Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.22.2
Consolidated Balance Sheets - USD ($)
$ in Millions
May 31, 2022
May 31, 2021
Assets    
Cash and cash equivalents $ 370.0 $ 995.2
Restricted cash 50.3 51.3
Corporate investments 853.9 36.7
Interest receivable 22.3 24.4
Accounts receivable, net of allowance for credit losses 723.8 578.3
PEO unbilled receivables, net of advance collections 572.1 450.9
Prepaid income taxes 34.0 33.5
Prepaid expenses and other current assets 272.3 249.2
Current assets before funds held for clients 2,898.7 2,419.5
Funds held for clients 3,682.9 3,750.0
Total current assets 6,581.6 6,169.5
Long-term restricted cash 25.5 37.0
Long-term corporate investments 5.0 7.1
Property and equipment, net of accumulated depreciation 401.3 395.8
Operating lease right-of-use assets, net of accumulated amortization 78.7 103.0
Intangible assets, net of accumulated amortization 224.6 275.8
Goodwill 1,831.5 1,820.7
Long-term deferred costs 433.3 384.1
Other long-term assets 53.7 34.2
Total assets 9,635.2 9,227.2
Liabilities    
Accounts payable 105.7 89.0
Accrued corporate compensation and related items 225.4 209.7
Accrued worksite employee compensation and related items 683.4 586.4
Short-term borrowings 8.7 7.4
Deferred revenue 38.4 37.9
Other current liabilities 388.4 336.8
Current liabilities before client fund obligations 1,450.0 1,267.2
Client fund obligations 3,819.2 3,671.0
Total current liabilities 5,269.2 4,938.2
Accrued income taxes 58.1 25.8
Deferred income taxes 165.5 218.0
Long-term borrowings, net of debt issuance costs 797.7 797.3
Operating lease liabilities 74.8 92.4
Other long-term liabilities 184.7 207.5
Total liabilities 6,550.0 6,279.2
Commitments and contingencies - Note P
Stockholders' equity    
Common stock, $0.01 par value; Authorized: 600.0 shares; Issued and outstanding: 359.9 shares as of May 31, 2022 and 359.8 shares as of May 31, 2021 3.6 3.6
Additional paid-in capital 1,545.9 1,446.7
Retained earnings 1,669.6 1,445.9
Accumulated other comprehensive (loss)/income (133.9) 51.8
Total stockholders' equity 3,085.2 2,948.0
Total liabilities and stockholders' equity $ 9,635.2 $ 9,227.2