Company: PAYX
Filing Date: 2025-03-26
Form Type: 10-Q
Source: 0000950170-25-045216
Chunk: 38

Company: PAYCHEX INC
Filing Date: 2025-03-26
Form: 10-Q
Item: Part I, Item 8
Chunk 38
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,329.6

        Other

        32.3

        3.2

        (1.6
        )

        33.9

        Total funds held for clients and corporate investments
         
        $
         
        3,904.7

        $
         
        4.9

        $
         
        (165.8
        )
         
        $
         
        3,743.8

        Included in funds held for clients' money market securities and other restricted cash equivalents as of February 28, 2025 were bank demand deposit accounts, money market funds, and U.S. government agency and treasury securities.  Included in asset-backed securities as of February 28, 2025 were investment-grade securities primarily collateralized by fixed-rate auto loans and credit card receivables and all have credit ratings of AAA. The primary risk associated with these securities is the collection of the underlying receivables. Collateral on these asset-backed securities has performed as expected through February 28, 2025. Included in corporate bonds as of February 28, 2025 were investment-grade securities covering a wide range of issuers, industries, and sectors primarily carrying credit ratings of A or better and having maturities ranging from March 6, 2025 through July 23, 2030. Included in municipal bonds as of February 28, 2025 were general obligation bonds and revenue bonds primarily carrying credit ratings of AA or better and have maturities ranging from March 1, 2025 through August 1, 2032. A substantial portion of the Company's portfolios are invested in high credit quality securities with ratings of AA or higher, and A-1/P-1 ratings on short-term securities. 

12 

The classification of funds held for clients and corporate investments on the Consolidated Balance Sheets was as follows: 

        February 28,

        May 31,

        In millions
         
        2025

        2024

        Funds held for clients
         
        $
         
        4,183.9

        $
         
        3,706.2

        Corporate investments

        37.2

        33.9

        Long-term corporate investments

        —

        3.7

        Total funds held for clients and corporate investments
         
        $
         
        4,221.1

        $