Company: ADP
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000008670-25-000015
Chunk: 39

Company: AUTOMATIC DATA PROCESSING INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 39
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668.0 (43.0)1,019.4 Canadian provincial bonds(1.3)193.0 (54.9)717.4 (56.2)910.4 Commercial mortgage-backed securities(0.5)11.2 (34.6)489.6 (35.1)500.8 Other securities(12.2)288.5 (63.7)864.8 (75.9)1,153.3  $(66.8)$5,560.0 $(1,479.9)$22,249.9 $(1,546.7)$27,809.9 At March 31, 2025, corporate bonds include investment-grade debt securities with a wide variety of issuers, industries, and sectors, primarily carrying credit ratings of A and above, and have maturities ranging from April 2025 through March 2035. At March 31, 2025, asset-backed securities include AAA-rated senior tranches of securities with predominantly prime collateral of fixed-rate auto loan, credit card, and equipment lease receivables with fair values of $816.0 million, $536.1 million, and $211.8 million, respectively. These securities are collateralized by the cash flows of the underlying pools of receivables. The primary risk associated with these securities is the collection risk of the underlying receivables. All collateral on such asset-backed securities has performed as expected through March 31, 2025.

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At March 31, 2025, U.S. government agency securities primarily include debt directly issued by Federal Farm Credit Banks and Federal Home Loan Banks with fair values of $965.9 million and $486.8 million, respectively. U.S. government agency securities represent senior, unsecured, non-callable debt that primarily carry ratings of Aaa by Moody's, and AA+ by Standard & Poor's, with maturities ranging from April 2025 through August 2034. At March 31, 2025, U.S. government agency commercial mortgage-backed securities, with fair values of $445.6 million, include those issued by Federal Home Loan Mortgage Corporation and Federal National Mortgage Association.At March 31, 2025, other securities primarily include municipal bonds, diversified with a variety of issuers, with credit ratings of A and above with fair values of $532.1 million, AA-rated United Kingdom