Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
May 31, 2018
May 31, 2017
May 31, 2016
Operating activities      
Net income $ 933.7 $ 817.3 $ 756.8
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization on property and equipment and intangible assets 138.0 126.9 115.1
Amortization of premiums and discounts on available-for-sale securities, net 65.4 72.5 75.7
Stock-based compensation costs 44.6 35.4 34.6
Provision for deferred income taxes 19.2 17.4 7.1
Provision for allowance for doubtful accounts 3.6 4.9 2.5
Net realized gains on sales of available-for-sale securities (0.1) (0.1) (0.1)
Changes in operating assets and liabilities:      
Interest receivable 3.7 0.2 1.8
Accounts receivable 13.6 (103.7) (37.5)
Prepaid expenses and other current assets 17.7 (34.1) (5.0)
Accounts payable and other current liabilities 42.6 39.1 63.3
Net change in other long-term assets and liabilities (5.6) (15.4) 3.9
Net cash provided by operating activities 1,276.4 960.4 1,018.2
Investing activities      
Purchases of available-for-sale securities (50,220.2) (50,462.3) (12,572.2)
Proceeds from sales and maturities of available-for-sale securities 51,592.9 49,903.0 11,984.3
Net change in funds held for clients’ money market securities and other cash equivalents (1,677.5) 237.6 927.6
Purchases of property and equipment (154.0) (94.3) (97.7)
Acquisition of businesses, net of cash acquired (180.4)   (296.1)
Purchases of other assets (39.8) (8.6) (9.0)
Net cash used in investing activities (679.0) (424.6) (63.1)
Financing activities      
Net change in client fund obligations 462.4 317.3 (304.8)
Dividends paid (739.7) (662.3) (606.5)
Repurchases of common shares (143.1) (166.2) (107.9)
Activity related to equity-based plans (3.4) 28.5 25.6
Net cash used in financing activities (423.8) (482.7) (993.6)
Increase/(decrease) in cash and cash equivalents 173.6 53.1 (38.5)
Cash and cash equivalents, beginning of fiscal year 184.6 131.5 170.0
Cash and cash equivalents, end of fiscal year $ 358.2 $ 184.6 $ 131.5