Funds Held for Clients and Corporate Investments (Tables)
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3 Months Ended |
Aug. 31, 2026 |
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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, 2026 |
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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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— |
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$ |
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— |
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$ |
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— |
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$ |
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— |
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AFS securities: |
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Asset-backed securities |
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87.0 |
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0.2 |
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(0.3 |
) |
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86.9 |
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Corporate bonds |
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2,381.9 |
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1.3 |
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(43.6 |
) |
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2,339.6 |
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Municipal bonds |
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830.9 |
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0.2 |
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(20.0 |
) |
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811.1 |
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U.S. government agency and treasury securities |
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1,232.4 |
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0.1 |
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(30.3 |
) |
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1,202.2 |
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Variable rate demand notes |
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204.3 |
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— |
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— |
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204.3 |
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Total AFS securities |
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4,736.5 |
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1.8 |
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(94.2 |
) |
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4,644.1 |
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Other |
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34.0 |
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4.3 |
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(0.7 |
) |
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37.6 |
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Total funds held for clients and corporate investments |
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$ |
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4,770.5 |
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$ |
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6.1 |
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$ |
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(94.9 |
) |
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$ |
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4,681.7 |
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May 31, 2026 |
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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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343.8 |
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$ |
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— |
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$ |
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— |
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$ |
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343.8 |
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AFS securities: |
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Asset-backed securities |
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106.5 |
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0.4 |
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(0.1 |
) |
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106.8 |
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Corporate bonds |
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2,349.9 |
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5.5 |
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(18.8 |
) |
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2,336.6 |
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Municipal bonds |
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851.9 |
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0.4 |
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(21.1 |
) |
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831.2 |
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U.S. government agency and treasury securities |
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1,232.6 |
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1.0 |
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(19.8 |
) |
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1,213.8 |
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Total AFS securities |
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4,540.9 |
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7.3 |
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(59.8 |
) |
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4,488.4 |
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Other |
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32.3 |
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4.6 |
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(0.6 |
) |
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36.3 |
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Total funds held for clients and corporate investments |
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$ |
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4,917.0 |
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$ |
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11.9 |
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$ |
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(60.4 |
) |
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$ |
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4,868.5 |
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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 is as follows:
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August 31, |
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May 31, |
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In millions |
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2026 |
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2026 |
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Funds held for clients |
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$ |
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4,348.4 |
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$ |
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4,832.2 |
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Corporate investments |
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333.3 |
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36.3 |
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Total funds held for clients and corporate investments |
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$ |
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4,681.7 |
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$ |
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4,868.5 |
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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, 2026 |
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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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(0.3 |
) |
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$ |
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29.8 |
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$ |
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— |
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$ |
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— |
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$ |
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(0.3 |
) |
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$ |
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29.8 |
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Corporate bonds |
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(41.4 |
) |
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1,748.9 |
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(2.2 |
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102.3 |
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(43.6 |
) |
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1,851.2 |
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Municipal bonds |
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(2.2 |
) |
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135.2 |
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(17.8 |
) |
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637.6 |
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(20.0 |
) |
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772.8 |
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U.S. government agency and treasury securities |
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(23.6 |
) |
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851.7 |
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(6.7 |
) |
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302.7 |
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(30.3 |
) |
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1,154.4 |
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Total |
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$ |
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(67.5 |
) |
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$ |
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2,765.6 |
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$ |
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(26.7 |
) |
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$ |
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1,042.6 |
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$ |
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(94.2 |
) |
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$ |
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3,808.2 |
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May 31, 2026 |
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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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21.7 |
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$ |
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— |
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$ |
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— |
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$ |
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(0.1 |
) |
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$ |
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21.7 |
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Corporate bonds |
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(16.3 |
) |
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1,148.8 |
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(2.5 |
) |
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128.0 |
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(18.8 |
) |
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1,276.8 |
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Municipal bonds |
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(1.7 |
) |
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69.0 |
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(19.4 |
) |
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713.2 |
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(21.1 |
) |
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782.2 |
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U.S. government agency and treasury securities |
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(13.4 |
) |
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610.7 |
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(6.4 |
) |
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337.3 |
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(19.8 |
) |
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948.0 |
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Total |
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$ |
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(31.5 |
) |
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$ |
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1,850.2 |
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$ |
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(28.3 |
) |
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$ |
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1,178.5 |
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$ |
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(59.8 |
) |
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$ |
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3,028.7 |
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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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In millions |
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2026 |
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2025 |
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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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Gross realized losses |
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(0.0 |
) |
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(0.0 |
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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, 2026 are shown below by expected maturity.
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August 31, 2026 |
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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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$ |
|
1,090.9 |
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$ |
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1,082.0 |
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Due after one year through three years |
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1,174.1 |
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1,157.2 |
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Due after three years through five years |
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614.2 |
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601.8 |
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Due after five years |
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1,857.3 |
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1,803.1 |
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Total |
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$ |
|
4,736.5 |
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$ |
|
4,644.1 |
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