Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Millions
Nov. 30, 2022
May 31, 2022
ASSETS    
Cash and cash equivalents $ 1,096.5 $ 370.0
Restricted cash 57.8 50.3
Corporate investments 165.6 853.9
Interest receivable 23.2 22.3
Accounts receivable, net of allowance for credit losses 873.6 723.8
PEO unbilled receivables, net of advance collections 494.8 572.1
Prepaid income taxes 67.3 34.0
Prepaid expenses and other current assets 286.7 272.3
Current assets before funds held for clients 3,065.5 2,898.7
Funds held for clients 3,132.7 3,682.9
Total current assets 6,198.2 6,581.6
Long-term restricted cash 10.4 25.5
Long-term corporate investments 3.9 5.0
Property and equipment, net of accumulated depreciation 393.0 401.3
Operating lease right-of-use assets, net of accumulated amortization 70.7 78.7
Intangible assets, net of accumulated amortization 203.9 224.6
Goodwill 1,830.0 1,831.5
Long-term deferred costs 443.6 433.3
Other long-term assets 60.6 53.7
Total assets 9,214.3 9,635.2
LIABILITIES    
Accounts payable 86.7 105.7
Accrued corporate compensation and related items 173.8 225.4
Accrued worksite employee compensation and related items 742.0 683.4
Short-term borrowings 10.1 8.7
Deferred revenue 44.8 38.4
Other current liabilities 346.1 388.4
Current liabilities before client fund obligations 1,403.5 1,450.0
Client fund obligations 3,350.4 3,819.2
Total current liabilities 4,753.9 5,269.2
Accrued income taxes 65.6 58.1
Deferred income taxes 129.8 165.5
Long-term borrowings, net of debt issuance costs 797.9 797.7
Operating lease liabilities 66.8 74.8
Other long-term liabilities 195.0 184.7
Total liabilities 6,009.0 6,550.0
Commitments and contingencies - Note H
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value; Authorized: 600.0 shares; Issued and outstanding: 360.5 shares as of November 30, 2022 and 359.9 shares as of May 31, 2022 3.6 3.6
Additional paid-in capital 1,588.6 1,545.9
Retained earnings 1,811.4 1,669.6
Accumulated other comprehensive loss (198.3) (133.9)
Total stockholders' equity 3,205.3 3,085.2
Total liabilities and stockholders' equity $ 9,214.3 $ 9,635.2