Paychex 2014 Annual Report Download - page 70

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PAYCHEX, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Note E — Funds Held for Clients and Corporate Investments
Funds held for clients and corporate investments are as follows:
May 31, 2014
In millions
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Type of issue:
Funds held for clients money market securities and
other cash equivalents ....................... $1,579.2 $ — $ — $1,579.2
Available-for-sale securities:
General obligation municipal bonds ............ 1,605.4 25.0 (1.9) 1,628.5
Pre-refunded municipal bonds(1) ............... 140.4 2.4 — 142.8
Revenue municipal bonds .................... 858.8 10.1 (1.1) 867.8
Variable rate demand notes ................... 752.3 — — 752.3
Total available-for-sale securities .............. 3,356.9 37.5 (3.0) 3,391.4
Other ...................................... 10.6 1.7 — 12.3
Total funds held for clients and corporate
investments ............................... $4,946.7 $39.2 $(3.0) $4,982.9
May 31, 2013
In millions
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Type of issue:
Funds held for clients money market securities and
other cash equivalents ....................... $1,137.7 $ — $ — $1,137.7
Available-for-sale securities:
General obligation municipal bonds ............ 1,432.9 27.4 (3.5) 1,456.8
Pre-refunded municipal bonds(1) ............... 201.0 2.9 — 203.9
Revenue municipal bonds .................... 746.1 10.1 (2.2) 754.0
Variable rate demand notes ................... 1,276.7 — — 1,276.7
Total available-for-sale securities .............. 3,656.7 40.4 (5.7) 3,691.4
Other ...................................... 9.5 1.2 — 10.7
Total funds held for clients and corporate
investments ............................... $4,803.9 $41.6 $(5.7) $4,839.8
(1) Pre-refunded municipal bonds are secured by an escrow fund of U.S. government obligations.
Included in money market securities and other cash equivalents as of May 31, 2014 and May 31, 2013 are
money market funds and bank demand deposit accounts. Also included in money market securities and other
cash equivalents as of May 31, 2014 were short-term municipal bonds and commercial paper.
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