10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AUTOMATIC DATA PROCESSING INC | |||
Ticker: ADP Fiscal Year: 2014 | |||
Statements Of Consolidated Earnings | |||
Period Ending June 30, 2014 10-K (Filed: Aug 8, 2014) | |||
(In Thousands) | |||
12 Months Ended | 12 Months Ended | 12 Months Ended | |
June 30, 2014 | June 30, 2013 | June 30, 2012 | |
REVENUES: | |||
Revenues, other than interest on funds held for clients and PEO revenues | $ 9,575,200 | 8,906,000 | 8,341,900 |
Interest on funds held for clients | 373,700 | 420,900 | 493,300 |
PEO revenues | 2,257,600 | 1,960,700 [1] | 1,760,200 |
TOTAL REVENUES | 12,206,500 | 11,287,600 | 10,595,400 |
EXPENSES: | |||
Operating expenses | 6,248,600 | 5,731,500 | 5,355,200 |
Systems development and programming costs | 718,000 | 654,300 | 592,700 |
Depreciation and amortization | 254,800 | 252,700 | 256,000 |
TOTAL COSTS OF REVENUES | 7,221,400 | 6,638,500 | 6,203,900 |
Selling, general and administrative expenses | 2,762,400 | 2,617,400 | 2,452,900 |
Separation costs | 14,900 | 0 | 0 |
Goodwill impairment | 0 | 42,700 | 0 |
Interest expense | 6,100 | 9,100 | 7,700 |
TOTAL EXPENSES | 10,004,800 | 9,307,700 | 8,664,500 |
Other income, net | (72,900) | (96,200) | (170,800) |
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 2,274,600 | 2,076,100 | 2,101,700 |
Provision for income taxes | 772,000 | 718,000 | 726,500 |
NET EARNINGS FROM CONTINUING OPERATIONS | 1,502,600 | 1,358,100 | 1,375,200 |
EARNINGS FROM DISCONTINUED OPERATIONS BEFORE INCOME TAXES | 19,500 | 75,000 | 20,400 |
Provision for income taxes | 6,200 | 27,300 | 7,100 |
NET EARNINGS FROM DISCONTINUED OPERATIONS | 13,300 | 47,700 | 13,300 |
NET EARNINGS | 1,515,900 | 1,405,800 | 1,388,500 |
Basic Earnings Per Share from Continuing Operations | 3.14 | 2.81 | 2.82 |
Basic Earnings Per Share from Discontinued Operations | 0.03 | 0.10 | 0.03 |
BASIC EARNINGS PER SHARE | 3.17 | 2.91 | 2.85 |
Diluted Earnings Per Share from Continuing Operations | 3.11 | 2.79 | 2.79 |
Diluted Earnings Per Share from Discontinued Operations | 0.03 | 0.10 | 0.03 |
DILUTED EARNINGS PER SHARE | 3.14 | 2.89 | 2.82 |
Basic weighted average shares outstanding | 478,900 | 482,700 | 487,300 |
Diluted weighted average shares outstanding | 483,100 | 487,100 | 492,200 |
[1] Professional Employer Organization (PEO) revenues are net of direct pass-through costs, primarily consisting of payroll wages and payroll taxes, of $23,192.2 million, $19,956.2 million, and $17,792.2 million, respectively. |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AUTOMATIC DATA PROCESSING INC | |||
Ticker: ADP Fiscal Year: 2014 | |||
Statements of Consolidated Comprehensive Income | |||
Period Ending June 30, 2014 10-K (Filed: Aug 8, 2014) | |||
(In Thousands, except shares in actual) | |||
12 Months Ended | 12 Months Ended | 12 Months Ended | |
June 30, 2014 | June 30, 2013 | June 30, 2012 | |
NET EARNINGS | $ 1,515,900 | 1,405,800 | 1,388,500 |
Other comprensive income: | |||
Currency translation adjustments | 59,900 | (2,400) | (141,100) |
Unrealized net gains/(losses) on available-for-sale securities | 53,500 | (394,600) | 158,100 |
Tax Effect | (18,200) | 138,500 | (54,400) |
Reclassification of net gains on available-for-sale securities to net earnings | (16,500) | (28,600) | (18,600) |
Tax effect | 6,100 | 10,100 | 6,400 |
Pension net gains/(losses) arising during the period | 102,800 | 68,200 | (149,700) |
Tax Effect | (39,700) | (25,700) | 52,300 |
Reclassification of pension liability adjustment to net earnings | 20,700 | 31,700 | 15,500 |
Tax effect | (5,800) | (12,000) | (5,400) |
Other Comprehensive (loss)/income, net of tax | 162,800 | (214,800) | (136,900) |
Comprehensive income | 1,678,700 | 1,191,000 | 1,251,600 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AUTOMATIC DATA PROCESSING INC | |||
Ticker: ADP Fiscal Year: 2014 | |||
Statements Of Consolidated Cash Flows | |||
Period Ending June 30, 2014 10-K (Filed: Aug 8, 2014) | |||
(In Thousands, except shares in actual) | |||
12 Months Ended | 12 Months Ended | 12 Months Ended | |
June 30, 2014 | June 30, 2013 | June 30, 2012 | |
NET EARNINGS | $ 1,515,900 | 1,405,800 | 1,388,500 |
Cash Flows from Operating Activities: | |||
Adjustments to reconcile net earnings to cash flows provided by operating activities: | |||
Depreciation and amortization | 336,200 | 316,700 | 319,300 |
Deferred income taxes | (50,300) | 24,700 | 36,100 |
Stock-based compensation expense | 138,400 | 96,400 | 94,100 |
Net pension expense | 29,700 | 43,700 | 36,700 |
Net realized gain from the sales of marketable securities | (16,500) | (28,600) | (24,400) |
Net amortization of premiums and accretion of discounts on available-for-sale securities | 94,400 | 79,300 | 60,000 |
Impairment Losses on Available-for-sale Securities | 0 | 0 | 5,800 |
Impairment losses on assets held for sale | 0 | 0 | 2,200 |
Goodwill impairment | 0 | 42,700 | 0 |
Gain on sale of assets | 0 | 0 | (66,000) |
Gain on sale of buildings | 0 | (2,200) | 0 |
Gain on sale of discontinued businesses, net of tax | (10,500) | (36,700) | 0 |
Other | (21,600) | 8,400 | 14,600 |
Changes in operating assets and liabilities, net of effects from acquisitions and divestitures of businesses: | |||
Increase in accounts receivable | (204,000) | (218,200) | (41,700) |
Increase in other assets | (253,200) | (283,500) | (71,700) |
Increase/(decrease) in accounts payable | 9,700 | (10,100) | 10,300 |
Increase in accrued expenses and other liabilities | 253,000 | 135,400 | 134,500 |
Operating activities of discontinued operations | 200 | 3,400 | 11,900 |
Net cash flows provided by operating activities | 1,821,400 | 1,577,200 | 1,910,200 |
Cash Flows from Investing Activities: | |||
Purchases of corporate and client funds marketable securities | (3,414,900) | (4,902,600) | (5,113,500) |
Proceeds from the sales and maturities of corporate and client funds marketable securities | 2,059,500 | 3,638,600 | 3,962,200 |
Net decrease/(increase) in restricted cash and cash equivalents held to satisfy client funds obligations | 2,537,800 | (161,000) | 4,855,000 |
Capital expenditures | (216,600) | (174,600) | (140,100) |
Additions to intangibles | (151,100) | (108,300) | (109,500) |
Acquisitions of businesses, net of cash acquired | (25,700) | (42,000) | (265,700) |
Proceeds from the sale of property, plant, and equipment and other assets | 400 | 10,000 | 71,600 |
Investing activities of discontinued operations | (500) | (600) | 0 |
Proceeds from the sale of businesses included in discontinued operations | 24,400 | 161,400 | 0 |
Other | 0 | 700 | (16,400) |
Net cash flows (used in) provided by investing activities | 813,300 | (1,578,400) | 3,243,600 |
Cash Flows from Financing Activities: | |||
Net (decrease)/increase in client funds obligations | (2,989,500) | 1,138,500 | (3,726,600) |
Payments of debt | (3,300) | (17,500) | (2,000) |
Repurchases of common stock | (667,300) | (647,300) | (741,300) |
Proceeds from stock purchase plan and exercises of stock options | 219,100 | 235,300 | 250,000 |
Dividends paid | (883,100) | (805,500) | (739,700) |
Net (repayments of)/proceeds from reverse repurchase agreements | (245,900) | 245,900 | 0 |
Net proceeds from issuance of commercial paper | 2,173,000 | 0 | 0 |
Other | 38,800 | 1,600 | 5,700 |
Net cash flows provided by (used in) financing activities | (2,358,200) | 151,000 | (4,953,900) |
Effect of exchange rate changes on cash and cash equivalents | 8,000 | 1,200 | (41,200) |
Net change in cash and cash equivalents | 284,500 | 151,000 | 158,700 |
Cash and cash equivalents of continuing operations, beginning of period | 1,699,100 | 1,548,100 | |
Cash and cash equivalents of continuing operations, end of period | 1,983,600 | 1,699,100 | 1,548,100 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
AUTOMATIC DATA PROCESSING INC | ||
Ticker: ADP Fiscal Year: 2014 | ||
Consolidated Balance Sheets | ||
Period Ending June 30, 2014 10-K (Filed: Aug 8, 2014) | ||
(In Thousands, except shares in actual) | ||
As of | As of | |
June 30, 2014 | June 30, 2013 | |
Assets [Abstract] | ||
Assets | ||
Cash and cash equivalents | $ 1,983,600 | 1,699,100 |
Short-term marketable securities | 2,032,200 | 28,000 |
Accounts receivable, net | 1,800,400 | 1,595,300 |
Other current assets | 759,200 | 646,600 |
Assets of discontinued operations | 0 | 16,700 |
Total current assets before funds held for clients | 6,575,400 | 3,985,700 |
Funds held for clients | 19,258,000 | 22,228,800 |
Total current assets | 25,833,400 | 26,214,500 |
Long-term marketable securities | 54,100 | 314,000 [1] |
Long-term receivables, net | 155,400 | 138,700 |
Property, Plant and Equipment, Net | 777,400 | 728,600 |
Other assets | 1,485,300 | 1,189,900 |
Goodwill | 3,113,800 | 3,039,200 |
Intangible assets, net | 632,300 | 643,200 |
Total assets | 32,051,700 | 32,268,100 |
Liabilities And Stockholders Equity Abstract | ||
Liabilities | ||
Accounts payable | 169,700 | 156,500 |
Accrued expenses and other current liabilities | 1,314,900 | 1,178,300 |
Accrued payroll and payroll-related expenses | 707,100 | 631,300 |
Dividends payable | 226,900 | 206,700 |
Short-term deferred revenues | 332,600 | 314,600 |
Obligations under reverse repurchase agreements | 0 | 245,900 |
Obligations under commercial paper borrowing | 2,173,000 | 0 |
Income taxes payable | 20,400 | 39,000 |
Liabilities of discontinued operations | 0 | 4,200 |
Total current liabilities before client funds obligations | 4,944,600 | 2,776,500 |
Client funds obligations | 18,963,400 | 21,956,300 |
Total current liabilities | 23,908,000 | 24,732,800 |
Long-term debt | 11,500 | 14,700 |
Other liabilities | 660,000 | 603,100 |
Deferred income taxes | 288,800 | 234,400 |
Long-term deferred revenues | 513,200 | 493,200 |
Total liabilities | 25,381,500 | 26,078,200 |
Stockholders' equity: | ||
Preferred stock, $1.00 par value: Authorized, 0.3 shares; issued, none | 0 | 0 |
Common stock, $0.10 par value: Authorized, 1,000.0 shares; issued 638.7 shares at June 30, 2014 and June 30, 2013; outstanding, 480.2 and 482.6 shares at June 30, 2014 and 2013, respectively | 63,900 | 63,900 |
Capital in excess of par value | 545,200 | 456,900 |
Retained earnings | 13,632,900 | 13,020,300 |
Treasury stock - at cost: 158.5 and 156.1 shares at June 30, 2014 and June 30, 2013, respectively | (7,750,000) | (7,366,600) |
Accumulated other comprehensive income | 178,200 | 15,400 |
Total stockholders' equity | 6,670,200 | 6,189,900 |
Total liabilities and stockholders' equity | 32,051,700 | 32,268,100 |
[1] As of June 30, 2013, $245.2 million of long-term marketable securities and $0.7 million of cash and cash equivalents have been pledged as collateral under the Company's reverse repurchase agreements (see Note 10). | As of June 30, 2014, $2,015.8 million of short-term marketable securities and $183.8 million of cash and cash equivalents are related to the Company's outstanding commercial paper borrowings (see Note 10). |
External Links | |
AUTOMATIC DATA PROCESSING INC (ADP) Fiscal Year 2014 | |
Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |