v3.22.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
May 31, 2022
May 31, 2021
May 31, 2020
Operating activities      
Net income $ 1,392.8 $ 1,097.5 $ 1,098.1
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 191.8 192.0 209.7
Amortization of premiums and discounts on AFS securities, net 28.9 35.8 40.8
Amortization of deferred contract costs 202.1 191.4 186.1
Stock-based compensation costs 52.8 52.5 47.4
Provision for/(benefit from) deferred income taxes 2.3 (21.0) (4.0)
Provision for credit losses 10.5 8.0 7.8
Net realized gains on sales of AFS securities (0.2) (1.2) (11.3)
Changes in operating assets and liabilities:      
Interest receivable 2.1 1.8 1.2
Accounts receivable and PEO unbilled receivables, net (277.0) (272.9) 55.1
Prepaid expenses and other current assets (7.7) (15.8) (1.6)
Accounts payable and other current liabilities 151.8 169.0 (4.9)
Deferred costs (267.1) (208.0) (196.6)
Net change in other long-term assets and liabilities 26.3 32.1 12.7
Net change in operating lease right-of-use assets and liabilities (3.9) (0.9) 0.4
Net cash provided by operating activities 1,505.5 1,260.3 1,440.9
Investing activities      
Purchases of AFS securities (17,807.7) (6,089.7) (25,218.1)
Proceeds from sales and maturities of AFS securities 16,554.9 5,771.9 26,132.9
Purchases of property and equipment, net of proceeds from sales (132.6) (114.6) (127.0)
Acquisition of businesses, net of cash acquired (24.9) (19.5) (6.1)
Purchases of other assets (10.6) (8.7) (9.8)
Net cash (used in)/provided by investing activities (1,420.9) (460.6) 771.9
Financing activities      
Net change in client fund obligations 143.2 340.0 (453.3)
Net proceeds from short-term borrowings 1.3 2.3 5.1
Dividends paid (999.6) (908.7) (889.4)
Repurchases of common shares (145.2) (155.7) (171.9)
Contingent consideration paid for acquisitions (1.6)    
Activity related to equity-based plans 22.6 85.7 21.3
Net cash used in financing activities (979.3) (636.4) (1,488.2)
Net change in cash, restricted cash, and equivalents (894.7) 163.3 724.6
Cash, restricted cash, and equivalents, beginning of fiscal year 1,823.1 1,659.8 935.2
Cash, restricted cash, and equivalents, end of fiscal year 928.4 1,823.1 1,659.8
Reconciliation of cash, restricted cash, and equivalents      
Cash and cash equivalents 370.0 995.2 905.2
Restricted cash 75.8 88.3 71.1
Restricted cash and restricted cash equivalents included in funds held for clients 482.6 739.6 683.5
Total cash, restricted cash, and equivalents $ 928.4 $ 1,823.1 $ 1,659.8

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