v3.24.2
Consolidated Balance Sheets - USD ($)
$ in Millions
May 31, 2024
May 31, 2023
Assets    
Cash and cash equivalents $ 1,468.9 $ 1,222.0 [1]
Restricted cash 47.8 49.8
Corporate investments 33.9 373.4
Interest receivable 23.3 24.4
Accounts receivable, net of allowance for credit losses 1,059.6 873.3
PEO unbilled receivables, net of advance collections 542.4 528.5
Prepaid income taxes 47.5 48.1
Prepaid expenses and other current assets 321.9 289.8
Current assets before funds held for clients 3,545.3 3,409.3
Funds held for clients 3,706.2 4,118.8
Total current assets 7,251.5 7,528.1
Long-term corporate investments 3.7 3.8
Property and equipment, net of accumulated depreciation 411.7 396.3
Operating lease right-of-use assets, net of accumulated amortization 46.9 61.5
Intangible assets, net of accumulated amortization 194.5 187.4
Goodwill 1,882.7 1,834.0
Long-term deferred costs 477.1 470.1
Other long-term assets 115.0 65.2
Total assets 10,383.1 10,546.4
Liabilities    
Accounts payable 104.3 84.7
Accrued corporate compensation and related items 135.0 209.9
Accrued worksite employee compensation and related items 662.4 763.9
Short-term borrowings 18.7 10.2
Deferred revenue 50.2 47.3
Other current liabilities 469.8 395.4
Current liabilities before client fund obligations 1,440.4 1,511.4
Client fund obligations 3,868.7 4,294.0
Total current liabilities 5,309.1 5,805.4
Accrued income taxes 102.6 83.0
Deferred income taxes 86.0 112.1
Long-term borrowings, net of debt issuance costs 798.6 798.2
Operating lease liabilities 49.0 57.3
Other long-term liabilities 236.8 197.2
Total liabilities 6,582.1 7,053.2
Commitments and contingencies - Note Q
Stockholders' equity    
Common stock, $0.01 par value; Authorized: 600.0 shares; Issued and outstanding: 360.1 shares as of May 31, 2024 and 360.5 shares as of May 31, 2023 3.6 3.6
Additional paid-in capital 1,729.5 1,626.4
Retained earnings 2,213.0 2,023.1
Accumulated other comprehensive loss (145.1) (159.9)
Total stockholders' equity 3,801.0 3,493.2
Total liabilities and stockholders' equity $ 10,383.1 $ 10,546.4
[1] The consolidated statement of cash flows for the fiscal years ended May 31, 2023 and May 31, 2022 include revisions to previously reported amounts related to the presentation of cash flows associated with short-term receivables purchased from the Company’s clients under non-recourse arrangements, net of funding reserves. See Note A for further discussion on the revision.

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