Paychex 2016 Annual Report Download - page 53

Download and view the complete annual report

Please find page 53 of the 2016 Paychex annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 93

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93

PAYCHEX, INC.
CONSOLIDATED BALANCE SHEETS
In millions, except per share amount
As of May 31, 2016 2015
Assets
Cash and cash equivalents ................................................... $ 131.5 $ 170.0
Corporate investments ...................................................... 220.6 366.6
Interest receivable ......................................................... 36.1 37.9
Accounts receivable, net of allowance for doubtful accounts ........................ 408.6 176.6
Prepaid income taxes ....................................................... 10.5 12.9
Prepaid expenses and other current assets ...................................... 58.8 50.8
Current assets before funds held for clients ................................... 866.1 814.8
Funds held for clients ...................................................... 3,997.5 4,273.4
Total current assets ....................................................... 4,863.6 5,088.2
Long-term corporate investments ............................................. 441.1 399.8
Property and equipment, net of accumulated depreciation .......................... 353.0 353.9
Intangible assets, net of accumulated amortization ................................ 69.5 32.4
Goodwill ................................................................ 657.1 561.5
Prepaid income taxes ....................................................... 24.9 —
Other long-term assets ...................................................... 31.6 31.7
Total assets .............................................................. $6,440.8 $6,467.5
Liabilities
Accounts payable ......................................................... $ 56.7 $ 51.7
Accrued compensation and related items ....................................... 247.8 210.4
Deferred revenue .......................................................... 26.3 11.2
Other current liabilities ..................................................... 79.8 39.6
Current liabilities before client fund obligations ............................... 410.6 312.9
Client fund obligations ..................................................... 3,955.3 4,260.1
Total current liabilities .................................................... 4,365.9 4,573.0
Accrued income taxes ...................................................... 72.8 44.8
Deferred income taxes ...................................................... 22.1 1.8
Other long-term liabilities ................................................... 68.3 62.4
Total liabilities ........................................................... 4,529.1 4,682.0
Commitments and contingencies — Note N
Stockholders’ equity
Common stock, $0.01 par value; Authorized: 600.0 shares;
Issued and outstanding: 360.4 shares as of May 31, 2016
and 361.2 shares as of May 31, 2015, respectively. ............................. 3.6 3.6
Additional paid-in capital ................................................... 952.7 880.1
Retained earnings ......................................................... 926.2 894.3
Accumulated other comprehensive income ..................................... 29.2 7.5
Total stockholders’ equity ................................................. 1,911.7 1,785.5
Total liabilities and stockholders’ equity ..................................... $6,440.8 $6,467.5
See Notes to Consolidated Financial Statements.
35