Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
 12 Months Ended
May 31, 2014
May 31, 2013
May 31, 2012
OPERATING ACTIVITIES      
Net income $ 627.5 $ 569.0 $ 548.0
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization on property and equipment and intangible assets 105.0 98.2 97.8
Amortization of premiums and discounts on available-for-sale securities 70.3 56.2 42.5
Stock-based compensation costs 26.3 22.8 22.9
(Benefit)/provision for deferred income taxes (4.9) 5.3 11.7
Provision for allowance for doubtful accounts 2.5 1.7 1.2
Net realized gains on sales of available-for-sale securities (0.6) (0.9) (1.0)
Changes in operating assets and liabilities:      
Interest receivable (3.9) (1.8) (1.2)
Accounts receivable (18.2) 8.3 17.6
Prepaid expenses and other current assets 22.5 (45.6) (9.4)
Accounts payable and other current liabilities 45.1 (16.6) (26.9)
Net change in other assets and liabilities 9.3 (21.3) 3.4
Net cash provided by operating activities 880.9 675.3 706.6
INVESTING ACTIVITIES      
Purchases of available-for-sale securities (29,850.5) (28,332.8) (10,180.5)
Proceeds from sales and maturities of available-for-sale securities 30,080.6 27,620.2 9,817.4
Net change in funds held for clients’ money market securities and other cash equivalents (441.5) 1,019.4 (784.3)
Purchases of property and equipment (84.1) (98.7) (89.6)
Acquisition of businesses, net of cash acquired (9.3) (21.3) (6.0)
Purchases of other assets (11.3) (5.1) (1.3)
Net cash (used in)/provided by investing activities (316.1) 181.7 (1,244.3)
FINANCING ACTIVITIES      
Net change in client fund obligations 127.4 (454.6) 980.5
Dividends paid (510.6) (476.7) (460.5)
Repurchases of common shares (249.7) 0 0
Equity activity related to stock-based awards 113.3 72.8 7.5
Net cash (used in)/provided by financing activities (519.6) (858.5) 527.5
Increase/(decrease) in cash and cash equivalents 45.2 (1.5) (10.2)
Cash and cash equivalents, beginning of fiscal year 107.3 108.8 119.0
Cash and cash equivalents, end of fiscal year $ 152.5 $ 107.3 $ 108.8