governmental regulations and policies;

·

our ability to comply with U.S. and foreign laws and regulations;

·

our compliance with data privacy laws and regulations;

·

our failure to protect our intellectual property rights;

·

potential outcomes related to pending or future litigation matters;

·

the impact of the COVID-19 pandemic on the U.S. and global economy, and in particular on our small- and medium-sized business clients;

·

volatility in the political and economic environment;

·

changes in the availability of qualified people; and

·

the possible effects of negative publicity on our reputation and the value of our brand.

6

 

 

Any of these factors, as well as such other factors as discussed in our SEC filings, could cause our actual results to differ materially from our anticipated results. The information provided in this document is based upon the facts and circumstances known as of the date of this press release, and any forward-looking statements made by us in this document speak only as of the date on which they are made. Except as required by law, we undertake no obligation to update these forward-looking statements after the date of issuance of this press release to reflect events or circumstances after such date, or to reflect the occurrence of unanticipated events.

7

 

 

PAYCHEX, INC.

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(In millions, except per share amounts)









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

For the three months ended

 

 

 

 

For the six months ended

 

 

 



 

November 30,

 

 

 

 

November 30,

 

 

 



 

2021

 

2020

 

Change(2)

 

2021

 

2020

 

Change(2)

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management Solutions

 

$

 832.0 

 

$

 732.8 

 

 14 

%

 

$

 1,637.5 

 

$

 1,420.2 

 

 15 

%

PEO and Insurance Solutions

 

 

 262.4 

 

 

 236.1 

 

 11 

%

 

 

 525.3 

 

 

 466.0 

 

 13 

%

Total service revenue

 

 

 1,094.4 

 

 

 968.9 

 

 13 

%

 

 

 2,162.8 

 

 

 1,886.2 

 

 15 

%

Interest on funds held for clients(1)

 

 

 14.1 

 

 

 14.8 

 

 (5)

%

 

 

 28.6 

 

 

 29.7 

 

 (4)

%

Total revenue

 

 

 1,108.5 

 

 

 983.7 

 

 13 

%

 

 

 2,191.4 

 

 

 1,915.9 

 

 14 

%

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of service revenue

 

 

 331.6 

 

 

 319.9 

 

 4 

%

 

 

 644.1 

 

 

 627.0 

 

 3 

%

Selling, general and administrative expenses

 

 

 336.6 

 

 

 309.5 

 

 9 

%

 

 

 664.1 

 

 

 650.6 

 

 2 

%

Total expenses

 

 

 668.2 

 

 

 629.4 

 

 6 

%

 

 

 1,308.2 

 

 

 1,277.6 

 

 2 

%

Operating income

 

 

 440.3 

 

 

 354.3 

 

 24 

%

 

 

 883.2 

 

 

 638.3 

 

 38 

%

Other expense, net(1)

 

 

 (2.7)

 

 

 (4.7)

 

n/m

 

 

 

 (1.7)

 

 

 (12.6)

 

n/m

 

Income before income taxes

 

 

 437.6 

 

 

 349.6 

 

 25 

%

 

 

 881.5 

 

 

 625.7 

 

 41 

%

Income taxes

 

 

 105.5 

 

 

 77.2 

 

 36 

%

 

 

 215.8 

 

 

 141.7 

 

 52 

%

Net income

 

$

 332.1 

 

$

 272.4 

 

 22 

%

 

$

 665.7 

 

$

 484.0 

 

 38 

%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

 0.92 

 

$

 0.76 

 

 21 

%

 

$

 1.85 

 

$

 1.35 

 

 37 

%

Diluted earnings per share

 

$

 0.91 

 

$

 0.75 

 

 21 

%

 

$

 1.83 

 

$

 1.34 

 

 37 

%

Weighted-average common shares outstanding

 

 

 360.7 

 

 

 360.0 

 

 

 

 

 

 360.4 

 

 

 359.5 

 

 

 

Weighted-average common shares outstanding, assuming dilution

 

 

 363.1 

 

 

 362.0 

 

 

 

 

 

 362.9 

 

 

 361.6 

 

 

 



(1)Further information on interest on funds held for clients and other expense, net, and the short- and long-term effects of changing interest rates can be found in our filings with the SEC, including our Quarterly Reports on Form 10-Q and our Annual Report on Form 10-K, as applicable, under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and subheadings “Results of Operations” and “Market Risk Factors.” These filings are accessible at  www.paychex.com.

(2)Percentage changes are calculated based on unrounded numbers.



n/m – not meaningful



8

 

 

PAYCHEX, INC.

CONSOLIDATED BALANCE SHEETS (Unaudited)

(In millions, except per share amounts)









 

 

 

 

 

 



 

 

 

 

 

 



 

 

 

 

 



 

November 30,

 

May 31,



 

2021

 

2021

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

 636.2 

 

$

 995.2 

Restricted cash

 

 

 52.5 

 

 

 51.3 

Corporate investments

 

 

 376.0 

 

 

 36.7 

Interest receivable

 

 

 22.7 

 

 

 24.4 

Accounts receivable, net of allowance for credit losses

 

 

 817.0 

 

 

 578.3 

PEO unbilled receivables, net of advance collections

 

 

 531.8 

 

 

 450.9 

Prepaid income taxes

 

 

 57.3 

 

 

 33.5 

Prepaid expenses and other current assets

 

 

 264.3 

 

 

 249.2 

Current assets before funds held for clients

 

 

 2,757.8 

 

 

 2,419.5 

Funds held for clients

 

 

 3,874.6 

 

 

 3,750.0 

Total current assets

 

 

 6,632.4 

 

 

 6,169.5 

Long-term restricted cash

 

 

 29.9 

 

 

 37.0 

Long-term corporate investments

 

 

 7.0 

 

 

 7.1 

Property and equipment, net of accumulated depreciation

 

 

 398.6 

 

 

 395.8 

Operating lease right-of-use assets, net of accumulated amortization

 

 

 97.3 

 

 

 103.0 

Intangible assets, net of accumulated amortization

 

 

 245.9 

 

 

 275.8 

Goodwill

 

 

 1,832.3 

 

 

 1,820.7 

Long-term deferred costs

 

 

 394.0 

 

 

 384.1 

Other long-term assets

 

 

 50.7 

 

 

 34.2 

Total assets

 

$

 9,688.1 

 

$

 9,227.2 



 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Accounts payable

 

$

 85.9 

 

$

 89.0 

Accrued corporate compensation and related items

 

 

 170.2 

 

 

 209.7 

Accrued worksite employee compensation and related items

 

 

 669.8 

 

 

 586.4 

Short-term borrowings

 

 

 8.9 

 

 

 7.4 

Deferred revenue

 

 

 39.8 

 

 

 37.9 

Other current liabilities

 

 

 408.4 

 

 

 336.8 

Current liabilities before client fund obligations

 

 

 1,383.0 

 

 

 1,267.2 

Client fund obligations

 

 

 3,838.9 

 

 

 3,671.0 

Total current liabilities

 

 

 5,221.9 

 

 

 4,938.2 

Accrued income taxes

 

 

 44.6 

 

 

 25.8 

Deferred income taxes

 

 

 207.6 

 

 

 218.0 

Long-term borrowings, net of debt issuance costs

 

 

 797.5 

 

 

 797.3 

Operating lease liabilities

 

 

 86.7 

 

 

 92.4 

Other long-term liabilities

 

 

 210.0 

 

 

 207.5 

Total liabilities

 

 

 6,568.3 

 

 

 6,279.2 



 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Common stock, $0.01 par value; Authorized: 600.0 shares;
Issued and outstanding: 360.8 shares as of November 30, 2021
and 359.8 shares as of May 31, 2021

 

 

 3.6 

 

 

 3.6 

Additional paid-in capital

 

 

 1,505.5 

 

 

 1,446.7 

Retained earnings

 

 

 1,606.9 

 

 

 1,445.9 

Accumulated other comprehensive income

 

 

 3.8 

 

 

 51.8 

Total stockholders’ equity

 

 

 3,119.8 

 

 

 2,948.0 

Total liabilities and stockholders’ equity

 

$

 9,688.1 

 

$

 9,227.2 



 

 

 

 

 

 



9

 

 

PAYCHEX, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In millions)











 

 

 

 

 

 



 

 

 

 

 

 



 

For the six months ended



 

November 30,



 

2021

 

2020

OPERATING ACTIVITIES

 

 

 

 

 

 

Net income

 

$

 665.7 

 

$

 484.0 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

 94.3 

 

 

 98.2 

Amortization of premiums and discounts on available-for-sale ("AFS") securities, net

 

 

 15.3 

 

 

 18.5 

Amortization of deferred contract costs

 

 

 99.1 

 

 

 95.1 

Stock-based compensation costs

 

 

 26.4 

 

 

 25.5 

Provision for/(benefit) from deferred income taxes

 

 

 5.5 

 

 

 (6.7)

Provision for credit losses

 

 

 1.0 

 

 

 4.7 

Net realized gains on sales of AFS securities

 

 

 (0.1)

 

 

 (0.7)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Interest receivable

 

 

 1.7 

 

 

 1.4 

Accounts receivable and PEO unbilled receivables, net

 

 

 (320.4)

 

 

 (207.6)

Prepaid expenses and other current assets

 

 

 (35.2)

 

 

 (18.8)

Accounts payable and other current liabilities

 

 

 95.0 

 

 

 (14.8)

Deferred costs

 

 

 (112.6)

 

 

 (89.7)

Net change in other long-term assets and liabilities

 

 

 20.6 

 

 

 35.9 

Net change in operating lease right-of-use assets and liabilities

 

 

 (0.9)

 

 

 5.7 

Net cash provided by operating activities

 

 

 555.4 

 

 

 430.7 

INVESTING ACTIVITIES

 

 

 

 

 

 

Purchases of AFS securities

 

 

 (1,889.8)

 

 

 (4,215.4)

Proceeds from sales and maturities of AFS securities

 

 

 1,534.6 

 

 

 3,777.2 

Purchases of property and equipment

 

 

 (64.6)

 

 

 (54.6)

Proceeds from sales of property and equipment

 

 

 —

 

 

 3.8 

Acquisition of businesses, net of cash acquired

 

 

 (24.9)

 

 

 —

Purchases of other assets

 

 

 (6.7)

 

 

 (1.4)

Net cash used in investing activities

 

 

 (451.4)

 

 

 (490.4)

FINANCING ACTIVITIES

 

 

 

 

 

 

Net change in client fund obligations

 

 

 167.9 

 

 

 (46.4)

Net change in short-term borrowings

 

 

 1.5 

 

 

 1.8 

Dividends paid

 

 

 (476.4)

 

 

 (446.7)

Repurchases of common shares

 

 

 —

 

 

 (28.8)

Activity related to equity-based plans

 

 

 4.1 

 

 

 57.7 

Net cash used in financing activities

 

 

 (302.9)

 

 

 (462.4)

Net change in cash, restricted cash, and equivalents

 

 

 (198.9)

 

 

 (522.1)

Cash, restricted cash, and equivalents, beginning of period

 

 

 1,823.1 

 

 

 1,659.8 

Cash, restricted cash, and equivalents, end of period

 

$

 1,624.2 

 

$

 1,137.7 



 

 

 

 

 

 

Reconciliation of cash, restricted cash, and equivalents

 

 

 

 

 

 

Cash and cash equivalents

 

$

 636.2 

 

$

 693.5 

Restricted cash

 

 

 82.4 

 

 

 84.9 

Restricted cash and restricted cash equivalents included in funds held for clients

 

 

 905.6 

 

 

 359.3 

Total cash, restricted cash, and equivalents

 

$

 1,624.2 

 

$

 1,137.7 







© 2021 Paychex, Inc. 

10

GRAPHIC 3 payx-20211222xex99_1g001.jpg GRAPHIC begin 644 payx-20211222xex99_1g001.jpg M_]C_X 02D9)1@ ! 0$ 8 !@ #_X0!:17AI9@ 34T *@ @ !0,! 4 M ! 2@,# $ ! %$0 $ ! 0 %$1 0 ! .Q%$2 M 0 ! .Q 8:@ "QC__; $, " 8&!P8%" <'!PD)" H,% T, M"PL,&1(3#Q0=&A\>'1H<'" D+B<@(BPC'!PH-RDL,#$T-#0?)SD].#(\+C,T M,O_; $,!"0D)# L,& T-&#(A'"$R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,O_ !$( $D"B ,!(@ "$0$#$0'_ MQ ? !!0$! 0$! 0 0(#! 4&!P@)"@O_Q "U$ " 0,# @0# M!04$! 7T! @, !!$%$B$Q008346$'(G$4,H&1H0@C0K'!%5+1\"0S8G*" M"0H6%Q@9&B4F)R@I*C0U-C+CY.7FY^CIZO'R\_3U]O?X^?K_Q ? 0 # 0$! M 0$! 0$! 0(#! 4&!P@)"@O_Q "U$0 " 0($! ,$!P4$! ! G< M 0(#$00%(3$&$D%1!V%Q$R(R@0@40I&AL<$)(S-2\!5B7J" M@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(RKR\_3U]O?X^?K_V@ , P$ A$#$0 _ /?ZYGQE MXR7P7I_]HW6D7]W8J!YL]MY9$1)P 0S \DCD#%=-7%?%H _#35 0""T (/?] M\E $'@CXLZ!XZU*;3K&*ZM;J./S%CN@H\Q>^W!/3BMCQ?XN_X1"P;4)]&O[R MQC7=-/:F,B+G'(9@?Q (KYW^(WA:]^%WCNUUS0]T-C-+Y]FX'$3C[T1]N>G= M3[&O7?$?BJS\9? ?5M8M"!YEF5FBSDQ2 CD8CA5]R:X_0-9 M\>>,O#Y88R1C@>] 'IM%>5^ _B9JOC[0]0 MM;6&RL_$EDH;9*K-#*O3. 05YX/)QD'FL;X?_%CQ/XM\;KH%_;Z79",.TH$+ MEVV'YD'S\'KR?0T >VT5XE\0OBEXP\"^*5TR2VTF:UG42V]P8I!E"2,-\_48 MYKO?&.MZWX;\!2:U;W.FRW=K&KS;X'\N;) 0!LJ22,9)H ["BO,_%/Q$U;P M/X)L+W6K>SGU[46Q#;0JR11< G<223MR,XQDG\:7Q+=_$7P[X=.O6^IZ5J?D MJ);FS2P*A4[E&WDL!^''/M0!Z77,^,?&47@O3_[0O-)U"ZL5QYD]J(R(R3@! M@S@\D]0"*Z.&3S8(Y/[ZAOS%<+\9_P#DD^M_[L7_ *,6@"MH7Q=MO$T$T^B^ M%O$%[%"VV1HXH<*<9QS)UJ_X=^*OAOQ#K)T8-=:?JH8I]DOXO+7# IPTKGHH].A)/8"N2M]6^(.J>"9/%<5YI=D MS6[7=OIGV-I-T8&X!I"X.XCG@=Q0!Z+J*W[:=,-,>W2]V_N6N5+1@_[0!!Q] M*\=^'GQ/\4^)/B3)X?U=;!(8$F$BVT1'S(<<$D\9KL_AA\1(_B!HDTTENMMJ M%HP2XB0Y4Y^ZRYYP<'CMBO(?A/\ \E\U;_?O/_0Z /I>BO._''Q(ET7Q%8^% M- M8KS7[UE4><2(K<-T+8Y)QSCTYK)\:^+O&7PVCTW4M0N]/UK3[F7RIXDM# M;M&V,_*P8\8!Z^E 'K5%<%XQ^(O]B?#RU\4:-8F_%[Y8A# [8PP)R^.>,8QZ M]ZYS4O$?Q"T[X:Q^-)-0TY7,:32Z:^GE0B,P ^;?G/(/04 >P45Q?P_\?1^, M/!,FO7<*VCVK.ETJDE044,6'?&"#6%X4\7>)?B3%J5_HM_8Z-I]K.8(4EM?M M$TAP#N?YP%'(Z#U]* /4:*XOP1X@UVYM=\O !ZC17E/A MKXEZG#\1KGP/XH2U>Z60I;7MLA19#MW*&4DXR/3OQ[UZM0 4444 %%%% !11 M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% M !1110 4444 %%%0W5PMI9S7+_7UZD\9!>"YD\ME>RDK]C MS5F,;7<78^C**\W^('C@V7A:RCT^5HKW4X5E!5L-%&0"3GU/3\ZXKP1K>L:K MK[:9<:Q>M]LMIHHRT['8^TE6'/!!%8PP4Y4W4;M8VGC81J*FE>Y[[17AOP^\ M4:G!XT6SU?4;F2&1)(G6XF)5& SGD\'Y*?%OV?0KNZAMRWDVZ M12% P'5VQ^?/05?U"?/RWTM>Y/U^')S6UO:Q[U17SO<^*]>O&BT+2=0O9EW[ M!(LC&6Y<]\]0OH/3K2ZC#XU\%RV]U=W=W!YI^1A<>8I(Z@C)'YU2RY[.23>R M(_M!;J+:6[/H>BO)/$WCFZOOAIIU];S/:WUS<>5*86*D% =V,=C\I_&M?X27 M&H7NC7U[J%[<7&^<1Q^=*6P%&3C)_P!K]*PEA90INI)[.QO'%1E45.*W5ST2 MBOG^_P#$6LZOX^EM+/5+V.">_P#)C2.=@H7=M& #ZHW MP66Z:*WABG8 C.U0!G':MUETG:\NES%YA%7M'K8^AZ*\$_L?XE_]1?\ \"O_ M +*K/B.R\5Z#X7TS4Y]5U..:4M'=1FY8[&W'9W[BI^I*Z2FM1_779MP>A[E1 M7ADWQ.O!X%MM-AFE_M4EHYKDD[EC!X(/]X@XS[&NG^'FA:Y>VAU?6M5U Q2H M1;0-.W((QO(S^0_'TJ)X.5.#E-V_4N&,C4FHP5_T/3**J:=9#3K)+83/*%S\ MSGGFBN1VOH=:O;4MUQ7Q9_Y)MJG^]!_Z.2NUKB?B9IWB'7?#DFBZ'IL$_P!I M*-)<37(C$>UPV-N,G.VD,V/%WA:R\8^&+G1[T8$JYBEQS%(/NL/I^HR*^3H] M4UCP)_PDOA._B;R[R(V\\)/"N""DB_A^8/TK[ T>XU&ZT]7U33UL+H'!B6<2 MC''(8 5YQ\8/A;-XTCMM3T9(AK$.(W#L%$T?N?53T]B?:@#%_:(>8>"=!12? M):ZR^.F1&=O_ +-6W\/]!UG4OAYH<]EXSO[2W:U4+##:P$1X)!7)0DX(/6NO M\8^#K;QGX0DT2[?RGVJ\,P&?*D4<'W'4'V)KRWPKHGQ<^'LI7+*P!ZX(H [7P/\)=/\#:_-J]KJMYIW.L"$WURRQQ^4^X"(<]?E>T?$#2_%,FN>'=<\+017$^FO,+B"281^;&X3*\\<[3]#@UC^-M$\4?$O3; M/1I/#ZZ):I<+//=W=S'*RX!&$6,G)Y[XH ](TC4[?6M&LM3M<_9[N%)HPPY M89P?>N/^,_\ R2?6_P#=B_\ 1BUV.DZ;!HVD6>F6H(@M(5ACSUPHQS[UR?Q0 MTG7_ !)X6N-!T73X)1=A?,N)KD1B/:X;&W!SG% 'BWPR\.ZEK'PV\3W&BZIJ M5GJ<$H,,=K:?JFG6S6MW*)3<178)C(7&-N.<\=ZYWQG\&_$ M"^//^$A\&/;PJ\@N0K2^689LY...03S^)% $?[2[SX\.ISY!\\GTW?)_3-=Q MH7AC6-8\&Z6T7C?4([.XL(@(HK6WP$* ;<[,]./6IO%'@R^^(O@:.RUVW@TS M6H'WPR12^;&' P3T!VMSQU''7%W%EJ-U=?:XU1EF50!@Y!X^M>2?"?_DOFK?[]Y_Z M'7N.C+XNM]-NKW6WLKS4'4[/]U%'CMYC9))SR3QQQ7EO@SX>^-?#/Q$F\ M37&EV4T=P\QDA2] *"0YX)'./UH Y2075Q^TO/&;^2QN'U!XX[A45V3]V0F MP(.1@A?!SP#96=]=7%U#"6CMTV@RS$L6P!P,#/6N3\>:[XK\2?"; M4-4.DZ=INBW$"2;)KAY+EXRZ[2 %"KG@\D\5I?%3X;ZWXP\+Z2EM?)>:MIQ8 MN90(A<;\;L <*<@8'IWJ@FA?$CQ!\.)/".I:5ING)%:K"MS+?H:X/4? _Q ^%6HW&I^';B M>?3AR;BUPX9!R/-C.>GK@CWKNOAKX1\9Z%X2U[PSJFC6\%K>QSM'<-=J6\QX M]@&U//T]*XK3_AU\0OAKXDN+OP?]FU33Y_E:*615WIG(#JQ7YAZJ?YXH [%?@U M;R>,;;Q1>^(]1N]2AGCG+O'&HVM1YLTW^R6)*JOTYKN* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ KE_B'?_ -G^ M!M3<'#2QB%?^!D _H3745QWQ%T#5?$FBV]AI@BXG\R7S'V\ $ ?F?TK:AR^U MCS;7,J_-[*7+O8\4\,WVMZ5?27VAVTDLRIY;,EOYNT'\#CI6K+HGB3Q/?S:Q MKL M3;\CQR"]LM;\6V\^KS_9M-1E7!!;9"@PJ# /8 ?B35C3+ZUM?B;!=V3@VAU+ M,;*-HV,^.AZ#!KT+0/A#IRZ4G]N>8]\S$L(9<*H[#IS_ /7K"U7X3ZM#KLDN MB+#]A1U:'S9_F& ,YX]>) M/$/BFZU%1;""5E"9FY"@ >GM7K*6L26*V90-"(Q%M(X*XQC\JYJ^)2HPC%W[ M_(Z:&&;JSE)6['@_PE6 ^.8S,5WB"0Q9_O\ '3\-U>L^*/$WAO1I8+77 DCN M#(D;0>;CMG&.*\WUKX3ZW8ZDT^A.L\&[=%^]$6,LV,[?\ @%9Z> =?'AW^V@T$=EY'VCF;#;,9Z8ZXKJ?%'PTU MS5-?DFL(K6.PC1(;=#+@JBJ .,>Q-=[XFT2\N_!$FBZ4(_-,4<*[VV@*",_H M*?UJ-.$(4VM=_(7U:52(JCX? MT?5==U;R=)S]K13+O\S85P>N?QKOM*^&OB#3]#UJ$K;?:[R*."+$O 3>&?)Q M_LBL=?A+XJ0Y7[(#[3__ %JZ/K%)RDU)=OZ^\Y_J]5**<7W_ *^XO0>!OB ; MB,37MPL98;R-0/ SSWKJ?BEXFL-/T&30MBW%Y=(!L)SY2CHQ]^.*XZ#X7^+K M>XBF4VK&-PP#7'!P<\\5?L_A9KVI^(1>>(;B(PR2&2X=)=SO[#CC/3V%<\G2 M>Z'/9VNNV,VH0":T293+&>A7//_P"JOJ:- MD:-6C(*$ J5Z8[8KR[QS\-+K5=5M[K0HK:*(0".2-FV %> 1QZ8'X5VW@^SU M73O#=M8ZN(_M-N/+5D?<&0?=_(QO@J/O#D^]3SZLZ:997<-L))+MHU2-Y-H!<9Y.#T^E &G163% MX@M!$WVQA;2QR/&Z9W@%<9(('W1D<58_MC3_MOV072&??Y97GAL9"D] M 2#D#O0!>HJ@-:TUGE47K,A4 DEE."HP.6'H.:>VM:<@A)NX\3*&0 MC)&TG )(Z#/&3CF@"_16=JU_=:?'%)!:13J\J1'?.8R"[A1_")(W(".S@!B>@![Y[4 2T5GZA MJ$UKTMYYIA 9DW[6YVC.,DC@+D'YC MQ0!JT53?5;)+O[(;A?/SC;SC=C(7/3..<=:JZ;XAL-0TZ.Y,\<3&W6>12>$! M )P3C(!XR* -:BL_^V].^S^=]H^7?LQL;=NQG&W&>G/3IS3(?$&G327BK.0M MIM,DC*0A#*&!5NASN'2@#3HJ@NLZ>WD@7*[IG*(A!#%AC(VXR",BFZSJZZ/! M;S/ \J23"-]AY1<$EL=P I.* -&BLJ77(H;MXVC)@C>-7G##:H<$JWTS@9]\ M]*F34FETJ2^BM9)%^8Q(" 9%!X;GH#U^E %^BL>;Q!'%9Z;.(&=[XQ$1AN8U M3[.,DX,$WFI@?[6!0!:HJL MVH6:6)OC=0_9 -WG!P4QTSGI4(UK3C"\HNEVHP1AM.[)Z +C)SVP.: +]%4T MU6P>!YENHS''&)7;/W5.1D_BI'U!JO>:]96\-WYA&1D=>: +U%5;O4;2Q5#HK-?7]+25HFO$WJS(5 )RP."HP.6'H.:O03Q74"3P2 M+)$XRK*>"* )**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH M**** "H9+J**YAMW)\R;=L&.NT9-351O=+MM0N;:6Y19%@W$1NH93N&.]-6O MJ)WMH01>(+&::*-/-Q+LVN4^7+YV@^YQ5F;4H((+J9P^VV<(^!DDD*>/^^A6 M=:>%[6SN+:XCD/G6X148J/NJI7'X@_A5N?2ENK?4+>9_W=W*'X'0!5&/_'?U MK1JG?38S3J6UW)(=8L)E&;A(GRRF.5@K K][@^F*F:^M$D$;74 <]%,@R>,_ MR(-9T_AV"6]MYHY/*AA*D0*@VD@D_KNYZU!:^&(DT]8)Y&,AAEB=E.?OE>A/ M]T*JCV%%J>]PO4[%^76[&,1LDHF20$J\)##AE7KGU<5/-J$,'VLR;@+6(2R' M'\.">/\ ODUG'PZLDK3373/,[;G94"@\QXP.W^K'YFK=QIOVDZ@KOB.[@$/ MY7A@3_X]2M :UE53A0<9.T<\U9N/#%O/$J>[AD,T? MF1JKC++ZXZU1@\.P0JH$K<&-CA0 2K.WZES267A\65W:SBZ9OL\(BP$"[P%* MC/KP?S'IQ2:IVT8)U.J+_P#:,'EI(VY0\Y@7(_B!(_+@T+JNGO&)%OK9D+[ MPE4@MZ9SUJ#^RM]LD4DF-ERTX*CU9B!_X]5*7PO$\<:QW3QE$C0,$&0$4KD> MAP?I[&DE#JQMSZ(UWO[.--\EU J?WFD '7'\^/K3&U.P19&:]MU$;;7)E7Y3 MZ'G@\'\JSH_#B).KO=,\:.&C0H/E_>>9@GOS26_AI(K[[5)=22MYBN RCL7( M_P#0STQT%.U/N*]3L:OV^S\Q8_M<&]D\Q5\P9*XSD>V.]/@N(+J(2V\T%XA:R6GVI_LTD85U\M=Q(39D-VX[?XD5HZ7IRZ;;O&'#M(^]F" MXR< >I[ =Z4E!+1E1<[ZHO4445F6%8VLZ1+J,JO$+4_NS&3,K97/?@_,/]D\ M=*V:* ,E-%$+1+#(!%%8&S0$<]L']*2XT5;G2=/L9C&Z6S1,X9M>B M@# U;0);N VUB\4%NUN\(B^9%0M_'A"-WT-2KH;K;O'YRY:]AN<[>R>7Q]3L M_6MJB@#G'\/7SW)^7J)/,P/J/,_2 MLVY\,7DUG):K>1F.1"HW%P(R9&?(52 V0P'/3'OBNIHH J:A:&]MXXE<*5GB MER1_">*,7$'V.*\:Z'RGS#N MW97TX+=:WZ* ,6PT:>W6S\Z6)FMK)K/Y ?F&5PW/3A>14PT*RN-&L=.U&WAN MTM%B*^8N1OC PP'U%:E% &5J^AVVLS6WVR..6WB60-&ZYSN7&1Z$>M51HVHQ MQRK' NX!@!QG!Y7IG\JWZ* ,6TTBZL3]E@FA-B9?-S(A:4= M/E].H^]U'ZU7F\,M/IME:-<*/LUD+?<%/+ QL#P>F8^GO7144 ](?#ET]M-#+=I*7,$PE8,&,L84UG6^"P&=!*WE(S'82N , MAOD92!^+5=HH YZ+PVT5GK5F+A6M[V/RK=63/DIL*A3Z@$G'M@5N&'_1# ,# MY-@P.!QBI:* . 02,X)Z]34@T&9+C9&UL+ M87AO0VP^;O+%MN>F,GKZ<8[UOT4 8%OIFJB.=[AK%KJ5E=I<,X?:>3G-[3M/:WCNS<^4SWY-:-% &#J6BPVOA&72 M='M(X(E4+##$@VK\P/3\S27&D:C=7+7'9H)M+@+[A')-)6IR!NC9SR00<$/VZ8 MS5>3PS+<01J\L,3QS&Z3RPS?ON I8L.X8'ZC'2JLNAW9ANK1+B V]ZJBX9H\.I"!&V@< EX-101.SCH 4 payx-20211222.xsd EX-101.SCH 00090 - Document - Document And Entity Informationlink:presentationLinklink:calculationLinklink:definitionLink EX-101.LAB 5 payx-20211222_lab.xml EX-101.LAB Document And Entity Information [Abstract] Document Information [Table] Document Information [Line Items] Document Type Document Type Document Period End Date Document Period End Date Entity Registrant Name Entity Registrant Name Entity Incorporation, State or Country Code Entity File Number Entity Tax Identification Number Entity Address, Address Line One Entity Address, City or Town Entity Address, State or Province Entity Address, Postal Zip Code City Area Code Local Phone Number Written Communications Soliciting Material Pre Commencement Tender Offer Pre Commencement Issuer Tender Offer Title of 12(b) Security Trading Symbol Trading Symbol Security Exchange Name Entity Emerging Growth Company Entity Central Index Key Entity Central Index Key Amendment Flag EX-101.PRE 6 payx-20211222_pre.xml EX-101.PRE XML 7 R1.htm IDEA: XBRL DOCUMENT v3.21.4
Document And Entity Information
Dec. 22, 2021
Document And Entity Information [Abstract]  
Document Type 8-K
Document Period End Date Dec. 22, 2021
Entity Registrant Name PAYCHEX, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 0-11330
Entity Tax Identification Number 16-1124166
Entity Address, Address Line One 911 PANORAMA TRAIL SOUTH
Entity Address, City or Town ROCHESTER
Entity Address, State or Province NY
Entity Address, Postal Zip Code 14625-2396
City Area Code 585
Local Phone Number 385-6666
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol PAYX
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0000723531
Amendment Flag false
XML 8 payx-20211222x8k_htm.xml IDEA: XBRL DOCUMENT 0000723531 2021-12-22 2021-12-22 false 0000723531 8-K 2021-12-22 PAYCHEX, INC. DE 0-11330 16-1124166 911 PANORAMA TRAIL SOUTH ROCHESTER NY 14625-2396 585 385-6666 false false false false Common Stock, $0.01 par value PAYX NASDAQ false EXCEL 9 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 10 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 11 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 12 FilingSummary.xml IDEA: XBRL DOCUMENT 3.21.4 html 1 118 1 false 0 0 false 0 false false R1.htm 00090 - Document - Document And Entity Information Sheet http://www.sec.gov/role/DocumentDocumentAndEntityInformation Document And Entity Information Cover 1 false false All Reports Book All Reports payx-20211222x8k.htm payx-20211222.xsd payx-20211222_lab.xml payx-20211222_pre.xml payx-20211222xex99_1.htm http://xbrl.sec.gov/dei/2020-01-31 true false JSON 14 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "payx-20211222x8k.htm": { "axisCustom": 0, "axisStandard": 0, "contextCount": 1, "dts": { "inline": { "local": [ "payx-20211222x8k.htm" ] }, "labelLink": { "local": [ "payx-20211222_lab.xml" ] }, "presentationLink": { "local": [ "payx-20211222_pre.xml" ] }, "schema": { "local": [ "payx-20211222.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd", "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd", "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd" ] } }, "elementCount": 23, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2020-01-31": 2, "total": 2 }, "keyCustom": 0, "keyStandard": 118, "memberCustom": 0, "memberStandard": 0, "report": { "R1": { "firstAnchor": { "ancestors": [ "p", "div", "body", "html" ], "baseRef": "payx-20211222x8k.htm", "contextRef": "Duration_12_22_2021_To_12_22_2021", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "00090 - Document - Document And Entity Information", "role": "http://www.sec.gov/role/DocumentDocumentAndEntityInformation", "shortName": "Document And Entity Information", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "p", "div", "body", "html" ], "baseRef": "payx-20211222x8k.htm", "contextRef": "Duration_12_22_2021_To_12_22_2021", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 0, "tag": { "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sec.gov/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Area code of city", "label": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sec.gov/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_CoverAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Cover page.", "label": "Document And Entity Information [Abstract]" } } }, "localname": "CoverAbstract", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "xbrltype": "stringItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.", "label": "Document Period End Date", "terseLabel": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sec.gov/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "dateItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type", "terseLabel": "Document Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sec.gov/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "submissionTypeItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sec.gov/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sec.gov/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sec.gov/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the state or province.", "label": "Entity Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sec.gov/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key", "terseLabel": "Entity Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sec.gov/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sec.gov/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sec.gov/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "fileNumberItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation, State or Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sec.gov/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name", "terseLabel": "Entity Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sec.gov/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sec.gov/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "employerIdItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sec.gov/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r2" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre Commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sec.gov/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r3" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre Commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sec.gov/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-us": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Title of 12(b) Security" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sec.gov/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sec.gov/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r4" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sec.gov/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol", "terseLabel": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sec.gov/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r6" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.sec.gov/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" } }, "unitCount": 0 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12" }, "r5": { "Name": "Regulation 12B", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2" }, "r6": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425" } }, "version": "2.1" } ZIP 15 0000723531-21-000061-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000723531-21-000061-xbrl.zip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end