Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.24.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Operating activities    
Net income $ 427.4 $ 419.2 [1]
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 39.0 41.2 [1]
Amortization of premiums and discounts on AFS securities, net (2.8) (1.4) [1]
Amortization of deferred contract costs 58.5 57.2 [1]
Stock-based compensation costs 16.5 16.0 [1]
Benefit from deferred income taxes (11.0) (3.2) [1]
Provision for credit losses 7.5 4.3 [1]
Net realized (gains)/losses on sales of AFS securities 0.0 0.0 [1]
Changes in operating assets and liabilities:    
Interest receivable 0.4 1.0 [1]
Accounts receivable and PEO unbilled receivables, net (36.4) 72.4 [1]
Prepaid expenses and other current assets 26.3 38.1 [1]
Accounts payable and other current liabilities 65.6 104.4 [1]
Deferred costs (51.6) (62.2) [1]
Net change in other long-term assets and liabilities 8.4 6.6 [1]
Net change in operating lease right-of-use assets and liabilities (1.7) (0.6) [1]
Net cash provided by operating activities 546.1 693.0 [1]
Investing activities    
Purchases of AFS securities (1,029.7) (1,923.5) [1]
Proceeds from sales and maturities of AFS securities 1,013.0 2,200.7 [1]
Net purchases of short-term accounts receivable (45.1) (37.2) [1]
Purchases of property and equipment (35.6) (38.7) [1]
Acquisition of businesses, net of cash acquired [1]   (208.0)
Purchases of other assets, net (12.6) (6.5) [1]
Net cash used in investing activities (110.0) (13.2) [1]
Financing activities    
Net change in client fund obligations (25.1) 1,383.5 [1]
Net change in short-term borrowings [1]   3.8
Dividends paid (353.4) (321.9) [1]
Repurchases of common shares (104.0)  
Activity related to equity-based plans (2.5) 4.0 [1]
Net cash (used in)/provided by financing activities (485.0) 1,069.4 [1]
Net change in cash, restricted cash, and equivalents (48.9) 1,749.2 [1]
Cash, restricted cash, and equivalents, beginning of period 1,897.0 2,134.9 [1]
Cash, restricted cash, and equivalents, end of period 1,848.1 3,884.1 [1]
Reconciliation of cash, restricted cash, and equivalents    
Cash and cash equivalents 1,459.6 1,645.9 [1]
Restricted cash 54.9 49.8 [1]
Restricted cash and restricted cash equivalents included in funds held for clients 333.6 2,188.4 [1]
Total cash, restricted cash, and equivalents $ 1,848.1 $ 3,884.1 [1]
[1] The consolidated statement of cash flows for the three months ended August 31, 2023 includes revisions to previously reported amounts related to the presentations of cash flows associated with short-term receivable purchased from the Company's clients under non-recourse arrangements, net of funding reserves. See Note A for further discussion on the revision.