v3.22.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Feb. 28, 2022
Feb. 28, 2021
Operating activities    
Net income $ 1,096.4 $ 834.5
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 142.7 144.6
Amortization of premiums and discounts on AFS securities, net 22.3 27.4
Amortization of deferred contract costs 150.2 143.0
Stock-based compensation costs 39.2 38.1
Provision for/(benefit) from deferred income taxes 3.3 (6.6)
Provision for credit losses 1.2 11.8
Net realized gains on sales of AFS securities (0.1) (1.0)
Changes in operating assets and liabilities:    
Interest receivable 4.0 3.4
Accounts receivable and PEO unbilled receivables, net (156.1) (330.4)
Prepaid expenses and other current assets (26.6) 3.8
Accounts payable and other current liabilities 53.4 128.0
Deferred costs (190.1) (146.8)
Net change in other long-term assets and liabilities 25.4 19.7
Net change in operating lease right-of-use assets and liabilities 3.1 1.1
Net cash provided by operating activities 1,168.3 870.6
Investing activities    
Purchases of AFS securities (7,450.1) (4,946.5)
Proceeds from sales and maturities of AFS securities 6,416.5 4,452.4
Purchases of property and equipment (99.3) (86.9)
Proceeds from sales of property and equipment   3.8
Acquisition of businesses, net of cash acquired (24.9) (19.5)
Purchases of other assets (10.3) (3.6)
Net cash used in investing activities (1,168.1) (600.3)
Financing activities    
Net change in client fund obligations 664.1 798.5
Net change in short-term borrowings 1.3 1.9
Dividends paid (714.9) (670.5)
Repurchases of common shares   (76.0)
Activity related to equity-based plans 16.1 68.2
Net cash (used in)/provided by financing activities (33.4) 122.1
Net change in cash, restricted cash, and equivalents (33.2) 392.4
Cash, restricted cash, and equivalents, beginning of period 1,823.1 1,659.8
Cash, restricted cash, and equivalents, end of period 1,789.9 2,052.2
Reconciliation of cash, restricted cash, and equivalents    
Cash and cash equivalents 267.5 787.0
Restricted cash 81.3 80.3
Restricted cash and restricted cash equivalents included in funds held for clients $ 1,441.1 $ 1,184.9

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