Funds Held for Clients and Corporate Investments (Tables)
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9 Months Ended |
Feb. 28, 2025 |
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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, 2025 |
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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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780.4 |
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$ |
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— |
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$ |
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— |
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$ |
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780.4 |
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AFS securities: |
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Asset-backed securities |
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166.9 |
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1.1 |
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(0.1 |
) |
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167.9 |
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Corporate bonds |
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1,358.3 |
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7.2 |
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(8.9 |
) |
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1,356.6 |
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Municipal bonds |
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1,043.1 |
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0.5 |
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(50.7 |
) |
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992.9 |
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U.S. government agency and treasury securities |
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904.7 |
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2.4 |
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(19.4 |
) |
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887.7 |
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Total AFS securities |
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3,473.0 |
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11.2 |
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(79.1 |
) |
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3,405.1 |
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Other |
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33.0 |
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3.7 |
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(1.1 |
) |
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35.6 |
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Total funds held for clients and corporate investments |
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$ |
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4,286.4 |
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$ |
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14.9 |
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$ |
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(80.2 |
) |
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$ |
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4,221.1 |
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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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February 28, |
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May 31, |
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In millions |
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2025 |
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2024 |
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Funds held for clients |
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$ |
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4,183.9 |
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$ |
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3,706.2 |
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Corporate investments |
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37.2 |
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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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4,221.1 |
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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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February 28, 2025 |
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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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(0.0 |
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$ |
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3.0 |
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$ |
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(0.1 |
) |
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$ |
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6.0 |
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$ |
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(0.1 |
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$ |
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9.0 |
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Corporate bonds |
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(0.6 |
) |
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249.2 |
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(8.3 |
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280.3 |
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(8.9 |
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529.5 |
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Municipal bonds |
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(1.7 |
) |
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29.5 |
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(49.0 |
) |
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922.3 |
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(50.7 |
) |
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951.8 |
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U.S. government agency and treasury securities |
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(0.4 |
) |
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78.4 |
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(19.0 |
) |
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529.5 |
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(19.4 |
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607.9 |
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Total |
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$ |
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(2.7 |
) |
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$ |
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360.1 |
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$ |
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(76.4 |
) |
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$ |
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1,738.1 |
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$ |
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(79.1 |
) |
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$ |
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2,098.2 |
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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 |
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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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(0.4 |
) |
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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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For the nine months ended |
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February 28, |
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February 29, |
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February 28, |
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February 29, |
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In millions |
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2025 |
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2024 |
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2025 |
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2024 |
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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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0.0 |
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$ |
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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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(0.4 |
) |
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— |
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(0.4 |
) |
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(0.0 |
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Net realized (losses)/gains |
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$ |
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(0.4 |
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$ |
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0.0 |
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$ |
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(0.4 |
) |
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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 February 28, 2025 are shown below by expected maturity.
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February 28, 2025 |
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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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$ |
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460.1 |
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$ |
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455.4 |
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Due after one year through three years |
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1,921.7 |
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1,868.4 |
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Due after three years through five years |
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879.5 |
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867.9 |
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Due after five years |
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211.7 |
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213.4 |
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Total |
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$ |
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3,473.0 |
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$ |
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3,405.1 |
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