Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income and Comprehensive Income

v3.19.2
Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Millions, $ in Millions
12 Months Ended
May 31, 2019
May 31, 2018
[2]
May 31, 2017
[2]
Revenue:      
Total service revenue $ 3,691.9 $ 3,314.2 [1] $ 3,102.4 [3]
Interest on funds held for clients 80.6 63.5 [1] 50.6
Total revenue 3,772.5 3,377.7 [1] 3,153.0
Expenses:      
Operating expenses 1,177.8 1,018.2 919.4
Selling, general and administrative expenses 1,223.4 1,068.0 979.7
Total expenses 2,401.2 2,086.2 1,899.1
Operating income 1,371.3 1,291.5 [1] 1,253.9
Interest (expense)/income, net (3.3) 8.6 [1] 5.2
Income before income taxes 1,368.0 1,300.1 [1] 1,259.1
Income taxes 333.6 306.0 [1],[4] 432.8 [5]
Net income 1,034.4 994.1 [1],[6] 826.3 [3],[6]
Other comprehensive income/(loss), net of tax 36.3 (56.2) (9.2)
Comprehensive income $ 1,070.7 $ 937.9 $ 817.1
Basic earnings per share $ 2.88 [7] $ 2.77 [1],[7] $ 2.30 [3]
Diluted earnings per share $ 2.86 [7] $ 2.75 [1],[7] $ 2.28 [3],[8]
Weighted-average common shares outstanding 359.2 359.0 [1] 359.8 [3]
Weighted-average common shares outstanding, assuming dilution 361.8 361.5 [1] 362.6 [3]
Management Solutions [Member]      
Revenue:      
Total service revenue $ 2,877.7 $ 2,758.4 [3] $ 2,680.7 [3]
PEO And Insurance Services [Member]      
Revenue:      
Total service revenue $ 814.2 $ 555.8 [3] $ 421.7 [3]
[1] Amounts have been adjusted to reflect the adoption of ASC Topic 606.
[2] Amounts have been adjusted to reflect the adoption of Accounting Standards Codification ("ASC") Topic 606, "Revenue from Contracts with Customers" ("ASC Topic 606").
[3] Amounts have been adjusted to reflect the adoption of ASC Topic 606.
[4] 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 of this Item 8 for further details.
[5] Amounts have been adjusted to reflect the adoption of ASC Topic 606.
[6] Amounts have been adjusted to reflect the adoption of Accounting Standards Update ("ASU") No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force)."
[7] 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.
[8] Diluted earnings per share amounts may not add across by +/- $0.01 due to rounding.