Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
 12 Months Ended
May 31, 2012
May 31, 2011
May 31, 2010
Operating activities      
Net income $ 548.0 $ 515.3 $ 477.0
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization on property and equipment and intangible assets 97.8 88.7 86.5
Amortization of premiums and discounts on available-for-sale securities 42.5 38.9 35.0
Stock-based compensation costs 22.9 24.8 25.6
Provision for/(benefit from) deferred income taxes 11.7 13.6 (3.9)
Provision for allowance for doubtful accounts 1.2 1.8 2.6
Provision for litigation reserve       18.7
Net realized gains on sales of available-for-sale securities (1.0) (1.3) (3.2)
Changes in operating assets and liabilities:      
Interest receivable (1.2) (0.7) (1.0)
Accounts receivable 17.6 23.7 (10.2)
Prepaid expenses and other current assets (9.4) 1.8 (2.5)
Accounts payable and other current liabilities (26.9) 2.2 (15.0)
Net change in other assets and liabilities 3.4 6.5 1.3
Net cash provided by operating activities 706.6 715.3 610.9
Investing activities      
Purchases of available-for-sale securities (10,180.5) (6,229.1) (1,554.9)
Proceeds from sales and maturities of available-for-sale securities 9,817.4 5,598.9 1,152.0
Net change in funds held for clients' money market securities and other cash equivalents (784.3) 450.4 61.7
Purchases of property and equipment (89.6) (100.5) (61.3)
Acquisition of businesses, net of cash acquired (6.0) (126.4)   
Proceeds from sale of business       13.1
Purchases of other assets (1.3) (2.8) (11.9)
Net cash used in investing activities (1,244.3) (409.5) (401.3)
Financing activities      
Net change in client fund obligations 980.5 (34.9) 42.3
Dividends paid (460.5) (448.8) (448.6)
Proceeds from exercise and excess tax benefit related to stock-based awards 7.5 12.6 8.2
Net cash provided by/(used in) financing activities 527.5 (471.1) (398.1)
Decrease in cash and cash equivalents (10.2) (165.3) (188.5)
Cash and cash equivalents, beginning of fiscal year 119.0 284.3 472.8
Cash and cash equivalents, end of fiscal year $ 108.8 $ 119.0 $ 284.3