Paychex (PAYX) 10-K 11 Jul 24 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	May 31, 2024	Jun. 30, 2024	Nov. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--05-31
Document Fiscal Year Focus	2024
Document Period End Date	May 31, 2024
Document Transition Report	false
Entity File Number	0-11330
Entity Registrant Name	Paychex, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	16-1124166
Entity Address, Address Line One	911 Panorama Trail South
Entity Address, City or Town	Rochester
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14625-2396
City Area Code	585
Local Phone Number	385-6666
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	PAYX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 32,214,666,636
Entity Common Stock, Shares Outstanding		360,126,911
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement to be issued in connection with its Annual Meeting of Stockholders to be held on or about October 10, 2024, to the extent not set forth herein, are incorporated by reference into Part III, Items 10 through 14, inclusive.
Amendment Flag	false
Entity Central Index Key	0000723531
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Fairport, New York
Auditor Firm ID	238

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Revenue:
Total service revenue	$ 5,132	$ 4,907.3	$ 4,554
Interest on funds held for clients	146.3	99.8	57.7
Total revenue	5,278.3	5,007.1	4,611.7
Expenses:
Cost of service revenue	1,479.3	1,453	1,356.3
Selling, general and administrative expenses	1,624.9	1,521	1,415.4
Total expenses	3,104.2	2,974	2,771.7
Operating income	2,174.1	2,033.1	1,840
Other income/(expense), net	43.9	15.1	(15.4)
Income before income taxes	2,218	2,048.2	1,824.6
Income taxes	527.6	490.9	431.8
Net income	1,690.4	1,557.3	1,392.8
Other comprehensive Income (loss), net of tax	14.8	(26)	(185.7)
Comprehensive income	$ 1,705.2	$ 1,531.3	$ 1,207.1
Basic earnings per share	$ 4.69	$ 4.32	$ 3.86
Diluted earnings per share	$ 4.67	$ 4.3	$ 3.84
Weighted-average common shares outstanding	360.3	360.4	360.6
Weighted-average common shares outstanding, assuming dilution	362.1	362.3	363.1
Management Solutions [Member]
Revenue:
Total service revenue	$ 3,866.4	$ 3,730.5	$ 3,442.7
PEO And Insurance Solutions [Member]
Revenue:
Total service revenue	$ 1,265.6	$ 1,176.8	$ 1,111.3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	May 31, 2024	May 31, 2023
Assets
Cash and cash equivalents	$ 1,468.9	$ 1,222	[1]
Restricted cash	47.8	49.8
Corporate investments	33.9	373.4
Interest receivable	23.3	24.4
Accounts receivable, net of allowance for credit losses	1,059.6	873.3
PEO unbilled receivables, net of advance collections	542.4	528.5
Prepaid income taxes	47.5	48.1
Prepaid expenses and other current assets	321.9	289.8
Current assets before funds held for clients	3,545.3	3,409.3
Funds held for clients	3,706.2	4,118.8
Total current assets	7,251.5	7,528.1
Long-term corporate investments	3.7	3.8
Property and equipment, net of accumulated depreciation	411.7	396.3
Operating lease right-of-use assets, net of accumulated amortization	46.9	61.5
Intangible assets, net of accumulated amortization	194.5	187.4
Goodwill	1,882.7	1,834
Long-term deferred costs	477.1	470.1
Other long-term assets	115	65.2
Total assets	10,383.1	10,546.4
Liabilities
Accounts payable	104.3	84.7
Accrued corporate compensation and related items	135	209.9
Accrued worksite employee compensation and related items	662.4	763.9
Short-term borrowings	18.7	10.2
Deferred revenue	50.2	47.3
Other current liabilities	469.8	395.4
Current liabilities before client fund obligations	1,440.4	1,511.4
Client fund obligations	3,868.7	4,294
Total current liabilities	5,309.1	5,805.4
Accrued income taxes	102.6	83
Deferred income taxes	86	112.1
Long-term borrowings, net of debt issuance costs	798.6	798.2
Operating lease liabilities	49	57.3
Other long-term liabilities	236.8	197.2
Total liabilities	6,582.1	7,053.2
Commitments and contingencies - Note Q
Stockholders' equity
Common stock, $0.01 par value; Authorized: 600.0 shares; Issued and outstanding: 360.1 shares as of May 31, 2024 and 360.5 shares as of May 31, 2023	3.6	3.6
Additional paid-in capital	1,729.5	1,626.4
Retained earnings	2,213	2,023.1
Accumulated other comprehensive loss	(145.1)	(159.9)
Total stockholders' equity	3,801	3,493.2
Total liabilities and stockholders' equity	$ 10,383.1	$ 10,546.4
[1] The consolidated statement of cash flows for the fiscal years ended May 31, 2023 and May 31, 2022 include revisions to previously reported amounts related to the presentation of cash flows associated with short-term receivables purchased from the Company’s clients under non-recourse arrangements, net of funding reserves. See Note A for further discussion on the revision.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	May 31, 2024	May 31, 2023
Stockholders' equity
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	360,100,000	360,500,000
Common stock, shares outstanding	360,100,000	360,500,000

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions		Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income/(Loss) [Member]
Beginning balance, Shares at May. 31, 2021			359.8
Beginning balance at May. 31, 2021		$ 2,948	$ 3.6	$ 1,446.7	$ 1,445.9	$ 51.8
Net income		1,392.8			1,392.8
Unrealized (losses) gains on securities, net of tax (benefit) expense		(162.3)				(162.3)
Reclassification adjustment for realized gains (losses) on securities, net of tax expense (benefit)	[1]	(0.1)				(0.1)
Dividends declared		(1,000.1)			(1,000.1)
Repurchases of common shares, Shares	[2]		(1.2)
Repurchases of common shares	[2]	(145.2)	$ 0	(5.2)	(140)
Stock-based compensation		52.8		52.8
Foreign currency translation adjustment	[3]	(23.3)				(23.3)
Activity related to equity-based plans, Shares			1.3
Activity related to equity-based plans		22.6		51.6	(29)
Ending balance, Shares at May. 31, 2022			359.9
Ending balance at May. 31, 2022		3,085.2	$ 3.6	1,545.9	1,669.6	(133.9)
Net income		1,557.3			1,557.3
Unrealized (losses) gains on securities, net of tax (benefit) expense		(36.6)				(36.6)
Reclassification adjustment for realized gains (losses) on securities, net of tax expense (benefit)	[1]	7.4				7.4
Dividends declared		(1,175.5)			(1,175.5)
Stock-based compensation		62.6		62.6
Foreign currency translation adjustment	[3]	3.2				3.2
Activity related to equity-based plans, Shares			0.6
Activity related to equity-based plans		$ (10.4)	$ 0	17.9	(28.3)
Ending balance, Shares at May. 31, 2023		360.5	360.5
Ending balance at May. 31, 2023		$ 3,493.2	$ 3.6	1,626.4	2,023.1	(159.9)
Net income		1,690.4			1,690.4
Unrealized (losses) gains on securities, net of tax (benefit) expense		7.6				7.6
Reclassification adjustment for realized gains (losses) on securities, net of tax expense (benefit)	[1]	2				2
Dividends declared		(1,315.4)			(1,315.4)
Repurchases of common shares, Shares	[2]		(1.5)
Repurchases of common shares	[2]	(169.2)	$ 0	(6.2)	(163)
Stock-based compensation		61.1		61.1
Foreign currency translation adjustment	[3]	5.2				5.2
Activity related to equity-based plans, Shares			1.1
Activity related to equity-based plans		$ 26.1	$ 0	48.2	(22.1)
Ending balance, Shares at May. 31, 2024		360.1	360.1
Ending balance at May. 31, 2024		$ 3,801	$ 3.6	$ 1,729.5	$ 2,213	$ (145.1)
[1] Reclassification adjustments out of accumulated other comprehensive income/(loss) for realized (losses)/gains, net of tax, on the sale of available-for-sale (“AFS”) securities are reflected in interest on funds held for clients and other income/(expense), net on the Consolidated Statements of Income and Comprehensive Income. The Company maintains a program to repurchase up to $ 400.0 million of its common stock, with authorization expiring May 31, 2027 . The Company maintained a separate program to repurchase up to $ 400.0 million of its common stock which expired on January 31, 2024 . The purpose of these programs is to manage common stock dilution. All shares of common stock repurchased were retired. Foreign currency translation adjustment represented a cumulative loss of $24.4 million, $29.6 million, $32.8 million, and $9.5 million, respectively of the accumulated other comprehensive income/(loss) as of May 31, 2024, 2023, 2022, and 2021. There is no tax impact on our foreign currency translation.

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Unrealized (losses) gains on securities, tax	$ 2.6	$ (12.2)	$ (53.1)
Reclassification adjustment for realized gains (loss) on securities, tax	$ (0.7)	$ (2.5)	$ 0.1
Dividends declared, per share	$ 3.65	$ 3.26	$ 2.77
Authorized In July 2021 [Member]
Expiration date	Jan. 31, 2024	Jan. 31, 2024	Jan. 31, 2024
Authorized In January 2024 [Member]
Expiration date	May 31, 2027	May 31, 2027	May 31, 2027
Maximum [Member] | Authorized In July 2021 [Member]
Approved repurchase amount	$ 400	$ 400	$ 400
Maximum [Member] | Authorized In January 2024 [Member]
Approved repurchase amount	$ 400	$ 400	$ 400

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions		12 Months Ended
		May 31, 2024	May 31, 2023		May 31, 2022
Operating activities
Net income		$ 1,690.4	$ 1,557.3	[1]	$ 1,392.8	[1]
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		176.5	176.6	[1]	191.8	[1]
Amortization of premiums and discounts on AFS securities, net		(7)	18.2	[1]	28.9	[1]
Amortization of deferred contract costs		231.7	219.1	[1]	202.1	[1]
Stock-based compensation costs		61.1	62.6	[1]	52.8	[1]
(Benefit from)/provision for deferred income taxes		(29.8)	(44)	[1]	2.3	[1]
Provision for credit losses		19.8	17.7	[1]	10.5	[1]
Net realized losses/(gains) on sales of AFS securities		2.6	9.8	[1]	(0.2)	[1]
Net realized losses on disposal of assets		32.8	1.3	[1]	0.4	[1]
Changes in operating assets and liabilities:
Interest receivable		1.1	(2.1)	[1]	2.1	[1]
Accounts receivable and PEO unbilled receivables, net		113	(135.7)	[1]	(154.1)	[1]
Prepaid expenses and other current assets		(25.2)	(17.8)	[1]	(7.7)	[1]
Accounts payable and other current liabilities		(127)	86.3	[1]	113.1	[1]
Deferred costs		(244.9)	(269.4)	[1]	(267.1)	[1]
Net change in other long-term assets and liabilities		6.1	30.6	[1]	25.9	[1]
Net change in operating lease right-of-use assets and liabilities		(3.5)	(4.3)	[1]	(3.9)	[1]
Net cash provided by operating activities		1,897.7	1,706.2	[1]	1,589.7	[1]
Investing activities
Purchases of AFS securities		(6,868.5)	(14,585.3)	[1]	(17,807.7)	[1]
Proceeds from sales and maturities of AFS securities		7,161.2	14,943.2	[1]	16,554.9	[1]
Net change in purchased receivables		(153.8)	(6.8)	[1]	(84.2)	[1]
Purchases of property and equipment		(161.4)	(143)	[1]	(133.8)	[1]
Proceeds from sales of property and equipment		0	16.7	[1]	1.2	[1]
Acquisition of businesses, net of cash acquired		(208.3)	(2.7)	[1]	(24.9)	[1]
Purchases of other assets		(30.1)	(10.4)	[1]	(10.6)	[1]
Net cash (used in)/provided by investing activities		(260.9)	211.7	[1]	(1,505.1)	[1]
Financing activities
Net change in client fund obligations		(425.3)	474.8	[1]	143.2	[1]
Net proceeds from short-term borrowings		9	2	[1]	1.3	[1]
Dividends paid		(1,315.3)	(1,175)	[1]	(999.6)	[1]
Repurchases of common shares		(169.2)			(145.2)	[1]
Contingent consideration paid for acquisitions	[1]		(2.8)		(1.6)
Activity related to equity-based plans		26.1	(10.4)	[1]	22.6	[1]
Net cash used in financing activities		(1,874.7)	(711.4)	[1]	(979.3)	[1]
Net change in cash, restricted cash, and equivalents		(237.9)	1,206.5	[1]	(894.7)	[1]
Cash, restricted cash, and equivalents, beginning of fiscal year	[1]	2,134.9	928.4		1,823.1
Cash, restricted cash, and equivalents, end of fiscal year		1,897	2,134.9	[1]	928.4	[1]
Reconciliation of cash, restricted cash, and equivalents
Cash and cash equivalents		1,468.9	1,222	[1]	370	[1]
Restricted cash		47.8	49.8	[1]	75.8	[1]
Restricted cash and restricted cash equivalents included in funds held for clients		380.3	863.1	[1]	482.6	[1]
Total cash, restricted cash, and equivalents		$ 1,897	$ 2,134.9	[1]	$ 928.4	[1]
[1] The consolidated statement of cash flows for the fiscal years ended May 31, 2023 and May 31, 2022 include revisions to previously reported amounts related to the presentation of cash flows associated with short-term receivables purchased from the Company’s clients under non-recourse arrangements, net of funding reserves. See Note A for further discussion on the revision.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	May 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of Business, Basis

Description of Business, Basis of Presentation, and Significant Accounting Policies	12 Months Ended
	May 31, 2024
Accounting Policies [Abstract]
Description of Business, Basis of Presentation, and Significant Accounting Policies	Note A — Description of Business, Basis of Presentation, and Significant Accounting Policies Description of business: Paychex, Inc. and its wholly owned subsidiaries (collectively, the “Company” or “Paychex”) is an industry-leading human capital management (“HCM”) company delivering a full suite of technology and advisory services in human resources (“HR”), employee benefit solutions, insurance and payroll for small- to medium-sized businesses and their employees in the United States (“U.S.”) and parts of Europe. The Company also has operations in India. Paychex, a Delaware corporation formed i n 1979, reports as one segment. Substantially all of the Company’s revenue is generated within the U.S. Approximately 1 % of the Company’s total revenue was generated within Europe for each of the fiscal years ended May 31, 2024 (“fiscal 2024”), May 31, 2023 (“fiscal 2023”), and May 31, 2022 (“fiscal 2022 ”). Long-lived assets in Europe were approximately 6 % of total long-lived assets of the Company as of May 31, 2024 and 2023 . Long-lived assets in India were less than 1 % of total long-lived assets of the Company as of May 31, 2024 and 2023. The Company's offers a full range of integrated HCM solutions covering the employee life cycle for businesses and their employees. Clients may choose from a breadth of solutions that also allow integration with some of the most popular HR, accounting, point-of-sale, and productivity applications on the market today. Paychex’s offerings often leverage the information gathered in its base payroll processing service, allowing the Company to provide comprehensive outsourcing services covering the HCM spectrum. Paychex supports its small business clients by utilizing its proprietary, robust, software as a service (“SaaS”) Paychex Flex ® platform and the Company’s SurePayroll ® SaaS-based solutions. Both solutions allow users to process payroll when they want, how they want, and on any type of device (desktop, tablet, and mobile phone). Paychex’s medium-sized clients generally have more complex payroll and employee benefit needs and can opt for an integrated suite of HCM solutions, which allows them to choose the services and software that will meet the needs of their businesses. Total revenue is comprised of service revenue and interest on funds held for clients. Service revenue is comprised primarily of the fees earned on the portfolio of HCM services, which include payroll processing, complementary HR management and administration services, professional employer organization (“PEO”) solutions, and insurance agency commissions. Refer to Note B of this Item 8 for further discussion of the Company’s service revenue. Basis of presentation: The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain disclosures are reported as zero balances due to rounding. Reclassifications: Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported consolidated earnings. Revision to previously issued financial statements: The consolidated statement of cash flows for fiscal years 2023 and 2022 includes revisions to previously reported amounts related to the presentation of the cash flows associated with short-term receivables purchased from the Company’s clients under non-recourse arrangements. The revision increased net cash provided by operating activities and decreased net cash provided by investing activities by $ 6.8 m illion and $ 84.2 million, respectively. Management concluded that this revision was not material to the consolidated financial statements of any previously filed annual or interim periods. Cash and cash equivalents: Cash and cash equivalents consist of available cash, money market securities, and other investments with a maturity of 90 days or less at acquisition. Cash and cash equivalents include funds collected from the Company’s PEO clients for the payment of worksite employee payrolls and associated payroll taxes. $ 171.7 million and $ 291.3 million collected from PEO clients are included in cash and cash equivalents on the Company’s Consolidated Balance Sheets as of May 31, 2024 and 2023 , respectively. Restricted cash and restricted cash equivalents: Restricted cash and restricted cash equivalents are recorded at fair value, and consist of cash and cash equivalents, primarily money market securities, included in funds held for clients and cash that is restricted in use to secure commitments for certain workers’ compensation insurance policies. Accounts receivable, net of allowance for credit losses: Accounts receivable balances are shown on the Consolidated Balance Sheets net of the allowance for credit losses of $ 21.3 million and $ 20.5 million as of May 31, 2024 and 2023, respectively. These balances include trade receivables for services provided to clients and receivables purchased from the Company's clients under non-recourse arrangements. Trade receivables were $ 141.3 million and $ 287.0 million as of May 31, 2024 and 2023, respectively. Purchased receivables were $ 939.6 million and $ 606.8 million as of May 31, 2024 and 2023, respectively. The Company is exposed to credit losses through the sale of its solutions and support services, payment of client obligations, and collection of purchased receivables. To mitigate this credit risk, the Company has multiple programs in place to assess and continuously monitor each client’s ability to pay for these solutions and support services. Credit monitoring programs include, but are not limited to, new client credit reviews, establishing appropriate credit limits, monitoring of credit distressed clients, and early electronic wire and collection procedures. The Company also considers contract terms and conditions, client business type or strategy and may require collateralized asset support or prepayment to mitigate credit risk. Accounts receivable are written off and charged against the allowance for credit losses when the Company has exhausted all collection efforts without success. The Company estimates its allowance for credit losses based on historical loss activity adjusted for current economic conditions and reasonable and supportable forecast factors, when applicable. The provision for the allowance for credit losses and accounts written off were no t material for the fiscal years ended May 31, 2024, 2023 and 2022 , respectively. No single client had a material impact on total accounts receivable as of May 31, 2024 or 2023 . No single client had a material impact on service revenue or results of operations for the fiscal years ended May 31, 2024, 2023 and 2022 . PEO unbilled receivables, net of advance collections: The Company recognizes a liability for worksite employee gross wages and related payroll tax liabilities at the end of the period in which the worksite employee performs work, and where it assumes, under applicable federal and state regulations, the obligation for the payment of payroll and payroll tax liabilities. The estimated payroll and payroll tax liabilities are recorded in accrued worksite employee compensation and related items on the Company’s Consolidated Balance Sheets. The associated unbilled receivables, including estimated revenues, offset by advance collections from clients, are recorded as PEO unbilled receivables, net of advance collections on the Company’s Consolidated Balance Sheets. As of May 31, 2024 and 2023, advance collections were $ 0.7 million and $ 12.5 million , respectively. Funds held for clients and corporate investments: Marketable securities included in funds held for clients and corporate investments consist primarily of securities classified as AFS and are recorded at fair value obtained from an independent pricing service. The funds held for clients portfolio also includes cash and cash equivalents such as money market securities. Unrealized gains and losses, net of applicable income taxes, are reported as other comprehensive income or loss in the Consolidated Statements of Income and Comprehensive Income. Realized gains and losses on the sale of AFS securities are determined by specific identification of the cost basis of each security. On the Consolidated Statements of Income and Comprehensive Income, realized gains and losses from the funds held for clients portfolio and corporate investments portfolio are included in interest on funds held for clients and other income/(expense), net, respectively. Concentrations: Substantially all the Company’s deposited cash is maintained at large well-capitalized (as defined by their regulators) financial institutions. These deposits may exceed the amount of any insurance provided. All the Company’s deliverable securities are held in custody with certain of the aforementioned financial institutions, for which that institution bears the risk of custodial loss. Non-deliverable securities are primarily time deposits and money market funds. Property and equipment, net of accumulated depreciation: Property and equipment is stated at cost, less accumulated depreciation. Depreciation is based on the estimated useful lives of property and equipment using the straight-line method. The estimated useful lives of depreciable assets are generally as follows: Category Depreciable life Buildings and improvements 10 to 35 years or the remaining life, whichever is shorter Data processing equipment 3 to 5 years Furniture, fixtures, and equipment 2 to 7 years Leasehold improvements 10 years or the life of the lease, whichever is shorter Software 3 to 12 years Normal and recurring repairs and maintenance costs are charged to expense as incurred. The Company reviews the carrying value of property and equipment for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Software development and enhancements: Expenditures for software purchases and software developed for internal use are capitalized and depreciated on a straight-line basis over the estimated useful lives, which are generally 3 to 5 years. Software developed as part of the Company’s main processing platform is depreciated over 12 years. For software developed for internal use, certain costs are capitalized, including external direct costs of materials and services associated with developing or obtaining the software, and payroll and payroll-related costs for employees who are directly associated with internal-use software projects. Capitalization of these costs ceases no later than the point at which the project is substantially complete and ready for its intended use. Costs associated with preliminary project stage activities, training, maintenance, and other post-implementation stage activities are expensed as incurred. The carrying value of software and development costs is reviewed for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Goodwill and other intangible assets, net of accumulated amortization: Goodwill is not amortized, but instead is tested for impairment on an annual basis and between annual tests if an event occurs or circumstances change in a way to indicate that there has been a potential decline in the fair value of a reporting unit. The Company performs its annual impairment testing in its fiscal fourth quarter. During fiscal 2024 and fiscal 2023, a qualitative analysis was performed on all reporting units to determine if it is more-likely-than-not that the fair value of the reporting units had declined below their carrying values. During fiscal 2022 , a qualitative assessment was performed for the Company's Paychex, Inc., excluding Purchased Receivables, reporting unit, and a quantitative assessment was performed on the Purchased Receivable reporting unit. The qualitative assessment considered various financial, macroeconomic, industry, and reporting unit specific qualitative factors. Based on the results of the Company’s testing, no impairment loss was recognized in the results of operations for fiscal 2024, fiscal 2023, or fiscal 2022. Subsequent to the latest review, there have been no events or circumstances that indicate any potential impairment of the Company’s goodwill balance. Intangible assets are comprised primarily of client list acquisitions and are reported net of accumulated amortization on the Consolidated Balance Sheets. Intangible assets are amortized over periods generally ranging from 3 to 12 years. Certain client lists use an accelerated method, while other intangible assets use the straight-line method of amortization. In addition, the Company has intangible assets with indefinite useful lives, which are tested for impairment on an annual basis and between annual tests if an event occurs or circumstances change in a way to indicate that the carrying value may not be recoverable. The Company has determined, using qualitative assessments, there is no impairment of intangible assets with indefinite useful lives for fiscal 2024, fiscal 2023, or fiscal 2022 . Impairment of Long-Lived Assets: Long-lived assets, including intangible assets with finite lives and operating lease right-of-use (“ROU”) assets, are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. The recoverability of asset groups to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset group exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset group exceeds its estimated fair value. The Company has determined that there was no impairment of long-lived assets for fiscal 2024, fiscal 2023, or fiscal 2022 . Foreign Currency: The financial statements of the Company’s foreign subsidiaries have been translated into U.S. dollars. Assets and liabilities are translated into U.S. dollars at period-end exchange rates. Income and expenses are translated at the average exchange rate for the reporting period. The resulting non-cash foreign currency translation adjustments, representing unrealized gains or losses, are included in the Consolidated Statements of Stockholders’ Equity as a component of accumulated other comprehensive income/(loss), net of tax. The Company did no t have any material realized gains or losses resulting from foreign exchange transactions during fiscal 2024, fiscal 2023, or fiscal 2022 . Revenue recognition: Revenues are primarily attributable to fees for providing services as well as investment income earned on funds held for clients. Fees associated with services are recognized when control of the contracted services is transferred to the Company's clients, in an amount that reflects the consideration it expects to receive in exchange for such services. The Company’s service revenue is largely attributable to processing services where the fee is based on a fixed amount per processing period or a fixed amount per processing period plus a fee per employee or transaction processed. Insurance Solutions revenues are recognized when commissions are earned on premiums billed and collected. Fees earned for the purchase of client's accounts receivable under non-recourse arrangements are based on a percentage of funding amounts as specified in the client contract. These fees are then recognized over the average collection period of 40 to 60 days for clients in the temporary staffing agency market and approximately 5 to 15 days for other clients. The revenue earned from delivery service for the distribution of certain client payroll checks and reports is included in service revenue, and the costs for the delivery are included in cost of service revenue on the Consolidated Statements of Income and Comprehensive Income. The Company receives advance payments for set-up fees from its clients. Advance payments received for certain service offerings for set-up fees are considered a material right. Therefore, the Company defers the revenue associated with these advance payments, recognizing the revenue and related expenses over the expected period to which the material right exists. PEO Solutions revenue is included in service revenue and is reported net of certain pass-through costs billed and incurred, which include payroll wages, payroll taxes, including federal and state unemployment insurance, and certain health insurance benefit premiums, primarily costs related to the Company’s guaranteed cost benefit plans. Direct costs related to workers’ compensation and certain benefit plans where the Company retains risk are recognized as cost of service revenue rather than as a reduction in service revenue. Refer to Note B of this Item 8 for further discussion of the Company's PEO pass-through costs. Interest on funds held for clients is earned primarily on funds that are collected from clients before due dates for payroll tax administration and employee payment services and invested until remittance to the applicable tax or regulatory agencies or client employees. The interest earned on these funds is included in total revenue on the Consolidated Statements of Income and Comprehensive Income because the collecting, holding, and remitting of these funds are components of providing these services. Assets Recognized from the Costs to Obtain and Fulfill Contracts: The Company recognizes an asset for the incremental costs of obtaining a contract with a client if it is expected that the economic benefit and amortization period will be longer than one year. Incremental costs of obtaining a contract include only those costs that are directly related to the acquisition of new contracts and that would not have been incurred if the contract had not been obtained. The Company does not incur incremental costs to obtain a contract renewal. The Company determined that certain sales commissions and bonuses, including related fringe benefits, meet the capitalization criteria under Accounting Standards Codification (“ASC”) Subtopic 340-40, “Other Assets and Deferred Costs: Contracts with Customers” (“ASC 340-40”). The Company also recognizes an asset for the costs to fulfill a contract with a client if the costs are specifically identifiable, generate or enhance resources used to satisfy future performance obligations, and are expected to be recovered. The Company has determined that substantially all costs related to implementation activities are administrative in nature and meet the capitalization criteria under ASC 340-40. These capitalized costs to fulfill a contract principally relate to upfront direct costs that are expected to be recovered and enhance the Company’s ability to satisfy future performance obligations. The assets related to both costs to obtain and costs to fulfill contracts with clients are capitalized and amortized using an accelerated method over an eight-year life to closely align with the pattern of client attrition over the estimated life of the client relationship. The Company regularly reviews its deferred costs for potential impairment and did no t recognize an impairment loss during fiscal 2024, fiscal 2023, or fiscal 2022 . Cost of service revenue: The Company’s costs and expenses applicable to total service revenue represent direct costs associated with providing HR, payroll, benefits, and insurance services. This includes labor-related costs, direct costs related to certain PEO solutions, postage and delivery costs, facility costs, professional services, and depreciation and amortization of property and equipment, including internally developed software. Selling, general and administrative expenses: The Company’s selling, general and administrative expenses represent labor-related costs, including amortization of deferred sales commissions and bonuses, corporate asset depreciation and amortization, marketing, and other general and administrative expenses incurred by the Company. PEO insurance reserves: As part of its PEO solution, the Company offers workers’ compensation insurance and health insurance to clients for the benefit of client employees. Workers’ compensation insurance is primarily provided under fully insured high deductible workers’ compensation insurance policies. Workers’ compensation insurance reserves are established to provide for the estimated costs of paying claims up to per occurrence liability limits. These reserves include estimates of certain expenses associated with processing and settling these claims. In establishing the PEO workers’ compensation insurance reserves, the Company uses an independent actuarial estimate of undiscounted future cash payments that would be made to settle claims. The determination of estimated ultimate losses by the Company’s independent actuary are based on accepted actuarial methods and assumptions. The estimated ultimate losses are primarily based upon loss development factors, and other factors such as the nature of employees’ job responsibilities, the historical frequency and severity of workers’ compensation claims, and an estimate of future cost trends. Each reporting period, changes in actuarial assumptions resulting from changes in actual claims experience and other trends are incorporated into the Company's workers’ compensation claims cost estimates. For fiscal 2024 , the Company has an aggregate maximum liability of $ 1.0 million for claims exceeding $ 1.0 million, and once met, the maximum individual claims liability is $ 1.0 million. For Fiscal 2023 , the Company has an aggregate maximum liability of $ 2.0 million for claims exceeding $ 1.0 million, and once met, the maximum individual claims liability is $ 1.0 million. As of May 31, 2024 and 2023, the Company had recorded current liabilities of $ 74.1 million and $ 64.3 million , respectively, and long-term liabilities of $ 144.5 million and $ 131.5 million , respectively, on its Consolidated Balance Sheets for workers’ compensation insurance reserves. The amounts were recorded in the other current liabilities and other long-term liabilities sections, respectively, of the Consolidated Balance Sheets. With respect to PEO health insurance, the Company offers various health insurance plans that take the form of either fully insured guaranteed cost plans or fully insured insurance arrangements where the Company retains risk. A reserve for insurance arrangements where the Company retains risk is established to provide for the payment of claims in accordance with the Company’s service contract with the carrier. The claims reserve includes estimates for reported losses, plus amounts for those claims incurred but not reported, and estimates of certain expenses associated with processing and settling the claims. The Company’s maximum individual claims liability was $ 0.5 million under its policies durin g both fiscal 2024 and fiscal 2023. Amounts accrued related to the health insurance and dental and vision plan reserves were $ 50.6 million and $ 47.0 million as of May 31, 2024 and 2023, respectively. These amounts are included in other current liabilities on the Consolidated Balance Sheets. Estimating the ultimate cost of future claims is an uncertain and complex process based upon historical loss experience and accepted actuarial methods and assumptions. These reserves are subject to change due to multiple factors, including economic trends, changes in legal liability law, and damage awards, all of which could materially impact the reserves as reported in the consolidated financial statements. Accordingly, final claim settlements may vary from the present estimates, particularly with workers’ compensation insurance where those payments may not occur until well into the future. The Company regularly reviews the adequacy of its estimated insurance reserves. Adjustments to previously established reserves are reflected in the results of operations for the period in which the adjustment is identified. Such adjustments could be significant, reflecting any combination of new and adverse or favorable trends. Adjustments to previously established reserves were not material for fiscal 2024, fiscal 2023, or fiscal 2022 . Leases: The Company accounts for its leases under ASC Topic 842, "Leases". At contract inception, the Company determines if the new contractual arrangement is a lease or contains a leasing arrangement. If a contract contains a lease whose term is greater than one year, the Company evaluates whether it should be classified as an operating or a finance lease. Currently, all the Company’s leases have been classified as operating leases. Upon modification of a contract, the Company will reassess to determine if a contract is or contains a leasing arrangement. The Company records lease liabilities based on the future estimated cash payments discounted over the lease term, defined as the non-cancellable time period of the lease, together with all the following: • periods covered by an option to extend the lease if the Company is reasonably certain to exercise the extension option; and • periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the termination option. Leases may also include options to terminate the arrangement or options to purchase the underlying lease property. The Company does not separate lease and non-lease components of contracts. Lease components provide the Company with the right to use an identified asset, which consist of the Company’s real estate properties and office equipment. Non-lease components consist primarily of maintenance services. As an implicit discount rate is typically not readily determinable in the Company’s lease agreements, the Company uses its estimated secured incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The incremental borrowing rate is determined using a portfolio approach utilizing publicly available information related to our unsecured borrowing rates. For certain leases with original terms of 12 months or less, the Company recognizes lease expense as incurred and does not recognize any lease liabilities. Short-term and long-term portions of operating lease liabilities are classified as other current liabilities and operating lease liabilities, respectively, on the Company’s Consolidated Balance Sheets. An ROU asset is measured as the amount of the lease liability with adjustments, if applicable, for lease incentives, initial direct costs incurred by the Company, and lease prepayments made prior to or at lease commencement. ROU assets are classified as operating lease ROU assets, net of accumulated amortization, on the Company’s Consolidated Balance Sheets. The Company evaluates the carrying value of ROU assets if there are indicators of potential impairment and performs the analysis concurrent with the review of the recoverability of the related asset group. If the carrying value of the asset group is determined to not be fully recoverable and is in excess of its estimated fair value, the Company will record an impairment loss in its Consolidated Statements of Income and Comprehensive Income. The Company did no t recognize an impairment loss during fiscal 2024, fiscal 2023 or fiscal 2022. Fixed lease expense payments are recognized on a straight-line basis over the lease term. Variable lease payments vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time, and are often due to changes in an external market rate or the value of an index (e.g. Consumer Price Index). Variable lease payments are expensed as incurred in the Company’s Consolidated Statements of Income and Comprehensive Income. Stock-based compensation costs: All stock-based awards to employees are recognized as compensation costs in the consolidated financial statements based on their fair values measured as of the date of grant. The Company estimates the fair value of stock option grants using a Black-Scholes option pricing model. This model requires various assumptions as inputs including expected volatility of the Paychex stock price and expected option life. Volatility is estimated based on a combination of historical volatility, using stock prices over a period equal to the expected option life, and implied market volatility. Expected option life is estimated based on historical exercise behavior. The Company periodically reassesses its assumptions as well as its choice of valuation model. The Company will reconsider use of this model if additional information becomes available in the future indicating that another model would provide a more accurate estimate of fair value or if characteristics of future grants would warrant such a change. The fair value of stock awards is determined based on the stock price at the date of grant. For grants that do not accrue dividends or dividend equivalents, the fair value is the stock price reduced by the present value of estimated dividends over the vesting period or performance period. The Company’s policy is to estimate forfeitures and only record compensation costs for those awards that are expected to vest. The assumptions for forfeitures are determined based on type of award and historical experience. Forfeiture assumptions are adjusted at the point in time a significant change is identified, with any adjustment recorded in the period of change, and the final adjustment at the end of the requisite service period to equal actual forfeitures. The assumptions of volatility, expected option life, and forfeitures all require significant judgment and are subject to change in the future due to factors such as employee exercise behavior, stock price trends, and changes to type or provisions of stock-based awards. Any material change in one or more of these assumptions could have an impact on the estimated fair value of a future award. Refer to Note F of this Item 8 for further discussion of the Company’s stock-based compensation plans. Income taxes: The Company accounts for deferred taxes by recognizing deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities, using enacted tax rates in effect for the fiscal year in which the differences are expected to reverse. The Company also maintains a reserve for uncertain tax positions. The Company evaluates tax positions taken or expected to be taken in a tax return for recognition in its consolidated financial statements. Prior to recording the related tax benefit in the consolidated financial statements, the Company must conclude that tax positions will be more-likely-than-not to be sustained, assuming those positions will be examined by taxing authorities with full knowledge of all relevant information. The benefit recognized in the consolidated financial statements is the amount the Company expects to realize after examination by taxing authorities. If a tax position drops below the more-likely-than-not standard, the benefit can no longer be recognized. Assumptions, judgment, and the use of estimates are required in determining if the more-likely-than-not standard has been met when developing the provision for income taxes and in determining the expected benefit. A change in the assessment of the more-likely-than-not standard could materially impact the Company’s results of operations or financial position. Refer to Note L of this Item 8 for further discussion of the Company’s reserve for uncertain tax positions. Use of estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates, judgments, and assumptions that affect reported amounts of assets, liabilities, revenue, and expenses during the reporting period. Actual amounts and results could differ from these estimates. Recently adopted accounting pronouncements: Effective June 1, 2023 , the Company adopted Accounting Standards Update (“ASU”) No. 2021-08 “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ,” which did no t have a mater

Service Revenue

Service Revenue	12 Months Ended
	May 31, 2024
Revenue from Contract with Customer [Abstract]
Service Revenue	Note B — Service Revenue Service revenue is primarily attributable to fees for providing services to the Company’s clients and is recognized when control of the contracted services is transferred to its clients, in an amount that reflects the consideration it expects to receive in exchange for such services. Insurance Solutions revenue is commissions earned on premiums collected and remitted to insurance carriers. The Company’s contracts generally do not contain specified contract periods and may be terminated by either party with 30 -days notice of termination. Sales and other applicable non-payroll related taxes are excluded from service revenue. Based upon similar operational and economic characteristics, the Company’s service revenue is disaggregated by Management Solutions and PEO and Insurance Solutions as reported in the Company’s Consolidated Statements of Income and Comprehensive Income. The Company believes these revenue categories depict how the nature, amount, timing, and uncertainty of its revenue and cash flows are affected by economic factors. Management Solutions Revenue Management Solutions revenue is primarily derived from the Company’s integrated HCM and HR outsourcing solutions. Clients can select services on an á la carte basis or as part of various solution bundles. The Company’s offerings often leverage the information gathered in its base payroll processing service, allowing it to provide comprehensive outsourcing services covering the HCM spectrum. Management Solutions revenue is generally recognized over time as services are performed and the customer simultaneously receives and controls the benefits from these services. Revenue earned from delivery service for the distribution of certain client payroll checks and reports is also included in Management Solutions revenue in the Company’s Consolidated Statements of Income and Comprehensive Income. Delivery service revenue is recognized at a point in time following the delivery of payroll checks, reports, quarter-end packages, and tax returns to the Company’s clients. PEO and Insurance Solutions Revenue PEO solutions are sold through the Company’s registered and licensed subsidiaries and offer businesses HCM and HR outsourcing solutions. The Company serves as a co-employer of its clients’ employees, offers health insurance coverage to client employees, and assumes the risks and rewards of workers’ compensation insurance and certain health insurance offerings. PEO Solutions revenue is recognized over time as the services are performed and the customer simultaneously receives and controls the benefits from these services. PEO Solutions revenue is reported net of certain pass-through costs billed and incurred, which include payroll wages, payroll taxes, including federal and state unemployment insurance, and health insurance premiums on guaranteed cost benefit plans. For workers’ compensation and health insurance plans where the Company retains risk, revenues and costs are recorded on a gross basis. PEO pass-through costs netted within the PEO and Insurance Solutions revenue are as follows: Year ended May 31, In millions 2024 2023 2022 Payroll wages and payroll taxes $ 27,381.5 $ 26,025.3 $ 24,209.3 State unemployment insurance (included in payroll wages and payroll taxes) $ 151.8 $ 138.2 $ 139.1 Guaranteed cost benefit plans $ 660.3 $ 656.3 $ 641.4 Insurance solutions are sold through the Company’s licensed insurance agency, Paychex Insurance Agency, Inc., which provides insurance through a variety of carriers, allowing companies to expand their employee benefit offerings at an affordable cost. Insurance offerings include property and casualty coverage such as workers’ compensation, business-owner policies, commercial auto, cybersecurity, and health and benefits coverage, including health, dental, vision, and life. Insurance Solutions revenue reflects commissions earned on remitted insurance services premiums billed and is recognized over time as services are performed and the customer simultaneously receives and controls the benefits from these services. Contract Balances The timing of revenue recognition for Management Solutions and PEO and Insurance Solutions is consistent with the invoicing of clients as they both occur during the respective client payroll period for which the services are provided. Therefore, the Company does not recognize a contract asset or liability resulting from the timing of revenue recognition and invoicing. Payments received for certain of the Company’s service offerings for set-up fees are considered a material right. Therefore, the Company defers revenue associated with these performance obligations, which exceed one year, and subsequently recognizes them as future services are provided, over approximately three years to four years . Changes in deferred revenue related to material rights that exceed one year were as follows: Year ended May 31, In millions 2024 2023 Balance, beginning of period $ 62.0 $ 48.9 Deferral of revenue 46.7 42.1 Recognition of unearned revenue ( 33.8 ) ( 29.0 ) Balance, end of period $ 74.9 $ 62.0 Deferred revenue related to material rights is reported in the deferred revenue and other long-term liabilities line items on the Company’s Consolidated Balance Sheets. As of May 31, 2024, the Company expects to recognize $ 32.5 million of deferred revenue related to material rights during its fiscal year ending May 31, 2025 and $ 42.4 million of deferred revenue t hereafter . Assets Recognized from the Costs to Obtain and Fulfill Contracts The Company recognizes an asset for the incremental costs of obtaining a contract with a client if it is expected that the economic benefit and amortization period will be longer than one year. The Company also recognizes an asset for the costs to fulfill a contract with a client if the costs are specifically identifiable, generate or enhance resources used to satisfy future performance obligations, and are expected to be recovered. Deferred costs to obtain and fulfill contracts are reported in the prepaid expenses and other current assets and long-term deferred costs line items on the Company’s Consolidated Balance Sheets. Amortization expense related to costs to obtain and fulfill a contract are included in cost of service revenue and selling, general and administrative expenses in the Company’s Consolidated Statements of Income and Comprehensive Income. Refer to Note A of this Item 8 for additional disclosures on our policies for assets recognized from the costs to obtain and fulfill contracts. The Company regularly reviews its deferred costs for potential impairment and did no t recognize an impairment loss during fiscal 2024, fiscal 2023, or fiscal 2022. Changes in deferred costs to obtain and fulfill contracts were as follows: Costs to fulfill contracts: Year ended May 31, In millions 2024 2023 Balance, beginning of period $ 75.3 $ 72.3 Capitalization of costs 27.8 28.9 Amortization ( 26.5 ) ( 25.9 ) Balance, end of period $ 76.6 $ 75.3 Costs to obtain contracts: Year ended May 31, In millions 2024 2023 Balance, beginning of period $ 597.5 $ 550.2 Capitalization of costs 217.1 240.5 Amortization ( 205.2 ) ( 193.2 ) Balance, end of period $ 609.4 $ 597.5

Basic and Diluted Earnings Per

Basic and Diluted Earnings Per Share	12 Months Ended
	May 31, 2024
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share	Note C — Basic and Diluted Earnings Per Share Basic and diluted earnings per share were calculated as follows: Year ended May 31, In millions, except per share amounts 2024 2023 2022 Basic earnings per share: Net income $ 1,690.4 $ 1,557.3 $ 1,392.8 Weighted-average common shares outstanding 360.3 360.4 360.6 Basic earnings per share $ 4.69 $ 4.32 $ 3.86 Diluted earnings per share: Net income $ 1,690.4 $ 1,557.3 $ 1,392.8 Weighted-average common shares outstanding 360.3 360.4 360.6 Dilutive effect of common share equivalents 1.8 1.9 2.5 Weighted-average common shares outstanding, assuming dilution 362.1 362.3 363.1 Diluted earnings per share $ 4.67 $ 4.30 $ 3.84 Weighted-average anti-dilutive common share equivalents 0.6 0.7 0.2 Weighted-average common share equivalents that had an anti-dilutive impact are excluded from the computation of diluted earnings per share.

Business Combinations

Business Combinations	12 Months Ended
	May 31, 2024
Business Combinations [Abstract]
Business Combinations	Note D — Business Combinations Effective July 31, 2023, substantially all of the net assets of Alterna Capital Solutions LLC (“Alterna”), were acquired by a wholly owned subsidiary of the Company. Alterna purchases outstanding accounts receivable of their customers under non-recourse arrangements. This acquisition allows the Company to increase and diversify its portfolio of solutions and support serving small- to medium-sized businesses. The acquisition consideration was comprised of a base purchase price of $ 95.1 million plus immediate settlement of debt totaling $ 128.9 million, net of $ 15.7 million in cash and restricted cash acquired. Accounts receivable balances acquired, net of allowance for doubtful accounts, and less amounts due to clients related to funding arrangements, totaled $ 146.1 million. Management determined that intangible assets related to the client list were $ 18.9 million to be amortized utilizing an accelerated method of amortization over a weighted average of 8 years. Goodwill in the amount of $ 46.7 million was recorded as a result of the acquisition, which is tax-deductible. The Company finalized the purchase price allocation for the acquisition of Alterna as of November 30, 2023. The financial results of Alterna are included in the Company’s consolidated financial statements from its respective date of acquisition. This acquisition was not material to the Company’s results of operations, financial position, or cash flows.

Other Income_(Expense), Net

Other Income/(Expense), Net	12 Months Ended
	May 31, 2024
Other Income and Expenses [Abstract]
Other Income/(Expense), Net	Note E — Other Income/(Expense), Net Other income/(expense), net, consisted of the following items: Year ended May 31, In millions 2024 2023 2022 Interest income on corporate investments $ 82.7 $ 49.1 $ 2.9 Interest expense ( 37.3 ) ( 36.7 ) ( 36.6 ) Other ( 1.5 ) 2.7 18.3 Other income/(expense), net $ 43.9 $ 15.1 $ ( 15.4 )

Stock-Based Compensation Plans

Stock-Based Compensation Plans	12 Months Ended
	May 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Plans	Note F — Stock-Based Compensation Plans The Paychex, Inc. 2002 Stock Incentive Plan, as last amended and restated effective October 15, 2020 (the “2002 Plan”), authorizes grants of up to 46.5 million shares of the Company’s common stock. As of May 31, 2024, there were 13.5 million shares available for future grants under the 2002 Plan. All stock-based awards to employees are recognized as compensation costs in the consolidated financial statements based on their fair values measured as of the date of grant. These costs are recognized as an expense in the Consolidated Statements of Income and Comprehensive Income on a straight-line basis over the requisite service period and an increase in additional paid-in capital. Stock-based compensation expense was $ 61.1 million , $ 62.6 million , and $ 52.8 million for fiscal years 2024, 2023, and 2022, respectively. Related income tax benefits recognized were $ 12.7 million , $ 12.1 million , and $ 9.8 million for the respective fiscal years. As of May 31, 2024, the total unrecognized compensation cost related to all unvested stock-based awards was $ 92.0 million and is expected to be recognized over a weighted-average period of 2.6 years. Black-Scholes fair value assumptions: The fair value of stock option grants was estimated at the date of grant using a Black-Scholes option pricing model. The weighted-average assumptions used for valuation under the Black-Scholes option pricing model are as follows: Year ended May 31, 2024 2023 2022 Risk-free interest rate 4.1 % 3.2 % 1.2 % Dividend yield 3.1 % 2.6 % 2.9 % Volatility factor 0.25 0.27 0.23 Expected option life in years 6.6 6.6 6.6 Weighted-average grant-date $ 27.21 $ 27.58 $ 17.47 Risk-free interest rates are yields for zero coupon U.S. Treasury notes maturing approximately at the end of the expected option life. The estimated volatility factor is based on a combination of historical volatility, using stock prices over a period equal to the expected option life, and implied market volatility. The expected option life is based on historical exercise behavior. Stock options: Stock options entitle the holder to purchase, at the end of the vesting term, a specified number of shares of Paychex common stock at an exercise price per share equal to the closing market price of the common stock on the date of grant. All stock options have a contractual life of ten years from the date of the grant and a vesting schedule as established by the Board of Directors (the “Board”). The Company issues new shares of common stock to satisfy stock option exercises. Stock option grants to executives and outside directors are typically approved by the Board in July. Grants of stock options to executives vest one -third per annum. Grants to members of the Board vest after one year . Vesting is generally achieved on these dates with active employment or participation as a member of the Board on the date of vesting. The following table summarizes stock option activity for fiscal 2024: Weighted- Weighted- average Shares average remaining Aggregate subject exercise price contractual intrinsic In millions, except per share amounts to options per share term (years) value (1) Outstanding as of May 31, 2023 3.3 $ 74.09 Granted 0.4 $ 120.76 Exercised ( 0.6 ) $ 63.49 Forfeited ( 0.1 ) $ 118.35 Outstanding as of May 31, 2024 3.0 $ 80.09 5.0 $ 119.1 Exercisable as of May 31, 2024 2.5 $ 72.45 4.3 $ 117.6 (1) Total shares valued at the market price of the underlying stock as of May 31, 2024 less the exercise price. Other information pertaining to stock option grants is as follows: Year ended May 31, In millions 2024 2023 2022 Total intrinsic value of stock options exercised $ 35.1 $ 10.3 $ 44.3 Total grant-date fair value of stock options vested $ 7.5 $ 7.1 $ 6.4 Restricted Stock Units (“RSUs”): The Board grants RSUs to certain executive and non-executive employees and outside directors. An RSU is an agreement to issue shares at the time of vesting with no associated exercise cost for the recipient. For each unit granted, the holder will receive one share of Paychex common stock at the time of vesting. If the recipient does not vest in the shares due to leaving Paychex, all shares or units of RSUs, and any dividends accrued thereon, when applicable, will be forfeited and returned to the Company. Time-based RSUs: Time-based RSUs granted to executives vest one-third per annum over three years . Time-based RSUs granted to non-executives, during fiscal 2024 and fiscal 2023, vest on a graded basis over a four - or five-year period. Time-based RSUs granted to non-executives, prior to fiscal 2023, vest one-fifth per annum over five years . Time-based RSUs granted to outside directors vest on the one-year anniversary of the grant date. Vesting is generally achieved on these dates with active employment or participation as a member of the Board on the date of vesting. The fair value of time-based RSUs is equal to the closing market price of the underlying common stock as of the date of grant, adjusted for the present value of expected dividends over the vesting period. Time-based RSUs may, or may not, earn dividend equivalents depending on the terms of the specific grant. Performance-based RSUs: Performance-based RSUs primarily have a two-year performance period, after which the number of underlying RSUs earned will be determined based on achievement against pre-established performance targets. The RSUs earned are then subject to a one-year service period. Performance-based RSUs do not earn dividend equivalents during the performance period. The fair value of the RSUs is equal to the closing market price of the underlying common stock as of the date of grant, adjusted for the present value of expected dividends over the performance period. The following table summarizes RSU activity for fiscal 2024: Weighted- Weighted- average average Time- grant-date Performance- grant-date based fair value based fair value In millions, except per share amounts RSUs per share RSUs per share Nonvested as of May 31, 2023 1.4 $ 102.13 0.1 $ 107.88 Granted (1) 0.5 $ 114.95 0.2 $ 114.23 Vested ( 0.5 ) $ 90.99 ( 0.0 ) $ 107.40 Forfeited ( 0.1 ) $ 109.02 ( 0.0 ) $ 112.01 Nonvested as of May 31, 2024 1.3 $ 110.51 0.3 $ 110.26 (1) For performance-based RSUs, granted number assumes achievement of performance goals at target. Actual number of shares to be earned may differ from this amount. Other information pertaining to RSUs is as follows: Year ended May 31, In millions, except per share amounts 2024 2023 2022 Time-based RSUs: Weighted-average grant-date fair value per share of RSUs granted $ 114.95 $ 127.75 $ 109.81 Weighted-average remaining vesting period (years) (1) 1.4 1.5 1.5 Total intrinsic value of RSUs vested $ 55.9 $ 58.2 $ 54.7 Aggregate intrinsic value of nonvested RSUs (2) $ 152.5 $ 141.8 $ 165.2 Total grant-date fair value of RSUs vested $ 41.2 $ 32.7 $ 30.0 Performance-based RSUs: Weighted-average grant-date fair value per share of RSUs granted $ 114.23 $ 108.31 $ 103.59 Weighted-average remaining vesting period (years) (1) 1.1 1.8 1.0 Total intrinsic value of RSUs vested $ 0.4 $ 7.8 $ — Aggregate intrinsic value of nonvested RSUs (2) $ 30.8 $ 15.7 $ 14.7 Total grant-date fair value of RSUs vested $ 0.4 $ 5.4 $ — (1) Weighting is based on the number of unvested share units vesting in each future vesting tranche. (2) Based on the market price of the underlying common stock as of May 31, 2024, 2023 and 2022 . Restricted stock awards ("RSAs"): The Board approved grants of RSAs to the Company’s executives and outside directors prior to fiscal 2023. All shares underlying RSAs are restricted in that they are not transferable until they vest. Recipients of the RSAs earn dividends, which are paid to the recipient at the time the awards vest. If the recipient does not vest in the shares due to leaving Paychex, all shares of RSAs, and the dividends accrued thereon, when applicable, will be forfeited and returned to the Company. Time-based RSAs: Time-based RSAs granted to executives vest one -third per annum. Time-based RSAs granted to outside directors vest on the one-year anniversary of the grant date. Vesting is generally achieved on these dates with active employment or participation as a member of the Board on the date of vesting. The fair value of time-based RSAs is equal to the closing market price of the underlying common stock as of the date of grant. Performance-based RSAs: Performance-based RSAs primarily have a two-year performance period, after which the number of shares earned will be determined based on achievement against pre-established performance targets. The RSAs earned are then subject to a one-year service period. Performance-based RSAs do not earn dividend equivalents during the performance period. The fair value of performance-based RSAs is equal to the closing market price of the underlying common stock as of the date of grant, adjusted for the present value of expected dividends over the performance period. The following table summarizes RSA activity for fiscal 2024: Weighted- Weighted- average average grant-date Performance- grant-date Time-based fair value based fair value In millions, except per share amounts RSAs per share RSAs per share Nonvested as of May 31, 2023 0.1 $ 95.10 0.1 $ 107.40 Vested ( 0.1 ) $ 88.11 — $ — Forfeited ( 0.0 ) $ 114.15 ( 0.0 ) $ 107.40 Nonvested as of May 31, 2024 0.0 $ 114.22 0.1 $ 107.40 No RSAs were granted during fiscal 2024 or fiscal 2023. Other information pertaining to RSAs is as follows: Year ended May 31, In millions, except per share amounts 2024 2023 2022 Weighted-average grant-date fair value per share of time-based RSAs granted $ — $ — $ 114.21 Total grant-date fair value of time-based RSAs vested $ 3.1 $ 4.3 $ 3.8 Weighted-average grant-date fair value per share of performance-based RSAs $ — $ — $ 103.97 Total grant-date fair value of performance-based restricted RSAs vested $ — $ 3.7 $ 7.2 Long-term Incentive Plan (“LTIP”): In July 2016, the Board approved an LTIP award comprised of both performance-based non-qualified stock options and performance-based RSAs. This award was granted to executives down to the vice president level with vesting dependent on achievement against long-term strategic and financial objectives. Total stock options and RSAs earned were based on achievement against pre-established targets for fiscal 2020, which vested in fiscal 2021. The following table summarizes LTIP performance-based stock option activity for fiscal 2024: Weighted- Weighted- average Shares average remaining Aggregate subject exercise price contractual intrinsic In millions, except per share amounts to options per share term (years) value (1) Outstanding as of May 31, 2023 0.4 $ 60.51 Exercised ( 0.1 ) $ 58.98 Outstanding as of May 31, 2024 0.3 $ 60.86 2.1 $ 20.9 Exercisable as of May 31, 2024 0.3 $ 60.86 2.1 $ 20.9 (1) Shares valued at the market price of the underlying stock as of May 31, 2024 less the exercise price. Other information pertaining to LTIP performance-based stock options is as follows: Year ended May 31, In millions 2024 2023 2022 Total intrinsic value of stock options exercised $ 5.2 $ 0.7 $ 16.0 Non-compensatory employee benefit plan: The Company offers a qualified Employee Stock Purchase Plan (“ESPP”) to all employees. The Company’s common stock can be purchased through a payroll deduction at a discount to the market price. The qualified ESPP allows for a discount of up to 15 % based on the sole discretion of the committee established to administer the plan. For offering periods during fiscal years 2024, 2023, and 2022 the discount was set at 5 % of the market price. Transactions under the qualified ESPP occur through the Company’s third-party stock plan administrator. The plans have been deemed non-compensatory and therefore, no stock-based compensation costs have been recognized for fiscal years 2024, 2023, or 2022 related to the plan.

Funds Held for Clients and Corp

Funds Held for Clients and Corporate Investments	12 Months Ended
	May 31, 2024
Funds Held for Clients and Corporate Investments [Abstract]
Funds Held for Clients and Corporate Investments	Note G — Funds Held for Clients and Corporate Investments Funds held for clients and corporate investments are as follows: May 31, 2024 Gross Gross Amortized unrealized unrealized Fair In millions cost gains losses value Type of issue: Funds held for clients' money market securities and other $ 380.3 $ — $ — $ 380.3 AFS securities: Asset-backed securities 135.7 0.1 ( 1.1 ) 134.7 Corporate bonds 1,400.3 1.3 ( 32.8 ) 1,368.8 Municipal bonds 1,060.1 0.2 ( 86.9 ) 973.4 U.S. government agency and treasury securities 896.0 0.1 ( 43.4 ) 852.7 Variable rate demand notes — — — — Total AFS securities 3,492.1 1.7 ( 164.2 ) 3,329.6 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 May 31, 2023 Gross Gross Amortized unrealized unrealized Fair In millions cost gains losses value Type of issue: Funds held for clients' money market securities and other $ 863.1 $ — $ — $ 863.1 AFS securities: Asset-backed securities 88.1 — ( 1.4 ) 86.7 Corporate bonds 1,468.3 3.7 ( 31.1 ) 1,440.9 Municipal bonds 1,091.3 0.1 ( 105.3 ) 986.1 U.S. government agency and treasury securities 788.1 0.3 ( 41.6 ) 746.8 Variable rate demand notes 344.1 — — 344.1 Total AFS securities 3,779.9 4.1 ( 179.4 ) 3,604.6 Other 30.1 1.1 ( 2.9 ) 28.3 Total funds held for clients and corporate investments $ 4,673.1 $ 5.2 $ ( 182.3 ) $ 4,496.0 Included in funds held for clients’ money market securities and other restricted cash equivalents as of May 31, 2024 were bank demand deposit accounts and money market funds. Included in asset-backed securities as of May 31, 2024 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 May 31, 2024. Included in corporate bonds as of May 31, 2024 were investment-grade securities covering a wide range of issuers, industries, and sectors and primarily carry credit ratings of A or better and having maturities ranging from June 1, 2024 through September 15, 2029 . Included in municipal bonds as of May 31, 2024 were general obligation bonds and revenue bonds carrying credit ratings of AA or better and have maturities ranging from June 1, 2024 through October 1, 2031 . A substantial portion of our portfolios are invested in high credit quality securities with ratings of AA or higher, and A-1/P-1 ratings on short-term securities. The classification of funds held for clients and corporate investments on the Consolidated Balance Sheets is as follows: May 31, In millions 2024 2023 Funds held for clients $ 3,706.2 $ 4,118.8 Corporate investments 33.9 373.4 Long-term corporate investments 3.7 3.8 Total funds held for clients and corporate investments $ 3,743.8 $ 4,496.0 Funds held for clients’ money market securities and other restricted cash equivalents is collected from clients before due dates for payroll tax administration services and employee payment services and is invested until remitted to the applicable tax or regulatory agencies or client employees. Based upon the Company’s intent and its contractual obligation to clients, these funds are considered restricted until they are remitted to fund these client obligations. The Company’s AFS securities reflected net unrealized losses of $ 162.5 million and $ 175.3 million as of May 31, 2024 and May 31, 2023. Included in the net unrealized losses as of May 31, 2024 and May 31, 2023 were 957 and 967 AFS securities in an unrealized loss position, representing approximately 95 % and 88 % of the total securities held, respectively. AFS securities in an unrealized loss position for which a credit loss has not been recognized were as follows: May 31, 2024 Securities in an unrealized Securities in an unrealized Total Gross Gross Gross unrealized Fair unrealized Fair unrealized Fair In millions losses value losses value losses value Type of issue: Asset-backed securities $ ( 0.4 ) $ 77.4 $ ( 0.7 ) $ 43.0 $ ( 1.1 ) $ 120.4 Corporate bonds ( 8.4 ) 620.8 ( 24.4 ) 647.8 ( 32.8 ) 1,268.6 Municipal bonds ( 8.0 ) 102.5 ( 78.9 ) 864.7 ( 86.9 ) 967.2 U.S. government agency and treasury securities ( 6.2 ) 268.2 ( 37.2 ) 547.2 ( 43.4 ) 815.4 Total $ ( 23.0 ) $ 1,068.9 $ ( 141.2 ) $ 2,102.7 $ ( 164.2 ) $ 3,171.6 May 31, 2023 Securities in an unrealized Securities in an unrealized Total Gross Gross Gross unrealized Fair unrealized Fair unrealized Fair In millions losses value losses value losses value Type of issue: Asset-backed securities $ ( 0.1 ) $ 54.2 $ ( 1.3 ) $ 23.3 $ ( 1.4 ) $ 77.5 Corporate bonds ( 5.9 ) 652.0 ( 25.2 ) 382.7 ( 31.1 ) 1,034.7 Municipal bonds ( 5.9 ) 86.7 ( 99.4 ) 889.0 ( 105.3 ) 975.7 U.S. government agency and treasury securities ( 3.3 ) 199.6 ( 38.3 ) 457.9 ( 41.6 ) 657.5 Total $ ( 15.2 ) $ 992.5 $ ( 164.2 ) $ 1,752.9 $ ( 179.4 ) $ 2,745.4 The Company regularly reviews its investment portfolios to determine if any investment is impaired due to changes in credit risk or other potential valuation concerns. The Company believes the investments held as of May 31, 2024 that had gross unrealized losses of $ 164.2 million were not impaired due to credit risk or other valuation concerns and was not required to record a credit loss or an allowance for credit losses on its AFS securities. The Company believes it is probable that the principal and interest will be collected in accordance with contractual terms and that the unrealized losses on these securities were due to changes in interest rates and were not due to increased credit risk or other valuation concerns. A substantial portion of the securities in an unrealized loss position as of May 31, 2024 and 2023 held an AA rating or better. The Company does not intend to sell these investments until the recovery of their amortized cost basis or maturity and further believes that it is not more-likely-than-not that it will be required to sell these investments prior to that time. The Company’s assessment that an investment is not impaired due to credit risk or other valuation concerns could change in the future due to new developments or changes in the Company’s strategies or assumptions related to any particular investment. Realized gains and losses from the sale of AFS securities were as follows: Year ended May 31, In millions 2024 2023 2022 Gross realized gains $ — $ 0.1 $ 0.2 Gross realized losses ( 2.6 ) ( 9.9 ) 0.0 Net realized (losses)/gains $ ( 2.6 ) $ ( 9.8 ) $ 0.2 The amortized cost and fair value of AFS securities that had stated maturities as of May 31, 2024 are shown below by expected maturity. May 31, 2024 Amortized Fair In millions cost value Maturity date: Due in one year or less $ 211.0 $ 207.1 Due after one year through three years 1,439.4 1,365.2 Due after three years through five years 1,452.8 1,377.2 Due after five years 388.9 380.1 Total $ 3,492.1 $ 3,329.6 Variable rate demand notes (“VRDNs”) 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.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	May 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note H — 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: o quoted prices for similar, but not identical, instruments in active markets; o quoted prices for identical or similar instruments in markets that are not active; o inputs other than quoted prices that are observable for the instrument; or o inputs that are derived principally from or corroborated by observable market data by correlation or other means. • 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, restricted cash and restricted cash equivalents, accounts receivable, net of allowance for credit losses, PEO unbilled receivables, net of advance collections, accounts payable and short-term borrowings, when used by the Company, 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 AFS 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, 2024 Quoted Significant prices in other Significant Carrying active observable unobservable value markets inputs inputs In millions (Fair value) (Level 1) (Level 2) (Level 3) Assets: Restricted and unrestricted cash equivalents: U.S. government agency and treasury securities $ 386.4 $ — $ 386.4 $ — Money market securities 31.4 31.4 — — Total restricted and unrestricted cash equivalents $ 417.8 $ 31.4 $ 386.4 $ — AFS securities: Asset-backed securities $ 134.7 $ — $ 134.7 $ — Corporate bonds 1,368.8 — 1,368.8 — Municipal bonds 973.4 — 973.4 — U.S. government agency and treasury securities 852.7 — 852.7 — VRDNs — — — — Total AFS securities $ 3,329.6 $ — $ 3,329.6 $ — Other $ 33.9 $ 33.9 $ — $ — Liabilities: Other long-term liabilities $ 33.9 $ 33.9 $ — $ — May 31, 2023 Quoted Significant prices in other Significant Carrying active observable unobservable value markets inputs inputs In millions (Fair value) (Level 1) (Level 2) (Level 3) Assets: Restricted and unrestricted cash equivalents: Money market securities $ 43.8 $ 43.8 $ — $ — Total restricted and unrestricted cash equivalents $ 43.8 $ 43.8 $ — $ — AFS securities: Asset-backed securities $ 86.7 $ — $ 86.7 $ — Corporate bonds 1,440.9 — 1,440.9 — Municipal bonds 986.1 — 986.1 — U.S. government agency and treasury securities 746.8 — 746.8 — VRDNs 344.1 — 344.1 — Total AFS securities $ 3,604.6 $ — $ 3,604.6 $ — Other $ 28.3 $ 28.3 $ — $ — Liabilities: Other long-term liabilities $ 28.3 $ 28.3 $ — $ — In determining the fair value of its assets and liabilities, the Company predominately uses the market approach. Money market securities, which are cash equivalents, are considered Level 1 investments as they are valued based on quoted market prices in active markets. Cash equivalents also include U.S. government agency and treasury securities with original maturities of 90 days or less which are considered Level 2 investments as they are valued based on similar, but not identical, instruments in active markets. AFS securities, including asset-backed securities, corporate bonds, municipal bonds, U.S. government agency securities, and VRDNs, when held by the Company, are included in Level 2 and are valued utilizing inputs obtained from an independent pricing service. To determine the fair value of the Company’s Level 2 AFS securities, the independent pricing service uses a variety of inputs, including benchmark yields, reported trades, non-binding broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, new issue data, and monthly payment information. The Company has not adjusted the prices obtained from the independent pricing service because it believes that they are appropriately valued. Assets included as other are mutual fund investments, consisting of participants’ eligible deferral contributions under the Company’s non-qualified and unfunded deferred compensation plans. The related liability is reported as other long-term liabilities. The mutual funds are considered Level 1 investments as they are valued based on quoted market prices in active markets. The Company’s long-term borrowings are accounted for on a historical cost basis. As of May 31, 2024 and May 31, 2023, the fair value of long-term borrowings, net of debt issuance costs was $ 391.8 million and $ 392.4 million f or the Senior Notes, Series A, respectively, and $ 386.0 million an d $ 390.9 million for the Senior Notes, Series B, respectively. The Company’s long-term borrowings are not traded in active markets, and as a result, its fair values were estimated using a market approach employing Level 2 valuation inputs, including borrowing rates the Company believes are currently available based on loans with similar terms and maturities. The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

Leases

Leases	12 Months Ended
	May 31, 2024
Leases [Abstract]
Leases	Note I — Leases The Company’s lease portfolio consists primarily of operating leases for office space and has remaining terms from less than one year up to ten years , with contractual terms expiring from 2024 to 2032 . Lease contracts may include one or more renewal options that allow the Company to extend the lease term, typically from one year to five years per renewal option. The exercise of lease options is generally at the discretion of the Company. None of the Company’s leases contain residual value guarantees, substantial restrictions, or covenants. Supplemental balance sheet information related to the Company’s leases were as follows: May 31, $ in millions 2024 2023 Operating lease ROU assets, net of accumulated amortization $ 46.9 $ 61.5 Operating lease liabilities, current (1) 19.2 20.3 Operating lease liabilities, non-current 49.0 57.3 Weighted average remaining lease term (in years) 4.3 4.7 Weighted average discount rate 3.23 % 2.21 % (1) The current portion of operating lease liabilities is reported in the other current liabilities line item on the Company’s Consolidated Balance Sheets. The components of lease expense were as follows: Year ended May 31, In millions 2024 2023 2022 Fixed payment operating lease expense $ 28.7 $ 20.8 $ 27.2 Variable payment operating lease expense 5.8 6.2 6.9 Short-term lease expense 0.0 0.0 - During the fiscal fourth quarter ended May 31, 2024 (the "fourth quarter"), the Company focused on cost optimization initiatives, including further reductions to our geographic footprint. As part of this initiative the Company ceased the use of certain leased property and accelerated the amortization of certain ROU assets, resulting in an additional $ 9.7 million of expense. This expense is included in cost of service revenue and selling, general and administrative expenses on the Consolidated Statements of Income and Comprehensive Income. The related lease liabilities will be satisfied under the original terms of the lease arrangements, unless buy-outs can be negotiated. Supplemental cash flow information related to the Company’s leases were as follows: Year ended May 31, In millions 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities $ 20.9 $ 21.7 $ 32.4 Amortization of ROU assets 25.8 17.6 22.7 ROU assets obtained in exchange for new operating lease liabilities 7.2 1.3 15.8 Lease incentives received in the form of tenant allowances and free rent 0.8 0.8 9.1 Future lease payments are as follows: May 31, In millions 2024 2025 $ 21.2 2026 16.1 2027 12.7 2028 10.7 2029 7.4 Thereafter 5.1 Total future lease payments 73.2 Less: imputed interest 5.0 Total operating lease liabilities $ 68.2 Current portion $ 19.2 Non-current portion $ 49.0 As of May 31, 2024 , the Company had no t entered into any lease agreement that had not yet commenced.

Property and Equipment, Net of

Property and Equipment, Net of Accumulated Depreciation	12 Months Ended
	May 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net of Accumulated Depreciation	Note J — Property and Equipment, Net of Accumulated Depreciation The components of property and equipment, at cost, consisted of the following: May 31, In millions 2024 2023 Land and improvements $ 9.0 $ 9.0 Buildings and improvements 131.4 130.5 Data processing equipment 213.3 214.5 Software (1) 1,010.1 927.3 Furniture, fixtures, and equipment 71.9 77.2 Leasehold improvements 47.6 67.3 Construction in progress (1) 60.7 51.7 Total property and equipment, gross 1,544.0 1,477.5 Less: Accumulated depreciation 1,132.3 1,081.2 Property and equipment, net of accumulated depreciation $ 411.7 $ 396.3 (1) Software includes both purchased software and costs capitalized related to internally developed software placed in service. Capitalized costs related to internally developed software that has not yet been placed in service is included in construction in progress. Depreciation expense was $ 127.5 million , $ 128.4 million , and $ 133.7 million for fiscal 2024, 2023, and 2022, respectively. During the fourth quarter, the Company reprioritized certain technology investments and disposed of certain leasehold improvements, furniture, and fixtures associated with abandoned leased properties and recorded losses on disposal of $ 17.1 million and $ 4.1 million, respectively. The losses are included in selling, general and administrative expenses on the Consolidated Statements of Incom e and Comprehensive Income.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net of Accumulated Amortization	12 Months Ended
	May 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net of Accumulated Amortization	Note K — Goodwill and Intangible Assets, Net of Accumulated Amortization Goodwill and changes in goodwill as of and for the years ended May 31, 2024 and May 31, 2023 were as follows: May 31, In millions 2024 2023 Balance, beginning of fiscal year $ 1,834.0 $ 1,831.5 Changes during the period: Goodwill acquired 46.7 2.5 Currency translation adjustment 2.0 ( 0.0 ) Balance, end of fiscal year $ 1,882.7 $ 1,834.0 Acquired goodwill for fiscal 2024 relates to the Company's acquisition of Alterna. Refer to Note D for more information related to our acquisition of Alterna. The Company had certain intangible assets on its Consolidated Balance Sheets. The components of intangible assets, at cost, consisted of the following: May 31, In millions 2024 2023 Client lists $ 675.1 $ 638.2 Other intangible assets 23.1 23.0 Total intangible assets, gross 698.2 661.2 Less: Accumulated amortization 503.7 473.8 Intangible assets, net of accumulated amortization $ 194.5 $ 187.4 During fiscal 2024, the Company acquired customer lists with a weighted-average amortization period of 8.0 years. Amortization expense relating to intangible assets was $ 49.0 million, $ 48.2 million, and $ 58.1 million for fiscal 2024, 2023, and 2022, respectively. The Company did no t recognize an impairment loss as it relates to its goodwill or intangible assets during fiscal 2024, 2023, or 2022. The estimated amortization expense for the next five fiscal years relating to intangible asset balances is as follows: In millions Estimated Year ending May 31, expense 2025 $ 48.3 2026 43.8 2027 37.1 2028 33.5 2029 19.8

Income Taxes

Income Taxes	12 Months Ended
	May 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note L — Income Taxes The components of deferred tax assets and liabilities are as follows: May 31, In millions 2024 2023 Deferred tax assets: Compensation and employee benefit liabilities $ 60.3 $ 52.4 Other current liabilities 12.4 17.3 Tax credit carry forward 0.2 0.2 Stock-based compensation 16.5 14.8 Unrealized losses on available-for-sale securities 40.1 43.4 Capitalization of research and development 68.6 54.1 Leases 13.9 15.9 Net operating loss (“NOL”) carry forwards 5.0 5.1 Tax benefit of uncertain tax positions 16.2 13.6 Gross deferred tax assets 233.2 216.8 Deferred tax liabilities: Deferred contract costs 151.2 151.3 Capitalized software 58.2 56.5 Depreciation 0.3 2.4 Goodwill and intangible assets 91.8 99.1 Operating lease right-of-use assets 9.5 13.7 Other 7.7 5.7 Gross deferred tax liabilities 318.7 328.7 Net deferred tax liability $ ( 85.5 ) $ ( 111.9 ) The deferred tax asset related to NOL carry forwards is comprised of $ 0.2 million of federal NOL carry forwards, $ 4.4 million of state NOL carry forwards, and $ 0.4 million of foreign NOL carry forwards. The federal NOL carry forwards were acquired through various acquisitions and expire between the fiscal years ending May 31, 2028 and May 31, 2030 . The state NOL carry forwards expire between the fiscal years ending May 31, 2025 through May 31, 2044 . The components of the provision for income taxes are as follows: Year ended May 31, In millions 2024 2023 2022 Current: Federal $ 433.5 $ 418.1 $ 326.0 State 117.4 117.1 104.5 Non-U.S. 6.5 ( 0.3 ) ( 1.0 ) Total current 557.4 534.9 429.5 Deferred: Federal ( 18.6 ) ( 34.2 ) 0.9 State ( 4.6 ) ( 7.4 ) 0.9 Non-U.S. ( 6.6 ) ( 2.4 ) 0.5 Total deferred ( 29.8 ) ( 44.0 ) 2.3 Income taxes $ 527.6 $ 490.9 $ 431.8 A reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate is as follows: Year ended May 31, 2024 2023 2022 Federal statutory tax rate 21.0 % 21.0 % 21.0 % Increase/(decrease) resulting from: State income taxes, net of federal tax benefit 4.0 % 4.2 % 4.6 % Stock option windfall benefit ( 0.4 ) % ( 0.4 ) % ( 0.9 ) % Tax credits ( 0.8 ) % ( 0.7 ) % ( 1.1 ) % Other items — % ( 0.1 ) % 0.1 % Effective income tax rate 23.8 % 24.0 % 23.7 % The effective income tax rates in all periods were impacted by recognition of net discrete tax benefits related to employee stock-based compensation payments. Uncertain income tax positions: The Company is subject to U.S. federal income tax, numerous local and state tax jurisdictions within the U.S., and taxes in Europe. The Company maintains a reserve for uncertain tax positions. As of May 31, 2024 and 2023, the total reserve for uncertain tax positions, including interest and net of federal benefits, was $ 86.4 million and $ 69.4 million , respectively, and was included in long-term liabilities on the Consolidated Balance Sheets. A reconciliation of the beginning and ending amounts of the Company’s gross unrecognized tax benefits, not including interest or other potential offsetting effec ts, is as follows: Year ended May 31, In millions 2024 2023 2022 Balance as of beginning of fiscal year $ 72.0 $ 50.2 $ 22.4 Additions for tax positions of the current year 20.6 20.6 11.1 Additions for tax positions of prior years 0.8 4.6 20.6 Reductions for tax positions of prior years ( 3.8 ) ( 2.1 ) ( 1.8 ) Settlements with tax authorities ( 0.3 ) ( 0.4 ) ( 0.4 ) Expiration of the statute of limitations ( 2.1 ) ( 0.9 ) ( 1.7 ) Balance as of end of fiscal year $ 87.2 $ 72.0 $ 50.2 The reserve as of May 31, 2024 substantially relates to the Company’s uncertain tax positions for certain U.S. federal and state income tax matters. The Company believes the reserve for uncertain tax positions, including interest and net of federal benefits, of $ 86.4 million as of May 31, 2024 adequately covers open tax years and uncertain tax positions up to and including fiscal 2024 for major taxing jurisdictions. As of May 31, 2024 and 2023, the entire $ 86.4 million and $ 69.4 million , respectively, of unrecognized tax benefits, including interest and net of federal benefit, if recognized, would impact the Company’s effective income tax rate. The Company has concluded all U.S. federal income tax matters through fiscal 2017. Fiscal years 2018 and 2020 are currently under audit by the IRS. With limited exception, state income tax audits by taxing authorities are closed through fiscal 2020, primarily due to expiration of the statute of limitations. The Company continues to follow its policy of recognizing interest and penalties accrued on tax positions as a component of income taxes on the Consolidated Statements of Income and Comprehensive Income. The amount of accrued interest and penalties associated with the Company’s tax positions is immaterial to the Consolidated Balance Sheets. The amount of interest and penalties recognized for fiscal years 2024, 2023, and 2022 was immaterial to the Company’s results of operations.

Short-term Financing

Short-term Financing	12 Months Ended
	May 31, 2024
Debt Disclosure [Abstract]
Short-term Financing	Note M — Short-term Financing The Company maintains committed and unsecured credit facilities and irrevocable letters of credit as part of its normal and recurring business operations. The purpose of these credit facilities is to meet short-term funding requirements, finance working capital needs, and for general corporate purposes. The Company typically borrows on an overnight or short-term basis on its credit facilities. Details of the Company’s credit facilities as of May 31, 2024 are as follows: Maximum Amount Outstanding Amount May 31, $ in millions Expiration Date Available 2024 2023 Credit facilities: JP Morgan Chase Bank, N.A. (“JPM”) (1) April 12, 2029 $ 1,000.0 $ — $ — JPM (1) September 17, 2026 $ 750.0 — — PNC Bank, National Association (“PNC”) (weighted-average interest 6.14 % at May 31, 2024 and 5.83 % at May 31, 2023) February 6, 2026 $ 250.0 18.7 10.2 Outstanding short-term financing (2) $ 18.7 $ 10.2 (1) JPM acts as the administrative agent for this syndicated credit facility. (2) The total amount available under these credit facilities as of May 31, 2024 was approximately $ 2.0 billion. Amounts borrowed under the PNC credit facility remain outstanding as of the date of this report. Upon the expiration date of any credit facility, any borrowings outstanding under that facility will mature and be payable. Interest rates on each of the Company’s credit facilities can be based upon (1) an alternate base rate that is established by the lending institution at the highest of several publicly available interest rates, plus an applicable interest rate margin, or (2) at our election, the Securitized Overnight Financing Rate (“SOFR”) o r an alternate interest rate as determined by the administrative agent, plus an applicable interest rate margin. The Company is also required to pay a commitment fee, ranging from 0.05 % to 0.15 %, related to the unutilized portion of each credit facility. The commitment fee is determined on a sliding-scale basis based upon the Company’s consolidated leverage ratio. On April 12, 2024, the Company and Paychex of New York LLC, a Delaware limited liability company (“PoNY”), entered into an amendment (the “2019 Credit Facility Amendment”) to its $ 1.0 billion, five-year , unsecured, revolving credit facility (the “2019 Credit Facility”), for which JPM acts as Administrative Agent. The 2019 Credit Facility Amendment, among other things, (a) extended the maturity date of the 2019 Credit Facility from July 31, 2024 to April 12, 2029 , (b) amended the interest rate provisions under the 2019 Credit Facility, (c) amended the lenders under the syndication and (d) made other ministerial changes to the 2019 Credit Facility. On April 12, 2024, the Company and PoNY entered into an amendment (the “2017 Credit Facility Amendment”) to its $ 750.0 million, five-year , unsecured, revolving credit facility (the “2017 Credit Facility”), for which JPM acts as Administrative Agent. The 2017 Credit Facility Amendment, among other things, (a) amended the interest rate provisions under the 2017 Credit Facility, and (b) made other ministerial changes to the 2017 Credit Facility. On February 3, 2023, the Company and Paychex Advance LLC, a Paychex subsidiary and New York limited liability company, entered into Amendment No. 2 (the “Amendment”) to the $ 250 million, three-year , unsecured, revolving credit facility established on February 6, 2020 (the “2020 Credit Facility”) for which PNC Bank, N.A. acts as administrative agent. The Amendment, among other things, extended the maturity date of the 2020 Credit Facility from February 6, 2023 to February 6, 2026 at which time all borrowings thereunder will terminate. Except for extending the maturity date and making ministerial changes to the 2020 Credit Facility, the Amendment did not change the existing terms of the 2020 Credit Facility. Obligations under the credit facilities are guaranteed by the Company and certain of its subsidiaries. The credit facilities contain financial and operational covenants with which the Company must maintain compliance. The Company’s ability to borrow under the credit facilities may be restricted in the event of certain covenant breaches or events of default. In addition, the terms of the credit facilities could restrict the Company’s ability to engage in certain business transactions. The Company was in compliance with all these covenants as of May 31, 2024. Certain lenders under these credit facilities, and their respective affiliates, have performed, and may in the future perform for the Company, various commercial banking, investment banking, underwriting, and other financial advisory services, for which they have received, and will continue to receive in the future, customary fees and expenses. Letters of credit: The Company had irrevocable standby letters of credit outstanding totaling $ 168.5 million and $ 141.7 million as of May 31, 2024 and May 31, 2023 , respectively, required to secure commitments for certain insurance policies. The letters of credit expire at various dates between June 26, 2024 and September 29, 2025 . No amounts were outstanding on these letters of credit during fiscal 2024 or fiscal 2023, or as of May 31, 2024 and May 31, 2023, respectively. Subsequent to May 31, 2024 , one letter of credit expiring on June 24, 2024 , was renewed for a one year term.

Long-Term Financing

Long-Term Financing	12 Months Ended
	May 31, 2024
Debt Disclosure [Abstract]
Long-Term Financing	Note N — Long-term Financing Long-term debt, at amortized cost, consisted of the following as of: May 31, In millions 2024 2023 Senior Notes, Series A $ 400.0 $ 400.0 Senior Notes, Series B 400.0 400.0 Total long-term borrowings 800.0 800.0 Less: Debt issuance costs, net of accumulated amortization ( 1.4 ) ( 1.8 ) Long-term borrowings, net of debt issuance costs $ 798.6 $ 798.2 Certain information related to the Senior Notes, Series A and Senior Notes, Series B (collectively the “Notes”) issued pursuant to the Note Purchase and Guarantee Agreement (the “Agreement”) for fiscal 2024 and fiscal 2023 are as follows: Senior Notes Senior Notes Series A Series B Stated interest rate 4.07 % 4.25 % Effective interest rate 4.14 % 4.31 % Interest rate type Fixed Fixed Interest payment dates Semi-annual, in arrears Semi-annual, in arrears Principal payment dates March 13, 2026 March 13, 2029 Note type Unsecured Unsecured The effective interest rates for each note series includes the interest on the note and amortization of debt issuance costs. Payment of all amounts due with respect to the Notes and performance under the Agreement is guaranteed by the Company, Paychex of New York LLC, and certain other subsidiaries of the Company. The Company may, at its option, prepay at any time all, or any part of, the Notes, subject to certain conditions as described in the Agreement. The Agreement contains customary representations, warranties, affirmative and negative covenants, including financial covenants that are usual and customary for such arrangements. The Company was in compliance with all these covenants as of May 31, 2024 .

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	May 31, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Note O — Supplemental Cash Flow Information Income taxes paid were $ 539.5 million, $ 525.8 million, and $ 397.7 million for fiscal 2024, fiscal 2023, and fiscal 2022, respectively. Interest expense paid was $ 36.2 million, $ 35.7 million, and $ 35.5 million for fiscal 2024, fiscal 2023, and fiscal 2022, respectively. Refer to Note I of this Item 8 for supplemental cash flow information pertaining to the Company's leasing activities.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	May 31, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	Note P — Employee Benefit Plans 401(k) plan: The Company maintains a contributory savings plan that qualifies under section 401(k) of the Internal Revenue Code. The Paychex, Inc. 401(k) Incentive Retirement Plan (the “Plan”) allows all employees to immediately participate in the salary deferral portion of the Plan, contributing up to a maximum of 50 % of their salary, subject to Internal Revenue Service limitations. Employees who have completed one year of service and a minimum of 1,000 hours worked are eligible to receive a Company matching contribution, when such contribution is in effect. The Company provides a matching contribution of 100 % of the first 3 % and 50 % on the next 2 % of eligible pay for a total matching contribution of 4 %. Company contributions to the Plan for fiscal 2024, 2023, and 2022 were $ 37.5 million , $ 36.6 million , and $ 35.6 million , respectively. The Plan is 100 % participant directed. Plan participants can fully diversify their portfolios by choosing from any or all investment fund choices in the Plan. Transfers in and out of investment funds, including the Paychex, Inc. Employee Stock Ownership Plan Stock Fund, are not restricted, except for certain restricted trading periods for individuals designated as insiders as specified in the Company’s Insider Trading Policy. The Company matching contribution, when in effect, follows the same fund elections as the employee compensation deferrals. Deferred compensation plans: The Company and certain subsidiaries offer non-qualified and unfunded deferred compensation plans to a select group of key employees, executive officers, and outside directors. Eligible employees are provided with the opportunity to defer up to 50 % of their annual base salary and bonus and outside directors may defer 100 % of their Board cash compensation. Gains and losses are credited based on the participant’s election of a variety of investment choices. The Company does not match any participant deferral or guarantee its return. Distributions are paid at one of the following dates selected by the participant: the participant’s termination date, the date the part icipant retires from any active employment, or a designated specific date. The amounts accrued under these plans were $ 33.9 million and $ 28.3 million as of May 31, 2024 and 2023, respectively, and are reflected in other long-term liabilities on the accompanying Consolidated Balance Sheets.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	May 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note Q — Commitments and Contingencies Contingencies: The Company is subject to various claims and legal matters that arise in the normal course of its business. These include disputes or potential disputes related to breach of contract, tort, employment-related claims, tax claims, statutory, and other matters. The Company’s management currently believes that resolution of any outstanding legal matters will not have a material adverse effect on the Company’s financial position or results of operations. However, legal matters are subject to inherent uncertainties and there exists the possibility that the ultimate resolution of these matters could have a material adverse impact on the Company’s financial position and the results of operations in the period in which any such effect is recorded. Other commitments: As of May 31, 2024, the Company had outstanding commitments under existing workers’ compensation insurance agreements and legally binding contractual arrangements with minimum future payment obligations of approximately $ 429.8 million. The Company also enters into various purchase commitments with vendors in the ordinary course of business and had outstanding commitments to purchase approximately $ 2.9 million of capital assets. These minimum future payment obligations relate to the following fiscal years: Payments due by period In millions 2025 2026 2027 2028 2029 Thereafter Workers' compensation estimated obligations $ 74.1 $ 38.0 $ 23.9 $ 16.2 $ 11.8 $ 54.6 Purchase obligations $ 139.8 $ 54.5 $ 13.6 $ 2.6 $ 0.7 $ — In the normal course of business, the Company makes representations and warranties that guarantee the performance of services under service arrangements with clients. Historically, there have been no material losses related to such guarantees. The Company has also entered into indemnification agreements with its officers and directors, which require the Company to defend and, if necessary, indemnify these individuals for certain pending or future claims as they relate to their services provided to the Company. The Company currently self-insures the deductible portion of various insured exposures under certain corporate employee and PEO employee health and medical benefit plans. The Company’s estimated loss exposure under these insurance arrangements is recorded in other current liabilities on the Consolidated Balance Sheets. Historically, the amounts accrued have not been material and were not material as of May 31, 2024 . The Company also maintains insurance coverage in addition to its purchased primary insurance policies for gap coverage for employment practices liability, errors and omissions, warranty liability, theft and embezzlement, cyber threats, and acts of terrorism; and capacity for deductibles and self-insured retentions through its captive insurance company.

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts	12 Months Ended
	May 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts	Schedule II — Valuation and Qualifying Accounts PAYCHEX, INC. CONSOLIDATED FINANCIAL STATEMENT SCHEDULE FOR THE YEAR ENDED MAY 31, (In millions) Additions to/ Balance as of Additions (deductions Balance as beginning charged to from) other Costs and of end Description of fiscal year expenses accounts deductions (1) of fiscal year 2024 Allowance for credit losses $ 20.5 $ 19.8 $ — $ 19.0 $ 21.3 2023 Allowance for credit losses $ 18.2 $ 17.7 $ — $ 15.4 $ 20.5 2022 Allowance for credit losses $ 16.0 $ 10.5 $ — $ 8.3 $ 18.2 (1) Uncollectible amounts written off, net of recoveries, and other adjustments.

Description of Business, Basi_2

Description of Business, Basis of Presentation, and Significant Accounting Policies (Policy)	12 Months Ended
	May 31, 2024
Accounting Policies [Abstract]
Description of Business	Description of business: Paychex, Inc. and its wholly owned subsidiaries (collectively, the “Company” or “Paychex”) is an industry-leading human capital management (“HCM”) company delivering a full suite of technology and advisory services in human resources (“HR”), employee benefit solutions, insurance and payroll for small- to medium-sized businesses and their employees in the United States (“U.S.”) and parts of Europe. The Company also has operations in India. Paychex, a Delaware corporation formed i n 1979, reports as one segment. Substantially all of the Company’s revenue is generated within the U.S. Approximately 1 % of the Company’s total revenue was generated within Europe for each of the fiscal years ended May 31, 2024 (“fiscal 2024”), May 31, 2023 (“fiscal 2023”), and May 31, 2022 (“fiscal 2022 ”). Long-lived assets in Europe were approximately 6 % of total long-lived assets of the Company as of May 31, 2024 and 2023 . Long-lived assets in India were less than 1 % of total long-lived assets of the Company as of May 31, 2024 and 2023. The Company's offers a full range of integrated HCM solutions covering the employee life cycle for businesses and their employees. Clients may choose from a breadth of solutions that also allow integration with some of the most popular HR, accounting, point-of-sale, and productivity applications on the market today. Paychex’s offerings often leverage the information gathered in its base payroll processing service, allowing the Company to provide comprehensive outsourcing services covering the HCM spectrum. Paychex supports its small business clients by utilizing its proprietary, robust, software as a service (“SaaS”) Paychex Flex ® platform and the Company’s SurePayroll ® SaaS-based solutions. Both solutions allow users to process payroll when they want, how they want, and on any type of device (desktop, tablet, and mobile phone). Paychex’s medium-sized clients generally have more complex payroll and employee benefit needs and can opt for an integrated suite of HCM solutions, which allows them to choose the services and software that will meet the needs of their businesses. Total revenue is comprised of service revenue and interest on funds held for clients. Service revenue is comprised primarily of the fees earned on the portfolio of HCM services, which include payroll processing, complementary HR management and administration services, professional employer organization (“PEO”) solutions, and insurance agency commissions. Refer to Note B of this Item 8 for further discussion of the Company’s service revenue.
Basis of Presentation	Basis of presentation: The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain disclosures are reported as zero balances due to rounding.
Reclassifications	Reclassifications: Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported consolidated earnings.
Revision to previously issued financial statements	Revision to previously issued financial statements: The consolidated statement of cash flows for fiscal years 2023 and 2022 includes revisions to previously reported amounts related to the presentation of the cash flows associated with short-term receivables purchased from the Company’s clients under non-recourse arrangements. The revision increased net cash provided by operating activities and decreased net cash provided by investing activities by $ 6.8 m illion and $ 84.2 million, respectively. Management concluded that this revision was not material to the consolidated financial statements of any previously filed annual or interim periods.
Cash and Cash Equivalents	Cash and cash equivalents: Cash and cash equivalents consist of available cash, money market securities, and other investments with a maturity of 90 days or less at acquisition. Cash and cash equivalents include funds collected from the Company’s PEO clients for the payment of worksite employee payrolls and associated payroll taxes. $ 171.7 million and $ 291.3 million collected from PEO clients are included in cash and cash equivalents on the Company’s Consolidated Balance Sheets as of May 31, 2024 and 2023 , respectively.
Restricted Cash and Restricted Cash Equivalents	Restricted cash and restricted cash equivalents: Restricted cash and restricted cash equivalents are recorded at fair value, and consist of cash and cash equivalents, primarily money market securities, included in funds held for clients and cash that is restricted in use to secure commitments for certain workers’ compensation insurance policies.
Accounts Receivable, Net of Allowance for Credit Losses	Accounts receivable, net of allowance for credit losses: Accounts receivable balances are shown on the Consolidated Balance Sheets net of the allowance for credit losses of $ 21.3 million and $ 20.5 million as of May 31, 2024 and 2023, respectively. These balances include trade receivables for services provided to clients and receivables purchased from the Company's clients under non-recourse arrangements. Trade receivables were $ 141.3 million and $ 287.0 million as of May 31, 2024 and 2023, respectively. Purchased receivables were $ 939.6 million and $ 606.8 million as of May 31, 2024 and 2023, respectively. The Company is exposed to credit losses through the sale of its solutions and support services, payment of client obligations, and collection of purchased receivables. To mitigate this credit risk, the Company has multiple programs in place to assess and continuously monitor each client’s ability to pay for these solutions and support services. Credit monitoring programs include, but are not limited to, new client credit reviews, establishing appropriate credit limits, monitoring of credit distressed clients, and early electronic wire and collection procedures. The Company also considers contract terms and conditions, client business type or strategy and may require collateralized asset support or prepayment to mitigate credit risk. Accounts receivable are written off and charged against the allowance for credit losses when the Company has exhausted all collection efforts without success. The Company estimates its allowance for credit losses based on historical loss activity adjusted for current economic conditions and reasonable and supportable forecast factors, when applicable. The provision for the allowance for credit losses and accounts written off were no t material for the fiscal years ended May 31, 2024, 2023 and 2022 , respectively. No single client had a material impact on total accounts receivable as of May 31, 2024 or 2023 . No single client had a material impact on service revenue or results of operations for the fiscal years ended May 31, 2024, 2023 and 2022 .
PEO Unbilled Receivables, Net of Advance Collections	PEO unbilled receivables, net of advance collections: The Company recognizes a liability for worksite employee gross wages and related payroll tax liabilities at the end of the period in which the worksite employee performs work, and where it assumes, under applicable federal and state regulations, the obligation for the payment of payroll and payroll tax liabilities. The estimated payroll and payroll tax liabilities are recorded in accrued worksite employee compensation and related items on the Company’s Consolidated Balance Sheets. The associated unbilled receivables, including estimated revenues, offset by advance collections from clients, are recorded as PEO unbilled receivables, net of advance collections on the Company’s Consolidated Balance Sheets. As of May 31, 2024 and 2023, advance collections were $ 0.7 million and $ 12.5 million , respectively.
Funds Held for Clients and Corporate Investments	Funds held for clients and corporate investments: Marketable securities included in funds held for clients and corporate investments consist primarily of securities classified as AFS and are recorded at fair value obtained from an independent pricing service. The funds held for clients portfolio also includes cash and cash equivalents such as money market securities. Unrealized gains and losses, net of applicable income taxes, are reported as other comprehensive income or loss in the Consolidated Statements of Income and Comprehensive Income. Realized gains and losses on the sale of AFS securities are determined by specific identification of the cost basis of each security. On the Consolidated Statements of Income and Comprehensive Income, realized gains and losses from the funds held for clients portfolio and corporate investments portfolio are included in interest on funds held for clients and other income/(expense), net, respectively.
Concentrations	Concentrations: Substantially all the Company’s deposited cash is maintained at large well-capitalized (as defined by their regulators) financial institutions. These deposits may exceed the amount of any insurance provided. All the Company’s deliverable securities are held in custody with certain of the aforementioned financial institutions, for which that institution bears the risk of custodial loss. Non-deliverable securities are primarily time deposits and money market funds.
Property and Equipment, Net of Accumulated Depreciation	Property and equipment, net of accumulated depreciation: Property and equipment is stated at cost, less accumulated depreciation. Depreciation is based on the estimated useful lives of property and equipment using the straight-line method. The estimated useful lives of depreciable assets are generally as follows: Category Depreciable life Buildings and improvements 10 to 35 years or the remaining life, whichever is shorter Data processing equipment 3 to 5 years Furniture, fixtures, and equipment 2 to 7 years Leasehold improvements 10 years or the life of the lease, whichever is shorter Software 3 to 12 years Normal and recurring repairs and maintenance costs are charged to expense as incurred. The Company reviews the carrying value of property and equipment for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable.
Software Development and Enhancements	Software development and enhancements: Expenditures for software purchases and software developed for internal use are capitalized and depreciated on a straight-line basis over the estimated useful lives, which are generally 3 to 5 years. Software developed as part of the Company’s main processing platform is depreciated over 12 years. For software developed for internal use, certain costs are capitalized, including external direct costs of materials and services associated with developing or obtaining the software, and payroll and payroll-related costs for employees who are directly associated with internal-use software projects. Capitalization of these costs ceases no later than the point at which the project is substantially complete and ready for its intended use. Costs associated with preliminary project stage activities, training, maintenance, and other post-implementation stage activities are expensed as incurred. The carrying value of software and development costs is reviewed for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable.
Goodwill and Other Intangible Assets, Net of Accumulated Amortization	Goodwill and other intangible assets, net of accumulated amortization: Goodwill is not amortized, but instead is tested for impairment on an annual basis and between annual tests if an event occurs or circumstances change in a way to indicate that there has been a potential decline in the fair value of a reporting unit. The Company performs its annual impairment testing in its fiscal fourth quarter. During fiscal 2024 and fiscal 2023, a qualitative analysis was performed on all reporting units to determine if it is more-likely-than-not that the fair value of the reporting units had declined below their carrying values. During fiscal 2022 , a qualitative assessment was performed for the Company's Paychex, Inc., excluding Purchased Receivables, reporting unit, and a quantitative assessment was performed on the Purchased Receivable reporting unit. The qualitative assessment considered various financial, macroeconomic, industry, and reporting unit specific qualitative factors. Based on the results of the Company’s testing, no impairment loss was recognized in the results of operations for fiscal 2024, fiscal 2023, or fiscal 2022. Subsequent to the latest review, there have been no events or circumstances that indicate any potential impairment of the Company’s goodwill balance. Intangible assets are comprised primarily of client list acquisitions and are reported net of accumulated amortization on the Consolidated Balance Sheets. Intangible assets are amortized over periods generally ranging from 3 to 12 years. Certain client lists use an accelerated method, while other intangible assets use the straight-line method of amortization. In addition, the Company has intangible assets with indefinite useful lives, which are tested for impairment on an annual basis and between annual tests if an event occurs or circumstances change in a way to indicate that the carrying value may not be recoverable. The Company has determined, using qualitative assessments, there is no impairment of intangible assets with indefinite useful lives for fiscal 2024, fiscal 2023, or fiscal 2022 .
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets: Long-lived assets, including intangible assets with finite lives and operating lease right-of-use (“ROU”) assets, are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. The recoverability of asset groups to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset group exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset group exceeds its estimated fair value. The Company has determined that there was no impairment of long-lived assets for fiscal 2024, fiscal 2023, or fiscal 2022 .
Foreign Currency	Foreign Currency: The financial statements of the Company’s foreign subsidiaries have been translated into U.S. dollars. Assets and liabilities are translated into U.S. dollars at period-end exchange rates. Income and expenses are translated at the average exchange rate for the reporting period. The resulting non-cash foreign currency translation adjustments, representing unrealized gains or losses, are included in the Consolidated Statements of Stockholders’ Equity as a component of accumulated other comprehensive income/(loss), net of tax. The Company did no t have any material realized gains or losses resulting from foreign exchange transactions during fiscal 2024, fiscal 2023, or fiscal 2022 .
Revenue Recognition	Revenue recognition: Revenues are primarily attributable to fees for providing services as well as investment income earned on funds held for clients. Fees associated with services are recognized when control of the contracted services is transferred to the Company's clients, in an amount that reflects the consideration it expects to receive in exchange for such services. The Company’s service revenue is largely attributable to processing services where the fee is based on a fixed amount per processing period or a fixed amount per processing period plus a fee per employee or transaction processed. Insurance Solutions revenues are recognized when commissions are earned on premiums billed and collected. Fees earned for the purchase of client's accounts receivable under non-recourse arrangements are based on a percentage of funding amounts as specified in the client contract. These fees are then recognized over the average collection period of 40 to 60 days for clients in the temporary staffing agency market and approximately 5 to 15 days for other clients. The revenue earned from delivery service for the distribution of certain client payroll checks and reports is included in service revenue, and the costs for the delivery are included in cost of service revenue on the Consolidated Statements of Income and Comprehensive Income. The Company receives advance payments for set-up fees from its clients. Advance payments received for certain service offerings for set-up fees are considered a material right. Therefore, the Company defers the revenue associated with these advance payments, recognizing the revenue and related expenses over the expected period to which the material right exists. PEO Solutions revenue is included in service revenue and is reported net of certain pass-through costs billed and incurred, which include payroll wages, payroll taxes, including federal and state unemployment insurance, and certain health insurance benefit premiums, primarily costs related to the Company’s guaranteed cost benefit plans. Direct costs related to workers’ compensation and certain benefit plans where the Company retains risk are recognized as cost of service revenue rather than as a reduction in service revenue. Refer to Note B of this Item 8 for further discussion of the Company's PEO pass-through costs. Interest on funds held for clients is earned primarily on funds that are collected from clients before due dates for payroll tax administration and employee payment services and invested until remittance to the applicable tax or regulatory agencies or client employees. The interest earned on these funds is included in total revenue on the Consolidated Statements of Income and Comprehensive Income because the collecting, holding, and remitting of these funds are components of providing these services.
Assets Recognized from the Costs to Obtain and Fulfill Contracts	Assets Recognized from the Costs to Obtain and Fulfill Contracts: The Company recognizes an asset for the incremental costs of obtaining a contract with a client if it is expected that the economic benefit and amortization period will be longer than one year. Incremental costs of obtaining a contract include only those costs that are directly related to the acquisition of new contracts and that would not have been incurred if the contract had not been obtained. The Company does not incur incremental costs to obtain a contract renewal. The Company determined that certain sales commissions and bonuses, including related fringe benefits, meet the capitalization criteria under Accounting Standards Codification (“ASC”) Subtopic 340-40, “Other Assets and Deferred Costs: Contracts with Customers” (“ASC 340-40”). The Company also recognizes an asset for the costs to fulfill a contract with a client if the costs are specifically identifiable, generate or enhance resources used to satisfy future performance obligations, and are expected to be recovered. The Company has determined that substantially all costs related to implementation activities are administrative in nature and meet the capitalization criteria under ASC 340-40. These capitalized costs to fulfill a contract principally relate to upfront direct costs that are expected to be recovered and enhance the Company’s ability to satisfy future performance obligations. The assets related to both costs to obtain and costs to fulfill contracts with clients are capitalized and amortized using an accelerated method over an eight-year life to closely align with the pattern of client attrition over the estimated life of the client relationship. The Company regularly reviews its deferred costs for potential impairment and did no t recognize an impairment loss during fiscal 2024, fiscal 2023, or fiscal 2022 .
Cost of Service Revenue	Cost of service revenue: The Company’s costs and expenses applicable to total service revenue represent direct costs associated with providing HR, payroll, benefits, and insurance services. This includes labor-related costs, direct costs related to certain PEO solutions, postage and delivery costs, facility costs, professional services, and depreciation and amortization of property and equipment, including internally developed software.
Selling, General and Administrative Expenses	Selling, general and administrative expenses: The Company’s selling, general and administrative expenses represent labor-related costs, including amortization of deferred sales commissions and bonuses, corporate asset depreciation and amortization, marketing, and other general and administrative expenses incurred by the Company.
PEO Insurance Reserves	PEO insurance reserves: As part of its PEO solution, the Company offers workers’ compensation insurance and health insurance to clients for the benefit of client employees. Workers’ compensation insurance is primarily provided under fully insured high deductible workers’ compensation insurance policies. Workers’ compensation insurance reserves are established to provide for the estimated costs of paying claims up to per occurrence liability limits. These reserves include estimates of certain expenses associated with processing and settling these claims. In establishing the PEO workers’ compensation insurance reserves, the Company uses an independent actuarial estimate of undiscounted future cash payments that would be made to settle claims. The determination of estimated ultimate losses by the Company’s independent actuary are based on accepted actuarial methods and assumptions. The estimated ultimate losses are primarily based upon loss development factors, and other factors such as the nature of employees’ job responsibilities, the historical frequency and severity of workers’ compensation claims, and an estimate of future cost trends. Each reporting period, changes in actuarial assumptions resulting from changes in actual claims experience and other trends are incorporated into the Company's workers’ compensation claims cost estimates. For fiscal 2024 , the Company has an aggregate maximum liability of $ 1.0 million for claims exceeding $ 1.0 million, and once met, the maximum individual claims liability is $ 1.0 million. For Fiscal 2023 , the Company has an aggregate maximum liability of $ 2.0 million for claims exceeding $ 1.0 million, and once met, the maximum individual claims liability is $ 1.0 million. As of May 31, 2024 and 2023, the Company had recorded current liabilities of $ 74.1 million and $ 64.3 million , respectively, and long-term liabilities of $ 144.5 million and $ 131.5 million , respectively, on its Consolidated Balance Sheets for workers’ compensation insurance reserves. The amounts were recorded in the other current liabilities and other long-term liabilities sections, respectively, of the Consolidated Balance Sheets. With respect to PEO health insurance, the Company offers various health insurance plans that take the form of either fully insured guaranteed cost plans or fully insured insurance arrangements where the Company retains risk. A reserve for insurance arrangements where the Company retains risk is established to provide for the payment of claims in accordance with the Company’s service contract with the carrier. The claims reserve includes estimates for reported losses, plus amounts for those claims incurred but not reported, and estimates of certain expenses associated with processing and settling the claims. The Company’s maximum individual claims liability was $ 0.5 million under its policies durin g both fiscal 2024 and fiscal 2023. Amounts accrued related to the health insurance and dental and vision plan reserves were $ 50.6 million and $ 47.0 million as of May 31, 2024 and 2023, respectively. These amounts are included in other current liabilities on the Consolidated Balance Sheets. Estimating the ultimate cost of future claims is an uncertain and complex process based upon historical loss experience and accepted actuarial methods and assumptions. These reserves are subject to change due to multiple factors, including economic trends, changes in legal liability law, and damage awards, all of which could materially impact the reserves as reported in the consolidated financial statements. Accordingly, final claim settlements may vary from the present estimates, particularly with workers’ compensation insurance where those payments may not occur until well into the future. The Company regularly reviews the adequacy of its estimated insurance reserves. Adjustments to previously established reserves are reflected in the results of operations for the period in which the adjustment is identified. Such adjustments could be significant, reflecting any combination of new and adverse or favorable trends. Adjustments to previously established reserves were not material for fiscal 2024, fiscal 2023, or fiscal 2022 .
Leases	Leases: The Company accounts for its leases under ASC Topic 842, "Leases". At contract inception, the Company determines if the new contractual arrangement is a lease or contains a leasing arrangement. If a contract contains a lease whose term is greater than one year, the Company evaluates whether it should be classified as an operating or a finance lease. Currently, all the Company’s leases have been classified as operating leases. Upon modification of a contract, the Company will reassess to determine if a contract is or contains a leasing arrangement. The Company records lease liabilities based on the future estimated cash payments discounted over the lease term, defined as the non-cancellable time period of the lease, together with all the following: • periods covered by an option to extend the lease if the Company is reasonably certain to exercise the extension option; and • periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the termination option. Leases may also include options to terminate the arrangement or options to purchase the underlying lease property. The Company does not separate lease and non-lease components of contracts. Lease components provide the Company with the right to use an identified asset, which consist of the Company’s real estate properties and office equipment. Non-lease components consist primarily of maintenance services. As an implicit discount rate is typically not readily determinable in the Company’s lease agreements, the Company uses its estimated secured incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The incremental borrowing rate is determined using a portfolio approach utilizing publicly available information related to our unsecured borrowing rates. For certain leases with original terms of 12 months or less, the Company recognizes lease expense as incurred and does not recognize any lease liabilities. Short-term and long-term portions of operating lease liabilities are classified as other current liabilities and operating lease liabilities, respectively, on the Company’s Consolidated Balance Sheets. An ROU asset is measured as the amount of the lease liability with adjustments, if applicable, for lease incentives, initial direct costs incurred by the Company, and lease prepayments made prior to or at lease commencement. ROU assets are classified as operating lease ROU assets, net of accumulated amortization, on the Company’s Consolidated Balance Sheets. The Company evaluates the carrying value of ROU assets if there are indicators of potential impairment and performs the analysis concurrent with the review of the recoverability of the related asset group. If the carrying value of the asset group is determined to not be fully recoverable and is in excess of its estimated fair value, the Company will record an impairment loss in its Consolidated Statements of Income and Comprehensive Income. The Company did no t recognize an impairment loss during fiscal 2024, fiscal 2023 or fiscal 2022. Fixed lease expense payments are recognized on a straight-line basis over the lease term. Variable lease payments vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time, and are often due to changes in an external market rate or the value of an index (e.g. Consumer Price Index). Variable lease payments are expensed as incurred in the Company’s Consolidated Statements of Income and Comprehensive Income.
Stock-Based Compensation Costs	Stock-based compensation costs: All stock-based awards to employees are recognized as compensation costs in the consolidated financial statements based on their fair values measured as of the date of grant. The Company estimates the fair value of stock option grants using a Black-Scholes option pricing model. This model requires various assumptions as inputs including expected volatility of the Paychex stock price and expected option life. Volatility is estimated based on a combination of historical volatility, using stock prices over a period equal to the expected option life, and implied market volatility. Expected option life is estimated based on historical exercise behavior. The Company periodically reassesses its assumptions as well as its choice of valuation model. The Company will reconsider use of this model if additional information becomes available in the future indicating that another model would provide a more accurate estimate of fair value or if characteristics of future grants would warrant such a change. The fair value of stock awards is determined based on the stock price at the date of grant. For grants that do not accrue dividends or dividend equivalents, the fair value is the stock price reduced by the present value of estimated dividends over the vesting period or performance period. The Company’s policy is to estimate forfeitures and only record compensation costs for those awards that are expected to vest. The assumptions for forfeitures are determined based on type of award and historical experience. Forfeiture assumptions are adjusted at the point in time a significant change is identified, with any adjustment recorded in the period of change, and the final adjustment at the end of the requisite service period to equal actual forfeitures. The assumptions of volatility, expected option life, and forfeitures all require significant judgment and are subject to change in the future due to factors such as employee exercise behavior, stock price trends, and changes to type or provisions of stock-based awards. Any material change in one or more of these assumptions could have an impact on the estimated fair value of a future award. Refer to Note F of this Item 8 for further discussion of the Company’s stock-based compensation plans.
Income Taxes	Income taxes: The Company accounts for deferred taxes by recognizing deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities, using enacted tax rates in effect for the fiscal year in which the differences are expected to reverse. The Company also maintains a reserve for uncertain tax positions. The Company evaluates tax positions taken or expected to be taken in a tax return for recognition in its consolidated financial statements. Prior to recording the related tax benefit in the consolidated financial statements, the Company must conclude that tax positions will be more-likely-than-not to be sustained, assuming those positions will be examined by taxing authorities with full knowledge of all relevant information. The benefit recognized in the consolidated financial statements is the amount the Company expects to realize after examination by taxing authorities. If a tax position drops below the more-likely-than-not standard, the benefit can no longer be recognized. Assumptions, judgment, and the use of estimates are required in determining if the more-likely-than-not standard has been met when developing the provision for income taxes and in determining the expected benefit. A change in the assessment of the more-likely-than-not standard could materially impact the Company’s results of operations or financial position. Refer to Note L of this Item 8 for further discussion of the Company’s reserve for uncertain tax positions.
Use of Estimates	Use of estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates, judgments, and assumptions that affect reported amounts of assets, liabilities, revenue, and expenses during the reporting period. Actual amounts and results could differ from these estimates.
Recently Adopted and Issued Accounting Pronouncements	Recently adopted accounting pronouncements: Effective June 1, 2023 , the Company adopted Accounting Standards Update (“ASU”) No. 2021-08 “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ,” which did no t have a material impact on its consolidated financial statements. Recently issued accounting pronouncements: In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The requirements are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, and are required to be applied retrospectively. This ASU is applicable to the Company’s Annual Report on Form 10-K for the fiscal year ending May 31, 2025, and subsequent interim periods, with early application permitted. The requirements of this ASU are disclosure-related and will not have an impact on the Company’s financial condition, results of operations, or cash flows. The Company is currently evaluating the impact of adopting this ASU on its reportable segment disclosures. In December 2023, the FASB issued ASU No. 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU updates income tax disclosure requirements primarily by requiring specific categories and greater disaggregation within the rate reconciliation and disaggregation of income taxes paid by jurisdiction. This ASU is effective for annual periods beginning after December 15, 2024, and is applicable to the Company’s fiscal year beginning June 1, 2025, with early application permitted. The transition method is prospective with the retrospective method permitted. The requirements of this ASU are disclosure-related and will not have an impact on the Company’s financial condition, results of operations, or cash flows. The Company is currently evaluating the impact of adopting this ASU on its income tax disclosures.

Description of Business, Basi_3

Description of Business, Basis of Presentation, and Significant Accounting Policies (Tables)	12 Months Ended
	May 31, 2024
Accounting Policies [Abstract]
Estimated Useful Lives of Depreciable Assets	The estimated useful lives of depreciable assets are generally as follows: Category Depreciable life Buildings and improvements 10 to 35 years or the remaining life, whichever is shorter Data processing equipment 3 to 5 years Furniture, fixtures, and equipment 2 to 7 years Leasehold improvements 10 years or the life of the lease, whichever is shorter Software 3 to 12 years

Service Revenue (Tables)

Service Revenue (Tables)	12 Months Ended
	May 31, 2024
Revenue from Contract with Customer [Abstract]
Summary of PEO Pass-Through Costs Netted in Revenue	PEO pass-through costs netted within the PEO and Insurance Solutions revenue are as follows: Year ended May 31, In millions 2024 2023 2022 Payroll wages and payroll taxes $ 27,381.5 $ 26,025.3 $ 24,209.3 State unemployment insurance (included in payroll wages and payroll taxes) $ 151.8 $ 138.2 $ 139.1 Guaranteed cost benefit plans $ 660.3 $ 656.3 $ 641.4
Summary of Changes in Deferred Revenue Related to Material Rights Performance Obligations	Changes in deferred revenue related to material rights that exceed one year were as follows: Year ended May 31, In millions 2024 2023 Balance, beginning of period $ 62.0 $ 48.9 Deferral of revenue 46.7 42.1 Recognition of unearned revenue ( 33.8 ) ( 29.0 ) Balance, end of period $ 74.9 $ 62.0
Summary of Changes in Deferred Costs to Obtain and Fulfill Contracts	Changes in deferred costs to obtain and fulfill contracts were as follows: Costs to fulfill contracts: Year ended May 31, In millions 2024 2023 Balance, beginning of period $ 75.3 $ 72.3 Capitalization of costs 27.8 28.9 Amortization ( 26.5 ) ( 25.9 ) Balance, end of period $ 76.6 $ 75.3 Costs to obtain contracts: Year ended May 31, In millions 2024 2023 Balance, beginning of period $ 597.5 $ 550.2 Capitalization of costs 217.1 240.5 Amortization ( 205.2 ) ( 193.2 ) Balance, end of period $ 609.4 $ 597.5

Basic and Diluted Earnings Pe_2

Basic and Diluted Earnings Per Share (Tables)	12 Months Ended
	May 31, 2024
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share	Basic and diluted earnings per share were calculated as follows: Year ended May 31, In millions, except per share amounts 2024 2023 2022 Basic earnings per share: Net income $ 1,690.4 $ 1,557.3 $ 1,392.8 Weighted-average common shares outstanding 360.3 360.4 360.6 Basic earnings per share $ 4.69 $ 4.32 $ 3.86 Diluted earnings per share: Net income $ 1,690.4 $ 1,557.3 $ 1,392.8 Weighted-average common shares outstanding 360.3 360.4 360.6 Dilutive effect of common share equivalents 1.8 1.9 2.5 Weighted-average common shares outstanding, assuming dilution 362.1 362.3 363.1 Diluted earnings per share $ 4.67 $ 4.30 $ 3.84 Weighted-average anti-dilutive common share equivalents 0.6 0.7 0.2

Other Income_(Expense), Net (Ta

Other Income/(Expense), Net (Tables)	12 Months Ended
	May 31, 2024
Other Income and Expenses [Abstract]
Schedule of Other Income (Expense), Net	Other income/(expense), net, consisted of the following items: Year ended May 31, In millions 2024 2023 2022 Interest income on corporate investments $ 82.7 $ 49.1 $ 2.9 Interest expense ( 37.3 ) ( 36.7 ) ( 36.6 ) Other ( 1.5 ) 2.7 18.3 Other income/(expense), net $ 43.9 $ 15.1 $ ( 15.4 )

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	May 31, 2024
Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-Average Assumptions	The weighted-average assumptions used for valuation under the Black-Scholes option pricing model are as follows: Year ended May 31, 2024 2023 2022 Risk-free interest rate 4.1 % 3.2 % 1.2 % Dividend yield 3.1 % 2.6 % 2.9 % Volatility factor 0.25 0.27 0.23 Expected option life in years 6.6 6.6 6.6 Weighted-average grant-date $ 27.21 $ 27.58 $ 17.47
Stock Option Activity	The following table summarizes stock option activity for fiscal 2024: Weighted- Weighted- average Shares average remaining Aggregate subject exercise price contractual intrinsic In millions, except per share amounts to options per share term (years) value (1) Outstanding as of May 31, 2023 3.3 $ 74.09 Granted 0.4 $ 120.76 Exercised ( 0.6 ) $ 63.49 Forfeited ( 0.1 ) $ 118.35 Outstanding as of May 31, 2024 3.0 $ 80.09 5.0 $ 119.1 Exercisable as of May 31, 2024 2.5 $ 72.45 4.3 $ 117.6 (1) Total shares valued at the market price of the underlying stock as of May 31, 2024 less the exercise price.
Other Information Pertaining to Stock Option	Other information pertaining to stock option grants is as follows: Year ended May 31, In millions 2024 2023 2022 Total intrinsic value of stock options exercised $ 35.1 $ 10.3 $ 44.3 Total grant-date fair value of stock options vested $ 7.5 $ 7.1 $ 6.4
Time Based And Performance Based Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSU Activity	The following table summarizes RSU activity for fiscal 2024: Weighted- Weighted- average average Time- grant-date Performance- grant-date based fair value based fair value In millions, except per share amounts RSUs per share RSUs per share Nonvested as of May 31, 2023 1.4 $ 102.13 0.1 $ 107.88 Granted (1) 0.5 $ 114.95 0.2 $ 114.23 Vested ( 0.5 ) $ 90.99 ( 0.0 ) $ 107.40 Forfeited ( 0.1 ) $ 109.02 ( 0.0 ) $ 112.01 Nonvested as of May 31, 2024 1.3 $ 110.51 0.3 $ 110.26 (1) For performance-based RSUs, granted number assumes achievement of performance goals at target. Actual number of shares to be earned may differ from this amount.
Other Information Pertaining to RSUs	Other information pertaining to RSUs is as follows: Year ended May 31, In millions, except per share amounts 2024 2023 2022 Time-based RSUs: Weighted-average grant-date fair value per share of RSUs granted $ 114.95 $ 127.75 $ 109.81 Weighted-average remaining vesting period (years) (1) 1.4 1.5 1.5 Total intrinsic value of RSUs vested $ 55.9 $ 58.2 $ 54.7 Aggregate intrinsic value of nonvested RSUs (2) $ 152.5 $ 141.8 $ 165.2 Total grant-date fair value of RSUs vested $ 41.2 $ 32.7 $ 30.0 Performance-based RSUs: Weighted-average grant-date fair value per share of RSUs granted $ 114.23 $ 108.31 $ 103.59 Weighted-average remaining vesting period (years) (1) 1.1 1.8 1.0 Total intrinsic value of RSUs vested $ 0.4 $ 7.8 $ — Aggregate intrinsic value of nonvested RSUs (2) $ 30.8 $ 15.7 $ 14.7 Total grant-date fair value of RSUs vested $ 0.4 $ 5.4 $ — (1) Weighting is based on the number of unvested share units vesting in each future vesting tranche. (2) Based on the market price of the underlying common stock as of May 31, 2024, 2023 and 2022 .
Time-Based And Performance-Based Restricted Stock Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted Stock Awards Activity	The following table summarizes RSA activity for fiscal 2024: Weighted- Weighted- average average grant-date Performance- grant-date Time-based fair value based fair value In millions, except per share amounts RSAs per share RSAs per share Nonvested as of May 31, 2023 0.1 $ 95.10 0.1 $ 107.40 Vested ( 0.1 ) $ 88.11 — $ — Forfeited ( 0.0 ) $ 114.15 ( 0.0 ) $ 107.40 Nonvested as of May 31, 2024 0.0 $ 114.22 0.1 $ 107.40 No RSAs were granted during fiscal 2024 or fiscal 2023.
Other Information Pertaining to Restricted Stock Awards	Other information pertaining to RSAs is as follows: Year ended May 31, In millions, except per share amounts 2024 2023 2022 Weighted-average grant-date fair value per share of time-based RSAs granted $ — $ — $ 114.21 Total grant-date fair value of time-based RSAs vested $ 3.1 $ 4.3 $ 3.8 Weighted-average grant-date fair value per share of performance-based RSAs $ — $ — $ 103.97 Total grant-date fair value of performance-based restricted RSAs vested $ — $ 3.7 $ 7.2
LTIP Performance-Based Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock Option Activity	The following table summarizes LTIP performance-based stock option activity for fiscal 2024: Weighted- Weighted- average Shares average remaining Aggregate subject exercise price contractual intrinsic In millions, except per share amounts to options per share term (years) value (1) Outstanding as of May 31, 2023 0.4 $ 60.51 Exercised ( 0.1 ) $ 58.98 Outstanding as of May 31, 2024 0.3 $ 60.86 2.1 $ 20.9 Exercisable as of May 31, 2024 0.3 $ 60.86 2.1 $ 20.9 (1) Shares valued at the market price of the underlying stock as of May 31, 2024 less the exercise price.
Other Information Pertaining to Stock Option	Other information pertaining to LTIP performance-based stock options is as follows: Year ended May 31, In millions 2024 2023 2022 Total intrinsic value of stock options exercised $ 5.2 $ 0.7 $ 16.0

Funds Held for Clients and Co_2

Funds Held for Clients and Corporate Investments (Tables)	12 Months Ended
	May 31, 2024
Funds Held for Clients and Corporate Investments [Abstract]
Funds Held for Clients and Corporate Investments	Funds held for clients and corporate investments are as follows: May 31, 2024 Gross Gross Amortized unrealized unrealized Fair In millions cost gains losses value Type of issue: Funds held for clients' money market securities and other $ 380.3 $ — $ — $ 380.3 AFS securities: Asset-backed securities 135.7 0.1 ( 1.1 ) 134.7 Corporate bonds 1,400.3 1.3 ( 32.8 ) 1,368.8 Municipal bonds 1,060.1 0.2 ( 86.9 ) 973.4 U.S. government agency and treasury securities 896.0 0.1 ( 43.4 ) 852.7 Variable rate demand notes — — — — Total AFS securities 3,492.1 1.7 ( 164.2 ) 3,329.6 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 May 31, 2023 Gross Gross Amortized unrealized unrealized Fair In millions cost gains losses value Type of issue: Funds held for clients' money market securities and other $ 863.1 $ — $ — $ 863.1 AFS securities: Asset-backed securities 88.1 — ( 1.4 ) 86.7 Corporate bonds 1,468.3 3.7 ( 31.1 ) 1,440.9 Municipal bonds 1,091.3 0.1 ( 105.3 ) 986.1 U.S. government agency and treasury securities 788.1 0.3 ( 41.6 ) 746.8 Variable rate demand notes 344.1 — — 344.1 Total AFS securities 3,779.9 4.1 ( 179.4 ) 3,604.6 Other 30.1 1.1 ( 2.9 ) 28.3 Total funds held for clients and corporate investments $ 4,673.1 $ 5.2 $ ( 182.3 ) $ 4,496.0
Classification of Investments on Consolidated Balance Sheets	The classification of funds held for clients and corporate investments on the Consolidated Balance Sheets is as follows: May 31, In millions 2024 2023 Funds held for clients $ 3,706.2 $ 4,118.8 Corporate investments 33.9 373.4 Long-term corporate investments 3.7 3.8 Total funds held for clients and corporate investments $ 3,743.8 $ 4,496.0
Securities in Unrealized Loss Position	AFS securities in an unrealized loss position for which a credit loss has not been recognized were as follows: May 31, 2024 Securities in an unrealized Securities in an unrealized Total Gross Gross Gross unrealized Fair unrealized Fair unrealized Fair In millions losses value losses value losses value Type of issue: Asset-backed securities $ ( 0.4 ) $ 77.4 $ ( 0.7 ) $ 43.0 $ ( 1.1 ) $ 120.4 Corporate bonds ( 8.4 ) 620.8 ( 24.4 ) 647.8 ( 32.8 ) 1,268.6 Municipal bonds ( 8.0 ) 102.5 ( 78.9 ) 864.7 ( 86.9 ) 967.2 U.S. government agency and treasury securities ( 6.2 ) 268.2 ( 37.2 ) 547.2 ( 43.4 ) 815.4 Total $ ( 23.0 ) $ 1,068.9 $ ( 141.2 ) $ 2,102.7 $ ( 164.2 ) $ 3,171.6 May 31, 2023 Securities in an unrealized Securities in an unrealized Total Gross Gross Gross unrealized Fair unrealized Fair unrealized Fair In millions losses value losses value losses value Type of issue: Asset-backed securities $ ( 0.1 ) $ 54.2 $ ( 1.3 ) $ 23.3 $ ( 1.4 ) $ 77.5 Corporate bonds ( 5.9 ) 652.0 ( 25.2 ) 382.7 ( 31.1 ) 1,034.7 Municipal bonds ( 5.9 ) 86.7 ( 99.4 ) 889.0 ( 105.3 ) 975.7 U.S. government agency and treasury securities ( 3.3 ) 199.6 ( 38.3 ) 457.9 ( 41.6 ) 657.5 Total $ ( 15.2 ) $ 992.5 $ ( 164.2 ) $ 1,752.9 $ ( 179.4 ) $ 2,745.4
Realized Gains and Losses from Sale of Available-for-sale Securities	Realized gains and losses from the sale of AFS securities were as follows: Year ended May 31, In millions 2024 2023 2022 Gross realized gains $ — $ 0.1 $ 0.2 Gross realized losses ( 2.6 ) ( 9.9 ) 0.0 Net realized (losses)/gains $ ( 2.6 ) $ ( 9.8 ) $ 0.2
Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity	The amortized cost and fair value of AFS securities that had stated maturities as of May 31, 2024 are shown below by expected maturity. May 31, 2024 Amortized Fair In millions cost value Maturity date: Due in one year or less $ 211.0 $ 207.1 Due after one year through three years 1,439.4 1,365.2 Due after three years through five years 1,452.8 1,377.2 Due after five years 388.9 380.1 Total $ 3,492.1 $ 3,329.6

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	May 31, 2024
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows: May 31, 2024 Quoted Significant prices in other Significant Carrying active observable unobservable value markets inputs inputs In millions (Fair value) (Level 1) (Level 2) (Level 3) Assets: Restricted and unrestricted cash equivalents: U.S. government agency and treasury securities $ 386.4 $ — $ 386.4 $ — Money market securities 31.4 31.4 — — Total restricted and unrestricted cash equivalents $ 417.8 $ 31.4 $ 386.4 $ — AFS securities: Asset-backed securities $ 134.7 $ — $ 134.7 $ — Corporate bonds 1,368.8 — 1,368.8 — Municipal bonds 973.4 — 973.4 — U.S. government agency and treasury securities 852.7 — 852.7 — VRDNs — — — — Total AFS securities $ 3,329.6 $ — $ 3,329.6 $ — Other $ 33.9 $ 33.9 $ — $ — Liabilities: Other long-term liabilities $ 33.9 $ 33.9 $ — $ — May 31, 2023 Quoted Significant prices in other Significant Carrying active observable unobservable value markets inputs inputs In millions (Fair value) (Level 1) (Level 2) (Level 3) Assets: Restricted and unrestricted cash equivalents: Money market securities $ 43.8 $ 43.8 $ — $ — Total restricted and unrestricted cash equivalents $ 43.8 $ 43.8 $ — $ — AFS securities: Asset-backed securities $ 86.7 $ — $ 86.7 $ — Corporate bonds 1,440.9 — 1,440.9 — Municipal bonds 986.1 — 986.1 — U.S. government agency and treasury securities 746.8 — 746.8 — VRDNs 344.1 — 344.1 — Total AFS securities $ 3,604.6 $ — $ 3,604.6 $ — Other $ 28.3 $ 28.3 $ — $ — Liabilities: Other long-term liabilities $ 28.3 $ 28.3 $ — $ —

Leases (Tables)

Leases (Tables)	12 Months Ended
	May 31, 2024
Leases [Abstract]
Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to the Company’s leases were as follows: May 31, $ in millions 2024 2023 Operating lease ROU assets, net of accumulated amortization $ 46.9 $ 61.5 Operating lease liabilities, current (1) 19.2 20.3 Operating lease liabilities, non-current 49.0 57.3 Weighted average remaining lease term (in years) 4.3 4.7 Weighted average discount rate 3.23 % 2.21 % (1) The current portion of operating lease liabilities is reported in the other current liabilities line item on the Company’s Consolidated Balance Sheets.
Components of Lease Expense	The components of lease expense were as follows: Year ended May 31, In millions 2024 2023 2022 Fixed payment operating lease expense $ 28.7 $ 20.8 $ 27.2 Variable payment operating lease expense 5.8 6.2 6.9 Short-term lease expense 0.0 0.0 -
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to the Company’s leases were as follows: Year ended May 31, In millions 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities $ 20.9 $ 21.7 $ 32.4 Amortization of ROU assets 25.8 17.6 22.7 ROU assets obtained in exchange for new operating lease liabilities 7.2 1.3 15.8 Lease incentives received in the form of tenant allowances and free rent 0.8 0.8 9.1
Future Lease Payments	Future lease payments are as follows: May 31, In millions 2024 2025 $ 21.2 2026 16.1 2027 12.7 2028 10.7 2029 7.4 Thereafter 5.1 Total future lease payments 73.2 Less: imputed interest 5.0 Total operating lease liabilities $ 68.2 Current portion $ 19.2 Non-current portion $ 49.0

Property and Equipment, Net o_2

Property and Equipment, Net of Accumulated Depreciation (Tables)	12 Months Ended
	May 31, 2024
Property, Plant and Equipment [Abstract]
Components of Property and Equipment, at Cost	The components of property and equipment, at cost, consisted of the following: May 31, In millions 2024 2023 Land and improvements $ 9.0 $ 9.0 Buildings and improvements 131.4 130.5 Data processing equipment 213.3 214.5 Software (1) 1,010.1 927.3 Furniture, fixtures, and equipment 71.9 77.2 Leasehold improvements 47.6 67.3 Construction in progress (1) 60.7 51.7 Total property and equipment, gross 1,544.0 1,477.5 Less: Accumulated depreciation 1,132.3 1,081.2 Property and equipment, net of accumulated depreciation $ 411.7 $ 396.3 (1) Software includes both purchased software and costs capitalized related to internally developed software placed in service. Capitalized costs related to internally developed software that has not yet been placed in service is included in construction in progress.

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net of Accumulated Amortization (Tables)	12 Months Ended
	May 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Change in Goodwill	Goodwill and changes in goodwill as of and for the years ended May 31, 2024 and May 31, 2023 were as follows: May 31, In millions 2024 2023 Balance, beginning of fiscal year $ 1,834.0 $ 1,831.5 Changes during the period: Goodwill acquired 46.7 2.5 Currency translation adjustment 2.0 ( 0.0 ) Balance, end of fiscal year $ 1,882.7 $ 1,834.0
Components of Intangible Assets, at Cost	The Company had certain intangible assets on its Consolidated Balance Sheets. The components of intangible assets, at cost, consisted of the following: May 31, In millions 2024 2023 Client lists $ 675.1 $ 638.2 Other intangible assets 23.1 23.0 Total intangible assets, gross 698.2 661.2 Less: Accumulated amortization 503.7 473.8 Intangible assets, net of accumulated amortization $ 194.5 $ 187.4
Estimated Amortization Expense	The estimated amortization expense for the next five fiscal years relating to intangible asset balances is as follows: In millions Estimated Year ending May 31, expense 2025 $ 48.3 2026 43.8 2027 37.1 2028 33.5 2029 19.8

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	May 31, 2024
Income Tax Disclosure [Abstract]
Components of Deferred Tax Assets and Liabilities	The components of deferred tax assets and liabilities are as follows: May 31, In millions 2024 2023 Deferred tax assets: Compensation and employee benefit liabilities $ 60.3 $ 52.4 Other current liabilities 12.4 17.3 Tax credit carry forward 0.2 0.2 Stock-based compensation 16.5 14.8 Unrealized losses on available-for-sale securities 40.1 43.4 Capitalization of research and development 68.6 54.1 Leases 13.9 15.9 Net operating loss (“NOL”) carry forwards 5.0 5.1 Tax benefit of uncertain tax positions 16.2 13.6 Gross deferred tax assets 233.2 216.8 Deferred tax liabilities: Deferred contract costs 151.2 151.3 Capitalized software 58.2 56.5 Depreciation 0.3 2.4 Goodwill and intangible assets 91.8 99.1 Operating lease right-of-use assets 9.5 13.7 Other 7.7 5.7 Gross deferred tax liabilities 318.7 328.7 Net deferred tax liability $ ( 85.5 ) $ ( 111.9 )
Components of Provision for Income Taxes	The components of the provision for income taxes are as follows: Year ended May 31, In millions 2024 2023 2022 Current: Federal $ 433.5 $ 418.1 $ 326.0 State 117.4 117.1 104.5 Non-U.S. 6.5 ( 0.3 ) ( 1.0 ) Total current 557.4 534.9 429.5 Deferred: Federal ( 18.6 ) ( 34.2 ) 0.9 State ( 4.6 ) ( 7.4 ) 0.9 Non-U.S. ( 6.6 ) ( 2.4 ) 0.5 Total deferred ( 29.8 ) ( 44.0 ) 2.3 Income taxes $ 527.6 $ 490.9 $ 431.8
Reconciliation of U.S. Federal Statutory Tax Rate	A reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate is as follows: Year ended May 31, 2024 2023 2022 Federal statutory tax rate 21.0 % 21.0 % 21.0 % Increase/(decrease) resulting from: State income taxes, net of federal tax benefit 4.0 % 4.2 % 4.6 % Stock option windfall benefit ( 0.4 ) % ( 0.4 ) % ( 0.9 ) % Tax credits ( 0.8 ) % ( 0.7 ) % ( 1.1 ) % Other items — % ( 0.1 ) % 0.1 % Effective income tax rate 23.8 % 24.0 % 23.7 %
Reconciliation of Gross Unrecognized Tax Benefits, Not Including Interest or Other Potential Offsetting Effects	A reconciliation of the beginning and ending amounts of the Company’s gross unrecognized tax benefits, not including interest or other potential offsetting effec ts, is as follows: Year ended May 31, In millions 2024 2023 2022 Balance as of beginning of fiscal year $ 72.0 $ 50.2 $ 22.4 Additions for tax positions of the current year 20.6 20.6 11.1 Additions for tax positions of prior years 0.8 4.6 20.6 Reductions for tax positions of prior years ( 3.8 ) ( 2.1 ) ( 1.8 ) Settlements with tax authorities ( 0.3 ) ( 0.4 ) ( 0.4 ) Expiration of the statute of limitations ( 2.1 ) ( 0.9 ) ( 1.7 ) Balance as of end of fiscal year $ 87.2 $ 72.0 $ 50.2

Short-term Financing (Tables)

Short-term Financing (Tables)	12 Months Ended
	May 31, 2024
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Description of Credit Facilities	Details of the Company’s credit facilities as of May 31, 2024 are as follows: Maximum Amount Outstanding Amount May 31, $ in millions Expiration Date Available 2024 2023 Credit facilities: JP Morgan Chase Bank, N.A. (“JPM”) (1) April 12, 2029 $ 1,000.0 $ — $ — JPM (1) September 17, 2026 $ 750.0 — — PNC Bank, National Association (“PNC”) (weighted-average interest 6.14 % at May 31, 2024 and 5.83 % at May 31, 2023) February 6, 2026 $ 250.0 18.7 10.2 Outstanding short-term financing (2) $ 18.7 $ 10.2 (1) JPM acts as the administrative agent for this syndicated credit facility. (2) The total amount available under these credit facilities as of May 31, 2024 was approximately $ 2.0 billion. Amounts borrowed under the PNC credit facility remain outstanding as of the date of this report.

Long-Term Financing (Tables)

Long-Term Financing (Tables)	12 Months Ended
	May 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt, at amortized cost, consisted of the following as of: May 31, In millions 2024 2023 Senior Notes, Series A $ 400.0 $ 400.0 Senior Notes, Series B 400.0 400.0 Total long-term borrowings 800.0 800.0 Less: Debt issuance costs, net of accumulated amortization ( 1.4 ) ( 1.8 ) Long-term borrowings, net of debt issuance costs $ 798.6 $ 798.2 Certain information related to the Senior Notes, Series A and Senior Notes, Series B (collectively the “Notes”) issued pursuant to the Note Purchase and Guarantee Agreement (the “Agreement”) for fiscal 2024 and fiscal 2023 are as follows: Senior Notes Senior Notes Series A Series B Stated interest rate 4.07 % 4.25 % Effective interest rate 4.14 % 4.31 % Interest rate type Fixed Fixed Interest payment dates Semi-annual, in arrears Semi-annual, in arrears Principal payment dates March 13, 2026 March 13, 2029 Note type Unsecured Unsecured

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	May 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Minimum Future Payment Obligations	These minimum future payment obligations relate to the following fiscal years: Payments due by period In millions 2025 2026 2027 2028 2029 Thereafter Workers' compensation estimated obligations $ 74.1 $ 38.0 $ 23.9 $ 16.2 $ 11.8 $ 54.6 Purchase obligations $ 139.8 $ 54.5 $ 13.6 $ 2.6 $ 0.7 $ —

Description of Business, Basi_4

Description of Business, Basis of Presentation, and Significant Accounting Policies (Narrative) (Details)	12 Months Ended
	May 31, 2024 USD ($) Item Segment	May 31, 2023 USD ($) Item		May 31, 2022 USD ($) Item
Accounting Policies [Line Items]
Number of reportable segments | Segment	1
Revision increased net cash provided by operating activities		$ 6,800,000		$ 84,200,000
Revision decreased net cash provided by investing activities		6,800,000		84,200,000
Cash and cash equivalents	$ 1,468,900,000	1,222,000,000	[1]	370,000,000	[1]
Allowance for credit losses	21,300,000	20,500,000
Advance collections	700,000	12,500,000
Goodwill	1,882,700,000	1,834,000,000		1,831,500,000
Goodwill, impairment loss	0	0		0
Impairment of intangible assets with indefinite useful lives	0	0		0
Impairment of long-lived assets	0	0		0
Realized gains or losses from foreign exchange transactions	0	0		0
Impairment loss, assets recognized from the costs to obtain and fufill contracts	0	0		0
Workers' compensation insurance costs in current liabilities	74,100,000	64,300,000
Workers' compensation insurance costs in long-term liabilities	144,500,000	131,500,000
Maximum individual health insurance claims liability	500,000	500,000
PEO accrued health insurance and dental and vision plan reserves in current liabilities	50,600,000	47,000,000
Operating lease, impairment loss	$ 0	0		$ 0
Accounting Standards Update 2021-08 [Member]
Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adoption date	Jun. 01, 2023
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, immaterial effect [true false]	true
Trade Receivables [Member]
Accounting Policies [Line Items]
Receivables	$ 141,300,000	287,000,000
Purchased Receivables [Member]
Accounting Policies [Line Items]
Receivables	$ 939,600,000	$ 606,800,000
Minimum [Member]
Accounting Policies [Line Items]
Payroll funding fees average collection period	40 days
Processing fee average collection period	5 days
Minimum [Member] | Finite Lived Assets [Member]
Accounting Policies [Line Items]
Amortization period	3 years
Minimum [Member] | Software [Member]
Accounting Policies [Line Items]
Estimated useful lives	3 years
Minimum [Member] | Software Development [Member]
Accounting Policies [Line Items]
Estimated useful lives	12 years
Maximum [Member]
Accounting Policies [Line Items]
Payroll funding fees average collection period	60 days
Processing fee average collection period	15 days
Maximum [Member] | Finite Lived Assets [Member]
Accounting Policies [Line Items]
Amortization period	12 years
Maximum [Member] | Software [Member]
Accounting Policies [Line Items]
Estimated useful lives	5 years
Revenue [Member]
Accounting Policies [Line Items]
Number of clients creating a credit concentration | Item	0	0		0
Accounts And Unbilled Receivables [Member]
Accounting Policies [Line Items]
Number of clients creating a credit concentration | Item	0	0
INDIA [Member] | Long Lived Assets [Member] | Geographic Concentration Risk [Member] | Maximum [Member]
Accounting Policies [Line Items]
Concentration percentage	1%	1%
Europe [Member] | Revenue [Member] | Geographic Concentration Risk [Member]
Accounting Policies [Line Items]
Concentration percentage	1%	1%		1%
Europe [Member] | Long Lived Assets [Member] | Geographic Concentration Risk [Member]
Accounting Policies [Line Items]
Concentration percentage	6%	6%
PEO Aggregate Claims Exceeding $1.0M [Member] | Minimum [Member]
Accounting Policies [Line Items]
Individual workers' compensation claims liability	$ 1,000,000	$ 1,000,000
PEO Aggregate Claims Exceeding $1.0M [Member] | Maximum [Member]
Accounting Policies [Line Items]
Maximum individual workers' compensation claims liability	1,000,000	2,000,000
PEO And Insurance Solutions [Member]
Accounting Policies [Line Items]
Cash and cash equivalents	$ 171,700,000	$ 291,300,000
[1] The consolidated statement of cash flows for the fiscal years ended May 31, 2023 and May 31, 2022 include revisions to previously reported amounts related to the presentation of cash flows associated with short-term receivables purchased from the Company’s clients under non-recourse arrangements, net of funding reserves. See Note A for further discussion on the revision.

Description of Business, Basi_5

Description of Business, Basis of Presentation, and Significant Accounting Policies (Estimated Useful Lives of Depreciable Assets) (Details)	May 31, 2024
Buildings and Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Buildings and Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	35 years
Data Processing Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Data Processing Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Furniture, Fixtures, and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years
Furniture, Fixtures, and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Software [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Software [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	12 years

Service Revenue (Narrative) (De

Service Revenue (Narrative) (Details) - USD ($)	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Service Revenue [Line Items]
Notice of termination period	30 days
Revenue performance obligations timing	the Company defers revenue associated with these performance obligations, which exceed one year, and subsequently recognizes them as future services are provided, over approximately three years to four years.
Impairment loss	$ 0	$ 0	$ 0
Minimum [Member]
Service Revenue [Line Items]
Revenue performance obligations timing, years	3 years
Maximum [Member]
Service Revenue [Line Items]
Revenue performance obligations timing, years	4 years

Service Revenue (Summary of PEO

Service Revenue (Summary of PEO Pass-Through Costs Netted in Revenue) (Details) - USD ($) $ in Millions	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Revenue from Contract with Customer [Abstract]
Payroll wages and payroll taxes	$ 27,381.5	$ 26,025.3	$ 24,209.3
State unemployment insurance (included in payroll wages and payroll taxes)	151.8	138.2	139.1
Guaranteed cost benefit plans	$ 660.3	$ 656.3	$ 641.4

Service Revenue (Summary of Cha

Service Revenue (Summary of Changes in Deferred Revenue Related to Material Rights Performance Obligations) (Details) - USD ($) $ in Millions	12 Months Ended
	May 31, 2024	May 31, 2023
Revenue from Contract with Customer [Abstract]
Balance, beginning of period	$ 62	$ 48.9
Deferral of revenue	46.7	42.1
Recognition of unearned revenue	(33.8)	(29)
Balance, end of period	$ 74.9	$ 62

Service Revenue (Narrative) (Pe

Service Revenue (Narrative) (Performance Obligation) (Details) $ in Millions	May 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-06-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue, performance obligations	$ 32.5
Deferred revenue, timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-06-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue, performance obligations	$ 42.4
Deferred revenue, timing of satisfaction

Service Revenue (Summary of C_2

Service Revenue (Summary of Changes in Deferred Costs to Obtain and Fulfill Contracts) (Details) - USD ($) $ in Millions	12 Months Ended
	May 31, 2024	May 31, 2023		May 31, 2022
Capitalized Contract Cost [Line Items]
Amortization	$ 231.7	$ 219.1	[1]	$ 202.1	[1]
Costs To Fulfill Contracts [Member]
Capitalized Contract Cost [Line Items]
Balance, beginning of period	75.3	72.3
Capitalization of costs	27.8	28.9
Amortization	(26.5)	(25.9)
Balance, end of period	76.6	75.3		72.3
Costs To Obtain Contracts [Member]
Capitalized Contract Cost [Line Items]
Balance, beginning of period	597.5	550.2
Capitalization of costs	217.1	240.5
Amortization	(205.2)	(193.2)
Balance, end of period	$ 609.4	$ 597.5		$ 550.2
[1] The consolidated statement of cash flows for the fiscal years ended May 31, 2023 and May 31, 2022 include revisions to previously reported amounts related to the presentation of cash flows associated with short-term receivables purchased from the Company’s clients under non-recourse arrangements, net of funding reserves. See Note A for further discussion on the revision.

Basic and Diluted Earnings Pe_3

Basic and Diluted Earnings Per Share (Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Basic earnings per share:
Net income	$ 1,690.4	$ 1,557.3	$ 1,392.8
Weighted-average common shares outstanding	360.3	360.4	360.6
Basic earnings per share	$ 4.69	$ 4.32	$ 3.86
Diluted earnings per share:
Net income	$ 1,690.4	$ 1,557.3	$ 1,392.8
Weighted-average common shares outstanding	360.3	360.4	360.6
Dilutive effect of common share equivalents	1.8	1.9	2.5
Weighted-average common shares outstanding, assuming dilution	362.1	362.3	363.1
Diluted earnings per share	$ 4.67	$ 4.3	$ 3.84
Weighted-average anti-dilutive common share equivalents	0.6	0.7	0.2

Business Combinations (Narrativ

Business Combinations (Narrative) (Details) - USD ($) $ in Millions	Jul. 31, 2023	May 31, 2024	May 31, 2023	May 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 1,882.7	$ 1,834	$ 1,831.5
Alterna Capital Solutions LLC [Member]
Business Acquisition [Line Items]
Business acquisition purchase price	$ 95.1
Business combination, settlement of debt	128.9
Cash acquired from acquisition	15.7
Business combination, accounts receivable	146.1
Business combination, intangible assets	$ 18.9
Business combination intangible assets weighted average amortization period	8 years
Goodwill	$ 46.7

Other Income_(Expense), Net (Sc

Other Income/(Expense), Net (Schedule of Other Income/(Expense), Net) (Details) - USD ($) $ in Millions	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Other Income and Expenses [Abstract]
Interest income on corporate investments	$ 82.7	$ 49.1	$ 2.9
Interest expense	(37.3)	(36.7)	(36.6)
Other	(1.5)	2.7	18.3
Other income/(expense), net	$ 43.9	$ 15.1	$ (15.4)

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Narrative) (Details) - USD ($) $ in Millions		12 Months Ended
		May 31, 2024	May 31, 2023	May 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for grant		46,500,000
Shares available for future grants		13,500,000
Stock-based compensation expense		$ 61.1	$ 62.6	$ 52.8
Income tax benefits related to stock-based compensation		12.7	$ 12.1	$ 9.8
Total unrecognized compensation cost related to all unvested stock-based awards		$ 92
Weighted-average period in years of all unvested stock-based awards		2 years 7 months 6 days
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual life		10 years
Time-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted	[1]	500,000
Performance-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period		2 years
Service period		1 year
Awards granted	[1]	200,000
Time-Based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Awards granted		0	0
Performance-Based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period		2 years
Service period		1 year
Awards granted		0	0
Director [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Non-Executive [Member] | Time-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				5 years
Executive [Member] | Time-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Outside Directors [Member] | Time-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Tranche One [Member] | Time-Based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.30%
Tranche One [Member] | Officer [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.30%
Tranche One [Member] | Non-Executive [Member] | Time-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				20%
Tranche One [Member] | Executive [Member] | Time-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.30%
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 0	$ 0	$ 0
Discount to the market price		5%	5%	5%
Minimum [Member] | Non-Executive [Member] | Time-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years	4 years
Maximum [Member] | Non-Executive [Member] | Time-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		5 years	5 years
Maximum [Member] | Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount to the market price		15%
[1] For performance-based RSUs, granted number assumes achievement of performance goals at target. Actual number of shares to be earned may differ from this amount.

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans (Weighted-Average Assumptions) (Details) - Stock Options [Member] - $ / shares	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.10%	3.20%	1.20%
Dividend yield	3.10%	2.60%	2.90%
Volatility factor	0.25%	0.27%	0.23%
Expected option life in years	6 years 7 months 6 days	6 years 7 months 6 days	6 years 7 months 6 days
Weighted-average grant-date fair value of stock options granted (per share)	$ 27.21	$ 27.58	$ 17.47

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans (Stock Option Activity) (Details) - Stock Options [Member] $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	May 31, 2024 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Beginning balance, Shares subject to options | shares	3.3
Granted, Shares subject to options | shares	0.4
Exercised, Shares subject to options | shares	(0.6)
Forfeited, Shares subject to options | shares	(0.1)
Outstanding, Ending balance, Shares subject to options | shares	3
Exercisable, Shares subject to options | shares	2.5
Outstanding, Beginning balance, Weighted-average exercise price per share | $ / shares	$ 74.09
Granted, Weighted-average exercise price per share | $ / shares	120.76
Exercised, Weighted-average exercise price per share | $ / shares	63.49
Forfeited, Weighted-average exercise price per share | $ / shares	118.35
Outstanding, Ending balance, Weighted-average exercise price per share | $ / shares	80.09
Exercisable, Weighted-average exercise price per share | $ / shares	$ 72.45
Outstanding, Weighted-average remaining contractual term (years)	5 years
Exercisable, Weighted-average remaining contractual term (years)	4 years 3 months 18 days
Outstanding, Aggregate intrinsic value | $	$ 119.1	[1]
Exercisable, Aggregate intrinsic value | $	$ 117.6	[1]
[1] Total shares valued at the market price of the underlying stock as of May 31, 2024 less the exercise price.

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans (Other Information Pertaining to Stock Option) (Details) - Stock Options [Member] - USD ($) $ in Millions	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of stock options exercised	$ 35.1	$ 10.3	$ 44.3
Total grant-date fair value of stock options vested	$ 7.5	$ 7.1	$ 6.4

Stock-Based Compensation Plan_6

Stock-Based Compensation Plans (RSU Activity) (Details) - $ / shares shares in Millions		12 Months Ended
		May 31, 2024		May 31, 2023	May 31, 2022
Time-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, Beginning balance		1.4
Awards granted	[1]	0.5
Vested		(0.5)
Forfeited		(0.1)
Nonvested, Ending balance		1.3		1.4
Nonvested, Beginning balance, Weighted-average grant-date fair value per share		$ 102.13
Granted, Weighted-average grant-date fair value per share		114.95	[1]	$ 127.75	$ 109.81
Vested, Weighted-average grant-date fair value per share		90.99
Forfeited, Weighted-average grant-date fair value per share		109.02
Nonvested, Ending balance, Weighted-average grant-date fair value per share		$ 110.51		$ 102.13
Performance-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, Beginning balance		0.1
Awards granted	[1]	0.2
Vested		0
Forfeited		0
Nonvested, Ending balance		0.3		0.1
Nonvested, Beginning balance, Weighted-average grant-date fair value per share		$ 107.88
Granted, Weighted-average grant-date fair value per share		114.23	[1]	$ 108.31	$ 103.59
Vested, Weighted-average grant-date fair value per share		107.4
Forfeited, Weighted-average grant-date fair value per share		112.01
Nonvested, Ending balance, Weighted-average grant-date fair value per share		$ 110.26		$ 107.88
[1] For performance-based RSUs, granted number assumes achievement of performance goals at target. Actual number of shares to be earned may differ from this amount.

Stock-Based Compensation Plan_7

Stock-Based Compensation Plans (Other Information Pertaining to RSUs) (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
		May 31, 2024		May 31, 2023	May 31, 2022
Time-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value per share		$ 114.95	[1]	$ 127.75	$ 109.81
Weighted-average remaining vesting period (years)	[2]	1 year 4 months 24 days		1 year 6 months	1 year 6 months
Total intrinsic value of RSUs vested		$ 55.9		$ 58.2	$ 54.7
Aggregate intrinsic value of nonvested RSUs	[3]	152.5		141.8	165.2
Total grant-date fair value of RSUs vested		$ 41.2		$ 32.7	$ 30
Performance-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value per share		$ 114.23	[1]	$ 108.31	$ 103.59
Weighted-average remaining vesting period (years)	[2]	1 year 1 month 6 days		1 year 9 months 18 days	1 year
Total intrinsic value of RSUs vested		$ 0.4		$ 7.8
Aggregate intrinsic value of nonvested RSUs	[3]	30.8		15.7	$ 14.7
Total grant-date fair value of RSUs vested		$ 0.4		$ 5.4
[1] For performance-based RSUs, granted number assumes achievement of performance goals at target. Actual number of shares to be earned may differ from this amount. Weighting is based on the number of unvested share units vesting in each future vesting tranche. Based on the market price of the underlying common stock as of May 31, 2024, 2023 and 2022 .

Stock-Based Compensation Plan_8

Stock-Based Compensation Plans (Restricted Stock Awards Activity) (Details) - $ / shares shares in Millions	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Time-Based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, Beginning balance	0.1
Vested	(0.1)
Forfeited	0
Nonvested, Ending balance	0	0.1
Nonvested, Beginning balance, Weighted-average grant-date fair value per share	$ 95.1
Granted, Weighted-average grant-date fair value per share	0	$ 0	$ 114.21
Vested, Weighted-average grant-date fair value per share	88.11
Forfeited, Weighted-average grant-date fair value per share	114.15
Nonvested, Ending balance, Weighted-average grant-date fair value per share	$ 114.22	$ 95.1
Performance-Based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, Beginning balance	0.1
Vested	0
Forfeited	0
Nonvested, Ending balance	0.1	0.1
Nonvested, Beginning balance, Weighted-average grant-date fair value per share	$ 107.4
Granted, Weighted-average grant-date fair value per share	0	$ 0	$ 103.97
Vested, Weighted-average grant-date fair value per share	0
Forfeited, Weighted-average grant-date fair value per share	107.4
Nonvested, Ending balance, Weighted-average grant-date fair value per share	$ 107.4	$ 107.4

Stock-Based Compensation Plan_9

Stock-Based Compensation Plans (Other Information Pertaining to Restricted Stock Awards) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Time-Based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value per share	$ 0	$ 0	$ 114.21
Total grant-date fair value of shares vested	$ 3.1	$ 4.3	$ 3.8
Performance-Based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value per share	$ 0	$ 0	$ 103.97
Total grant-date fair value of shares vested	$ 0	$ 3.7	$ 7.2

Stock-Based Compensation Pla_10

Stock-Based Compensation Plans (LTIP Performance-Based Stock Option Activity) (Details) - LTIP Performance-Based Stock Options [Member] $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	May 31, 2024 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Beginning balance, Shares subject to options | shares	0.4
Exercised, Shares subject to options | shares	(0.1)
Outstanding, Ending balance, Shares subject to options | shares	0.3
Exercisable, Shares subject to options | shares	0.3
Outstanding, Beginning balance, Weighted-average exercise price per share | $ / shares	$ 60.51
Exercised, Weighted-average exercise price per share | $ / shares	58.98
Outstanding, Ending balance, Weighted-average exercise price per share | $ / shares	60.86
Exercisable, Weighted-average exercise price per share | $ / shares	$ 60.86
Outstanding, Weighted-average remaining contractual term (years)	2 years 1 month 6 days
Exercisable, Weighted-average remaining contractual term (years)	2 years 1 month 6 days
Outstanding, Aggregate intrinsic value | $	$ 20.9	[1]
Exercisable, Aggregate intrinsic value | $	$ 20.9	[1]
[1] Shares valued at the market price of the underlying stock as of May 31, 2024 less the exercise price.

Stock-Based Compensation Pla_11

Stock-Based Compensation Plans (Other Information Pertaining to LTIP Performance-Based Stock Options) (Details) - USD ($) $ in Millions	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
LTIP Performance-Based Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of stock options exercised	$ 5.2	$ 0.7	$ 16

Funds Held for Clients and Co_3

Funds Held for Clients and Corporate Investments (Funds Held for Clients and Corporate Investments) (Details) - USD ($) $ in Millions	May 31, 2024	May 31, 2023
Schedule of Available-for-sale Securities [Line Items]
Funds held for clients' money market securities and other restricted cash equivalents, Amortized cost	$ 380.3	$ 863.1
Funds held for clients' money market securities and other restricted cash equivalents, Fair value	380.3	863.1
AFS securities, Amortized cost	3,492.1	3,779.9
AFS securities, Gross unrealized gains	1.7	4.1
AFS securities, Gross unrealized losses	(164.2)	(179.4)
AFS securities, Fair value	3,329.6	3,604.6
Other, Amortized cost	32.3	30.1
Other, Gross unrealized gains	3.2	1.1
Other, Gross unrealized losses	(1.6)	(2.9)
Other, Fair value	33.9	28.3
Total funds held for clients and corporate investments, Amortized cost	3,904.7	4,673.1
Total funds held for clients and corporate investments, Gross unrealized gains	4.9	5.2
Total funds held for clients and corporate investments, Gross unrealized losses	(165.8)	(182.3)
Total funds held for clients and corporate investments, Fair value	3,743.8	4,496
Asset-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
AFS securities, Amortized cost	135.7	88.1
AFS securities, Gross unrealized gains	0.1
AFS securities, Gross unrealized losses	(1.1)	(1.4)
AFS securities, Fair value	134.7	86.7
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
AFS securities, Amortized cost	1,400.3	1,468.3
AFS securities, Gross unrealized gains	1.3	3.7
AFS securities, Gross unrealized losses	(32.8)	(31.1)
AFS securities, Fair value	1,368.8	1,440.9
Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
AFS securities, Amortized cost	1,060.1	1,091.3
AFS securities, Gross unrealized gains	0.2	0.1
AFS securities, Gross unrealized losses	(86.9)	(105.3)
AFS securities, Fair value	973.4	986.1
U.S. Government Agency And Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
AFS securities, Amortized cost	896	788.1
AFS securities, Gross unrealized gains	0.1	0.3
AFS securities, Gross unrealized losses	(43.4)	(41.6)
AFS securities, Fair value	852.7	746.8
Variable Rate Demand Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
AFS securities, Amortized cost	0	344.1
AFS securities, Fair value	$ 0	$ 344.1

Funds Held for Clients and Co_4

Funds Held for Clients and Corporate Investments (Narrative) (Details) $ in Millions	12 Months Ended
	May 31, 2024 USD ($) Security	May 31, 2023 USD ($) Security
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses on available-for-sale securities	$ 164.2	$ 179.4
Net unrealized losses on available-for-sale securities	$ (162.5)	$ (175.3)
Number of available-for-sale securities in an unrealized loss position | Security	957	967
Percentage of available-for-sale securities in an unrealized loss position	95%	88%
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses on available-for-sale securities	$ 32.8	$ 31.1
Corporate Bonds [Member] | Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities maturity date	Jun. 01, 2024
Corporate Bonds [Member] | Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities maturity date	Sep. 15, 2029
Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses on available-for-sale securities	$ 86.9	$ 105.3
Municipal Bonds [Member] | Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities maturity date	Jun. 01, 2024
Municipal Bonds [Member] | Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities maturity date	Oct. 01, 2031
Variable Rate Demand Notes [Member] | Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities contractual maturities	20 years
Variable Rate Demand Notes [Member] | Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities contractual maturities	30 years

Funds Held for Clients and Co_5

Funds Held for Clients and Corporate Investments (Classification of Investments on Consolidated Balance Sheets) (Details) - USD ($) $ in Millions	May 31, 2024	May 31, 2023
Funds Held for Clients and Corporate Investments [Abstract]
Funds held for clients	$ 3,706.2	$ 4,118.8
Corporate investments	33.9	373.4
Long-term corporate investments	3.7	3.8
Total funds held for clients and corporate investments, Fair value	$ 3,743.8	$ 4,496

Funds Held for Clients and Co_6

Funds Held for Clients and Corporate Investments (Securities in Unrealized Loss Position) (Details) - USD ($) $ in Millions	May 31, 2024	May 31, 2023
Schedule of Available-for-sale Securities [Line Items]
Securities in an unrealized loss position for less than twelve months, Gross unrealized losses	$ (23)	$ (15.2)
Securities in an unrealized loss position for less than twelve months, Fair value	1,068.9	992.5
Securities in an unrealized loss position for more than twelve months, Gross unrealized losses	(141.2)	(164.2)
Securities in an unrealized loss position for more than twelve months, Fair value	2,102.7	1,752.9
Total, Gross unrealized losses	(164.2)	(179.4)
Total, Fair value	3,171.6	2,745.4
Asset-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Securities in an unrealized loss position for less than twelve months, Gross unrealized losses	(0.4)	(0.1)
Securities in an unrealized loss position for less than twelve months, Fair value	77.4	54.2
Securities in an unrealized loss position for more than twelve months, Gross unrealized losses	(0.7)	(1.3)
Securities in an unrealized loss position for more than twelve months, Fair value	43	23.3
Total, Gross unrealized losses	(1.1)	(1.4)
Total, Fair value	120.4	77.5
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Securities in an unrealized loss position for less than twelve months, Gross unrealized losses	(8.4)	(5.9)
Securities in an unrealized loss position for less than twelve months, Fair value	620.8	652
Securities in an unrealized loss position for more than twelve months, Gross unrealized losses	(24.4)	(25.2)
Securities in an unrealized loss position for more than twelve months, Fair value	647.8	382.7
Total, Gross unrealized losses	(32.8)	(31.1)
Total, Fair value	1,268.6	1,034.7
Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Securities in an unrealized loss position for less than twelve months, Gross unrealized losses	(8)	(5.9)
Securities in an unrealized loss position for less than twelve months, Fair value	102.5	86.7
Securities in an unrealized loss position for more than twelve months, Gross unrealized losses	(78.9)	(99.4)
Securities in an unrealized loss position for more than twelve months, Fair value	864.7	889
Total, Gross unrealized losses	(86.9)	(105.3)
Total, Fair value	967.2	975.7
U.S. Government Agency And Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Securities in an unrealized loss position for less than twelve months, Gross unrealized losses	(6.2)	(3.3)
Securities in an unrealized loss position for less than twelve months, Fair value	268.2	199.6
Securities in an unrealized loss position for more than twelve months, Gross unrealized losses	(37.2)	(38.3)
Securities in an unrealized loss position for more than twelve months, Fair value	547.2	457.9
Total, Gross unrealized losses	(43.4)	(41.6)
Total, Fair value	$ 815.4	$ 657.5

Funds Held for Clients and Co_7

Funds Held for Clients and Corporate Investments (Realized Gains and Losses from Sale of Available-for-sale Securities) (Details) - USD ($) $ in Millions	12 Months Ended
	May 31, 2024	May 31, 2023		May 31, 2022
Funds Held for Clients and Corporate Investments [Abstract]
Gross realized gains		$ 0.1		$ 0.2
Gross realized losses	$ (2.6)	(9.9)		0
Net realized (losses)/gains	$ (2.6)	$ (9.8)	[1]	$ 0.2	[1]
[1] The consolidated statement of cash flows for the fiscal years ended May 31, 2023 and May 31, 2022 include revisions to previously reported amounts related to the presentation of cash flows associated with short-term receivables purchased from the Company’s clients under non-recourse arrangements, net of funding reserves. See Note A for further discussion on the revision.

Funds Held for Clients and Co_8

Funds Held for Clients and Corporate Investments (Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity) (Details) - USD ($) $ in Millions	May 31, 2024	May 31, 2023
Funds Held for Clients and Corporate Investments [Abstract]
Due in one year or less, Amortized cost	$ 211
Due after one year through three years, Amortized cost	1,439.4
Due after three years through five years, Amortized cost	1,452.8
Due after five years, Amortized cost	388.9
AFS securities, Amortized cost	3,492.1	$ 3,779.9
Due in one year or less, Fair value	207.1
Due after one year through three years, Fair value	1,365.2
Due after three years through five years, Fair value	1,377.2
Due after five years, Fair value	380.1
AFS securities, Fair value	$ 3,329.6	$ 3,604.6

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	May 31, 2024	May 31, 2023
Senior Notes, Series A [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of long-term borrowings	$ 391.8	$ 392.4
Senior Notes, Series B [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of long-term borrowings	$ 386	$ 390.9

Fair Value Measurements (Financ

Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Millions	May 31, 2024	May 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted and unrestricted cash equivalents	$ 417.8	$ 43.8
Available-for-sale securities	3,329.6	3,604.6
Other	33.9	28.3
Other long-term liabilities	33.9	28.3
VRDNs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities		344.1
Money Market Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted and unrestricted cash equivalents	31.4	43.8
Asset-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	134.7	86.7
Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	1,368.8	1,440.9
Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	973.4	986.1
U.S. Government Agency And Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted and unrestricted cash equivalents	386.4
Available-for-sale securities	852.7	746.8
Quoted Prices in Active Markets (Level 1) [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted and unrestricted cash equivalents	31.4	43.8
Other	33.9	28.3
Other long-term liabilities	33.9	28.3
Quoted Prices in Active Markets (Level 1) [Member] | Money Market Securities [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted and unrestricted cash equivalents	31.4	43.8
Quoted Prices in Active Markets (Level 1) [Member] | U.S. Government Agency And Treasury Securities [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted and unrestricted cash equivalents	386.4
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted and unrestricted cash equivalents	386.4
Available-for-sale securities	3,329.6	3,604.6
Significant Other Observable Inputs (Level 2) [Member] | VRDNs [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities		344.1
Significant Other Observable Inputs (Level 2) [Member] | Asset-Backed Securities [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	134.7	86.7
Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	1,368.8	1,440.9
Significant Other Observable Inputs (Level 2) [Member] | Municipal Bonds [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	973.4	986.1
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Agency And Treasury Securities [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 852.7	$ 746.8

Leases (Narrative) (Details)

Leases (Narrative) (Details) $ in Millions	3 Months Ended	12 Months Ended
	May 31, 2024 USD ($) Agreement	May 31, 2024 USD ($) Agreement	May 31, 2023 USD ($)	May 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Amortization of operating lease ROU assets | $	$ 9.7	$ 25.8	$ 17.6	$ 22.7
Number of lease agreements, not yet commenced | Agreement	0	0
Minimum [Member]
Lessee, Lease, Description [Line Items]
Operating leases, term of contract	1 year	1 year
Operating leases, contractual term		2024
Operating leases, renewal term	1 year	1 year
Maximum [Member]
Lessee, Lease, Description [Line Items]
Operating leases, term of contract	10 years	10 years
Operating leases, contractual term		2032
Operating leases, renewal term	5 years	5 years

Leases (Supplemental Balance Sh

Leases (Supplemental Balance Sheet Information Related to Leases) (Details) - USD ($) $ in Millions		May 31, 2024	May 31, 2023
Leases [Abstract]
Operating lease ROU assets, net of accumulated amortization		$ 46.9	$ 61.5
Operating lease liabilities, current	[1]	$ 19.2	$ 20.3
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Other Liabilities, Current	Other Liabilities, Current
Operating lease, liabilities, noncurrent		$ 49	$ 57.3
Weighted average remaining lease term (in years)		4 years 3 months 18 days	4 years 8 months 12 days
Weighted average discount rate		3.23%	2.21%
[1] The current portion of operating lease liabilities is reported in the other current liabilities line item on the Company’s Consolidated Balance Sheets.

Leases (Components of Lease Exp

Leases (Components of Lease Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Leases [Abstract]
Fixed payment operating lease expense	$ 28.7	$ 20.8	$ 27.2
Variable payment operating lease expense	5.8	6.2	$ 6.9
Short-term lease expense	$ 0	$ 0

Leases (Supplemental Cash Flow

Leases (Supplemental Cash Flow Information Related to Leases) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	May 31, 2024	May 31, 2024	May 31, 2023	May 31, 2022
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities		$ 20.9	$ 21.7	$ 32.4
Amortization of ROU assets	$ 9.7	25.8	17.6	22.7
ROU assets obtained in exchange for new operating lease liabilities		7.2	1.3	15.8
Lease incentives received in the form of tenant allowances and free rent		$ 0.8	$ 0.8	$ 9.1

Leases - (Future Lease Payments

Leases - (Future Lease Payments) (Details) - USD ($) $ in Millions		May 31, 2024	May 31, 2023
Leases [Abstract]
2025		$ 21.2
2026		16.1
2027		12.7
2028		10.7
2029		7.4
Thereafter		5.1
Total future lease payments		73.2
Less: imputed interest		5
Total operating lease liabilities		68.2
Current portion	[1]	19.2	$ 20.3
Non-current portion		$ 49	$ 57.3
[1] The current portion of operating lease liabilities is reported in the other current liabilities line item on the Company’s Consolidated Balance Sheets.

Property and Equipment, Net o_3

Property and Equipment, Net of Accumulated Depreciation (Components of Property and Equipment, at Cost) (Details) - USD ($) $ in Millions		May 31, 2024	May 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment, gross		$ 1,544	$ 1,477.5
Less: Accumulated depreciation		1,132.3	1,081.2
Property and equipment, net of accumulated depreciation		411.7	396.3
Land and Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross		9	9
Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross		131.4	130.5
Data Processing Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross		213.3	214.5
Software [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	[1]	1,010.1	927.3
Furniture, Fixtures, and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross		71.9	77.2
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross		47.6	67.3
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	[1]	$ 60.7	$ 51.7
[1] Software includes both purchased software and costs capitalized related to internally developed software placed in service. Capitalized costs related to internally developed software that has not yet been placed in service is included in construction in progress.

Property and Equipment, Net o_4

Property and Equipment, Net of Accumulated Depreciation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	May 31, 2024	May 31, 2024	May 31, 2023	May 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation expense		$ 127.5	$ 128.4	$ 133.7
Technology Investments [Member]
Property, Plant and Equipment [Line Items]
Losses on disposal	$ (17.1)
Leasehold Improvements, Furniture, and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Losses on disposal	$ (4.1)

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net of Accumulated Amortization (Narrative) (Details) - USD ($)	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Goodwill and Intangible Assets [Line Items]
Amortization expense	$ 49,000,000	$ 48,200,000	$ 58,100,000
Impairment loss relates to goodwill or intangible assets	$ 0	$ 0	$ 0
Client Lists [Member]
Goodwill and Intangible Assets [Line Items]
Acquired intangible assets with weighted-average amortization period	8 years

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net of Accumulated Amortization (Change in Goodwill) (Details) - USD ($) $ in Millions	12 Months Ended
	May 31, 2024	May 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill Balance, beginning of fiscal year	$ 1,834	$ 1,831.5
Changes during the period:
Goodwill acquired	46.7	2.5
Currency translation adjustment	2	0
Goodwill Balance, end of fiscal year	$ 1,882.7	$ 1,834

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net of Accumulated Amortization (Components of Intangible Assets, at Cost) (Details) - USD ($) $ in Millions	May 31, 2024	May 31, 2023
Intangible Assets [Line Items]
Total intangible assets, gross	$ 698.2	$ 661.2
Less: Accumulated amortization	503.7	473.8
Intangible assets, net of accumulated amortization	194.5	187.4
Other Intangible Assets [Member]
Intangible Assets [Line Items]
Total intangible assets, gross	23.1	23
Client Lists [Member]
Intangible Assets [Line Items]
Total intangible assets, gross	$ 675.1	$ 638.2

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, Net of Accumulated Amortization (Estimated Amortization Expense) (Details) $ in Millions	May 31, 2023 USD ($)
Year ending May 31
2025	$ 48.3
2026	43.8
2027	37.1
2028	33.5
2029	$ 19.8

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	May 31, 2024	May 31, 2023
Income Tax Contingency [Line Items]
NOL carry forwards	$ 5	$ 5.1
Reserve for uncertain tax positions	86.4	69.4
Impact uncertain tax benefits, if recognized, on effective income tax rate	86.4	$ 69.4
Federal [Member]
Income Tax Contingency [Line Items]
NOL carry forwards	$ 0.2
Federal [Member] | Minimum [Member]
Income Tax Contingency [Line Items]
NOL carry forwards, Expiration date	May 31, 2028
Federal [Member] | Maximum [Member]
Income Tax Contingency [Line Items]
NOL carry forwards, Expiration date	May 31, 2030
State [Member]
Income Tax Contingency [Line Items]
NOL carry forwards	$ 4.4
State [Member] | Minimum [Member]
Income Tax Contingency [Line Items]
NOL carry forwards, Expiration date	May 31, 2025
State [Member] | Maximum [Member]
Income Tax Contingency [Line Items]
NOL carry forwards, Expiration date	May 31, 2044
Foreign [Member]
Income Tax Contingency [Line Items]
NOL carry forwards	$ 0.4

Income Taxes (Components of Def

Income Taxes (Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions	May 31, 2024	May 31, 2023
Income Tax Disclosure [Abstract]
Compensation and employee benefit liabilities	$ 60.3	$ 52.4
Other current liabilities	12.4	17.3
Tax credit carry forward	0.2	0.2
Stock-based compensation	16.5	14.8
Unrealized losses on available-for-sale securities	40.1	43.4
Capitalization of research and development	68.6	54.1
Leases	13.9	15.9
Net operating loss ("NOL") carry forwards	5	5.1
Tax benefit of uncertain tax positions	16.2	13.6
Gross deferred tax assets	233.2	216.8
Deferred contract costs	151.2	151.3
Capitalized software	58.2	56.5
Depreciation	0.3	2.4
Goodwill and Intangible assets	91.8	99.1
Operating lease right-of-use assets	9.5	13.7
Other	7.7	5.7
Gross deferred tax liabilities	318.7	328.7
Net deferred tax liability	$ (85.5)	$ (111.9)

Income Taxes (Components of Pro

Income Taxes (Components of Provision for Income Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	May 31, 2024	May 31, 2023		May 31, 2022
Income Tax Disclosure [Abstract]
Federal	$ 433.5	$ 418.1		$ 326
State	117.4	117.1		104.5
Non-U.S.	6.5	(0.3)		(1)
Total current	557.4	534.9		429.5
Federal	(18.6)	(34.2)		0.9
State	(4.6)	(7.4)		0.9
Non-U.S.	(6.6)	(2.4)		0.5
Total deferred	(29.8)	(44)	[1]	2.3	[1]
Income taxes	$ 527.6	$ 490.9		$ 431.8
[1] The consolidated statement of cash flows for the fiscal years ended May 31, 2023 and May 31, 2022 include revisions to previously reported amounts related to the presentation of cash flows associated with short-term receivables purchased from the Company’s clients under non-recourse arrangements, net of funding reserves. See Note A for further discussion on the revision.

Income Taxes (Reconciliation of

Income Taxes (Reconciliation of U.S. Federal Statutory Tax Rate) (Details)	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Income Tax Disclosure [Abstract]
Federal statutory tax rate	21%	21%	21%
Increase/(decrease) resulting from:
State income taxes, net of federal tax benefit	4%	4.20%	4.60%
Stock option windfall benefit	(0.40%)	(0.40%)	(0.90%)
Tax credits	(0.80%)	(0.70%)	(1.10%)
Other items		(0.10%)	0.10%
Effective income tax rate	23.80%	24%	23.70%

Income Taxes (Reconciliation _2

Income Taxes (Reconciliation of Gross Unrecognized Tax Benefits, Not Including Interest or Other Potential Offsetting Effects) (Details) - USD ($) $ in Millions	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Income Tax Disclosure [Abstract]
Balance as of beginning of fiscal year	$ 72	$ 50.2	$ 22.4
Additions for tax positions of the current year	20.6	20.6	11.1
Additions for tax positions of prior years	0.8	4.6	20.6
Reductions for tax positions of prior years	(3.8)	(2.1)	(1.8)
Settlements with tax authorities	(0.3)	(0.4)	(0.4)
Expiration of the statute of limitations	(2.1)	(0.9)	(1.7)
Balance as of end of fiscal year	$ 87.2	$ 72	$ 50.2

Short-term Financing (Narrative

Short-term Financing (Narrative) (Details) - USD ($) $ in Millions							12 Months Ended
	Jun. 24, 2024	Jun. 01, 2024	Apr. 12, 2024	Apr. 11, 2024	Feb. 03, 2023	Feb. 06, 2020	May 31, 2024	May 31, 2023
2019 Credit Facility [Member] | JP Morgan Chase Bank, N.A. [Member]
Financing [Line Items]
Maximum borrowing capacity			$ 1,000
Term of unsecured line of credit facility			5 years
Expiration date			Apr. 12, 2029	Jul. 31, 2024
2017 Credit Facility [Member] | JP Morgan Chase Bank, N.A. [Member]
Financing [Line Items]
Maximum borrowing capacity			$ 750
Term of unsecured line of credit facility			5 years
2020 Credit Facility [Member] | PNC Bank, National Association [Member]
Financing [Line Items]
Maximum borrowing capacity					$ 250
Term of unsecured line of credit facility					3 years
Expiration date					Feb. 06, 2026	Feb. 06, 2023
Revolving Credit Facility [Member]
Financing [Line Items]
Maximum borrowing capacity							$ 2,000
Standby Letters of Credit [Member]
Financing [Line Items]
Maximum borrowing capacity							168.5	$ 141.7
Amounts outstanding							$ 0	$ 0
Standby Letters of Credit [Member] | Subsequent Event [Member]
Financing [Line Items]
Expiration date	Jun. 24, 2024
Renewal term		1 year
Minimum [Member] | Revolving Credit Facility [Member]
Financing [Line Items]
Commitment fee, percentage							0.05%
Minimum [Member] | Standby Letters of Credit [Member]
Financing [Line Items]
Expiration date							Jun. 26, 2024
Maximum [Member] | Revolving Credit Facility [Member]
Financing [Line Items]
Commitment fee, percentage							0.15%
Maximum [Member] | Standby Letters of Credit [Member]
Financing [Line Items]
Expiration date							Sep. 29, 2025

Short-term Financing (Descripti

Short-term Financing (Description of Credit Facilities) (Details) - Revolving Credit Facility [Member] - USD ($) $ in Millions		12 Months Ended
		May 31, 2024	May 31, 2023
Line of Credit Facility [Line Items]
Maximum Amount Available		$ 2,000
Amount Outstanding	[1]	$ 18.7	$ 10.2
JP Morgan Chase Bank, N.A. [Member] | JPM $1 Billion Credit Facility [Member]
Line of Credit Facility [Line Items]
Expiration Date	[2]	Apr. 12, 2029
Maximum Amount Available	[2]	$ 1,000
JP Morgan Chase Bank, N.A. [Member] | JPM $750 Million Credit Facility [Member]
Line of Credit Facility [Line Items]
Expiration Date	[2]	Sep. 17, 2026
Maximum Amount Available	[2]	$ 750
PNC Bank, National Association [Member] | PNC $250 Million Credit Facility [Member]
Line of Credit Facility [Line Items]
Expiration Date		Feb. 06, 2026
Maximum Amount Available		$ 250
Amount Outstanding		$ 18.7	$ 10.2
[1] The total amount available under these credit facilities as of May 31, 2024 was approximately $ 2.0 billion. Amounts borrowed under the PNC credit facility remain outstanding as of the date of this report. JPM acts as the administrative agent for this syndicated credit facility.

Short-term Financing (Descrip_2

Short-term Financing (Description of Credit Facilities) (Parenthetical) (Details) - Revolving Credit Facility [Member] - USD ($) $ in Millions	May 31, 2024	May 31, 2023
Line of Credit Facility [Line Items]
Maximum Amount Available	$ 2,000
PNC Bank, National Association [Member] | PNC $250 Million Credit Facility [Member]
Line of Credit Facility [Line Items]
Weighted-average interest rate	6.14%	5.83%
Maximum Amount Available	$ 250

Long-Term Financing (Schedule o

Long-Term Financing (Schedule of Long-Term Debt, at Amortized Cost) (Details) - USD ($) $ in Millions	May 31, 2024	May 31, 2023
Debt Instrument [Line Items]
Total long-term borrowings	$ 800	$ 800
Less: Debt issuance costs, net of accumulated amortization	(1.4)	(1.8)
Long-term borrowings, net of debt issuance costs	798.6	798.2
Senior Notes, Series A [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Total long-term borrowings	400	400
Senior Notes, Series B [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Total long-term borrowings	$ 400	$ 400

Long-Term Financing (Informatio

Long-Term Financing (Information Related to Senior Notes) (Details) - Senior Notes [Member]	12 Months Ended
	May 31, 2024	May 31, 2023
Senior Notes, Series A [Member]
Debt Instrument [Line Items]
Stated interest rate	4.07%	4.07%
Effective interest rate	4.14%	4.14%
Interest rate type	Fixed	Fixed
Interest payment dates	Semi-annual, in arrears	Semi-annual, in arrears
Principal payment dates	Mar. 13, 2026	Mar. 13, 2026
Note type	Unsecured	Unsecured
Senior Notes, Series B [Member]
Debt Instrument [Line Items]
Stated interest rate	4.25%	4.25%
Effective interest rate	4.31%	4.31%
Interest rate type	Fixed	Fixed
Interest payment dates	Semi-annual, in arrears	Semi-annual, in arrears
Principal payment dates	Mar. 13, 2029	Mar. 13, 2029
Note type	Unsecured	Unsecured

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Supplemental Cash Flow Elements [Abstract]
Income taxes paid	$ 539.5	$ 525.8	$ 397.7
Interest expense paid	$ 36.2	$ 35.7	$ 35.5

Employee Benefit Plans (Narrati

Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2022
Deferred Compensation Plans [Member]
Defined Contribution Plan Disclosure [Line Items]
Percentage of annual base salary and bonus that eligible employees may defer	50%
Percentage of Board cash compensation that eligible outside directors may defer	100%
Amounts accrued under deferred compensation plans	$ 33.9	$ 28.3
401(K) Plan [Member]
Defined Contribution Plan Disclosure [Line Items]
Maximum percentage of salary deferral	50%
Years of service to be eligible for matching contribution	1 year
Minimum number of hours worked for eligibility	1,000
Employer's matching contribution as a percent of the first 3% of employees' salary contributed	100%
Percentage of employees' salary contributed matched 100% by employer	3%
Employer's matching contribution as a percent of the next 2% of employees' salary contributed	50%
Percentage of employees' salary contributed matched 50% by employer	2%
Total percentage of employees' salary contributed matched by employer	4%
Company contributions to the plan	$ 37.5	$ 36.6	$ 35.6
Percentage participant directed	100%

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details) $ in Millions	May 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Minimum future payment obligations under purchase orders, legally binding contractual arrangements, and under existing workers' compensation insurance agreements	$ 429.8
Commitments to purchase capital assets	$ 2.9

Commitments and Contingencies_3

Commitments and Contingencies (Minimum Future Payment Obligations) (Details) $ in Millions	May 31, 2024 USD ($)
Workers' Compensation Estimated Obligations [Member]
2025	$ 74.1
2026	38
2027	23.9
2028	16.2
2029	11.8
Thereafter	54.6
Purchase Obligations [Member]
2025	139.8
2026	54.5
2027	13.6
2028	2.6
2029	$ 0.7

Valuation and Qualifying Acco_2

Valuation and Qualifying Accounts (Details) - Allowance for Credit Losses [Member] - USD ($) $ in Millions		12 Months Ended
		May 31, 2024	May 31, 2023	May 31, 2022
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance as of beginning of fiscal year		$ 20.5	$ 18.2	$ 16
Additions charged to expenses		19.8	17.7	10.5
Costs and deductions	[1]	19	15.4	8.3
Balance as of end of fiscal year		$ 21.3	$ 20.5	$ 18.2
[1] Uncollectible amounts written off, net of recoveries, and other adjustments.