v3.21.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Aug. 31, 2021
Aug. 31, 2020
Operating activities    
Net income $ 333.6 $ 211.6
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 45.7 49.6
Amortization of premiums and discounts on AFS securities, net 7.9 9.5
Amortization of deferred contract costs 49.1 47.3
Stock-based compensation costs 12.4 13.3
Provision for/(benefit) from deferred income taxes 11.5 (1.5)
Provision for allowance for doubtful accounts (3.6) 0.6
Net realized gains on sales of AFS securities (0.1) (0.3)
Changes in operating assets and liabilities:    
Interest receivable 3.1 2.6
Accounts receivable and PEO unbilled receivables, net (30.4) (68.8)
Prepaid expenses and other current assets 23.2 8.3
Accounts payable and other current liabilities (29.1) (55.6)
Deferred costs (53.7) (43.3)
Net change in other long-term assets and liabilities 17.6 23.7
Net change in operating lease right-of-use assets and liabilities (1.6) 18.0
Net cash provided by operating activities 385.6 215.0
Investing activities    
Purchases of AFS securities (247.5) (2,475.5)
Proceeds from sales and maturities of AFS securities 256.9 2,260.5
Purchases of property and equipment (30.4) (20.7)
Purchases of other assets (1.3) (0.6)
Net cash used in investing activities (22.3) (236.3)
Financing activities    
Net change in client fund obligations 32.4 (133.1)
Net change in short-term borrowings (0.3) 1.0
Dividends paid (238.1) (223.2)
Repurchases of common shares (28.8)
Activity related to equity-based plans (5.7) 1.3
Net cash used in financing activities (211.7) (382.8)
Net change in cash, restricted cash, and equivalents 151.6 (404.1)
Cash, restricted cash, and equivalents, beginning of period 1,823.1 1,659.8
Cash, restricted cash, and equivalents, end of period 1,974.7 1,255.7
Reconciliation of cash, restricted cash, and equivalents    
Cash and cash equivalents 1,102.0 835.7
Restricted cash 83.6 75.6
Restricted cash and restricted cash equivalents included in funds held for clients $ 789.1 $ 344.4

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