Statements of Consolidated Cash Flows (In millions) Years ended June 30, 2019 2018 *As Restated 2017 *As Restated Cash Flows from Operating Activities: Net earnings $ 2,292.8 $ 1,884.9 $ 1,787.8 Adjustments to reconcile net earnings to cash flows provided by operating activities: Depreciation and amortization 409.0 377.6 316.1 Amortization of deferred contract costs 874.0 837.4 787.9 Deferred income taxes 9.3 (152.0 ) 41.3 Stock-based compensation expense 167.3 175.4 138.9 Net pension expense 55.4 330.4 24.2 Net amortization of premiums and accretion of discounts on available-for-sale securities 50.1 71.5 85.9 Impairment of intangible assets 12.1 — — Gain on sale of assets (19.8) (0.7) — Gain on sale of divested businesses, net of tax — — (121.4 ) Other 43.9 32.2 37.1 Changes in operating assets and liabilities, net of effects from acquisitions and divestitures of businesses: (Increase)/decrease in accounts receivable (473.9) (291.8) 23.4 Increase in other assets (987.2 ) (858.3 ) (1,139.4 ) Decrease in accounts payable (10.7) (1.9) (11.6) Increase in accrued expenses and other liabilities 266.0 110.5 155.7 Net cash flows provided by operating activities 2,688.3 2,515.2 2,125.9 Cash Flows from Investing Activities: Purchases of corporate and client funds marketable securities (4,422.6 ) (4,876.8 ) (4,382.8 ) Proceeds from the sales and maturities of corporate and client funds marketable securities 2,909.0 3,455.0 3,593.6 Capital expenditures (162.0 ) (206.1 ) (240.2 ) Additions to intangibles (404.5) (264.7) (230.4) Acquisitions of businesses, net of cash acquired (125.5 ) (612.4 ) (87.4 ) Proceeds from the sale of property, plant, and equipment and other assets 7.9 0.4 — Proceeds from the sale of divested businesses — — 234.0 Net cash flows used in investing activities (2,197.7) (2,504.6) (1,113.2) Cash Flows from Financing Activities: Net increase/(decrease) in client funds obligations 1,696.0 340.4 (6,120.6 ) Payments of debt (2.1) (7.3) (2.0) Repurchases of common stock (937.7 ) (989.3 ) (1,259.6 ) Net proceeds from stock purchase plan and stock-based compensation plans 72.9 69.3 95.7 Dividends paid (1,293.0 ) (1,063.7 ) (995.2 ) Net proceeds from reverse repurchase agreements 262.0 — — Other (5.8 ) (5.3 ) — Net cash flows used in financing activities (207.7) (1,655.9) (8,281.7) Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents (28.8) 5.8 (8.0) Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents 254.1 (1,639.5 ) (7,277.0 ) Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of year 6,542.1 8,181.6 15,458.6 Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year $ 6,796.2 $ 6,542.1 $ 8,181.6 Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the Consolidated Balance Sheets Cash and cash equivalents $ 1,949.2 $ 2,170.0 $ 2,780.4 Restricted cash and restricted cash equivalents included in funds held for clients (A) 4,847.0 4,372.1 5,401.2 Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 6,796.2 $ 6,542.1 $ 8,181.6 Supplemental disclosures of cash flow information: Cash paid for interest $ 127.5 $ 100.5 $ 78.1 Cash paid for income taxes, net of income tax refunds $ 633.8 $ 529.7 $ 817.1 *See Note 1 for a summary of adjustments. (A) See Note 7 for a reconciliation of restricted cash and restricted cash equivalents in funds held for clients on the Consolidated Balance Sheets. 49