Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
May 31, 2023
May 31, 2022
May 31, 2021
Operating activities      
Net income $ 1,557.3 $ 1,392.8 $ 1,097.5
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 176.6 191.8 192.0
Amortization of premiums and discounts on AFS securities, net 18.2 28.9 35.8
Amortization of deferred contract costs 219.1 202.1 191.4
Stock-based compensation costs 62.6 52.8 52.5
(Benefit from)/provision for deferred income taxes (44.0) 2.3 (21.0)
Provision for credit losses 17.7 10.5 8.0
Net realized losses/(gains) on sales of AFS securities 9.8 (0.2) (1.2)
Changes in operating assets and liabilities:      
Interest receivable (2.1) 2.1 1.8
Accounts receivable and PEO unbilled receivables, net (123.6) (277.0) (272.9)
Prepaid expenses and other current assets (17.8) (7.7) (15.8)
Accounts payable and other current liabilities 67.4 151.8 169.0
Deferred costs (269.4) (267.1) (208.0)
Net change in other long-term assets and liabilities 31.9 26.3 32.1
Net change in operating lease right-of-use assets and liabilities (4.3) (3.9) (0.9)
Net cash provided by operating activities 1,699.4 1,505.5 1,260.3
Investing activities      
Purchases of AFS securities (14,585.3) (17,807.7) (6,089.7)
Proceeds from sales and maturities of AFS securities 14,943.2 16,554.9 5,771.9
Purchases of property and equipment (143.0) (133.8) (118.4)
Proceeds from sales of property and equipment 16.7 1.2 3.8
Acquisition of businesses, net of cash acquired (2.7) (24.9) (19.5)
Purchases of other assets (10.4) (10.6) (8.7)
Net cash provided by/(used in) investing activities 218.5 (1,420.9) (460.6)
Financing activities      
Net change in client fund obligations 474.8 143.2 340.0
Net proceeds from short-term borrowings 2.0 1.3 2.3
Dividends paid (1,175.0) (999.6) (908.7)
Repurchases of common shares   (145.2) (155.7)
Contingent consideration paid for acquisitions (2.8) (1.6)  
Activity related to equity-based plans (10.4) 22.6 85.7
Net cash used in financing activities (711.4) (979.3) (636.4)
Net change in cash, restricted cash, and equivalents 1,206.5 (894.7) 163.3
Cash, restricted cash, and equivalents, beginning of fiscal year 928.4 1,823.1 1,659.8
Cash, restricted cash, and equivalents, end of fiscal year 2,134.9 928.4 1,823.1
Reconciliation of cash, restricted cash, and equivalents      
Cash and cash equivalents 1,222.0 370.0 995.2
Restricted cash 49.8 75.8 88.3
Restricted cash and restricted cash equivalents included in funds held for clients 863.1 482.6 739.6
Total cash, restricted cash, and equivalents $ 2,134.9 $ 928.4 $ 1,823.1