AUTOMATIC DATA PROCESSING INC, 10-Q filed on 2/5/2014
Quarterly Report
Document And Entity Information
6 Months Ended
Dec. 31, 2013
Jan. 31, 2014
Document And Entity Information [Abstract]
 
 
Document Type
10-Q 
 
Amendment Flag
false 
 
Document Period End Date
Dec. 31, 2013 
 
Entity Registrant Name
AUTOMATIC DATA PROCESSING INC 
 
Entity Central Index Key
0000008670 
 
Current Fiscal Year End Date
--06-30 
 
Document Fiscal Year Focus
2014 
 
Document Fiscal Period Focus
Q2 
 
Entity Filer Category
Large Accelerated Filer 
 
Entity Common Stock, Shares Outstanding
 
481,825,525 
Statements Of Consolidated Earnings (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
REVENUES:
 
 
 
 
Revenues, other than interest on funds held for clients and PEO revenues
$ 2,365.8 
$ 2,183.4 
$ 4,614.5 
$ 4,265.3 
Interest on funds held for clients
89.2 
101.7 
178.4 
208.4 
PEO revenues
527.8 1
462.7 1
1,029.6 1
911.6 1
TOTAL REVENUES
2,982.8 
2,747.8 
5,822.5 
5,385.3 
EXPENSES:
 
 
 
 
Operating expenses
1,528.7 
1,401.6 
3,020.3 
2,769.1 
Systems development and programming costs
179.3 
159.9 
351.2 
316.2 
Depreciation and amortization
64.4 
62.8 
125.3 
125.6 
TOTAL COSTS OF REVENUES
1,772.4 
1,624.3 
3,496.8 
3,210.9 
Selling, general and administrative expenses
675.6 
624.7 
1,314.2 
1,236.1 
Interest expense
2.0 
3.0 
3.9 
6.1 
TOTAL EXPENSES
2,450.0 
2,252.0 
4,814.9 
4,453.1 
Other income, net
(28.3)
(33.0)
(50.8)
(62.2)
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
561.1 
528.8 
1,058.4 
994.4 
Provision for income taxes
184.1 
176.8 
352.8 
340.0 
NET EARNINGS FROM CONTINUING OPERATIONS
377.0 
352.0 
705.6 
654.4 
EARNINGS FROM DISCONTINUED OPERATIONS BEFORE INCOME TAXES
0 
62.3 
0 
66.8 
Provision for Income Taxes
0 
23.4 
0 
25.1 
NET EARNINGS FROM DISCONTINUED OPERATIONS
0 
38.9 
0 
41.7 
NET EARNINGS
$ 377.0 
$ 390.9 
$ 705.6 
$ 696.1 
Basic Earnings Per Share from Continuing Operations
$ 0.79 
$ 0.73 
$ 1.47 
$ 1.36 
Basic Earnings Per Share from Discontinued Operations
$ 0.00 
$ 0.08 
$ 0.00 
$ 0.09 
BASIC EARNINGS PER SHARE
$ 0.79 
$ 0.81 
$ 1.47 
$ 1.44 
Diluted Earnings Per Share from Continuing Operations
$ 0.78 
$ 0.72 
$ 1.46 
$ 1.34 
Diluted Earnings Per Share from Discontinued Operations
$ 0.00 
$ 0.08 
$ 0.00 
$ 0.09 
DILUTED EARNINGS PER SHARE
$ 0.78 
$ 0.80 
$ 1.46 
$ 1.43 
Basic weighted average shares outstanding
478.4 
482.1 
479.2 
482.8 
Diluted weighted average shares outstanding
482.8 
486.8 
483.6 
487.7 
Dividends declared per common share
$ 0.480 
$ 0.435 
$ 0.915 
$ 0.830 
Statements Of Consolidated Earnings (Parenthetical) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Income Statement [Abstract]
 
 
 
 
Direct pass-through costs, Professional Employer Organization revenues
$ 6,140.4 
$ 5,410.9 
$ 11,087.6 
$ 9,936.7 
Statements of Consolidated Comprehensive Income (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Consolidated Statement of Comprehensive Income [Abstract]
 
 
 
 
NET EARNINGS
$ 377.0 
$ 390.9 
$ 705.6 
$ 696.1 
Other comprensive income:
 
 
 
 
Currency translation adjustments
(6.8)
16.0 
36.5 
68.5 
Unrealized net (losses)/ gains on available-for-sale securities
(74.5)
(78.8)
(59.8)
21.2 
Tax effect on unrealized gains/losses
25.5 
27.2 
20.5 
(7.8)
Reclassification of net (gains) on available-for-sale securities to net earnings
(11.6)
(9.3)
(15.0)
(13.8)
Tax effect
4.3 
3.8 
5.6 
5.0 
Reclassification of pension liability adjustment to net earnings
5.2 
7.9 
10.3 
15.8 
Tax effect
(1.9)
(2.0)
(2.8)
(4.9)
Other Comprehensive (loss)/income, net of tax
(59.8)
(35.2)
(4.7)
84.0 
Comprehensive income
$ 317.2 
$ 355.7 
$ 700.9 
$ 780.1 
Consolidated Balance Sheets (USD $)
In Millions, unless otherwise specified
Dec. 31, 2013
Jun. 30, 2013
Assets
 
 
Cash and cash equivalents
$ 1,267.1 1
$ 1,699.1 1
Short-term marketable securities
22.5 1
28.0 
Accounts receivable, net
1,730.4 
1,598.3 
Other current assets
866.8 
646.8 
Total current assets before funds held for clients
3,886.8 
3,972.2 
Funds held for clients
28,414.3 
22,228.8 
Total current assets
32,301.1 
26,201.0 
Long-term marketable securities
59.9 1
314.0 1
Long-term receivables, net
147.5 
138.7 
Property, Plant and Equipment, net
739.3 
728.7 
Other assets
1,320.9 
1,189.9 
Goodwill
3,108.6 2
3,052.6 2
Intangible assets, net
644.5 
643.2 
Total assets
38,321.8 
32,268.1 
Liabilities and Stockholders' Equity
 
 
Accounts payable
140.6 
157.3 
Accrued expenses and other current liabilities
1,193.9 
1,178.6 
Accrued payroll and payroll-related expenses
560.8 
632.1 
Dividends payable
226.7 
206.7 
Short-term deferred revenues
302.0 
316.4 
Obligations under reverse repurchase agreements
0 
245.9 
Income taxes payable
15.4 
39.5 
Total current liabilities before client funds obligations
2,439.4 
2,776.5 
Client funds obligations
28,205.6 
21,956.3 
Total current liabilities
30,645.0 
24,732.8 
Long-term debt
12.6 
14.7 
Other liabilities
623.6 
603.1 
Deferred income taxes
285.6 
234.4 
Long-term deferred revenues
496.5 
493.2 
Total liabilities
32,063.3 
26,078.2 
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 December 31, 2013 and June 30, 2013; outstanding, 481.4 and 482.6 shares at December 31, 2013 and June 30, 2013, respectively
63.9 
63.9 
Capital in excess of par value
474.5 
456.9 
Retained earnings
13,285.0 
13,020.3 
Treasury stock - at cost: 157.3 and 156.1 shares at December 31, 2013 and June 30, 2013, respectively
(7,575.6)
(7,366.6)
Accumulated other comprehensive income
10.7 
15.4 
Total stockholders' equity
6,258.5 
6,189.9 
Total liabilities and stockholders' equity
$ 38,321.8 
$ 32,268.1 
Consolidated Balance Sheets (Parenthetical) (USD $)
In Millions, except Share data, unless otherwise specified
Dec. 31, 2013
Jun. 30, 2013
Preferred stock, par value
$ 1.00 
$ 1.00 
Preferred stock, shares authorized
300,000 
300,000 
Preferred stock, shares issued
0 
0 
Common stock, par value
$ 0.1 
$ 0.10 
Common stock, shares authorized
1,000,000,000 
1,000,000,000 
Common stock, shares issued
638,700,000 
638,700,000 
Common stock, shares outstanding
481,400,000 
482,600,000 
Treasury stock, shares
157,300,000 
156,100,000 
Cash [Member]
 
 
Collateral Pledged on Reverse Repurchase Agreements Segregated under Securities Exchange Commission Regulation
 
$ 0.7 
Long [Member]
 
 
Collateral Pledged on Reverse Repurchase Agreements Segregated under Securities Exchange Commission Regulation
 
$ 245.2 
Statements Of Consolidated Cash Flows (USD $)
In Millions, unless otherwise specified
6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Statement of Cash Flows [Abstract]
 
 
NET EARNINGS
$ 705.6 
$ 696.1 
Adjustments to reconcile net earnings to cash flows provided by operating activities:
 
 
Depreciation and amortization
164.4 
155.6 
Deferred income taxes
(3.3)
2.6 
Stock-based compensation expense
66.3 
50.5 
Net pension expense
14.8 
21.8 
Net realized gain from the sales of marketable securities
(15.0)
(13.8)
Net amortization of premiums and accretion of discounts on available-for-sale securities
46.2 
37.9 
Gains on sales of buildings
0 
(2.2)
Gain on sale of discontinued businesses, net of tax
0 
(36.7)
Other
(26.5)
13.7 
Changes in operating assets and liabilities, net of effects from acquisitions and divestitures of businesses:
 
 
Increase in accounts receivable
(128.9)
(210.7)
Increase in other assets
(316.7)
(328.2)
Decrease in accounts payable
(18.3)
(29.1)
Decrease/(increase) in accrued expenses and other liabilities
(15.6)
24.5 
Operating activities of discontinued operations
0 
1.4 
Net cash flows provided by operating activities
473.0 
383.4 
Cash Flows from Investing Activities:
 
 
Purchases of corporate and client funds marketable securities
(1,231.9)
(2,160.4)
Proceeds from the sales and maturities of corporate and client funds marketable securities
1,046.1 
1,837.2 
Net increase in restricted cash and cash equivalents held to satisfy client funds obligations
(5,842.1)
(1,856.4)
Capital expenditures
(95.1)
(75.3)
Additions to intangibles
(75.4)
(59.0)
Acquisitions of businesses, net of cash acquired
(25.4)
(0.7)
Proceeds from the sale of property, plant, and equipment and other assets
0 
10.0 
Investing activities of discontinued operations
0 
(0.6)
Proceeds from the sale of businesses included in discontinued operations
0 
161.4 
Net cash flows provided by investing activities
(6,223.8)
(2,143.8)
Cash Flows from Financing Activities:
 
 
Net increase in client funds obligations
6,245.5 
2,143.9 
Payments of debt
(2.1)
(8.7)
Repurchases of common stock
(417.2)
(306.9)
Proceeds from stock purchase plan and exercises of stock options
113.7 
129.5 
Dividends paid
(420.8)
(384.3)
Net (purchases of)/proceeds from reverse repurchase agreements
(245.9)
13.5 
Other
43.9 
0 
Net cash flows provided by financing activities
5,317.1 
1,587.0 
Effect of exchange rate changes on cash and cash equivalents
1.7 
16.2 
Net change in cash and cash equivalents
(432.0)
(157.2)
Cash and cash equivalents of continuing operations, beginning of period
1,699.1 1
1,548.1 
Cash and cash equivalents of continuing operations, end of period
$ 1,267.1 1
$ 1,390.9 
Basis of Presentation (Notes)
Basis of Presentation
Note 1.  Basis of Presentation

The accompanying Consolidated Financial Statements and footnotes thereto of Automatic Data Processing, Inc. and its subsidiaries (“ADP” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).  The Consolidated Financial Statements and footnotes thereto are unaudited.  In the opinion of the Company’s management, the Consolidated Financial Statements reflect all adjustments, which are of a normal recurring nature, that are necessary for a fair statement of the Company’s results for the interim periods.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the assets, liabilities, revenue, expenses, and other comprehensive income that are reported in the Consolidated Financial Statements and footnotes thereto.  Actual results may differ from those estimates. All relevant footnotes have been adjusted for discontinued operations.

Interim financial results are not necessarily indicative of financial results for a full year.  The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2013 (“fiscal 2013”).

Certain prior period amounts have been reclassified to conform to the current-period presentation (see Note 16). These changes did not significantly affect reportable segment results.
New Accounting Pronouncements (Notes)
New Accounting Pronouncements
Note 2.  New Accounting Pronouncements
 
In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” ASU 2013-11 requires netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax position. ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Retrospective adoption is permitted. The adoption of ASU 2013-11 will not have a material impact on the Company's results of operations, financial condition, or cash flows.

In July 2013, the Company adopted ASU 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.”  ASU 2013-02 requires entities to disclose the amount of income (loss) reclassified out of accumulated other comprehensive income to each respective line item on the income statement. The guidance allows companies to elect whether to disclose the reclassification either on the face of the income statement or in the notes to the financial statements, including cross-referencing other disclosures which provide additional details about these amounts. The Company has elected to disclose the reclassification in the notes to the financial statements with cross-references to other disclosures which provide additional details about the amounts. The adoption of ASU 2013-02 did not have an impact on the Company's consolidated results of operations, financial condition, or cash flows.
Earnings per Share (Notes)
Earnings Per Share [Text Block]
Note 3.  Earnings per Share (“EPS”)

 
 
Basic
 
Effect of Employee Stock Option Shares
 
Effect of
Employee
Restricted
Stock
Shares
 
Diluted
 
 
 
 
 
 
 
 
 
Three Months Ended December 31, 2013
 
 

 
 

 
 

 
 

Net earnings from continuing operations
 
$
377.0

 
 

 
 

 
$
377.0

Weighted average shares (in millions)
 
478.4

 
2.9

 
1.5

 
482.8

EPS from continuing operations
 
$
0.79

 
 

 
 

 
$
0.78

Three Months Ended December 31, 2012
 
 

 
 

 
 

 
 

Net earnings from continuing operations
 
$
352.0

 
 

 
 

 
$
352.0

Weighted average shares (in millions)
 
482.1

 
3.2

 
1.5

 
486.8

EPS from continuing operations
 
$
0.73

 
 

 
 

 
$
0.72

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended December 31, 2013
 
 
 
 
 
 
 
 
Net earnings from continuing operations
 
$
705.6

 
 

 
 

 
$
705.6

Weighted average shares (in millions)
 
479.2

 
3.0

 
1.4

 
483.6

EPS from continuing operations
 
$
1.47

 
 

 
 

 
$
1.46

Six Months Ended December 31, 2012
 
 

 
 

 
 

 
 

Net earnings from continuing operations
 
$
654.4

 
 

 
 

 
$
654.4

Weighted average shares (in millions)
 
482.8

 
3.5

 
1.4

 
487.7

EPS from continuing operations
 
$
1.36

 
 

 
 

 
$
1.34



Options to purchase 0.1 million and 0.9 million shares of common stock for the three months ended December 31, 2013 and 2012, respectively, and 0.1 million and 0.9 million shares of common stock for the six months ended December 31, 2013 and 2012, respectively, were excluded from the calculation of diluted earnings per share because their exercise prices exceeded the average market price of outstanding common shares for the respective periods.
Other Income, net
Other Income, net
Note 4. Other Income, Net

 
Three Months Ended
 
Six Months Ended
 
December 31,
 
December 31,
 
2013
 
2012
 
2013
 
2012
Interest income on corporate funds
$
(16.7
)
 
$
(21.5
)
 
$
(35.7
)
 
$
(45.3
)
Realized gains on available-for-sale securities
(13.2
)
 
(9.8
)
 
(17.5
)
 
(14.6
)
Realized losses on available-for-sale securities
1.6

 
0.5

 
2.5

 
0.8

Gains on sales of buildings
—

 
(2.2
)
 
—

 
(2.2
)
Other, net
—

 
—

 
(0.1
)
 
(0.9
)
Other income, net
$
(28.3
)
 
$
(33.0
)
 
$
(50.8
)
 
$
(62.2
)


During the three months ended December 31, 2012, the Company completed the sale of two buildings that were previously classified as assets held for sale on the Consolidated Balance Sheets and, as a result, recorded gains of $2.2 million in other income, net, on the Statements of Consolidated Earnings for the three and six months ended December 31, 2012.
Acquisitions
Acquisitions
Note 5. Acquisitions

Assets acquired and liabilities assumed in business combinations were recorded on the Company’s Consolidated Balance Sheets as of the respective acquisition dates based upon their estimated fair values at such dates.  The results of operations of businesses acquired by the Company have been included in the Statements of Consolidated Earnings since their respective dates of acquisition.  The excess of the purchase price over the estimated fair values of the underlying assets acquired and liabilities assumed was allocated to goodwill.  In certain circumstances, the allocations of the excess purchase price are based upon preliminary estimates and assumptions and subject to revision when the Company receives final information, including appraisals and other analysis.  Accordingly, the measurement period for such purchase price allocations will end when the information, or the facts and circumstances, becomes available, but will not exceed twelve months.

The Company acquired two businesses during the six months ended December 31, 2013 for approximately $28.1 million, net of cash acquired. The acquisitions were not material to the Company's results of operations, financial position, or cash flows.

The Company did not acquire any businesses during the six months ended December 31, 2012.

The Company made contingent payments relating to previously consummated acquisitions of $0.5 million during the six months ended December 31, 2012.
Divestiture
Divestiture
Note 6. Divestitures

On December 17, 2012, the Company completed the sale of its Taxware Enterprise Service business ("Taxware") for a pre-tax gain of $58.8 million, less costs to sell. In connection with the disposal of Taxware, the Company classified the results of this business as discontinued operations for all periods presented. Taxware was previously reported in the Employer Services segment.

Operating results for discontinued operations were as follows:
 
Three Months Ended
 
Six Months Ended
 
December 31,
 
December 31,
 
2012
 
2012
Revenues
$
10.8

 
$
23.7

 
 
 
 
Earnings from discontinued operations before income taxes
3.5

 
8.0

Provision for income taxes
1.3

 
3.0

Net earnings from discontinued operations before gain on disposal of
discontinued operations
2.2

 
5.0

 
 
 
 
Gain on disposal of discontinued operations, less costs to sell
58.8

 
58.8

Provision for income taxes
22.1

 
22.1

Net gain on disposal of discontinued operations
36.7

 
36.7

 
 
 
 
Net earnings from discontinued operations
$
38.9

 
$
41.7



There were no assets or liabilities of discontinued operations as of December 31, 2013 or June 30, 2013.
Corporate Investments And Funds Held For Clients
Corporate Investments And Funds Held For Clients
Note 7. Corporate Investments and Funds Held for Clients

Corporate investments and funds held for clients at December 31, 2013 and June 30, 2013 were as follows:

 
December 31, 2013
 
Amortized
Cost
 
Gross
Unrealized
 Gains
 
Gross
Unrealized
Losses
 
 Fair Value (A)
Type of issue:
 
 
 
 
 
 
 
Money market securities and other cash equivalents
$
10,854.6

 
$
—

 
$
—

 
$
10,854.6

Available-for-sale securities:
 

 
 

 
 

 
 

Corporate bonds
7,776.7

 
143.5

 
(54.7
)
 
7,865.5

U.S. Treasury and direct obligations of
U.S. government agencies
6,049.5

 
123.3

 
(40.8
)
 
6,132.0

Asset-backed securities
1,555.0

 
3.7

 
(15.8
)
 
1,542.9

Canadian government obligations and
Canadian government agency obligations
1,047.7

 
9.0

 
(3.4
)
 
1,053.3

Canadian provincial bonds
711.3

 
18.7

 
(7.0
)
 
723.0

Municipal bonds
529.3

 
15.4

 
(3.6
)
 
541.1

Other securities
1,027.2

 
27.8

 
(3.6
)
 
1,051.4

 
 
 
 
 
 
 
 
Total available-for-sale securities
18,696.7

 
341.4

 
(128.9
)
 
18,909.2

 
 
 
 
 
 
 
 
Total corporate investments and funds held for clients
$
29,551.3

 
$
341.4

 
$
(128.9
)
 
$
29,763.8

 
(A) Included within available-for-sale securities are corporate investments with fair values of $82.4 million and funds held for clients with fair values of $18,826.8 million. All available-for-sale securities were included in Level 2.
 
June 30, 2013
 
Amortized 
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value (B)
Type of issue:
 

 
 

 
 

 
 

Money market securities and other cash equivalents
$
5,431.2

 
$
—

 
$
—

 
$
5,431.2

Available-for-sale securities:
 

 
 

 
 

 
 

Corporate bonds
7,868.3

 
166.2

 
(56.7
)
 
7,977.8

U.S. Treasury and direct obligations of
U.S. government agencies
5,983.7

 
152.6

 
(37.4
)
 
6,098.9

Asset-backed securities
1,374.1

 
5.3

 
(19.7
)
 
1,359.7

Canadian government obligations and
Canadian government agency obligations
998.2

 
10.7

 
(4.5
)
 
1,004.4

Canadian provincial bonds
695.7

 
20.7

 
(5.6
)
 
710.8

Municipal bonds
536.9

 
16.7

 
(4.4
)
 
549.2

Other securities
1,094.4

 
46.3

 
(2.8
)
 
1,137.9

 
 
 
 
 
 
 
 
Total available-for-sale securities
18,551.3

 
418.5

 
(131.1
)
 
18,838.7

 
 
 
 
 
 
 
 
Total corporate investments and funds held for clients
$
23,982.5

 
$
418.5

 
$
(131.1
)
 
$
24,269.9


(B) Included within available-for-sale securities are corporate investments with fair values of $342.0 million and funds held for clients with fair values of $18,496.7 million. At June 30, 2013, Level 1 securities included $9.5 million of corporate investments classified within "Other securities." All remaining available-for-sale securities were included in Level 2.

For a description of the fair value hierarchy and the Company's fair value methodologies, including the use of an independent third-party pricing service, see Note 1 "Summary of Significant Accounting Policies" in the Company's Annual Report on Form 10-K for fiscal 2013. The Company did not transfer any assets between Level 1 and Level 2 during the three and six months ended December 31, 2013, or the year ended June 30, 2013. In addition, the Company did not adjust the prices obtained from the independent pricing service. The Company has no available-for-sale securities included in Level 3.

The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of December 31, 2013, are as follows: 
 
December 31, 2013
 
Securities in unrealized loss position less than 12 months
 
Securities in unrealized loss position greater than 12 months
 
Total
 
Unrealized
losses
 
Fair market
value
 
Unrealized
losses
 
Fair market
value
 
Gross
unrealized
losses
 
Fair
market value
Corporate bonds
$
(52.0
)
 
$
2,465.3

 
$
(2.7
)
 
$
45.8

 
$
(54.7
)
 
$
2,511.1

U.S. Treasury and direct obligations of
U.S. government agencies
(33.0
)
 
1,464.4

 
(7.8
)
 
215.7

 
(40.8
)
 
1,680.1

Asset-backed securities
(14.6
)
 
1,146.3

 
(1.2
)
 
24.7

 
(15.8
)
 
1,171.0

Canadian government obligations and
Canadian government agency obligations
(3.4
)
 
394.9

 
—

 
—

 
(3.4
)
 
394.9

Canadian provincial bonds
(6.0
)
 
227.9

 
(1.0
)
 
9.0

 
(7.0
)
 
236.9

Municipal bonds
(3.1
)
 
151.4

 
(0.5
)
 
13.7

 
(3.6
)
 
165.1

Other securities
(3.6
)
 
138.4

 
—

 
0.3

 
(3.6
)
 
138.7

 
$
(115.7
)
 
$
5,988.6

 
$
(13.2
)
 
$
309.2

 
$
(128.9
)
 
$
6,297.8


The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of June 30, 2013 are as follows: 
 
June 30, 2013
 
Securities in unrealized loss position less than 12 months
 
Securities in unrealized loss position greater than 12 months
 
Total
 
Unrealized
losses
 
Fair market
value
 
Unrealized
losses
 
Fair market
value
 
Gross
unrealized
losses
 
Fair
market value
Corporate bonds
$
(56.7
)
 
$
2,724.9

 
$
—

 
$
—

 
$
(56.7
)
 
$
2,724.9

U.S. Treasury and direct obligations of U.S. government agencies
(37.4
)
 
1,374.6

 
—

 
—

 
(37.4
)
 
1,374.6

Asset-backed securities
(19.7
)
 
1,060.1

 
—

 
—

 
(19.7
)
 
1,060.1

Canadian government obligations and
Canadian government agency obligations
(4.5
)
 
444.7

 
—

 
—

 
(4.5
)
 
444.7

Canadian provincial bonds
(5.6
)
 
239.7

 
—

 
—

 
(5.6
)
 
239.7

Municipal bonds
(4.4
)
 
188.7

 
—

 
—

 
(4.4
)
 
188.7

Other securities
(2.8
)
 
109.3

 
—

 
—

 
(2.8
)
 
109.3

 
$
(131.1
)
 
$
6,142.0

 
$
—

 
$
—

 
$
(131.1
)
 
$
6,142.0



At December 31, 2013, Corporate bonds included within total corporate investments and funds held for clients comprised investment-grade debt securities, which include a wide variety of issuers, industries, and sectors, primarily carry credit ratings of A and above, and have maturities ranging from January 2014 to June 2023. At December 31, 2013, U.S. Treasury and direct obligations of U.S. government agencies primarily include debt directly issued by Federal Home Loan Banks and Federal Farm Credit Banks with fair values of $4,440.6 million and $1,216.2 million, respectively.  At June 30, 2013, U.S. Treasury and direct obligations of U.S. government agencies primarily include debt directly issued by Federal Home Loan Banks and Federal Farm Credit Banks with fair values of $4,325.4 million and $1,229.0 million, respectively.  U.S. Treasury and direct obligations of U.S. government agencies represent senior, unsecured, non-callable debt that primarily carries a credit rating of Aaa, as rated by Moody's, and AA+, as rated by Standard & Poor's, and has maturities ranging from March 2014 through November 2023.

At December 31, 2013, asset-backed securities include AAA rated senior tranches of securities with predominantly prime collateral of fixed rate credit card, auto loan, and rate reduction receivables with fair values of $1,014.3 million, $333.8 million, and $125.6 million, respectively.  At June 30, 2013, asset-backed securities include AAA rated senior tranches of securities with predominantly prime collateral of fixed rate credit card, auto loan, and rate reduction receivables with fair values of $904.5 million, $315.7 million, and $95.4 million, respectively.  These securities are collateralized by the cash flows of the underlying pools of receivables.  The primary risk associated with these securities is the collection risk of the underlying receivables.  All collateral on such asset-backed securities has performed as expected through December 31, 2013.

At December 31, 2013, other securities and their fair value primarily represent: AAA and AA rated supranational bonds of $469.8 million, AAA and AA rated sovereign bonds of $415.0 million, AA rated mortgage-backed securities of $93.5 million that are guaranteed by Federal National Mortgage Association ("Fannie Mae") or Federal Home Loan Mortgage Corporation ("Freddie Mac") and AAA rated commercial mortgage-backed securities of $66.2 million. At June 30, 2013, other securities and their fair value primarily represent: AAA and AA rated supranational bonds of $426.9 million, AAA and AA rated sovereign bonds of $415.4 million, AAA rated commercial mortgage-backed securities of $163.5 million, and AA rated mortgage-backed securities of $112.6 million that are guaranteed by Fannie Mae or Freddie Mac. The Company's mortgage-backed securities represent an undivided beneficial ownership interest in a group or pool of one or more residential mortgages. These securities are collateralized by the cash flows of 15-year and 30-year residential mortgages and are guaranteed by Fannie Mae or Freddie Mac as to the timely payment of principal and interest.

Classification of corporate investments on the Consolidated Balance Sheets is as follows:
 
 
December 31,
 
June 30,
 
 
2013
 
2013
Corporate investments:
 
 
 
 
Cash and cash equivalents
 
$
1,267.1

 
$
1,699.1

Short-term marketable securities
 
22.5

 
28.0

Long-term marketable securities
 
59.9

 
314.0

Total corporate investments
 
$
1,349.5

 
$
2,041.1


 
Funds held for clients represent assets that, based upon the Company's intent, are restricted for use solely for the purposes of satisfying the obligations to remit funds relating to the Company’s payroll and payroll tax filing services, which are classified as client funds obligations on our Consolidated Balance Sheets.

Funds held for clients have been invested in the following categories:
 
 
December 31,
 
June 30,
 
 
2013
 
2013
Funds held for clients:
 
 
 
 
Restricted cash and cash equivalents held to satisfy client funds obligations
 
$
9,587.5

 
$
3,732.1

Restricted short-term marketable securities held to satisfy client funds obligations
 
1,828.3

 
1,407.7

Restricted long-term marketable securities held to satisfy client funds obligations
 
16,998.5

 
17,089.0

Total funds held for clients
 
$
28,414.3

 
$
22,228.8



Client funds obligations represent the Company's contractual obligations to remit funds to satisfy clients' payroll and tax payment obligations and are recorded on the Consolidated Balance Sheets at the time that the Company impounds funds from clients.  The client funds obligations represent liabilities that will be repaid within one year of the balance sheet date.  The Company has reported client funds obligations as a current liability on the Consolidated Balance Sheets totaling $28,205.6 million and $21,956.3 million as of December 31, 2013 and June 30, 2013, respectively.  The Company has classified funds held for clients as a current asset since these funds are held solely for the purposes of satisfying the client funds obligations.  The Company has reported the cash flows related to the purchases of corporate and client funds marketable securities and related to the proceeds from the sales and maturities of corporate and client funds marketable securities on a gross basis in the investing section of the Statements of Consolidated Cash Flows.  The Company has reported the cash inflows and outflows related to client funds investments with original maturities of 90 days or less on a net basis within net increase in restricted cash and cash equivalents and other restricted assets held to satisfy client funds obligations in the investing section of the Statements of Consolidated Cash Flows.  The Company has reported the cash flows related to the cash received from and paid on behalf of clients on a net basis within net increase in client funds obligations in the financing activities section of the Statements of Consolidated Cash Flows.

Approximately 84% of the available-for-sale securities held a AAA or AA rating at December 31, 2013, as rated by Moody's, Standard & Poor's and, for Canadian securities, Dominion Bond Rating Service.  All available-for-sale securities were rated as investment grade at December 31, 2013.
 
Expected maturities of available-for-sale securities at December 31, 2013 are as follows:
One year or less
$
1,850.8

One year to two years
4,775.6

Two years to three years
3,837.1

Three years to four years
3,117.3

After four years
5,328.4

 
 

Total available-for-sale securities
$
18,909.2

Receivables
Receivables
Note 8. Receivables

Accounts receivable, net, includes the Company's trade receivables, which are recorded based upon the amount the Company expects to receive from its clients, net of an allowance for doubtful accounts. The Company's receivables also include notes receivable for the financing of the sale of computer systems, primarily from auto, truck, motorcycle, marine, recreational vehicle, and heavy equipment retailers and manufacturers. Notes receivable are recorded based upon the amount the Company expects to receive from its clients, net of an allowance for doubtful accounts and unearned income. The allowance for doubtful accounts is the Company's best estimate of probable credit losses related to trade receivables and notes receivable based upon the aging of the receivables, historical collection data, internal assessments of credit quality, and the economic conditions in the automobile industry as well as in the economy as a whole. The Company charges off uncollectable amounts against the reserve in the period in which it determines they are uncollectable. Unearned income on notes receivable is amortized using the effective interest method.

The Company’s receivables, whose carrying value approximates fair value, are as follows:

 
December 31, 2013
 
June 30, 2013
 
Current
 
Long-term
 
Current
 
Long-term
Trade receivables
$
1,698.8

 
$
—

 
$
1,564.8

 
$
—

Notes receivable
93.2

 
162.5

 
91.0

 
154.7

Less:
 

 
 

 
 

 
 

Allowance for doubtful accounts - trade receivables
(50.3
)
 
—

 
(45.6
)
 
—

Allowance for doubtful accounts - notes receivable
(5.0
)
 
(8.7
)
 
(5.3
)
 
(9.0
)
Unearned income - notes receivable
(6.3
)
 
(6.3
)
 
(6.6
)
 
(7.0
)
 
$
1,730.4

 
$
147.5

 
$
1,598.3

 
$
138.7














The Company determines the allowance for doubtful accounts related to notes receivable based upon a specific reserve for known collection issues, as well as a non-specific reserve based upon aging, both of which are based upon history of such losses and current economic conditions. Based upon the Company's methodology, the notes receivable balances with specific and non-specific reserves and the specific and non-specific reserves associated with those balances are as follows:
 
December 31, 2013
 
Notes Receivable
 
Reserve
 
Current
 
Long-term
 
Current
 
Long-term
Specifically reserved
$
—

 
$
0.1

 
$
—

 
$
0.1

Non-specifically reserved
93.2

 
162.4

 
5.0

 
8.6

 
$
93.2

 
$
162.5

 
$
5.0

 
$
8.7


 
June 30, 2013
 
Notes Receivable
 
Reserve
 
Current
 
Long-term
 
Current
 
Long-term
Specifically reserved
$
0.3

 
$
0.5

 
$
0.3

 
$
0.5

Non-specifically reserved
90.7

 
154.2

 
5.0

 
8.5

 
$
91.0

 
$
154.7

 
$
5.3

 
$
9.0



The rollforward of the allowance for doubtful accounts related to notes receivable is as follows:
 
Current
 
Long-term
Balance at June 30, 2013
$
5.3

 
$
9.0

Net provision
(0.1
)
 
(0.1
)
Recoveries and other
—

 
0.2

Chargeoffs
(0.2
)
 
(0.4
)
Balance at December 31, 2013
$
5.0

 
$
8.7



The allowance for doubtful accounts as a percentage of notes receivable was approximately 5% as of December 31, 2013 and 6% as of June 30, 2013.

On an ongoing basis, the Company evaluates the credit quality of its financing receivables, utilizing aging of receivables, collection experience and charge-offs.  In addition, the Company evaluates economic conditions in the auto industry and specific dealership matters, such as bankruptcy.  As events related to a specific client dictate, the credit quality of a client is reevaluated. Approximately 99% and 100% of notes receivable were current at December 31, 2013 and June 30, 2013, respectively.
Goodwill And Intangible Assets, Net
Goodwill And Intangible Assets, Net
Note 9. Goodwill and Intangibles Assets, net

Changes in goodwill for the six months ended December 31, 2013 are as follows:
 
Employer
Services
 
PEO
Services
 
Dealer
Services
 
Total
Balance at June 30, 2013 (A)
$
1,878.8

 
$
4.8

 
$
1,169.0

 
$
3,052.6

Additions and other adjustments, net
(0.4
)
 
—

 
22.4

 
22.0

Currency translation adjustments
13.6

 
—

 
20.4

 
34.0

Balance at December 31, 2013 (A)
$
1,892.0

 
$
4.8

 
$
1,211.8

 
$
3,108.6


(A) The goodwill balance at June 30, 2013 and December 31, 2013 is net of accumulated impairment losses of $42.7 million related to the Employer Services segment.

Components of intangible assets, net, are as follows:
 
 
December 31,
 
June 30,
 
 
2013
 
2013
 
 
 
 
 
Intangible assets:
 
 
 
 
Software and software licenses
 
$
1,566.0

 
$
1,511.1

Customer contracts and lists
 
868.8

 
848.9

Other intangibles
 
242.1

 
241.7

 
 
2,676.9

 
2,601.7

Less accumulated amortization:
 
 

 
 

Software and software licenses
 
(1,275.0
)
 
(1,239.5
)
Customer contracts and lists
 
(566.3
)
 
(534.3
)
Other intangibles
 
(191.1
)
 
(184.7
)
 
 
(2,032.4
)
 
(1,958.5
)
Intangible assets, net
 
$
644.5

 
$
643.2



Other intangibles consist primarily of purchased rights, covenants, patents, and trademarks (acquired directly or through acquisitions).  All of the intangible assets have finite lives and, as such, are subject to amortization.  The weighted average remaining useful life of the intangible assets is 7 years (4 years for software and software licenses, 9 years for customer contracts and lists, and 7 years for other intangibles).  Amortization of intangible assets was $43.2 million and $41.4 million for the three months ended December 31, 2013 and 2012, respectively, and $84.7 million and $83.4 million for the six months ended December 31, 2013 and 2012, respectively.

Estimated future amortization expenses of the Company's existing intangible assets are as follows:
 
Amount
Six months ending June 30, 2014
$
86.9

Twelve months ending June 30, 2015
$
147.7

Twelve months ending June 30, 2016
$
111.4

Twelve months ending June 30, 2017
$
79.1

Twelve months ending June 30, 2018
$
49.8

Twelve months ending June 30, 2019
$
35.6

Short-Term Financing
Short-Term Financing
Note 10. Short-term Financing

The Company has a $2.0 billion, 364-day credit agreement with a group of lenders that matures in June 2014.  In addition, the Company has a four-year $3.25 billion credit facility maturing in June 2015 that contains an accordion feature under which the aggregate commitment can be increased by $500.0 million, subject to the availability of additional commitments.  The Company also has an existing $2.0 billion five-year credit facility that matures in June 2018 that also contains an accordion feature under which the aggregate commitment can be increased by $500.0 million, subject to the availability of additional commitments.  The interest rate applicable to committed borrowings is tied to LIBOR, the federal funds effective rate, or the prime rate depending on the notification provided by the Company to the syndicated financial institutions prior to borrowing.  The Company is also required to pay facility fees on the credit agreements.  The primary uses of the credit facilities are to provide liquidity to the commercial paper program and funding for general corporate purposes, if necessary.  The Company had no borrowings through December 31, 2013 under the credit agreements.

The Company’s U.S. short-term funding requirements related to client funds are sometimes obtained through a commercial paper program, which provides for the issuance of up to $7.25 billion in aggregate maturity value of commercial paper, rather than liquidating previously-collected client funds that have already been invested in available-for-sale securities. The Company’s commercial paper program is rated A-1+ by Standard & Poor’s and Prime-1 by Moody’s.  These ratings denote the highest quality commercial paper securities.  Maturities of commercial paper can range from overnight to up to 364 days.  At December 31, 2013 and June 30, 2013, the Company had no commercial paper outstanding.  For the three months ended December 31, 2013 and 2012, the Company's average borrowings were $3.3 billion and $3.7 billion, respectively, at weighted average interest rates of 0.1% and 0.2%, respectively. For the six months ended December 31, 2013 and 2012, the Company's average borrowings were $3.2 billion and $3.5 billion, respectively, at weighted average interest rates of 0.1% and 0.2%, respectively. The weighted average maturity of the Company’s commercial paper issued during the three and six months ended December 31, 2013 approximated two days.

The Company’s U.S. and Canadian short-term funding requirements related to client funds obligations are sometimes obtained on a secured basis through the use of reverse repurchase agreements, which are collateralized principally by government and government agency securities, rather than liquidating previously-collected client funds that have already been invested in available-for-sale securities.  These agreements generally have terms ranging from overnight to up to five business days.  The Company has $3.0 billion available on a committed basis under the U.S. reverse repurchase agreements. At December 31, 2013, there were no outstanding obligations under reverse repurchase agreements. At June 30, 2013, the Company had $245.9 million of obligations outstanding related to reverse repurchase agreements, which were repaid on July 2, 2013. For the three months ended December 31, 2013 and 2012, the Company had average outstanding balances under reverse repurchase agreements of $402.0 million and $416.8 million, respectively, at weighted average interest rates of 0.6% and 0.7%, respectively. For the six months ended December 31, 2013 and 2012, the Company had average outstanding balances under reverse repurchase agreements of $465.7 million and $475.7 million, respectively, at weighted average interest rates of 0.5% and 0.7%, respectively.
Employee Benefit Plans
Employee Benefit Plans
Note 11. Employee Benefit Plans

A.  Stock-based Compensation Plans
    
Stock-based compensation consists of the following:

•
Stock Options  Stock options are granted to employees at exercise prices equal to the fair market value of the Company's common stock on the dates of grant.  Stock options are issued under a graded vesting schedule and have a term of 10 years.  Options granted prior to July 1, 2008 generally vest ratably over five years and options granted after July 1, 2008 generally vest ratably over four years.  Compensation expense is measured based on the fair value of the stock option on the grant date and recognized over the requisite service period for each separately vesting portion of the stock option award. Stock options are forfeited if the employee ceases to be employed by the Company prior to vesting.

•
Restricted Stock
•
Time-Based Restricted Stock and Time-Based Restricted Stock Units Time-based restricted stock and time-based restricted stock units granted prior to fiscal 2013 are subject to vesting periods of up to five years and awards granted in fiscal 2013 and later are subject to a vesting period of two years. Awards are forfeited if the employee ceases to be employed by the Company prior to vesting.

Time-based restricted stock cannot be transferred during the vesting period. Compensation expense relating to the issuance of time-based restricted stock is measured based on the fair value of the award on the grant date and recognized on a straight-line basis over the vesting period. Employees are eligible to receive dividends on shares awarded under the time-based restricted stock program.

Time-based restricted stock units are settled in cash. Compensation expense relating to the issuance of time-based restricted stock units is recorded over the vesting period and is initially based on the fair value of the award on the grant date; and is subsequently remeasured at each reporting date during the vesting period. No dividend equivalents are paid on units awarded under the time-based restricted stock unit program.
 
•
Performance-Based Restricted Stock and Performance-Based Restricted Stock Units Performance-based restricted stock and performance-based restricted stock units generally vest over a one to three year performance period and a subsequent service period of up to 26 months. Under these programs, the Company communicates "target awards" at the beginning of the performance period with possible payouts at the end of the performance period ranging from 0% to 150% of the "target awards." Awards are forfeited if the employee ceases to be employed by the Company prior to vesting.

Performance-based restricted stock cannot be transferred during the vesting period. Compensation expense relating to the issuance of performance-based restricted stock is measured based upon the fair value of the award on the grant date and recognized on a straight-line basis over the vesting period, based upon the probability that the performance target will be met. After the performance period, if the performance targets are achieved, employees are eligible to receive dividends on shares awarded under the performance-based restricted stock program.

Performance-based restricted stock units are settled in cash. Compensation expense relating to the issuance of performance-based restricted stock units is recorded over the vesting period and is initially based on the fair value of the award on the grant date; and is subsequently remeasured at each reporting date during the one-year performance period, based upon the probability that the performance target will be met. No dividend equivalents are paid on awards under the performance-based restricted stock unit program.

•
Employee Stock Purchase Plan  The Company offers an employee stock purchase plan that allows eligible employees to purchase shares of common stock at a price equal to 95% of the market value for the Company's common stock on the last day of the offering period.  This plan has been deemed non-compensatory, and therefore no compensation expense has been recorded.

The Company currently utilizes treasury stock to satisfy stock option exercises, issuances under the Company's employee stock purchase plan, and restricted stock awards.  From time to time, the Company may repurchase shares of its common stock under its authorized share repurchase programs.  The Company repurchased 1.4 million shares in the three months ended December 31, 2013 as compared to 2.0 million shares repurchased in the three months ended December 31, 2012 and the Company repurchased 5.6 million shares in the six months ended December 31, 2013 as compared to 5.4 million shares repurchased in the six months ended December 31, 2012. The Company considers several factors in determining when to execute share repurchases, including, among other things, actual and potential acquisition activity, cash balances and cash flows, issuances due to employee benefit plan activity, and market conditions.

The following table represents stock-based compensation expense and related income tax benefits for the three and six months ended December 31, 2013 and 2012, respectively:
 
Three Months Ended
 
Six Months Ended
 
December 31,
 
December 31,
 
2013
 
2012
 
2013
 
2012
Operating expenses
$
7.5

 
$
6.0

 
$
12.1

 
$
9.7

Selling, general and administrative expenses
26.0

 
18.7

 
45.3

 
32.5

System development and programming costs
5.7

 
4.9

 
8.9

 
8.3

Total pretax stock-based compensation expense
$
39.2

 
$
29.6

 
$
66.3

 
$
50.5

 
 
 
 
 
 
 
 
Income tax benefit
$
13.9

 
$
10.6

 
$
23.5

 
$
18.0



As of December 31, 2013, the total remaining unrecognized compensation cost related to non-vested stock options, restricted stock units, and restricted stock awards amounted to $6.0 million, $37.2 million, and $147.8 million, respectively, which will be amortized over the weighted-average remaining requisite service periods of 1.7 years, 1.5 years, and 1.6 years, respectively.

During the six months ended December 31, 2013, the following activity occurred under the Company’s existing plans:

Stock Options:
 
 
Number
of Options
(in thousands)
 
Weighted
Average Price
(in dollars)
Options outstanding at July 1, 2013
 
11,110

 
$
44

Options granted
 
52

 
$
74

Options exercised
 
(2,378
)
 
$
40

Options canceled
 
(56
)
 
$
44

Options outstanding at December 31, 2013
 
8,728

 
$
45



Time-Based Restricted Stock and Time-Based Restricted Stock Units:
 
 
Number of Shares
(in thousands)
 
Number of Units
(in thousands)
Restricted shares/units outstanding at July 1, 2013
 
1,313

 
280

Restricted shares/units granted
 
1,286

 
308

Restricted shares/units vested
 
(44
)
 
—

Restricted shares/units forfeited
 
(37
)
 
(11
)
Restricted shares/units outstanding at December 31, 2013
 
2,518

 
577



Performance-Based Restricted Stock and Performance-Based Restricted Stock Units:
 
 
Number of Shares
(in thousands)
 
Number of Units
(in thousands)
Restricted shares/units outstanding at July 1, 2013
 
521

 
38

Restricted shares/units granted
 
844

 
58

Restricted shares/units vested
 
—

 
(6
)
Restricted shares/units forfeited
 
(20
)
 
(2
)
Restricted shares/units outstanding at December 31, 2013
 
1,345

 
88



The fair value of each stock option issued is estimated on the date of grant using a binomial option pricing model.  The binomial model considers a range of assumptions related to volatility, risk-free interest rate, and employee exercise behavior.  Expected volatilities utilized in the binomial model are based on a combination of implied market volatilities, historical volatility of the Company’s stock price, and other factors.  Similarly, the dividend yield is based on historical experience and expected future changes. The risk-free rate is derived from the U.S. Treasury yield curve in effect at the time of grant.  The binomial model also incorporates exercise and forfeiture assumptions based on an analysis of historical data.  The expected life of the stock option grant is derived from the output of the binomial model and represents the period of time that options granted are expected to be outstanding.

The fair value for stock options granted was estimated at the date of grant using the following assumptions:
 
Six Months Ended
 
December 31,
 
2013
 
2012
Risk-free interest rate
1.5
%
 
0.8
%
Dividend yield
2.4
%
 
2.7
%
Weighted average volatility factor
23.6
%
 
24.4
%
Weighted average expected life (in years)
5.4

 
5.3

Weighted average fair value (in dollars)
$
12.44

 
$
8.90



B.  Pension Plans

The components of net pension expense were as follows:
 
Three Months Ended
 
Six Months Ended
 
December 31,
 
December 31,
 
2013
 
2012
 
2013
 
2012
Service cost – benefits earned during the period
$
16.6

 
$
16.8

 
$
33.2

 
$
33.6

Interest cost on projected benefits
15.7

 
13.8

 
31.3

 
27.5

Expected return on plan assets
(29.9
)
 
(27.4
)
 
(59.7
)
 
(54.8
)
Net amortization and deferral
5.0

 
7.7

 
10.0

 
15.5

Net pension expense
$
7.4

 
$
10.9

 
$
14.8

 
$
21.8



During the six months ended December 31, 2013, the Company contributed $79.9 million to the pension plans and expects to contribute an additional $4.6 million to the pension plans during the remainder of the fiscal year ended June 30, 2014.
Income Taxes
Income Taxes
Note 12. Income Taxes

The effective tax rate for the three months ended December 31, 2013 and 2012 was 32.8% and 33.4%, respectively. The decrease in the effective tax rate is due to the resolution of certain tax matters, partially offset by an increase in foreign taxes and reduced foreign tax credits available during the three months ended December 31, 2013. 

The effective tax rate for the six months ended December 31, 2013 and 2012 was 33.3% and 34.2%, respectively. The decrease in the effective tax rate is due to the resolution of certain tax matters, partially offset by an increase in foreign taxes and reduced foreign tax credits available during the six months ended December 31, 2013.
Commitments And Contingencies
Commitments And Contingencies
Note 13. Commitments and Contingencies

On July 18, 2011, athenahealth, Inc. filed a patent infringement lawsuit against ADP AdvancedMD, Inc. ("ADP AdvancedMD"), a subsidiary of the Company, seeking monetary damages, injunctive relief, and costs.  The allegations include a claim that ADP AdvancedMD's activities in providing medical practice management and billing and revenue management software and associated services to physicians and medical practice managers infringe a patent owned by athenahealth, Inc.  The parties are currently engaged in the discovery process and the court has not yet set a trial date.  The Company believes that it has meritorious defenses to this lawsuit and continues to vigorously defend itself against the allegations.

In June 2011, the Company received a Commissioner’s Charge from the U.S. Equal Employment Opportunity Commission (“EEOC”) alleging that the Company has violated Title VII of the Civil Rights Act of 1964 by refusing to recruit, hire, transfer and promote certain persons on the basis of their race, in the State of Illinois from at least the period of January 1, 2007 to the present.  The Company continues to investigate the allegations set forth in the Commissioner’s Charge and is cooperating with the EEOC’s investigation.

The Company is subject to various claims and litigation in the normal course of business. When a loss is considered probable and reasonably estimable, the Company records a liability in the amount of its best estimate for the ultimate loss. At this time, the Company is unable to estimate any reasonably possible loss, or range of reasonably possible loss, with respect to the matters described above. This is primarily because these matters involve complex issues subject to inherent uncertainty. There can be no assurance that these matters will be resolved in a manner that is not adverse to the Company.

It is not the Company’s business practice to enter into off-balance sheet arrangements. In the normal course of business, the Company may enter into contracts in which it makes representations and warranties that relate to the performance of the Company’s services and products.  The Company does not expect any material losses related to such representations and warranties.

The Company has obligations related to purchase and maintenance agreements on the software, equipment, and other assets that were disclosed in its Annual Report on Form 10-K for the year ended June 30, 2013. In August 2013, the Company extended the term of a contract, which resulted in incremental obligations of $64.5 million and $43.5 million for the fiscal years ending June 30, 2018 and June 30, 2019, respectively.
Foreign Currency Risk Management (Notes)
Fair Value, Concentration of Risk [Table Text Block]
Note 14. Foreign Currency Risk Management Programs

The Company transacts business in various foreign jurisdictions and is therefore exposed to market risk from changes in foreign currency exchange rates that could impact its consolidated results of operations, financial position, or cash flows.  The Company manages its exposure to these market risks through its regular operating and financing activities and, when deemed appropriate, through the use of derivative financial instruments.  The Company does not use derivative financial instruments for trading purposes.  The Company had no derivative financial instruments outstanding at December 31, 2013 or June 30, 2013.
Reclassification out of Accumulated Other Comprehensive Income (Notes)
Disclosure of Reclassification Amount [Text Block]
Note 15. Reclassifications out of Accumulated Other Comprehensive Income ("AOCI")

Changes in AOCI by component are as follows:

 
Three Months Ended
 
Currency Translation Adjustment
 
Net Gains/Losses on Available-for-sale Securities
 
Pension Liability
 
Accumulated Other Comprehensive Income
 
 
 
 
 
 
 
 
Balance at September 30, 2013
82.9

 
194.3

 
(206.7
)
 
70.5

Other comprehensive (loss) before
reclassification adjustments
(6.8
)
 
(74.5
)
 
—

 
(81.3
)
Tax effect
—

 
25.5

 
—

 
25.5

Reclassification adjustments to
net earnings
—

 
(11.6
)
(A)
5.2

(B)
(6.4
)
Tax effect
—

 
4.3

 
(1.9
)
 
2.4

Balance at December 31, 2013
76.1

 
138.0

 
(203.4
)
 
10.7


 
Six Months Ended
 
Currency Translation Adjustment
 
Net Gains/Losses on Available-for-sale Securities
 
Pension Liability
 
Accumulated Other Comprehensive Income
 
 
 
 
 
 
 
 
Balance at June 30, 2013
$
39.6

 
$
186.7

 
$
(210.9
)
 
$
15.4

Other comprehensive (loss) before
reclassification adjustments
36.5

 
(59.8
)
 
—

 
(23.3
)
Tax effect
—

 
20.5

 
—

 
20.5

Reclassification adjustments to
net earnings
—

 
(15.0
)
(A)
10.3

(B)
(4.7
)
Tax effect
—

 
5.6

 
(2.8
)
 
2.8

Balance at December 31, 2013
$
76.1

 
$
138.0

 
$
(203.4
)
 
$
10.7



(A) Reclassification adjustments out of AOCI are included within Other income, net, on the Statements of Consolidated Earnings.

(B) Reclassification adjustments out of AOCI are included in net pension expense (see Note 11).
Financial Data By Segment
Interim Financial Data By Segment
Note 16. Interim Financial Data by Segment

Based upon similar economic and operational characteristics, the Company’s strategic business units have been aggregated into the following three reportable segments: Employer Services, PEO Services, and Dealer Services.  The primary components of the “Other” segment are the results of operations of ADP Indemnity (a wholly-owned captive insurance company that provides workers’ compensation and employer’s liability deductible reimbursement insurance protection for PEO Services worksite employees), non-recurring gains and losses, miscellaneous processing services, such as customer financing transactions, and certain charges and expenses that have not been allocated to the reportable segments, such as stock-based compensation expense.  

Certain revenues and expenses are charged to the reportable segments at a standard rate for management reasons.  Other costs are recorded based on management responsibility.  There is a reconciling item for the difference between actual interest income earned on invested funds held for clients and interest credited to Employer Services and PEO Services at a standard rate of 4.5%. This allocation is made for management reasons so that the reportable segments' results are presented on a consistent basis without the impact of fluctuations in interest rates. This reconciling adjustment to the reportable segments' revenues and earnings from continuing operations before income taxes is eliminated in consolidation.

To align financial reporting with the manner in which the Company's chief operating decision maker assesses performance and makes decisions about resources to be allocated to the reportable segments, effective July 1, 2013, the Company no longer allocates a cost of capital charge to its reportable segments and no longer adjusts the operating results of its reportable segments on a constant exchange rate basis.  As a result of these changes, all prior period amounts have been reclassified to conform to the current period presentation.  These changes did not significantly affect reportable segment results.


Segment Results:
 
Revenues from Continuing Operations
 
Three Months Ended
 
Six Months Ended
 
December 31,
 
December 31,
 
2013
 
2012
 
2013
 
2012
Employer Services
$
2,087.0

 
$
1,918.2

 
$
4,055.0

 
$
3,737.1

PEO Services
531.1

 
465.7

 
1,036.1

 
917.6

Dealer Services
484.2

 
452.5

 
957.0

 
892.6

Other
(0.2
)
 
0.5

 
0.1

 
1.2

Reconciling item:
 
 
 
 
 
 
 
Client fund interest
(119.3
)
 
(89.1
)
 
(225.7
)
 
(163.2
)
 
$
2,982.8

 
$
2,747.8

 
$
5,822.5

 
$
5,385.3

  
 
Earnings from Continuing Operations before Income Taxes
 
Three Months Ended
 
Six Months Ended
 
December 31,
 
December 31,
 
2013
 
2012
 
2013
 
2012
Employer Services
$
595.8

 
$
514.6

 
$
1,118.4

 
$
969.7

PEO Services
59.5

 
49.9

 
111.3

 
96.2

Dealer Services
104.7

 
96.2

 
201.5

 
182.1

Other
(79.6
)
 
(42.8
)
 
(147.1
)
 
(90.4
)
Reconciling item:
 
 
 
 
 
 
 

Client fund interest
(119.3
)
 
(89.1
)
 
(225.7
)
 
(163.2
)
 
$
561.1

 
$
528.8

 
$
1,058.4

 
$
994.4



During the three months ended December 31, 2013 and 2012, Dealer Services earned 13% and 12%, respectively, of its segment revenues from one client and earned 12% of its segment revenues from one client during the six months ended December 31, 2013 and 2012. The Company did not have any customers that individually accounted for more than 10% of the Company's consolidated revenue from continuing operations.
Earnings per Share (Tables)
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
 
 
Basic
 
Effect of Employee Stock Option Shares
 
Effect of
Employee
Restricted
Stock
Shares
 
Diluted
 
 
 
 
 
 
 
 
 
Three Months Ended December 31, 2013
 
 

 
 

 
 

 
 

Net earnings from continuing operations
 
$
377.0

 
 

 
 

 
$
377.0

Weighted average shares (in millions)
 
478.4

 
2.9

 
1.5

 
482.8

EPS from continuing operations
 
$
0.79

 
 

 
 

 
$
0.78

Three Months Ended December 31, 2012
 
 

 
 

 
 

 
 

Net earnings from continuing operations
 
$
352.0

 
 

 
 

 
$
352.0

Weighted average shares (in millions)
 
482.1

 
3.2

 
1.5

 
486.8

EPS from continuing operations
 
$
0.73

 
 

 
 

 
$
0.72

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended December 31, 2013
 
 
 
 
 
 
 
 
Net earnings from continuing operations
 
$
705.6

 
 

 
 

 
$
705.6

Weighted average shares (in millions)
 
479.2

 
3.0

 
1.4

 
483.6

EPS from continuing operations
 
$
1.47

 
 

 
 

 
$
1.46

Six Months Ended December 31, 2012
 
 

 
 

 
 

 
 

Net earnings from continuing operations
 
$
654.4

 
 

 
 

 
$
654.4

Weighted average shares (in millions)
 
482.8

 
3.5

 
1.4

 
487.7

EPS from continuing operations
 
$
1.36

 
 

 
 

 
$
1.34

Other Income, Net (Tables)
Other Income, net
 
Three Months Ended
 
Six Months Ended
 
December 31,
 
December 31,
 
2013
 
2012
 
2013
 
2012
Interest income on corporate funds
$
(16.7
)
 
$
(21.5
)
 
$
(35.7
)
 
$
(45.3
)
Realized gains on available-for-sale securities
(13.2
)
 
(9.8
)
 
(17.5
)
 
(14.6
)
Realized losses on available-for-sale securities
1.6

 
0.5

 
2.5

 
0.8

Gains on sales of buildings
—

 
(2.2
)
 
—

 
(2.2
)
Other, net
—

 
—

 
(0.1
)
 
(0.9
)
Other income, net
$
(28.3
)
 
$
(33.0
)
 
$
(50.8
)
 
$
(62.2
)
Divestiture (Tables)
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]
 
Three Months Ended
 
Six Months Ended
 
December 31,
 
December 31,
 
2012
 
2012
Revenues
$
10.8

 
$
23.7

 
 
 
 
Earnings from discontinued operations before income taxes
3.5

 
8.0

Provision for income taxes
1.3

 
3.0

Net earnings from discontinued operations before gain on disposal of
discontinued operations
2.2

 
5.0

 
 
 
 
Gain on disposal of discontinued operations, less costs to sell
58.8

 
58.8

Provision for income taxes
22.1

 
22.1

Net gain on disposal of discontinued operations
36.7

 
36.7

 
 
 
 
Net earnings from discontinued operations
$
38.9

 
$
41.7

Corporate Investments And Funds Held For Clients (Tables)
Available-for-sale Securities [Table Text Block] 
 
December 31, 2013
 
Amortized
Cost
 
Gross
Unrealized
 Gains
 
Gross
Unrealized
Losses
 
 Fair Value (A)
Type of issue:
 
 
 
 
 
 
 
Money market securities and other cash equivalents
$
10,854.6

 
$
—

 
$
—

 
$
10,854.6

Available-for-sale securities:
 

 
 

 
 

 
 

Corporate bonds
7,776.7

 
143.5

 
(54.7
)
 
7,865.5

U.S. Treasury and direct obligations of
U.S. government agencies
6,049.5

 
123.3

 
(40.8
)
 
6,132.0

Asset-backed securities
1,555.0

 
3.7

 
(15.8
)
 
1,542.9

Canadian government obligations and
Canadian government agency obligations
1,047.7

 
9.0

 
(3.4
)
 
1,053.3

Canadian provincial bonds
711.3

 
18.7

 
(7.0
)
 
723.0

Municipal bonds
529.3

 
15.4

 
(3.6
)
 
541.1

Other securities
1,027.2

 
27.8

 
(3.6
)
 
1,051.4

 
 
 
 
 
 
 
 
Total available-for-sale securities
18,696.7

 
341.4

 
(128.9
)
 
18,909.2

 
 
 
 
 
 
 
 
Total corporate investments and funds held for clients
$
29,551.3

 
$
341.4

 
$
(128.9
)
 
$
29,763.8

 
(A) Included within available-for-sale securities are corporate investments with fair values of $82.4 million and funds held for clients with fair values of $18,826.8 million. All available-for-sale securities were included in Level 2.
 
June 30, 2013
 
Amortized 
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value (B)
Type of issue:
 

 
 

 
 

 
 

Money market securities and other cash equivalents
$
5,431.2

 
$
—

 
$
—

 
$
5,431.2

Available-for-sale securities:
 

 
 

 
 

 
 

Corporate bonds
7,868.3

 
166.2

 
(56.7
)
 
7,977.8

U.S. Treasury and direct obligations of
U.S. government agencies
5,983.7

 
152.6

 
(37.4
)
 
6,098.9

Asset-backed securities
1,374.1

 
5.3

 
(19.7
)
 
1,359.7

Canadian government obligations and
Canadian government agency obligations
998.2

 
10.7

 
(4.5
)
 
1,004.4

Canadian provincial bonds
695.7

 
20.7

 
(5.6
)
 
710.8

Municipal bonds
536.9

 
16.7

 
(4.4
)
 
549.2

Other securities
1,094.4

 
46.3

 
(2.8
)
 
1,137.9

 
 
 
 
 
 
 
 
Total available-for-sale securities
18,551.3

 
418.5

 
(131.1
)
 
18,838.7

 
 
 
 
 
 
 
 
Total corporate investments and funds held for clients
$
23,982.5

 
$
418.5

 
$
(131.1
)
 
$
24,269.9


(B) Included within available-for-sale securities are corporate investments with fair values of $342.0 million and funds held for clients with fair values of $18,496.7 million. At June 30, 2013, Level 1 securities included $9.5 million of corporate investments classified within "Other securities." All remaining available-for-sale securities were included in Level 2.
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] 
The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of December 31, 2013, are as follows: 
 
December 31, 2013
 
Securities in unrealized loss position less than 12 months
 
Securities in unrealized loss position greater than 12 months
 
Total
 
Unrealized
losses
 
Fair market
value
 
Unrealized
losses
 
Fair market
value
 
Gross
unrealized
losses
 
Fair
market value
Corporate bonds
$
(52.0
)
 
$
2,465.3

 
$
(2.7
)
 
$
45.8

 
$
(54.7
)
 
$
2,511.1

U.S. Treasury and direct obligations of
U.S. government agencies
(33.0
)
 
1,464.4

 
(7.8
)
 
215.7

 
(40.8
)
 
1,680.1

Asset-backed securities
(14.6
)
 
1,146.3

 
(1.2
)
 
24.7

 
(15.8
)
 
1,171.0

Canadian government obligations and
Canadian government agency obligations
(3.4
)
 
394.9

 
—

 
—

 
(3.4
)
 
394.9

Canadian provincial bonds
(6.0
)
 
227.9

 
(1.0
)
 
9.0

 
(7.0
)
 
236.9

Municipal bonds
(3.1
)
 
151.4

 
(0.5
)
 
13.7

 
(3.6
)
 
165.1

Other securities
(3.6
)
 
138.4

 
—

 
0.3

 
(3.6
)
 
138.7

 
$
(115.7
)
 
$
5,988.6

 
$
(13.2
)
 
$
309.2

 
$
(128.9
)
 
$
6,297.8


The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of June 30, 2013 are as follows: 
 
June 30, 2013
 
Securities in unrealized loss position less than 12 months
 
Securities in unrealized loss position greater than 12 months
 
Total
 
Unrealized
losses
 
Fair market
value
 
Unrealized
losses
 
Fair market
value
 
Gross
unrealized
losses
 
Fair
market value
Corporate bonds
$
(56.7
)
 
$
2,724.9

 
$
—

 
$
—

 
$
(56.7
)
 
$
2,724.9

U.S. Treasury and direct obligations of U.S. government agencies
(37.4
)
 
1,374.6

 
—

 
—

 
(37.4
)
 
1,374.6

Asset-backed securities
(19.7
)
 
1,060.1

 
—

 
—

 
(19.7
)
 
1,060.1

Canadian government obligations and
Canadian government agency obligations
(4.5
)
 
444.7

 
—

 
—

 
(4.5
)
 
444.7

Canadian provincial bonds
(5.6
)
 
239.7

 
—

 
—

 
(5.6
)
 
239.7

Municipal bonds
(4.4
)
 
188.7

 
—

 
—

 
(4.4
)
 
188.7

Other securities
(2.8
)
 
109.3

 
—

 
—

 
(2.8
)
 
109.3

 
$
(131.1
)
 
$
6,142.0

 
$
—

 
$
—

 
$
(131.1
)
 
$
6,142.0

Classification Of Corporate Investments On The Consolidated Balance Sheets 
 
 
December 31,
 
June 30,
 
 
2013
 
2013
Corporate investments:
 
 
 
 
Cash and cash equivalents
 
$
1,267.1

 
$
1,699.1

Short-term marketable securities
 
22.5

 
28.0

Long-term marketable securities
 
59.9

 
314.0

Total corporate investments
 
$
1,349.5

 
$
2,041.1

Schedule Of Investment Of Funds Held For Clients 
 
 
December 31,
 
June 30,
 
 
2013
 
2013
Funds held for clients:
 
 
 
 
Restricted cash and cash equivalents held to satisfy client funds obligations
 
$
9,587.5

 
$
3,732.1

Restricted short-term marketable securities held to satisfy client funds obligations
 
1,828.3

 
1,407.7

Restricted long-term marketable securities held to satisfy client funds obligations
 
16,998.5

 
17,089.0

Total funds held for clients
 
$
28,414.3

 
$
22,228.8

Expected Maturities Of Available-For-Sale Securities 
One year or less
$
1,850.8

One year to two years
4,775.6

Two years to three years
3,837.1

Three years to four years
3,117.3

After four years
5,328.4

 
 

Total available-for-sale securities
$
18,909.2

Receivables (Tables)
Schedule Of The Company's Receivables 
 
December 31, 2013
 
June 30, 2013
 
Current
 
Long-term
 
Current
 
Long-term
Trade receivables
$
1,698.8

 
$
—

 
$
1,564.8

 
$
—

Notes receivable
93.2

 
162.5

 
91.0

 
154.7

Less:
 

 
 

 
 

 
 

Allowance for doubtful accounts - trade receivables
(50.3
)
 
—

 
(45.6
)
 
—

Allowance for doubtful accounts - notes receivable
(5.0
)
 
(8.7
)
 
(5.3
)
 
(9.0
)
Unearned income - notes receivable
(6.3
)
 
(6.3
)
 
(6.6
)
 
(7.0
)
 
$
1,730.4

 
$
147.5

 
$
1,598.3

 
$
138.7

Schedule Of The Allowance For Doubtful Accounts For Notes Receivable 
 
December 31, 2013
 
Notes Receivable
 
Reserve
 
Current
 
Long-term
 
Current
 
Long-term
Specifically reserved
$
—

 
$
0.1

 
$
—

 
$
0.1

Non-specifically reserved
93.2

 
162.4

 
5.0

 
8.6

 
$
93.2

 
$
162.5

 
$
5.0

 
$
8.7


 
June 30, 2013
 
Notes Receivable
 
Reserve
 
Current
 
Long-term
 
Current
 
Long-term
Specifically reserved
$
0.3

 
$
0.5

 
$
0.3

 
$
0.5

Non-specifically reserved
90.7

 
154.2

 
5.0

 
8.5

 
$
91.0

 
$
154.7

 
$
5.3

 
$
9.0

Rollforward Of The Allowance For Doubtful Accounts For Notes Receivable 
 
Current
 
Long-term
Balance at June 30, 2013
$
5.3

 
$
9.0

Net provision
(0.1
)
 
(0.1
)
Recoveries and other
—

 
0.2

Chargeoffs
(0.2
)
 
(0.4
)
Balance at December 31, 2013
$
5.0

 
$
8.7

Goodwill And Intangible Assets, Net (Tables)
Changes In Goodwill 
 
Employer
Services
 
PEO
Services
 
Dealer
Services
 
Total
Balance at June 30, 2013 (A)
$
1,878.8

 
$
4.8

 
$
1,169.0

 
$
3,052.6

Additions and other adjustments, net
(0.4
)
 
—

 
22.4

 
22.0

Currency translation adjustments
13.6

 
—

 
20.4

 
34.0

Balance at December 31, 2013 (A)
$
1,892.0

 
$
4.8

 
$
1,211.8

 
$
3,108.6

Components Of Finite-Lived Intangible Assets 
 
 
December 31,
 
June 30,
 
 
2013
 
2013
 
 
 
 
 
Intangible assets:
 
 
 
 
Software and software licenses
 
$
1,566.0

 
$
1,511.1

Customer contracts and lists
 
868.8

 
848.9

Other intangibles
 
242.1

 
241.7

 
 
2,676.9

 
2,601.7

Less accumulated amortization:
 
 

 
 

Software and software licenses
 
(1,275.0
)
 
(1,239.5
)
Customer contracts and lists
 
(566.3
)
 
(534.3
)
Other intangibles
 
(191.1
)
 
(184.7
)
 
 
(2,032.4
)
 
(1,958.5
)
Intangible assets, net
 
$
644.5

 
$
643.2

Schedule Of Finite-Lived Intangible Assets, Future Amortization Expense 
 
Amount
Six months ending June 30, 2014
$
86.9

Twelve months ending June 30, 2015
$
147.7

Twelve months ending June 30, 2016
$
111.4

Twelve months ending June 30, 2017
$
79.1

Twelve months ending June 30, 2018
$
49.8

Twelve months ending June 30, 2019
$
35.6

Employee Benefit Plans (Tables)
Components Of Stock-Based Compensation Expense 
 
Three Months Ended
 
Six Months Ended
 
December 31,
 
December 31,
 
2013
 
2012
 
2013
 
2012
Operating expenses
$
7.5

 
$
6.0

 
$
12.1

 
$
9.7

Selling, general and administrative expenses
26.0

 
18.7

 
45.3

 
32.5

System development and programming costs
5.7

 
4.9

 
8.9

 
8.3

Total pretax stock-based compensation expense
$
39.2

 
$
29.6

 
$
66.3

 
$
50.5

 
 
 
 
 
 
 
 
Income tax benefit
$
13.9

 
$
10.6

 
$
23.5

 
$
18.0

Changes In Stock Options Outstanding 
 
 
Number
of Options
(in thousands)
 
Weighted
Average Price
(in dollars)
Options outstanding at July 1, 2013
 
11,110

 
$
44

Options granted
 
52

 
$
74

Options exercised
 
(2,378
)
 
$
40

Options canceled
 
(56
)
 
$
44

Options outstanding at December 31, 2013
 
8,728

 
$
45

Time Based Restricted Shares and Units 
 
 
Number of Shares
(in thousands)
 
Number of Units
(in thousands)
Restricted shares/units outstanding at July 1, 2013
 
1,313

 
280

Restricted shares/units granted
 
1,286

 
308

Restricted shares/units vested
 
(44
)
 
—

Restricted shares/units forfeited
 
(37
)
 
(11
)
Restricted shares/units outstanding at December 31, 2013
 
2,518

 
577

Performance Based Restricted shares and units 
 
 
Number of Shares
(in thousands)
 
Number of Units
(in thousands)
Restricted shares/units outstanding at July 1, 2013
 
521

 
38

Restricted shares/units granted
 
844

 
58

Restricted shares/units vested
 
—

 
(6
)
Restricted shares/units forfeited
 
(20
)
 
(2
)
Restricted shares/units outstanding at December 31, 2013
 
1,345

 
88

Assumptions Used To Estimate Fair Value For Stock Options Granted 
 
Six Months Ended
 
December 31,
 
2013
 
2012
Risk-free interest rate
1.5
%
 
0.8
%
Dividend yield
2.4
%
 
2.7
%
Weighted average volatility factor
23.6
%
 
24.4
%
Weighted average expected life (in years)
5.4

 
5.3

Weighted average fair value (in dollars)
$
12.44

 
$
8.90

Components Of Net Pension Expense 
 
Three Months Ended
 
Six Months Ended
 
December 31,
 
December 31,
 
2013
 
2012
 
2013
 
2012
Service cost – benefits earned during the period
$
16.6

 
$
16.8

 
$
33.2

 
$
33.6

Interest cost on projected benefits
15.7

 
13.8

 
31.3

 
27.5

Expected return on plan assets
(29.9
)
 
(27.4
)
 
(59.7
)
 
(54.8
)
Net amortization and deferral
5.0

 
7.7

 
10.0

 
15.5

Net pension expense
$
7.4

 
$
10.9

 
$
14.8

 
$
21.8

Reclassification out of Accumulated Other Comprehensive Income (Tables)
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]
 
Three Months Ended
 
Currency Translation Adjustment
 
Net Gains/Losses on Available-for-sale Securities
 
Pension Liability
 
Accumulated Other Comprehensive Income
 
 
 
 
 
 
 
 
Balance at September 30, 2013
82.9

 
194.3

 
(206.7
)
 
70.5

Other comprehensive (loss) before
reclassification adjustments
(6.8
)
 
(74.5
)
 
—

 
(81.3
)
Tax effect
—

 
25.5

 
—

 
25.5

Reclassification adjustments to
net earnings
—

 
(11.6
)
(A)
5.2

(B)
(6.4
)
Tax effect
—

 
4.3

 
(1.9
)
 
2.4

Balance at December 31, 2013
76.1

 
138.0

 
(203.4
)
 
10.7


 
Six Months Ended
 
Currency Translation Adjustment
 
Net Gains/Losses on Available-for-sale Securities
 
Pension Liability
 
Accumulated Other Comprehensive Income
 
 
 
 
 
 
 
 
Balance at June 30, 2013
$
39.6

 
$
186.7

 
$
(210.9
)
 
$
15.4

Other comprehensive (loss) before
reclassification adjustments
36.5

 
(59.8
)
 
—

 
(23.3
)
Tax effect
—

 
20.5

 
—

 
20.5

Reclassification adjustments to
net earnings
—

 
(15.0
)
(A)
10.3

(B)
(4.7
)
Tax effect
—

 
5.6

 
(2.8
)
 
2.8

Balance at December 31, 2013
$
76.1

 
$
138.0

 
$
(203.4
)
 
$
10.7

Financial Data By Segment Interim Financial Data By Segment (Tables)
Schedule of Segment Reporting Information, by Segment [Table Text Block]
 
Revenues from Continuing Operations
 
Three Months Ended
 
Six Months Ended
 
December 31,
 
December 31,
 
2013
 
2012
 
2013
 
2012
Employer Services
$
2,087.0

 
$
1,918.2

 
$
4,055.0

 
$
3,737.1

PEO Services
531.1

 
465.7

 
1,036.1

 
917.6

Dealer Services
484.2

 
452.5

 
957.0

 
892.6

Other
(0.2
)
 
0.5

 
0.1

 
1.2

Reconciling item:
 
 
 
 
 
 
 
Client fund interest
(119.3
)
 
(89.1
)
 
(225.7
)
 
(163.2
)
 
$
2,982.8

 
$
2,747.8

 
$
5,822.5

 
$
5,385.3

  
 
Earnings from Continuing Operations before Income Taxes
 
Three Months Ended
 
Six Months Ended
 
December 31,
 
December 31,
 
2013
 
2012
 
2013
 
2012
Employer Services
$
595.8

 
$
514.6

 
$
1,118.4

 
$
969.7

PEO Services
59.5

 
49.9

 
111.3

 
96.2

Dealer Services
104.7

 
96.2

 
201.5

 
182.1

Other
(79.6
)
 
(42.8
)
 
(147.1
)
 
(90.4
)
Reconciling item:
 
 
 
 
 
 
 

Client fund interest
(119.3
)
 
(89.1
)
 
(225.7
)
 
(163.2
)
 
$
561.1

 
$
528.8

 
$
1,058.4

 
$
994.4

Earnings per Share (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Earnings Per Share [Abstract]
 
 
 
 
NET EARNINGS FROM CONTINUING OPERATIONS
$ 377.0 
$ 352.0 
$ 705.6 
$ 654.4 
Weighted Average Number of Shares Outstanding, Basic
478.4 
482.1 
479.2 
482.8 
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants
2.9 
3.2 
3.0 
3.5 
Effect of Employee Restricted stock Shares On Weighted Average Number of Diluted Shares Outstanding
1.5 
1.5 
1.4 
1.4 
Weighted Average Number of Shares Outstanding, Diluted
482.8 
486.8 
483.6 
487.7 
Income (Loss) from Continuing Operations, Per Basic Share
$ 0.79 
$ 0.73 
$ 1.47 
$ 1.36 
Income (Loss) from Continuing Operations, Per Diluted Share
$ 0.78 
$ 0.72 
$ 1.46 
$ 1.34 
Options excluded from the calculation of diluted earnings per share
0.1 
0.9 
0.1 
0.9 
Other Income, Net (Other Income, Net) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
building
Dec. 31, 2013
Dec. 31, 2012
Other Income, Net [Abstract]
 
 
 
 
Interest income on corporate funds
$ (16.7)
$ (21.5)
$ (35.7)
$ (45.3)
Realized gains on available-for-sale securities
(13.2)
(9.8)
(17.5)
(14.6)
Realized losses on available-for-sale securities
1.6 
0.5 
2.5 
0.8 
Gains on sales of buildings
0 
(2.2)
0 
(2.2)
Other, net
0 
0 
(0.1)
(0.9)
Other income, net
$ (28.3)
$ (33.0)
$ (50.8)
$ (62.2)
Number of buildings sold
 
2 
 
 
Acquisitions (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Dec. 31, 2013
business
Dec. 31, 2012
Business Acquisition [Line Items]
 
 
Number of businesses acquired
2 
 
Acquisition Purchase Price
$ 28.1 
 
Contingent Payment
 
$ 0.5 
Divestiture (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
Disposal Date
 
 
 
Dec. 17, 2012 
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax
 
$ 58.8 
 
$ 58.8 
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax [Abstract]
 
 
 
 
Revenues
 
10.8 
 
23.7 
Income from Discontinued operations before gain of sale
 
3.5 
 
8.0 
Provision for income taxes
 
1.3 
 
3.0 
Net earnings from discontinued operations
0 
38.9 
0 
41.7 
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent
 
2.2 
 
5.0 
Provision of Income Tax on Gain of Discontinued Operations
 
22.1 
 
22.1 
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax
 
$ 36.7 
$ 0 
$ 36.7 
Corporate Investments And Funds Held For Clients (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Dec. 31, 2013
Jun. 30, 2013
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - Fair Value
$ 18,909.2 1
$ 18,838.7 2
Length of shortest cash flow of residential mortgages used as collateral for companies mortgage backed securities (in years)
15 years 
 
Length of longest cash flow of residential mortgages used as collateral for company's mortgage backed securities (in years)
30 years 
 
Client Fund Obligation repayment period
1 year 
 
Client funds obligations
28,205.6 
21,956.3 
Client funds investments with original maturities
90 days or less 
 
Percentage of the available-for-sale securities were rated AAA or AA
84.00% 
 
Federal Home Loan Banks [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - Fair Value
4,440.6 
4,325.4 
Federal Farm Credit Banks [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - Fair Value
1,216.2 
1,229.0 
Fixed Rate Credit Card [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - Fair Value
1,014.3 
904.5 
Asset-Backed Auto Loan Receivables [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - Fair Value
333.8 
315.7 
Rate Reduction [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - Fair Value
125.6 
95.4 
Supranational Bonds [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - Fair Value
469.8 
426.9 
Sovereign Bonds [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - Fair Value
415.0 
415.4 
Commercial Mortgage Backed Securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - Fair Value
66.2 
163.5 
Residential Mortgage-Backed Securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - Fair Value
93.5 
112.6 
Fair Value, Inputs, Level 1 [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - Fair Value
 
9.5 
Corporate Investments [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - Fair Value
82.4 
342.0 
Funds Held For Clients [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - Fair Value
$ 18,826.8 
$ 18,496.7 
Earliest [Member] |
Corporate Bond Securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale Securities, Debt Maturities, Date
Jan. 01, 2014 
 
Earliest [Member] |
US Treasury Securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale Securities, Debt Maturities, Date
Mar. 01, 2014 
 
Latest [Member] |
Corporate Bond Securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale Securities, Debt Maturities, Date
Jun. 01, 2023 
 
Latest [Member] |
US Treasury Securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale Securities, Debt Maturities, Date
Nov. 01, 2023 
 
Corporate Investments And Funds Held For Clients (Corporate Investments And Funds Held For Clients) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2013
Jun. 30, 2013
Schedule of Available-for-sale Securities [Line Items]
 
 
Money market securities and other cash equivalents - Amortized Cost
$ 10,854.6 
$ 5,431.2 
Money market securities and other cash equivalents - Fair Value
10,854.6 
5,431.2 
Available-for-sale securities - Amortized Cost
18,696.7 
18,551.3 
Available-for-sale securities - Gross Unrealized Gains
341.4 
418.5 
Available-for-sale securities - Gross Unrealized Losses
(128.9)
(131.1)
Available-for-sale securities - Fair Value
18,909.2 1
18,838.7 2
Total corporate investments and funds held for clients - Amortized Cost
29,551.3 
23,982.5 
Total corporate investments and funds held for clients - Gross Unrealized Gains
341.4 
418.5 
Total corporate investments and funds held for clients - Gross Unrealized Losses
(128.9)
(131.1)
Total corporate investments and funds held for clients - Fair Value
29,763.8 
24,269.9 
Corporate Bonds [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - Amortized Cost
7,776.7 
7,868.3 
Available-for-sale securities - Gross Unrealized Gains
143.5 
166.2 
Available-for-sale securities - Gross Unrealized Losses
(54.7)
(56.7)
Available-for-sale securities - Fair Value
7,865.5 1
7,977.8 2
US Treasury and Government [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - Amortized Cost
6,049.5 
5,983.7 
Available-for-sale securities - Gross Unrealized Gains
123.3 
152.6 
Available-for-sale securities - Gross Unrealized Losses
(40.8)
(37.4)
Available-for-sale securities - Fair Value
6,132.0 1
6,098.9 2
Asset-Backed Securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - Amortized Cost
1,555.0 
1,374.1 
Available-for-sale securities - Gross Unrealized Gains
3.7 
5.3 
Available-for-sale securities - Gross Unrealized Losses
(15.8)
(19.7)
Available-for-sale securities - Fair Value
1,542.9 1
1,359.7 2
Canadian Government Obligations And Canadian Government Agency Obligations [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - Amortized Cost
1,047.7 
998.2 
Available-for-sale securities - Gross Unrealized Gains
9.0 
10.7 
Available-for-sale securities - Gross Unrealized Losses
(3.4)
(4.5)
Available-for-sale securities - Fair Value
1,053.3 1
1,004.4 2
Canadian Provincial Bonds [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - Amortized Cost
711.3 
695.7 
Available-for-sale securities - Gross Unrealized Gains
18.7 
20.7 
Available-for-sale securities - Gross Unrealized Losses
(7.0)
(5.6)
Available-for-sale securities - Fair Value
723.0 1
710.8 2
Municipal Bonds [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - Amortized Cost
529.3 
536.9 
Available-for-sale securities - Gross Unrealized Gains
15.4 
16.7 
Available-for-sale securities - Gross Unrealized Losses
(3.6)
(4.4)
Available-for-sale securities - Fair Value
541.1 1
549.2 2
Other Securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - Amortized Cost
1,027.2 
1,094.4 
Available-for-sale securities - Gross Unrealized Gains
27.8 
46.3 
Available-for-sale securities - Gross Unrealized Losses
(3.6)
(2.8)
Available-for-sale securities - Fair Value
1,051.4 1
1,137.9 2
Corporate Investments [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - Fair Value
82.4 
342.0 
Funds Held For Clients [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - Fair Value
$ 18,826.8 
$ 18,496.7 
Corporate Investments And Funds Held For Clients (Available-For-Sale Securities That Have Been In An Unrealized Loss Position) (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended 12 Months Ended
Dec. 31, 2013
Jun. 30, 2013
Schedule of Available-for-sale Securities [Line Items]
 
 
Unrealized losses less than 12 months
$ (115.7)
$ (131.1)
Fair market value of securities in unrealized loss position less than 12 months
5,988.6 
6,142.0 
Unrealized losses greater than 12 months
(13.2)
 
Fair market value of securities in unrealized loss positions greater than 12 months
309.2 
 
Total available for sale securities - Unrealized Loss
(128.9)
(131.1)
Total fair market value of securities in unrealized loss position
6,297.8 
6,142.0 
Corporate Bonds [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Unrealized losses less than 12 months
(52.0)
(56.7)
Fair market value of securities in unrealized loss position less than 12 months
2,465.3 
2,724.9 
Unrealized losses greater than 12 months
(2.7)
 
Fair market value of securities in unrealized loss positions greater than 12 months
45.8 
 
Total available for sale securities - Unrealized Loss
(54.7)
(56.7)
Total fair market value of securities in unrealized loss position
2,511.1 
2,724.9 
US Treasury and Government [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Unrealized losses less than 12 months
(33.0)
(37.4)
Fair market value of securities in unrealized loss position less than 12 months
1,464.4 
1,374.6 
Unrealized losses greater than 12 months
(7.8)
 
Fair market value of securities in unrealized loss positions greater than 12 months
215.7 
 
Total available for sale securities - Unrealized Loss
(40.8)
(37.4)
Total fair market value of securities in unrealized loss position
1,680.1 
1,374.6 
Asset-Backed Securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Unrealized losses less than 12 months
(14.6)
(19.7)
Fair market value of securities in unrealized loss position less than 12 months
1,146.3 
1,060.1 
Unrealized losses greater than 12 months
(1.2)
 
Fair market value of securities in unrealized loss positions greater than 12 months
24.7 
 
Total available for sale securities - Unrealized Loss
(15.8)
(19.7)
Total fair market value of securities in unrealized loss position
1,171.0 
1,060.1 
Canadian Government Obligations And Canadian Government Agency Obligations [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Unrealized losses less than 12 months
(3.4)
(4.5)
Fair market value of securities in unrealized loss position less than 12 months
394.9 
444.7 
Unrealized losses greater than 12 months
0 
 
Fair market value of securities in unrealized loss positions greater than 12 months
0 
 
Total available for sale securities - Unrealized Loss
(3.4)
(4.5)
Total fair market value of securities in unrealized loss position
394.9 
444.7 
Canadian Provincial Bonds [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Unrealized losses less than 12 months
(6.0)
(5.6)
Fair market value of securities in unrealized loss position less than 12 months
227.9 
239.7 
Unrealized losses greater than 12 months
(1.0)
 
Fair market value of securities in unrealized loss positions greater than 12 months
9.0 
 
Total available for sale securities - Unrealized Loss
(7.0)
(5.6)
Total fair market value of securities in unrealized loss position
236.9 
239.7 
Municipal Bonds [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Unrealized losses less than 12 months
(3.1)
(4.4)
Fair market value of securities in unrealized loss position less than 12 months
151.4 
188.7 
Unrealized losses greater than 12 months
(0.5)
 
Fair market value of securities in unrealized loss positions greater than 12 months
13.7 
 
Total available for sale securities - Unrealized Loss
(3.6)
(4.4)
Total fair market value of securities in unrealized loss position
165.1 
188.7 
Other Securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Unrealized losses less than 12 months
(3.6)
(2.8)
Fair market value of securities in unrealized loss position less than 12 months
138.4 
109.3 
Unrealized losses greater than 12 months
0 
 
Fair market value of securities in unrealized loss positions greater than 12 months
0.3 
 
Total available for sale securities - Unrealized Loss
(3.6)
(2.8)
Total fair market value of securities in unrealized loss position
$ 138.7 
$ 109.3 
Corporate Investments And Funds Held For Clients (Classification Of Corporate Investments On The Consolidated Balance Sheets) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2013
Jun. 30, 2013
Dec. 31, 2012
Jun. 30, 2012
Corporate Investments And Funds Held For Clients [Abstract]
 
 
 
 
Cash and cash equivalents
$ 1,267.1 1
$ 1,699.1 1
$ 1,390.9 
$ 1,548.1 
Short-term marketable securities
22.5 1
28.0 
 
 
Long-term marketable securities
59.9 1
314.0 1
 
 
Total corporate investments
$ 1,349.5 
$ 2,041.1 
 
 
Corporate Investments And Funds Held For Clients (Schedule Of Investment Of Funds Held For Clients) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2013
Jun. 30, 2013
Corporate Investments And Funds Held For Clients [Abstract]
 
 
Restricted cash and cash equivalents held to satisfy client funds obligations
$ 9,587.5 
$ 3,732.1 
Restricted short-term marketable securities held to satisfy client funds obligations
1,828.3 
1,407.7 
Restricted long-term marketable securities held to satisfy client funds obligations
16,998.5 
17,089.0 
Total funds held for clients
$ 28,414.3 
$ 22,228.8 
Corporate Investments And Funds Held For Clients (Expected Maturities Of Available-For-Sale Securities) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2013
Corporate Investments And Funds Held For Clients [Abstract]
 
Due in one year or less
$ 1,850.8 
Due after one year to two years
4,775.6 
Due after two years to three years
3,837.1 
Due after three years to four years
3,117.3 
Due after four years
5,328.4 
Total available-for-sale securities
$ 18,909.2 
Receivables (Narrative) (Details)
Dec. 31, 2013
Jun. 30, 2013
Accounts, Notes, Loans and Financing Receivable, Classified [Abstract]
 
 
Percentage of notes receivable that are classified as current
99.00% 
100.00% 
Allowance for doubtful accounts percentage
5.00% 
6.00% 
Receivables (Schedule Of The Company's Receivables) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2013
Jun. 30, 2013
Accounts, Notes, Loans and Financing Receivable, Classified [Abstract]
 
 
Trade receivables - Current
$ 1,698.8 
$ 1,564.8 
Trade receivables - Long-term
0 
0 
Notes receivable - Current
93.2 
91.0 
Notes receivable - Long-term
162.5 
154.7 
Allowance for doubtful accounts - trade receivables - Current
(50.3)
(45.6)
Allowance for doubtful accounts - trade receivables - Long-term
0 
0 
Allowance for doubtful accounts - notes receivable - Current
(5.0)
(5.3)
Allowance for doubtful accounts - notes receivable - Long-term
(8.7)
(9.0)
Unearned income - notes receivable - Current
(6.3)
(6.6)
Deferred revenues noncurrent
(6.3)
(7.0)
Total - Current
1,730.4 
1,598.3 
Total - Long-term
$ 147.5 
$ 138.7 
Receivables (Schedule Of The Allowance For Doubtful Accounts For Notes Receivable) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2013
Jun. 30, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
Notes, Loans and Financing Receivable, Gross, Current
$ 93.2 
$ 91.0 
Notes, Loans and Financing Receivable, Gross, Noncurrent
162.5 
154.7 
Reserve - Current
5.0 
5.3 
Reserve - Long-term
8.7 
9.0 
Specifically Reserved [Member]
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
Notes, Loans and Financing Receivable, Gross, Current
0 
0.3 
Notes, Loans and Financing Receivable, Gross, Noncurrent
0.1 
0.5 
Reserve - Current
0 
0.3 
Reserve - Long-term
0.1 
0.5 
Non-Specifically Reserved [Member]
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
Notes, Loans and Financing Receivable, Gross, Current
93.2 
90.7 
Notes, Loans and Financing Receivable, Gross, Noncurrent
162.4 
154.2 
Reserve - Current
5.0 
5.0 
Reserve - Long-term
$ 8.6 
$ 8.5 
Receivables (Rollforward Of The Allowance For Doubtful Accounts For Notes Receivable) (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Dec. 31, 2013
Jun. 30, 2013
Dec. 31, 2013
Allowance for Doubtful Accounts, Noncurrent [Member]
Dec. 31, 2013
Allowance for Doubtful Accounts, Current [Member]
Financing Receivable, Recorded Investment [Line Items]
 
 
 
 
Beginning balance, current
$ 5.0 
$ 5.3 
 
$ 5.3 
Beginning balance, long-term
8.7 
9.0 
9.0 
 
Net provision
 
 
(0.1)
(0.1)
Recoveries and others
 
 
0.2 
0 
Chargeoffs
 
 
(0.4)
(0.2)
Ending balance, current
5.0 
5.3 
 
5.0 
Ending balance, long-term
$ 8.7 
$ 9.0 
$ 8.7 
 
Goodwill And Intangible Assets, Net (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Jun. 30, 2013
Finite-Lived Intangible Assets [Line Items]
 
 
 
 
 
Goodwill, Impairment Loss
$ 42.7 
 
$ 42.7 
 
$ 42.7 
Amortization expense on intangible assets
$ 43.2 
$ 41.4 
$ 84.7 
$ 83.4 
 
Weighted average remaining useful life
 
 
7 years 
 
 
Software And Software Licenses [Member]
 
 
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
 
 
Weighted average remaining useful life
 
 
4 years 
 
 
Customer Contracts And Lists [Member]
 
 
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
 
 
Weighted average remaining useful life
 
 
9 years 
 
 
Other Intangibles [Member]
 
 
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
 
 
Weighted average remaining useful life
 
 
7 years 
 
 
Goodwill And Intangible Assets, Net (Changes In Goodwill) (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Dec. 31, 2013
Goodwill [Roll Forward]
 
Beginning balance
$ 3,052.6 1
Additions and other adjustments, net
22.0 
Currency translation adjustments
34.0 
Ending balance
3,108.6 1
Employer Services [Member]
 
Goodwill [Roll Forward]
 
Beginning balance
1,878.8 1
Additions and other adjustments, net
(0.4)
Currency translation adjustments
13.6 
Ending balance
1,892.0 1
PEO Services [Member]
 
Goodwill [Roll Forward]
 
Beginning balance
4.8 
Additions and other adjustments, net
0 
Currency translation adjustments
0 
Ending balance
4.8 
Dealer Services [Member]
 
Goodwill [Roll Forward]
 
Beginning balance
1,169.0 
Additions and other adjustments, net
22.4 
Currency translation adjustments
20.4 
Ending balance
$ 1,211.8 
Goodwill And Intangible Assets, Net (Components Of Finite-Lived Intangible Assets) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2013
Jun. 30, 2013
Finite-Lived Intangible Assets [Line Items]
 
 
Total - gross
$ 2,676.9 
$ 2,601.7 
Total - accumulated amortization
(2,032.4)
(1,958.5)
Intangible assets, net
644.5 
643.2 
Software And Software Licenses [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Total - gross
1,566.0 
1,511.1 
Total - accumulated amortization
(1,275.0)
(1,239.5)
Customer Contracts And Lists [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Total - gross
868.8 
848.9 
Total - accumulated amortization
(566.3)
(534.3)
Other Intangibles [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Total - gross
242.1 
241.7 
Total - accumulated amortization
$ (191.1)
$ (184.7)
Goodwill And Intangible Assets, Net (Schedule Of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
 
Six months ending June 30, 2014
$ 86.9 
Twelve months ending June 30, 2015
147.7 
Twelve months ending June 30, 2016
111.4 
Twelve months ending June 30, 2017
79.1 
Twelve months ending June 30, 2018
49.8 
Twelve months ending June 30, 2019
$ 35.6 
Short-Term Financing (Details) (USD $)
3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Jun. 30, 2013
Short-term Debt [Line Items]
 
 
 
 
Obligations under reverse repurchase agreements
$ 0 
 
$ 0 
$ 245,900,000 
Credit agreement period
 
 
364 days 
 
Line of credit facility potentially available increase in maximum borrowing capacity
 
 
500,000,000 
 
Aggregate amount of commercial paper issuable under the short-term commercial paper program
 
 
7,250,000,000 
 
Maturities of commercial paper range
 
 
overnight to up to 364 days 
 
Maturities of short-term funding agreements
 
 
overnight to up to five business days 
 
364-Day Credit Agreement [Member]
 
 
 
 
Short-term Debt [Line Items]
 
 
 
 
Maximum borrowing capacity under credit facilities
2,000,000,000 
 
2,000,000,000 
 
Expiration date of credit facilities
 
 
Jun. 01, 2014 
 
Outstanding borrowings
0 
 
0 
 
Credit Facility Expiring In June 2015 [Member]
 
 
 
 
Short-term Debt [Line Items]
 
 
 
 
Maximum borrowing capacity under credit facilities
3,250,000,000 
 
3,250,000,000 
 
Term of credit
 
 
4 years 
 
Expiration date of credit facilities
 
 
Jun. 01, 2015 
 
Line of credit facility potentially available increase in maximum borrowing capacity
 
 
500,000,000 
 
Credit Facility Expiring In June 2018 [Member]
 
 
 
 
Short-term Debt [Line Items]
 
 
 
 
Maximum borrowing capacity under credit facilities
2,000,000,000 
 
2,000,000,000 
 
Term of credit
 
 
5 years 
 
Expiration date of credit facilities
 
 
Jun. 01, 2018 
 
Short-Term Commercial Paper Program [Member]
 
 
 
 
Short-term Debt [Line Items]
 
 
 
 
Short-term Debt, Average Outstanding Amount
3,300,000,000 
3,700,000,000 
3,200,000,000 
3,500,000,000 
Weighted average interest rates
0.10% 
0.20% 
0.10% 
0.20% 
Commercial Paper Weight Average Maturity
2 days 
 
2 days 
 
Reverse Repurchase Agreements [Member]
 
 
 
 
Short-term Debt [Line Items]
 
 
 
 
Maximum borrowing capacity under credit facilities
3,000,000,000 
 
3,000,000,000 
 
Debt Instrument, Maturity Date
 
 
 
Jul. 02, 2013 
Short-term Debt, Average Outstanding Amount
$ 402,000,000 
$ 416,800,000 
$ 465,700,000 
$ 475,700,000 
Weighted average interest rates
0.60% 
0.70% 
0.50% 
0.70% 
Employee Benefit Plans (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
 
Stock options - term for stock options granted, in years
 
 
10 years 
 
Shares repurchased
1.4 
2.0 
5.6 
5.4 
Stock-based compensation expense
$ 39.2 
$ 29.6 
$ 66.3 
$ 50.5 
Total stock-based compensation - related tax benefits
13.9 
10.6 
23.5 
18.0 
Defined Benefit Plan, Contributions by Employer
 
 
79.9 
 
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year
 
 
4.6 
 
Stock Options Granted Prior To July Two Thousand Eight [Member]
 
 
 
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period
 
 
5 years 
 
Stock Options Granted After July 2008 [Member]
 
 
 
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period
 
 
4 years 
 
Time Based Restricted Stock granted prior to Fiscal 2013 [Domain]
 
 
 
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period
 
 
5 years 
 
Time Based Restricted Stock granted during Fiscal 2013 [Domain] [Domain]
 
 
 
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period
 
 
2 years 
 
Performance Based Restricted Stock and Units [Domain]
 
 
 
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
 
Minimum percentage that will ultimately vest under performance-based restricted stock awards based on performance target
 
 
0.00% 
 
Maximum percentage that will ultimately vest under performance-based restricted stock awards based on performance target
 
 
150.00% 
 
Employee Stock [Member]
 
 
 
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
 
Purchase price of common stock as percentage of market value
 
 
95.00% 
 
Non-Vested Stock Options [Member]
 
 
 
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
 
Total remaining unrecognized compensation cost
6.0 
 
6.0 
 
Weighted-average remaining requisite vesting period
 
 
1 year 8 months 29 days 
 
Nonvested Restricted Stock Unit [Domain]
 
 
 
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
 
Total remaining unrecognized compensation cost
37.2 
 
37.2 
 
Weighted-average remaining requisite vesting period
 
 
1 year 5 months 24 days 
 
Non-Vested Restricted Stock [Member]
 
 
 
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
 
Total remaining unrecognized compensation cost
$ 147.8 
 
$ 147.8 
 
Weighted-average remaining requisite vesting period
 
 
1 year 7 months 15 days 
 
Minimum [Member] |
Performance Based Restricted Stock and Units [Domain]
 
 
 
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
 
Share Based Compensation Arrangement By Share Based Payment Award Performance Period
 
 
1 year 
 
Maximum [Member] |
Performance Based Restricted Stock and Units [Domain]
 
 
 
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
 
Share Based Compensation Arrangement By Share Based Payment Award Performance Period
 
 
3 years 
 
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period
 
 
26 months 
 
Employee Benefit Plans (Components Of Stock-Based Compensation Expense) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
Stock-based compensation expense
$ 39.2 
$ 29.6 
$ 66.3 
$ 50.5 
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options
13.9 
10.6 
23.5 
18.0 
Operating Expenses [Member]
 
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
Stock-based compensation expense
7.5 
6.0 
12.1 
9.7 
Selling, General and Administrative Expenses [Member]
 
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
Stock-based compensation expense
26.0 
18.7 
45.3 
32.5 
System Development And Programming Costs [Member]
 
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
Stock-based compensation expense
$ 5.7 
$ 4.9 
$ 8.9 
$ 8.3 
Employee Benefit Plans (Changes In Stock Options Outstanding) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
6 Months Ended
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]
 
Number of Options, outstanding at July 1, 2013
11,110 
Number of Options, granted
52 
Number of Options, exercised
(2,378)
Number of Options, cancelled
(56)
Number of Options, outstanding at December 31, 2013
8,728 
Weighted Average Price, outstanding at July 1, 2013
$ 44 
Weighted Average Price, granted
$ 74 
Weighted Average Price, exercised
$ 40 
Weighted Average Price, cancelled
$ 44 
Weighted Average Price, outstanding at December 31, 2013
$ 45 
Employee Benefit Plans (Time-Based Restricted shares and units) (Details)
In Thousands, unless otherwise specified
6 Months Ended
Dec. 31, 2013
Time-Based Restricted Stock [Member]
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
Restricted shares outstanding at July 1, 2013
1,313 
Restricted shares granted
1,286 
Restricted shares vested
(44)
Restricted shares forfeited
(37)
Restricted shares outstanding at December 31, 2013
2,518 
Time Based Restricted Stock Unit [Domain]
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
Restricted shares outstanding at July 1, 2013
280 
Restricted shares granted
308 
Restricted shares vested
0 
Restricted shares forfeited
(11)
Restricted shares outstanding at December 31, 2013
577 
Employee Benefit Plans (Performance based restricted shares and units) (Details)
In Thousands, unless otherwise specified
6 Months Ended
Dec. 31, 2013
Performance-Based Restricted Stock [Member]
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
Restricted shares outstanding at July 1, 2013
521 
Restricted shares granted
844 
Restricted shares vested
0 
Restricted shares forfeited
(20)
Restricted shares outstanding at December 31, 2013
1,345 
Performance Based Restricted Stock Unit [Domain]
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
Restricted shares outstanding at July 1, 2013
38 
Restricted shares granted
58 
Restricted shares vested
(6)
Restricted shares forfeited
(2)
Restricted shares outstanding at December 31, 2013
88 
Employee Benefit Plans (Assumptions Used To Estimate Fair Value For Stock Options Granted) (Details)
6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Risk Free Interest Rate
1.50% 
0.80% 
Dividend yield
2.40% 
2.70% 
Weighted average volatility factor
23.60% 
24.40% 
Weighted average expected life (in years)
5 years 4 months 24 days 
5 years 3 months 7 days 
Weighted average fair value (in dollars)
$ 12.44 
$ 8.90 
Employee Benefit Plans (Components Of Net Pension Expense) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Compensation and Retirement Disclosure [Abstract]
 
 
 
 
Service cost - benefits earned during the period
$ 16.6 
$ 16.8 
$ 33.2 
$ 33.6 
Interest cost on projected benefits
15.7 
13.8 
31.3 
27.5 
Expected return on plan assets
(29.9)
(27.4)
(59.7)
(54.8)
Net amortization and deferral
5.0 
7.7 
10.0 
15.5 
Net pension expense
$ 7.4 
$ 10.9 
$ 14.8 
$ 21.8 
Income Taxes (Details)
3 Months Ended 6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Income Taxes [Abstract]
 
 
 
 
Effective Income Tax Rate, Percent
32.80% 
33.40% 
33.30% 
34.20% 
Commitments And Contingencies Commitment and Contingencies (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2013
Commitments And Contingencies [Abstract]
 
Incremental increase in Purchase Obligation due within four years
$ 64.5 
Incremental increase in Purchase Obligation due within Five years
$ 43.5 
Reclassification out of Accumulated Other Comprehensive Income (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Dec. 31, 2013
Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
 
 
Accumulated other comprehensive income, beginning balance
$ 70.5 
$ 15.4 
Other comprehensive (loss) before reclassification adjustments
(81.3)
(23.3)
Tax effect
25.5 
20.5 
Reclassification adjustments to net earnings
(6.4)
4.7 
Tax effect
2.4 
2.8 
Accumulated other comprehensive income, ending balance
10.7 
10.7 
Currency Translation Adjustment
 
 
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
 
 
Accumulated other comprehensive income, beginning balance
82.9 
39.6 
Other comprehensive (loss) before reclassification adjustments
(6.8)
36.5 
Accumulated other comprehensive income, ending balance
76.1 
76.1 
Net Gains/Losses on Available-for-sale Securities
 
 
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
 
 
Accumulated other comprehensive income, beginning balance
194.3 
186.7 
Other comprehensive (loss) before reclassification adjustments
(74.5)
(59.8)
Tax effect
25.5 
20.5 
Reclassification adjustments to net earnings
(11.6)1
(15.0)1
Tax effect
4.3 
5.6 
Accumulated other comprehensive income, ending balance
138.0 
138.0 
Pension Liability
 
 
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
 
 
Accumulated other comprehensive income, beginning balance
(206.7)
(210.9)
Other comprehensive (loss) before reclassification adjustments
 
0 
Tax effect
 
0 
Reclassification adjustments to net earnings
5.2 2
10.3 2
Tax effect
(1.9)
(2.8)
Accumulated other comprehensive income, ending balance
$ (203.4)
$ (203.4)
Financial Data By Segment (Narrative) (Details)
3 Months Ended 6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Segment Reporting Information [Line Items]
 
 
 
 
Standard reconciling rate between actual interest income earned and interest credited
 
 
4.50% 
 
Sales Revenue, Segment [Member] |
Customer Concentration Risk [Member] |
Dealer Services [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Concentration Risk, Percentage
13.00% 
12.00% 
12.00% 
12.00% 
Financial Data By Segment (Financial Data By Strategic Business Unit Segment) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Segment Reporting Information [Line Items]
 
 
 
 
Revenues
$ 2,982.8 
$ 2,747.8 
$ 5,822.5 
$ 5,385.3 
Earnings from Continuing Operations before Income Taxes
561.1 
528.8 
1,058.4 
994.4 
Employer Services [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues
2,087.0 
1,918.2 
4,055.0 
3,737.1 
Earnings from Continuing Operations before Income Taxes
595.8 
514.6 
1,118.4 
969.7 
PEO Services [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues
531.1 
465.7 
1,036.1 
917.6 
Earnings from Continuing Operations before Income Taxes
59.5 
49.9 
111.3 
96.2 
Dealer Services [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues
484.2 
452.5 
957.0 
892.6 
Earnings from Continuing Operations before Income Taxes
104.7 
96.2 
201.5 
182.1 
Other Segments [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues
(0.2)
0.5 
0.1 
1.2 
Earnings from Continuing Operations before Income Taxes
(79.6)
(42.8)
(147.1)
(90.4)
Client Fund Interest [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues
(119.3)
(89.1)
(225.7)
(163.2)
Earnings from Continuing Operations before Income Taxes
$ (119.3)
$ (89.1)
$ (225.7)
$ (163.2)