Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Millions
Feb. 28, 2023
May 31, 2022
ASSETS    
Cash and cash equivalents $ 1,316.9 $ 370.0
Restricted cash 56.6 50.3
Corporate investments 240.1 853.9
Interest receivable 27.4 22.3
Accounts receivable, net of allowance for credit losses 799.4 723.8
PEO unbilled receivables, net of advance collections 588.2 572.1
Prepaid income taxes 37.1 34.0
Prepaid expenses and other current assets 292.1 272.3
Current assets before funds held for clients 3,357.8 2,898.7
Funds held for clients 4,237.4 3,682.9
Total current assets 7,595.2 6,581.6
Long-term restricted cash   25.5
Long-term corporate investments 3.8 5.0
Property and equipment, net of accumulated depreciation 385.0 401.3
Operating lease right-of-use assets, net of accumulated amortization 67.6 78.7
Intangible assets, net of accumulated amortization 196.2 224.6
Goodwill 1,833.6 1,831.5
Long-term deferred costs 456.9 433.3
Other long-term assets 65.3 53.7
Total assets 10,603.6 9,635.2
LIABILITIES    
Accounts payable 122.5 105.7
Accrued corporate compensation and related items 177.0 225.4
Accrued worksite employee compensation and related items 765.9 683.4
Short-term borrowings 10.2 8.7
Deferred revenue 43.8 38.4
Other current liabilities 370.9 388.4
Current liabilities before client fund obligations 1,490.3 1,450.0
Client fund obligations 4,467.8 3,819.2
Total current liabilities 5,958.1 5,269.2
Accrued income taxes 70.2 58.1
Deferred income taxes 116.5 165.5
Long-term borrowings, net of debt issuance costs 798.1 797.7
Operating lease liabilities 62.9 74.8
Other long-term liabilities 196.7 184.7
Total liabilities 7,202.5 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 February 28, 2023 and 359.9 shares as of May 31, 2022 3.6 3.6
Additional paid-in capital 1,608.0 1,545.9
Retained earnings 1,993.7 1,669.6
Accumulated other comprehensive loss (204.2) (133.9)
Total stockholders' equity 3,401.1 3,085.2
Total liabilities and stockholders' equity $ 10,603.6 $ 9,635.2