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June 30, 2014
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair V alue (B)
Type of issue:
Money market securities and other cash equivalents $ 2,771.8
$ —
$ —
$ 2,771.8
Available-for-sale securities:
Corporate bonds 8,720.1
171.1
(15.0)
8,876.2
U.S. Treasury and direct obligations of
U.S. government agencies 6,051.4
107.3
(11.7)
6,147.0
Asset-backed securities 1,822.6
6.1
(6.9)
1,821.8
Canadian government obligations and
Canadian government agency obligations 1,031.4
7.6
(0.8)
1,038.2
Canadian provincial bonds 747.7
25.3
(2.5)
770.5
Municipal bonds 543.3
19.4
(0.5)
562.2
Other securities 915.6
25.7
(0.7)
940.6
Total available-for-sale securities 19,832.1
362.5
(38.1)
20,156.5
Total corporate investments and funds held for clients $ 22,603.9
$ 362.5
$ (38.1)
$ 22,928.3
(B) Included within available-for-sale securities are corporate investments with fair values of $2,086.3 million and funds held for clients with fair values of
$18,070.2 million . All available-for-sale securities were included in Level 2.
For a description of the fair value hierarchy and the Company's fair value methodologies, including the use of an independent third-party pricing service, see Note
1 "Summary of Significant Accounting Policies." The Company did not transfer any assets between Levels during fiscal 2015 or 2014 . In addition, the Company
did not adjust the prices obtained from the independent pricing service.
The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12
months as of J une 30, 2015 , are as follows:
June 30, 2015
Securities in unrealized loss position
less than
12 months
Securities in unrealized loss position
greater than 12 months
Total
Unrealized
losses
Fair market
value
Unrealized
losses
Fair market
value
Gross
unrealized
losses
Fair
market value
Corporate bonds $ (27.3)
$ 2,403.5
$ (2.3)
$ 228.1
$ (29.6)
$ 2,631.6
U.S. Treasury and direct obligations of
U.S. government agencies (7.2)
865.1
(2.6)
374.0
(9.8)
1,239.1
Asset-backed securities (3.2)
606.8
(2.9)
443.6
(6.1)
1,050.4
Canadian government obligations and
Canadian government agency obligations (0.2)
85.8
—
—
(0.2)
85.8
Canadian provincial bonds (0.8)
101.5
—
10.0
(0.8)
111.5
Municipal bonds (1.2)
143.6
(0.2)
6.0
(1.4)
149.6
Other securities (0.4)
36.6
(0.3)
13.7
(0.7)
50.3
$ (40.3)
$ 4,242.9
$ (8.3)
$ 1,075.4
$ (48.6)
$ 5,318.3
51