v3.20.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Aug. 31, 2020
Aug. 31, 2019
Operating activities    
Net income $ 211.6 $ 264.2
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 49.6 52.9
Amortization of premiums and discounts on available-for-sale securities, net 9.5 10.0
Amortization of deferred contract costs 47.3 46.0
Stock-based compensation costs 13.3 10.5
Benefit from deferred income taxes (1.5) (3.7)
Provision for allowance for doubtful accounts 0.6 2.3
Net realized gains on sales of available-for-sale securities (0.3) (0.9)
Changes in operating assets and liabilities:    
Interest receivable 2.6 0.3
Accounts receivable and PEO unbilled receivables, net (68.8) (9.8)
Prepaid expenses and other current assets 8.3 13.8
Accounts payable and other current liabilities (55.6) (39.6)
Deferred costs (43.3) (41.9)
Net change in other long-term assets and liabilities 23.7 (8.4)
Net change in operating lease right-of-use assets and liabilities 18.0 (0.9)
Net cash provided by operating activities 215.0 294.8
Investing activities    
Purchases of available-for-sale securities (2,475.5) (8,289.3)
Proceeds from sales and maturities of available-for-sale securities 2,260.5 8,862.1
Purchases of property and equipment (20.7) (26.4)
Purchases of other assets (0.6) (1.7)
Net cash (used in)/provided by investing activities (236.3) 544.7
Financing activities    
Net change in client fund obligations (133.1) (68.4)
Net proceeds from short-term borrowings 1.0 56.5
Dividends paid (223.2) (222.0)
Repurchases of common shares (28.8) (171.9)
Activity related to equity-based plans 1.3 (7.4)
Net cash used in financing activities (382.8) (413.2)
Net change in cash, restricted cash, and equivalents (404.1) 426.3
Cash, restricted cash, and equivalents, beginning of period 1,659.8 935.2
Cash, restricted cash, and equivalents, end of period 1,255.7 1,361.5
Reconciliation of cash, restricted cash, and equivalents    
Cash and cash equivalents 835.7 586.4
Restricted cash 75.6 57.7
Restricted cash and restricted cash equivalents included in funds held for clients $ 344.4 $ 717.4

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