Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.23.2
Consolidated Balance Sheets - USD ($)
$ in Millions
May 31, 2023
May 31, 2022
Assets    
Cash and cash equivalents $ 1,222.0 $ 370.0
Restricted cash 49.8 50.3
Corporate investments 373.4 853.9
Interest receivable 24.4 22.3
Accounts receivable, net of allowance for credit losses 873.3 723.8
PEO unbilled receivables, net of advance collections 528.5 572.1
Prepaid income taxes 48.1 34.0
Prepaid expenses and other current assets 289.8 272.3
Current assets before funds held for clients 3,409.3 2,898.7
Funds held for clients 4,118.8 3,682.9
Total current assets 7,528.1 6,581.6
Long-term restricted cash   25.5
Long-term corporate investments 3.8 5.0
Property and equipment, net of accumulated depreciation 396.3 401.3
Operating lease right-of-use assets, net of accumulated amortization 61.5 78.7
Intangible assets, net of accumulated amortization 187.4 224.6
Goodwill 1,834.0 1,831.5
Long-term deferred costs 470.1 433.3
Other long-term assets 65.2 53.7
Total assets 10,546.4 9,635.2
Liabilities    
Accounts payable 84.7 105.7
Accrued corporate compensation and related items 209.9 225.4
Accrued worksite employee compensation and related items 763.9 683.4
Short-term borrowings 10.2 8.7
Deferred revenue 47.3 38.4
Other current liabilities 395.4 388.4
Current liabilities before client fund obligations 1,511.4 1,450.0
Client fund obligations 4,294.0 3,819.2
Total current liabilities 5,805.4 5,269.2
Accrued income taxes 83.0 58.1
Deferred income taxes 112.1 165.5
Long-term borrowings, net of debt issuance costs 798.2 797.7
Operating lease liabilities 57.3 74.8
Other long-term liabilities 197.2 184.7
Total liabilities 7,053.2 6,550.0
Commitments and contingencies - Note P
Stockholders' equity    
Common stock, $0.01 par value; Authorized: 600.0 shares; Issued and outstanding: 360.5 shares as of May 31, 2023 and 359.9 shares as of May 31, 2022 3.6 3.6
Additional paid-in capital 1,626.4 1,545.9
Retained earnings 2,023.1 1,669.6
Accumulated other comprehensive loss (159.9) (133.9)
Total stockholders' equity 3,493.2 3,085.2
Total liabilities and stockholders' equity $ 10,546.4 $ 9,635.2