Paychex 2012 Annual Report Download - page 54

PAYCHEX, INC.
CONSOLIDATED BALANCE SHEETS
In millions, except per share amount
As of May 31, 2012 2011
Assets
Cash and cash equivalents ............................................................ $ 108.8 $ 119.0
Corporate investments ............................................................... 207.5 345.0
Interest receivable ................................................................... 30.6 29.4
Accounts receivable, net of allowance for doubtful accounts ................................. 142.4 161.1
Deferred income taxes ............................................................... 1.6 5.9
Prepaid income taxes ................................................................ 5.6 1.4
Prepaid expenses and other current assets ................................................ 35.2 29.4
Current assets before funds held for clients ............................................. 531.7 691.2
Funds held for clients ................................................................ 4,544.2 3,566.7
Total current assets ................................................................ 5,075.9 4,257.9
Long-term corporate investments ....................................................... 473.7 207.3
Property and equipment, net of accumulated depreciation ................................... 324.3 308.7
Intangible assets, net of accumulated amortization ......................................... 55.8 77.2
Goodwill .......................................................................... 517.4 513.7
Deferred income taxes ............................................................... 29.2 25.4
Other long-term assets ............................................................... 3.3 3.6
Total assets ....................................................................... $6,479.6 $5,393.8
Liabilities
Accounts payable ................................................................... $ 69.7 $ 45.4
Accrued compensation and related items ................................................. 130.9 172.5
Deferred revenue ................................................................... 3.0 3.0
Deferred income taxes ............................................................... 13.9 14.9
Other current liabilities ............................................................... 33.8 38.6
Current liabilities before client fund obligations ......................................... 251.3 274.4
Client fund obligations ............................................................... 4,494.4 3,513.9
Total current liabilities .............................................................. 4,745.7 3,788.3
Accrued income taxes ................................................................ 35.9 34.1
Deferred income taxes ............................................................... 40.6 23.1
Other long-term liabilities ............................................................ 52.9 52.1
Total liabilities .................................................................... 4,875.1 3,897.6
Commitments and contingencies — Note M
Stockholders’ equity
Common stock, $0.01 par value; Authorized: 600.0 shares;
Issued and outstanding: 362.6 shares as of May 31, 2012,
and 362.1 shares as of May 31, 2011, respectively ....................................... 3.6 3.6
Additional paid-in capital ............................................................. 561.1 535.6
Retained earnings ................................................................... 1,002.1 919.5
Accumulated other comprehensive income ............................................... 37.7 37.5
Total stockholders’ equity ........................................................... 1,604.5 1,496.2
Total liabilities and stockholders’ equity ............................................... $6,479.6 $5,393.8
See Notes to Consolidated Financial Statements.
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