Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Data

v3.10.0.1
Quarterly Financial Data
 12 Months Ended
May 31, 2018
Quarterly Financial Data [Abstract]  
Quarterly Financial Data

Note R — Quarterly Financial Data (Unaudited)

In millions, except per share amounts







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended

 

 

 

Fiscal 2018

 

August 31

 

November 30

 

February 28

 

May 31

 

Full Year

Service revenue

 

$

 803.1 

 

$

 812.5 

 

$

 848.4 

 

$

 853.4 

 

$

 3,317.4 

Interest on funds held for clients

 

 

 13.7 

 

 

 14.0 

 

 

 18.1 

 

 

 17.7 

 

 

 63.5 

Total revenue

 

$

 816.8 

 

$

 826.5 

 

$

 866.5 

 

$

 871.1 

 

$

 3,380.9 

Operating income

 

$

 345.0 

 

$

 332.2 

 

$

 292.5 

 

$

 317.8 

 

$

 1,287.5 

Investment income, net

 

 

 2.1 

 

 

 1.7 

 

 

 2.3 

 

 

 2.5 

 

 

 8.6 

Income before income taxes

 

 

 347.1 

 

 

 333.9 

 

 

 294.8 

 

 

 320.3 

 

 

 1,296.1 

Income taxes(3)

 

 

 119.3 

 

 

 116.9 

 

 

 34.4 

 

 

 91.8 

 

 

 362.4 

Net income

 

$

 227.8 

 

$

 217.0 

 

$

 260.4 

 

$

 228.5 

 

$

 933.7 

Basic earnings per share(1)

 

$

 0.63 

 

$

 0.60 

 

$

 0.72 

 

$

 0.64 

 

$

 2.60 

Diluted earnings per share(1)

 

$

 0.63 

 

$

 0.60 

 

$

 0.72 

 

$

 0.63 

 

$

 2.58 

Weighted-average common shares
   outstanding

 

 

 358.9 

 

 

 359.1 

 

 

 359.2 

 

 

 359.0 

 

 

 359.0 

Weighted-average common shares
   outstanding, assuming dilution

 

 

 361.3 

 

 

 361.4 

 

 

 362.0 

 

 

 361.5 

 

 

 361.5 

Cash dividends per common share

 

$

 0.50 

 

$

 0.50 

 

$

 0.50 

 

$

 0.56 

 

$

 2.06 

Total net realized gains(2)

 

$

 —

 

$

 —

 

$

 0.1 

 

$

 —

 

$

 0.1 







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended

 

 

 

Fiscal 2017

 

August 31

 

November 30

 

February 28

 

May 31

 

Full Year

Service revenue

 

$

 773.5 

 

$

 760.0 

 

$

 782.6 

 

$

 784.6 

 

$

 3,100.7 

Interest on funds held for clients

 

 

 12.0 

 

 

 11.4 

 

 

 13.2 

 

 

 14.0 

 

 

 50.6 

Total revenue

 

$

 785.5 

 

$

 771.4 

 

$

 795.8 

 

$

 798.6 

 

$

 3,151.3 

Operating income

 

$

 323.0 

 

$

 311.1 

 

$

 306.6 

 

$

 298.9 

 

$

 1,239.6 

Investment income, net

 

 

 1.5 

 

 

 0.9 

 

 

 1.2 

 

 

 1.6 

 

 

 5.2 

Income before income taxes

 

 

 324.5 

 

 

 312.0 

 

 

 307.8 

 

 

 300.5 

 

 

 1,244.8 

Income taxes

 

 

 107.1 

 

 

 109.9 

 

 

 105.3 

 

 

 105.2 

 

 

 427.5 

Net income

 

$

 217.4 

 

$

 202.1 

 

$

 202.5 

 

$

 195.3 

 

$

 817.3 

Basic earnings per share(1)

 

$

 0.60 

 

$

 0.56 

 

$

 0.56 

 

$

 0.54 

 

$

 2.27 

Diluted earnings per share(1)

 

$

 0.60 

 

$

 0.56 

 

$

 0.56 

 

$

 0.54 

 

$

 2.25 

Weighted-average common shares
   outstanding

 

 

 361.0 

 

 

 360.2 

 

 

 359.0 

 

 

 359.3 

 

 

 359.8 

Weighted-average common shares
   outstanding, assuming dilution

 

 

 364.1 

 

 

 362.6 

 

 

 361.8 

 

 

 362.1 

 

 

 362.6 

Cash dividends per common share

 

$

 0.46 

 

$

 0.46 

 

$

 0.46 

 

$

 0.46 

 

$

 1.84 

Total net realized gains(2)

 

$

 0.1 

 

$

 —

 

$

 —

 

$

 —

 

$

 0.1 



(1)

Each quarter is a discrete period and the sum of the four quarters’ basic and diluted earnings per share amounts may not equal the full year amount.

(2)

Total net realized gains on the combined funds held for clients and corporate investment portfolios.

(3)

As a result of the Tax Act, the effective income tax rate for the three months ended February 28, 2018 was significantly impacted by certain one-time net tax benefits. Refer to Note K for further details.