v3.21.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
May 31, 2021
May 31, 2020
May 31, 2019
Operating activities      
Net income $ 1,097.5 $ 1,098.1 $ 1,034.4
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 192.0 209.7 181.5
Amortization of premiums and discounts on available-for-sale securities, net 35.8 40.8 49.0
Amortization of deferred contract costs 191.4 186.1 180.2
Stock-based compensation costs 52.5 47.4 46.2
(Benefit)/provision for deferred income taxes (21.0) (4.0) 4.7
Provision for allowance for doubtful accounts 8.0 7.8 3.3
Net realized gains on sales of available-for-sale securities (1.2) (11.3)  
Changes in operating assets and liabilities:      
Interest receivable 1.8 1.2 4.8
Accounts receivable and PEO unbilled receivables, net (272.9) 55.1 (117.2)
Prepaid expenses and other current assets (15.8) (1.6) 1.0
Accounts payable and other current liabilities 169.0 (4.9) 77.5
Deferred costs (208.0) (196.6) (188.5)
Net change in other long-term assets and liabilities 32.1 12.7 (5.4)
Net change in operating lease right-of-use assets and liabilities (0.9) 0.4  
Net cash provided by operating activities 1,260.3 1,440.9 1,271.5
Investing activities      
Purchases of available-for-sale securities (6,089.7) (25,218.1) (35,145.8)
Proceeds from sales and maturities of available-for-sale securities 5,771.9 26,132.9 34,638.8
Purchases of property and equipment (114.6) (127.0) (123.8)
Acquisition of businesses, net of cash acquired (19.5) (6.1) (992.2)
Purchases of other assets (8.7) (9.8) (5.3)
Net cash (used in)/provided by investing activities (460.6) 771.9 (1,628.3)
Financing activities      
Net change in client fund obligations 340.0 (453.3) (950.6)
Net proceeds from short-term borrowings 2.3 5.1  
Proceeds from borrowings to fund acquisition     796.3
Dividends paid (908.7) (889.4) (826.8)
Repurchases of common shares (155.7) (171.9) (56.9)
Activity related to equity-based plans 85.7 21.3 29.5
Net cash used in financing activities (636.4) (1,488.2) (1,008.5)
Net change in cash, restricted cash, and equivalents 163.3 724.6 (1,365.3)
Cash, restricted cash, and equivalents, beginning of fiscal year 1,659.8 935.2 2,300.5
Cash, restricted cash, and equivalents, end of fiscal year 1,823.1 1,659.8 935.2
Reconciliation of cash, restricted cash, and equivalents      
Cash and cash equivalents 995.2 905.2 673.6
Restricted cash 88.3 71.1 57.1
Restricted cash and restricted cash equivalents included in funds held for clients $ 739.6 $ 683.5 $ 204.5

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