Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows

v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Operating activities    
Net income $ 1,360.1 $ 1,310.5
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 123.8 130.9
Amortization of premiums and discounts on AFS securities, cash flow hedges and long-term debt, net 5.1 (4.7)
Amortization of deferred contract costs 176.6 173.4
Stock-based compensation costs 50.5 45.1
Benefit from deferred income taxes (16.1) (20.9)
Provision for credit losses 17.6 14.9
Net realized losses on sales of AFS securities 0.4 0.0
Premiums paid on cash flow hedges (19.2)  
Changes in operating assets and liabilities:    
Interest receivable 0.7 1.6
Accounts receivable and PEO unbilled receivables, net (99.9) (3.5)
Prepaid expenses and other current assets 2.3 9.2
Accounts payable and other current liabilities 107.8 184.2
Deferred costs (173.7) (184.3)
Net change in other long-term assets and liabilities 25.4 21.6
Net change in operating lease right-of-use assets and liabilities (4.3) (2.0)
Net cash provided by operating activities 1,557.1 1,676.0
Investing activities    
Purchases of AFS securities (8,473.2) (6,007.4)
Proceeds from sales and maturities of AFS securities 8,500.4 6,345.6
Net purchases of short-term accounts receivable (153.3) (101.8)
Purchases of property and equipment (131.3) (120.1)
Acquisition of businesses, net of cash acquired   (208.3)
Purchases of other assets, net (24.3) (25.8)
Net cash used in investing activities (281.7) (117.8)
Financing activities    
Net change in client fund obligations 383.1 1,947.4
Net change in short-term borrowings   9.0
Dividends paid (1,059.2) (962.5)
Repurchases of common shares, including excise tax (104.5) (169.2)
Debt issuance fees (11.4)  
Activity related to equity-based plans 12.9 15.1
Net cash (used in)/provided by financing activities (779.1) 839.8
Net change in cash, restricted cash, and equivalents 496.3 2,398.0
Cash, restricted cash, and equivalents, beginning of period 1,897.0 2,134.9
Cash, restricted cash, and equivalents, end of period 2,393.3 4,532.9
Reconciliation of cash, restricted cash, and equivalents    
Cash and cash equivalents 1,563.8 1,693.6
Restricted cash 49.1 41.0
Restricted cash and restricted cash equivalents included in funds held for clients 780.4 2,798.3
Total cash, restricted cash, and equivalents $ 2,393.3 $ 4,532.9