v3.21.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Feb. 28, 2021
Feb. 29, 2020
Operating activities    
Net income $ 834.5 $ 877.4
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 144.6 158.0
Amortization of premiums and discounts on AFS securities, net 27.4 30.7
Amortization of deferred contract costs 143.0 139.1
Stock-based compensation costs 38.1 36.5
Benefit from deferred income taxes (6.6) (7.7)
Provision for allowance for doubtful accounts 11.8 6.0
Net realized gains on sales of AFS securities (1.0) (2.4)
Changes in operating assets and liabilities:    
Interest receivable 3.4 1.3
Accounts receivable and PEO unbilled receivables, net (330.4) 0.1
Prepaid expenses and other current assets 3.8 (15.6)
Accounts payable and other current liabilities 128.0 (26.5)
Deferred costs (146.8) (141.4)
Net change in other long-term assets and liabilities 19.7 (2.3)
Net change in operating lease right-of-use assets and liabilities 1.1 (0.5)
Net cash provided by operating activities 870.6 1,052.7
Investing activities    
Purchases of AFS securities (4,946.5) (21,852.6)
Proceeds from sales and maturities of AFS securities 4,452.4 22,323.4
Purchases of property and equipment (86.9) (91.9)
Proceeds from sales of property and equipment 3.8
Acquisition of businesses, net of cash acquired (19.5) (6.3)
Purchases of other assets (3.6) (8.2)
Net cash (used in)/provided by investing activities (600.3) 364.4
Financing activities    
Net change in client fund obligations 798.5 487.7
Net proceeds from short-term borrowings 1.9 51.2
Dividends paid (670.5) (666.8)
Repurchases of common shares (76.0) (171.9)
Activity related to equity-based plans 68.2 20.0
Net cash provided by/(used in) financing activities 122.1 (279.8)
Net change in cash, restricted cash, and equivalents 392.4 1,137.3
Cash, restricted cash, and equivalents, beginning of period 1,659.8 935.2
Cash, restricted cash, and equivalents, end of period 2,052.2 2,072.5
Reconciliation of cash, restricted cash, and equivalents    
Cash and cash equivalents 787.0 780.0
Restricted cash 80.3 66.4
Restricted cash and restricted cash equivalents included in funds held for clients $ 1,184.9 $ 1,226.1

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