Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Data (Unaudited) (Tables)

v2.4.0.8
Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
May 31, 2014
Quarterly Financial Data (Unaudited) [Abstract]  
Quarterly Financial Data (Unaudited)
 
 
Three Months Ended
 
 
Fiscal 2014
 
August 31
 
November 30
 
February 28
 
May 31
 
Full Year
Service revenue (1)
 
$
603.1

 
$
606.4

 
$
639.9

 
$
628.8

 
$
2,478.2

Interest on funds held for clients
 
10.0

 
10.0

 
10.5

 
10.2

 
40.7

Total revenue (1)
 
613.1

 
616.4

 
650.4

 
639.0

 
2,518.9

Operating income
 
255.1

 
248.6

 
250.7

 
228.3

 
982.7

Investment income, net
 
1.2

 
1.3

 
1.5

 
1.4

 
5.4

Income before income taxes
 
256.3

 
249.9

 
252.2

 
229.7

 
988.1

Income taxes
 
93.5

 
91.2

 
92.1

 
83.8

 
360.6

Net income
 
$
162.8

 
$
158.7

 
$
160.1

 
$
145.9

 
$
627.5

Basic earnings per share(2)
 
$
0.45

 
$
0.43

 
$
0.44

 
$
0.40

 
$
1.72

Diluted earnings per share(2)
 
$
0.44

 
$
0.43

 
$
0.44

 
$
0.40

 
$
1.71

Weighted-average common shares outstanding
 
365.3

 
364.9

 
364.2

 
363.5

 
364.5

Weighted-average common shares outstanding, assuming dilution
 
366.7

 
366.4

 
365.8

 
365.3

 
366.1

Cash dividends per common share
 
$
0.35

 
$
0.35

 
$
0.35

 
$
0.35

 
$
1.40

Total net realized gains(3)
 
$
0.2

 
$
—

 
$
0.3

 
$
0.1

 
$
0.6

 
 
 
Three Months Ended
 
 
Fiscal 2013
 
August 31
 
November 30
 
February 28
 
May 31(4)
 
Full Year
Service revenue
 
$
568.1

 
$
559.4

 
$
582.4

 
$
575.3

 
$
2,285.2

Interest on funds held for clients
 
10.1

 
10.0

 
10.9

 
10.0

 
41.0

Total revenue
 
578.2

 
569.4

 
593.3

 
585.3

 
2,326.2

Operating income
 
238.0

 
230.0

 
225.0

 
211.8

 
904.8

Investment income, net
 
1.9

 
1.9

 
1.4

 
1.4

 
6.6

Income before income taxes
 
239.9

 
231.9

 
226.4

 
213.2

 
911.4

Income taxes
 
86.8

 
84.0

 
81.9

 
89.7

 
342.4

Net income
 
$
153.1

 
$
147.9

 
$
144.5

 
$
123.5

 
$
569.0

Basic earnings per share(2)
 
$
0.42

 
$
0.41

 
$
0.40

 
$
0.34

 
$
1.56

Diluted earnings per share(2)
 
$
0.42

 
$
0.41

 
$
0.40

 
$
0.34

 
$
1.56

Weighted-average common shares outstanding
 
363.0

 
363.6

 
363.8

 
364.6

 
363.8

Weighted-average common shares outstanding, assuming dilution
 
363.8

 
364.4

 
364.6

 
365.9

 
364.7

Cash dividends per common share (5)
 
$
0.32

 
$
0.33

 
$
0.66

 
$
—

 
$
1.31

Total net realized gains(3)
 
$
0.2

 
$
0.1

 
$
0.6

 
$
—

 
$
0.9

 
(1) 
The amounts reported for service revenue and total revenue for the first through third quarters of fiscal 2014 differ from that reported in the Company's Quarterly Reports on Form 10-Q (“Form 10-Q”), as a result of the PEO direct cost adjustment. There was no impact to operating income from this change. The correction for the PEO direct cost adjustment was not material to any prior interim period in fiscal 2014. Service revenue, as reported in the Company's Form 10-Qs was $597.9 million, $600.5 million, and $626.0 million for the first, second, and third fiscal quarters of fiscal 2014, respectively. Total revenue, as reported in the Company's Form 10-Qs was $607.9 million, $610.5 million, and $636.5 million for the first, second, and third fiscal quarters of fiscal 2014, respectively.
(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 on the combined funds held for clients and corporate investment portfolios.
(4) 
In the fourth quarter of fiscal 2013, the Company increased its tax provision related to the settlement of a state income tax matter. This reduced diluted earnings per share by approximately $0.04 per share.
(5) 
In fiscal 2013, the Company accelerated the payment of dividends to December 2012. These dividends would have normally been paid in February 2013 and May 2013.