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Assets and Liabilities, at Fair Value (Notes)
 12 Months Ended
Sep. 30, 2013
Assets and Liabilities, at Fair Value [Abstract]  
Fair Value Disclosures [Text Block]
Assets and Liabilities, at Fair Value
The Company’s financial and nonfinancial assets and liabilities reported at fair value are included in the following captions on the consolidated balance sheets:
•
Cash and cash equivalents
•
Cash, securities and other assets segregated under federal and other regulations
•
Deposits and receivables from exchange-clearing organizations, broker-dealers, clearing organizations and counterparties
•
Financial instruments owned
•
Accounts payable and other accrued liabilities
•
Payable to customers
•
Payable to broker-dealers, clearing organizations and counterparties
•
Financial instruments sold, not yet purchased
Fair Value Hierarchy
As required by the Fair Value Measurements and Disclosures Topic of the ASC, financial and nonfinancial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A market is active if there are sufficient transactions on an ongoing basis to provide current pricing information for the asset or liability, pricing information is released publicly, and price quotations do not vary substantially either over time or among market makers. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. The guidance requires the Company to consider counterparty credit risk of all parties to outstanding derivative instruments that would be considered by a market participant in the transfer or settlement of such contracts (exit price). The Company’s exposure to credit risk on derivative financial instruments relates to the portfolio of OTC derivative contracts as all exchange-traded contracts held can be settled on an active market with the credit guarantee by the respective exchange. The Company requires each counterparty to deposit margin collateral for all OTC instruments and is also required to deposit margin collateral with counterparties. The Company has assessed the nature of these deposits and used its discretion to adjust each based on the underlying credit considerations for the counterparty and determined that the collateral deposits minimize the exposure to counterparty credit risk in the evaluation of the fair value of OTC instruments as determined by a market participant.
The majority of financial assets and liabilities on the consolidated balance sheets are reported at fair value. Cash is reported at the balance held at financial institutions. Cash equivalents includes money market funds, which are valued at period-end at the net asset value provided by the fund’s administrator, and certificates of deposit, which are stated at cost plus accrued interest, which approximates fair value. Cash, securities and other assets segregated under federal and other regulations include the value of cash collateral as well as the value of other pledged investments, primarily U.S. Treasury bills and obligations issued by government sponsored entities and commodities warehouse receipts. Deposits with and receivables from exchange-clearing organizations and broker-dealers, clearing organizations and counterparties and payable to customers and broker-dealers, clearing organizations and counterparties include the value of cash collateral as well as the value of money market funds and other pledged investments, primarily U.S. Treasury bills and obligations issued by government sponsored entities and mortgage-backed securities. These balances also include the fair value of exchange-traded futures and options-on-futures and exchange-cleared swaps and options determined by prices on the applicable exchange. Financial instruments owned and sold, not yet purchased include the value of U.S. and foreign government obligations, corporate debt securities, derivative financial instruments, commodities, mutual funds and investments in managed funds. The fair value of exchange common stock is determined by quoted market prices, and the fair value of exchange memberships is determined by recent sale transactions. Payables to lenders under loans carry variable rates of interest and thus approximate fair value. The fair value of the Company’s senior unsecured notes is estimated to be $46.4 million (carrying value of $45.5 million) as of September 30, 2013, based on the transaction prices at public exchanges for the same or similar issues.
The fair value estimates presented herein are based on pertinent information available to management as of September 30, 2013 and 2012. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.
Cash equivalents, securities, commodities warehouse receipts, derivative financial instruments and contingent liabilities are carried at fair value, on a recurring basis, and are classified and disclosed into three levels in the fair value hierarchy. The Company did not have any fair value adjustments for assets or liabilities measured at fair value on a non-recurring basis during the years ended September 30, 2013 and 2012. The three levels of the fair value hierarchy under the Fair Value Measurements and Disclosures Topic of the ASC are:
Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 1 consists of financial assets and liabilities whose fair values are estimated using quoted market prices. Included in Level 1 are money market funds, certificates of deposit, commodities warehouse receipts, common stock and American Depositary Receipts (“ADRs”), some U.S. and foreign obligations, equity investments in exchange firms, some mutual funds, as well as futures and options-on-futures contracts traded on national exchanges, exchange-cleared swaps and options which are valued using exchange closing prices, and OTC swaps and options contracts using quoted prices from national exchanges in which the Company executes transactions for customer and proprietary accounts;
Level 2 - Quoted prices for identical or similar assets or liabilities in markets that are less active, that is, markets in which there are few transactions for the asset or liability that are observable for substantially the full term. Included in Level 2 are those financial assets and liabilities for which fair values are estimated using models or other valuation methodologies. These models are primarily industry-standard models that consider various observable inputs, including time value, yield curve, volatility factors, observable current market and contractual prices for the underlying financial instruments, as well as other relevant economic measures. Included in Level 2 are U.S. and foreign government obligations, mortgage-backed securities, some common stock and ADRs, corporate and municipal bonds, some mutual funds, investments in managed funds and OTC forwards, swaps, and options; and
Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Level 3 comprises financial assets and liabilities whose fair value is estimated based on internally developed models or methodologies utilizing significant inputs that are not readily observable from objective sources. Included in Level 3 are common stock and ADRs, some corporate and municipal bonds, some other investments and contingent liabilities.
The following tables set forth the Company’s financial and nonfinancial assets and liabilities accounted for at fair value, on a recurring basis, as of September 30, 2013 and September 30, 2012 by level in the fair value hierarchy. There were no assets or liabilities that were measured at fair value on a nonrecurring basis as of September 30, 2013 and 2012.
 
September 30, 2013
(in millions)
Level 1
 
Level 2
 
Level 3
 
Netting and
Collateral
(1)
 
Total
Assets:
 
 
 
 
 
 
 
 
 
Money market funds
$
0.1

 
$
—

 
$
—

 
$
—

 
$
0.1

Certificate of deposits
2.9

 
—

 
—

 
—

 
2.9

Unrestricted cash equivalents
3.0

 
—

 
—

 
—

 
3.0

Money market funds
75.0

 
—

 
—

 
—

 
75.0

Commodities warehouse receipts
13.1

 
—

 
—

 
—

 
13.1

U.S. government obligations
—

 
19.5

 
—

 
—

 
19.5

Securities and other assets segregated under federal and other regulations
88.1

 
19.5

 
—

 
—

 
107.6

Money market funds
841.4

 
—

 
—

 
—

 
841.4

U.S. government obligations
—

 
594.8

 
—

 
—

 
594.8

Mortgage-backed securities
—

 
5.3

 
—

 
—

 
5.3

Derivatives
2,263.2

 
—

 
—

 
(2,333.0
)
 
(69.8
)
Deposits and receivables from exchange-clearing organizations
3,104.6

 
600.1

 
—

 
(2,333.0
)
 
1,371.7

U.S. government obligations
—

 
—

 
—

 
—

 
—

Derivatives
1.8

 
0.2

 
—

 
(15.1
)
 
(13.1
)
Deposits and receivables from broker-dealers, clearing organizations and counterparties - derivatives
1.8

 
0.2

 
—

 
(15.1
)
 
(13.1
)
Common and preferred stock and American Depositary Receipts (“ADRs”)
49.3

 
19.8

 
0.7

 
—

 
69.8

Exchangeable foreign ordinary equities and ADRs
36.7

 
—

 
—

 
—

 
36.7

Corporate and municipal bonds
0.1

 
—

 
3.5

 
—

 
3.6

U.S. government obligations
—

 
0.3

 
—

 
—

 
0.3

Foreign government obligations
7.7

 
—

 
—

 
—

 
7.7

Derivatives
173.6

 
440.6

 
—

 
(592.3
)
 
21.9

Commodities leases
—

 
56.1

 
—

 
(50.0
)
 
6.1

Commodities warehouse receipts
4.0

 
—

 
—

 
—

 
4.0

Exchange firm common stock
4.4

 
—

 
—

 
—

 
4.4

Mutual funds and other
4.0

 
—

 
—

 
—

 
4.0

Financial instruments owned
279.8

 
516.8

 
4.2

 
(642.3
)
 
158.5

Total assets at fair value
$
3,477.3

 
$
1,136.6

 
$
4.2

 
$
(2,990.4
)
 
$
1,627.7

Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and other accrued liabilities - contingent liabilities
$
—

 
$
—

 
$
9.6

 
$
—

 
$
9.6

Payable to customers - derivatives
2,328.2

 
—

 
—

 
(2,328.2
)
 
—

Common and preferred stock and ADRs
82.9

 
16.6

 
—

 
—

 
99.5

Exchangeable foreign ordinary equities and ADRs
8.7

 
—

 
—

 
—

 
8.7

Derivatives
174.0

 
473.2

 
—

 
(616.5
)
 
30.7

Commodities leases
—

 
85.5

 
—

 
(44.5
)
 
41.0

Financial instruments sold, not yet purchased
265.6

 
575.3

 
—

 
(661.0
)
 
179.9

Total liabilities at fair value
$
2,593.8

 
$
575.3

 
$
9.6

 
$
(2,989.2
)
 
$
189.5

 
(1)
Represents cash collateral and the impact of netting across the levels of the fair value hierarchy. Netting among positions classified within the same level are included in that level.
 
September 30, 2012
(in millions)
Level 1
 
Level 2
 
Level 3
 
Netting and
Collateral
(1)
 
Total
Assets:
 
 
 
 
 
 
 
 
 
Money market funds
$
0.1

 
$
—

 
$
—

 
$
—

 
$
0.1

Certificate of deposits
10.4

 
—

 
—

 
—

 
10.4

Unrestricted cash equivalents
10.5

 
—

 
—

 
—

 
10.5

Commodities warehouse receipts
22.3

 
—

 
—

 
—

 
22.3

U.S. government obligations
—

 
50.5

 
—

 
—

 
50.5

Securities and other assets segregated under federal and other regulations
22.3

 
50.5

 
—

 
—

 
72.8

Money market funds
335.1

 
—

 
—

 
—

 
335.1

U.S. government obligations
—

 
1,318.3

 
—

 
—

 
1,318.3

Mortgage-backed securities
—

 
7.0

 
—

 
—

 
7.0

Derivatives
3,344.3

 
—

 
—

 
(3,494.7
)
 
(150.4
)
Deposits and receivables from exchange-clearing organizations
3,679.4

 
1,325.3

 
—

 
(3,494.7
)
 
1,510.0

Derivatives
0.7

 
5.0

 
—

 
(6.4
)
 
(0.7
)
Deposits and receivables from broker-dealers, clearing organizations and counterparties - derivatives
0.7

 
5.0

 
—

 
(6.4
)
 
(0.7
)
Common and preferred stock and American Depositary Receipts (“ADRs”)
17.8

 
5.6

 
0.9

 
—

 
24.3

Exchangeable foreign ordinary equities and ADRs
10.0

 
—

 
—

 
—

 
10.0

Corporate and municipal bonds
0.3

 
0.6

 
3.6

 
—

 
4.5

U.S. government obligations
—

 
0.3

 
—

 
—

 
0.3

Foreign government obligations
14.8

 
—

 
—

 
—

 
14.8

Derivatives
315.6

 
785.3

 
—

 
(1,047.0
)
 
53.9

Commodities leases
—

 
135.2

 
—

 
(93.1
)
 
42.1

Commodities warehouse receipts
7.5

 
—

 
—

 
—

 
7.5

Exchange firm common stock
3.4

 
9.0

 
—

 
—

 
12.4

Mutual funds and other
1.9

 
—

 
—

 
—

 
1.9

Financial instruments owned
371.3

 
936.0

 
4.5

 
(1,140.1
)
 
171.7

Total assets at fair value
$
4,084.2

 
$
2,316.8

 
$
4.5

 
$
(4,641.2
)
 
$
1,764.3

Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and other accrued liabilities - contingent liabilities
$
—

 
$
—

 
$
14.8

 
$
—

 
$
14.8

Payable to customers - derivatives
3,562.3

 
—

 
—

 
(3,562.3
)
 
—

Common and preferred stock and ADRs
16.4

 
5.9

 
—

 
—

 
22.3

Exchangeable foreign ordinary equities and ADRs
5.7

 
—

 
—

 
—

 
5.7

Derivatives
338.1

 
775.2

 
—

 
(1,068.7
)
 
44.6

Commodities leases
—

 
220.0

 
—

 
(117.2
)
 
102.8

Financial instruments sold, not yet purchased
360.2

 
1,001.1

 
—

 
(1,185.9
)
 
175.4

Total liabilities at fair value
$
3,922.5

 
$
1,001.1

 
$
14.8

 
$
(4,748.2
)
 
$
190.2

(1)
Represents cash collateral and the impact of netting across the levels of the fair value hierarchy. Netting among positions classified within the same level are included in that level.
Realized and unrealized gains and losses are included in ‘trading gains, net’ in the consolidated income statements.
Information on Level 3 Financial Assets and Liabilities
The Company’s financial assets at fair value classified within level 3 of the fair value hierarchy as of September 30, 2013 and 2012 are summarized below:
(in millions)
September 30, 2013
 
September 30, 2012
Total level 3 assets
$
4.2

 
$
4.5

Level 3 assets for which the Company bears economic exposure
$
4.2

 
$
4.5

Total assets
$
2,848.0

 
$
2,953.0

Total financial assets at fair value
$
1,627.7

 
$
1,764.3

Total level 3 assets as a percentage of total assets
0.1
%
 
0.2
%
Level 3 assets for which the Company bears economic exposure as a percentage of total assets
0.1
%
 
0.2
%
Total level 3 assets as a percentage of total financial assets at fair value
0.3
%
 
0.3
%
The following tables set forth a summary of changes in the fair value of the Company’s level 3 financial assets and liabilities during the fiscal years ended September 30, 2013 and 2012, including a summary of unrealized gains (losses) during the fiscal year ended on the Company’s level 3 financial assets and liabilities still held as of September 30, 2013.
 
Level 3 Financial Assets and Financial Liabilities
For the Year Ended September 30, 2013
(in millions)
Balances at
beginning of
period
 
Realized gains
(losses) during
period
 
Unrealized
gains (losses)
during period
 
Purchases/
issuances
 
Settlements
 
Transfers in
or (out) of
Level 3
 
Balances at
end of period
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Common and preferred stock and ADRs
$
0.9

 
$
—

 
$
(0.2
)
 
$
—

 
$
—

 
$
—

 
$
0.7

Corporate and municipal bonds
3.6

 
—

 
(0.1
)
 
—

 
—

 
—

 
3.5

 
$
4.5

 
$
—

 
$
(0.3
)
 
$
—

 
$
—

 
$
—

 
$
4.2

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Contingent liabilities
$
14.8

 
$
—

 
$
2.6

 
$
5.6

 
$
(13.4
)
 
$
—

 
$
9.6


 
Level 3 Financial Assets and Financial Liabilities
For the Year Ended September 30, 2012
(in millions)
Balances at
beginning of
period
 
Realized gains
(losses) during
period
 
Unrealized
gains (losses)
during period
 
Purchases/
issuances
 
Settlements
 
Transfers in
or (out) of
Level 3
 
Balances at
end of period
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Common and preferred stock and ADRs
$
1.1

 
$
—

 
$
(0.2
)
 
$
—

 
$
—

 
$
—

 
$
0.9

Corporate and municipal bonds
3.6

 
—

 
—

 
—

 
—

 
—

 
3.6

Mutual funds and other
0.4

 
(0.4
)
 
—

 
—

 
—

 
—

 
—

 
$
5.1

 
$
(0.4
)
 
$
(0.2
)
 
$
—

 
$
—

 
$
—

 
$
4.5

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Contingent liabilities
$
22.3

 
$
—

 
$
2.0

 
$
0.1

 
$
(9.6
)
 
$
—

 
$
14.8


In accordance with the Fair Value MeasurementsTopic of the ASC, the Company has estimated on a recurring basis each period the fair value of debentures issued by a single asset owning company of Suriwongse Hotel located in Chiang Mai, Thailand. As of September 30, 2013, the Company’s investment in the hotel is $3.5 million, and included within the corporate and municipal bonds classification in the level 3 financial assets and financial liabilities tables. The Company has classified its investment in the hotel within level 3 of the fair value hierarchy because the fair value is determined using significant unobservable inputs, which include projected cash flows. These cash flows are discounted employing present value techniques. The Company estimates the fair value of its investment in these debentures by using a management-developed forecast, which is based on the income approach. During the year ended September 30, 2011, the Company recorded a loss of $1.7 million, representing an other than temporary impairment. The Company continues to monitor the hotel renovation process and evaluate the fair value of the debentures. There has been no significant change in the fair value of the debentures, and no additional loss has been recognized during the years ended September 30, 2013 and 2012.
The Company is required to make additional future cash payments based on certain financial performance measures of its acquired businesses. The Company is required to remeasure the fair value of the cash earnout arrangements on a recurring basis in accordance with the guidance in the Business Combinations Topic of the ASC. The Company has classified its liabilities for the contingent earnout arrangements within level 3 of the fair value hierarchy because the fair value is determined using significant unobservable inputs, which include projected cash flows. The estimated fair value of the contingent purchase consideration is based upon management-developed forecasts, a level 3 input in the fair value hierarchy. These cash flows are discounted employing present value techniques in arriving at fair value. The discount rate was developed using market participant company data and there have been no significant changes in the discount rate environment. From the dates of acquisition to September 30, 2013, certain acquisitions have had changes in the estimates of undiscounted cash flows, based on actual performances fluctuating from estimates. During the fiscal years ended September 30, 2013 and 2012, the fair value of the contingent consideration increased $2.6 million and $2.0 million, with the corresponding expense classified as ‘other’ in the consolidated income statements.
The value of an exchange-traded derivative contract is equal to the unrealized gain or loss on the contract determined by marking the contract to the current settlement price for a like contract on the valuation date of the contract. A settlement price may not be used if the market makes a limit move with respect to a particular derivative contract or if the securities underlying the contract experience significant price fluctuations after the determination of the settlement price. When a settlement price cannot be used, derivative contracts will be valued at their fair value as determined in good faith pursuant to procedures adopted by management of the Company.
The Company reports transfers in and out of levels 1, 2 and 3, as applicable, using the fair value of the securities as of the beginning of the reporting period in which the transfer occurred.
On March 31, 2013, the commodities market experienced downward limit price movements on certain commodities. As a result, certain exchange-traded derivative contracts, which would normally be valued using quoted market prices and classified as level 1 within the fair value hierarchy, were priced using a valuation model using observable inputs. Due to the change in valuation techniques because of the limit moves, some derivative assets and liabilities were classified as level 2 at March 31, 2013. Such derivative assets and liabilities were valued using quoted market prices, and as such, were classified as level 1 as of June, 30, 2013, September 30, 2013 and prior to March 31, 2013. There were no significant similar occurrences of upward or downward limit price movements during the year ended September 30, 2012 and the derivative assets and liabilities were valued using quoted market prices as of the respective quarter ends in fiscal year 2012 and as such were classified as level 1.
Except as described above, the Company did not have any additional significant transfers between level 1 and level 2 fair value measurements for the fiscal years ended September 30, 2013 and 2012.
The Company has classified equity investments in exchange firms’ common stock not pledged for clearing purposes as available-for-sale. The investments are recorded at fair value, with unrealized gains and losses recorded, net of taxes, as a component of OCI until realized. As of September 30, 2013, the cost and fair value of the equity investments in exchange firms is $3.7 million and $4.4 million, respectively. As of September 30, 2012, the cost and fair value of the equity investments in exchange firms is $4.4 million and $12.4 million, respectively.
In June 2012, the board of LME Holdings Limited (“LME Holdings”), the parent company of The London Metal Exchange (“LME”), entered into a framework agreement regarding the terms of a recommended cash offer for the entire issued and outstanding ordinary share capital of LME Holdings. In July 2012, the shareholders of LME Holdings approved the sale of LME Holdings to the Hong Kong Exchanges & Clearing Limited. In December 2012, the Company received proceeds of $8.6 million from the sale of its shares in the LME. The shares of the LME were previously held by the Company as available-for-sale and the unrealized gain for those shares was reflected in OCI. For the fiscal year ended September 30, 2013, the Company reclassified the unrealized gain remaining in AOCI of approximately $6.3 million, net of income tax expense of $2.0 million, into the current period earnings.
In December 2012, the Company sold its exchange membership seats in the Board of Trade of Kansas City, Missouri, Inc. (“KCBT”), in connection with the acquisition of the KCBT by Chicago Mercantile Exchange (“CME”). The Company was required to hold these exchange membership seats for clearing purposes and, as a result, the associated KCBT shares were being held at cost on the consolidated balance sheet. The Company received proceeds of $1.5 million and recognized a gain of $0.9 million before taxes, during the fiscal year ended September 30, 2013, in connection with the sale of these seats.
The Company has unrealized losses of $0.5 million, net of income tax benefit of $0.3 million and unrealized gains of $6.2 million, net of income tax expense of $2.0 million in OCI related to U.S. government obligations, mortgage-backed securities and the remaining equity investments in exchange firms classified as available-for-sale securities as of September 30, 2013 and 2012, respectively. The Company monitors the fair value of exchange common stock on a periodic basis, and does not consider any current unrealized losses to be anything other than temporary impairment.
The following tables summarize the amortized cost basis, the aggregate fair value and gross unrealized holding gains and losses of the Company’s investment securities classified as available-for-sale as of September 30, 2013 and September 30, 2012:
September 30, 2013
Amounts included in deposits with and receivables from exchange-clearing organizations:
 
Amortized
Cost
 
Unrealized Holding (1)
 
Estimated
Fair Value
(in millions)
Gains
 
(Losses)
 
U.S. government obligations
$
568.5

 
$
—

 
$
—

 
$
568.5

Mortgage-backed securities
5.2

 
0.1

 
—

 
5.3

 
$
573.7

 
$
0.1

 
$
—

 
$
573.8

(1)
Unrealized gain/loss on U.S. government obligations as of September 30, 2013, is less than 0.1 million.
September 30, 2012
Amounts included in deposits with and receivables from exchange-clearing organizations:
 
Amortized
Cost
 
Unrealized Holding (1)
 
Estimated
Fair Value
(in millions)
Gains
 
(Losses)
 
U.S. government obligations
$
1,298.9

 
$
—

 
$
—

 
$
1,298.9

Mortgage-backed securities
6.8

 
0.1

 
—

 
6.9

 
$
1,305.7

 
$
0.1

 
$
—

 
$
1,305.8

(1)
Unrealized gain/loss on U.S. government obligations as of September 30, 2012, is less than 0.1 million.
As of September 30, 2013 and September 30, 2012, investments in debt securities classified as available-for-sale (AFS) mature as follows:
September 30, 2013
 
Due in
 
Estimated
Fair Value
(in millions)
Less than 1 year
 
1 year or more
 
U.S. government obligations
$
568.5

 
$
—

 
$
568.5

Mortgage-backed securities
—

 
5.3

 
5.3

 
$
568.5

 
$
5.3

 
$
573.8

September 30, 2012
 
Due in
 
Estimated
Fair Value
(in millions)
Less than 1 year
 
1 year or more
 
U.S. government obligations
$
1,298.9

 
$
—

 
$
1,298.9

Mortgage-backed securities
—

 
6.9

 
6.9

 
$
1,298.9

 
$
6.9

 
$
1,305.8


Except as discussed previously, there were no other sales of AFS Securities during years ended September 30, 2013 and September 30, 2012, and as a result, no additional realized gains or losses were recorded for the years ended September 30, 2013 and September 30, 2012.
For the purposes of the maturity schedule, mortgage-backed securities, which are not due at a single maturity date, have been allocated over maturity groupings based on the expected maturity of the underlying collateral. Mortgage-backed securities may mature earlier than their stated contractual maturities because of accelerated principal repayments of the underlying loans.