Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Millions
Feb. 29, 2024
May 31, 2023
Assets    
Cash and cash equivalents $ 1,693.6 $ 1,222.0
Restricted cash 41.0 49.8
Corporate investments 36.6 373.4
Interest receivable 22.8 24.4
Accounts receivable, net of allowance for credit losses 1,088.6 873.3
PEO unbilled receivables, net of advance collections 590.7 528.5
Prepaid income taxes 21.0 48.1
Prepaid expenses and other current assets 312.6 289.8
Current assets before funds held for clients 3,806.9 3,409.3
Funds held for clients 6,079.5 4,118.8
Total current assets 9,886.4 7,528.1
Long-term corporate investments 1.6 3.8
Property and equipment, net of accumulated depreciation 419.1 396.3
Operating lease right-of-use assets, net of accumulated amortization 58.9 61.5
Intangible assets, net of accumulated amortization 204.9 187.4
Goodwill 1,882.3 1,834.0
Long-term deferred costs 476.1 470.1
Other long-term assets 94.6 65.2
Total assets 13,023.9 10,546.4
Liabilities    
Accounts payable 94.0 84.7
Accrued corporate compensation and related items 173.1 209.9
Accrued worksite employee compensation and related items 903.8 763.9
Short-term borrowings 18.8 10.2
Deferred revenue 51.7 47.3
Other current liabilities 518.0 395.4
Current liabilities before client fund obligations 1,759.4 1,511.4
Client fund obligations 6,241.4 4,294.0
Total current liabilities 8,000.8 5,805.4
Accrued income taxes 99.3 83.0
Deferred income taxes 94.8 112.1
Long-term borrowings, net of debt issuance costs 798.5 798.2
Operating lease liabilities 51.5 57.3
Other long-term liabilities 231.9 197.2
Total liabilities 9,276.8 7,053.2
Commitments and contingencies - Note I
Stockholders' equity    
Common stock, $0.01 par value; Authorized: 600.0 shares; Issued and outstanding: 360.0 shares as of February 29, 2024 and 360.5 shares as of May 31, 2023 3.6 3.6
Additional paid-in capital 1,702.5 1,626.4
Retained earnings 2,186.2 2,023.1
Accumulated other comprehensive loss (145.2) (159.9)
Total stockholders' equity 3,747.1 3,493.2
Total liabilities and stockholders' equity $ 13,023.9 $ 10,546.4