Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Data (Unaudited) (Tables)

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Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
May 31, 2011
Quarterly Financial Data (Unaudited) (Tables) [Abstract]  
Summary of Quarterly Financial Data (Unaudited)
 
                                         
    Three Months Ended        
Fiscal 2011   August 31     November 30     February 28     May 31     Full Year  
 
Service revenue
    506.2       500.0     $ 519.6     $ 510.4     $ 2,036.2  
Interest on funds held for clients
    12.1       12.0       11.7       12.3       48.1  
                                         
Total revenue
    518.3       512.0       531.3       522.7       2,084.3  
                                         
Operating income
    200.8       203.9       198.9       182.8       786.4  
Investment income, net
    1.4       1.5       1.5       1.4       5.8  
                                         
Income before income taxes
    202.2       205.4       200.4       184.2       792.2  
Income taxes
    70.3       71.5       69.8       65.3       276.9  
                                         
Net income
  $ 131.9     $ 133.9     $ 130.6     $ 118.9     $ 515.3  
                                         
Basic earnings per share(1)
  $ 0.36     $ 0.37     $ 0.36     $ 0.33     $ 1.42  
Diluted earnings per share(1)
  $ 0.36     $ 0.37     $ 0.36     $ 0.33     $ 1.42  
Weighted-average common shares outstanding
    361.6       361.7       361.8       362.0       361.8  
Weighted-average common shares outstanding, assuming dilution
    362.0       362.1       362.6       363.0       362.4  
Cash dividends per common share
  $ 0.31     $ 0.31     $ 0.31     $ 0.31     $ 1.24  
Total net realized gains(2)
  $ 0.1     $ 0.2     $ 0.1     $ 0.9     $ 1.3  
 
                                         
    Three Months Ended        
Fiscal 2010   August 31     November 30     February 28(3)     May 31     Full Year  
 
Service revenue
  $ 486.5     $ 483.0     $ 493.8     $ 482.5     $ 1,945.8  
Interest on funds held for clients
    13.7       13.6       14.0       13.7       55.0  
                                         
Total revenue
    500.2       496.6       507.8       496.2       2,000.8  
                                         
Operating income
    189.9       193.1       168.2       173.6       724.8  
Investment income, net
    0.9       1.1       1.2       1.3       4.5  
                                         
Income before income taxes
    190.8       194.2       169.4       174.9       729.3  
Income taxes
    67.2       68.3       57.4       59.4       252.3  
                                         
Net income
  $ 123.6     $ 125.9     $ 112.0     $ 115.5     $ 477.0  
                                         
Basic earnings per share(1)
  $ 0.34     $ 0.35     $ 0.31     $ 0.32     $ 1.32  
Diluted earnings per share(1)
  $ 0.34     $ 0.35     $ 0.31     $ 0.32     $ 1.32  
Weighted-average common shares outstanding
    361.2       361.4       361.4       361.5       361.4  
Weighted-average common shares outstanding, assuming dilution
    361.4       361.7       361.9       362.0       361.7  
Cash dividends per common share
  $ 0.31     $ 0.31     $ 0.31     $ 0.31     $ 1.24  
Total net realized gains(2)
  $ 0.3     $ 0.7     $ 1.3     $ 0.9     $ 3.2  
 
 
(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) Includes an expense charge of $18.7 million to increase the litigation reserve.