PAYCHEX, INC. PAYX Balance Sheet

Paychex, inc. (PAYX)

Balance Sheet / Quarterly

Feb'20	Nov'19	Aug'19	May'19	Feb'19	Nov'18	Aug'18	May'18	Feb'18	Nov'17	Aug'17	May'17	Feb'17	Nov'16	Aug'16	May'16	Feb'16	Nov'15	Aug'15	May'15	Feb'15	Aug'14	May'14	Feb'14	Nov'13	Aug'13	May'13	Feb'13	Nov'12	Aug'12	May'12	Feb'12	Nov'11	Aug'11	May'11	Feb'11	Nov'10	Aug'10	May'10	Feb'10	Nov'09	Aug'09	May'09
Assets
Cash and cash equivalents
780	600	586	673	696	510	440	358	323	257	234	184	189	165	130	131	253	412	455	170	265	462	152	271	213	111	107	100	122	149	108	146	96	113	119	236	233	272	284	279	225	315	472
Restricted cash
59	53	55	50	68	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Corporate investments
73	34	40	39	35	248	82	66	97	81	133	138	214	128	367	220	74	64	81	366	355	96	398	314	250	447	398	470	178	241	207	356	315	372	345	233	230	177	82	115	62	13	19
Interest receivable
26	29	27	27	23	28	29	32	31	35	32	35	32	35	31	36	31	36	32	37	32	29	36	29	34	28	32	25	31	24	30	21	27	22	29	21	28	22	28	22	29	23	27
Accounts receivable, net of allowance for doubtful accounts
436	464	425	420	821	562	535	374	550	595	538	507	429	528	485	408	353	241	206	176	148	168	149	129	178	154	133	125	169	153	142	135	221	197	161	141	224	208	186	159	221	201	177
PEO unbilled receivables, net of advance collections
384	411	409	406	-	-	-	117	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1	0	0	-	11	0	12	8	0	2	2	6	0	-	1	8	0	0	5	12	0	0	3	23	0	4	10
Prepaid income taxes
23	58	-	22	5	33	-	17	22	62	-	45	33	50	-	10	8	65	0	12	0	0	17	0	31	0	49	0	11	-	5	0	12	0	1	0	5	0	6	0	0	0	2
Prepaid expenses and other current assets
250	240	242	233	235	234	225	224	77	73	81	58	68	65	62	58	64	62	63	50	54	47	37	49	43	42	36	35	39	36	35	36	33	33	29	29	32	28	25	25	27	28	27
Current assets before funds held for clients
2,033	1,893	1,786	1,873	1,886	1,617	1,312	1,189	1,104	1,104	1,020	970	967	973	1,077	866	786	882	839	814	866	805	803	802	751	786	760	763	553	604	531	705	707	738	691	674	753	709	618	625	566	586	738
Funds held for clients
4,355	3,734	3,769	3,803	5,405	3,672	3,763	4,703	3,944	4,888	4,953	4,301	4,784	3,242	3,443	3,997	4,717	3,720	3,748	4,273	5,090	4,066	4,198	4,916	3,912	3,911	4,072	5,556	3,715	3,696	4,544	4,167	3,032	3,095	3,566	4,190	3,260	3,290	3,541	4,091	2,996	3,017	3,501
Total current assets
6,389	5,627	5,555	5,677	7,292	5,290	5,076	5,893	5,048	5,993	5,973	5,272	5,751	4,215	4,521	4,863	5,503	4,602	4,588	5,088	5,957	4,872	5,002	5,719	4,663	4,698	4,832	6,319	4,268	4,300	5,075	4,872	3,740	3,833	4,257	4,864	4,013	3,999	4,159	4,716	3,562	3,603	4,239
Long-term restricted cash
7	9	1	6	65	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Long-term corporate investments
10	10	10	10	20	10	264	295	405	480	483	454	440	432	446	441	428	436	416	399	408	396	385	377	375	365	369	227	504	480	473	295	265	232	207	182	226	266	290	294	317	304	82
Property and equipment, net of accumulated depreciation
403	401	403	408	404	394	389	393	397	377	328	337	341	349	348	353	350	352	350	353	347	346	342	345	351	350	346	341	351	326	324	316	316	310	308	303	279	268	269	264	262	268	274
Operating lease right-of-use assets, net of accumulated amortization
124	119	112	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Intangible assets, net of accumulated amortization
348	359	379	399	420	128	135	141	105	77	79	57	62	65	65	69	73	31	33	32	35	42	40	40	43	42	45	49	47	51	55	61	65	71	77	74	54	58	61	68	71	75	76
Goodwill
1,789	1,785	1,783	1,782	1,781	810	813	814	827	698	698	657	657	657	657	657	656	561	561	561	563	563	540	540	540	533	533	533	517	517	517	518	513	513	513	508	421	421	421	421	421	433	433
Long-term deferred costs
366	359	362	366	360	354	355	361	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Prepaid income taxes
-	-	-	-	-	-	-	-	24	24	24	24	24	24	24	24	24	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	36	37	36	36	36	34	32	31	30	29	28	27	25	25	25	23	21	21	19	18	17	16
Other long-term assets
27	27	28	24	18	15	15	16	34	33	32	30	32	31	34	31	31	32	34	31	31	29	21	10	8	4	2	2	3	4	3	3	3	3	3	3	3	3	3	3	3	4	4
Total assets
9,466	8,701	8,638	8,676	10,363	7,002	7,050	7,915	6,842	7,684	7,619	6,833	7,310	5,776	6,096	6,440	7,067	6,016	5,983	6,467	7,344	6,286	6,370	7,069	6,019	6,031	6,163	7,507	5,724	5,710	6,479	6,094	4,932	4,991	5,393	5,962	5,022	5,039	5,226	5,788	4,657	4,707	5,127
Liabilities
Accounts payable
67	76	61	75	73	70	62	73	71	58	74	57	55	48	51	56	55	47	43	51	40	40	48	34	36	40	42	47	43	40	69	46	54	38	45	35	33	34	37	35	36	33	37
Accrued corporate compensation and related items
115	121	84	146	840	307	283	121	356	281	277	280	278	245	245	247	219	194	191	210	186	156	171	164	135	129	138	139	116	115	130	145	147	146	172	149	183	148	163	128	136	125	135
Accrued worksite employee compensation and related items
567	568	544	578	-	-	-	176	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued income taxes
-	-	49	-	-	-	51	-	-	-	4	-	-	-	65	-	-	-	29	-	10	60	-	8	-	25	-	9	-	61	-	17	-	57	-	2	-	54	-	23	1	58	-
Short-term borrowings
51	51	56	-	53	57	56	-	57	133	57	-	55	103	51	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred revenue
38	42	41	40	39	42	36	34	23	27	24	22	25	28	26	26	-	-	-	11	-	-	-	-	-	4	5	3	2	2	3	3	2	2	3	3	2	2	3	3	2	9	9
Deferred income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	15	1	-	0	9	6	7	16	2	8	11	28	19	13	16	22	18	14	12	23	24	17	19	23	17	17
Litigation reserve
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	39	20	20	20
Other current liabilities
277	268	270	219	127	111	114	155	142	103	100	91	84	96	84	79	100	63	54	39	52	48	44	43	41	35	34	34	32	33	33	35	36	39	38	39	38	41	41	41	42	43	44
Current liabilities before client fund obligations
1,117	1,127	1,107	1,060	1,134	589	604	561	651	603	537	452	498	522	525	410	375	320	319	312	289	313	271	258	229	237	228	246	224	272	251	263	262	303	274	242	280	306	262	291	263	307	264
Client fund obligations
4,272	3,696	3,715	3,784	5,415	3,717	3,792	4,734	3,971	4,897	4,918	4,272	4,775	3,261	3,387	3,955	4,663	3,689	3,726	4,260	5,058	4,030	4,167	4,880	3,889	3,913	4,039	5,510	3,664	3,646	4,494	4,109	2,985	3,034	3,513	4,148	3,204	3,213	3,480	4,021	2,922	2,952	3,437
Total current liabilities
5,389	4,823	4,823	4,845	6,549	4,306	4,397	5,296	4,623	5,501	5,455	4,725	5,273	3,784	3,913	4,365	5,039	4,009	4,046	4,573	5,348	4,344	4,438	5,138	4,119	4,150	4,268	5,756	3,888	3,919	4,745	4,372	3,248	3,337	3,788	4,390	3,485	3,520	3,742	4,312	3,186	3,259	3,701
Accrued income taxes
32	30	29	27	20	19	19	18	51	50	47	45	48	83	82	72	69	67	63	44	43	38	41	25	23	21	19	49	42	42	35	35	35	34	34	33	28	27	27	27	26	26	25
Deferred income taxes
232	226	227	223	229	161	155	154	41	85	95	33	17	18	41	22	18	14	18	1	17	60	55	61	61	58	53	47	46	45	40	40	37	31	23	19	9	8	7	5	7	13	12
Long-term borrowings, net of debt issuance costs
796	796	796	796	800	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating lease liabilities
105	100	93	13	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other long-term liabilities
150	154	147	151	165	89	91	89	79	78	76	73	74	74	72	68	66	67	64	62	62	58	56	55	54	52	48	48	48	48	52	51	53	48	52	51	50	45	46	45	43	44	45
Total liabilities
6,707	6,132	6,118	6,056	7,765	4,577	4,663	5,558	4,797	5,715	5,675	4,878	5,413	3,960	4,108	4,529	5,193	4,158	4,192	4,682	5,472	4,501	4,593	5,281	4,259	4,282	4,390	5,901	4,026	4,055	4,875	4,499	3,373	3,452	3,897	4,494	3,573	3,602	3,824	4,390	3,264	3,342	3,785
Commitments and contingencies - Note N
-	-	-	-	-	0	0	-	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-
Stockholders' equity
Common stock, $0.01 par value; Authorized: 600.0 shares; Issued and outstanding: 358.7 shares as of February 29, 2020 and 359.3 shares as of May 31, 2019
3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3
Additional paid-in capital
1,277	1,252	1,224	1,206	1,187	1,165	1,151	1,126	1,107	1,093	1,072	1,030	1,016	993	986	952	933	920	897	880	868	812	794	776	749	715	659	604	594	581	561	553	545	540	535	522	512	506	499	492	485	478	466
Retained earnings
1,433	1,301	1,265	1,409	1,425	1,302	1,268	1,262	961	881	843	901	871	834	958	926	899	913	876	894	978	943	957	983	993	1,034	1,088	964	1,060	1,033	1,002	995	975	951	919	913	894	873	856	852	853	839	829
Accumulated other comprehensive income
45	11	26	0	-19	-47	-35	-36	-26	-9	24	20	4	-16	39	29	37	20	13	7	21	26	21	24	13	-4	22	32	39	37	37	43	33	44	37	29	39	54	42	48	49	43	41
Total stockholders' equity
2,759	2,569	2,519	2,619	2,598	2,424	2,387	2,356	2,045	1,968	1,943	1,955	1,896	1,815	1,988	1,911	1,874	1,858	1,790	1,785	1,872	1,785	1,777	1,788	1,760	1,748	1,773	1,605	1,698	1,655	1,604	1,595	1,558	1,539	1,496	1,468	1,449	1,437	1,402	1,397	1,392	1,364	1,341
Total liabilities and stockholders' equity
9,466	8,701	8,638	8,676	10,363	7,002	7,050	7,915	6,842	7,684	7,619	6,833	7,310	5,776	6,096	6,440	7,067	6,016	5,983	6,467	7,344	6,286	6,370	7,069	6,019	6,031	6,163	7,507	5,724	5,710	6,479	6,094	4,932	4,991	5,393	5,962	5,022	5,039	5,226	5,788	4,657	4,707	5,127