Cash and Cash Equivalents
The disclosures below include details of the Company’s cash and cash equivalents, excluding those of consolidated VIEs and consolidated SIPs. See Note 13 – Variable Interest Entities and Consolidated Sponsored Investment Products for information related to the cash and cash equivalents of these entities.
Cash and cash equivalents consisted of the following:
|
| | | | | | | | |
(in millions) | | | | |
as of September 30, | | 2013 | | 2012 |
Cash on hand and non-interest-bearing deposits with financial institutions | | $ | 139.3 |
| | $ | 74.7 |
|
Interest-bearing deposits with financial institutions | | 999.1 |
| | 826.5 |
|
Money market funds | | 1,787.0 |
| | 2,233.4 |
|
Securities of U.S. government-sponsored enterprises and the U.S. Treasury | | 2,455.9 |
| | 1,560.0 |
|
Time deposits | | 737.0 |
| | 1,019.8 |
|
Other | | 67.7 |
| | 69.9 |
|
Total | | $ | 6,186.0 |
| | $ | 5,784.3 |
|
Federal Reserve Board regulations require certain of the Company’s banking subsidiaries to maintain reserve balances on deposits with the Federal Reserve Bank. The required reserve balances were $6.9 million at September 30, 2013 and $13.3 million at September 30, 2012.
The Company maintains cash and cash equivalents with financial institutions in various countries, limits the amount of credit exposure with any given financial institution and conducts ongoing evaluations of the creditworthiness of the financial institutions with which it does business.
