v3.20.2
Consolidated Statements of Cash Flows
$ in Millions
12 Months Ended
May 31, 2020
USD ($)
May 31, 2019
USD ($)
May 31, 2018
USD ($)
Operating activities      
Net income $ 1,098.1 $ 1,034.4 $ 994.1
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 209.7 181.5 138.0
Amortization of premiums and discounts on available-for-sale securities, net 40.8 49.0 65.4
Amortization of deferred contract costs 186.1 180.2 174.7
Stock-based compensation costs 47.4 46.2 44.6
(Benefit)/provision for deferred income taxes (4.0) 4.7 (37.2)
Provision for allowance for doubtful accounts 7.8 3.3 3.6
Net realized gains on sales of available-for-sale securities (11.3)   (0.1)
Changes in operating assets and liabilities:      
Interest receivable 1.2 4.8 3.7
Accounts receivable and PEO unbilled receivables, net 55.1 (117.2) 16.2
Prepaid expenses and other current assets (1.6) 1.0 18.0
Accounts payable and other current liabilities (4.9) 77.5 42.9
Deferred costs (196.6) (188.5) (181.8)
Net change in other long-term assets and liabilities 12.7 (5.4) (5.7)
Net change in operating lease right-of-use assets and liabilities 0.4    
Net cash provided by operating activities 1,440.9 1,271.5 1,276.4
Investing activities      
Purchases of available-for-sale securities (25,218.1) (35,145.8) (50,220.2)
Proceeds from sales and maturities of available-for-sale securities 26,132.9 34,638.8 51,592.9
Purchases of property and equipment (127.0) (123.8) (154.0)
Acquisition of businesses, net of cash acquired (6.1) (992.2) (180.4)
Purchases of other assets (9.8) (5.3) (39.8)
Net cash provided by/(used in) investing activities 771.9 (1,628.3) 998.5
Financing activities      
Net change in client fund obligations (453.3) (950.6) 462.4
Net proceeds from short-term borrowings 5.1    
Proceeds from borrowings to fund acquisition   796.3  
Dividends paid (889.4) (826.8) (739.7)
Repurchases of common shares (171.9) (56.9) (143.1)
Activity related to equity-based plans 21.3 29.5 (3.4)
Net cash used in financing activities (1,488.2) (1,008.5) (423.8)
Net change in cash, restricted cash, and equivalents 724.6 (1,365.3) 1,851.1
Cash, restricted cash, and equivalents, beginning of fiscal year 935.2 2,300.5 449.4
Cash, restricted cash, and equivalents, end of fiscal year 1,659.8 935.2 2,300.5
Reconciliation of cash, restricted cash, and equivalents      
Cash and cash equivalents 905.2 673.6 358.2
Restricted cash 71.1 57.1  
Restricted cash and restricted cash equivalents included in funds held for clients $ 683.5 $ 204.5 $ 1,942.3

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