Quarterly report pursuant to Section 13 or 15(d)

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

v3.19.1
Description of Business, Basis of Presentation, and Significant Accounting Policies (Tables)
 9 Months Ended
Feb. 28, 2019
ASU 2014-09 [Member]  
Schedule of Recast of Selected Unaudited Consolidated Statements of Income and Comprehensive Income





 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

For the three months ended February 28, 2018



 

As Previously

 

 

 

 

In millions, except per share amounts

 

Reported

 

Adjustments

 

As Adjusted

Service revenue

 

$

 848.4 

 

$

 69.6 

 

$

 918.0 

Operating expenses

 

 

 270.7 

 

 

 1.5 

 

 

 272.2 

Selling, general and administrative expenses

 

 

 303.3 

 

 

 (8.4)

 

 

 294.9 

     Total expenses

 

 

 574.0 

 

 

 (6.9)

 

 

 567.1 

Operating income

 

 

 292.5 

 

 

 76.5 

 

 

 369.0 

Income taxes

 

 

 34.4 

 

 

 (30.3)

 

 

 4.1 

Net income

 

$

 260.4 

 

$

 106.8 

 

$

 367.2 

Basic earnings per share

 

$

 0.72 

 

$

 0.30 

 

$

 1.02 

Diluted earnings per share

 

$

 0.72 

 

$

 0.29 

 

$

 1.01 







 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

For the nine months ended February 28, 2018



 

As Previously

 

 

 

 

In millions, except per share amounts

 

Reported

 

Adjustments

 

As Adjusted

Service revenue

 

$

 2,464.0 

 

$

 22.2 

 

$

 2,486.2 

Operating expenses

 

 

 751.5 

 

 

 1.3 

 

 

 752.8 

Selling, general and administrative expenses

 

 

 788.6 

 

 

 1.2 

 

 

 789.8 

     Total expenses

 

 

 1,540.1 

 

 

 2.5 

 

 

 1,542.6 

Operating income

 

 

 969.7 

 

 

 19.7 

 

 

 989.4 

Income taxes

 

 

 270.6 

 

 

 (51.5)

 

 

 219.1 

Net income

 

$

 705.2 

 

$

 71.2 

 

$

 776.4 

Basic earnings per share

 

$

 1.96 

 

$

 0.20 

 

$

 2.16 

Diluted earnings per share

 

$

 1.95 

 

$

 0.20 

 

$

 2.15 



Schedule of Recast of Selected Unaudited Consolidated Balance Sheet





 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

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 presented on the Consolidated Balance Sheets contained in this Form 10-Q.

ASU 2014-09 And 2016-18 [Member]  
Schedule of Recast of Selected Unaudited Consolidated Statement of Cash Flow





 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

For the nine months ended February 28, 2018



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

ASU No.

 

ASU No.

 

 

 



 

As Previously

 

2014-09

 

2016-18

 

 

 

In millions

 

Reported

 

Adjustments

 

Adjustments

 

As Adjusted

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

 705.2 

 

$

 71.2 

 

$

 —

 

$

 776.4 

Amortization of deferred contract costs

 

$

 —

 

$

 130.5 

 

$

 —

 

$

 130.5 

Provision/(benefit) for deferred income taxes

 

$

 6.5 

 

$

 (51.5)

 

$

 —

 

$

 (45.0)

Accounts receivable

 

$

 (6.2)

 

$

 (21.6)

 

$

 —

 

$

 (27.8)

Accounts payable and other current liabilities

 

$

 80.9 

 

$

 0.5 

 

$

 —

 

$

 81.4 

Deferred costs

 

$

 —

 

$

 (128.5)

 

$

 —

 

$

 (128.5)

Net change in other long-term assets and liabilities

 

$

 3.4 

 

$

 (0.6)

 

$

 —

 

$

 2.8 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

 

 

Net change in funds held for clients' money market securities and

  other cash equivalents

 

$

 (409.1)

 

$

 —

 

$

 409.1 

 

$

 —

Net cash provided by investing activities

 

$

 24.4 

 

$

 —

 

$

 409.1 

 

$

 433.5 

Increase in cash, cash equivalents, restricted

  cash and restricted cash equivalents

 

$

 139.3 

 

$

 —

 

$

 409.1 

 

$

 548.4 

Cash, cash equivalents, restricted cash and restricted cash

  equivalents, beginning of fiscal year

 

$

 184.6 

 

$

 —

 

$

 264.8 

 

$

 449.4 

Cash, cash equivalents, restricted cash and restricted

  cash equivalents, end of period

 

$

 323.9 

 

$

 —

 

$

 673.9 

 

$

 997.8 



ASU 2016-18 [Member]  
Schedule of Recast of Selected Unaudited Consolidated Statement of Cash Flow





 

 

 

 

 

 

 

 

 



 

For the three months ended August 31, 2018



 

As Previously

 

 

 

 

 

In millions

 

Reported

 

Adjustments

 

As Revised

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

Net change in funds held for clients’ money market securities and
  other cash equivalents

 

$

 762.5 

 

$

 (762.5)

 

$

 —

Net cash provided by investing activities

 

$

 918.5 

 

$

 (762.5)

 

$

 156.0 

Increase/(decrease) in cash, cash equivalents, restricted
  cash and restricted cash equivalents

 

$

 81.9 

 

$

 (762.5)

 

$

 (680.6)

Cash, cash equivalents, restricted cash and restricted cash
  equivalents, beginning of fiscal year

 

$

 358.2 

 

$

 1,942.3 

 

$

 2,300.5 

Cash, cash equivalents, restricted cash and restricted
  cash equivalents, end of period

 

$

 440.1 

 

$

 1,179.8 

 

$

 1,619.9 



 

 

 

 

 

 

 

 

 

Reconciliation of cash, cash equivalents, restricted cash and restricted cash
  equivalents to the Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

 

$

 440.1 

Restricted cash and restricted cash equivalents included in funds held for clients

 

 

 

 

 

 

 

 

 1,179.8 

Total cash, cash equivalents, restricted cash and restricted cash equivalents

 

 

 

 

 

 

 

$

 1,619.9 







 

 

 

 

 

 

 

 

 



 

For the six months ended November 30, 2018



 

As Previously

 

 

 

 

 

In millions

 

Reported

 

Adjustments

 

As Revised

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

Net change in funds held for clients’ money market securities and

  other cash equivalents

 

$

 985.1 

 

$

 (985.1)

 

$

 —

Net cash provided by investing activities

 

$

 1,038.8 

 

$

 (985.1)

 

$

 53.7 

Increase/(decrease) in cash, cash equivalents, restricted

  cash and restricted cash equivalents

 

$

 152.4 

 

$

 (985.1)

 

$

 (832.7)

Cash, cash equivalents, restricted cash and restricted cash

  equivalents, beginning of fiscal year

 

$

 358.2 

 

$

 1,942.3 

 

$

 2,300.5 

Cash, cash equivalents, restricted cash and restricted

  cash equivalents, end of period

 

$

 510.6 

 

$

 957.2 

 

$

 1,467.8 



 

 

 

 

 

 

 

 

 

Reconciliation of cash, cash equivalents, restricted cash and restricted cash

   equivalents to the Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

 

$

 510.6 

Restricted cash and restricted cash equivalents included in funds held for clients

 

 

 

 

 

 

 

 

 957.2 

Total cash, cash equivalents, restricted cash and restricted cash equivalents

 

 

 

 

 

 

 

$

 1,467.8