Funds Held for Clients and Corporate Investments (Tables)
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9 Months Ended |
Feb. 28, 2023 |
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| Funds Held for Clients and Corporate Investments [Abstract] |
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| Funds Held for Clients and Corporate Investments |
Funds held for clients and corporate investments were as follows:
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February 28, 2023 |
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Gross |
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Gross |
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Amortized |
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unrealized |
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unrealized |
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Fair |
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In millions |
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cost |
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gains |
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losses |
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value |
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Type of issue: |
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Funds held for clients' money market securities and other
restricted cash equivalents |
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$ |
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988.9 |
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$ |
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— |
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$ |
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— |
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$ |
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988.9 |
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AFS securities: |
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Asset-backed securities |
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90.6 |
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— |
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(2.1 |
) |
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88.5 |
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Corporate bonds |
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1,334.4 |
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0.8 |
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(47.9 |
) |
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1,287.3 |
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Municipal bonds |
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1,436.9 |
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0.0 |
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(129.3 |
) |
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1,307.6 |
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U.S. government agency and treasury securities |
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621.9 |
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— |
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(52.0 |
) |
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569.9 |
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Variable rate demand notes |
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207.6 |
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— |
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— |
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207.6 |
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Total AFS securities |
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3,691.4 |
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0.8 |
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(231.3 |
) |
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3,460.9 |
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Other |
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33.8 |
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1.0 |
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(3.3 |
) |
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31.5 |
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Total funds held for clients and corporate investments |
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$ |
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4,714.1 |
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$ |
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1.8 |
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$ |
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(234.6 |
) |
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$ |
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4,481.3 |
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May 31, 2022 |
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Gross |
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Gross |
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Amortized |
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unrealized |
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unrealized |
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Fair |
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In millions |
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cost |
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gains |
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losses |
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value |
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Type of issue: |
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Funds held for clients' money market securities and other
restricted cash equivalents |
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$ |
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482.6 |
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$ |
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— |
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$ |
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— |
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$ |
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482.6 |
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AFS securities: |
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Asset-backed securities |
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68.5 |
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0.0 |
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(1.3 |
) |
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67.2 |
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Corporate bonds |
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699.3 |
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1.8 |
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(19.0 |
) |
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682.1 |
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Municipal bonds |
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1,577.6 |
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0.6 |
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(92.4 |
) |
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1,485.8 |
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U.S. government agency and treasury securities |
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574.5 |
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0.3 |
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(26.3 |
) |
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548.5 |
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Variable rate demand notes |
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1,245.6 |
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— |
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— |
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1,245.6 |
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Total AFS securities |
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4,165.5 |
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2.7 |
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(139.0 |
) |
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4,029.2 |
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Other |
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30.4 |
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1.8 |
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(2.2 |
) |
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30.0 |
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Total funds held for clients and corporate investments |
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$ |
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4,678.5 |
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$ |
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4.5 |
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$ |
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(141.2 |
) |
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$ |
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4,541.8 |
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| Classification of Investments on Consolidated Balance Sheets |
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February 28, |
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May 31, |
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In millions |
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2023 |
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2022 |
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Funds held for clients |
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$ |
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4,237.4 |
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$ |
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3,682.9 |
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Corporate investments |
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240.1 |
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853.9 |
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Long-term corporate investments |
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3.8 |
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5.0 |
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Total funds held for clients and corporate investments |
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$ |
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4,481.3 |
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$ |
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4,541.8 |
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| Securities in Unrealized Loss Position |
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February 28, 2023 |
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Securities in an unrealized
loss position for less than
twelve months |
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Securities in an unrealized
loss position for more than
twelve months |
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Total |
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Gross |
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Gross |
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Gross |
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unrealized |
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Fair |
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unrealized |
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Fair |
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unrealized |
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Fair |
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In millions |
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losses |
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value |
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losses |
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value |
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losses |
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value |
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Type of issue: |
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Asset-backed securities |
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$ |
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(0.6 |
) |
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$ |
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68.6 |
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$ |
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(1.5 |
) |
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$ |
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19.9 |
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$ |
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(2.1 |
) |
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$ |
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88.5 |
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Corporate bonds |
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(29.4 |
) |
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1,072.9 |
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(18.5 |
) |
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142.4 |
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(47.9 |
) |
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1,215.3 |
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Municipal bonds |
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(23.3 |
) |
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555.3 |
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(106.0 |
) |
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743.2 |
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(129.3 |
) |
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1,298.5 |
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U.S. government agency and treasury securities |
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(20.4 |
) |
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315.7 |
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(31.6 |
) |
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254.3 |
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(52.0 |
) |
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570.0 |
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Total |
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$ |
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(73.7 |
) |
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$ |
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2,012.5 |
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$ |
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(157.6 |
) |
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$ |
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1,159.8 |
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$ |
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(231.3 |
) |
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$ |
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3,172.3 |
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May 31, 2022 |
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Securities in an unrealized
loss position for less than
twelve months |
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Securities in an unrealized
loss position for more than
twelve months |
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Total |
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Gross |
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Gross |
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Gross |
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unrealized |
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Fair |
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unrealized |
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Fair |
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|
unrealized |
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Fair |
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In millions |
|
losses |
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|
value |
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|
losses |
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|
value |
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|
losses |
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|
value |
|
Type of issue: |
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Asset-backed securities |
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$ |
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(0.9 |
) |
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$ |
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48.5 |
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$ |
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(0.3 |
) |
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$ |
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5.7 |
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$ |
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(1.2 |
) |
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$ |
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54.2 |
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Corporate bonds |
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(17.5 |
) |
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425.4 |
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(1.5 |
) |
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16.7 |
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(19.0 |
) |
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442.1 |
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Municipal bonds |
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(81.9 |
) |
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1,171.5 |
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(10.6 |
) |
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86.6 |
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(92.5 |
) |
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1,258.1 |
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U.S. government agency and treasury securities |
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(15.9 |
) |
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414.2 |
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(10.4 |
) |
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91.7 |
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(26.3 |
) |
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505.9 |
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Total |
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$ |
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(116.2 |
) |
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$ |
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2,059.6 |
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$ |
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(22.8 |
) |
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$ |
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200.7 |
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$ |
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(139.0 |
) |
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$ |
|
2,260.3 |
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| Realized Gains and Losses from Sale of Available-for-sale Securities |
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For the three months ended |
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For the nine months ended |
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February 28, |
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February 28, |
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In millions |
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2023 |
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|
2022 |
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|
2023 |
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|
2022 |
|
Gross realized gains |
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$ |
|
0.0 |
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$ |
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0.0 |
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$ |
|
0.1 |
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$ |
|
0.1 |
|
Gross realized losses |
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— |
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(0.0 |
) |
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(0.0 |
) |
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(0.0 |
) |
Net realized gains |
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$ |
|
0.0 |
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$ |
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0.0 |
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$ |
|
0.1 |
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$ |
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0.1 |
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| Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity |
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February 28, 2023 |
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Amortized |
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Fair |
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In millions |
|
cost |
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|
value |
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Maturity date: |
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Due in one year or less |
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$ |
|
388.8 |
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$ |
|
384.7 |
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Due after one year through three years |
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846.6 |
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803.7 |
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Due after three years through five years |
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1,844.3 |
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1,695.6 |
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Due after five years |
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611.7 |
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|
576.9 |
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Total |
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$ |
|
3,691.4 |
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|
$ |
|
3,460.9 |
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