[python] What exactly does += do in python?

Remember when you used to sum, for example 2 & 3, in your old calculator and every time you hit the = you see 3 added to the total, the += does similar job. Example:

>>> orange = 2
>>> orange += 3
>>> print(orange)
5
>>> orange +=3
>>> print(orange)
8

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What exactly does += do in python?