Quarterly report pursuant to Section 13 or 15(d)

Description of Business, Basis of Presentation, and Significant Accounting Policies (Tables)

v3.10.0.1
Description of Business, Basis of Presentation, and Significant Accounting Policies (Tables)
 3 Months Ended
Aug. 31, 2018
Description of Business, Basis of Presentation, and Significant Accounting Policies [Abstract]  
Schedule of Recast of Selected Unaudited Consolidated Statements

The following table presents a recast of selected unaudited consolidated statements of income and comprehensive income line items after giving effect to the adoption of ASU No. 2014-09: 





 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

For the three months ended August 31, 2017



 

As Previously

 

 

 

 

In millions, except per share amounts

 

Reported

 

Adjustments

 

As Adjusted

Service revenue

 

$

 803.1 

 

$

 (23.9)

 

$

 779.2 

Operating expenses

 

 

 232.1 

 

 

 (0.1)

 

 

 232.0 

Selling, general and administrative expenses

 

 

 239.7 

 

 

 3.9 

 

 

 243.6 

     Total expenses

 

 

 471.8 

 

 

 3.8 

 

 

 475.6 

Operating income

 

 

 345.0 

 

 

 (27.7)

 

 

 317.3 

Income taxes

 

 

 119.3 

 

 

 (10.3)

 

 

 109.0 

Net income

 

$

 227.8 

 

$

 (17.4)

 

$

 210.4 

Basic earnings per share

 

$

 0.63 

 

$

 (0.04)

 

$

 0.59 

Diluted earnings per share

 

$

 0.63 

 

$

 (0.05)

 

$

 0.58 





The following table presents a recast of selected unaudited consolidated balance sheet line items after giving effect to the adoption of ASU No. 2014-09:





 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

May 31, 2018



 

 

 

 

 

 

 

 

 



 

As Previously

 

 

 

 

In millions

 

Reported

 

Adjustments

 

As Adjusted

Assets

 

 

 

 

 

 

 

 

 

Accounts receivable, net of allowance for doubtful accounts

 

$

 531.4 

 

$

 (39.0)

 

$

 492.4 

Prepaid expenses and other current assets

 

$

 75.8 

 

$

 148.2 

 

$

 224.0 

Long-term deferred costs(1)

 

$

 18.5 

 

$

 342.5 

 

$

 361.0 

Liabilities and stockholders' equity

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

 74.5 

 

$

 (0.8)

 

$

 73.7 

Deferred revenue

 

$

 24.3 

 

$

 10.3 

 

$

 34.6 

Deferred income taxes

 

$

 48.8 

 

$

 105.6 

 

$

 154.4 

Other long-term liabilities

 

$

 84.8 

 

$

 4.3 

 

$

 89.1 

Retained earnings

 

$

 930.3 

 

$

 332.3 

 

$

 1,262.6 



(1) Amounts were previously reported as a component of other long-term assets on the Consolidated Balance Sheets included in the Company’s fiscal 2018 Form 10-K.  Long-term deferred costs are separately stated on the Consolidated Balance Sheets contained in this Form 10-Q.



The following table presents a recast of selected unaudited consolidated statement of cash flow line items after giving effect to the adoption of ASU No. 2014-09:





 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

For the three months ended August 31, 2017



 

 

 

 

 

 

 

 

 



 

As Previously

 

 

 

 

In millions

 

Reported

 

Adjustments

 

As Adjusted

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

Net income

 

$

 227.8 

 

$

 (17.4)

 

$

 210.4 

Provision for deferred income taxes

 

$

 59.2 

 

$

 (10.3)

 

$

 48.9 

Accounts receivable

 

$

 (15.4)

 

$

 24.2 

 

$

 8.8 

Deferred costs

 

$

 —

 

$

 4.2 

 

$

 4.2 

Accounts payable and other current liabilities

 

$

 (19.2)

 

$

 (0.6)

 

$

 (19.8)

Net change in other long-term assets and liabilities

 

$

 0.6 

 

$

 (0.1)

 

$

 0.5