Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.23.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Operating activities    
Net income $ 811.9 $ 739.5
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 86.1 88.3
Amortization of premiums and discounts on AFS securities, net (2.9) 11.2
Amortization of deferred contract costs 115.1 107.5
Stock-based compensation costs 30.7 29.7
Benefit from deferred income taxes (6.4) (15.3)
Provision for credit losses 10.0 8.1
Net realized losses/(gains) on sales of AFS securities 0.0 (0.1)
Changes in operating assets and liabilities:    
Interest receivable 0.7 (0.9)
Accounts receivable and PEO unbilled receivables, net 52.9 (82.5)
Prepaid expenses and other current assets (46.3) (43.4)
Accounts payable and other current liabilities 66.6 (11.2)
Deferred costs (123.1) (122.1)
Net change in other long-term assets and liabilities 10.1 13.8
Net change in operating lease right-of-use assets and liabilities (1.1) (2.9)
Net cash provided by operating activities 1,004.3 719.7
Investing activities    
Purchases of AFS securities (3,303.7) (6,504.9)
Proceeds from sales and maturities of AFS securities 3,607.0 7,631.3
Net purchases of short-term accounts receivable (104.8) (33.8)
Purchases of property and equipment (79.4) (65.9)
Proceeds from sales of property and equipment 0.0 9.7
Acquisition of businesses, net of cash acquired (208.3)  
Purchases of other assets, net (20.5) (8.6)
Net cash (used in)/provided by investing activities (109.7) 1,027.8
Financing activities    
Net change in client fund obligations 1,332.8 (468.7)
Net change in short-term borrowings 3.8 2.0
Dividends paid (642.1) (569.3)
Repurchases of common shares (169.2)  
Activity related to equity-based plans 7.0 (15.1)
Net cash provided by/(used in) financing activities 532.3 (1,051.1)
Net change in cash, restricted cash, and equivalents 1,426.9 696.4
Cash, restricted cash, and equivalents, beginning of period 2,134.9 928.4
Cash, restricted cash, and equivalents, end of period 3,561.8 1,624.8
Reconciliation of cash, restricted cash, and equivalents    
Cash and cash equivalents 1,363.1 1,096.5
Restricted cash 47.9 68.2
Restricted cash and restricted cash equivalents included in funds held for clients 2,150.8 460.1
Total cash, restricted cash, and equivalents $ 3,561.8 $ 1,624.8