Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Feb. 28, 2017
Feb. 29, 2016
Operating activities    
Net income $ 622.0 $ 578.7
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization on property and equipment and intangible assets 90.7 85.1
Amortization of premiums and discounts on available-for-sale securities 55.0 57.2
Stock-based compensation costs 26.5 26.1
Benefit from deferred income taxes   (2.2)
Provision for allowance for doubtful accounts 3.4 1.7
Net realized gains on sales of available-for-sale securities (0.1) (0.1)
Changes in operating assets and liabilities:    
Interest receivable 4.1 6.3
Accounts receivable (24.6) 18.6
Prepaid expenses and other current assets (32.1) (8.6)
Accounts payable and other current liabilities 37.5 28.4
Net change in other long-term assets and liabilities (13.1)  
Net cash provided by operating activities 769.3 791.2
Investing activities    
Purchases of available-for-sale securities (36,029.5) (2,700.9)
Proceeds from sales and maturities of available-for-sale securities 35,617.4 3,303.6
Net change in funds held for clients’ money market securities and other cash equivalents (459.8) (792.9)
Purchases of property and equipment (66.8) (70.0)
Acquisition of businesses, net of cash acquired   (296.1)
Purchases of other assets (8.4) (7.3)
Net cash used in investing activities (947.1) (563.6)
Financing activities    
Net change in client fund obligations 819.8 403.8
Net proceeds from short-term borrowings 55.4  
Dividends paid (496.9) (455.0)
Repurchases of common shares (166.2) (107.9)
Activity related to equity-based plans 24.1 14.6
Net cash provided by/ (used in) financing activities 236.2 (144.5)
Increase in cash and cash equivalents 58.4 83.1
Cash and cash equivalents, beginning of fiscal year 131.5 170.0
Cash and cash equivalents, end of period $ 189.9 $ 253.1