Quarterly report pursuant to Section 13 or 15(d)

Comprehensive Income

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Comprehensive Income
 6 Months Ended
Nov. 30, 2011
Comprehensive Income [Abstract]  
Comprehensive Income
Note G: Comprehensive Income

Comprehensive income is comprised of two components: net income and other comprehensive income. Comprehensive income includes all changes in equity during a period except those resulting from transactions with owners of the Company. The change in unrealized gains and losses, net of applicable taxes, related to available-for-sale securities is the primary component reported in accumulated other comprehensive income in the Consolidated Balance Sheets.

 

Comprehensive income, net of related tax effects, is as follows:

 

                                 
    For the three months ended     For the six months ended  
    November 30,     November 30,  

In millions

   2011     2010     2011     2010  
         

Net income

   $ 140.4     $ 133.9     $ 289.3     $ 265.8  

Other comprehensive loss:

                                

Unrealized losses on available-for-sale securities, net of tax

     (10.1 )      (14.9 )      (3.4 )      (3.1 ) 

Reclassification adjustment for the net gain on sale of available-for-sale securities realized in net income, net of tax

     (0.1 )      (0.2 )      (0.2 )      (0.2 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Total other comprehensive loss

     (10.2 )      (15.1 )      (3.6 )      (3.3 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Total comprehensive income

   $ 130.2     $ 118.8     $ 285.7     $ 262.5  
   

 

 

    

 

 

    

 

 

    

 

 

  

As of November 30, 2011, accumulated other comprehensive income was $33.9 million, which was net of taxes of $19.7 million. As of May 31, 2011, accumulated other comprehensive income was $37.5 million, which was net of taxes of $21.7 million.