Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Nov. 30, 2018
Nov. 30, 2017
Operating activities    
Net income $ 479.4 $ 409.2 [1],[2]
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization on property and equipment and intangible assets 72.7 65.7 [1]
Amortization of premiums and discounts on available-for-sale securities, net 27.7 33.8 [1]
Stock-based compensation costs 22.8 19.1 [1]
Provision for deferred income taxes 10.9 47.2 [1]
Provision for allowance for doubtful accounts 1.5 1.8 [1]
Net realized losses on sales of available-for-sale securities 0.2 [1]
Changes in operating assets and liabilities:    
Interest receivable 3.6 0.7 [1]
Accounts receivable (71.6) (8.5) [1]
Prepaid expenses and other current assets (26.7) (25.8) [1]
Accounts payable and other current liabilities (30.2) (35.5) [1]
Deferred costs 7.3 10.6 [1]
Net change in other long-term assets and liabilities (0.4) 1.1 [1]
Net cash provided by operating activities 497.2 519.4 [1]
Investing activities    
Purchases of available-for-sale securities (21,248.8) (20,324.3) [1]
Proceeds from sales and maturities of available-for-sale securities 21,364.3 20,708.7 [1]
Net change in funds held for clients’ money market securities and other cash equivalents 985.1 (1,018.0) [1]
Purchases of property and equipment (60.8) (95.5) [1]
Acquisition of businesses, net of cash acquired (17.9) [1]
Purchases of other assets (1.0) (4.1) [1]
Net cash provided by/(used in) investing activities 1,038.8 (751.1) [1]
Financing activities    
Net change in client fund obligations (1,017.6) 625.3 [1]
Net proceeds from short-term borrowings 57.3 133.4 [1]
Dividends paid (402.7) (358.9) [1]
Repurchases of common shares (32.8) (94.1) [1]
Activity related to equity-based plans 12.2 (1.4) [1]
Net cash (used in)/provided by financing activities (1,383.6) 304.3 [1]
Increase in cash and cash equivalents 152.4 72.6 [1]
Cash and cash equivalents, beginning of fiscal year [1] 358.2 184.6
Cash and cash equivalents, end of period $ 510.6 $ 257.2 [1]
[1] Amounts have been adjusted to reflect the adoption of ASC Topic 606.
[2] Amounts have been adjusted to reflect the adoption of Accounting Standards Codification ("ASC") Topic 606, "Revenue from Contracts with Customers" ("ASC Topic 606").