Funds Held for Clients and Corporate Investments (Tables)
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3 Months Ended |
Aug. 31, 2024 |
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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, 2024 |
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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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333.6 |
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$ |
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— |
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$ |
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— |
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$ |
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333.6 |
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AFS securities: |
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Asset-backed securities |
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132.5 |
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0.9 |
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(0.3 |
) |
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133.1 |
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Corporate bonds |
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1,422.0 |
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11.5 |
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(12.4 |
) |
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1,421.1 |
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Municipal bonds |
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1,059.5 |
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0.8 |
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(61.4 |
) |
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998.9 |
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U.S. government agency and treasury securities |
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897.7 |
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4.4 |
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(23.9 |
) |
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878.2 |
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Total AFS securities |
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3,511.7 |
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17.6 |
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(98.0 |
) |
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3,431.3 |
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Other |
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33.9 |
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4.0 |
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(1.2 |
) |
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36.7 |
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Total funds held for clients and corporate investments |
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$ |
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3,879.2 |
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$ |
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21.6 |
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$ |
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(99.2 |
) |
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$ |
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3,801.6 |
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May 31, 2024 |
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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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380.3 |
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$ |
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— |
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$ |
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— |
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$ |
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380.3 |
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AFS securities: |
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Asset-backed securities |
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135.7 |
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0.1 |
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(1.1 |
) |
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134.7 |
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Corporate bonds |
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1,400.3 |
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1.3 |
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(32.8 |
) |
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1,368.8 |
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Municipal bonds |
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1,060.1 |
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0.2 |
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(86.9 |
) |
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973.4 |
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U.S. government agency and treasury securities |
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896.0 |
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0.1 |
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(43.4 |
) |
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852.7 |
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Total AFS securities |
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3,492.1 |
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1.7 |
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(164.2 |
) |
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3,329.6 |
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Other |
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32.3 |
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3.2 |
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(1.6 |
) |
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33.9 |
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Total funds held for clients and corporate investments |
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$ |
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3,904.7 |
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$ |
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4.9 |
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$ |
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(165.8 |
) |
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$ |
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3,743.8 |
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| Classification of Investments on Consolidated Balance Sheets |
The classification of funds held for clients and corporate investments on the Consolidated Balance Sheets was as follows:
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August 31, |
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May 31, |
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In millions |
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2024 |
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2024 |
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Funds held for clients |
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$ |
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3,763.2 |
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$ |
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3,706.2 |
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Corporate investments |
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38.4 |
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33.9 |
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Long-term corporate investments |
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— |
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3.7 |
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Total funds held for clients and corporate investments |
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$ |
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3,801.6 |
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$ |
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3,743.8 |
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| Securities in Unrealized Loss Position |
AFS securities in an unrealized loss position for which a credit loss has not been recognized were as follows:
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August 31, 2024 |
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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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— |
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$ |
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2.4 |
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$ |
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(0.3 |
) |
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$ |
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25.0 |
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$ |
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(0.3 |
) |
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$ |
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27.4 |
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Corporate bonds |
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(0.1 |
) |
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14.4 |
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(12.3 |
) |
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424.7 |
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(12.4 |
) |
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439.1 |
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Municipal bonds |
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(4.3 |
) |
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59.4 |
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(57.1 |
) |
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910.1 |
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(61.4 |
) |
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969.5 |
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U.S. government agency and treasury securities |
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(0.1 |
) |
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39.9 |
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(23.8 |
) |
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530.1 |
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(23.9 |
) |
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570.0 |
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Total |
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$ |
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(4.5 |
) |
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$ |
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116.1 |
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$ |
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(93.5 |
) |
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$ |
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1,889.9 |
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$ |
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(98.0 |
) |
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$ |
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2,006.0 |
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May 31, 2024 |
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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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(0.4 |
) |
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$ |
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77.4 |
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$ |
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(0.7 |
) |
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$ |
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43.0 |
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$ |
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(1.1 |
) |
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$ |
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120.4 |
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Corporate bonds |
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(8.4 |
) |
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620.8 |
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(24.4 |
) |
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647.8 |
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(32.8 |
) |
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1,268.6 |
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Municipal bonds |
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(8.0 |
) |
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102.5 |
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(78.9 |
) |
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864.7 |
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(86.9 |
) |
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967.2 |
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U.S. government agency and treasury securities |
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(6.2 |
) |
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268.2 |
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(37.2 |
) |
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547.2 |
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(43.4 |
) |
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815.4 |
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Total |
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$ |
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(23.0 |
) |
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$ |
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1,068.9 |
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$ |
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(141.2 |
) |
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$ |
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2,102.7 |
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$ |
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(164.2 |
) |
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$ |
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3,171.6 |
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| Realized Gains and Losses from Sale of Available-for-sale Securities |
Realized gains and losses from the sale of AFS securities were as follows:
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For the three months ended |
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August 31, |
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August 31, |
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In millions |
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2024 |
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|
2023 |
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Gross realized gains |
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$ |
|
0.0 |
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$ |
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0.0 |
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Gross realized losses |
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(0.0 |
) |
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(0.0 |
) |
Net realized gains/(losses) |
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$ |
|
0.0 |
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$ |
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(0.0 |
) |
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| 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 August 31, 2024 are shown below by expected maturity.
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August 31, 2024 |
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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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$ |
|
263.7 |
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$ |
|
259.7 |
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Due after one year through three years |
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1,703.7 |
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1,644.6 |
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Due after three years through five years |
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1,232.2 |
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1,210.7 |
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Due after five years |
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312.1 |
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316.3 |
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Total |
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$ |
|
3,511.7 |
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$ |
|
3,431.3 |
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