Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.3.1.900
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Feb. 29, 2016
Feb. 28, 2015
OPERATING ACTIVITIES    
Net income $ 578.7 $ 513.7
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization on property and equipment and intangible assets 85.1 79.1
Amortization of premiums and discounts on available-for-sale securities, net 57.2 56.9
Stock-based compensation costs 26.1 24.0
Benefit from deferred income taxes (2.2) (12.8)
Provision for allowance for doubtful accounts 1.7 1.0
Net realized gains on sales of available-for-sale securities (0.1) (0.2)
Changes in operating assets and liabilities:    
Interest receivable 6.3 4.1
Accounts receivable 18.6 0.5
Prepaid expenses and other current assets (8.6) 1.2
Accounts payable and other current liabilities 28.4 28.2
Net change in other long-term assets and liabilities 0.0 (2.9)
Net cash provided by operating activities 791.2 692.8
INVESTING ACTIVITIES    
Purchases of available-for-sale securities (2,700.9) (23,544.9)
Proceeds from sales and maturities of available-for-sale securities 3,303.6 23,697.6
Net change in funds held for clients' money market securities and other cash equivalents (792.9) (1,078.6)
Purchases of property and equipment (70.0) (72.0)
Acquisition of businesses, net of cash acquired (296.1) (27.1)
Purchases of other assets (7.3) (2.2)
Net cash used in investing activities (563.6) (1,027.2)
FINANCING ACTIVITIES    
Net change in client fund obligations 403.8 891.8
Dividends paid (455.0) (414.4)
Repurchases of common shares (107.9) (70.4)
Equity activity related to stock-based awards 14.6 40.2
Net cash (used in)/provided by financing activities (144.5) 447.2
Increase in cash and cash equivalents 83.1 112.8
Cash and cash equivalents, beginning of period 170.0 152.5
Cash and cash equivalents, end of period $ 253.1 $ 265.3