Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Millions, unless otherwise specified
 3 Months Ended
Aug. 31, 2012
Aug. 31, 2011
OPERATING ACTIVITIES    
Net income $ 153.1 $ 148.9
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization on property and equipment and intangible assets 24.1 24.2
Amortization of premiums and discounts on available-for-sale securities 13.3 10.3
Stock-based compensation costs 6.4 6.6
Provision for deferred income taxes 10.2 10.8
Provision for allowance for doubtful accounts 0.2 0.2
Net realized gains on sales of available-for-sale securities (0.2) (0.1)
Changes in operating assets and liabilities:    
Interest receivable 6.6 7.3
Accounts receivable (10.9) (37.0)
Prepaid expenses and other current assets 4.5 (2.2)
Accounts payable and other current liabilities 10.3 21.2
Net change in other assets and liabilities 0.1 (3.0)
Net cash provided by operating activities 217.7 187.2
INVESTING ACTIVITIES    
Purchases of available-for-sale securities (5,228.6) (1,653.5)
Proceeds from sales and maturities of available-for-sale securities 4,865.8 2,095.9
Net change in funds held for clients' money market securities and other cash equivalents 1,156.8 (23.4)
Purchases of property and equipment (22.0) (20.2)
Purchases of other assets (0.1) (0.8)
Net cash provided by investing activities 771.9 398.0
FINANCING ACTIVITIES    
Net change in client fund obligations (847.5) (479.7)
Dividends paid (116.4) (112.4)
Proceeds from and excess tax benefit related to stock-based awards 14.5 1.0
Net cash used in financing activities (949.4) (591.1)
Increase/(decrease) in cash and cash equivalents 40.2 (5.9)
Cash and cash equivalents, beginning of period 108.8 119.0
Cash and cash equivalents, end of period $ 149.0 $ 113.1