Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Data

v3.19.2
Quarterly Financial Data
12 Months Ended
May 31, 2019
Quarterly Financial Data [Abstract]  
Quarterly Financial Data

Note S — Quarterly Financial Data (Unaudited)

In millions, except per share amounts







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended

 

 

 

Fiscal 2019

 

August 31

 

November 30

 

February 28

 

May 31

 

Full Year

Service revenue

 

$

845.7 

 

$

840.6 

 

$

1,047.4 

 

$

958.2 

 

$

3,691.9 

Interest on funds held for clients

 

 

17.1 

 

 

18.3 

 

 

23.0 

 

 

22.2 

 

 

80.6 

Total revenue

 

$

862.8 

 

$

858.9 

 

$

1,070.4 

 

$

980.4 

 

$

3,772.5 

Operating income

 

$

320.3 

 

$

307.2 

 

$

429.3 

 

$

314.5 

 

$

1,371.3 

Interest income/(expense), net

 

 

2.3 

 

 

2.1 

 

 

(3.7)

 

 

(4.0)

 

 

(3.3)

Income before income taxes

 

 

322.6 

 

 

309.3 

 

 

425.6 

 

 

310.5 

 

 

1,368.0 

Income taxes

 

 

79.0 

 

 

73.5 

 

 

101.0 

 

 

80.1 

 

 

333.6 

Net income

 

$

243.6 

 

$

235.8 

 

$

324.6 

 

$

230.4 

 

$

1,034.4 

Basic earnings per share(2)

 

$

0.68 

 

$

0.66 

 

$

0.90 

 

$

0.64 

 

$

2.88 

Diluted earnings per share(2)

 

$

0.67 

 

$

0.65 

 

$

0.90 

 

$

0.64 

 

$

2.86 

Weighted-average common shares
   outstanding

 

 

359.1 

 

 

359.1 

 

 

359.2 

 

 

359.4 

 

 

359.2 

Weighted-average common shares
   outstanding, assuming dilution

 

 

361.5 

 

 

361.5 

 

 

361.6 

 

 

362.5 

 

 

361.8 

Cash dividends per common share

 

$

0.56 

 

$

0.56 

 

$

0.56 

 

$

0.62 

 

$

2.30 

Total net realized gains/(losses)(3)

 

$

0.1 

 

$

(0.3)

 

$

0.1 

 

$

0.1 

 

$

 —







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended

 

 

 

Fiscal 2018

 

August 31(1)

 

November 30(1)

 

February 28(1)

 

May 31(1)

 

Full Year(1)

Service revenue

 

$

779.2 

 

$

789.0 

 

$

918.0 

 

$

828.0 

 

$

3,314.2 

Interest on funds held for clients

 

 

13.7 

 

 

14.0 

 

 

18.1 

 

 

17.7 

 

 

63.5 

Total revenue

 

$

792.9 

 

$

803.0 

 

$

936.1 

 

$

845.7 

 

$

3,377.7 

Operating income

 

$

317.3 

 

$

303.1 

 

$

369.0 

 

$

302.1 

 

$

1,291.5 

Interest income, net

 

 

2.1 

 

 

1.7 

 

 

2.3 

 

 

2.5 

 

 

8.6 

Income before income taxes

 

 

319.4 

 

 

304.8 

 

 

371.3 

 

 

304.6 

 

 

1,300.1 

Income taxes(4)

 

 

109.0 

 

 

106.0 

 

 

4.1 

 

 

86.9 

 

 

306.0 

Net income

 

$

210.4 

 

$

198.8 

 

$

367.2 

 

$

217.7 

 

$

994.1 

Basic earnings per share(2)

 

$

0.59 

 

$

0.55 

 

$

1.02 

 

$

0.61 

 

$

2.77 

Diluted earnings per share(2)

 

$

0.58 

 

$

0.55 

 

$

1.01 

 

$

0.60 

 

$

2.75 

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(3)

 

$

 —

 

$

 —

 

$

0.1 

 

$

 —

 

$

0.1 



(1)

Amounts have been adjusted to reflect the adoption of ASC Topic 606.

(2)

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.

(3)

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

(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.