Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.3.0.814
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2015
Aug. 31, 2014
OPERATING ACTIVITIES    
Net income $ 209.1 $ 171.3
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization on property and equipment and intangible assets 27.0 26.5
Amortization of premiums and discounts on available-for-sale securities, net 19.4 18.4
Stock-based compensation costs 8.8 7.5
Provision for deferred income taxes 14.4 10.4
Provision for allowance for doubtful accounts 0.1 0.3
Net realized gains on sales of available-for-sale securities 0.0 (0.1)
Changes in operating assets and liabilities:    
Interest receivable 5.8 6.7
Accounts receivable (30.1) (19.1)
Prepaid expenses and other current assets 0.2 7.8
Accounts payable and other current liabilities 6.8 40.4
Net change in other assets and liabilities 16.8 (7.0)
Net cash provided by operating activities 278.3 263.1
INVESTING ACTIVITIES    
Purchases of available-for-sale securities (2,362.9) (9,461.0)
Proceeds from sales and maturities of available-for-sale securities 3,046.8 10,073.7
Net change in funds held for clients' money market securities and other cash equivalents 100.7 (199.9)
Purchases of property and equipment (21.2) (24.9)
Acquisition of businesses, net of cash acquired 0.0 (27.5)
Purchases of other assets (3.5) (1.5)
Net cash provided by investing activities 759.9 358.9
FINANCING ACTIVITIES    
Net change in client fund obligations (533.3) (137.1)
Dividends paid (151.9) (138.3)
Repurchases of common shares (62.9) (37.5)
Equity activity related to stock-based awards (4.2) 1.0
Net cash used in financing activities (752.3) (311.9)
Increase in cash and cash equivalents 285.9 310.1
Cash and cash equivalents, beginning of period 170.0 152.5
Cash and cash equivalents, end of period $ 455.9 $ 462.6