Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v2.4.0.8
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Millions, unless otherwise specified
 9 Months Ended
Feb. 28, 2014
Feb. 28, 2013
OPERATING ACTIVITIES    
Net income $ 481.6 $ 445.5
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization on property and equipment and intangible assets 76.7 73.3
Amortization of premiums and discounts on available-for-sale securities, net 52.3 41.4
Stock-based compensation costs 21.7 16.9
Benefit from deferred income taxes (7.1) (4.8)
Provision for allowance for doubtful accounts 1.7 0.8
Net realized gains on sales of available-for-sale securities (0.5) (0.9)
Changes in operating assets and liabilities:    
Interest receivable 3.0 5.3
Accounts receivable 2.4 17.4
Prepaid expenses and other current assets 36.6 5.2
Accounts payable and other current liabilities 30.2 (2.4)
Net change in other assets and liabilities 7.2 8.7
Net cash provided by operating activities 705.8 606.4
INVESTING ACTIVITIES    
Purchases of available-for-sale securities (21,163.4) (18,655.1)
Proceeds from sales and maturities of available-for-sale securities 21,718.0 16,792.3
Net change in funds held for clients' money market securities and other cash equivalents (1,369.6) 787.8
Purchases of property and equipment (62.8) (74.2)
Acquisition of business, net of cash acquired (9.3) (21.3)
Purchases of other assets (7.1) (5.1)
Net cash used in investing activities (894.2) (1,175.6)
FINANCING ACTIVITIES    
Net change in client fund obligations 841.0 1,015.8
Dividends paid (383.4) (476.7)
Repurchases of common shares (203.0) 0
Equity activity related to stock-based awards 97.8 21.7
Net cash provided by financing activities 352.4 560.8
Increase/(decrease) in cash and cash equivalents 164.0 (8.4)
Cash and cash equivalents, beginning of period 107.3 108.8
Cash and cash equivalents, end of period $ 271.3 $ 100.4