Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Millions
Aug. 31, 2019
May 31, 2019
Assets    
Cash and cash equivalents $ 586.4 $ 673.6
Restricted cash 55.8 50.6
Corporate investments 40.9 39.0
Interest receivable 27.1 27.4
Accounts receivable, net of allowance for doubtful accounts 425.1 420.5
PEO unbilled receivables, net of advance collections 409.2 406.3
Prepaid income taxes   22.6
Prepaid expenses and other current assets 242.3 233.9
Current assets before funds held for clients 1,786.8 1,873.9
Funds held for clients 3,769.1 3,803.8
Total current assets 5,555.9 5,677.7
Long-term restricted cash 1.9 6.5
Long-term corporate investments 10.3 10.2
Property and equipment, net of accumulated depreciation 403.4 408.7
Operating lease right-of-use assets, net of accumulated amortization 112.8  
Intangible assets, net of accumulated amortization 379.5 399.1
Goodwill 1,783.1 1,782.6
Long-term deferred costs 362.7 366.3
Other long-term assets 28.6 24.9
Total assets 8,638.2 8,676.0
Liabilities    
Accounts payable 61.7 75.9
Accrued corporate compensation and related items 84.5 146.4
Accrued worksite employee compensation and related items 544.1 578.6
Accrued income taxes 49.0  
Short-term borrowings 56.5  
Deferred revenue 41.3 40.3
Other current liabilities 270.5 219.5
Current liabilities before client fund obligations 1,107.6 1,060.7
Client fund obligations 3,715.9 3,784.3
Total current liabilities 4,823.5 4,845.0
Accrued income taxes 29.7 27.3
Deferred income taxes 227.6 223.1
Long-term borrowings, net of debt issuance costs 796.5 796.4
Operating lease liabilities 93.8 13.0
Other long-term liabilities 147.8 151.7
Total liabilities 6,118.9 6,056.5
Commitments and contingencies - Note N
Stockholders' equity    
Common stock, $0.01 par value; Authorized: 600.0 shares; Issued and outstanding: 357.9 shares as of August 31, 2019 and 359.3 shares as of May 31, 2019 3.6 3.6
Additional paid-in capital 1,224.0 1,206.3
Retained earnings 1,265.2 1,409.5
Accumulated other comprehensive income 26.5 0.1
Total stockholders' equity 2,519.3 2,619.5
Total liabilities and stockholders' equity $ 8,638.2 $ 8,676.0