Paychex 2011 Annual Report Download - page 52

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PAYCHEX, INC.
CONSOLIDATED BALANCE SHEETS
In millions, except per share amount
As of May 31, 2011 2010
Assets
Cash and cash equivalents .............................................. $ 119.0 $ 284.3
Corporate investments ................................................. 345.0 82.5
Interest receivable .................................................... 29.4 28.7
Accounts receivable, net of allowance for doubtful accounts ..................... 161.1 186.6
Deferred income taxes ................................................. 5.9 3.8
Prepaid income taxes .................................................. 1.4 6.7
Prepaid expenses and other current assets . .................................. 29.4 25.5
Current assets before funds held for clients................................ 691.2 618.1
Funds held for clients ................................................. 3,566.7 3,541.0
Total current assets .................................................. 4,257.9 4,159.1
Long-term corporate investments ......................................... 207.3 290.1
Property and equipment, net of accumulated depreciation ....................... 308.7 269.3
Intangible assets, net of accumulated amortization ............................ 77.2 61.6
Goodwill ........................................................... 513.7 421.6
Deferred income taxes ................................................. 25.4 21.1
Other long-term assets ................................................. 3.6 3.5
Total assets......................................................... $5,393.8 $5,226.3
Liabilities
Accounts payable .................................................... $ 45.4 $ 37.3
Accrued compensation and related items . .................................. 172.5 163.2
Deferred revenue ..................................................... 3.0 3.5
Deferred income taxes ................................................. 14.9 17.0
Other current liabilities ................................................ 38.6 41.2
Current liabilities before client fund obligations ............................ 274.4 262.2
Client fund obligations................................................. 3,513.9 3,480.0
Total current liabilities ............................................... 3,788.3 3,742.2
Accrued income taxes ................................................. 34.1 27.4
Deferred income taxes ................................................. 23.1 7.8
Other long-term liabilities .............................................. 52.1 46.9
Total liabilities ...................................................... 3,897.6 3,824.3
Commitments and contingencies — Note M
Stockholders’ equity
Common stock, $0.01 par value; Authorized: 600.0 shares;
Issued and outstanding: 362.1 shares as of May 31, 2011,
and 361.5 shares as of May 31, 2010, respectively .......................... 3.6 3.6
Additional paid-in capital............................................... 535.6 499.7
Retained earnings .................................................... 919.5 856.3
Accumulated other comprehensive income .................................. 37.5 42.4
Total stockholders’ equity ............................................. 1,496.2 1,402.0
Total liabilities and stockholders’ equity .................................. $5,393.8 $5,226.3
See Notes to Consolidated Financial Statements.
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