Paychex 2014 Annual Report Download - page 56

PAYCHEX, INC.
CONSOLIDATED BALANCE SHEETS
In millions, except per share amount
As of May 31, 2014 2013
Assets
Cash and cash equivalents ............................................................ $ 152.5 $ 107.3
Corporate investments ............................................................... 398.7 398.2
Interest receivable ................................................................... 36.3 32.4
Accounts receivable, net of allowance for doubtful accounts ................................. 149.4 133.4
Deferred income taxes ............................................................... 12.0 2.3
Prepaid income taxes ................................................................ 17.2 49.9
Prepaid expenses and other current assets ................................................ 46.7 36.6
Current assets before funds held for clients ............................................. 812.8 760.1
Funds held for clients ................................................................ 4,198.6 4,072.5
Total current assets ................................................................ 5,011.4 4,832.6
Long-term corporate investments ....................................................... 385.6 369.1
Property and equipment, net of accumulated depreciation ................................... 342.2 346.0
Intangible assets, net of accumulated amortization ......................................... 40.6 45.2
Goodwill .......................................................................... 540.3 533.9
Deferred income taxes ............................................................... 37.1 34.1
Other long-term assets ............................................................... 12.9 2.8
Total assets ....................................................................... $6,370.1 $6,163.7
Liabilities
Accounts payable ................................................................... $ 48.8 $ 42.7
Accrued compensation and related items ................................................. 171.7 138.2
Deferred revenue ................................................................... 6.9 5.2
Deferred income taxes ............................................................... 6.6 8.1
Other current liabilities ............................................................... 37.8 34.3
Current liabilities before client fund obligations ......................................... 271.8 228.5
Client fund obligations ............................................................... 4,167.1 4,039.7
Total current liabilities .............................................................. 4,438.9 4,268.2
Accrued income taxes ................................................................ 28.6 19.7
Deferred income taxes ............................................................... 69.0 53.3
Other long-term liabilities ............................................................ 56.6 48.8
Total liabilities .................................................................... 4,593.1 4,390.0
Commitments and contingencies — Note M
Stockholders’ equity
Common stock, $0.01 par value; Authorized: 600.0 shares;
Issued and outstanding: 363.0 shares as of May 31, 2014,
and 365.4 shares as of May 31, 2013, respectively ....................................... 3.6 3.7
Additional paid-in capital ............................................................. 794.4 659.5
Retained earnings ................................................................... 957.5 1,088.5
Accumulated other comprehensive income ............................................... 21.5 22.0
Total stockholders’ equity ........................................................... 1,777.0 1,773.7
Total liabilities and stockholders’ equity ............................................... $6,370.1 $6,163.7
See Notes to Consolidated Financial Statements.
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