Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2017
Aug. 31, 2016
Operating activities    
Net income $ 227.8 $ 217.4
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization on property and equipment and intangible assets 32.0 29.7
Amortization of premiums and discounts on available-for-sale securities 17.1 18.6
Stock-based compensation costs 8.7 9.1
Provision for deferred income taxes 59.2 14.1
Provision for allowance for doubtful accounts 0.7 1.2
Net realized gains on sales of available-for-sale securities   (0.1)
Changes in operating assets and liabilities:    
Interest receivable 3.9 4.4
Accounts receivable (15.4) (78.1)
Prepaid expenses and other current assets 28.2 6.6
Accounts payable and other current liabilities (19.2) 60.9
Net change in other long-term assets and liabilities 0.6 10.9
Net cash provided by operating activities 343.6 294.7
Investing activities    
Purchases of available-for-sale securities (8,646.7) (14,777.0)
Proceeds from sales and maturities of available-for-sale securities 8,892.0 14,920.3
Net change in funds held for clients’ money market securities and other cash equivalents (929.7) 257.3
Purchases of property and equipment (18.0) (20.3)
Acquisition of businesses, net of cash acquired (8.2)  
Purchases of other assets (0.4)  
Net cash (used in)/provided by investing activities (711.0) 380.3
Financing activities    
Net change in client fund obligations 645.5 (567.8)
Net proceeds from short-term borrowings 57.2 51.3
Dividends paid (179.1) (166.3)
Repurchases of common shares (94.1)  
Activity related to equity-based plans (12.3) 6.3
Net cash provided by/(used in) financing activities 417.2 (676.5)
Increase/(decrease) in cash and cash equivalents 49.8 (1.5)
Cash and cash equivalents, beginning of fiscal year 184.6 131.5
Cash and cash equivalents, end of period $ 234.4 $ 130.0