☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 22-1467904 | |||||||
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | |||||||
One ADP Boulevard | ||||||||
Roseland, | NJ | 07068 | ||||||
(Address of principal executive offices) | (Zip Code) | |||||||
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $0.10 Par Value (voting) | ADP | NASDAQ Global Select Market |
Large Accelerated Filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
Page | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||
Revenues, other than interest on funds held for clients and PEO revenues | $ | 2,882.3 | $ | 2,671.2 | $ | 7,911.9 | $ | 7,346.1 | |||||||||||||||
Interest on funds held for clients | 118.0 | 107.4 | 325.0 | 319.2 | |||||||||||||||||||
PEO revenues (A) | 1,512.7 | 1,323.4 | 4,133.7 | 3,603.1 | |||||||||||||||||||
TOTAL REVENUES | 4,513.0 | 4,102.0 | 12,370.6 | 11,268.4 | |||||||||||||||||||
EXPENSES: | |||||||||||||||||||||||
Costs of revenues: | |||||||||||||||||||||||
Operating expenses | 2,212.5 | 1,999.5 | 6,184.0 | 5,609.5 | |||||||||||||||||||
Systems development and programming costs | 197.3 | 178.6 | 585.8 | 521.8 | |||||||||||||||||||
Depreciation and amortization | 102.4 | 100.0 | 306.2 | 303.5 | |||||||||||||||||||
TOTAL COSTS OF REVENUES | 2,512.2 | 2,278.1 | 7,076.0 | 6,434.8 | |||||||||||||||||||
Selling, general, and administrative expenses | 817.5 | 763.0 | 2,319.0 | 2,199.8 | |||||||||||||||||||
Interest expense | 18.4 | 13.5 | 55.3 | 42.4 | |||||||||||||||||||
TOTAL EXPENSES | 3,348.1 | 3,054.6 | 9,450.3 | 8,677.0 | |||||||||||||||||||
Other (income)/expense, net | (25.0) | (18.8) | (80.4) | (72.7) | |||||||||||||||||||
EARNINGS BEFORE INCOME TAXES | 1,189.9 | 1,066.2 | 3,000.7 | 2,664.1 | |||||||||||||||||||
Provision for income taxes | 261.4 | 255.5 | 677.3 | 603.8 | |||||||||||||||||||
NET EARNINGS | $ | 928.5 | $ | 810.7 | $ | 2,323.4 | $ | 2,060.3 | |||||||||||||||
BASIC EARNINGS PER SHARE | $ | 2.22 | $ | 1.90 | $ | 5.53 | $ | 4.82 | |||||||||||||||
DILUTED EARNINGS PER SHARE | $ | 2.21 | $ | 1.90 | $ | 5.51 | $ | 4.80 | |||||||||||||||
Basic weighted average shares outstanding | 418.1 | 425.8 | 419.8 | 427.3 | |||||||||||||||||||
Diluted weighted average shares outstanding | 420.2 | 427.7 | 422.0 | 428.9 | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||
Revenues, other than interest on funds held for clients and PEO revenues | $ | 2,702.2 | $ | 2,561.8 | $ | 5,348.6 | $ | 5,029.6 | |||||||||||||||
Interest on funds held for clients | 187.2 | 106.0 | 328.3 | 207.1 | |||||||||||||||||||
PEO revenues (A) | 1,501.6 | 1,357.6 | 2,929.7 | 2,621.0 | |||||||||||||||||||
TOTAL REVENUES | 4,391.0 | 4,025.4 | 8,606.6 | 7,857.7 | |||||||||||||||||||
EXPENSES: | |||||||||||||||||||||||
Costs of revenues: | |||||||||||||||||||||||
Operating expenses | 2,134.5 | 2,040.7 | 4,209.0 | 3,971.5 | |||||||||||||||||||
Systems development and programming costs | 204.2 | 199.7 | 413.9 | 388.5 | |||||||||||||||||||
Depreciation and amortization | 112.0 | 100.8 | 221.4 | 203.8 | |||||||||||||||||||
TOTAL COSTS OF REVENUES | 2,450.7 | 2,341.2 | 4,844.3 | 4,563.8 | |||||||||||||||||||
Selling, general, and administrative expenses | 855.7 | 782.3 | 1,656.1 | 1,501.5 | |||||||||||||||||||
Interest expense | 57.0 | 18.4 | 108.1 | 36.9 | |||||||||||||||||||
TOTAL EXPENSES | 3,363.4 | 3,141.9 | 6,608.5 | 6,102.2 | |||||||||||||||||||
Other (income)/expense, net | (30.5) | (26.6) | (70.0) | (55.4) | |||||||||||||||||||
EARNINGS BEFORE INCOME TAXES | 1,058.1 | 910.1 | 2,068.1 | 1,810.9 | |||||||||||||||||||
Provision for income taxes | 245.0 | 215.7 | 475.9 | 416.0 | |||||||||||||||||||
NET EARNINGS | $ | 813.1 | $ | 694.4 | $ | 1,592.2 | $ | 1,394.9 | |||||||||||||||
BASIC EARNINGS PER SHARE | $ | 1.96 | $ | 1.65 | $ | 3.84 | $ | 3.32 | |||||||||||||||
DILUTED EARNINGS PER SHARE | $ | 1.95 | $ | 1.65 | $ | 3.82 | $ | 3.30 | |||||||||||||||
Basic weighted average shares outstanding | 414.3 | 419.8 | 414.4 | 420.6 | |||||||||||||||||||
Diluted weighted average shares outstanding | 416.2 | 422.0 | 416.6 | 422.9 | |||||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
March 31, | March 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | $ | 928.5 | $ | 810.7 | $ | 2,323.4 | $ | 2,060.3 | Net earnings | $ | 813.1 | $ | 694.4 | $ | 1,592.2 | $ | 1,394.9 | ||||||||||||||||||||||||||||
Other comprehensive (loss)/income: | Other comprehensive (loss)/income: | Other comprehensive (loss)/income: | ||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustments | Currency translation adjustments | (14.2) | (27.5) | (65.7) | 84.8 | Currency translation adjustments | 71.1 | (16.4) | (13.6) | (51.5) | ||||||||||||||||||||||||||||||||||||
Unrealized net (losses)/gains on available-for-sale securities | Unrealized net (losses)/gains on available-for-sale securities | (1,192.5) | (352.5) | (1,570.4) | (421.2) | Unrealized net (losses)/gains on available-for-sale securities | 242.2 | (247.6) | (592.9) | (377.9) | ||||||||||||||||||||||||||||||||||||
Tax effect | Tax effect | 270.3 | 79.2 | 356.0 | 94.7 | Tax effect | (51.2) | 56.4 | 134.5 | 85.7 | ||||||||||||||||||||||||||||||||||||
Reclassification of net (gains)/losses on available-for-sale securities to net earnings | 0.3 | 0.4 | (0.2) | (7.6) | ||||||||||||||||||||||||||||||||||||||||||
Reclassification of net losses/(gains) on available-for-sale securities to net earnings | Reclassification of net losses/(gains) on available-for-sale securities to net earnings | 11.5 | (0.4) | 13.0 | (0.5) | |||||||||||||||||||||||||||||||||||||||||
Tax effect | Tax effect | (0.1) | (0.1) | — | 1.7 | Tax effect | (2.7) | 0.1 | (2.9) | 0.1 | ||||||||||||||||||||||||||||||||||||
Unrealized (losses)/gains on cash flow hedging activities | — | — | — | (3.3) | ||||||||||||||||||||||||||||||||||||||||||
Tax effect | — | — | — | 0.8 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of unrealized losses on cash flow hedging activities | Amortization of unrealized losses on cash flow hedging activities | 1.1 | 1.1 | 3.3 | 2.7 | Amortization of unrealized losses on cash flow hedging activities | 1.1 | 1.1 | 2.2 | 2.2 | ||||||||||||||||||||||||||||||||||||
Tax effect | Tax effect | (0.3) | (0.3) | (0.9) | (0.6) | Tax effect | (0.2) | (0.3) | (0.5) | (0.6) | ||||||||||||||||||||||||||||||||||||
Reclassification of pension liability adjustment to net earnings | Reclassification of pension liability adjustment to net earnings | 1.9 | 2.8 | 5.9 | 7.8 | Reclassification of pension liability adjustment to net earnings | 1.5 | 1.9 | 3.6 | 4.0 | ||||||||||||||||||||||||||||||||||||
Tax effect | Tax effect | (0.4) | (1.1) | (0.9) | (2.7) | Tax effect | (0.1) | (0.3) | (0.6) | (0.5) | ||||||||||||||||||||||||||||||||||||
Other comprehensive (loss)/income, net of tax | Other comprehensive (loss)/income, net of tax | (933.9) | (298.0) | (1,272.9) | (242.9) | Other comprehensive (loss)/income, net of tax | 273.2 | (205.5) | (457.2) | (339.0) | ||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | $ | (5.4) | $ | 512.7 | $ | 1,050.5 | $ | 1,817.4 | Comprehensive income | $ | 1,086.3 | $ | 488.9 | $ | 1,135.0 | $ | 1,055.9 |
March 31, | June 30, | December 31, | June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2022 | |||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||
Current assets: | Current assets: | Current assets: | ||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 1,634.2 | $ | 2,575.2 | Cash and cash equivalents | $ | 1,345.0 | $ | 1,436.3 | ||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts of $58.3 and $79.6, respectively | 3,250.7 | 2,727.4 | ||||||||||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts of $50.0 and $56.8, respectively | Accounts receivable, net of allowance for doubtful accounts of $50.0 and $56.8, respectively | 3,162.3 | 3,170.6 | |||||||||||||||||||||||||
Other current assets | Other current assets | 699.3 | 533.4 | Other current assets | 875.8 | 628.8 | ||||||||||||||||||||||
Total current assets before funds held for clients | Total current assets before funds held for clients | 5,584.2 | 5,836.0 | Total current assets before funds held for clients | 5,383.1 | 5,235.7 | ||||||||||||||||||||||
Funds held for clients | Funds held for clients | 58,319.6 | 34,905.8 | Funds held for clients | 40,760.5 | 49,569.2 | ||||||||||||||||||||||
Total current assets | Total current assets | 63,903.8 | 40,741.8 | Total current assets | 46,143.6 | 54,804.9 | ||||||||||||||||||||||
Long-term receivables, net of allowance for doubtful accounts of $0.2 and $0.3, respectively | 10.2 | 11.5 | ||||||||||||||||||||||||||
Long-term receivables, net of allowance for doubtful accounts of $0.2 and $0.1, respectively | Long-term receivables, net of allowance for doubtful accounts of $0.2 and $0.1, respectively | 7.7 | 9.1 | |||||||||||||||||||||||||
Property, plant and equipment, net | Property, plant and equipment, net | 650.5 | 684.5 | Property, plant and equipment, net | 655.1 | 652.6 | ||||||||||||||||||||||
Operating lease right-of-use asset | Operating lease right-of-use asset | 445.5 | 462.2 | Operating lease right-of-use asset | 400.3 | 450.9 | ||||||||||||||||||||||
Deferred contract costs | Deferred contract costs | 2,496.7 | 2,498.2 | Deferred contract costs | 2,574.8 | 2,579.7 | ||||||||||||||||||||||
Other assets | Other assets | 910.0 | 825.8 | Other assets | 990.9 | 937.4 | ||||||||||||||||||||||
Goodwill | Goodwill | 2,324.1 | 2,338.4 | Goodwill | 2,315.0 | 2,300.5 | ||||||||||||||||||||||
Intangible assets, net | Intangible assets, net | 1,327.3 | 1,210.1 | Intangible assets, net | 1,365.6 | 1,333.1 | ||||||||||||||||||||||
Total assets | Total assets | $ | 72,068.1 | $ | 48,772.5 | Total assets | $ | 54,453.0 | $ | 63,068.2 | ||||||||||||||||||
Liabilities and Stockholders' Equity | Liabilities and Stockholders' Equity | Liabilities and Stockholders' Equity | ||||||||||||||||||||||||||
Current liabilities: | Current liabilities: | Current liabilities: | ||||||||||||||||||||||||||
Accounts payable | Accounts payable | $ | 81.7 | $ | 141.1 | Accounts payable | $ | 85.3 | $ | 110.2 | ||||||||||||||||||
Accrued expenses and other current liabilities | Accrued expenses and other current liabilities | 2,100.6 | 1,963.3 | Accrued expenses and other current liabilities | 2,373.3 | 2,107.8 | ||||||||||||||||||||||
Accrued payroll and payroll-related expenses | Accrued payroll and payroll-related expenses | 765.6 | 910.2 | Accrued payroll and payroll-related expenses | 590.8 | 862.6 | ||||||||||||||||||||||
Dividends payable | Dividends payable | 431.7 | 390.8 | Dividends payable | 514.6 | 429.6 | ||||||||||||||||||||||
Short-term deferred revenues | Short-term deferred revenues | 197.5 | 203.9 | Short-term deferred revenues | 176.8 | 188.2 | ||||||||||||||||||||||
Obligations under reverse repurchase agreements (A) | Obligations under reverse repurchase agreements (A) | — | 23.5 | Obligations under reverse repurchase agreements (A) | — | 136.4 | ||||||||||||||||||||||
Income taxes payable | Income taxes payable | 141.5 | 58.2 | Income taxes payable | 11.1 | 38.4 | ||||||||||||||||||||||
Total current liabilities before client funds obligations | Total current liabilities before client funds obligations | 3,718.6 | 3,691.0 | Total current liabilities before client funds obligations | 3,751.9 | 3,873.2 | ||||||||||||||||||||||
Client funds obligations | Client funds obligations | 59,387.9 | 34,403.8 | Client funds obligations | 43,061.8 | 51,285.5 | ||||||||||||||||||||||
Total current liabilities | Total current liabilities | 63,106.5 | 38,094.8 | Total current liabilities | 46,813.7 | 55,158.7 | ||||||||||||||||||||||
Long-term debt | Long-term debt | 2,986.6 | 2,985.0 | Long-term debt | 2,988.1 | 2,987.1 | ||||||||||||||||||||||
Operating lease liabilities | Operating lease liabilities | 344.9 | 343.2 | Operating lease liabilities | 334.1 | 370.9 | ||||||||||||||||||||||
Other liabilities | Other liabilities | 954.2 | 834.1 | Other liabilities | 931.6 | 924.2 | ||||||||||||||||||||||
Deferred income taxes | Deferred income taxes | 135.6 | 482.9 | Deferred income taxes | 66.8 | 67.0 | ||||||||||||||||||||||
Long-term deferred revenues | Long-term deferred revenues | 347.4 | 362.4 | Long-term deferred revenues | 332.0 | 335.0 | ||||||||||||||||||||||
Total liabilities | Total liabilities | 67,875.2 | 43,102.4 | Total liabilities | 51,466.3 | 59,842.9 | ||||||||||||||||||||||
Commitments and contingencies (Note 13) | Commitments and contingencies (Note 13) | 0 | 0 | Commitments and contingencies (Note 13) | ||||||||||||||||||||||||
Stockholders' equity: | Stockholders' equity: | Stockholders' equity: | ||||||||||||||||||||||||||
Preferred stock, $1.00 par value: authorized, 0.3 shares; issued, none | Preferred stock, $1.00 par value: authorized, 0.3 shares; issued, none | — | — | Preferred stock, $1.00 par value: authorized, 0.3 shares; issued, none | — | — | ||||||||||||||||||||||
Common stock, $0.10 par value: authorized, 1,000.0 shares; issued, 638.7 shares at March 31, 2022 and June 30, 2021; outstanding, 418.2 and 423.7 shares at March 31, 2022 and June 30, 2021, respectively | 63.9 | 63.9 | ||||||||||||||||||||||||||
Common stock, $0.10 par value: authorized, 1,000.0 shares; issued, 638.7 shares at December 31, 2022 and June 30, 2022; outstanding, 414.4 and 416.1 shares at December 31, 2022 and June 30, 2022, respectively | Common stock, $0.10 par value: authorized, 1,000.0 shares; issued, 638.7 shares at December 31, 2022 and June 30, 2022; outstanding, 414.4 and 416.1 shares at December 31, 2022 and June 30, 2022, respectively | 63.9 | 63.9 | |||||||||||||||||||||||||
Capital in excess of par value | Capital in excess of par value | 1,736.8 | 1,531.3 | Capital in excess of par value | 1,954.2 | 1,794.2 | ||||||||||||||||||||||
Retained earnings | Retained earnings | 20,504.5 | 19,451.1 | Retained earnings | 21,333.0 | 20,696.3 | ||||||||||||||||||||||
Treasury stock - at cost: 220.5 and 215.0 shares at March 31, 2022 and June 30, 2021, respectively | (16,850.0) | (15,386.8) | ||||||||||||||||||||||||||
Treasury stock - at cost: 224.4 and 222.7 shares at December 31, 2022 and June 30, 2022, respectively | Treasury stock - at cost: 224.4 and 222.7 shares at December 31, 2022 and June 30, 2022, respectively | (17,913.5) | (17,335.4) | |||||||||||||||||||||||||
Accumulated other comprehensive (loss)/ income | Accumulated other comprehensive (loss)/ income | (1,262.3) | 10.6 | Accumulated other comprehensive (loss)/ income | (2,450.9) | (1,993.7) | ||||||||||||||||||||||
Total stockholders’ equity | Total stockholders’ equity | 4,192.9 | 5,670.1 | Total stockholders’ equity | 2,986.7 | 3,225.3 | ||||||||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $ | 72,068.1 | $ | 48,772.5 | Total liabilities and stockholders’ equity | $ | 54,453.0 | $ | 63,068.2 |
Nine Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | ||||||||||||||||||||||||||||||||
Net earnings | Net earnings | $ | 2,323.4 | $ | 2,060.3 | Net earnings | $ | 1,592.2 | $ | 1,394.9 | ||||||||||||||||||||||||
Adjustments to reconcile net earnings to cash flows provided by operating activities: | Adjustments to reconcile net earnings to cash flows provided by operating activities: | Adjustments to reconcile net earnings to cash flows provided by operating activities: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 384.6 | 384.7 | Depreciation and amortization | 271.9 | 255.6 | ||||||||||||||||||||||||||||
Amortization of deferred contract costs | Amortization of deferred contract costs | 714.3 | 700.5 | Amortization of deferred contract costs | 488.6 | 474.9 | ||||||||||||||||||||||||||||
Deferred income taxes | Deferred income taxes | 2.1 | (38.3) | Deferred income taxes | 9.9 | 46.4 | ||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 146.2 | 126.4 | Stock-based compensation expense | 109.0 | 97.9 | ||||||||||||||||||||||||||||
Net pension income | Net pension income | (47.4) | (35.9) | Net pension income | (20.0) | (31.6) | ||||||||||||||||||||||||||||
Net amortization of premiums and accretion of discounts on available-for-sale securities | Net amortization of premiums and accretion of discounts on available-for-sale securities | 76.1 | 48.7 | Net amortization of premiums and accretion of discounts on available-for-sale securities | 23.6 | 48.5 | ||||||||||||||||||||||||||||
Other | Other | (4.6) | 22.4 | Other | 30.8 | 6.8 | ||||||||||||||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
Increase in accounts receivable | Increase in accounts receivable | (533.6) | (365.2) | Increase in accounts receivable | (1.1) | (26.0) | ||||||||||||||||||||||||||||
Increase in other assets | Increase in other assets | (936.9) | (794.0) | Increase in other assets | (787.9) | (668.6) | ||||||||||||||||||||||||||||
(Decrease)/Increase in accounts payable | (41.3) | 9.8 | ||||||||||||||||||||||||||||||||
Increase in accrued expenses and other liabilities | 103.7 | 321.1 | ||||||||||||||||||||||||||||||||
Decrease in accounts payable | Decrease in accounts payable | (20.5) | (19.9) | |||||||||||||||||||||||||||||||
Decrease in accrued expenses and other liabilities | Decrease in accrued expenses and other liabilities | (78.7) | (363.3) | |||||||||||||||||||||||||||||||
Net cash flows provided by operating activities | Net cash flows provided by operating activities | 2,186.6 | 2,440.5 | Net cash flows provided by operating activities | 1,617.8 | 1,215.6 | ||||||||||||||||||||||||||||
Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | ||||||||||||||||||||||||||||||||
Purchases of corporate and client funds marketable securities | Purchases of corporate and client funds marketable securities | (8,944.0) | (7,148.3) | Purchases of corporate and client funds marketable securities | (3,707.1) | (5,223.3) | ||||||||||||||||||||||||||||
Proceeds from the sales and maturities of corporate and client funds marketable securities | Proceeds from the sales and maturities of corporate and client funds marketable securities | 3,366.9 | 5,159.6 | Proceeds from the sales and maturities of corporate and client funds marketable securities | 2,525.6 | 1,996.9 | ||||||||||||||||||||||||||||
Capital expenditures | Capital expenditures | (126.8) | (145.3) | Capital expenditures | (95.1) | (75.8) | ||||||||||||||||||||||||||||
Additions to intangibles | Additions to intangibles | (282.3) | (240.2) | Additions to intangibles | (178.4) | (180.7) | ||||||||||||||||||||||||||||
Acquisitions of businesses, net of cash acquired | Acquisitions of businesses, net of cash acquired | (11.7) | — | Acquisitions of businesses, net of cash acquired | (14.4) | (11.7) | ||||||||||||||||||||||||||||
Proceeds from sale of property, plant, and equipment and other assets | Proceeds from sale of property, plant, and equipment and other assets | 34.2 | 7.8 | Proceeds from sale of property, plant, and equipment and other assets | — | 26.2 | ||||||||||||||||||||||||||||
Net cash flows used in investing activities | Net cash flows used in investing activities | (5,963.7) | (2,366.4) | Net cash flows used in investing activities | (1,469.4) | (3,468.4) | ||||||||||||||||||||||||||||
Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | ||||||||||||||||||||||||||||||||
Net increase in client funds obligations | 25,028.7 | 14,999.9 | ||||||||||||||||||||||||||||||||
Net (decrease)/increase in client funds obligations | Net (decrease)/increase in client funds obligations | (8,096.8) | 11,415.8 | |||||||||||||||||||||||||||||||
Payments of debt | Payments of debt | (0.7) | (1,001.6) | Payments of debt | (0.5) | (0.5) | ||||||||||||||||||||||||||||
Proceeds from the issuance of debt | 7.3 | 991.1 | ||||||||||||||||||||||||||||||||
Settlement of cash flow hedges | — | (43.6) | ||||||||||||||||||||||||||||||||
Repurchases of common stock | Repurchases of common stock | (1,481.9) | (902.5) | Repurchases of common stock | (553.5) | (990.5) | ||||||||||||||||||||||||||||
Net proceeds from stock purchase plan and stock-based compensation plans | Net proceeds from stock purchase plan and stock-based compensation plans | 73.5 | 73.5 | Net proceeds from stock purchase plan and stock-based compensation plans | 24.8 | 50.4 | ||||||||||||||||||||||||||||
Dividends paid | Dividends paid | (1,224.7) | (1,179.5) | Dividends paid | (865.5) | (787.0) | ||||||||||||||||||||||||||||
Net payments related to reverse repurchase agreements | Net payments related to reverse repurchase agreements | (23.5) | (13.6) | Net payments related to reverse repurchase agreements | (132.8) | (23.5) | ||||||||||||||||||||||||||||
Net cash flows provided by financing activities | 22,378.7 | 12,923.7 | ||||||||||||||||||||||||||||||||
Net cash flows (used in)/provided by financing activities | Net cash flows (used in)/provided by financing activities | (9,624.3) | 9,664.7 | |||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents | Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents | (14.2) | 70.4 | Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents | (24.6) | (20.9) | ||||||||||||||||||||||||||||
Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents | Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents | 18,587.4 | 13,068.2 | Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents | (9,500.5) | 7,391.0 | ||||||||||||||||||||||||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period | Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period | 13,143.2 | 7,053.6 | Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period | 22,783.0 | 13,143.2 | ||||||||||||||||||||||||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | $ | 31,730.6 | $ | 20,121.8 | Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | $ | 13,282.5 | $ | 20,534.2 | ||||||||||||||||||||||||
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the Consolidated Balance Sheets | Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the Consolidated Balance Sheets | Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 1,634.2 | $ | 1,891.5 | Cash and cash equivalents | $ | 1,345.0 | $ | 1,745.0 | ||||||||||||||||||||||||
Restricted cash and restricted cash equivalents included in funds held for clients (A) | Restricted cash and restricted cash equivalents included in funds held for clients (A) | 30,096.4 | 18,230.3 | Restricted cash and restricted cash equivalents included in funds held for clients (A) | 11,937.5 | 18,789.2 | ||||||||||||||||||||||||||||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | Total cash, cash equivalents, restricted cash, and restricted cash equivalents | $ | 31,730.6 | $ | 20,121.8 | Total cash, cash equivalents, restricted cash, and restricted cash equivalents | $ | 13,282.5 | $ | 20,534.2 | ||||||||||||||||||||||||
Supplemental disclosures of cash flow information: | Supplemental disclosures of cash flow information: | Supplemental disclosures of cash flow information: | ||||||||||||||||||||||||||||||||
Cash paid for interest | Cash paid for interest | $ | 57.1 | $ | 52.3 | Cash paid for interest | $ | 104.5 | $ | 33.1 | ||||||||||||||||||||||||
Cash paid for income taxes, net of income tax refunds | Cash paid for income taxes, net of income tax refunds | $ | 587.9 | $ | 570.1 | Cash paid for income taxes, net of income tax refunds | $ | 537.1 | $ | 365.7 |
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
March 31, | March 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||
Types of Revenues | Types of Revenues | 2022 | 2021 | 2022 | 2021 | Types of Revenues | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
HCM | HCM | $ | 2,014.0 | $ | 1,858.1 | $ | 5,424.6 | $ | 5,025.8 | HCM | $ | 1,861.8 | $ | 1,743.8 | $ | 3,672.8 | $ | 3,410.4 | ||||||||||||||||||||||||||||
HRO, excluding PEO zero-margin benefits pass-throughs | HRO, excluding PEO zero-margin benefits pass-throughs | 906.4 | 790.5 | 2,344.4 | 2,039.6 | HRO, excluding PEO zero-margin benefits pass-throughs | 853.9 | 758.7 | 1,631.2 | 1,438.0 | ||||||||||||||||||||||||||||||||||||
PEO zero-margin benefits pass-throughs | PEO zero-margin benefits pass-throughs | 897.2 | 784.7 | 2,600.6 | 2,291.7 | PEO zero-margin benefits pass-throughs | 944.2 | 863.9 | 1,890.0 | 1,703.4 | ||||||||||||||||||||||||||||||||||||
Global | Global | 577.4 | 561.3 | 1,676.0 | 1,592.1 | Global | 543.9 | 553.0 | 1,084.3 | 1,098.8 | ||||||||||||||||||||||||||||||||||||
Interest on funds held for clients | Interest on funds held for clients | 118.0 | 107.4 | 325.0 | 319.2 | Interest on funds held for clients | 187.2 | 106.0 | 328.3 | 207.1 | ||||||||||||||||||||||||||||||||||||
Total Revenues | Total Revenues | $ | 4,513.0 | $ | 4,102.0 | $ | 12,370.6 | $ | 11,268.4 | Total Revenues | $ | 4,391.0 | $ | 4,025.4 | $ | 8,606.6 | $ | 7,857.7 |
Types of Revenues | Types of Revenues | Employer Services | PEO | Other | Total | Types of Revenues | Employer Services | PEO | Other | Total | ||||||||||||||||||||||||||||||||||||
HCM | HCM | $ | 2,015.2 | $ | — | $ | (1.2) | $ | 2,014.0 | HCM | $ | 1,864.1 | $ | — | $ | (2.3) | $ | 1,861.8 | ||||||||||||||||||||||||||||
HRO, excluding PEO zero-margin benefits pass-throughs | HRO, excluding PEO zero-margin benefits pass-throughs | 292.5 | 615.5 | (1.6) | 906.4 | HRO, excluding PEO zero-margin benefits pass-throughs | 298.4 | 557.4 | (1.9) | 853.9 | ||||||||||||||||||||||||||||||||||||
PEO zero-margin benefits pass-throughs | PEO zero-margin benefits pass-throughs | — | 897.2 | — | 897.2 | PEO zero-margin benefits pass-throughs | — | 944.2 | — | 944.2 | ||||||||||||||||||||||||||||||||||||
Global | Global | 577.4 | — | — | 577.4 | Global | 543.9 | — | — | 543.9 | ||||||||||||||||||||||||||||||||||||
Interest on funds held for clients | Interest on funds held for clients | 116.9 | 1.1 | — | 118.0 | Interest on funds held for clients | 185.5 | 1.7 | — | 187.2 | ||||||||||||||||||||||||||||||||||||
Total Segment Revenues | Total Segment Revenues | $ | 3,002.0 | $ | 1,513.8 | $ | (2.8) | $ | 4,513.0 | Total Segment Revenues | $ | 2,891.9 | $ | 1,503.3 | $ | (4.2) | $ | 4,391.0 |
Types of Revenues | Types of Revenues | Employer Services | PEO | Other | Total | Types of Revenues | Employer Services | PEO | Other | Total | ||||||||||||||||||||||||||||||||||||
HCM | HCM | $ | 1,859.4 | $ | — | $ | (1.3) | $ | 1,858.1 | HCM | $ | 1,745.7 | $ | — | $ | (1.9) | $ | 1,743.8 | ||||||||||||||||||||||||||||
HRO, excluding PEO zero-margin benefits pass-throughs | HRO, excluding PEO zero-margin benefits pass-throughs | 252.6 | 538.7 | (0.8) | 790.5 | HRO, excluding PEO zero-margin benefits pass-throughs | 267.8 | 493.7 | (2.8) | 758.7 | ||||||||||||||||||||||||||||||||||||
PEO zero-margin benefits pass-throughs | PEO zero-margin benefits pass-throughs | — | 784.7 | — | 784.7 | PEO zero-margin benefits pass-throughs | — | 863.9 | — | 863.9 | ||||||||||||||||||||||||||||||||||||
Global | Global | 561.3 | — | — | 561.3 | Global | 553.0 | — | — | 553.0 | ||||||||||||||||||||||||||||||||||||
Interest on funds held for clients | Interest on funds held for clients | 106.7 | 0.7 | — | 107.4 | Interest on funds held for clients | 104.8 | 1.2 | — | 106.0 | ||||||||||||||||||||||||||||||||||||
Total Segment Revenues | Total Segment Revenues | $ | 2,780.0 | $ | 1,324.1 | $ | (2.1) | $ | 4,102.0 | Total Segment Revenues | $ | 2,671.3 | $ | 1,358.8 | $ | (4.7) | $ | 4,025.4 |
Types of Revenues | Types of Revenues | Employer Services | PEO | Other | Total | Types of Revenues | Employer Services | PEO | Other | Total | ||||||||||||||||||||||||||||||||||||
HCM | HCM | $ | 5,430.2 | $ | — | $ | (5.6) | $ | 5,424.6 | HCM | $ | 3,677.4 | $ | — | $ | (4.6) | $ | 3,672.8 | ||||||||||||||||||||||||||||
HRO, excluding PEO zero-margin benefits pass-throughs | HRO, excluding PEO zero-margin benefits pass-throughs | 816.6 | 1,533.1 | (5.3) | 2,344.4 | HRO, excluding PEO zero-margin benefits pass-throughs | 595.2 | 1,039.7 | (3.7) | 1,631.2 | ||||||||||||||||||||||||||||||||||||
PEO zero-margin benefits pass-throughs | PEO zero-margin benefits pass-throughs | — | 2,600.6 | — | 2,600.6 | PEO zero-margin benefits pass-throughs | — | 1,890.0 | — | 1,890.0 | ||||||||||||||||||||||||||||||||||||
Global | Global | 1,676.0 | — | — | 1,676.0 | Global | 1,084.3 | — | — | 1,084.3 | ||||||||||||||||||||||||||||||||||||
Interest on funds held for clients | Interest on funds held for clients | 322.0 | 3.0 | — | 325.0 | Interest on funds held for clients | 325.3 | 3.0 | — | 328.3 | ||||||||||||||||||||||||||||||||||||
Total Segment Revenues | Total Segment Revenues | $ | 8,244.8 | $ | 4,136.7 | $ | (10.9) | $ | 12,370.6 | Total Segment Revenues | $ | 5,682.2 | $ | 2,932.7 | $ | (8.3) | $ | 8,606.6 |
Types of Revenues | Types of Revenues | Employer Services | PEO | Other | Total | Types of Revenues | Employer Services | PEO | Other | Total | ||||||||||||||||||||||||||||||||||||
HCM | HCM | $ | 5,030.0 | $ | — | $ | (4.2) | $ | 5,025.8 | HCM | $ | 3,414.7 | $ | — | $ | (4.3) | $ | 3,410.4 | ||||||||||||||||||||||||||||
HRO, excluding PEO zero-margin benefits pass-throughs | HRO, excluding PEO zero-margin benefits pass-throughs | 729.1 | 1,311.4 | (0.9) | 2,039.6 | HRO, excluding PEO zero-margin benefits pass-throughs | 524.1 | 917.6 | (3.7) | 1,438.0 | ||||||||||||||||||||||||||||||||||||
PEO zero-margin benefits pass-throughs | PEO zero-margin benefits pass-throughs | — | 2,291.7 | — | 2,291.7 | PEO zero-margin benefits pass-throughs | — | 1,703.4 | — | 1,703.4 | ||||||||||||||||||||||||||||||||||||
Global | Global | 1,592.1 | — | — | 1,592.1 | Global | 1,098.8 | — | — | 1,098.8 | ||||||||||||||||||||||||||||||||||||
Interest on funds held for clients | Interest on funds held for clients | 316.2 | 3.0 | — | 319.2 | Interest on funds held for clients | 205.2 | 1.9 | — | 207.1 | ||||||||||||||||||||||||||||||||||||
Total Segment Revenues | Total Segment Revenues | $ | 7,667.4 | $ | 3,606.1 | $ | (5.1) | $ | 11,268.4 | Total Segment Revenues | $ | 5,242.8 | $ | 2,622.9 | $ | (8.0) | $ | 7,857.7 |
Contract Liability | |||||
Contract liability, July 1, | $ | ||||
Recognition of revenue included in beginning of year contract liability | |||||
Contract liability, net of revenue recognized on contracts during the period | |||||
Currency translation adjustments | |||||
Contract liability, | $ |
Basic | Effect of Employee Stock Option Shares | Effect of Employee Restricted Stock Shares | Diluted | Basic | Effect of Employee Stock Option Shares | Effect of Employee Restricted Stock Shares | Diluted | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2022 | Three Months Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | $ | 928.5 | $ | 928.5 | Net earnings | $ | 813.1 | $ | 813.1 | ||||||||||||||||||||||||||||||||||||||||||
Weighted average shares (in millions) | Weighted average shares (in millions) | 418.1 | 1.0 | 1.1 | 420.2 | Weighted average shares (in millions) | 414.3 | 1.0 | 0.9 | 416.2 | ||||||||||||||||||||||||||||||||||||||||||
EPS | EPS | $ | 2.22 | $ | 2.21 | EPS | $ | 1.96 | $ | 1.95 | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2021 | Three Months Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | $ | 810.7 | $ | 810.7 | Net earnings | $ | 694.4 | $ | 694.4 | ||||||||||||||||||||||||||||||||||||||||||
Weighted average shares (in millions) | Weighted average shares (in millions) | 425.8 | 0.8 | 1.1 | 427.7 | Weighted average shares (in millions) | 419.8 | 1.2 | 1.0 | 422.0 | ||||||||||||||||||||||||||||||||||||||||||
EPS | EPS | $ | 1.90 | $ | 1.90 | EPS | $ | 1.65 | $ | 1.65 | ||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended December 31, 2022 | Six Months Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | $ | 2,323.4 | $ | 2,323.4 | Net earnings | $ | 1,592.2 | $ | 1,592.2 | ||||||||||||||||||||||||||||||||||||||||||
Weighted average shares (in millions) | Weighted average shares (in millions) | 419.8 | 1.1 | 1.1 | 422.0 | Weighted average shares (in millions) | 414.4 | 1.1 | 1.1 | 416.6 | ||||||||||||||||||||||||||||||||||||||||||
EPS | EPS | $ | 5.53 | $ | 5.51 | EPS | $ | 3.84 | $ | 3.82 | ||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended December 31, 2021 | Six Months Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | $ | 2,060.3 | $ | 2,060.3 | Net earnings | $ | 1,394.9 | $ | 1,394.9 | ||||||||||||||||||||||||||||||||||||||||||
Weighted average shares (in millions) | Weighted average shares (in millions) | 427.3 | 0.7 | 0.9 | 428.9 | Weighted average shares (in millions) | 420.6 | 1.2 | 1.1 | 422.9 | ||||||||||||||||||||||||||||||||||||||||||
EPS | EPS | $ | 4.82 | $ | 4.80 | EPS | $ | 3.32 | $ | 3.30 |
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
March 31, | March 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Interest income on corporate funds | Interest income on corporate funds | $ | (5.6) | $ | (4.7) | $ | (23.8) | $ | (28.9) | Interest income on corporate funds | $ | (28.9) | $ | (8.5) | $ | (58.6) | $ | (18.2) | ||||||||||||||||||||||||||||
Realized (gains)/losses on available-for-sale securities, net | 0.3 | 0.4 | (0.2) | (7.6) | ||||||||||||||||||||||||||||||||||||||||||
Realized losses/(gains) on available-for-sale securities, net | Realized losses/(gains) on available-for-sale securities, net | 11.5 | (0.4) | 13.0 | (0.5) | |||||||||||||||||||||||||||||||||||||||||
Gain on sale of assets | Gain on sale of assets | — | — | — | (1.3) | |||||||||||||||||||||||||||||||||||||||||
Impairment of assets | Impairment of assets | 4.3 | 2.6 | 4.3 | 7.6 | Impairment of assets | — | — | 0.3 | — | ||||||||||||||||||||||||||||||||||||
Gain on sale of assets | (6.2) | (1.6) | (7.5) | (3.4) | ||||||||||||||||||||||||||||||||||||||||||
Non-service components of pension income, net (see Note 11) | Non-service components of pension income, net (see Note 11) | (17.8) | (15.5) | (53.2) | (40.4) | Non-service components of pension income, net (see Note 11) | (13.1) | (17.7) | (24.7) | (35.4) | ||||||||||||||||||||||||||||||||||||
Other (income)/expense, net | Other (income)/expense, net | $ | (25.0) | $ | (18.8) | $ | (80.4) | $ | (72.7) | Other (income)/expense, net | $ | (30.5) | $ | (26.6) | $ | (70.0) | $ | (55.4) |
March 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Market Value (A) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Market Value (A) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Type of issue: | Type of issue: | Type of issue: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market securities, cash and other cash equivalents | Money market securities, cash and other cash equivalents | $ | 31,730.6 | $ | — | $ | — | $ | 31,730.6 | Money market securities, cash and other cash equivalents | $ | 13,282.5 | $ | — | $ | — | $ | 13,282.5 | ||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities: | Available-for-sale securities: | Available-for-sale securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 15,909.4 | 38.1 | (685.5) | 15,262.0 | Corporate bonds | 16,154.2 | 1.4 | (1,388.6) | 14,767.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | 4,573.2 | 8.2 | (134.9) | 4,446.5 | U.S. Treasury securities | 6,803.3 | 0.1 | (287.7) | 6,515.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 2,015.1 | 6.8 | (36.2) | 1,985.7 | Asset-backed securities | 1,576.0 | 0.3 | (76.8) | 1,499.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Canadian government obligations and Canadian government agency obligations | Canadian government obligations and Canadian government agency obligations | 1,913.0 | 0.7 | (84.6) | 1,829.1 | Canadian government obligations and Canadian government agency obligations | 1,979.4 | — | (147.3) | 1,832.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agency securities | U.S. government agency securities | 1,750.5 | 0.9 | (91.8) | 1,659.6 | U.S. government agency securities | 1,688.3 | — | (187.1) | 1,501.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Canadian provincial bonds | Canadian provincial bonds | 1,006.2 | 1.5 | (40.1) | 967.6 | Canadian provincial bonds | 926.4 | 0.2 | (77.8) | 848.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | Commercial mortgage-backed securities | 874.2 | 4.7 | (16.1) | 862.8 | Commercial mortgage-backed securities | 752.5 | — | (50.3) | 702.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other securities | Other securities | 1,277.6 | 3.9 | (44.0) | 1,237.5 | Other securities | 1,260.6 | 1.8 | (89.5) | 1,172.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total available-for-sale securities | Total available-for-sale securities | 29,319.2 | 64.8 | (1,133.2) | 28,250.8 | Total available-for-sale securities | 31,140.7 | 3.8 | (2,305.1) | 28,839.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total corporate investments and funds held for clients | Total corporate investments and funds held for clients | $ | 61,049.8 | $ | 64.8 | $ | (1,133.2) | $ | 59,981.4 | Total corporate investments and funds held for clients | $ | 44,423.2 | $ | 3.8 | $ | (2,305.1) | $ | 42,121.9 |
June 30, 2021 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Market Value (B) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Market Value (B) | |||||||||||||||||||||||||||||||||||||||
Type of issue: | Type of issue: | Type of issue: | ||||||||||||||||||||||||||||||||||||||||||||
Money market securities, cash and other cash equivalents | Money market securities, cash and other cash equivalents | $ | 13,143.2 | $ | — | $ | — | $ | 13,143.2 | Money market securities, cash and other cash equivalents | $ | 22,783.0 | $ | — | $ | — | $ | 22,783.0 | ||||||||||||||||||||||||||||
Available-for-sale securities: | Available-for-sale securities: | Available-for-sale securities: | ||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 11,732.3 | 321.9 | (38.5) | 12,015.7 | Corporate bonds | 16,183.1 | 3.9 | (1,083.0) | 15,104.0 | ||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | 4,036.9 | 64.8 | (9.3) | 4,092.4 | U.S. Treasury securities | 5,003.6 | 2.2 | (171.1) | 4,834.7 | ||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 2,279.8 | 60.9 | (0.9) | 2,339.8 | Asset-backed securities | 1,995.7 | 0.5 | (58.8) | 1,937.4 | ||||||||||||||||||||||||||||||||||||
Canadian government obligations and Canadian government agency obligations | Canadian government obligations and Canadian government agency obligations | 1,542.3 | 15.0 | (9.0) | 1,548.3 | Canadian government obligations and Canadian government agency obligations | 2,022.9 | 0.1 | (123.5) | 1,899.5 | ||||||||||||||||||||||||||||||||||||
U.S. government agency securities | U.S. government agency securities | 1,446.3 | 22.5 | (9.4) | 1,459.4 | U.S. government agency securities | 1,728.2 | 0.1 | (138.2) | 1,590.1 | ||||||||||||||||||||||||||||||||||||
Canadian provincial bonds | Canadian provincial bonds | 956.3 | 22.7 | (5.3) | 973.7 | Canadian provincial bonds | 994.3 | 0.4 | (62.7) | 932.0 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | Commercial mortgage-backed securities | 793.4 | 41.2 | — | 834.6 | Commercial mortgage-backed securities | 858.7 | 0.3 | (29.9) | 829.1 | ||||||||||||||||||||||||||||||||||||
Other securities | Other securities | 1,082.2 | 30.9 | (5.3) | 1,107.8 | Other securities | 1,326.5 | 2.2 | (63.9) | 1,264.8 | ||||||||||||||||||||||||||||||||||||
Total available-for-sale securities | Total available-for-sale securities | 23,869.5 | 579.9 | (77.7) | 24,371.7 | Total available-for-sale securities | 30,113.0 | 9.7 | (1,731.1) | 28,391.6 | ||||||||||||||||||||||||||||||||||||
Total corporate investments and funds held for clients | Total corporate investments and funds held for clients | $ | 37,012.7 | $ | 579.9 | $ | (77.7) | $ | 37,514.9 | Total corporate investments and funds held for clients | $ | 52,896.0 | $ | 9.7 | $ | (1,731.1) | $ | 51,174.6 |
March 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities in Unrealized Loss Position Less Than 12 Months | Securities in Unrealized Loss Position Greater Than 12 Months | Total | Securities in Unrealized Loss Position Less Than 12 Months | Securities in Unrealized Loss Position Greater Than 12 Months | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Unrealized Losses | Fair Market Value | Gross Unrealized Losses | Fair Market Value | Gross Unrealized Losses | Fair Market Value | Gross Unrealized Losses | Fair Market Value | Gross Unrealized Losses | Fair Market Value | Gross Unrealized Losses | Fair Market Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | $ | (489.9) | $ | 9,213.9 | $ | (195.6) | $ | 2,351.9 | $ | (685.5) | $ | 11,565.8 | Corporate bonds | $ | (552.1) | $ | 8,221.3 | $ | (836.5) | $ | 6,457.6 | $ | (1,388.6) | $ | 14,678.9 | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | (96.3) | 2,432.3 | (38.6) | 471.1 | (134.9) | 2,903.4 | U.S. Treasury securities | (116.0) | 5,008.0 | (171.7) | 1,495.8 | (287.7) | 6,503.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | (31.7) | 881.3 | (4.5) | 54.6 | (36.2) | 935.9 | Asset-backed securities | (30.4) | 1,091.4 | (46.4) | 371.0 | (76.8) | 1,462.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Canadian government obligations and Canadian government agency obligations | Canadian government obligations and Canadian government agency obligations | (74.3) | 1,485.3 | (10.3) | 116.7 | (84.6) | 1,602.0 | Canadian government obligations and Canadian government agency obligations | (39.0) | 808.8 | (108.3) | 1,019.9 | (147.3) | 1,828.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agency securities | U.S. government agency securities | (39.4) | 806.9 | (52.4) | 706.3 | (91.8) | 1,513.2 | U.S. government agency securities | (61.0) | 586.0 | (126.1) | 915.2 | (187.1) | 1,501.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Canadian provincial bonds | Canadian provincial bonds | (27.3) | 636.7 | (12.8) | 139.5 | (40.1) | 776.2 | Canadian provincial bonds | (29.6) | 503.0 | (48.2) | 324.1 | (77.8) | 827.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | Commercial mortgage-backed securities | (16.1) | 540.9 | — | — | (16.1) | 540.9 | Commercial mortgage-backed securities | (39.3) | 610.4 | (11.0) | 91.8 | (50.3) | 702.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other securities | Other securities | (28.1) | 560.8 | (15.9) | 191.7 | (44.0) | 752.5 | Other securities | (31.9) | 698.5 | (57.6) | 388.5 | (89.5) | 1,087.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | (803.1) | $ | 16,558.1 | $ | (330.1) | $ | 4,031.8 | $ | (1,133.2) | $ | 20,589.9 | $ | (899.3) | $ | 17,527.4 | $ | (1,405.8) | $ | 11,063.9 | $ | (2,305.1) | $ | 28,591.3 |
June 30, 2021 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities in Unrealized Loss Position Less Than 12 Months | Securities in Unrealized Loss Position Greater Than 12 Months | Total | Securities in Unrealized Loss Position Less Than 12 Months | Securities in Unrealized Loss Position Greater Than 12 Months | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Unrealized Losses | Fair Market Value | Gross Unrealized Losses | Fair Market Value | Gross Unrealized Losses | Fair Market Value | Gross Unrealized Losses | Fair Market Value | Gross Unrealized Losses | Fair Market Value | Gross Unrealized Losses | Fair Market Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | $ | (38.5) | $ | 3,539.6 | $ | — | $ | — | $ | (38.5) | $ | 3,539.6 | Corporate bonds | $ | (824.0) | $ | 11,525.4 | $ | (259.0) | $ | 2,356.7 | $ | (1,083.0) | $ | 13,882.1 | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | (9.3) | 580.9 | — | — | (9.3) | 580.9 | U.S. Treasury securities | (126.4) | 2,919.6 | (44.7) | 464.6 | (171.1) | 3,384.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | (0.9) | 160.9 | — | — | (0.9) | 160.9 | Asset-backed securities | (52.6) | 1,444.9 | (6.2) | 59.9 | (58.8) | 1,504.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Canadian government obligations and Canadian government agency obligations | Canadian government obligations and Canadian government agency obligations | (9.0) | 721.3 | — | — | (9.0) | 721.3 | Canadian government obligations and Canadian government agency obligations | (110.0) | 1,782.6 | (13.5) | 113.3 | (123.5) | 1,895.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agency securities | U.S. government agency securities | (9.4) | 749.7 | — | — | (9.4) | 749.7 | U.S. government agency securities | (75.3) | 859.3 | (62.9) | 695.6 | (138.2) | 1,554.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Canadian provincial bonds | Canadian provincial bonds | (5.3) | 253.7 | — | — | (5.3) | 253.7 | Canadian provincial bonds | (45.4) | 726.9 | (17.3) | 133.2 | (62.7) | 860.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | Commercial mortgage-backed securities | — | 16.7 | — | — | — | 16.7 | Commercial mortgage-backed securities | (29.5) | 802.8 | (0.4) | 4.3 | (29.9) | 807.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other securities | Other securities | (5.2) | 308.5 | (0.1) | 1.9 | (5.3) | 310.4 | Other securities | (42.6) | 737.3 | (21.3) | 178.2 | (63.9) | 915.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | (77.6) | $ | 6,331.3 | $ | (0.1) | $ | 1.9 | $ | (77.7) | $ | 6,333.2 | $ | (1,305.8) | $ | 20,798.8 | $ | (425.3) | $ | 4,005.8 | $ | (1,731.1) | $ | 24,804.6 |
March 31, | June 30, | December 31, | June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2022 | |||||||||||||||||||||||||
Corporate investments: | Corporate investments: | Corporate investments: | ||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 1,634.2 | $ | 2,575.2 | Cash and cash equivalents | $ | 1,345.0 | $ | 1,436.3 | ||||||||||||||||||
Short-term marketable securities (a) | Short-term marketable securities (a) | 27.6 | 10.4 | Short-term marketable securities (a) | 16.4 | 47.0 | ||||||||||||||||||||||
Long-term marketable securities (b) | Long-term marketable securities (b) | — | 23.5 | Long-term marketable securities (b) | — | 122.1 | ||||||||||||||||||||||
Total corporate investments | Total corporate investments | $ | 1,661.8 | $ | 2,609.1 | Total corporate investments | $ | 1,361.4 | $ | 1,605.4 |
March 31, | June 30, | December 31, | June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2022 | |||||||||||||||||||||||||
Funds held for clients: | Funds held for clients: | Funds held for clients: | ||||||||||||||||||||||||||
Restricted cash and cash equivalents held to satisfy client funds obligations | Restricted cash and cash equivalents held to satisfy client funds obligations | $ | 30,096.4 | $ | 10,568.0 | Restricted cash and cash equivalents held to satisfy client funds obligations | $ | 11,937.5 | $ | 21,346.7 | ||||||||||||||||||
Restricted short-term marketable securities held to satisfy client funds obligations | Restricted short-term marketable securities held to satisfy client funds obligations | 4,337.5 | 3,743.3 | Restricted short-term marketable securities held to satisfy client funds obligations | 3,294.3 | 4,263.1 | ||||||||||||||||||||||
Restricted long-term marketable securities held to satisfy client funds obligations | Restricted long-term marketable securities held to satisfy client funds obligations | 23,885.7 | 20,594.5 | Restricted long-term marketable securities held to satisfy client funds obligations | 25,528.7 | 23,959.4 | ||||||||||||||||||||||
Total funds held for clients | Total funds held for clients | $ | 58,319.6 | $ | 34,905.8 | Total funds held for clients | $ | 40,760.5 | $ | 49,569.2 |
One year or less | $ | ||||
One year to two years | |||||
Two years to three years | |||||
Three years to four years | |||||
After four years | |||||
Total available-for-sale securities | $ |
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
March 31, | March 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Operating lease cost | Operating lease cost | $ | 36.4 | $ | 39.5 | $ | 108.9 | $ | 118.6 | Operating lease cost | $ | 32.1 | $ | 36.7 | $ | 67.8 | $ | 72.5 | ||||||||||||||||||||||||||||
Short-term lease cost | Short-term lease cost | 0.3 | 0.3 | 0.8 | 1.0 | Short-term lease cost | 0.4 | 0.2 | 0.7 | 0.5 | ||||||||||||||||||||||||||||||||||||
Variable lease cost | Variable lease cost | 2.9 | 2.5 | 8.2 | 6.8 | Variable lease cost | 3.9 | 2.9 | 6.8 | 5.4 | ||||||||||||||||||||||||||||||||||||
Total operating lease cost | Total operating lease cost | $ | 39.6 | $ | 42.3 | $ | 117.9 | $ | 126.4 | Total operating lease cost | $ | 36.4 | $ | 39.8 | $ | 75.3 | $ | 78.4 |
Nine Months Ended | Six Months Ended | |||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Cash paid for operating lease liabilities | Cash paid for operating lease liabilities | $ | 96.1 | $ | 111.9 | Cash paid for operating lease liabilities | $ | 65.3 | $ | 64.5 | ||||||||||||
Operating lease ROU assets obtained in exchange for new operating lease liabilities | Operating lease ROU assets obtained in exchange for new operating lease liabilities | $ | 74.9 | $ | 107.4 | Operating lease ROU assets obtained in exchange for new operating lease liabilities | $ | 18.7 | $ | 61.1 |
March 31, | June 30, | December 31, | June 30, | |||||||||||||||||||
2022 | 2021 | 2022 | 2022 | |||||||||||||||||||
Weighted-average remaining lease term (in years) | Weighted-average remaining lease term (in years) | 6 | 6 | Weighted-average remaining lease term (in years) | 6 | 6 | ||||||||||||||||
Weighted-average discount rate | Weighted-average discount rate | 2.1 | % | 2.2 | % | Weighted-average discount rate | 2.3 | % | 2.2 | % | ||||||||||||
Current operating lease liability | Current operating lease liability | $ | 98.6 | $ | 94.7 | Current operating lease liability | $ | 94.7 | $ | 95.1 |
55.7 | |||||
Twelve months ending June 30, 2024 | |||||
Twelve months ending June 30, 2025 | |||||
Twelve months ending June 30, 2026 | |||||
Twelve months ending June 30, 2027 | 58.9 | ||||
Thereafter | |||||
Total undiscounted lease obligations | |||||
Less: Imputed interest | |||||
Net lease obligations | $ |
Employer Services | PEO Services | Total | Employer Services | PEO Services | Total | |||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 2,333.6 | $ | 4.8 | $ | 2,338.4 | ||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | $ | 2,295.7 | $ | 4.8 | $ | 2,300.5 | |||||||||||||||||||||||||||||||||||||||
Additions and other adjustments | Additions and other adjustments | 11.1 | — | 11.1 | Additions and other adjustments | 11.6 | — | 11.6 | ||||||||||||||||||||||||||||||||||||||
Currency translation adjustments | Currency translation adjustments | (25.4) | — | (25.4) | Currency translation adjustments | 2.9 | — | 2.9 | ||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 2,319.3 | $ | 4.8 | $ | 2,324.1 | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | Balance at December 31, 2022 | $ | 2,310.2 | $ | 4.8 | $ | 2,315.0 |
March 31, | June 30, | December 31, | June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2022 | |||||||||||||||||||||||||
Intangible assets: | Intangible assets: | Intangible assets: | ||||||||||||||||||||||||||
Software and software licenses | Software and software licenses | $ | 3,229.8 | $ | 2,950.8 | Software and software licenses | $ | 3,435.9 | $ | 3,271.3 | ||||||||||||||||||
Customer contracts and lists | Customer contracts and lists | 1,100.4 | 1,062.2 | Customer contracts and lists | 1,121.3 | 1,104.7 | ||||||||||||||||||||||
Other intangibles | Other intangibles | 241.3 | 239.0 | Other intangibles | 241.6 | 241.2 | ||||||||||||||||||||||
4,571.5 | 4,252.0 | 4,798.8 | 4,617.2 | |||||||||||||||||||||||||
Less accumulated amortization: | Less accumulated amortization: | Less accumulated amortization: | ||||||||||||||||||||||||||
Software and software licenses | Software and software licenses | (2,221.8) | (2,090.4) | Software and software licenses | (2,346.2) | (2,251.9) | ||||||||||||||||||||||
Customer contracts and lists | Customer contracts and lists | (790.0) | (723.4) | Customer contracts and lists | (851.5) | (798.9) | ||||||||||||||||||||||
Other intangibles | Other intangibles | (232.4) | (228.1) | Other intangibles | (235.5) | (233.3) | ||||||||||||||||||||||
(3,244.2) | (3,041.9) | (3,433.2) | (3,284.1) | |||||||||||||||||||||||||
Intangible assets, net | Intangible assets, net | $ | 1,327.3 | $ | 1,210.1 | Intangible assets, net | $ | 1,365.6 | $ | 1,333.1 |
Amount | |||||
$ | |||||
Twelve months ending June 30, 2024 | $ | ||||
Twelve months ending June 30, 2025 | $ | ||||
Twelve months ending June 30, 2026 | $ | ||||
Twelve months ending June 30, 2027 | $ | ||||
Twelve months ending June 30, 2028 | $ | 86.9 |
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
March 31, | March 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Average daily borrowings (in billions) | Average daily borrowings (in billions) | $ | 1.2 | $ | 0.7 | $ | 1.7 | $ | 1.6 | Average daily borrowings (in billions) | $ | 3.4 | $ | 1.9 | $ | 4.0 | $ | 1.9 | ||||||||||||||||||||||||||||
Weighted average interest rates | Weighted average interest rates | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | Weighted average interest rates | 3.5 | % | 0.1 | % | 2.8 | % | 0.1 | % | ||||||||||||||||||||||||||||
Weighted average maturity (approximately in days) | Weighted average maturity (approximately in days) | 1 day | 1 day | 1 day | 1 day | Weighted average maturity (approximately in days) | 2 days | 1 day | 2 days | 1 day |
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
March 31, | March 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Average outstanding balances | Average outstanding balances | $ | 93.2 | $ | 54.9 | $ | 172.8 | $ | 97.1 | Average outstanding balances | $ | 960.8 | $ | 228.4 | $ | 1,040.1 | $ | 211.7 | ||||||||||||||||||||||||||||
Weighted average interest rates | Weighted average interest rates | 0.3 | % | 0.2 | % | 0.2 | % | 0.3 | % | Weighted average interest rates | 3.4 | % | 0.2 | % | 2.9 | % | 0.2 | % |
Debt instrument | Debt instrument | Effective Interest Rate | March 31, 2022 | June 30, 2021 | Debt instrument | Effective Interest Rate | December 31, 2022 | June 30, 2022 | ||||||||||||||||||||||||||||||||
Fixed-rate 3.375% notes due September 15, 2025 | Fixed-rate 3.375% notes due September 15, 2025 | 3.47% | $ | 1,000.0 | $ | 1,000.0 | Fixed-rate 3.375% notes due September 15, 2025 | 3.47% | $ | 1,000.0 | $ | 1,000.0 | ||||||||||||||||||||||||||||
Fixed-rate 1.250% notes due September 1, 2030 | Fixed-rate 1.250% notes due September 1, 2030 | 1.83% | 1,000.0 | 1,000.0 | Fixed-rate 1.250% notes due September 1, 2030 | 1.83% | 1,000.0 | 1,000.0 | ||||||||||||||||||||||||||||||||
Fixed-rate 1.700% notes due May 15, 2028 | Fixed-rate 1.700% notes due May 15, 2028 | 1.85% | 1,000.0 | 1,000.0 | Fixed-rate 1.700% notes due May 15, 2028 | 1.85% | 1,000.0 | 1,000.0 | ||||||||||||||||||||||||||||||||
Other | Other | 13.5 | 6.9 | Other | 5.5 | 6.0 | ||||||||||||||||||||||||||||||||||
3,013.5 | 3,006.9 | 3,005.5 | 3,006.0 | |||||||||||||||||||||||||||||||||||||
Less: current portion (a) | Less: current portion (a) | (8.4) | (1.2) | Less: current portion (a) | (1.2) | (1.2) | ||||||||||||||||||||||||||||||||||
Less: unamortized discount and debt issuance costs | Less: unamortized discount and debt issuance costs | (18.5) | (20.7) | Less: unamortized discount and debt issuance costs | (16.2) | (17.7) | ||||||||||||||||||||||||||||||||||
Total long-term debt | Total long-term debt | $ | 2,986.6 | $ | 2,985.0 | Total long-term debt | $ | 2,988.1 | $ | 2,987.1 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Operating expenses | $ | 4.8 | $ | 4.8 | $ | 14.8 | $ | 13.2 | |||||||||||||||
Selling, general and administrative expenses | 37.3 | 34.8 | 111.3 | 95.7 | |||||||||||||||||||
System development and programming costs | 6.2 | 5.9 | 20.1 | 17.5 | |||||||||||||||||||
Total stock-based compensation expense | $ | 48.3 | $ | 45.5 | $ | 146.2 | $ | 126.4 | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Operating expenses | $ | 6.5 | $ | 5.2 | $ | 12.5 | $ | 9.9 | |||||||||||||||
Selling, general and administrative expenses | 44.4 | 42.7 | 81.5 | 74.1 | |||||||||||||||||||
System development and programming costs | 7.5 | 7.7 | 15.0 | 13.9 | |||||||||||||||||||
Total stock-based compensation expense | $ | 58.4 | $ | 55.6 | $ | 109.0 | $ | 97.9 | |||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, | March 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost – benefits earned during the period | Service cost – benefits earned during the period | $ | 1.3 | $ | 1.2 | $ | 4.1 | $ | 3.6 | Service cost – benefits earned during the period | $ | 1.2 | $ | 1.4 | $ | 2.3 | $ | 2.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest cost on projected benefits | Interest cost on projected benefits | 13.1 | 12.8 | 39.2 | 38.3 | Interest cost on projected benefits | 19.5 | 13.1 | 39.0 | 26.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (32.0) | (30.4) | (95.9) | (91.1) | Expected return on plan assets | (31.8) | (32.0) | (63.7) | (64.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net amortization and deferral | Net amortization and deferral | 1.7 | 2.5 | 5.1 | 7.5 | Net amortization and deferral | 0.4 | 1.7 | 1.0 | 3.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlement charges and special termination benefits | Settlement charges and special termination benefits | 0.1 | — | 0.1 | 5.8 | Settlement charges and special termination benefits | — | — | 1.4 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net pension (income)/expense | Net pension (income)/expense | $ | (15.8) | $ | (13.9) | $ | (47.4) | $ | (35.9) | Net pension (income)/expense | $ | (10.7) | $ | (15.8) | $ | (20.0) | $ | (31.6) |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | AOCI | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | AOCI | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 63.9 | $ | 1,664.7 | $ | 20,011.8 | $ | (16,362.4) | $ | (328.4) | $ | 5,049.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | $ | 63.9 | $ | 1,893.1 | $ | 21,039.0 | $ | (17,695.4) | $ | (2,724.1) | $ | 2,576.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | — | 928.5 | — | 928.5 | Net earnings | — | 813.1 | — | 813.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | — | — | (933.9) | (933.9) | Other comprehensive income | — | — | 273.2 | 273.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | 42.7 | — | — | 42.7 | Stock-based compensation expense | — | 51.0 | — | — | 51.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances relating to stock compensation plans | Issuances relating to stock compensation plans | — | 29.4 | — | 10.3 | — | 39.7 | Issuances relating to stock compensation plans | — | 10.1 | — | 6.2 | — | 16.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock acquired (2.3 million shares repurchased) | — | — | (497.9) | — | (497.9) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($1.04 per share) | — | — | (435.8) | — | — | (435.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock acquired (0.9 million shares repurchased) | Treasury stock acquired (0.9 million shares repurchased) | — | — | (224.3) | — | (224.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($1.25 per share) | Dividends declared ($1.25 per share) | — | — | (519.1) | — | — | (519.1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 63.9 | $ | 1,736.8 | $ | 20,504.5 | $ | (16,850.0) | $ | (1,262.3) | $ | 4,192.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | Balance at December 31, 2022 | $ | 63.9 | $ | 1,954.2 | $ | 21,333.0 | $ | (17,913.5) | $ | (2,450.9) | $ | 2,986.7 |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | AOCI | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | AOCI | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 63.9 | $ | 1,407.6 | $ | 18,893.6 | $ | (14,505.4) | $ | 40.3 | $ | 5,900.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | Balance at September 30, 2021 | $ | 63.9 | $ | 1,579.1 | $ | 19,754.8 | $ | (15,924.2) | $ | (122.9) | $ | 5,350.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | — | — | 810.7 | — | — | 810.7 | Net earnings | — | — | 694.4 | — | — | 694.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | — | — | — | — | (298.0) | (298.0) | Other comprehensive income | — | — | — | — | (205.5) | (205.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | 38.8 | — | — | — | 38.8 | Stock-based compensation expense | — | 47.6 | — | — | — | 47.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances relating to stock compensation plans | Issuances relating to stock compensation plans | — | 33.4 | — | 19.7 | — | 53.1 | Issuances relating to stock compensation plans | — | 38.0 | — | 20.4 | — | 58.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock acquired (2.5 million shares repurchased) | — | — | — | (433.9) | — | (433.9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.93 per share) | — | — | (396.8) | — | — | (396.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock acquired (2.0 million shares repurchased) | Treasury stock acquired (2.0 million shares repurchased) | — | — | — | (458.6) | — | (458.6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($1.04 per share) | Dividends declared ($1.04 per share) | — | — | (437.4) | — | — | (437.4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 63.9 | $ | 1,479.8 | $ | 19,307.5 | $ | (14,919.6) | $ | (257.7) | $ | 5,673.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | Balance at December 31, 2021 | $ | 63.9 | $ | 1,664.7 | $ | 20,011.8 | $ | (16,362.4) | $ | (328.4) | $ | 5,049.6 |
Nine Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | AOCI | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | AOCI | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 63.9 | $ | 1,531.3 | $ | 19,451.1 | $ | (15,386.8) | $ | 10.6 | $ | 5,670.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | $ | 63.9 | $ | 1,794.2 | $ | 20,696.3 | $ | (17,335.4) | $ | (1,993.7) | $ | 3,225.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | — | 2,323.4 | — | 2,323.4 | Net earnings | — | 1,592.2 | — | 1,592.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | — | — | (1,272.9) | (1,272.9) | Other comprehensive income | — | — | (457.2) | (457.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | 129.9 | — | — | 129.9 | Stock-based compensation expense | — | 97.0 | — | — | 97.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances relating to stock compensation plans | Issuances relating to stock compensation plans | — | 75.6 | — | 90.7 | — | 166.3 | Issuances relating to stock compensation plans | — | 63.0 | — | 46.5 | — | 109.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock acquired (7.0 million shares repurchased) | — | — | (1,553.9) | — | (1,553.9) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($3.01 per share) | — | — | (1,270.0) | — | — | (1,270.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock acquired (2.3 million shares repurchased) | Treasury stock acquired (2.3 million shares repurchased) | — | — | (624.6) | — | (624.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($2.29 per share) | Dividends declared ($2.29 per share) | — | — | (955.5) | — | — | (955.5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 63.9 | $ | 1,736.8 | $ | 20,504.5 | $ | (16,850.0) | $ | (1,262.3) | $ | 4,192.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | Balance at December 31, 2022 | $ | 63.9 | $ | 1,954.2 | $ | 21,333.0 | $ | (17,913.5) | $ | (2,450.9) | $ | 2,986.7 |
Nine Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | AOCI | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | AOCI | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 63.9 | $ | 1,333.8 | $ | 18,436.3 | $ | (14,067.0) | $ | (14.8) | $ | 5,752.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | Balance at June 30, 2021 | $ | 63.9 | $ | 1,531.3 | $ | 19,451.1 | $ | (15,386.8) | $ | 10.6 | $ | 5,670.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | — | — | 2,060.3 | — | — | 2,060.3 | Net earnings | — | — | 1,394.9 | — | — | 1,394.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | — | — | — | — | (242.9) | (242.9) | Other comprehensive income | — | — | — | — | (339.0) | (339.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | 114.5 | — | — | — | 114.5 | Stock-based compensation expense | — | 87.0 | — | — | — | 87.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances relating to stock compensation plans | Issuances relating to stock compensation plans | — | 31.5 | — | 102.7 | — | 134.2 | Issuances relating to stock compensation plans | — | 46.4 | — | 80.4 | — | 126.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock acquired (5.7 million shares repurchased) | — | — | — | (955.3) | — | (955.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($2.77 per share) | — | — | (1,189.1) | — | — | (1,189.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock acquired (4.6 million shares repurchased) | Treasury stock acquired (4.6 million shares repurchased) | — | — | — | (1,056.0) | — | (1,056.0) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($1.97 per share) | Dividends declared ($1.97 per share) | — | — | (834.2) | — | — | (834.2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 63.9 | $ | 1,479.8 | $ | 19,307.5 | $ | (14,919.6) | $ | (257.7) | $ | 5,673.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | Balance at December 31, 2021 | $ | 63.9 | $ | 1,664.7 | $ | 20,011.8 | $ | (16,362.4) | $ | (328.4) | $ | 5,049.6 |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency Translation Adjustment | Net Gains/Losses on Available-for-sale Securities | Cash Flow Hedging Activities | Pension Liability | Accumulated Other Comprehensive (Loss) /Income | Currency Translation Adjustment | Net Gains/Losses on Available-for-sale Securities | Cash Flow Hedging Activities | Pension Liability | Accumulated Other Comprehensive (Loss) /Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | (278.3) | $ | 98.3 | $ | (28.3) | $ | (120.1) | $ | (328.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | $ | (438.9) | $ | (1,978.1) | $ | (25.8) | $ | (281.3) | $ | (2,724.1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss)/income before reclassification adjustments | Other comprehensive (loss)/income before reclassification adjustments | (14.2) | (1,192.5) | — | — | (1,206.7) | Other comprehensive (loss)/income before reclassification adjustments | 71.1 | 242.2 | — | — | 313.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax effect | Tax effect | — | 270.3 | — | — | 270.3 | Tax effect | — | (51.2) | — | — | (51.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustments to net earnings | Reclassification adjustments to net earnings | — | 0.3 | (A) | 1.1 | (C) | 1.9 | (B) | 3.3 | Reclassification adjustments to net earnings | — | 11.5 | (A) | 1.1 | (C) | 1.5 | (B) | 14.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax effect | Tax effect | — | (0.1) | (0.3) | (0.4) | (0.8) | Tax effect | — | (2.7) | (0.2) | (0.1) | (3.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | (292.5) | $ | (823.7) | $ | (27.5) | $ | (118.6) | $ | (1,262.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | Balance at December 31, 2022 | $ | (367.8) | $ | (1,778.3) | $ | (24.9) | $ | (279.9) | $ | (2,450.9) |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency Translation Adjustment | Net Gains/Losses on Available-for-sale Securities | Cash Flow Hedging Activities | Pension Liability | Accumulated Other Comprehensive (Loss) /Income | Currency Translation Adjustment | Net Gains/Losses on Available-for-sale Securities | Cash Flow Hedging Activities | Pension Liability | Accumulated Other Comprehensive (Loss) /Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | (209.9) | $ | 621.0 | $ | (31.5) | $ | (339.3) | $ | 40.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | Balance at September 30, 2021 | $ | (261.9) | $ | 289.8 | $ | (29.1) | $ | (121.7) | $ | (122.9) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss)/income before reclassification adjustments | Other comprehensive (loss)/income before reclassification adjustments | (27.5) | (352.5) | — | — | (380.0) | Other comprehensive (loss)/income before reclassification adjustments | (16.4) | (247.6) | — | — | (264.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax effect | Tax effect | — | 79.2 | — | — | 79.2 | Tax effect | — | 56.4 | — | — | 56.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustments to net earnings | Reclassification adjustments to net earnings | — | 0.4 | (A) | 1.1 | (C) | 2.8 | (B) | 4.3 | Reclassification adjustments to net earnings | — | (0.4) | (A) | 1.1 | (C) | 1.9 | (B) | 2.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax effect | Tax effect | — | (0.1) | (0.3) | (1.1) | (1.5) | Tax effect | — | 0.1 | (0.3) | (0.3) | (0.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | (237.4) | $ | 348.0 | $ | (30.7) | $ | (337.6) | $ | (257.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | Balance at December 31, 2021 | $ | (278.3) | $ | 98.3 | $ | (28.3) | $ | (120.1) | $ | (328.4) |
Nine Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency Translation Adjustment | Net Gains/Losses on Available-for-sale Securities | Cash Flow Hedging Activities | Pension Liability | Accumulated Other Comprehensive (Loss) /Income | Currency Translation Adjustment | Net Gains/Losses on Available-for-sale Securities | Cash Flow Hedging Activities | Pension Liability | Accumulated Other Comprehensive (Loss) /Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | (226.8) | $ | 390.9 | $ | (29.9) | $ | (123.6) | $ | 10.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | $ | (354.2) | $ | (1,330.0) | $ | (26.6) | $ | (282.9) | $ | (1,993.7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss)/income before reclassification adjustments | Other comprehensive (loss)/income before reclassification adjustments | (65.7) | (1,570.4) | — | — | (1,636.1) | Other comprehensive (loss)/income before reclassification adjustments | (13.6) | (592.9) | — | — | (606.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax effect | Tax effect | — | 356.0 | — | — | 356.0 | Tax effect | — | 134.5 | — | — | 134.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustments to net earnings | Reclassification adjustments to net earnings | — | (0.2) | (A) | 3.3 | (C) | 5.9 | (B) | 9.0 | Reclassification adjustments to net earnings | — | 13.0 | (A) | 2.2 | (C) | 3.6 | (B) | 18.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax effect | Tax effect | — | — | (0.9) | (0.9) | (1.8) | Tax effect | — | (2.9) | (0.5) | (0.6) | (4.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | (292.5) | $ | (823.7) | $ | (27.5) | $ | (118.6) | $ | (1,262.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | Balance at December 31, 2022 | $ | (367.8) | $ | (1,778.3) | $ | (24.9) | $ | (279.9) | $ | (2,450.9) |
Nine Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency Translation Adjustment | Net Gains/Losses on Available-for-sale Securities | Cash Flow Hedging Activities | Pension Liability | Accumulated Other Comprehensive (Loss) /Income | Currency Translation Adjustment | Net Gains/Losses on Available-for-sale Securities | Cash Flow Hedging Activities | Pension Liability | Accumulated Other Comprehensive (Loss) /Income | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | (322.2) | $ | 680.4 | $ | (30.3) | $ | (342.7) | $ | (14.8) | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | Balance at June 30, 2021 | $ | (226.8) | $ | 390.9 | $ | (29.9) | $ | (123.6) | $ | 10.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss)/income before reclassification adjustments | Other comprehensive (loss)/income before reclassification adjustments | 84.8 | (421.2) | (3.3) | — | (339.7) | Other comprehensive (loss)/income before reclassification adjustments | (51.5) | (377.9) | — | — | (429.4) | ||||||||||||||||||||||||||||||||||||||||||||||
Tax effect | Tax effect | — | 94.7 | 0.8 | — | 95.5 | Tax effect | — | 85.7 | — | — | 85.7 | ||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustments to net earnings | Reclassification adjustments to net earnings | — | (7.6) | (A) | 2.7 | (C) | 7.8 | (B) | 2.9 | Reclassification adjustments to net earnings | — | (0.5) | (A) | 2.2 | (C) | 4.0 | (B) | 5.7 | ||||||||||||||||||||||||||||||||||||||||
Tax effect | Tax effect | — | 1.7 | (0.6) | (2.7) | (1.6) | Tax effect | — | 0.1 | (0.6) | (0.5) | (1.0) | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | (237.4) | $ | 348.0 | $ | (30.7) | $ | (337.6) | $ | (257.7) | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | Balance at December 31, 2021 | $ | (278.3) | $ | 98.3 | $ | (28.3) | $ | (120.1) | $ | (328.4) |
Revenues | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Employer Services | $ | 3,002.0 | $ | 2,780.0 | $ | 8,244.8 | $ | 7,667.4 | |||||||||||||||
PEO Services | 1,513.8 | 1,324.1 | 4,136.7 | 3,606.1 | |||||||||||||||||||
Other | (2.8) | (2.1) | (10.9) | (5.1) | |||||||||||||||||||
$ | 4,513.0 | $ | 4,102.0 | $ | 12,370.6 | $ | 11,268.4 |
Revenues | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Employer Services | $ | 2,891.9 | $ | 2,671.3 | $ | 5,682.2 | $ | 5,242.8 | |||||||||||||||
PEO Services | 1,503.3 | 1,358.8 | 2,932.7 | 2,622.9 | |||||||||||||||||||
Other | (4.2) | (4.7) | (8.3) | (8.0) | |||||||||||||||||||
$ | 4,391.0 | $ | 4,025.4 | $ | 8,606.6 | $ | 7,857.7 |
Earnings before Income Taxes | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Employer Services | $ | 1,095.7 | $ | 980.0 | $ | 2,697.0 | $ | 2,427.8 | |||||||||||||||
PEO Services | 227.2 | 198.7 | 632.9 | 545.5 | |||||||||||||||||||
Other | (133.0) | (112.5) | (329.2) | (309.2) | |||||||||||||||||||
$ | 1,189.9 | $ | 1,066.2 | $ | 3,000.7 | $ | 2,664.1 |
Earnings before Income Taxes | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Employer Services | $ | 934.6 | $ | 817.3 | $ | 1,798.1 | $ | 1,601.3 | |||||||||||||||
PEO Services | 255.6 | 212.7 | 485.9 | 405.7 | |||||||||||||||||||
Other | (132.1) | (119.9) | (215.9) | (196.1) | |||||||||||||||||||
$ | 1,058.1 | $ | 910.1 | $ | 2,068.1 | $ | 1,810.9 |
10% | 10% | 60 basis points | 15% | 10% | 100 basis points | 16% | ||||||||||||||||||||||
Revenue Growth | Revenue Growth | Earnings Before Income Taxes Margin Expansion | Diluted EPS Growth | Revenue Growth | Earnings Before Income Taxes Margin Expansion | Diluted EPS Growth | ||||||||||||||||||||||
10% | 70 basis points | 14% | ||||||||||||||||||||||||||
11% | 11% | 80 basis points | 16% | |||||||||||||||||||||||||
Organic Constant Currency Revenue Growth | Organic Constant Currency Revenue Growth | Adjusted EBIT Margin Expansion | Adjusted Diluted EPS Growth | Organic Constant Currency Revenue Growth | Adjusted EBIT Margin Expansion | Adjusted Diluted EPS Growth |
7% | Employer Services Pays Per Control | 16% | PEO Services Average Worksite Employee Growth | ||||||||||||||
$2.7B | Cash Returned via Shareholder Friendly Actions $1.2B Dividends | $1.5B Share Repurchases | ||||||||||||||||
6% | Employer Services Pays Per Control Growth | 10% | PEO Services Average Worksite Employee Growth | ||||||||||||||
$1.4B | Cash Returned via Shareholder Friendly Actions $0.9B Dividends | $0.6B Share Repurchases | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Total Revenues | 4,391.0 | 4,025.4 | 8,606.6 | 7,857.7 | |||||||||||||||||||
YoY Growth | 9 | % | 9 | % | 10 | % | 10 | % | |||||||||||||||
YoY Growth, Organic Constant Currency | 10 | % | 9 | % | 11 | % | 10 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||||||||||||
Costs of revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | $ | 2,212.5 | $ | 1,999.5 | 11 | % | $ | 6,184.0 | $ | 5,609.5 | 10 | % | |||||||||||||||||||||||||||||||||||
Systems development and programming costs | 197.3 | 178.6 | 10 | % | 585.8 | 521.8 | 12 | % | |||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 102.4 | 100.0 | 2 | % | 306.2 | 303.5 | 1 | % | |||||||||||||||||||||||||||||||||||||||
Total costs of revenues | 2,512.2 | 2,278.1 | 10 | % | 7,076.0 | 6,434.8 | 10 | % | |||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 817.5 | 763.0 | 7 | % | 2,319.0 | 2,199.8 | 5 | % | |||||||||||||||||||||||||||||||||||||||
Interest expense | 18.4 | 13.5 | 36 | % | 55.3 | 42.4 | 30 | % | |||||||||||||||||||||||||||||||||||||||
Total expenses | $ | 3,348.1 | $ | 3,054.6 | 10 | % | $ | 9,450.3 | $ | 8,677.0 | 9 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||||||||||||
Costs of revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | $ | 2,134.5 | $ | 2,040.7 | 5 | % | $ | 4,209.0 | $ | 3,971.5 | 6 | % | |||||||||||||||||||||||||||||||||||
Systems development and programming costs | 204.2 | 199.7 | 2 | % | 413.9 | 388.5 | 7 | % | |||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 112.0 | 100.8 | 11 | % | 221.4 | 203.8 | 9 | % | |||||||||||||||||||||||||||||||||||||||
Total costs of revenues | 2,450.7 | 2,341.2 | 5 | % | 4,844.3 | 4,563.8 | 6 | % | |||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 855.7 | 782.3 | 9 | % | 1,656.1 | 1,501.5 | 10 | % | |||||||||||||||||||||||||||||||||||||||
Interest expense | 57.0 | 18.4 | 210 | % | 108.1 | 36.9 | 193 | % | |||||||||||||||||||||||||||||||||||||||
Total expenses | $ | 3,363.4 | $ | 3,141.9 | 7 | % | $ | 6,608.5 | $ | 6,102.2 | 8 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | $ Change | 2022 | 2021 | $ Change | ||||||||||||||||||||||||||||||
Interest income on corporate funds | $ | (5.6) | $ | (4.7) | $ | 0.9 | $ | (23.8) | $ | (28.9) | $ | (5.1) | |||||||||||||||||||||||
Realized (gains)/losses on available-for-sale securities, net | 0.3 | 0.4 | 0.1 | (0.2) | (7.6) | (7.4) | |||||||||||||||||||||||||||||
Impairment of assets | 4.3 | 2.6 | (1.7) | 4.3 | 7.6 | 3.3 | |||||||||||||||||||||||||||||
Gain on sale of assets | (6.2) | (1.6) | 4.6 | (7.5) | (3.4) | 4.1 | |||||||||||||||||||||||||||||
Non-service components of pension income, net | (17.8) | (15.5) | 2.3 | (53.2) | (40.4) | 12.8 | |||||||||||||||||||||||||||||
Other (income)/expense, net | $ | (25.0) | $ | (18.8) | $ | 6.2 | $ | (80.4) | $ | (72.7) | $ | 7.7 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | $ Change | 2022 | 2021 | $ Change | ||||||||||||||||||||||||||||||
Interest income on corporate funds | $ | (28.9) | $ | (8.5) | $ | 20.4 | $ | (58.6) | $ | (18.2) | $ | 40.4 | |||||||||||||||||||||||
Realized losses/(gains) on available-for-sale securities, net | 11.5 | (0.4) | (11.9) | 13.0 | (0.5) | (13.5) | |||||||||||||||||||||||||||||
Gain on sale of assets | — | — | — | — | (1.3) | (1.3) | |||||||||||||||||||||||||||||
Impairment of assets | — | — | — | 0.3 | — | (0.3) | |||||||||||||||||||||||||||||
Non-service components of pension income, net | (13.1) | (17.7) | (4.6) | (24.7) | (35.4) | (10.7) | |||||||||||||||||||||||||||||
Other (income)/expense, net | $ | (30.5) | $ | (26.6) | $ | 3.9 | $ | (70.0) | $ | (55.4) | $ | 14.6 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | YoY Growth | 2022 | 2021 | YoY Growth | ||||||||||||||||||||||||||||||
EBIT | $ | 1,058.1 | $ | 910.1 | 16 | % | $ | 2,068.1 | $ | 1,810.9 | 14 | % | |||||||||||||||||||||||
EBIT Margin | 24.1 | % | 22.6 | % | 150 bps | 24.0 | % | 23.0 | % | 100 bps | |||||||||||||||||||||||||
Adjusted EBIT | $ | 1,069.0 | $ | 929.8 | 15 | % | $ | 2,086.4 | $ | 1,845.0 | 13 | % | |||||||||||||||||||||||
Adjusted EBIT Margin | 24.3 | % | 23.1 | % | 120 bps | 24.2 | % | 23.5 | % | 80 bps | |||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | YoY Growth | 2022 | 2021 | YoY Growth | |||||||||||||||||||||||||||||||||||||||||||||
Net earnings | $ | 813.1 | $ | 694.4 | 17 | % | $ | 1,592.2 | $ | 1,394.9 | 14 | % | ||||||||||||||||||||||||||||||||||||||
Diluted EPS | $ | 1.95 | $ | 1.65 | 18 | % | $ | 3.82 | $ | 3.30 | 16 | % | ||||||||||||||||||||||||||||||||||||||
Adjusted net earnings | $ | 814.9 | $ | 696.7 | 17 | % | $ | 1,590.4 | $ | 1,395.7 | 14 | % | ||||||||||||||||||||||||||||||||||||||
Adjusted diluted EPS | $ | 1.96 | $ | 1.65 | 19 | % | $ | 3.82 | $ | 3.30 | 16 | % |
Revenues | Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | % Change | Nine Months Ended | Three Months Ended | % Change | Six Months Ended | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, | March 31, | % Change | December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | As Reported | Organic constant currency | 2022 | 2021 | As Reported | Organic constant currency | 2022 | 2021 | As Reported | Organic constant currency | 2022 | 2021 | As Reported | Organic constant currency | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employer Services | Employer Services | $ | 3,002.0 | $ | 2,780.0 | 8 | % | 9 | % | $ | 8,244.8 | $ | 7,667.4 | 8 | % | 8 | % | Employer Services | $ | 2,891.9 | $ | 2,671.3 | 8 | % | 10 | % | $ | 5,682.2 | $ | 5,242.8 | 8 | % | 11 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PEO Services | PEO Services | 1,513.8 | 1,324.1 | 14 | % | 14 | % | 4,136.7 | 3,606.1 | 15 | % | 15 | % | PEO Services | 1,503.3 | 1,358.8 | 11 | % | 11 | % | 2,932.7 | 2,622.9 | 12 | % | 12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | (2.8) | (2.1) | n/m | n/m | (10.9) | (5.1) | n/m | n/m | Other | (4.2) | (4.7) | n/m | n/m | (8.3) | (8.0) | n/m | n/m | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 4,513.0 | $ | 4,102.0 | 10 | % | 11 | % | $ | 12,370.6 | $ | 11,268.4 | 10 | % | 10 | % | $ | 4,391.0 | $ | 4,025.4 | 9 | % | 10 | % | $ | 8,606.6 | $ | 7,857.7 | 10 | % | 11 | % |
Earnings before Income Taxes | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | % Change | Nine Months Ended | % Change | ||||||||||||||||||||||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | As Reported | 2022 | 2021 | As Reported | ||||||||||||||||||||||||||||||||||||||||||
Employer Services | $ | 1,095.7 | $ | 980.0 | 12 | % | $ | 2,697.0 | $ | 2,427.8 | 11 | % | |||||||||||||||||||||||||||||||||||
PEO Services | 227.2 | 198.7 | 14 | % | 632.9 | 545.5 | 16 | % | |||||||||||||||||||||||||||||||||||||||
Other | (133.0) | (112.5) | n/m | (329.2) | (309.2) | n/m | |||||||||||||||||||||||||||||||||||||||||
$ | 1,189.9 | $ | 1,066.2 | 12 | % | $ | 3,000.7 | $ | 2,664.1 | 13 | % |
Earnings before Income Taxes | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | % Change | Six Months Ended | % Change | ||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | As Reported | 2022 | 2021 | As Reported | ||||||||||||||||||||||||||||||||||||||||||
Employer Services | $ | 934.6 | $ | 817.3 | 14 | % | $ | 1,798.1 | $ | 1,601.3 | 12 | % | |||||||||||||||||||||||||||||||||||
PEO Services | 255.6 | 212.7 | 20 | % | 485.9 | 405.7 | 20 | % | |||||||||||||||||||||||||||||||||||||||
Other | (132.1) | (119.9) | n/m | (215.9) | (196.1) | n/m | |||||||||||||||||||||||||||||||||||||||||
$ | 1,058.1 | $ | 910.1 | 16 | % | $ | 2,068.1 | $ | 1,810.9 | 14 | % |
Margin | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | YoY Growth | 2022 | 2021 | YoY Growth | ||||||||||||||||||||||||||||||||||||||||||
Employer Services | 32.3 | % | 30.6 | % | 170 bps | 31.6 | % | 30.5 | % | 110 bps | |||||||||||||||||||||||||||||||||||||
PEO Services | 17.0 | % | 15.7 | % | 130 bps | 16.6 | % | 15.5 | % | 110 bps |
PEO Revenues | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Change | Nine Months Ended | Change | ||||||||||||||||||||||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | ||||||||||||||||||||||||||||||||||||||||
PEO Services' revenues | $ | 1,513.8 | $ | 1,324.1 | $ | 189.7 | 14 | % | $ | 4,136.7 | $ | 3,606.1 | $ | 530.6 | 15 | % | |||||||||||||||||||||||||||||||
Less: PEO zero-margin benefits pass-throughs | 897.2 | 784.7 | 112.5 | 14 | % | 2,600.6 | 2,291.7 | 308.9 | 13 | % | |||||||||||||||||||||||||||||||||||||
PEO Services' revenues excluding zero-margin benefits pass-throughs | $ | 616.6 | $ | 539.4 | $ | 77.2 | 14 | % | $ | 1,536.1 | $ | 1,314.4 | $ | 221.7 | 17 | % |
PEO Revenues | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Change | Six Months Ended | Change | ||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | ||||||||||||||||||||||||||||||||||||||||
PEO Services' revenues | $ | 1,503.3 | $ | 1,358.8 | $ | 144.5 | 11 | % | $ | 2,932.7 | $ | 2,622.9 | $ | 309.8 | 12 | % | |||||||||||||||||||||||||||||||
Less: PEO zero-margin benefits pass-throughs | 944.2 | 863.9 | 80.3 | 9 | % | 1,890.0 | 1,703.4 | 186.6 | 11 | % | |||||||||||||||||||||||||||||||||||||
PEO Services' revenues excluding zero-margin benefits pass-throughs | $ | 559.1 | $ | 494.9 | $ | 64.2 | 13 | % | $ | 1,042.7 | $ | 919.5 | $ | 123.2 | 13 | % |
Adjusted Financial Measure | U.S. GAAP Measures | |||||||
Adjusted EBIT | Net earnings | |||||||
Adjusted provision for income taxes | Provision for income taxes | |||||||
Adjusted net earnings | Net earnings | |||||||
Adjusted diluted earnings per share | Diluted earnings per share | |||||||
Adjusted effective tax rate | Effective tax rate | |||||||
Organic constant currency | Revenues | |||||||
Three Months Ended | % Change | Nine Months Ended | % Change | Three Months Ended | % Change | Six Months Ended | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, | March 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | As Reported | 2022 | 2021 | As Reported | 2022 | 2021 | As Reported | 2022 | 2021 | As Reported | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | $ | 928.5 | $ | 810.7 | 15 | % | $ | 2,323.4 | $ | 2,060.3 | 13 | % | $ | 813.1 | $ | 694.4 | 17 | % | $ | 1,592.2 | $ | 1,394.9 | 14 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments: | Adjustments: | Adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | Provision for income taxes | 261.4 | 255.5 | 677.3 | 603.8 | Provision for income taxes | 245.0 | 215.7 | 475.9 | 416.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All other interest expense (a) | All other interest expense (a) | 17.9 | 13.2 | 53.5 | 40.5 | All other interest expense (a) | 17.7 | 17.8 | 35.5 | 35.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All other interest income (a) | All other interest income (a) | (1.1) | (1.6) | (3.5) | (4.9) | All other interest income (a) | (9.2) | (1.1) | (14.8) | (2.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transformation initiatives (b) | Transformation initiatives (b) | 1.3 | (0.6) | 2.3 | 3.5 | Transformation initiatives (b) | 2.4 | 3.0 | 1.4 | 0.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excess capacity severance charges | — | — | — | 2.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legal settlements (c) | Legal settlements (c) | — | — | (3.8) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBIT | Adjusted EBIT | $ | 1,208.0 | $ | 1,077.2 | 12 | % | $ | 3,053.0 | $ | 2,706.1 | 13 | % | Adjusted EBIT | $ | 1,069.0 | $ | 929.8 | 15 | % | $ | 2,086.4 | $ | 1,845.0 | 13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBIT Margin | Adjusted EBIT Margin | 26.8 | % | 26.3 | % | 24.7 | % | 24.0 | % | Adjusted EBIT Margin | 24.3 | % | 23.1 | % | 24.2 | % | 23.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | Provision for income taxes | $ | 261.4 | $ | 255.5 | 2 | % | $ | 677.3 | $ | 603.8 | 12 | % | Provision for income taxes | $ | 245.0 | $ | 215.7 | 14 | % | $ | 475.9 | $ | 416.0 | 14 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments: | Adjustments: | Adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transformation initiatives | Transformation initiatives | 0.3 | (0.3) | 0.5 | 0.7 | Transformation initiatives | 0.6 | 0.7 | 0.4 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excess capacity severance charges (c) | — | — | 0.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legal settlements (d) | Legal settlements (d) | — | — | (1.0) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted provision for income taxes | Adjusted provision for income taxes | $ | 261.7 | $ | 255.2 | 3 | % | $ | 677.8 | $ | 605.2 | 12 | % | Adjusted provision for income taxes | $ | 245.6 | $ | 216.4 | 13 | % | $ | 475.3 | $ | 416.1 | 14 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted effective tax rate | Adjusted effective tax rate | 22.0 | % | 23.9 | % | 22.6 | % | 22.7 | % | Adjusted effective tax rate | 23.2 | % | 23.7 | % | 23.0 | % | 23.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | $ | 928.5 | $ | 810.7 | 15 | % | $ | 2,323.4 | $ | 2,060.3 | 13 | % | Net earnings | $ | 813.1 | $ | 694.4 | 17 | % | $ | 1,592.2 | $ | 1,394.9 | 14 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments: | Adjustments: | Adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transformation initiatives (b) | Transformation initiatives (b) | 1.3 | (0.6) | 2.3 | 3.5 | Transformation initiatives (b) | 2.4 | 3.0 | 1.4 | 0.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax provision/(benefit) for transformation initiatives | Income tax provision/(benefit) for transformation initiatives | (0.3) | 0.3 | (0.5) | (0.7) | Income tax provision/(benefit) for transformation initiatives | (0.6) | (0.7) | (0.4) | (0.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excess capacity severance charges | — | — | — | 2.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax benefit for excess capacity severance charges (c) | — | — | — | (0.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legal settlements (c) | Legal settlements (c) | — | — | (3.8) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax provision/(benefit) for legal settlements (d) | Income tax provision/(benefit) for legal settlements (d) | — | — | 1.0 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net earnings | Adjusted net earnings | $ | 929.5 | $ | 810.4 | 15 | % | $ | 2,325.2 | $ | 2,065.3 | 13 | % | Adjusted net earnings | $ | 814.9 | $ | 696.7 | 17 | % | $ | 1,590.4 | $ | 1,395.7 | 14 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted EPS | Diluted EPS | $ | 2.21 | $ | 1.90 | 16 | % | $ | 5.51 | $ | 4.80 | 15 | % | Diluted EPS | $ | 1.95 | $ | 1.65 | 18 | % | $ | 3.82 | $ | 3.30 | 16 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments: | Adjustments: | Adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transformation initiatives (b) | Transformation initiatives (b) | — | — | — | 0.01 | Transformation initiatives (b) | — | 0.01 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excess capacity severance charges (c) | — | — | — | 0.01 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legal settlements (c) (d) | Legal settlements (c) (d) | — | — | (0.01) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted diluted EPS | Adjusted diluted EPS | $ | 2.21 | $ | 1.89 | 17 | % | $ | 5.51 | $ | 4.82 | 14 | % | Adjusted diluted EPS | $ | 1.96 | $ | 1.65 | 19 | % | $ | 3.82 | $ | 3.30 | 16 | % |
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, | March 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | 2022 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated revenue growth as reported | Consolidated revenue growth as reported | 10 | % | 10 | % | Consolidated revenue growth as reported | 9 | % | 10 | % | ||||||||||||||||||||||||||||||||||||||||||
Adjustments: | Adjustments: | Adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of acquisitions | Impact of acquisitions | — | % | — | % | Impact of acquisitions | — | % | — | % | ||||||||||||||||||||||||||||||||||||||||||
Impact of foreign currency | Impact of foreign currency | 1 | % | — | % | Impact of foreign currency | 1 | % | 1 | % | ||||||||||||||||||||||||||||||||||||||||||
Consolidated revenue growth, organic constant currency | Consolidated revenue growth, organic constant currency | 11 | % | 10 | % | Consolidated revenue growth, organic constant currency | 10 | % | 11 | % | ||||||||||||||||||||||||||||||||||||||||||
Employer Services revenue growth as reported | Employer Services revenue growth as reported | 8 | % | 8 | % | Employer Services revenue growth as reported | 8 | % | 8 | % | ||||||||||||||||||||||||||||||||||||||||||
Adjustments: | Adjustments: | Adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of acquisitions | Impact of acquisitions | — | % | — | % | Impact of acquisitions | — | % | — | % | ||||||||||||||||||||||||||||||||||||||||||
Impact of foreign currency | Impact of foreign currency | 1 | % | — | % | Impact of foreign currency | 2 | % | 2 | % | ||||||||||||||||||||||||||||||||||||||||||
Employer Services revenue growth, organic constant currency | Employer Services revenue growth, organic constant currency | 9 | % | 8 | % | Employer Services revenue growth, organic constant currency | 10 | % | 11 | % |
Nine Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ Change | 2022 | 2021 | $ Change | |||||||||||||||||||||||||||||||||||
Cash provided by / (used in): | Cash provided by / (used in): | Cash provided by / (used in): | ||||||||||||||||||||||||||||||||||||||
Operating activities | Operating activities | $ | 2,186.6 | $ | 2,440.5 | $ | (253.9) | Operating activities | $ | 1,617.8 | $ | 1,215.6 | $ | 402.2 | ||||||||||||||||||||||||||
Investing activities | Investing activities | (5,963.7) | (2,366.4) | (3,597.3) | Investing activities | (1,469.4) | (3,468.4) | 1,999.0 | ||||||||||||||||||||||||||||||||
Financing activities | Financing activities | 22,378.7 | 12,923.7 | 9,455.0 | Financing activities | (9,624.3) | 9,664.7 | (19,289.0) | ||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents | Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents | (14.2) | 70.4 | (84.6) | Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents | (24.6) | (20.9) | (3.7) | ||||||||||||||||||||||||||||||||
Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents | Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents | $ | 18,587.4 | $ | 13,068.2 | $ | 5,519.2 | Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents | $ | (9,500.5) | $ | 7,391.0 | $ | (16,891.5) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Average daily borrowings (in billions) | $ | 1.2 | $ | 0.7 | $ | 1.7 | $ | 1.6 | |||||||||||||||
Weighted average interest rates | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | |||||||||||||||
Weighted average maturity (approximately in days) | 1 day | 1 day | 1 day | 1 day |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Average daily borrowings (in billions) | $ | 3.4 | $ | 1.9 | $ | 4.0 | $ | 1.9 | |||||||||||||||
Weighted average interest rates | 3.5 | % | 0.1 | % | 2.8 | % | 0.1 | % | |||||||||||||||
Weighted average maturity (approximately in days) | 2 days | 1 day | 2 days | 1 day |
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
March 31, | March 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Average outstanding balances | Average outstanding balances | $ | 93.2 | $ | 54.9 | $ | 172.8 | $ | 97.1 | Average outstanding balances | $ | 960.8 | $ | 228.4 | $ | 1,040.1 | $ | 211.7 | ||||||||||||||||||||||||||||
Weighted average interest rates | Weighted average interest rates | 0.3 | % | 0.2 | % | 0.2 | % | 0.3 | % | Weighted average interest rates | 3.4 | % | 0.2 | % | 2.9 | % | 0.2 | % |
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
March 31, | March 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Average investment balances at cost: | Average investment balances at cost: | Average investment balances at cost: | ||||||||||||||||||||||||||||||||||||||||||||
Corporate investments | Corporate investments | $ | 3,229.0 | $ | 2,498.8 | $ | 3,771.8 | $ | 3,419.3 | Corporate investments | $ | 5,691.3 | $ | 3,777.6 | $ | 6,416.6 | $ | 4,037.2 | ||||||||||||||||||||||||||||
Funds held for clients | Funds held for clients | 38,141.4 | 33,167.9 | 32,372.1 | 26,702.6 | Funds held for clients | 33,398.5 | 32,245.5 | 31,397.5 | 29,550.1 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 41,370.4 | $ | 35,666.7 | $ | 36,143.9 | $ | 30,121.9 | Total | $ | 39,089.8 | $ | 36,023.1 | $ | 37,814.1 | $ | 33,587.3 | ||||||||||||||||||||||||||||
Average interest rates earned exclusive of realized (gains)/losses on: | Average interest rates earned exclusive of realized (gains)/losses on: | Average interest rates earned exclusive of realized (gains)/losses on: | ||||||||||||||||||||||||||||||||||||||||||||
Corporate investments | Corporate investments | 0.7 | % | 0.7 | % | 0.8 | % | 1.1 | % | Corporate investments | 2.0 | % | 0.9 | % | 1.8 | % | 0.9 | % | ||||||||||||||||||||||||||||
Funds held for clients | Funds held for clients | 1.2 | % | 1.3 | % | 1.3 | % | 1.6 | % | Funds held for clients | 2.2 | % | 1.3 | % | 2.1 | % | 1.4 | % | ||||||||||||||||||||||||||||
Total | Total | 1.2 | % | 1.3 | % | 1.3 | % | 1.5 | % | Total | 2.2 | % | 1.3 | % | 2.0 | % | 1.3 | % | ||||||||||||||||||||||||||||
Net realized losses/(gains) on available-for-sale securities | Net realized losses/(gains) on available-for-sale securities | 0.3 | $ | 0.4 | (0.2) | $ | (7.6) | Net realized losses/(gains) on available-for-sale securities | $ | 11.5 | $ | (0.4) | 13.0 | $ | (0.5) |
March 31, 2022 | June 30, 2021 | December 31, 2022 | June 30, 2022 | |||||||||||||||||||
Net unrealized pre-tax (losses)/gains on available-for-sale securities | Net unrealized pre-tax (losses)/gains on available-for-sale securities | $ | (1,068.4) | $ | 502.2 | Net unrealized pre-tax (losses)/gains on available-for-sale securities | $ | (2,301.3) | $ | (1,721.4) | ||||||||||||
Total available-for-sale securities at fair value | Total available-for-sale securities at fair value | $ | 28,250.8 | $ | 24,371.7 | Total available-for-sale securities at fair value | $ | 28,839.4 | $ | 28,391.6 |
Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of the Publicly Announced Common Stock Repurchase Plan (2) | Maximum Approximate Dollar Value of Shares that may yet be Purchased under the Common Stock Repurchase Plan (2) | |||||||||||||||||||||||
Period | ||||||||||||||||||||||||||
January 1 to 31, 2022 | 659,714 | $ | 221.63 | 658,738 | $ | 1,942,567,254 | ||||||||||||||||||||
February 1 to 28, 2022 | 803,009 | $ | 203.39 | 802,896 | $ | 1,779,266,962 | ||||||||||||||||||||
March 1 to 31, 2022 | 875,814 | $ | 212.53 | 875,258 | $ | 1,593,254,154 | ||||||||||||||||||||
Total | 2,338,537 | 2,336,892 |
Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of the Publicly Announced Common Stock Repurchase Plan (2) | Maximum Approximate Dollar Value of Shares that may yet be Purchased under the Common Stock Repurchase Plan (2) | |||||||||||||||||||||||
Period | ||||||||||||||||||||||||||
October 1 to 31, 2022 | 363,955 | $ | 233.07 | 361,638 | $ | 696,098,299 | ||||||||||||||||||||
November 1 to 8, 2022 | 100,511 | $ | 240.60 | 99,769 | $ | 672,096,857 | ||||||||||||||||||||
November 9 to 30, 2022 | 195,721 | $ | 253.82 | 192,981 | $ | 4,951,046,542 | ||||||||||||||||||||
December 1 to 31, 2022 | 257,196 | $ | 247.31 | 254,359 | $ | 4,888,117,684 | ||||||||||||||||||||
Total | 917,383 | 908,747 |
Date of Approval | |||||
November 2019 | $5 billion | ||||
November | $5 billion |
Exhibit Number | Exhibit | ||||
Separation Agreement and Release, dated January 30, 2023, by and between Don Weinstein and Automatic Data Processing, Inc. | |||||
Certification by | |||||
Certification by Don McGuire pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934 | |||||
Certification by | |||||
Certification by Don McGuire pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||||
101.INS | Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | ||||
101.LAB | Inline XBRL Taxonomy Label Linkbase | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Document | ||||
104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
AUTOMATIC DATA PROCESSING, INC. (Registrant) | ||||||||
Date: | /s/ Don McGuire Don McGuire | |||||||
Chief Financial Officer (Title) |