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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________
 
FORM 10-Q
______________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2022

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period From to    
 
Commission File Number 1-5397
__________________________
AUTOMATIC DATA PROCESSING, INC.
(Exact name of registrant as specified in its charter)
__________________________
Delaware22-1467904
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)
One ADP Boulevard
Roseland,NJ07068
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code: (973) 974-5000
__________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.10 Par Value
(voting)
ADPNASDAQ Global Select Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ý   No o
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ý   No o
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Exchange Act).        Yes     No ý
The number of shares outstanding of the registrant’s common stock as of April 26, 2022 was 417,747,152.



Table of Contents
  Page
 
   
Item 1.
 
   
 
   
 
   
 
   
 
   
Item 2.
   
Item 3.
   
Item 4.
  
 
   
Item 1.
   
Item 1A.
   
Item 2.
Item 6.

2


Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
Automatic Data Processing, Inc. and Subsidiaries
Statements of Consolidated Earnings
(In millions, except per share amounts)
(Unaudited)
Three Months EndedNine Months Ended
March 31,March 31,
2022202120222021
REVENUES:    
Revenues, other than interest on funds held
     for clients and PEO revenues
$2,882.3 $2,671.2 $7,911.9 $7,346.1 
Interest on funds held for clients118.0 107.4 325.0 319.2 
PEO revenues (A)1,512.7 1,323.4 4,133.7 3,603.1 
TOTAL REVENUES4,513.0 4,102.0 12,370.6 11,268.4 
EXPENSES:    
Costs of revenues:    
Operating expenses2,212.5 1,999.5 6,184.0 5,609.5 
Systems development and programming costs197.3 178.6 585.8 521.8 
Depreciation and amortization102.4 100.0 306.2 303.5 
TOTAL COSTS OF REVENUES2,512.2 2,278.1 7,076.0 6,434.8 
Selling, general, and administrative expenses817.5 763.0 2,319.0 2,199.8 
Interest expense18.4 13.5 55.3 42.4 
TOTAL EXPENSES3,348.1 3,054.6 9,450.3 8,677.0 
Other (income)/expense, net(25.0)(18.8)(80.4)(72.7)
EARNINGS BEFORE INCOME TAXES1,189.9 1,066.2 3,000.7 2,664.1 
Provision for income taxes261.4 255.5 677.3 603.8 
NET EARNINGS$928.5 $810.7 $2,323.4 $2,060.3 
BASIC EARNINGS PER SHARE$2.22 $1.90 $5.53 $4.82 
DILUTED EARNINGS PER SHARE$2.21 $1.90 $5.51 $4.80 
Basic weighted average shares outstanding418.1 425.8 419.8 427.3 
Diluted weighted average shares outstanding420.2 427.7 422.0 428.9 

(A) Professional Employer Organization (“PEO”) revenues are net of direct pass-through costs, primarily consisting of payroll wages and payroll taxes of $16,826.6 million and $13,894.6 million for the three months ended March 31, 2022 and 2021, respectively, and $46,863.8 million and $38,259.5 million for the nine months ended March 31, 2022 and 2021, respectively.











See notes to the Consolidated Financial Statements.
3


Automatic Data Processing, Inc. and Subsidiaries
Statements of Consolidated Comprehensive Income
(In millions)
(Unaudited)
Three Months EndedNine Months Ended
March 31,March 31,
2022202120222021
Net earnings$928.5 $810.7 $2,323.4 $2,060.3 
Other comprehensive (loss)/income:
Currency translation adjustments(14.2)(27.5)(65.7)84.8 
Unrealized net (losses)/gains on available-for-sale securities(1,192.5)(352.5)(1,570.4)(421.2)
Tax effect270.3 79.2 356.0 94.7 
Reclassification of net (gains)/losses on available-for-sale securities to net earnings0.3 0.4 (0.2)(7.6)
Tax effect(0.1)(0.1) 1.7 
Unrealized (losses)/gains on cash flow hedging activities   (3.3)
        Tax effect   0.8 
Amortization of unrealized losses on cash flow hedging activities1.1 1.1 3.3 2.7 
Tax effect(0.3)(0.3)(0.9)(0.6)
Reclassification of pension liability adjustment to net earnings1.9 2.8 5.9 7.8 
Tax effect(0.4)(1.1)(0.9)(2.7)
Other comprehensive (loss)/income, net of tax(933.9)(298.0)(1,272.9)(242.9)
Comprehensive income$(5.4)$512.7 $1,050.5 $1,817.4 






















See notes to the Consolidated Financial Statements.
4


Automatic Data Processing, Inc. and Subsidiaries
Consolidated Balance Sheets
(In millions, except per share amounts)
(Unaudited)
March 31,June 30,
20222021
Assets
Current assets:  
Cash and cash equivalents$1,634.2 $2,575.2 
    Accounts receivable, net of allowance for doubtful accounts of $58.3 and $79.6, respectively
3,250.7 2,727.4 
Other current assets 699.3 533.4 
Total current assets before funds held for clients5,584.2 5,836.0 
Funds held for clients58,319.6 34,905.8 
Total current assets63,903.8 40,741.8 
Long-term receivables, net of allowance for doubtful accounts of $0.2 and $0.3, respectively
10.2 11.5 
Property, plant and equipment, net650.5 684.5 
Operating lease right-of-use asset445.5 462.2 
Deferred contract costs2,496.7 2,498.2 
Other assets910.0 825.8 
Goodwill2,324.1 2,338.4 
Intangible assets, net1,327.3 1,210.1 
Total assets$72,068.1 $48,772.5 
Liabilities and Stockholders' Equity  
Current liabilities:  
Accounts payable$81.7 $141.1 
Accrued expenses and other current liabilities2,100.6 1,963.3 
Accrued payroll and payroll-related expenses765.6 910.2 
Dividends payable431.7 390.8 
Short-term deferred revenues197.5 203.9 
Obligations under reverse repurchase agreements (A) 23.5 
Income taxes payable141.5 58.2 
Total current liabilities before client funds obligations3,718.6 3,691.0 
Client funds obligations59,387.9 34,403.8 
Total current liabilities63,106.5 38,094.8 
Long-term debt2,986.6 2,985.0 
Operating lease liabilities344.9 343.2 
Other liabilities954.2 834.1 
Deferred income taxes135.6 482.9 
Long-term deferred revenues347.4 362.4 
Total liabilities67,875.2 43,102.4 
Commitments and contingencies (Note 13)
Stockholders' equity:  
Preferred stock, $1.00 par value: authorized, 0.3 shares; issued, none
  
Common stock, $0.10 par value: authorized, 1,000.0 shares; issued, 638.7 shares at March 31, 2022 and June 30, 2021;
 outstanding, 418.2 and 423.7 shares at March 31, 2022 and June 30, 2021, respectively
63.9 63.9 
Capital in excess of par value1,736.8 1,531.3 
Retained earnings20,504.5 19,451.1 
Treasury stock - at cost: 220.5 and 215.0 shares at March 31, 2022 and June 30, 2021, respectively
(16,850.0)(15,386.8)
Accumulated other comprehensive (loss)/ income(1,262.3)10.6 
Total stockholders’ equity4,192.9 5,670.1 
Total liabilities and stockholders’ equity$72,068.1 $48,772.5 

(A) As of June 30, 2021, $23.5 million of long-term marketable securities have been pledged as collateral under the Company's reverse repurchase agreements (see Note 9).


See notes to the Consolidated Financial Statements.
5

Automatic Data Processing, Inc. and Subsidiaries
Statements of Consolidated Cash Flows
(In millions)
(Unaudited)

Nine Months Ended
March 31,
20222021
Cash Flows from Operating Activities:
Net earnings$2,323.4 $2,060.3 
Adjustments to reconcile net earnings to cash flows provided by operating activities:  
Depreciation and amortization384.6 384.7 
Amortization of deferred contract costs714.3 700.5 
Deferred income taxes2.1 (38.3)
Stock-based compensation expense146.2 126.4 
Net pension income(47.4)(35.9)
Net amortization of premiums and accretion of discounts on available-for-sale securities76.1 48.7 
Other(4.6)22.4 
Changes in operating assets and liabilities:  
Increase in accounts receivable(533.6)(365.2)
Increase in other assets(936.9)(794.0)
(Decrease)/Increase in accounts payable(41.3)9.8 
Increase in accrued expenses and other liabilities103.7 321.1 
Net cash flows provided by operating activities2,186.6 2,440.5 
Cash Flows from Investing Activities:  
Purchases of corporate and client funds marketable securities(8,944.0)(7,148.3)
Proceeds from the sales and maturities of corporate and client funds marketable securities3,366.9 5,159.6 
Capital expenditures(126.8)(145.3)
Additions to intangibles(282.3)(240.2)
Acquisitions of businesses, net of cash acquired(11.7) 
Proceeds from sale of property, plant, and equipment and other assets34.2 7.8 
Net cash flows used in investing activities(5,963.7)(2,366.4)
Cash Flows from Financing Activities:  
Net increase in client funds obligations25,028.7 14,999.9 
Payments of debt(0.7)(1,001.6)
Proceeds from the issuance of debt7.3 991.1 
Settlement of cash flow hedges (43.6)
Repurchases of common stock(1,481.9)(902.5)
Net proceeds from stock purchase plan and stock-based compensation plans73.5 73.5 
Dividends paid(1,224.7)(1,179.5)
Net payments related to reverse repurchase agreements(23.5)(13.6)
Net cash flows provided by financing activities22,378.7 12,923.7 
Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents(14.2)70.4 
Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents18,587.4 13,068.2 
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period13,143.2 7,053.6 
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period$31,730.6 $20,121.8 
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the Consolidated Balance Sheets
Cash and cash equivalents$1,634.2 $1,891.5 
Restricted cash and restricted cash equivalents included in funds held for clients (A)30,096.4 18,230.3 
Total cash, cash equivalents, restricted cash, and restricted cash equivalents$31,730.6 $20,121.8 
Supplemental disclosures of cash flow information:
Cash paid for interest$57.1 $52.3 
Cash paid for income taxes, net of income tax refunds$587.9 $570.1 

(A) See Note 6 for a reconciliation of restricted cash and restricted cash equivalents in funds held for clients on the Consolidated Balance Sheets.


See notes to the Consolidated Financial Statements.
6


Automatic Data Processing, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements
(Tabular dollars in millions, except per share amounts or where otherwise stated)
(Unaudited)
Note 1.  Basis of Presentation

The accompanying Consolidated Financial Statements and footnotes thereto of Automatic Data Processing, Inc., its subsidiaries and variable interest entity (“ADP” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).  The Consolidated Financial Statements and footnotes thereto are unaudited.  In the opinion of the Company’s management, the Consolidated Financial Statements reflect all adjustments, which are of a normal recurring nature, that are necessary for a fair presentation of the Company’s interim financial results.

The Company has a grantor trust, which holds the majority of the funds provided by its clients pending remittance to employees of those clients, tax authorities, and other payees.  The Company is the sole beneficial owner of the trust.  The trust meets the criteria in Accounting Standards Codification (“ASC”) 810, “Consolidation” to be characterized as a variable interest entity (“VIE”).  The Company has determined that it has a controlling financial interest in the trust because it has both (1) the power to direct the activities that most significantly impact the economic performance of the trust (including the power to make all investment decisions for the trust) and (2) the right to receive benefits that could potentially be significant to the trust (in the form of investment returns) and, therefore, consolidates the trust.  Further information on these funds and the Company’s obligations to remit to its clients’ employees, tax authorities, and other payees is provided in Note 6, “Corporate Investments and Funds Held for Clients.” 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the assets, liabilities, revenue, expenses, and accumulated other comprehensive income that are reported in the Consolidated Financial Statements and footnotes thereto. Actual results may differ from those estimates. Interim financial results are not necessarily indicative of financial results for a full year. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021 (“fiscal 2021”). Certain amounts from the prior year's financial statements have been reclassified in order to conform to the current year's presentation.

Note 2.  New Accounting Pronouncements

Recently Adopted Accounting Pronouncements

During the second quarter of fiscal 2022, the Company early adopted accounting standard update ("ASU") 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers." ASU 2021-08 requires that an acquirer recognize and measure contract assets and liabilities acquired in a business combination in accordance with ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)". The adoption of this guidance did not have a material impact on the Company's prior interim period consolidated results of operations, financial condition, or cash flows.
Recently Issued Accounting Pronouncements

None.

Note 3.  Revenue

Based upon similar operational and economic characteristics, the Company’s revenues are disaggregated by its three strategic pillars: Human Capital Management (“HCM”), HR Outsourcing (“HRO”), and Global (“Global”) Solutions, with separate disaggregation for PEO zero-margin benefits pass-through revenues and client funds interest revenues. The Company believes these revenue categories depict how the nature, amount, timing, and uncertainty of its revenue and cash flows are affected by economic factors.

The following tables provide details of revenue by our strategic pillars, and include a reconciliation to the Company’s reportable segments. The Company made changes to certain allocation methodologies in both the current period and the prior period in the tables below which did not materially affect our reporting of revenues by strategic pillar:

7


Three Months EndedNine Months Ended
March 31,March 31,
Types of Revenues2022202120222021
HCM$2,014.0 $1,858.1 $5,424.6 $5,025.8 
HRO, excluding PEO zero-margin benefits pass-throughs906.4 790.5 2,344.4 2,039.6 
PEO zero-margin benefits pass-throughs897.2 784.7 2,600.6 2,291.7 
Global577.4 561.3 1,676.0 1,592.1 
Interest on funds held for clients118.0 107.4 325.0 319.2 
Total Revenues$4,513.0 $4,102.0 $12,370.6 $11,268.4 

Reconciliation of disaggregated revenue to our reportable segments for the three months ended March 31, 2022:
Types of RevenuesEmployer ServicesPEOOtherTotal
HCM$2,015.2 $ $(1.2)$2,014.0 
HRO, excluding PEO zero-margin benefits pass-throughs292.5 615.5 (1.6)906.4 
PEO zero-margin benefits pass-throughs 897.2  897.2 
Global577.4   577.4 
Interest on funds held for clients116.9 1.1  118.0 
Total Segment Revenues$3,002.0 $1,513.8 $(2.8)$4,513.0 

Reconciliation of disaggregated revenue to our reportable segments for the three months ended March 31, 2021:
Types of RevenuesEmployer ServicesPEOOtherTotal
HCM$1,859.4 $ $(1.3)$1,858.1 
HRO, excluding PEO zero-margin benefits pass-throughs252.6 538.7 (0.8)790.5 
PEO zero-margin benefits pass-throughs 784.7  784.7 
Global561.3   561.3 
Interest on funds held for clients106.7 0.7  107.4 
Total Segment Revenues$2,780.0 $1,324.1 $(2.1)$4,102.0 

Reconciliation of disaggregated revenue to our reportable segments for the nine months ended March 31, 2022:
Types of RevenuesEmployer ServicesPEOOtherTotal
HCM$5,430.2 $ $(5.6)$5,424.6 
HRO, excluding PEO zero-margin benefits pass-throughs816.6 1,533.1 (5.3)2,344.4 
PEO zero-margin benefits pass-throughs 2,600.6  2,600.6 
Global1,676.0   1,676.0 
Interest on funds held for clients322.0 3.0  325.0 
Total Segment Revenues$8,244.8 $4,136.7 $(10.9)$12,370.6 

8


Reconciliation of disaggregated revenue to our reportable segments for the nine months ended March 31, 2021:
Types of RevenuesEmployer ServicesPEOOtherTotal
HCM$5,030.0 $ $(4.2)$5,025.8 
HRO, excluding PEO zero-margin benefits pass-throughs729.1 1,311.4 (0.9)2,039.6 
PEO zero-margin benefits pass-throughs 2,291.7  2,291.7 
Global1,592.1   1,592.1 
Interest on funds held for clients316.2 3.0  319.2 
Total Segment Revenues$7,667.4 $3,606.1 $(5.1)$11,268.4 

Contract Balances

The timing of revenue recognition for HCM, HRO and Global Solutions is consistent with the invoicing of clients, as invoicing occurs in the period the services are provided. Therefore, the Company does not recognize a contract asset or liability resulting from the timing of revenue recognition and invoicing.

Changes in deferred revenue related to set up fees for the nine months ended March 31, 2022 were as follows:
Contract Liability
Contract liability, July 1, 2021$516.1 
Recognition of revenue included in beginning of year contract liability(114.8)
Contract liability, net of revenue recognized on contracts during the period104.6 
Currency translation adjustments(24.1)
Contract liability, March 31, 2022$481.8 

Note 4.  Earnings per Share (“EPS”)
BasicEffect of Employee Stock Option SharesEffect of
Employee
Restricted
Stock
Shares
Diluted
Three Months Ended March 31, 2022    
Net earnings$928.5   $928.5 
Weighted average shares (in millions)418.1 1.0 1.1 420.2 
EPS$2.22   $2.21 
Three Months Ended March 31, 2021    
Net earnings$810.7   $810.7 
Weighted average shares (in millions)425.8 0.8 1.1 427.7 
EPS$1.90   $1.90 
Nine Months Ended March 31, 2022
Net earnings$2,323.4   $2,323.4 
Weighted average shares (in millions)419.8 1.1 1.1 422.0 
EPS$5.53   $5.51 
Nine Months Ended March 31, 2021    
Net earnings$2,060.3   $2,060.3 
Weighted average shares (in millions)427.3 0.7 0.9 428.9 
EPS$4.82   $4.80 

Stock Options to purchase 0.7 million and 0.4 million shares of common stock for the three months ended March 31, 2022 and 2021, respectively, and 0.5 million and 1.7 million shares of common stock for the nine months ended March 31, 2022 and
9


2021, respectively, were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.

Note 5. Other (Income)/Expense, Net
Three Months EndedNine Months Ended
March 31,March 31,
2022202120222021
Interest income on corporate funds$(5.6)$(4.7)$(23.8)$(28.9)
Realized (gains)/losses on available-for-sale securities, net0.3 0.4 (0.2)(7.6)
Impairment of assets4.3 2.6 4.3 7.6 
Gain on sale of assets(6.2)(1.6)(7.5)(3.4)
Non-service components of pension income, net (see Note 11)(17.8)(15.5)(53.2)(40.4)
Other (income)/expense, net$(25.0)$(18.8)$(80.4)$(72.7)

Note 6. Corporate Investments and Funds Held for Clients

Corporate investments and funds held for clients at March 31, 2022 and June 30, 2021 were as follows:
 March 31, 2022
Amortized
Cost
Gross
Unrealized
 Gains
Gross
Unrealized
Losses
 Fair Market Value (A)
Type of issue:   
Money market securities, cash and other cash equivalents$31,730.6 $— $— $31,730.6 
Available-for-sale securities:
Corporate bonds15,909.4 38.1 (685.5)15,262.0 
U.S. Treasury securities4,573.2 8.2 (134.9)4,446.5 
Asset-backed securities2,015.1 6.8 (36.2)1,985.7 
Canadian government obligations and Canadian government agency obligations
1,913.0 0.7 (84.6)1,829.1 
U.S. government agency securities1,750.5 0.9 (91.8)1,659.6 
Canadian provincial bonds1,006.2 1.5 (40.1)967.6 
Commercial mortgage-backed securities874.2 4.7 (16.1)862.8 
Other securities1,277.6 3.9 (44.0)1,237.5 
Total available-for-sale securities29,319.2 64.8 (1,133.2)28,250.8 
Total corporate investments and funds held for clients$61,049.8 $64.8 $(1,133.2)$59,981.4 
(A) Included within available-for-sale securities are corporate investments with fair values of $27.6 million and funds held for clients with fair values of $28,223.2 million. All available-for-sale securities were included in Level 2 of the fair value hierarchy.
10


 June 30, 2021
Amortized 
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Market Value (B)
Type of issue:    
Money market securities, cash and other cash equivalents$13,143.2 $— $— $13,143.2 
Available-for-sale securities: 
Corporate bonds11,732.3 321.9 (38.5)12,015.7 
U.S. Treasury securities4,036.9 64.8 (9.3)4,092.4 
Asset-backed securities2,279.8 60.9 (0.9)2,339.8 
Canadian government obligations and Canadian government agency obligations
1,542.3 15.0 (9.0)1,548.3 
U.S. government agency securities1,446.3 22.5 (9.4)1,459.4 
Canadian provincial bonds956.3 22.7 (5.3)973.7 
Commercial mortgage-backed securities793.4 41.2  834.6 
Other securities1,082.2 30.9 (5.3)1,107.8 
Total available-for-sale securities23,869.5 579.9 (77.7)24,371.7 
Total corporate investments and funds held for clients$37,012.7 $579.9 $(77.7)$37,514.9 
(B) Included within available-for-sale securities are corporate investments with fair values of $33.9 million and funds held for clients with fair values of $24,337.8 million. All available-for-sale securities were included in Level 2 of the fair value hierarchy.

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” in the Company's Annual Report on Form 10-K for fiscal 2021. The Company concurred with and did not adjust the prices obtained from the independent pricing service. The Company had no available-for-sale securities included in Level 1 or Level 3 at March 31, 2022.

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 March 31, 2022, are as follows: 
March 31, 2022
Securities in Unrealized Loss Position Less Than 12 MonthsSecurities in Unrealized Loss Position Greater Than 12 MonthsTotal
Gross
Unrealized
Losses
Fair Market
Value
Gross
Unrealized
Losses
Fair Market
Value
Gross
Unrealized
Losses
Fair
Market Value
Corporate bonds$(489.9)$9,213.9 $(195.6)$2,351.9 $(685.5)$11,565.8 
U.S. Treasury securities(96.3)2,432.3 (38.6)471.1 (134.9)2,903.4 
Asset-backed securities(31.7)881.3 (4.5)54.6 (36.2)935.9 
Canadian government obligations and Canadian government agency obligations
(74.3)1,485.3 (10.3)116.7 (84.6)1,602.0 
U.S. government agency securities(39.4)806.9 (52.4)706.3 (91.8)1,513.2 
Canadian provincial bonds(27.3)636.7 (12.8)139.5 (40.1)776.2 
Commercial mortgage-backed securities(16.1)540.9   (16.1)540.9 
Other securities(28.1)560.8 (15.9)191.7 (44.0)752.5 
 $(803.1)$16,558.1 $(330.1)$4,031.8 $(