Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.5.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2016
Aug. 31, 2015
Operating activities    
Net income $ 217.4 $ 209.1
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization on property and equipment and intangible assets 29.7 27.0
Amortization of premiums and discounts on available-for-sale securities 18.6 19.4
Stock-based compensation costs 9.1 8.8
Provision for deferred income taxes 14.1 14.4
Provision for allowance for doubtful accounts 1.2 0.1
Net realized gains on sales of available-for-sale securities (0.1)  
Changes in operating assets and liabilities:    
Interest receivable 4.4 5.8
Accounts receivable (78.1) (30.1)
Prepaid expenses and other current assets 6.6 0.2
Accounts payable and other current liabilities 60.9 6.8
Net change in other long-term assets and liabilities 10.9 16.8
Net cash provided by operating activities 294.7 278.3
Investing activities    
Purchases of available-for-sale securities (14,777.0) (2,362.9)
Proceeds from sales and maturities of available-for-sale securities 14,920.3 3,046.8
Net change in funds held for clients’ money market securities and other cash equivalents 257.3 100.7
Purchases of property and equipment (20.3) (21.2)
Purchases of other assets   (3.5)
Net cash provided by investing activities 380.3 759.9
Financing activities    
Net change in client fund obligations (567.8) (533.3)
Proceeds from short-term borrowings 51.3  
Dividends paid (166.3) (151.9)
Repurchases of common shares   (62.9)
Activity related to equity-based plans 6.3 (4.2)
Net cash used in financing activities (676.5) (752.3)
(Decrease)/increase in cash and cash equivalents (1.5) 285.9
Cash and cash equivalents, beginning of fiscal year 131.5 170.0
Cash and cash equivalents, end of fiscal year $ 130.0 $ 455.9