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
 12 Months Ended
May. 31, 2015
May. 31, 2014
May. 31, 2013
OPERATING ACTIVITIES      
Net income $ 674.9 $ 627.5 $ 569.0
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization on property and equipment and intangible assets 106.6 105.0 98.2
Amortization of premiums and discounts on available-for-sale securities 76.2 70.3 56.2
Stock-based compensation costs 31.4 26.3 22.8
(Benefit)/provision for deferred income taxes (4.1) (4.9) 5.3
Provision for allowance for doubtful accounts 1.6 2.5 1.7
Net realized gains on sales of available-for-sale securities (0.3) (0.6) (0.9)
Changes in operating assets and liabilities:      
Interest receivable (1.6) (3.9) (1.8)
Accounts receivable (28.2) (18.2) 8.3
Prepaid expenses and other current assets (8.5) 22.5 (45.6)
Accounts payable and other current liabilities 51.1 45.1 (16.6)
Net change in other assets and liabilities (3.9) 9.3 (21.3)
Net cash provided by operating activities 895.2 880.9 675.3
INVESTING ACTIVITIES      
Purchases of available-for-sale securities (34,020.4) (29,850.5) (28,332.8)
Proceeds from sales and maturities of available-for-sale securities 33,719.5 30,080.6 27,620.2
Net change in funds held for clients’ money market securities and other cash equivalents 149.1 (441.5) 1,019.4
Purchases of property and equipment (102.8) (84.1) (98.7)
Acquisition of businesses, net of cash acquired (27.1) (9.3) (21.3)
Purchases of other assets (3.3) (11.3) (5.1)
Net cash (used in)/provided by investing activities (285.0) (316.1) 181.7
FINANCING ACTIVITIES      
Net change in client fund obligations 93.0 127.4 (454.6)
Dividends paid (551.8) (510.6) (476.7)
Repurchases of common shares (182.4) (249.7) 0.0
Equity activity related to stock-based awards 48.5 113.3 72.8
Net cash used in financing activities (592.7) (519.6) (858.5)
Increase/(decrease) in cash and cash equivalents 17.5 45.2 (1.5)
Cash and cash equivalents, beginning of fiscal year 152.5 107.3 108.8
Cash and cash equivalents, end of fiscal year $ 170.0 $ 152.5 $ 107.3