Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Millions
Feb. 29, 2020
May 31, 2019
Assets    
Cash and cash equivalents $ 780.0 $ 673.6
Restricted cash 59.3 50.6
Corporate investments 73.8 39.0
Interest receivable 26.1 27.4
Accounts receivable, net of allowance for doubtful accounts 436.3 420.5
PEO unbilled receivables, net of advance collections 384.6 406.3
Prepaid income taxes 23.6 22.6
Prepaid expenses and other current assets 250.0 233.9
Current assets before funds held for clients 2,033.7 1,873.9
Funds held for clients 4,355.7 3,803.8
Total current assets 6,389.4 5,677.7
Long-term restricted cash 7.1 6.5
Long-term corporate investments 10.2 10.2
Property and equipment, net of accumulated depreciation 403.8 408.7
Operating lease right-of-use assets, net of accumulated amortization 124.3  
Intangible assets, net of accumulated amortization 348.0 399.1
Goodwill 1,789.8 1,782.6
Long-term deferred costs 366.5 366.3
Other long-term assets 27.8 24.9
Total assets 9,466.9 8,676.0
Liabilities    
Accounts payable 67.7 75.9
Accrued corporate compensation and related items 115.0 146.4
Accrued worksite employee compensation and related items 567.9 578.6
Short-term borrowings 51.2  
Deferred revenue 38.8 40.3
Other current liabilities 277.1 219.5
Current liabilities before client fund obligations 1,117.7 1,060.7
Client fund obligations 4,272.0 3,784.3
Total current liabilities 5,389.7 4,845.0
Accrued income taxes 32.6 27.3
Deferred income taxes 232.7 223.1
Long-term borrowings, net of debt issuance costs 796.7 796.4
Operating lease liabilities 105.1 13.0
Other long-term liabilities 150.3 151.7
Total liabilities 6,707.1 6,056.5
Commitments and contingencies - Note N
Stockholders' equity    
Common stock, $0.01 par value; Authorized: 600.0 shares; Issued and outstanding: 358.7 shares as of February 29, 2020 and 359.3 shares as of May 31, 2019 3.6 3.6
Additional paid-in capital 1,277.7 1,206.3
Retained earnings 1,433.3 1,409.5
Accumulated other comprehensive income 45.2 0.1
Total stockholders' equity 2,759.8 2,619.5
Total liabilities and stockholders' equity $ 9,466.9 $ 8,676.0