ADP 2011 Annual Report Download - page 48

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NOTE 5. CORPORATE INVESTMENTS AND FUNDS HELD FOR CLIENTS
Corporate investments and funds held for clients at June 30, 2011 and 2010 are as follows:
At June 30, 2011, U.S. Treasury and direct obligations of U.S. government agencies primarily include debt directly issued by Federal
Home Loan Banks, Federal Farm Credit Banks, Federal Home Loan Mortgage Corporation (“Freddie Mac”
)
and Federal National
Mortgage Association (“Fannie Mae”
)
with fair values of $3,886.5 million, $914.0 million, $759.1 million and $702.4 million,
respectively. At June 30, 2010, U.S. Treasury and direct obligations of U.S. government agencies primarily include debt directly
issued by Federal Home Loan Banks, Federal Farm Credit Banks, Freddie Mac and Fannie Mae with fair values of $2,615.5 million,
$736.8 million, $1,136.1 million and $933.6 million, respectively. U.S. Treasury and direct obligations of U.S. government agencies
represent senior, unsecured, non
-
callable debt that primarily carries a credit rating of primarily AAA, as rated by Moody
’
s and
Standard and Poor
’
s and has maturities ranging from July 2011 through March 2021.
48
June 30, 2011
Gross
Gross
Amortized
Unrealized
Unrealized
Cost
Gains
Losses
Fair Value
Type of issue:
Money market securities and other cash
equivalents
$
9,731.8
$
-
$
-
$
9,731.8
Available
-
for
-
sale securities:
U.S. Treasury and direct obligations of
U.S. government agencies
6,558.2
213.0
(12.1
)
6,759.1
Corporate bonds
5,908.6
234.9
(16.9
)
6,126.6
Asset
-
backed securities
422.4
25.4
-
447.8
Commercial mortgage
-
backed securities
476.6
15.9
-
492.5
Municipal bonds
493.7
23.1
(0.6
)
516.2
Canadian government obligations and
Canadian government agency obligations
1,082.0
20.8
(1.3
)
1,101.5
Other securities
1,415.1
72.4
(3.7
)
1,483.8
Total available
-
for
-
sale securities
16,356.6
605.5
(34.6
)
16,927.5
Total corporate investments and funds
held for clients
$
26,088.4
$
605.5
$
(34.6
)
$
26,659.3
June 30, 2010
Gross
Gross
Amortized
Unrealized
Unrealized
Cost
Gains
Losses
Fair Value
Type of issue:
Money market securities and other cash
equivalents
$
5,091.1
$
-
$
-
$
5,091.1
Available
-
for
-
sale securities:
U.S. Treasury and direct obligations of
U.S. government agencies
5,631.0
280.7
(0.2
)
5,911.5
Corporate bonds
5,080.7
261.2
(9.0
)
5,332.9
Asset
-
backed securities
923.5
45.3
-
968.8
Commercial mortgage
-
backed securities
682.3
25.1
-
707.4
Municipal bonds
446.3
23.1
-
469.4
Canadian government obligations and
Canadian government agency obligations
998.6
33.9
-
1,032.5
Other securities
1,043.7
51.8
(1.0
)
1,094.5
Total available
-
for
-
sale securities
14,806.1
721.1
(10.2
)
15,517.0
Total corporate investments and funds
held for clients
$
19,897.2
$
721.1
$
(10.2
)
$
20,608.1