Funds Held for Clients and Corporate Investments (Tables)
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3 Months Ended |
Aug. 31, 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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August 31, 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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2,188.4 |
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$ |
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— |
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$ |
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— |
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$ |
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2,188.4 |
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AFS securities: |
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Asset-backed securities |
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86.4 |
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— |
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(1.6 |
) |
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84.8 |
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Corporate bonds |
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1,478.0 |
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0.8 |
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(43.2 |
) |
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1,435.6 |
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Municipal bonds |
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1,099.0 |
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— |
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(112.4 |
) |
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986.6 |
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U.S. government agency and treasury securities |
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829.6 |
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— |
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(50.5 |
) |
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779.1 |
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Variable rate demand notes |
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11.3 |
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— |
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— |
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11.3 |
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Total AFS securities |
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3,504.3 |
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0.8 |
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(207.7 |
) |
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3,297.4 |
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Other |
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32.9 |
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1.9 |
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(2.6 |
) |
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32.2 |
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Total funds held for clients and corporate investments |
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$ |
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5,725.6 |
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$ |
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2.7 |
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$ |
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(210.3 |
) |
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$ |
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5,518.0 |
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May 31, 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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863.1 |
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$ |
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— |
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$ |
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— |
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$ |
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863.1 |
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AFS securities: |
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Asset-backed securities |
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88.1 |
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— |
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(1.4 |
) |
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86.7 |
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Corporate bonds |
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1,468.3 |
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3.7 |
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(31.1 |
) |
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1,440.9 |
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Municipal bonds |
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1,091.3 |
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0.1 |
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(105.3 |
) |
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986.1 |
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U.S. government agency and treasury securities |
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788.1 |
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0.3 |
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(41.6 |
) |
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746.8 |
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Variable rate demand notes |
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344.1 |
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— |
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— |
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344.1 |
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Total AFS securities |
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3,779.9 |
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4.1 |
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(179.4 |
) |
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3,604.6 |
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Other |
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30.1 |
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1.1 |
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(2.9 |
) |
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28.3 |
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Total funds held for clients and corporate investments |
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$ |
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4,673.1 |
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$ |
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5.2 |
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$ |
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(182.3 |
) |
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$ |
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4,496.0 |
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| Classification of Investments on Consolidated Balance Sheets |
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August 31, |
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May 31, |
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In millions |
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2023 |
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2023 |
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Funds held for clients |
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$ |
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5,470.7 |
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$ |
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4,118.8 |
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Corporate investments |
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45.7 |
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373.4 |
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Long-term corporate investments |
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1.6 |
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3.8 |
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Total funds held for clients and corporate investments |
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$ |
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5,518.0 |
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$ |
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4,496.0 |
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| Securities in Unrealized Loss Position |
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August 31, 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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63.0 |
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$ |
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(1.0 |
) |
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$ |
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21.8 |
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$ |
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(1.6 |
) |
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$ |
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84.8 |
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Corporate bonds |
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(14.1 |
) |
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843.4 |
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(29.1 |
) |
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503.5 |
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(43.2 |
) |
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1,346.9 |
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Municipal bonds |
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(6.9 |
) |
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92.7 |
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(105.5 |
) |
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892.9 |
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(112.4 |
) |
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985.6 |
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U.S. government agency and treasury securities |
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(6.2 |
) |
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245.0 |
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(44.3 |
) |
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534.1 |
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(50.5 |
) |
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779.1 |
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Total |
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$ |
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(27.8 |
) |
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$ |
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1,244.1 |
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$ |
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(179.9 |
) |
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$ |
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1,952.3 |
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$ |
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(207.7 |
) |
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$ |
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3,196.4 |
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May 31, 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 |
|
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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(0.1 |
) |
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$ |
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54.2 |
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$ |
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(1.3 |
) |
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$ |
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23.3 |
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$ |
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(1.4 |
) |
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$ |
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77.5 |
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Corporate bonds |
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(5.9 |
) |
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652.0 |
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(25.2 |
) |
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382.7 |
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(31.1 |
) |
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1,034.7 |
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Municipal bonds |
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(5.9 |
) |
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86.7 |
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(99.4 |
) |
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889.0 |
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(105.3 |
) |
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975.7 |
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U.S. government agency and treasury securities |
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(3.3 |
) |
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199.6 |
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(38.3 |
) |
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457.9 |
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(41.6 |
) |
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657.5 |
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Total |
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$ |
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(15.2 |
) |
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$ |
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992.5 |
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$ |
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(164.2 |
) |
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$ |
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1,752.9 |
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$ |
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(179.4 |
) |
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$ |
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2,745.4 |
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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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August 31, |
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In millions |
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2023 |
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2022 |
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Gross realized gains |
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$ |
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0.0 |
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$ |
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0.1 |
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Gross realized losses |
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(0.0 |
) |
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— |
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Net realized (losses)/gains |
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$ |
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(0.0 |
) |
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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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August 31, 2023 |
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Amortized |
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Fair |
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In millions |
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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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$ |
|
201.9 |
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$ |
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199.4 |
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Due after one year through three years |
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924.4 |
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869.1 |
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Due after three years through five years |
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1,970.0 |
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1,841.2 |
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Due after five years |
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408.0 |
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387.7 |
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Total |
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$ |
|
3,504.3 |
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$ |
|
3,297.4 |
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