Paychex 2010 Annual Report Download - page 52

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PAYCHEX, INC.
CONSOLIDATED BALANCE SHEETS
In thousands, except per share amount
As of May 31, 2010 2009
Assets
Cash and cash equivalents .......................................... $ 284,316 $ 472,769
Corporate investments . ............................................ 82,496 19,710
Interest receivable ................................................ 28,672 27,722
Accounts receivable, net of allowance for doubtful accounts ................. 186,587 177,958
Deferred income taxes . ............................................ 3,799 10,180
Prepaid income taxes . . ............................................ 6,653 2,198
Prepaid expenses and other current assets ............................... 25,540 27,913
Current assets before funds held for clients ............................ 618,063 738,450
Funds held for clients . . ............................................ 3,541,054 3,501,376
Total current assets............................................... 4,159,117 4,239,826
Long-term corporate investments ..................................... 290,106 82,234
Property and equipment, net of accumulated depreciation ................... 267,583 274,530
Intangible assets, net of accumulated amortization ......................... 63,262 76,641
Goodwill ....................................................... 421,559 433,316
Deferred income taxes . ............................................ 21,080 16,487
Other long-term assets . ............................................ 3,592 4,381
Total assets ..................................................... $5,226,299 $5,127,415
Liabilities
Accounts payable ................................................. $ 37,305 $ 37,334
Accrued compensation and related items ................................ 163,219 135,064
Deferred revenue ................................................. 3,447 9,542
Deferred income taxes . ............................................ 17,005 17,159
Litigation reserve ................................................. — 20,411
Other current liabilities . ............................................ 41,225 44,704
Current liabilities before client fund obligations ........................ 262,201 264,214
Client fund obligations . ............................................ 3,479,977 3,437,679
Total current liabilities ............................................ 3,742,178 3,701,893
Accrued income taxes. . ............................................ 27,468 25,730
Deferred income taxes . ............................................ 7,803 12,773
Other long-term liabilities ........................................... 46,871 45,541
Total liabilities .................................................. 3,824,320 3,785,937
Commitments and contingencies — Note L
Stockholders’ equity
Common stock, $0.01 par value; Authorized: 600,000 shares;
Issued and outstanding: 361,463 shares as of May 31, 2010,
and 360,976 shares as of May 31, 2009, respectively ..................... 3,615 3,610
Additional paid-in capital ........................................... 499,665 466,427
Retained earnings ................................................. 856,290 829,501
Accumulated other comprehensive income .............................. 42,409 41,940
Total stockholders’ equity.......................................... 1,401,979 1,341,478
Total liabilities and stockholders’ equity .............................. $5,226,299 $5,127,415
See Notes to Consolidated Financial Statements.
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