Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.23.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Operating activities    
Net income $ 419.2 $ 379.2
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 41.2 44.0
Amortization of premiums and discounts on AFS securities, net (1.4) 6.0
Amortization of deferred contract costs 57.2 53.0
Stock-based compensation costs 16.0 14.4
(Benefit from)/provision for deferred income taxes (3.2) 2.5
Provision for credit losses 4.3 4.5
Net realized losses/(gains) on sales of AFS securities 0.0 (0.1)
Changes in operating assets and liabilities:    
Interest receivable 1.0 1.7
Accounts receivable and PEO unbilled receivables, net 49.1 (61.2)
Prepaid expenses and other current assets 38.1 23.7
Accounts payable and other current liabilities 90.5 (61.1)
Deferred costs (62.2) (64.5)
Net change in other long-term assets and liabilities 6.6 23.7
Net change in operating lease right-of-use assets and liabilities (0.6) (1.5)
Net cash provided by operating activities 655.8 364.3
Investing activities    
Purchases of AFS securities (1,923.5) (3,807.6)
Proceeds from sales and maturities of AFS securities 2,200.7 5,066.9
Purchases of property and equipment (38.7) (30.6)
Acquisition of businesses, net of cash acquired (208.0)  
Purchases of other assets, net (6.5) (5.6)
Net cash provided by investing activities 24.0 1,223.1
Financing activities    
Net change in client fund obligations 1,383.5 (507.9)
Net change in short-term borrowings 3.8 2.0
Dividends paid (321.9) (284.6)
Activity related to equity-based plans 4.0 (19.2)
Net cash provided buy/(used in) financing activities 1,069.4 (809.7)
Net change in cash, restricted cash, and equivalents 1,749.2 777.7
Cash, restricted cash, and equivalents, beginning of period 2,134.9 928.4
Cash, restricted cash, and equivalents, end of period 3,884.1 1,706.1
Reconciliation of cash, restricted cash, and equivalents    
Cash and cash equivalents 1,645.9 1,184.2
Restricted cash 49.8 92.7
Restricted cash and restricted cash equivalents included in funds held for clients 2,188.4 429.2
Total cash, restricted cash, and equivalents $ 3,884.1 $ 1,706.1