Company: PAYX
Filing Date: 2025-03-26
Form Type: 10-Q
Source: 0000950170-25-045216
Chunk: 40

Company: PAYCHEX INC
Filing Date: 2025-03-26
Form: 10-Q
Item: Part I, Item 8
Chunk 40
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        $
         
        (0.4
        )
         
        $
         
        0.0

        $
         
        (0.4
        )
         
        $
         
        (0.0
        )
       
        The amortized cost and fair value of AFS securities that had stated maturities as of February 28, 2025 are shown below by expected maturity. 

        February 28, 2025

        Amortized

        Fair

        In millions
         
        cost

        value

        Maturity date:

        Due in one year or less
         
        $
         
        460.1

        $
         
        455.4

        Due after one year through three years

        1,921.7

        1,868.4

        Due after three years through five years

        879.5

        867.9

        Due after five years

        211.7

        213.4

        Total
         
        $
         
        3,473.0

        $
         
        3,405.1

        Variable rate demand notes (“VRDNs”), when held by the Company, are primarily categorized as due after five years in the table above as the contractual maturities on these securities are typically 20 to 30 years. Although these securities are issued as long-term securities, they are priced and traded as short-term instruments because of the liquidity provided through the tender feature. 

Note G: Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The accounting standards related to fair value measurements include a hierarchy for information and valuations used in measuring fair value that is broken down into three levels based on reliability, as follows: •Level 1 valuations are based on quoted prices in active markets for identical instruments that the Company can access at the measurement date. •Level 2 valuations are based on inputs other than quoted prices included in Level 1 that are observable for the instrument, either directly or indirectly, for substantially the full term of the asset or liability including the following:oquoted prices for similar, but not identical, instruments in active markets;oquoted prices for identical or similar instruments in markets that are not active;oinputs other than quoted prices that