Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.5.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
May 31, 2016
May 31, 2015
May 31, 2014
Operating activities      
Net income $ 756.8 $ 674.9 $ 627.5
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization on property and equipment and intangible assets 115.1 106.6 105.0
Amortization of premiums and discounts on available-for-sale securities 75.7 76.2 70.3
Stock-based compensation costs 34.6 31.4 26.3
Provision/(benefit) for deferred income taxes 7.1 (4.1) (4.9)
Provision for allowance for doubtful accounts 2.5 1.6 2.5
Net realized gains on sales of available-for-sale securities (0.1) (0.3) (0.6)
Changes in operating assets and liabilities:      
Interest receivable 1.8 (1.6) (3.9)
Accounts receivable (37.5) (28.2) (18.2)
Prepaid expenses and other current assets (5.0) (8.5) 22.5
Accounts payable and other current liabilities 63.3 51.1 45.1
Net change in other long-term assets and liabilities 3.9 (3.9) 9.3
Net cash provided by operating activities 1,018.2 895.2 880.9
Investing activities      
Purchases of available-for-sale securities (12,572.2) (34,020.4) (29,850.5)
Proceeds from sales and maturities of available-for-sale securities 11,984.3 33,719.5 30,080.6
Net change in funds held for clients’ money market securities and other cash equivalents 927.6 149.1 (441.5)
Purchases of property and equipment (97.7) (102.8) (84.1)
Acquisition of businesses, net of cash acquired (296.1) (27.1) (9.3)
Purchases of other assets (9.0) (3.3) (11.3)
Net cash used in by investing activities (63.1) (285.0) (316.1)
Financing activities      
Net change in client fund obligations (304.8) 93.0 127.4
Dividends paid (606.5) (551.8) (510.6)
Repurchases of common shares (107.9) (182.4) (249.7)
Equity activity related to stock-based awards 25.6 48.5 113.3
Net cash used in financing activities (993.6) (592.7) (519.6)
(Decrease)/increase in cash and cash equivalents (38.5) 17.5 45.2
Cash and cash equivalents, beginning of fiscal year 170.0 152.5 107.3
Cash and cash equivalents, end of fiscal year $ 131.5 $ 170.0 $ 152.5