Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Data (Unaudited)

v2.4.0.8
Quarterly Financial Data (Unaudited)
 12 Months Ended
May 31, 2013
Quarterly Financial Data (Unaudited) [Abstract]  
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited)
In millions, except per share amounts
 
 
Three Months Ended
 
 
Fiscal 2013
 
August 31
 
November 30
 
February 28
 
May 31(1)
 
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
 
$
0.32

 
$
0.33

 
$
0.66

 
$
—

 
$
1.31

Total net realized gains(3)
 
$
0.2

 
$
0.1

 
$
0.6

 
$
—

 
$
0.9

 
 
 
Three Months Ended
 
 
Fiscal 2012
 
August 31
 
November 30
 
February 29
 
May 31
 
Full Year
Service revenue
 
$
552.0

 
$
535.0

 
$
558.5

 
$
540.7

 
$
2,186.2

Interest on funds held for clients
 
11.1

 
10.7

 
11.0

 
10.8

 
43.6

Total revenue
 
563.1

 
545.7

 
569.5

 
551.5

 
2,229.8

Operating income
 
229.7

 
217.9

 
210.4

 
195.9

 
853.9

Investment income, net
 
1.5

 
1.5

 
1.6

 
1.8

 
6.4

Income before income taxes
 
231.2

 
219.4

 
212.0

 
197.7

 
860.3

Income taxes
 
82.3

 
79.0

 
76.6

 
74.4

 
312.3

Net income
 
$
148.9

 
$
140.4

 
$
135.4

 
$
123.3

 
$
548.0

Basic earnings per share(2)
 
$
0.41

 
$
0.39

 
$
0.37

 
$
0.34

 
$
1.51

Diluted earnings per share(2)
 
$
0.41

 
$
0.39

 
$
0.37

 
$
0.34

 
$
1.51

Weighted-average common shares outstanding
 
362.2

 
362.4

 
362.5

 
362.6

 
362.4

Weighted-average common shares outstanding, assuming dilution
 
362.8

 
362.8

 
363.1

 
363.4

 
363.0

Cash dividends per common share
 
$
0.31

 
$
0.32

 
$
0.32

 
$
0.32

 
$
1.27

Total net realized gains(3)
 
$
0.1

 
$
0.1

 
$
0.4

 
$
0.4

 
$
1.0

 
(1) 
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.
(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.