Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Millions, unless otherwise specified
 6 Months Ended
Nov. 30, 2012
Nov. 30, 2011
OPERATING ACTIVITIES    
Net income $ 301.0 $ 289.3
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization on property and equipment and intangible assets 48.3 48.3
Amortization of premiums and discounts on available-for-sale securities, net 27.1 20.8
Stock-based compensation costs 11.5 11.9
Provision for deferred income taxes 17.5 22.9
Provision for allowance for doubtful accounts 0.7 0.3
Net realized gains on sales of available-for-sale securities 0.3 0.2
Changes in operating assets and liabilities:    
Interest receivable (0.4) 1.5
Accounts receivable (27.5) (60.7)
Prepaid expenses and other current assets (11.0) (15.8)
Accounts payable and other current liabilities (41.5) (22.6)
Net change in other assets and liabilities 0.6 1.5
Net cash provided by operating activities 326.0 297.2
INVESTING ACTIVITIES    
Purchases of available-for-sale securities (12,222.3) (4,730.6)
Proceeds from sales and maturities of available-for-sale securities 12,249.8 4,690.6
Net change in funds held for clients' money market securities and other cash equivalents 777.1 519.9
Purchases of property and equipment (54.5) (44.1)
Acquisition of businesses, net of cash acquired (12.0) (1.0)
Purchases of other assets (0.5) 0
Net cash provided by investing activities 737.6 434.8
FINANCING ACTIVITIES    
Net change in client fund obligations (829.8) (528.3)
Dividends paid (236.4) (228.4)
Equity activity related to stock-based awards 16.4 1.8
Net cash used in financing activities (1,049.8) (754.9)
Increase/(decrease) in cash and cash equivalents 13.8 (22.9)
Cash and cash equivalents, beginning of period 108.8 119.0
Cash and cash equivalents, end of period $ 122.6 $ 96.1