Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.19.2
Consolidated Balance Sheets - USD ($)
$ in Millions
May 31, 2019
May 31, 2018
 [1]
Assets    
Cash and cash equivalents $ 673.6 $ 358.2 [2],[3]
Restricted cash 50.6  
Corporate investments 39.0 66.0
Interest receivable 27.4 32.2
Accounts receivable, net of allowance for doubtful accounts 420.5 374.6
PEO unbilled receivables, net of advance collections 406.3 117.8 [4]
Prepaid income taxes 22.6 17.0
Prepaid expenses and other current assets 233.9 224.0
Current assets before funds held for clients 1,873.9 1,189.8
Funds held for clients 3,803.8 4,703.8
Total current assets 5,677.7 5,893.6
Long-term restricted cash 6.5  
Long-term corporate investments 10.2 295.5
Property and equipment, net of accumulated depreciation 408.7 393.5
Intangible assets, net of accumulated amortization 399.1 141.4
Goodwill 1,782.6 814.0
Long-term deferred costs 366.3 361.0 [5]
Other long-term assets 24.9 16.4
Total assets 8,676.0 7,915.4
Liabilities    
Accounts payable 75.9 73.7
Accrued corporate compensation and related items 146.4 121.5
Accrued worksite employee compensation and related items 578.6 176.1
Deferred revenue 40.3 34.6
Other current liabilities 219.5 155.9
Current liabilities before client fund obligations 1,060.7 561.8
Client fund obligations 3,784.3 4,734.9
Total current liabilities 4,845.0 5,296.7
Accrued income taxes 27.3 18.4
Deferred income taxes 223.1 154.4
Long-term borrowings, net of debt issuance costs 796.4  
Other long-term liabilities 164.7 89.1
Total liabilities 6,056.5 5,558.6
Commitments and contingencies - Note Q
Stockholders' equity    
Common stock, $0.01 par value; Authorized: 600.0 shares; Issued and outstanding: 359.3 shares as of May 31, 2019 and 359.0 shares as of May 31, 2018, respectively. 3.6 3.6
Additional paid-in capital 1,206.3 1,126.8
Retained earnings 1,409.5 1,262.6
Accumulated other comprehensive income/(loss) 0.1 (36.2)
Total stockholders' equity 2,619.5 2,356.8
Total liabilities and stockholders' equity $ 8,676.0 $ 7,915.4
[1] Amounts have been adjusted to reflect the adoption of ASC Topic 606 and to provide further detail related to certain professional employer organization ("PEO") balances.
[2] Amounts have been adjusted to reflect the adoption of ASC Topic 606.
[3] Amounts have been adjusted to reflect the adoption of Accounting Standards Update ("ASU") No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force)."
[4] Amounts were previously reported as a component of accounts receivable, net of allowance for doubtful accounts included in the Company's fiscal 2018 Form 10-K. PEO unbilled receivables, net of advance collections are separately presented on the Consolidated Balance Sheets contained in this Form 10-K.
[5] Amounts were previously reported as a component of other long-term assets on the Consolidated Balance Sheets included in the Company's fiscal 2018 Form 10-K. Long-term deferred costs are separately presented on the Consolidated Balance Sheets contained in this Form 10-K.