ADP 2008 Annual Report Download - page 49

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At June 30, 2008, approximately 90% of our available-for-sale securities held AAA or AA ratings, as rated by Moody’ s, Standard & Poor’ s
and, for Canadian securities, Dominion Bond Rating Service.
The Company evaluates unrealized losses on available-for-sale securities for other-than-temporary impairment based upon whether the
unrealized losses were interest rate related or credit related, and based upon the length of time and the extent to which the fair value for each
individual security has been below cost. As of June 30, 2008, the Company determined that none of the unrealized losses were other-than-
temporary.
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 June 30,
2008 are as follows:
Expected maturities of available-for-sale securities at June 30, 2008 are as follows:
49
Unrealized Unrealized
losses Fair market losses Fair market Total gross
less than value less than greater than value greater unrealized Total fair
12 months 12 months 12 months
than 12 months losses
market value
U.S. Treasury and direct obligations of
U.S. government agencies $(14.2) $ 762.3 $ -$- $(14.2) $ 762.3
Asset backed securities
(3.7) 277.0 -2.4 (3.7) 279.4
Corporate bonds (28.4)1,771.9 (0.4)3.7 (28.8)1,775.6
Canadian government obligations and
Canadian government agency obligations (0.5) 51.4 --
(0.5) 51.4
Other securities (13.5)837.8 (4.2)73.7 (17.7)911.5
$ (60.3) $ 3,700.4 $ (4.6) $ 79.8 $ (64.9) $ 3,780.2
Maturity Dates:
Due in one year or less $ 2,333.0
Due after one year up to two years 2,788.1
Due after two years up to three years 2,932.9
Due after three years up to four years 3,086.7
Due after four years 3,925.7
Total available-for-sale securities $ 15,066.4