Company: PAYX
Filing Date: 2025-03-26
Form Type: 10-Q
Source: 0000950170-25-045216
Chunk: 12

Company: PAYCHEX INC
Filing Date: 2025-03-26
Form: 10-Q
Item: Part I, Item 2
Chunk 12
---
 
    2024

    Net unrealized losses on available for sale (“AFS”) securities (1)
     
    $
     
    (67.9
    )

    $
     
    (162.5
    )

    Federal Funds rate (2)

    4.50
     
    %

    5.50
     
    %

    Total fair value of AFS securities
     
    $
     
    3,405.1

    $
     
    3,329.6

    Weighted-average duration of AFS securities in years (3)

    2.2

    2.7

    Weighted-average yield-to-maturity of AFS securities (3)

    3.1
     
    %

    3.0
     
    %

23 

(1)  The net unrealized loss on our investment portfolio was approximately $70.2 million as of March 24, 2025. Refer to Note F in the Notes to Consolidated Financial Statements and the "Market Risk Factors" caption contained in this Form 10-Q for more information regarding AFS securities held in an unrealized loss position.

(2)  The Federal Funds rate was in the range of 4.25% to 4.50% as of February 28, 2025 and 5.25% to 5.50% as of May 31, 2024. 

(3)  These items exclude the impact of variable rate demand notes (“VRDNs”) as they are tied to short-term interest rates.

Total expenses: The following table summarizes the total combined cost of service revenue and selling, general and administrative expenses for the periods below:

    For the three months ended

    For the nine months ended

    February 28,

    February 29,

    February 28,

    February 29,

    In millions
     
    2025

    2024

    Change(1)
     
    2025

    2024

    Change(1)

    Compensation-related expenses
     
    $
     
    455.7

    $
     
    461.6

    (1
    )
    %
     
    $
     
    1,361.4

    $
     
    1,369.5

    (1
    )
    %

    PEO direct insurance costs

    127.7