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Quarterly Financial Data (Unaudited) | 12 Months Ended
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May 31, 2014
Quarterly Financial Data (Unaudited) [Abstract] |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) In millions, except per share amounts With the introduction of a new health insurance offering within the PEO during fiscal 2014, the Company began classifying PEO direct costs related to certain benefit plans where the Company retains risk as operating expenses rather than as a reduction in service revenue. This had no impact on operating income. The amounts below for service revenue and total revenue for fiscal 2014 reflect this change in classification.
|  | 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.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=25249566&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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