v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Aug. 31, 2022
Aug. 31, 2021
Operating activities    
Net income $ 379.2 $ 333.6
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 44.0 45.7
Amortization of premiums and discounts on AFS securities, net 6.0 7.9
Amortization of deferred contract costs 53.0 49.1
Stock-based compensation costs 14.4 12.4
Provision for deferred income taxes 2.5 11.5
Provision for credit losses 4.5 (3.6)
Net realized gains on sales of AFS securities (0.1) (0.1)
Changes in operating assets and liabilities:    
Interest receivable 1.7 3.1
Accounts receivable and PEO unbilled receivables, net (61.2) (30.4)
Prepaid expenses and other current assets 23.7 23.2
Accounts payable and other current liabilities (61.1) (29.1)
Deferred costs (64.5) (53.7)
Net change in other long-term assets and liabilities 23.7 17.6
Net change in operating lease right-of-use assets and liabilities (1.5) (1.6)
Net cash provided by operating activities 364.3 385.6
Investing activities    
Purchases of AFS securities (3,807.6) (247.5)
Proceeds from sales and maturities of AFS securities 5,066.9 256.9
Purchases of property and equipment (30.6) (30.4)
Purchases of other assets, net (5.6) (1.3)
Net cash provided by/(used) in investing activities 1,223.1 (22.3)
Financing activities    
Net change in client fund obligations (507.9) 32.4
Net change in short-term borrowings 2.0 (0.3)
Dividends paid (284.6) (238.1)
Activity related to equity-based plans (19.2) (5.7)
Net cash used in financing activities (809.7) (211.7)
Net change in cash, restricted cash, and equivalents 777.7 151.6
Cash, restricted cash, and equivalents, beginning of period 928.4 1,823.1
Cash, restricted cash, and equivalents, end of period 1,706.1 1,974.7
Reconciliation of cash, restricted cash, and equivalents    
Cash and cash equivalents 1,184.2 1,102.0
Restricted cash 92.7 83.6
Restricted cash and restricted cash equivalents included in funds held for clients 429.2 789.1
Total cash, restricted cash, and equivalents $ 1,706.1 $ 1,974.7

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