Paychex 2015 Annual Report Download - page 75

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PAYCHEX, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
• Level 3 valuations are based on information that is unobservable and significant to the overall fair value
measurement.
The carrying values of cash and cash equivalents, including money market securities, accounts receivable,
net of allowance for doubtful accounts, and accounts payable approximate fair value due to the short maturities
of these instruments. Marketable securities included in funds held for clients and corporate investments consist
primarily of securities classified as available-for-sale and are recorded at fair value on a recurring basis.
The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows:
May 31, 2015
In millions
Carrying
value
(Fair value)
Quoted
prices in
active
markets
(Level 1)
Significant
other
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
Assets:
Cash equivalents:
Commercial paper ........................ $ 15.0 $ — $ 15.0 $—
General obligation municipal bonds .......... 55.1 — 55.1 —
Pre-refunded municipal bonds ............... 20.5 — 20.5 —
Revenue municipal bonds .................. 12.3 — 12.3 —
Money market securities ................... 0.2 0.2 — —
Total cash equivalents ..................... $ 103.1 $ 0.2 $ 102.9 $—
Available-for-sale securities:
General obligation municipal bonds .......... $1,703.7 $ — $1,703.7 $—
Pre-refunded municipal bonds ............... 102.7 — 102.7 —
Revenue municipal bonds .................. 963.6 — 963.6 —
Variable rate demand notes ................. 825.6 — 825.6 —
Total available-for-sale securities ............ $3,595.6 $ — $3,595.6 $—
Other ..................................... $ 14.2 $14.2 $ — $—
Liabilities:
Other long-term liabilities .................... $ 14.2 $14.2 $ — $—
54