AUTOMATIC DATA PROCESSING INC, 10-Q filed on 5/3/2013
Quarterly Report
Document And Entity Information
9 Months Ended
Mar. 31, 2013
Apr. 30, 2013
Document And Entity Information [Abstract]
 
 
Document Type
10-Q 
 
Amendment Flag
false 
 
Document Period End Date
Mar. 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
2013 
 
Document Fiscal Period Focus
Q3 
 
Entity Filer Category
Large Accelerated Filer 
 
Entity Common Stock, Shares Outstanding
 
485,222,417 
Statements Of Consolidated Earnings (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2013
Mar. 31, 2012
REVENUES:
 
 
 
 
Revenues, other than interest on funds held for clients and PEO revenues
$ 2,440.1 
$ 2,266.8 
$ 6,705.4 
$ 6,299.6 
Interest on funds held for clients
112.0 
133.3 
320.4 
373.0 
PEO revenues
562.2 1
510.8 1
1,473.8 1
1,319.8 1
TOTAL REVENUES
3,114.3 
2,910.9 
8,499.6 
7,992.4 
EXPENSES:
 
 
 
 
Operating expenses
1,518.2 
1,410.1 
4,287.3 
4,004.0 
Systems development and programming costs
164.1 
143.6 
480.3 
438.8 
Depreciation and amortization
63.6 
64.5 
189.2 
189.5 
TOTAL COSTS OF REVENUES
1,745.9 
1,618.2 
4,956.8 
4,632.3 
Selling, general and administrative expenses
654.4 
619.9 
1,890.5 
1,781.7 
Interest expense
1.2 
1.2 
7.3 
5.4 
TOTAL EXPENSES
2,401.5 
2,239.3 
6,854.6 
6,419.4 
Other income, net
(12.0)
(10.5)
(74.2)
(141.0)
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
724.8 
682.1 
1,719.2 
1,714.0 
Provision for income taxes
242.1 
231.9 
582.1 
590.6 
NET EARNINGS FROM CONTINUING OPERATIONS
482.7 
450.2 
1,137.1 
1,123.4 
EARNINGS FROM DISCONTINUED OPERATIONS BEFORE INCOME TAXES
0 
3.5 
66.8 
10.6 
Provision for Income Taxes
0 
1.3 
25.1 
3.9 
NET EARNINGS FROM DISCONTINUED OPERATIONS
0 
2.2 
41.7 
6.7 
NET EARNINGS
$ 482.7 
$ 452.4 
$ 1,178.8 
$ 1,130.1 
Basic Earnings Per Share from Continuing Operations
$ 1.00 
$ 0.92 
$ 2.36 
$ 2.30 
Basic Earnings Per Share from Discontinued Operations
$ 0.00 
$ 0.00 
$ 0.09 
$ 0.01 
BASIC EARNINGS PER SHARE
$ 1.00 
$ 0.93 
$ 2.44 
$ 2.32 
Diluted Earnings Per Share from Continuing Operations
$ 0.99 
$ 0.91 
$ 2.33 
$ 2.28 
Diluted Earnings Per Share from Discontinued Operations
$ 0.00 
$ 0.00 
$ 0.09 
$ 0.01 
DILUTED EARNINGS PER SHARE
$ 0.99 
$ 0.92 
$ 2.42 
$ 2.29 
Basic weighted average shares outstanding
482.7 
488.5 
482.8 
487.7 
Diluted weighted average shares outstanding
486.5 
493.2 
487.1 
492.7 
Dividends declared per common share
$ 0.435 
$ 0.395 
$ 1.265 
$ 1.150 
Statements Of Consolidated Earnings (Parenthetical) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2013
Mar. 31, 2012
Income Statement [Abstract]
 
 
 
 
Direct pass-through costs, Professional Employer Organization revenues
$ 5,317.8 
$ 4,586.0 
$ 15,254.5 
$ 13,331.7 
Statements of Consolidated Comprehensive Income (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2013
Mar. 31, 2012
Consolidated Statement of Comprehensive Income [Abstract]
 
 
 
 
NET EARNINGS
$ 482.7 
$ 452.4 
$ 1,178.8 
$ 1,130.1 
Other comprensive income:
 
 
 
 
Currency translation adjustments
(70.1)
36.5 
(1.6)
(73.2)
Unrealized net gains (losses) on available-for-sale securities
(56.8)
(21.5)
(35.6)
98.9 
Reclassification of net (gains) losses on available-for-sale securities to net earnings
(6.0)
(3.6)
(19.8)
(10.0)
Reclassification of pension liability adjustment to net earnings
8.0 
3.8 
23.8 
11.6 
Other Comprehensive Income (Loss), before Tax
(124.9)
15.2 
(33.2)
27.3 
Tax Benefit (Provision)
20.0 
5.0 
12.3 
(34.7)
Other Comprehensive Income (Loss), net of tax
(104.9)
20.2 
(20.9)
(7.4)
Comprehensive income
$ 377.8 
$ 472.6 
$ 1,157.9 
$ 1,122.7 
Consolidated Balance Sheets (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Jun. 30, 2012
Assets:
 
 
Cash and cash equivalents
$ 1,647.7 
$ 1,548.1 
Short-term marketable securities
32.6 
30.4 
Accounts receivable, net
1,723.6 
1,391.7 
Other current assets
693.0 
631.6 
Assets held for sale
0 
6.7 
Assets of discontinued operations
0 
125.0 
Total current assets before funds held for clients
4,096.9 
3,733.5 
Funds held for clients
30,336.3 
21,539.1 
Total current assets
34,433.2 
25,272.6 
Long-term marketable securities
77.0 
86.9 
Long-term receivables, net
136.7 
129.8 
Property, plant and equipment, net
716.7 
706.3 
Other assets
1,089.8 
871.5 
Goodwill
3,068.5 
3,062.0 
Intangible assets, net
644.4 
688.3 
Total assets
40,166.3 
30,817.4 
Liabilities:
 
 
Accounts payable
149.7 
167.4 
Accrued expenses and other current liabilities
1,137.1 
1,062.5 
Accrued payroll and payroll-related expenses
511.4 
597.0 
Dividends payable
207.2 
188.4 
Short-term deferred revenues
324.5 
312.9 
Income taxes payable
85.2 
39.3 
Liabilities of discontinued operations
0 
29.0 
Total current liabilities before client funds obligations
2,415.1 
2,396.5 
Client funds obligations
29,703.4 
20,856.2 
Total current liabilities
32,118.5 
23,252.7 
Long-term debt
15.3 
16.8 
Other liabilities
599.0 
585.9 
Deferred income taxes
383.5 
381.5 
Long-term deferred revenues
488.9 
466.5 
Total liabilities
33,605.2 
24,703.4 
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 March 31, 2013 and June 30, 2012; outstanding, 485.1 and 484.2 shares at March 31, 2013 and June 30, 2012, respectively
63.9 
63.9 
Capital in excess of par value
451.2 
486.4 
Retained earnings
13,003.6 
12,438.3 
Treasury stock - at cost: 153.6 and 154.5 shares at March 31, 2013 and June 30, 2012, respectively
(7,166.9)
(7,104.8)
Accumulated other comprehensive income
209.3 
230.2 
Total stockholders' equity
6,561.1 
6,114.0 
Total liabilities and stockholders' equity
$ 40,166.3 
$ 30,817.4 
Consolidated Balance Sheets (Parenthetical) (USD $)
Mar. 31, 2013
Jun. 30, 2012
Statement of Financial Position [Abstract]
 
 
Preferred stock, par value
$ 1.00 
$ 1.00 
Preferred stock, shares authorized
300,000.0 
300,000.0 
Preferred stock, shares issued
0 
0 
Common stock, par value
$ 0.10 
$ 0.10 
Common stock, shares authorized
1,000,000,000.0 
1,000,000,000.0 
Common stock, shares issued
638,700,000.0 
638,700,000.0 
Common stock, shares outstanding
485,100,000.0 
484,200,000.0 
Treasury stock, shares
153,600,000.0 
154,500,000.0 
Statements Of Consolidated Cash Flows (USD $)
In Millions, unless otherwise specified
9 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Statement of Cash Flows [Abstract]
 
 
NET EARNINGS
$ 1,178.8 
$ 1,130.1 
Adjustments to reconcile net earnings to cash flows provided by operating activities:
 
 
Depreciation and amortization
236.7 
237.3 
Deferred income taxes
3.4 
6.3 
Allocated Share-based Compensation Expense
64.3 
65.8 
Net pension expense
32.7 
27.5 
Net realized gain from the sales of marketable securities
(19.8)
(15.8)
Net amortization of premiums and accretion of discounts on available-for-sale securities
57.8 
43.1 
Impairment Losses on Available-for-sale Securities
0 
5.8 
Impairment losses on assets held for sale
0 
2.2 
Gain on sale of assets
0 
(66.0)
Gain on sale of buildings
(2.2)
0 
Gain on sale of discontinued businesses, net of tax
(36.7)
0 
Other
21.2 
17.2 
Changes in operating assets and liabilities, net of effects from acquisitions and divestitures of businesses:
 
 
(Increase)/decrease in accounts receivable
(344.2)
(16.1)
Increase in other assets
(313.7)
(138.7)
Decrease in accounts payable
(16.7)
(14.2)
Decrease in accrued expenses and other liabilities
138.7 
120.4 
Operating activities of discontinued operations
1.4 
6.2 
Net cash flows provided by operating activities
1,001.7 
1,411.1 
Cash Flows from Investing Activities:
 
 
Purchases of corporate and client funds marketable securities
(3,837.6)
(3,650.2)
Proceeds from the sales and maturities of corporate and client funds marketable securities
2,861.5 
2,883.8 
Net increase in restricted cash and cash equivalents held to satisfy client funds obligations
(7,896.4)
(3,912.5)
Capital expenditures
(122.3)
(104.4)
Additions to intangibles
(81.4)
(82.5)
Acquisitions of businesses, net of cash acquired
(15.3)
(199.8)
Proceeds from the sale of property, plant, and equipment and other assets
10.0 
66.0 
Other
1.3 
(15.2)
Investing activities of discontinued operations
(0.6)
0 
Proceeds from the sale of business included in Discontinued Operations
161.4 
0 
Net cash flows used in investing activities
(8,919.4)
(5,014.8)
Cash Flows from Financing Activities:
 
 
Net increase in client funds obligations
8,838.1 
4,661.2 
Payments of debt
(17.0)
(1.5)
Repurchases of common stock
(402.0)
(399.9)
Proceeds from stock purchase plan and exercises of stock options
189.3 
190.3 
Dividends paid
(594.7)
(546.4)
Net cash flows provided by financing activities
8,013.7 
3,903.7 
Effect of exchange rate changes on cash and cash equivalents
3.6 
(24.3)
Net change in cash and cash equivalents
99.6 
275.7 
Cash and cash equivalents of continuing operations, beginning of period
1,548.1 
1,389.4 
Cash and cash equivalents of continuing operations, end of period
$ 1,647.7 
$ 1,665.1 
Basis Of Presentation
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 year ended June 30, 2012 (“fiscal 2012”).
New Accounting Pronouncements
New Accounting Pronouncements
Note 2.  New Accounting Pronouncements

In July 2012, the Company adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income.” ASU 2011-05 requires entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net earnings and other comprehensive income. The Company has elected to present net earnings and other comprehensive income on two separate, but consecutive statements. The adoption of ASU 2011-05 did not have an impact on the Company’s consolidated results of operations, financial condition, or cash flows.

In July 2012, the Company adopted ASU 2011-08, “Intangibles—Goodwill and Other (Topic 350): Testing Goodwill for Impairment.” ASU 2011-08 permits an entity to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is concluded that the fair value of a reporting unit is less than its carrying value based upon the qualitative assessment, it is necessary to perform the currently prescribed two-step goodwill impairment test. ASU 2011-08 does not change how goodwill is calculated or assigned to reporting units, nor does it revise the requirement to test goodwill annually for impairment. The adoption of ASU 2011-08 did not have an impact on the Company’s consolidated results of operations, financial condition, other comprehensive income, or cash flows.

In February 2013, the FASB issued 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.  ASU 2013-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2012.  The adoption of ASU 2013-02 will not have an impact on the Company's consolidated results of operations, financial condition, or cash flows.
Earnings Per Share ("EPS")
Earnings per Share (EPS)
Note 3.  Earnings per Share (“EPS”)
 
Basic
 
Effect of
Employee
Stock
Option
Shares
 
Effect of
Employee
Restricted
Stock
Shares
 
Diluted
Three Months Ended March 31,
 
 
 
 
 
 
 
2013
 
 
 
 
 
 
 
Net earnings from continuing operations
$
482.7

 
 
 
 
 
$
482.7

Weighted average shares (in millions)
482.7

 
3.1

 
0.6

 
486.5

EPS from continuing operations
$
1.00

 
 

 
 

 
$
0.99

2012
 

 
 

 
 

 
 

Net earnings from continuing operations
$
450.2

 
 

 
 

 
$
450.2

Weighted average shares (in millions)
488.5

 
4.3

 
0.4

 
493.2

EPS from continuing operations
$
0.92

 
 

 
 

 
$
0.91

 
 
 
 
 
 
 
 
Nine Months Ended March 31,
 

 
 

 
 

 
 

2013
 

 
 

 
 

 
 

Net earnings from continuing operations
$
1,137.1

 
 

 
 

 
$
1,137.1

Weighted average shares (in millions)
482.8

 
3.3

 
1.1

 
487.1

EPS from continuing operations
$
2.36

 
 

 
 

 
$
2.33

2012
 

 
 

 
 

 
 

Net earnings from continuing operations
$
1,123.4

 
 

 
 

 
$
1,123.4

Weighted average shares (in millions)
487.7

 
3.8

 
1.2

 
492.7

EPS from continuing operations
$
2.30

 
 

 
 

 
$
2.28


Options to purchase 1.2 million and 0.9 million shares of common stock for the three months ended March 31, 2013 and 2012, respectively, and 1.2 million and 0.9 million shares of common stock for the nine months ended March 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
 
Three Months Ended
 
Nine Months Ended
 
March 31,
 
March 31,
 
2013
 
2012
 
2013
 
2012
Interest income on corporate funds
$
(6.0
)
 
$
(8.5
)
 
$
(51.3
)
 
$
(65.3
)
Realized gains on available-for-sale securities
(6.7
)
 
(4.0
)
 
(21.3
)
 
(23.2
)
Realized losses on available-for-sale securities
0.7

 
0.4

 
1.5

 
7.4

Impairment losses on available-for-sale securities
—

 
—

 
—

 
5.8

Impairment losses on assets held for sale
—

 
2.2

 
—

 
2.2

Gains on sales of buildings
—

 
—

 
(2.2
)
 
—

Gain on sale of assets
—

 
—

 
—

 
(66.0
)
Other, net
—

 
(0.6
)
 
(0.9
)
 
(1.9
)
Other income, net
$
(12.0
)
 
$
(10.5
)
 
$
(74.2
)
 
$
(141.0
)


During the nine months ended March 31, 2013, 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.

During the three months ended March 31, 2012, the Company accepted a non-binding offer for two buildings that were previously classified as assets held for sale on the Consolidated Balance Sheets, and, as a result, recorded an impairment loss of $2.2 million in other income, net, on the Statements of Consolidated Earnings. As of June 30, 2012, both buildings had been sold.

During the nine months ended March 31, 2012, the Company sold assets related to rights and obligations to resell a third-party expense management platform, and, as a result recorded a gain of $66.0 million in other income, net, on the Statements of Consolidated Earnings.

At December 31, 2011, the Company concluded that it had the intent to sell certain available-for-sale securities with unrealized losses of $5.8 million. As such, the Company recorded an impairment charge of $5.8 million in other income, net, on the Statements of Consolidated Earnings for the nine months ended March 31, 2012. As of March 31, 2013, all such securities had been sold.
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 one business during the nine months ended March 31, 2013 for approximately $0.8 million, net of cash acquired. The acquisition was not material to the Company's results of operations, financial position, or cash flows.

The Company acquired six businesses during the nine months ended March 31, 2012 for approximately $238.9 million, net of cash acquired. These acquisitions resulted in approximately $153.2 million of goodwill. Intangible assets acquired, which total approximately $72.7 million for these six acquisitions, included customer contracts and lists, software, and trademarks that are being amortized over a weighted average life of approximately 11 years. The Company finalized the purchase price allocation for these six acquisitions during the nine months ended March 31, 2013 and adjusted the preliminary values allocated to certain assets and liabilities in order to reflect final information received. As of March 31, 2013, the Company has accrued certain liabilities representing the estimated fair value of contingent consideration expected to be payable for certain specific performance metrics.

In addition, the Company made contingent payments relating to previously consummated acquisitions of $14.5 million during the nine months ended March 31, 2013.
Divestiture
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
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, and recorded such gain within earnings from discontinued operations on the Statements of Consolidated Earnings. In connection with the disposal of Taxware, the Company has 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
 
Nine Months Ended
 
 
March 31,
 
March 31,
 
 
2012
 
2013
 
2012
Revenues
 
$
12.2
 
$
23.7

 
$
36.1

 
 
 
 
 
 
 
 
Earnings from discontinued operations before income taxes
 
 
3.5
 
8.0

 
10.6

Provision for income taxes
 
 
1.3
 
3.0

 
3.9

Net earnings from discontinued operations before gain on disposal of discontinued operations
 
 
2.2
 
5.0

 
6.7

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

 
—

Provision for income taxes
 
 
—
 
22.1

 
—

Net gain on disposal of discontinued operations
 
 
—
 
36.7

 
—

 
 
 
 
 
 
 
 
Net earnings from discontinued operations
 
$
2.2
 
$
41.7

 
$
6.7


There were no assets or liabilities of discontinued operations as of March 31, 2013. The following are the major classes of assets and liabilities related to the discontinued operations as of June 30, 2012:
 
June 30, 2012
Assets:
 
Accounts receivable, net
$
7.6

Goodwill
93.3

Intangible assets, net
22.9

Other assets
1.2

 
 
Total assets
$
125.0

 
 
Liabilities:
 
Accounts payable
$
0.4

Accrued expenses and other current liabilities
0.1

Accrued payroll and payroll related expenses
2.3

Deferred Revenues
22.7

Deferred Income Taxes
3.5

 
 
Total liabilities
$
29.0

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 March 31, 2013 and June 30, 2012 were as follows:
 
 
March 31, 2013
 
Amortized
Cost
 
Gross
Unrealized
 Gains
 
Gross
Unrealized
Losses
 
 Fair Value
Type of issue:
 
 
 
 
 
 
 
Money market securities and other cash equivalents
$
13,107.0

 
$
—

 
$
—

 
$
13,107.0

Available-for-sale securities:
 

 
 

 
 

 
 

U.S. Treasury and direct obligations of
U.S. government agencies
6,091.6

 
224.1

 
(2.4
)
 
6,313.3

Corporate bonds
7,652.2

 
279.2

 
(3.0
)
 
7,928.4

Canadian provincial bonds
698.4

 
35.4

 
(0.3
)
 
733.5

Asset-backed securities
1,210.5

 
11.3

 
(1.1
)
 
1,220.7

Municipal bonds
529.4

 
27.8

 
(0.3
)
 
556.9

Canadian government obligations and
Canadian government agency obligations
1,017.9

 
17.3

 
(0.3
)
 
1,034.9

Other securities
1,131.6

 
67.6

 
(0.3
)
 
1,198.9

 
 
 
 
 
 
 
 
Total available-for-sale securities
18,331.6

 
662.7

 
(7.7
)
 
18,986.6

 
 
 
 
 
 
 
 
Total corporate investments and funds
held for clients
$
31,438.6

 
$
662.7

 
$
(7.7
)
 
$
32,093.6

 
 
 
June 30, 2012
 
Amortized 
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
Type of issue:
 

 
 

 
 

 
 

Money market securities and other cash equivalents
$
5,111.1

 
$
—

 
$
—

 
$
5,111.1

Available-for-sale securities:
 

 
 

 
 

 
 

U.S. Treasury and direct obligations of
U.S. government agencies
6,413.8

 
260.9

 
(0.1
)
 
6,674.6

Corporate bonds
7,097.2

 
272.3

 
(1.5
)
 
7,368.0

Canadian provincial bonds
620.8

 
35.4

 
(0.3
)
 
655.9

Asset-backed securities
533.9

 
14.5

 
—

 
548.4

Municipal bonds
522.0

 
31.0

 
(0.1
)
 
552.9

Canadian government obligations and
Canadian government agency obligations
994.2

 
23.4

 
(0.6
)
 
1,017.0

Other securities
1,201.0

 
75.7

 
(0.1
)
 
1,276.6

 
 
 
 
 
 
 
 
Total available-for-sale securities
17,382.9

 
713.2

 
(2.7
)
 
18,093.4

 
 
 
 
 
 
 
 
Total corporate investments and funds
held for clients
$
22,494.0

 
$
713.2

 
$
(2.7
)
 
$
23,204.5



At March 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 $4,438.6 million and $1,257.1 million, respectively.  At June 30, 2012, 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 $4,189.1 million and $1,134.1 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 April 2013 through February 2023. Corporate bonds include 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 April 2013 to December 2022.

At March 31, 2013, asset-backed securities include AAA rated senior tranches of securities with predominately prime collateral of fixed rate credit card, auto loan receivables, and rate reduction with fair values of $811.2 million, $267.0 million, and $98.9 million, respectively.  At June 30, 2012, asset-backed securities include AAA rated senior tranches of securities with predominately prime collateral of fixed rate credit card, auto loan receivables, and rate reduction with fair values of $323.0 million, $85.1 million, and $140.0 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 March 31, 2013.

At March 31, 2013, other securities and their fair value primarily represent: AA and AAA rated supranational bonds of $434.8 million, AA and AAA rated sovereign bonds of $421.0 million, AAA rated commercial mortgage-backed securities of $200.4 million, and AA rated mortgage-backed securities of $120.3 million that are guaranteed by either Fannie Mae or Freddie Mac. At June 30, 2012, other securities and their fair value primarily represent: AAA rated supranational bonds of $427.7 million, AA and AAA rated sovereign bonds of $405.0 million, AAA rated commercial mortgage-backed securities of $282.3 million, and AA rated mortgage-backed securities of $135.3 million that are guaranteed by either 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 either 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:
 
March 31,
 
June 30,
 
2013
 
2012
Corporate investments:
 
 
 
Cash and cash equivalents
$
1,647.7

 
$
1,548.1

Short-term marketable securities
32.6

 
30.4

Long-term marketable securities
77.0

 
86.9

Total corporate investments
$
1,757.3

 
$
1,665.4


 
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:
 
March 31,
 
June 30,
 
2013
 
2012
Funds held for clients:
 
 
 
Restricted cash and cash equivalents held to satisfy client funds obligations
$
11,459.3

 
$
3,563.0

Restricted short-term marketable securities held to satisfy client funds obligations
1,573.1

 
2,954.1

Restricted long-term marketable securities held to satisfy client funds obligations
17,303.9

 
15,022.0

Total funds held for clients
$
30,336.3

 
$
21,539.1



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 $29,703.4 million and $20,856.2 million as of March 31, 2013 and June 30, 2012, 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 section of the Statements of Consolidated Cash Flows.

Approximately 84% of the available-for-sale securities held a AAA or AA rating at March 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 March 31, 2013.

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 March 31, 2013, are as follows: 
 
Unrealized
losses
less than
12 months
 
Fair market
value less than
12 months
 
Unrealized
losses
greater than
12 months
 
Fair market
value greater
than 12 months
 
Total gross
unrealized
losses
 
Total fair
market value
U.S. Treasury and direct obligations of
U.S. government agencies
$
(2.4
)
 
$
505.2

 
$
—

 
$
—

 
$
(2.4
)
 
$
505.2

Corporate bonds
(3.0
)
 
516.5

 
—

 
—

 
(3.0
)
 
516.5

Canadian provincial bonds
(0.3
)
 
45.1

 
—

 
—

 
(0.3
)
 
45.1

Asset-backed securities
(1.1
)
 
497.8

 
—

 
—

 
(1.1
)
 
497.8

Municipal bonds
(0.3
)
 
47.6

 
—

 
—

 
(0.3
)
 
47.6

Canadian government obligations and
Canadian government agency obligations
(0.3
)
 
112.5

 
—

 
—

 
(0.3
)
 
112.5

Other securities
(0.3
)
 
44.0

 
—

 
—

 
(0.3
)
 
44.0

 
$
(7.7
)
 
$
1,768.7

 
$
—

 
$
—

 
$
(7.7
)
 
$
1,768.7


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, 2012 are as follows: 
 
Unrealized
losses
less than
12 months
 
Fair market
value less than
12 months
 
Unrealized
losses
greater than
12 months
 
Fair market
value greater
than 12 months
 
Total gross
unrealized
losses
 
Total fair
market value
U.S. Treasury and direct obligations of U.S. government agencies
$
(0.1
)
 
$
43.6

 
$
—

 
$
—

 
$
(0.1
)
 
$
43.6

Corporate bonds
(1.1
)
 
234.8

 
(0.4
)
 
20.2

 
(1.5
)
 
255.0

Canadian provincial bonds
(0.3
)
 
58.5

 
—

 
—

 
(0.3
)
 
58.5

Asset-backed securities
—

 
13.6

 
—

 
—

 
—

 
13.6

Municipal bonds
(0.1
)
 
22.8

 
—

 
—

 
(0.1
)
 
22.8

Canadian government obligations and
Canadian government agency obligations
(0.6
)
 
209.4

 
—

 
—

 
(0.6
)
 
209.4

Other securities
(0.1
)
 
26.3

 
—

 
—

 
(0.1
)
 
26.3

 
$
(2.3
)
 
$
609.0

 
$
(0.4
)
 
$
20.2

 
$
(2.7
)
 
$
629.2

 
Expected maturities of available-for-sale securities at March 31, 2013 are as follows:
Due in one year or less
$
1,605.7

Due after one year to two years
2,798.2

Due after two years to three years
4,791.1

Due after three years to four years
3,265.0

Due after four years
6,526.6

 
 

Total available-for-sale securities
$
18,986.6

Fair Value Measurements
Fair Value Measurements
Note 8.  Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date and is based upon the Company’s principal or most advantageous market for a specific asset or liability.

U.S. GAAP provides for a three-level hierarchy of inputs to valuation techniques used to measure fair value, defined as follows:

Level 1 Fair value is determined based upon quoted prices for identical assets or liabilities that are traded in active markets.

Level 2 Fair value is determined based upon inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability, including:
· quoted prices for similar assets or liabilities in active markets;
· quoted prices for identical or similar assets or liabilities in markets that are not active;
· inputs other than quoted prices that are observable for the asset or liability; or
· inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 Fair value is determined based upon inputs that are unobservable and reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based upon the best information available in the circumstances (e.g., internally derived assumptions surrounding the timing and amount of expected cash flows).

Available-for-sale securities included in Level 1 are valued using closing prices for identical instruments that are traded on active exchanges. Over 99% of the Company's available-for-sale securities included in Level 2 are valued utilizing inputs obtained from an independent pricing service. To determine the fair value of the Company's Level 2 investments, a variety of inputs are utilized, including benchmark yields, reported trades, non-binding broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, new issue data, and monthly payment information. The Company reviews the values generated by the independent pricing service for reasonableness by comparing the valuations received from the independent pricing service to valuations from at least one other observable source. The Company has not adjusted the prices obtained from the independent pricing service. The Company has no available-for-sale securities included in Level 3.

The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of assets and liabilities within the fair value hierarchy. In certain instances, the inputs used to measure fair value may meet the definition of more than one level of the fair value hierarchy. The significant input with the lowest level priority is used to determine the applicable level in the fair value hierarchy.

The following table presents the Company's assets measured at fair value on a recurring basis at March 31, 2013.  Included in the table are available-for-sale securities within corporate investments of $109.6 million and funds held for clients of $18,877.0 million. Refer to Note 7 for additional disclosure in relation to corporate investments and funds held for clients.
 
Level 1
 
Level 2
 
Level 3
 
Total
U.S. Treasury and direct obligations of
U.S. government agencies
$
—

 
$
6,313.3

 
$
—

 
$
6,313.3

Corporate bonds
—

 
7,928.4

 
—

 
7,928.4

Canadian provincial bonds
—

 
733.5

 
—

 
733.5

Asset-backed securities
—

 
1,220.7

 
—

 
1,220.7

Municipal bonds
—

 
556.9

 
—

 
556.9

Canadian government obligations and
Canadian government agency obligations
—

 
1,034.9

 
—

 
1,034.9

Other securities
16.0

 
1,182.9

 
—

 
1,198.9

Total available-for-sale securities
$
16.0

 
$
18,970.6

 
$
—

 
$
18,986.6


The following table presents the Company’s assets measured at fair value on a recurring basis at June 30, 2012. Included in the table are available-for-sale securities within corporate investments of $117.3 million and funds held for clients of $17,976.1 million.
 
Level 1
 
Level 2
 
Level 3
 
Total
U.S. Treasury and direct obligations of
U.S. government agencies
$
—

 
$
6,674.6

 
$
—

 
$
6,674.6

Corporate bonds
—

 
7,368.0

 
—

 
7,368.0

Canadian provincial bonds
—

 
655.9

 
—

 
655.9

Asset-backed securities
—

 
548.4

 
—

 
548.4

Municipal bonds
—

 
552.9

 
—

 
552.9

Canadian government obligations and
Canadian government agency obligations
—

 
1,017.0

 
—

 
1,017.0

Other securities
20.6

 
1,256.0

 
—

 
1,276.6

Total available-for-sale securities
$
20.6

 
$
18,072.8

 
$
—

 
$
18,093.4

Receivables
Receivables
Note 9.  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:
 
March 31, 2013
 
June 30, 2012
 
Current
 
Long-term
 
Current
 
Long-term
Trade receivables
$
1,691.7

 
$
—

 
$
1,355.7

 
$
—

Notes receivable
90.7

 
153.9

 
89.1

 
145.5

Less:
 

 
 

 
 

 
 

Allowance for doubtful accounts - trade receivables
(45.7
)
 
—

 
(40.7
)
 
—

Allowance for doubtful accounts - notes receivable
(6.1
)
 
(10.3
)
 
(5.4
)
 
(8.8
)
Unearned income - notes receivable
(7.0
)
 
(6.9
)
 
(7.0
)
 
(6.9
)

$
1,723.6

 
$
136.7

 
$
1,391.7

 
$
129.8



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:
 
March 31, 2013
 
Notes Receivable
 
Reserve
 
Current
 
Long-term
 
Current
 
Long-term
Specific Reserve
$
0.7

 
$
1.2

 
$
0.7

 
$
1.2

Non-specific Reserve
90.0

 
152.7

 
5.4

 
9.1


$
90.7

 
$
153.9

 
$
6.1

 
$
10.3


 
June 30, 2012
 
Notes Receivable
 
Reserve
 
Current
 
Long-term
 
Current
 
Long-term
Specific Reserve
$
0.4

 
$
0.6

 
$
0.4

 
$
0.6

Non-specific Reserve
88.7

 
144.9

 
5.0

 
8.2


$
89.1

 
$
145.5

 
$
5.4

 
$
8.8



The rollforward of the allowance for doubtful accounts related to notes receivable is as follows:
 
Current
 
Long-term
Balance at June 30, 2012
$
5.4

 
$
8.8

Incremental provision
1.2

 
2.0

Recoveries and other
—

 
0.2

Chargeoffs
(0.5
)
 
(0.7
)
Balance at March 31, 2013
$
6.1

 
$
10.3



The allowance for doubtful accounts as a percentage of notes receivable was approximately 7% as of March 31, 2013 and 6% as of June 30, 2012.

Notes receivable aged over 30 days past due are considered delinquent.  Notes receivable aged over 60 days past due and notes receivable with known collection issues are placed on non-accrual status. Interest revenue is not recognized on notes receivable while on non-accrual status.  Cash payments received on non-accrual receivables are applied towards the principal.  When notes receivable on non-accrual status are again less than 60 days past due, recognition of interest revenue for notes receivable is resumed.  At March 31, 2013, the Company had $3.2 million in notes receivable on non-accrual status, including $0.5 million of notes receivable aged over 60 days past due. At June 30, 2012, the Company had $0.4 million in notes receivable on non-accrual status, including $0.1 million of notes receivable aged over 60 days past due.

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.

The aging of the notes receivable past due at March 31, 2013 is as follows:
 
Over 30 days to 60 days
 
Over 60 days
Notes Receivable
$
3.2

 
$
0.5

 
At March 31, 2013, approximately 98% of notes receivable are current.
 
The aging of the notes receivable past due at June 30, 2012 is as follows:
 
Over 30 days to 60 days
 
Over 60 days
Notes Receivable
$
0.7

 
$
0.1

 
At June 30, 2012, approximately 100% of notes receivable are current.
Goodwill And Intangible Assets, Net
Goodwill And Intangible Assets, Net
Note 10.  Goodwill and Intangible Assets, net

Changes in goodwill for the nine months ended March 31, 2013 are as follows:

 
Employer
Services
 
PEO
Services
 
Dealer
Services
 
Total
Balance at June 30, 2012
$
1,887.6

 
$
4.8

 
$
1,169.6

 
$
3,062.0

Additions and other adjustments, net
0.5

 
—

 
0.9

 
1.4

Currency translation adjustments
8.4

 
—

 
(3.3
)
 
5.1

Balance at March 31, 2013
$
1,896.5

 
$
4.8

 
$
1,167.2

 
$
3,068.5



Components of intangible assets, net, are as follows:
 
March 31,
 
June 30,
 
2013
 
2012
Intangible assets:
 
 
 
Software and software licenses
$
1,487.0

 
$
1,410.9

Customer contracts and lists
838.5

 
832.7

Other intangibles
241.7

 
241.6

 
2,567.2

 
2,485.2

Less accumulated amortization:
 

 
 

Software and software licenses
(1,220.5
)
 
(1,145.8
)
Customer contracts and lists
(520.9
)
 
(479.1
)
Other intangibles
(181.4
)
 
(172.0
)
 
(1,922.8
)
 
(1,796.9
)
Intangible assets, net
$
644.4

 
$
688.3



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, 10 years for customer contracts and lists, and 7 years for other intangibles).  Amortization of intangible assets was $42.2 million and $43.0 million for the three months ended March 31, 2013 and 2012, respectively, and totaled $125.6 million and $127.6 million for the nine months ended March 31, 2013 and 2012, respectively.

Estimated future amortization expenses of the Company's existing intangible assets are as follows:
 
Amount
Three months ending June 30, 2013
$
41.3

Twelve months ending June 30, 2014
$
148.5

Twelve months ending June 30, 2015
$
118.3

Twelve months ending June 30, 2016
$
80.7

Twelve months ending June 30, 2017
$
63.3

Twelve months ending June 30, 2018
$
39.6

Short-Term Financing
Short-Term Financing
Note 11.  Short-term Financing

The Company has a $2.0 billion, 364-day credit agreement with a group of lenders that matures in June 2013.  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 $1.5 billion five-year credit facility that matures in June 2017 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 March 31, 2013 under the credit agreements.

The Company’s U.S. short-term funding requirements related to client funds are sometimes obtained through a short-term commercial paper program, which provides for the issuance of up to $6.75 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 and 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 March 31, 2013 and June 30, 2012, the Company had no commercial paper outstanding.  For the three months ended March 31, 2013 and 2012, the Company’s average borrowings were $0.6 billion and $0.5 billion, respectively, at weighted average interest rates of 0.2% and 0.1%, respectively. For the nine months ended March 31, 2013 and 2012, the Company's average borrowings were $2.5 billion and $2.3 billion, respectively, at weighted average interest rate of 0.2% and 0.1%, respectively. The weighted average maturity of the Company’s commercial paper during the three and nine months ended March 31, 2013 approximated one and two days, respectively.

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, rather than liquidating previously-collected client funds that have already been invested in available-for-sale securities.  These agreements are collateralized principally by government and government agency securities.  These agreements generally have terms ranging from overnight to up to five business days.  The Company has $3.0 billion available to it on a committed basis under these reverse repurchase agreements. At March 31, 2013 and June 30, 2012, there were no outstanding obligations under the reverse repurchase agreements. For the three months ended March 31, 2013 and 2012, the Company had average outstanding balances under reverse repurchase agreements of $127.3 million and $139.9 million, respectively, at weighted average interest rates of 1.0% and 1.0%, respectively. For the nine months ended March 31, 2013 and 2012, the Company has average outstanding balances under reverse repurchase agreements of $361.2 million and $303.3 million, respectively, at weighted average interest rates of 0.7% and 0.6%, respectively.
Employee Benefit Plans
Employee Benefit Plans
Note 12.  Employee Benefit Plans

A.  Stock Plans.  The Company recognizes stock-based compensation expense in net earnings based on the fair value of the award on the date of grant.  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.  Options granted prior to July 1, 2008 generally vest ratably over five years and have a term of 10 years.  Options granted after July 1, 2008 generally vest ratably over four years and have a term of 10 years.  Compensation expense for stock options is recognized over the requisite service period for each separately vesting portion of the stock option award.

•
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.

•
Restricted Stock.
◦
Time-Based Restricted Stock. The Company has issued time-based restricted stock to certain employees which are subject to vesting periods of up to five years from the date of grant. These shares are restricted as to transfer during the vesting period, and are forfeited if the grantee ceases to be employed by the Company prior to vesting or in certain other circumstances. The Company records stock compensation expense relating to the issuance of restricted stock based on market prices on the date of grant on a straight-line basis over the period in which the transfer restrictions exist.
 
◦
Performance-Based Restricted Stock. The performance-based restricted stock program has a one-year performance period, and a subsequent one-year service period. Under this program, the Company communicates "target awards" to certain key employees at the beginning of the performance period and, as such, dividends are not paid in respect of the "target awards" during the performance period. After the performance period, if the performance targets are achieved, associates are eligible to receive dividends on shares awarded under the program. The performance target is based on earnings per share growth over the performance period, with possible payouts at the end of the performance period ranging from 0% to 150% of the "target awards." Stock-based compensation expense is measured based upon the fair value of the award on the grant date. Compensation expense is recognized on a straight-line basis over the vesting period of approximately 24 months, based upon the probability that the performance target will be met.

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 1.5 million shares in the three months ended March 31, 2013 as compared to 2.0 million shares repurchased in the three months ended March 31, 2012 and the Company repurchased 6.9 million shares in the nine months ended March 31, 2013 as compared to 8.2 million shares repurchased in the nine months ended March 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.

Stock-based compensation expense of $22.4 million and $20.3 million was recognized in earnings for the three months ended March 31, 2013 and 2012, respectively, as well as related tax benefits of $8.4 million and $7.5 million, respectively. Stock-based compensation expense of $64.3 million and $65.8 million was recognized in earnings for the nine months ended March 31, 2013 and 2012, respectively, as well as related tax benefits of $24.1 million and $24.3 million, respectively.
 
Three Months Ended
 
Nine Months Ended
 
March 31,
 
March 31,
 
2013
 
2012
 
2013
 
2012
Operating expenses
$
3.5

 
$
3.7

 
$
11.1

 
$
11.2

Selling, general and administrative expenses
15.8

 
13.4

 
43.4

 
45.0

System development and programming costs
3.1

 
3.2

 
9.8

 
9.6

Total pretax stock-based compensation expense
$
22.4

 
$
20.3

 
$
64.3

 
$
65.8



As of March 31, 2013, the total remaining unrecognized compensation cost related to non-vested stock options and restricted stock awards amounted to $11.9 million and $74.6 million, respectively, which will be amortized over the weighted-average remaining requisite service periods of 2.1 years and 1.6 years, respectively.

During the nine months ended March 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, 2012
16,187

 
$
41

Options granted
1,168

 
$
60

Options exercised
(5,015
)
 
$
38

Options canceled
(150
)
 
$
42

Options outstanding at March 31, 2013
12,190

 
$
43



Performance-Based Restricted Stock:
 
Number of Shares
(in thousands)
Restricted shares outstanding at July 1, 2012
1,474

Restricted shares granted
544

Restricted shares vested
(1,329
)
Restricted shares forfeited
(162
)
Restricted shares outstanding at March 31, 2013
527



Time-Based Restricted Stock:
 
Number of Shares
(in thousands)
Restricted shares outstanding at July 1, 2012
358

Restricted shares granted
1,149

Restricted shares vested
(98
)
Restricted shares forfeited
(31
)
Restricted shares outstanding at March 31, 2013
1,378



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:
 
Nine Months Ended
 
March 31,
 
2013
 
2012
Risk-free interest rate
0.8% - 1.0%

 
0.8% - 1.0%

Dividend yield
2.7% - 2.9%

 
2.8% - 3.1%

Weighted average volatility factor
23.5% - 24.4%

 
24.9% - 25.7%

Weighted average expected life (in years)
5.3 - 5.4

 
5.2 - 5.3

Weighted average fair value (in dollars)
$
8.63

 
$
8.46



B.  Pension Plans

The components of net pension expense were as follows:
 
Three Months Ended
 
Nine Months Ended
 
March 31,
 
March 31,
 
2013
 
2012
 
2013
 
2012
Service cost – benefits earned during the period
$
16.8

 
$
14.3

 
$
50.4

 
$
42.9

Interest cost on projected benefits
13.8

 
15.5

 
41.3

 
46.5

Expected return on plan assets
(27.4
)
 
(24.4
)
 
(82.2
)
 
(73.2
)
Net amortization and deferral
7.7

 
3.7

 
23.2

 
11.3

Net pension expense
$
10.9

 
$
9.1

 
$
32.7

 
$
27.5



During the nine months ended March 31, 2013, the Company contributed $132.5 million to the pension plans and expects to contribute approximately $1.8 million during the remainder of the fiscal year ended June 30, 2013.
Income Taxes
Income Taxes
Note 13.  Income Taxes

The effective tax rate for the three months ended March 31, 2013 and 2012 was 33.4% and 34.0%, respectively.  The decrease in the effective tax rate is due to a reduction in foreign taxes during the three month period ended March 31, 2013, partially offset by the final resolution of certain tax matters during the three month period ended March 31, 2012.

The effective tax rate for the nine months ended March 31, 2013 and 2012 was 33.9% and 34.5%, respectively.  The decrease in the effective tax rate is due to a reduction in foreign taxes and the availability of higher foreign tax credits during the nine month period ended March 31, 2013, partially offset by the final resolution of certain tax matters during the nine month period ended March 31, 2012.
Commitments And Contingencies
Commitments And Contingencies
Note 14.  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.  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.
Foreign Currency Risk Management Programs
Foreign Currency Risk Management Programs
Note 15.  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 March 31, 2013 or June 30, 2012.
Interim Financial Data By Segment
Interim Financial Data By Segment
Note 16. Interim Financial Data by Segment

Based upon similar economic characteristics 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 expenses that have not been charged 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.  The prior year reportable segments’ revenues from continuing operations and earnings from continuing operations before income taxes have been adjusted to reflect updated fiscal 2013 budgeted foreign exchange rates.  In addition, 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%.  The reportable segments’ results also include an internal cost of capital charge related to the funding of acquisitions and other investments.  All of these adjustments/charges are reconciling items to the Company’s reportable segments’ revenues from continuing operations and/or earnings from continuing operations before income taxes and result in the elimination of these adjustments/charges in consolidation.

Segment Results:
 
Revenues from Continuing Operations
 
Three Months Ended
 
Nine Months Ended
 
March 31,
 
March 31,
 
2013
 
2012
 
2013
 
2012
Employer Services
$
2,212.6

 
$
2,061.8

 
$
5,939.3

 
$
5,552.7

PEO Services
565.5

 
513.7

 
1,483.1

 
1,328.1

Dealer Services
460.5

 
426.2

 
1,350.1

 
1,235.7

Other
0.2

 
0.8

 
1.4

 
4.9

Reconciling items:
 

 
 

 
 

 
 

Foreign exchange
18.4

 
16.4

 
31.8

 
84.7

Client fund interest
(142.9
)
 
(108.0
)
 
(306.1
)
 
(213.7
)

$
3,114.3

 
$
2,910.9

 
$
8,499.6

 
$
7,992.4

  
 
Earnings from Continuing Operations before Income Taxes
 
Three Months Ended
 
Nine Months Ended
 
March 31,
 
March 31,
 
2013
 
2012
 
2013
 
2012
Employer Services
$
762.4

 
$
691.3

 
$
1,669.3

 
$
1,539.6

PEO Services
54.5

 
46.0

 
150.5

 
125.2

Dealer Services
88.0

 
77.8

 
250.2

 
211.9

Other
(68.5
)
 
(57.9
)
 
(136.2
)
 
(38.3
)
Reconciling items:
 

 
 

 
 

 
 

Foreign exchange
3.2

 
1.1

 
6.4

 
1.0

Client fund interest
(142.9
)
 
(108.0
)
 
(306.1
)
 
(213.7
)
Cost of capital charge
28.1

 
31.8

 
85.1

 
88.3


$
724.8

 
$
682.1

 
$
1,719.2

 
$
1,714.0



During the three months ended March 31, 2013 and 2012, Dealer Services earned 11.8% and 9.9%, respectively, of its segment revenues from one client. During the nine months ended March 31, 2013 and 2012, Dealer Services earned 11.6% and 10.5%, respectively, of its segment revenues from one client. 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 ("EPS") (Tables)
Calculation Of Basic And Diluted EPS
 
Basic
 
Effect of
Employee
Stock
Option
Shares
 
Effect of
Employee
Restricted
Stock
Shares
 
Diluted
Three Months Ended March 31,
 
 
 
 
 
 
 
2013
 
 
 
 
 
 
 
Net earnings from continuing operations
$
482.7

 
 
 
 
 
$
482.7

Weighted average shares (in millions)
482.7

 
3.1

 
0.6

 
486.5

EPS from continuing operations
$
1.00

 
 

 
 

 
$
0.99

2012
 

 
 

 
 

 
 

Net earnings from continuing operations
$
450.2

 
 

 
 

 
$
450.2

Weighted average shares (in millions)
488.5

 
4.3

 
0.4

 
493.2

EPS from continuing operations
$
0.92

 
 

 
 

 
$
0.91

 
 
 
 
 
 
 
 
Nine Months Ended March 31,
 

 
 

 
 

 
 

2013
 

 
 

 
 

 
 

Net earnings from continuing operations
$
1,137.1

 
 

 
 

 
$
1,137.1

Weighted average shares (in millions)
482.8

 
3.3

 
1.1

 
487.1

EPS from continuing operations
$
2.36

 
 

 
 

 
$
2.33

2012
 

 
 

 
 

 
 

Net earnings from continuing operations
$
1,123.4

 
 

 
 

 
$
1,123.4

Weighted average shares (in millions)
487.7

 
3.8

 
1.2

 
492.7

EPS from continuing operations
$
2.30

 
 

 
 

 
$
2.28


Other Income, Net (Tables)
Other Income, net
 
Three Months Ended
 
Nine Months Ended
 
March 31,
 
March 31,
 
2013
 
2012
 
2013
 
2012
Interest income on corporate funds
$
(6.0
)
 
$
(8.5
)
 
$
(51.3
)
 
$
(65.3
)
Realized gains on available-for-sale securities
(6.7
)
 
(4.0
)
 
(21.3
)
 
(23.2
)
Realized losses on available-for-sale securities
0.7

 
0.4

 
1.5

 
7.4

Impairment losses on available-for-sale securities
—

 
—

 
—

 
5.8

Impairment losses on assets held for sale
—

 
2.2

 
—

 
2.2

Gains on sales of buildings
—

 
—

 
(2.2
)
 
—

Gain on sale of assets
—

 
—

 
—

 
(66.0
)
Other, net
—

 
(0.6
)
 
(0.9
)
 
(1.9
)
Other income, net
$
(12.0
)
 
$
(10.5
)
 
$
(74.2
)
 
$
(141.0
)
Divestiture (Tables)
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]
Operating results for discontinued operations were as follows:

 
 
Three Months Ended
 
Nine Months Ended
 
 
March 31,
 
March 31,
 
 
2012
 
2013
 
2012
Revenues
 
$
12.2
 
$
23.7

 
$
36.1

 
 
 
 
 
 
 
 
Earnings from discontinued operations before income taxes
 
 
3.5
 
8.0

 
10.6

Provision for income taxes
 
 
1.3
 
3.0

 
3.9

Net earnings from discontinued operations before gain on disposal of discontinued operations
 
 
2.2
 
5.0

 
6.7

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

 
—

Provision for income taxes
 
 
—
 
22.1

 
—

Net gain on disposal of discontinued operations
 
 
—
 
36.7

 
—

 
 
 
 
 
 
 
 
Net earnings from discontinued operations
 
$
2.2
 
$
41.7

 
$
6.7


There were no assets or liabilities of discontinued operations as of March 31, 2013. The following are the major classes of assets and liabilities related to the discontinued operations as of June 30, 2012:
 
June 30, 2012
Assets:
 
Accounts receivable, net
$
7.6

Goodwill
93.3

Intangible assets, net
22.9

Other assets
1.2

 
 
Total assets
$
125.0

 
 
Liabilities:
 
Accounts payable
$
0.4

Accrued expenses and other current liabilities
0.1

Accrued payroll and payroll related expenses
2.3

Deferred Revenues
22.7

Deferred Income Taxes
3.5

 
 
Total liabilities
$
29.0

Corporate Investments And Funds Held For Clients (Tables)
Available-for-sale Securities [Table Text Block] 
 
March 31, 2013
 
Amortized
Cost
 
Gross
Unrealized
 Gains
 
Gross
Unrealized
Losses
 
 Fair Value
Type of issue:
 
 
 
 
 
 
 
Money market securities and other cash equivalents
$
13,107.0

 
$
—

 
$
—

 
$
13,107.0

Available-for-sale securities:
 

 
 

 
 

 
 

U.S. Treasury and direct obligations of
U.S. government agencies
6,091.6

 
224.1

 
(2.4
)
 
6,313.3

Corporate bonds
7,652.2

 
279.2

 
(3.0
)
 
7,928.4

Canadian provincial bonds
698.4

 
35.4

 
(0.3
)
 
733.5

Asset-backed securities
1,210.5

 
11.3

 
(1.1
)
 
1,220.7

Municipal bonds
529.4

 
27.8

 
(0.3
)
 
556.9

Canadian government obligations and
Canadian government agency obligations
1,017.9

 
17.3

 
(0.3
)
 
1,034.9

Other securities
1,131.6

 
67.6

 
(0.3
)
 
1,198.9

 
 
 
 
 
 
 
 
Total available-for-sale securities
18,331.6

 
662.7

 
(7.7
)
 
18,986.6

 
 
 
 
 
 
 
 
Total corporate investments and funds
held for clients
$
31,438.6

 
$
662.7

 
$
(7.7
)
 
$
32,093.6

 
 
 
June 30, 2012
 
Amortized 
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
Type of issue:
 

 
 

 
 

 
 

Money market securities and other cash equivalents
$
5,111.1

 
$
—

 
$
—

 
$
5,111.1

Available-for-sale securities:
 

 
 

 
 

 
 

U.S. Treasury and direct obligations of
U.S. government agencies
6,413.8

 
260.9

 
(0.1
)
 
6,674.6

Corporate bonds
7,097.2

 
272.3

 
(1.5
)
 
7,368.0

Canadian provincial bonds
620.8

 
35.4

 
(0.3
)
 
655.9

Asset-backed securities
533.9

 
14.5

 
—

 
548.4

Municipal bonds
522.0

 
31.0

 
(0.1
)
 
552.9

Canadian government obligations and
Canadian government agency obligations
994.2

 
23.4

 
(0.6
)
 
1,017.0

Other securities
1,201.0

 
75.7

 
(0.1
)
 
1,276.6

 
 
 
 
 
 
 
 
Total available-for-sale securities
17,382.9

 
713.2

 
(2.7
)
 
18,093.4

 
 
 
 
 
 
 
 
Total corporate investments and funds
held for clients
$
22,494.0

 
$
713.2

 
$
(2.7
)
 
$
23,204.5

Classification Of Corporate Investments On The Consolidated Balance Sheets 
 
March 31,
 
June 30,
 
2013
 
2012
Corporate investments:
 
 
 
Cash and cash equivalents
$
1,647.7

 
$
1,548.1

Short-term marketable securities
32.6

 
30.4

Long-term marketable securities
77.0

 
86.9

Total corporate investments
$
1,757.3

 
$
1,665.4

Schedule Of Investment Of Funds Held For Clients 
 
March 31,
 
June 30,
 
2013
 
2012
Funds held for clients:
 
 
 
Restricted cash and cash equivalents held to satisfy client funds obligations
$
11,459.3

 
$
3,563.0

Restricted short-term marketable securities held to satisfy client funds obligations
1,573.1

 
2,954.1

Restricted long-term marketable securities held to satisfy client funds obligations
17,303.9

 
15,022.0

Total funds held for clients
$
30,336.3

 
$
21,539.1

Available-For-Sale Securities That Have Been In An Unrealized Loss Position 
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 March 31, 2013, are as follows: 
 
Unrealized
losses
less than
12 months
 
Fair market
value less than
12 months
 
Unrealized
losses
greater than
12 months
 
Fair market
value greater
than 12 months
 
Total gross
unrealized
losses
 
Total fair
market value
U.S. Treasury and direct obligations of
U.S. government agencies
$
(2.4
)
 
$
505.2

 
$
—

 
$
—

 
$
(2.4
)
 
$
505.2

Corporate bonds
(3.0
)
 
516.5

 
—

 
—

 
(3.0
)
 
516.5

Canadian provincial bonds
(0.3
)
 
45.1

 
—

 
—

 
(0.3
)
 
45.1

Asset-backed securities
(1.1
)
 
497.8

 
—

 
—

 
(1.1
)
 
497.8

Municipal bonds
(0.3
)
 
47.6

 
—

 
—

 
(0.3
)
 
47.6

Canadian government obligations and
Canadian government agency obligations
(0.3
)
 
112.5

 
—

 
—

 
(0.3
)
 
112.5

Other securities
(0.3
)
 
44.0

 
—

 
—

 
(0.3
)
 
44.0

 
$
(7.7
)
 
$
1,768.7

 
$
—

 
$
—

 
$
(7.7
)
 
$
1,768.7


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, 2012 are as follows: 
 
Unrealized
losses
less than
12 months
 
Fair market
value less than
12 months
 
Unrealized
losses
greater than
12 months
 
Fair market
value greater
than 12 months
 
Total gross
unrealized
losses
 
Total fair
market value
U.S. Treasury and direct obligations of U.S. government agencies
$
(0.1
)
 
$
43.6

 
$
—

 
$
—

 
$
(0.1
)
 
$
43.6

Corporate bonds
(1.1
)
 
234.8

 
(0.4
)
 
20.2

 
(1.5
)
 
255.0

Canadian provincial bonds
(0.3
)
 
58.5

 
—

 
—

 
(0.3
)
 
58.5

Asset-backed securities
—

 
13.6

 
—

 
—

 
—

 
13.6

Municipal bonds
(0.1
)
 
22.8

 
—

 
—

 
(0.1
)
 
22.8

Canadian government obligations and
Canadian government agency obligations
(0.6
)
 
209.4

 
—

 
—

 
(0.6
)
 
209.4

Other securities
(0.1
)
 
26.3

 
—

 
—

 
(0.1
)
 
26.3

 
$
(2.3
)
 
$
609.0

 
$
(0.4
)
 
$
20.2

 
$
(2.7
)
 
$
629.2

Expected Maturities Of Available-For-Sale Securities 
Due in one year or less
$
1,605.7

Due after one year to two years
2,798.2

Due after two years to three years
4,791.1

Due after three years to four years
3,265.0

Due after four years
6,526.6

 
 

Total available-for-sale securities
$
18,986.6

Fair Value Measurements (Tables)
Schedule Of Assets Measured At Fair Value On A Recurring Basis
The following table presents the Company's assets measured at fair value on a recurring basis at March 31, 2013.  Included in the table are available-for-sale securities within corporate investments of $109.6 million and funds held for clients of $18,877.0 million. Refer to Note 7 for additional disclosure in relation to corporate investments and funds held for clients.
 
Level 1
 
Level 2
 
Level 3
 
Total
U.S. Treasury and direct obligations of
U.S. government agencies
$
—

 
$
6,313.3

 
$
—

 
$
6,313.3

Corporate bonds
—

 
7,928.4

 
—

 
7,928.4

Canadian provincial bonds
—

 
733.5

 
—

 
733.5

Asset-backed securities
—

 
1,220.7

 
—

 
1,220.7

Municipal bonds
—

 
556.9

 
—

 
556.9

Canadian government obligations and
Canadian government agency obligations
—

 
1,034.9

 
—

 
1,034.9

Other securities
16.0

 
1,182.9

 
—

 
1,198.9

Total available-for-sale securities
$
16.0

 
$
18,970.6

 
$
—

 
$
18,986.6


The following table presents the Company’s assets measured at fair value on a recurring basis at June 30, 2012. Included in the table are available-for-sale securities within corporate investments of $117.3 million and funds held for clients of $17,976.1 million.
 
Level 1
 
Level 2
 
Level 3
 
Total
U.S. Treasury and direct obligations of
U.S. government agencies
$
—

 
$
6,674.6

 
$
—

 
$
6,674.6

Corporate bonds
—

 
7,368.0

 
—

 
7,368.0

Canadian provincial bonds
—

 
655.9

 
—

 
655.9

Asset-backed securities
—

 
548.4

 
—

 
548.4

Municipal bonds
—

 
552.9

 
—

 
552.9

Canadian government obligations and
Canadian government agency obligations
—

 
1,017.0

 
—

 
1,017.0

Other securities
20.6

 
1,256.0

 
—

 
1,276.6

Total available-for-sale securities
$
20.6

 
$
18,072.8

 
$
—

 
$
18,093.4

Receivables (Tables)
Schedule Of The Company's Receivables 
 
March 31, 2013
 
June 30, 2012
 
Current
 
Long-term
 
Current
 
Long-term
Trade receivables
$
1,691.7

 
$
—

 
$
1,355.7

 
$
—

Notes receivable
90.7

 
153.9

 
89.1

 
145.5

Less:
 

 
 

 
 

 
 

Allowance for doubtful accounts - trade receivables
(45.7
)
 
—

 
(40.7
)
 
—

Allowance for doubtful accounts - notes receivable
(6.1
)
 
(10.3
)
 
(5.4
)
 
(8.8
)
Unearned income - notes receivable
(7.0
)
 
(6.9
)
 
(7.0
)
 
(6.9
)

$
1,723.6

 
$
136.7

 
$
1,391.7

 
$
129.8

Schedule Of The Allowance For Doubtful Accounts For Notes Receivable 
 
March 31, 2013
 
Notes Receivable
 
Reserve
 
Current
 
Long-term
 
Current
 
Long-term
Specific Reserve
$
0.7

 
$
1.2

 
$
0.7

 
$
1.2

Non-specific Reserve
90.0

 
152.7

 
5.4

 
9.1


$
90.7

 
$
153.9

 
$
6.1

 
$
10.3


 
June 30, 2012
 
Notes Receivable
 
Reserve
 
Current
 
Long-term
 
Current
 
Long-term
Specific Reserve
$
0.4

 
$
0.6

 
$
0.4

 
$
0.6

Non-specific Reserve
88.7

 
144.9

 
5.0

 
8.2


$
89.1

 
$
145.5

 
$
5.4

 
$
8.8

Rollforward Of The Allowance For Doubtful Accounts For Notes Receivable 
 
Current
 
Long-term
Balance at June 30, 2012
$
5.4

 
$
8.8

Incremental provision
1.2

 
2.0

Recoveries and other
—

 
0.2

Chargeoffs
(0.5
)
 
(0.7
)
Balance at March 31, 2013
$
6.1

 
$
10.3

Schedule Of Aging Of Notes Receivable 
The aging of the notes receivable past due at March 31, 2013 is as follows:
 
Over 30 days to 60 days
 
Over 60 days
Notes Receivable
$
3.2

 
$
0.5

 
At March 31, 2013, approximately 98% of notes receivable are current.
 
The aging of the notes receivable past due at June 30, 2012 is as follows:
 
Over 30 days to 60 days
 
Over 60 days
Notes Receivable
$
0.7

 
$
0.1

 
At June 30, 2012, approximately 100% of notes receivable are current.
Goodwill And Intangible Assets, Net (Tables)
Changes In Goodwill 
 
Employer
Services
 
PEO
Services
 
Dealer
Services
 
Total
Balance at June 30, 2012
$
1,887.6

 
$
4.8

 
$
1,169.6

 
$
3,062.0

Additions and other adjustments, net
0.5

 
—

 
0.9

 
1.4

Currency translation adjustments
8.4

 
—

 
(3.3
)
 
5.1

Balance at March 31, 2013
$
1,896.5

 
$
4.8

 
$
1,167.2

 
$
3,068.5

Components Of Finite-Lived Intangible Assets 
 
March 31,
 
June 30,
 
2013
 
2012
Intangible assets:
 
 
 
Software and software licenses
$
1,487.0

 
$
1,410.9

Customer contracts and lists
838.5

 
832.7

Other intangibles
241.7

 
241.6

 
2,567.2

 
2,485.2

Less accumulated amortization:
 

 
 

Software and software licenses
(1,220.5
)
 
(1,145.8
)
Customer contracts and lists
(520.9
)
 
(479.1
)
Other intangibles
(181.4
)
 
(172.0
)
 
(1,922.8
)
 
(1,796.9
)
Intangible assets, net
$
644.4

 
$
688.3

Schedule Of Finite-Lived Intangible Assets, Future Amortization Expense 
 
Amount
Three months ending June 30, 2013
$
41.3

Twelve months ending June 30, 2014
$
148.5

Twelve months ending June 30, 2015
$
118.3

Twelve months ending June 30, 2016
$
80.7

Twelve months ending June 30, 2017
$
63.3

Twelve months ending June 30, 2018
$
39.6

Employee Benefit Plans (Tables)
Components Of Stock-Based Compensation Expense 
 
Three Months Ended
 
Nine Months Ended
 
March 31,
 
March 31,
 
2013
 
2012
 
2013
 
2012
Operating expenses
$
3.5

 
$
3.7

 
$
11.1

 
$
11.2

Selling, general and administrative expenses
15.8

 
13.4

 
43.4

 
45.0

System development and programming costs
3.1

 
3.2

 
9.8

 
9.6

Total pretax stock-based compensation expense
$
22.4

 
$
20.3

 
$
64.3

 
$
65.8

Changes In Stock Options Outstanding 
 
Number
of Options
(in thousands)
 
Weighted
Average Price
(in dollars)
Options outstanding at July 1, 2012
16,187

 
$
41

Options granted
1,168

 
$
60

Options exercised
(5,015
)
 
$
38

Options canceled
(150
)
 
$
42

Options outstanding at March 31, 2013
12,190

 
$
43

Changes In Performance-Based Restricted Stock 
 
Number of Shares
(in thousands)
Restricted shares outstanding at July 1, 2012
1,474

Restricted shares granted
544

Restricted shares vested
(1,329
)
Restricted shares forfeited
(162
)
Restricted shares outstanding at March 31, 2013
527

Changes In Time-Based Restricted Stock 
 
Number of Shares
(in thousands)
Restricted shares outstanding at July 1, 2012
358

Restricted shares granted
1,149

Restricted shares vested
(98
)
Restricted shares forfeited
(31
)
Restricted shares outstanding at March 31, 2013
1,378

Assumptions Used To Estimate Fair Value For Stock Options Granted 
 
Nine Months Ended
 
March 31,
 
2013
 
2012
Risk-free interest rate
0.8% - 1.0%

 
0.8% - 1.0%

Dividend yield
2.7% - 2.9%

 
2.8% - 3.1%

Weighted average volatility factor
23.5% - 24.4%

 
24.9% - 25.7%

Weighted average expected life (in years)
5.3 - 5.4

 
5.2 - 5.3

Weighted average fair value (in dollars)
$
8.63

 
$
8.46

Components Of Net Pension Expense 
 
Three Months Ended
 
Nine Months Ended
 
March 31,
 
March 31,
 
2013
 
2012
 
2013
 
2012
Service cost – benefits earned during the period
$
16.8

 
$
14.3

 
$
50.4

 
$
42.9

Interest cost on projected benefits
13.8

 
15.5

 
41.3

 
46.5

Expected return on plan assets
(27.4
)
 
(24.4
)
 
(82.2
)
 
(73.2
)
Net amortization and deferral
7.7

 
3.7

 
23.2

 
11.3

Net pension expense
$
10.9

 
$
9.1

 
$
32.7

 
$
27.5

Interim Financial Data By Segment (Tables)
Financial Data By Strategic Business Unit Segment
 
Revenues from Continuing Operations
 
Three Months Ended
 
Nine Months Ended
 
March 31,
 
March 31,
 
2013
 
2012
 
2013
 
2012
Employer Services
$
2,212.6

 
$
2,061.8

 
$
5,939.3

 
$
5,552.7

PEO Services
565.5

 
513.7

 
1,483.1

 
1,328.1

Dealer Services
460.5

 
426.2

 
1,350.1

 
1,235.7

Other
0.2

 
0.8

 
1.4

 
4.9

Reconciling items:
 

 
 

 
 

 
 

Foreign exchange
18.4

 
16.4

 
31.8

 
84.7

Client fund interest
(142.9
)
 
(108.0
)
 
(306.1
)
 
(213.7
)

$
3,114.3

 
$
2,910.9

 
$
8,499.6

 
$
7,992.4

  
 
Earnings from Continuing Operations before Income Taxes
 
Three Months Ended
 
Nine Months Ended
 
March 31,
 
March 31,
 
2013
 
2012
 
2013
 
2012
Employer Services
$
762.4

 
$
691.3

 
$
1,669.3

 
$
1,539.6

PEO Services
54.5

 
46.0

 
150.5

 
125.2

Dealer Services
88.0

 
77.8

 
250.2

 
211.9

Other
(68.5
)
 
(57.9
)
 
(136.2
)
 
(38.3
)
Reconciling items:
 

 
 

 
 

 
 

Foreign exchange
3.2

 
1.1

 
6.4

 
1.0

Client fund interest
(142.9
)
 
(108.0
)
 
(306.1
)
 
(213.7
)
Cost of capital charge
28.1

 
31.8

 
85.1

 
88.3


$
724.8

 
$
682.1

 
$
1,719.2

 
$
1,714.0

Earnings Per Share ("EPS") (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2013
Mar. 31, 2012
Earnings Per Share [Abstract]
 
 
 
 
Net earnings from continuing operations
$ 482.7 
$ 450.2 
$ 1,137.1 
$ 1,123.4 
Weighted average shares (in millions), Basic
482.7 
488.5 
482.8 
487.7 
Weighted average shares (in millions) - Effect of Employee Stock Option Shares
3.1 
4.3 
3.3 
3.8 
Weighted average shares (in millions) - Effect of Employee Restricted Stock Shares
0.6 
0.4 
1.1 
1.2 
Weighted average shares (in millions), Diluted
486.5 
493.2 
487.1 
492.7 
EPS from continuing operations, Basic
$ 1.00 
$ 0.92 
$ 2.36 
$ 2.30 
EPS from continuing operations, Diluted
$ 0.99 
$ 0.91 
$ 2.33 
$ 2.28 
Options excluded from the calculation of diluted earnings per share because their exercise prices exceeded the average market price
1.2 
0.9 
1.2 
0.9 
Other Income, Net (Other Income, Net) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Mar. 31, 2013
Mar. 31, 2012
building
Mar. 31, 2013
building
Mar. 31, 2012
Component of Other Income, Nonoperating [Line Items]
 
 
 
 
Number of buildings sold
 
 
2 
 
Buildings with non-binding offers
 
2 
 
 
Interest income on corporate funds
$ (6.0)
$ (8.5)
$ (51.3)
$ (65.3)
Realized gains on available-for-sale securities
(6.7)
(4.0)
(21.3)
(23.2)
Realized losses on available-for-sale securities
0.7 
0.4 
1.5 
7.4 
Impairment Losses on Available-for-sale Securities
0 
0 
0 
5.8 
Impairment losses on assets held for sale
0 
2.2 
0 
2.2 
Gain on sale of buildings
0 
0 
(2.2)
0 
Gain (Loss) on Disposition of Assets
0 
0 
0 
(66.0)
Other, net
0 
(0.6)
(0.9)
(1.9)
Other income, net
$ (12.0)
$ (10.5)
$ (74.2)
$ (141.0)
Acquisitions (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Mar. 31, 2013
business
Mar. 31, 2012
business
Acquisitions [Abstract]
 
 
Number of businesses acquired
1 
6 
Purchase price for acquisitions, net of cash acquired
$ 0.8 
$ 238.9 
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life
 
11 years 
Business Acquisition, Purchase Price Allocation, Goodwill Amount
 
153.2 
Acquired Finite-lived Intangible Asset, Amount
 
72.7 
Contingent payments relating to previously consummated acquisitions
$ 14.5 
 
Divestiture (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2013
Mar. 31, 2012
Jun. 30, 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) on Disposal of Discontinued Operation, Net of Tax [Abstract]
 
 
 
 
 
Revenues
 
$ 12.2 
$ 23.7 
$ 36.1 
 
Earnings from discontinued operations before income taxes
 
3.5 
8.0 
10.6 
 
Provision for income taxes
 
1.3 
3.0 
3.9 
 
Net earnings from discontinued operations before gain on disposal of discontinued operations
 
2.2 
5.0 
6.7 
 
Gain on disposal of discontinued operations, less costs to sell
 
0 
58.8 
0 
 
Provision of income taxes
 
0 
22.1 
0 
 
Net gain on disposal of discontinued operations
 
0 
36.7 
0 
 
Net earnings from discontinued operations
0 
2.2 
41.7 
6.7 
 
Assets of Disposal Group, Including Discontinued Operation [Abstract]
 
 
 
 
 
Accounts receivable, net
 
 
 
 
7.6 
Goodwill
 
 
 
 
93.3 
Intangible assets, net
 
 
 
 
22.9 
Other assets
 
 
 
 
1.2 
Total assets
 
 
 
 
125.0 
Liabilities of Disposal Group, Including Discontinued Operation [Abstract]
 
 
 
 
 
Accounts payable
 
 
 
 
0.4 
Accrued expenses and other current liabilities
 
 
 
 
0.1 
Accrued payroll and payroll related expenses
 
 
 
 
2.3 
Deferred Revenues
 
 
 
 
22.7 
Deferred Income Taxes
 
 
 
 
3.5 
Total liabilities
 
 
 
 
$ 29.0 
Corporate Investments And Funds Held For Clients (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Mar. 31, 2013
Jun. 30, 2012
Schedule of Available-for-sale Securities [Line Items]
 
 
Client Fund Obligation repayment period
1 year 
 
Available-for-sale securities - fair value
$ 18,986.6 
$ 18,093.4 
Earliest non-callable debt maturity date
April 2013 
 
Latest non-callable debt maturity date
February 2023 
 
Earliest corporate bond maturity date
April 2013 
 
Latest corporate bond maturity date
December 2022 
 
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 funds obligations
29,703.4 
20,856.2 
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
4,438.6 
4,189.1 
Federal Farm Credit Banks [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - fair value
1,257.1 
1,134.1 
Fixed Rate Credit Card [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - fair value
811.2 
323.0 
Asset-Backed Auto Loan Receivables [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - fair value
267.0 
85.1 
Rate Reduction [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - fair value
98.9 
140.0 
Supranational Bonds [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - fair value
434.8 
427.7 
Sovereign Bonds [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - fair value
421.0 
405.0 
Commercial Mortgage Backed Securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - fair value
200.4 
282.3 
Residential Mortgage-Backed Securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities - fair value
$ 120.3 
$ 135.3 
Corporate Investments And Funds Held For Clients (Corporate Investments And Funds Held For Clients) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Jun. 30, 2012
Schedule of Available-for-sale Securities [Line Items]
 
 
Money market securities and other cash equivalents - Amortized Cost
$ 13,107.0 
$ 5,111.1 
Money market securities and other cash equivalents - Fair Value
13,107.0 
5,111.1 
Total available-for-sale securities - Amortized Cost
18,331.6 
17,382.9 
Total available-for-sale securities - Gross Unrealized Gains
662.7 
713.2 
Total available-for-sale securities - Gross Unrealized Losses
(7.7)
(2.7)
Total available-for-sale securities - Fair Value
18,986.6 
18,093.4 
Total corporate investments and funds held for clients - Amortized Cost
31,438.6 
22,494.0 
Total corporate investments and funds held for clients - Gross Unrealized Gains
662.7 
713.2 
Total corporate investments and funds held for clients - Gross Unrealized Losses
(7.7)
(2.7)
Total corporate investments and funds held for clients - Fair Value
32,093.6 
23,204.5 
U.S. Treasury And Direct Obligations Of U.S. Government Agencies [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Total available-for-sale securities - Amortized Cost
6,091.6 
6,413.8 
Total available-for-sale securities - Gross Unrealized Gains
224.1 
260.9 
Total available-for-sale securities - Gross Unrealized Losses
(2.4)
(0.1)
Total available-for-sale securities - Fair Value
6,313.3 
6,674.6 
Corporate Bonds [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Total available-for-sale securities - Amortized Cost
7,652.2 
7,097.2 
Total available-for-sale securities - Gross Unrealized Gains
279.2 
272.3 
Total available-for-sale securities - Gross Unrealized Losses
(3.0)
(1.5)
Total available-for-sale securities - Fair Value
7,928.4 
7,368.0 
Canadian Provincial Bonds [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Total available-for-sale securities - Amortized Cost
698.4 
620.8 
Total available-for-sale securities - Gross Unrealized Gains
35.4 
35.4 
Total available-for-sale securities - Gross Unrealized Losses
(0.3)
(0.3)
Total available-for-sale securities - Fair Value
733.5 
655.9 
Asset-Backed Securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Total available-for-sale securities - Amortized Cost
1,210.5 
533.9 
Total available-for-sale securities - Gross Unrealized Gains
11.3 
14.5 
Total available-for-sale securities - Gross Unrealized Losses
(1.1)
0 
Total available-for-sale securities - Fair Value
1,220.7 
548.4 
Municipal Bonds [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Total available-for-sale securities - Amortized Cost
529.4 
522.0 
Total available-for-sale securities - Gross Unrealized Gains
27.8 
31.0 
Total available-for-sale securities - Gross Unrealized Losses
(0.3)
(0.1)
Total available-for-sale securities - Fair Value
556.9 
552.9 
Canadian Government Obligations And Canadian Government Agency Obligations [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Total available-for-sale securities - Amortized Cost
1,017.9 
994.2 
Total available-for-sale securities - Gross Unrealized Gains
17.3 
23.4 
Total available-for-sale securities - Gross Unrealized Losses
(0.3)
(0.6)
Total available-for-sale securities - Fair Value
1,034.9 
1,017.0 
Other Securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Total available-for-sale securities - Amortized Cost
1,131.6 
1,201.0 
Total available-for-sale securities - Gross Unrealized Gains
67.6 
75.7 
Total available-for-sale securities - Gross Unrealized Losses
(0.3)
(0.1)
Total available-for-sale securities - Fair Value
$ 1,198.9 
$ 1,276.6 
Corporate Investments And Funds Held For Clients (Classification Of Corporate Investments On The Consolidated Balance Sheets) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Jun. 30, 2012
Mar. 31, 2012
Jun. 30, 2011
Corporate Investments And Funds Held For Clients [Abstract]
 
 
 
 
Cash and cash equivalents
$ 1,647.7 
$ 1,548.1 
$ 1,665.1 
$ 1,389.4 
Short-term marketable securities
32.6 
30.4 
 
 
Long-term marketable securities
77.0 
86.9 
 
 
Total corporate investments
$ 1,757.3 
$ 1,665.4 
 
 
Corporate Investments And Funds Held For Clients (Schedule Of Investment Of Funds Held For Clients) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Jun. 30, 2012
Corporate Investments And Funds Held For Clients [Abstract]
 
 
Restricted cash and cash equivalents held to satisfy client funds obligations
$ 11,459.3 
$ 3,563.0 
Restricted short-term marketable securities held to satisfy client funds obligations
1,573.1 
2,954.1 
Restricted long-term marketable securities held to satisfy client funds obligations
17,303.9 
15,022.0 
Total funds held for clients
$ 30,336.3 
$ 21,539.1 
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
Mar. 31, 2013
Jun. 30, 2012
Schedule of Available-for-sale Securities [Line Items]
 
 
Unrealized losses less than 12 months
$ (7.7)
$ (2.3)
Fair market value less than 12 months
1,768.7 
609.0 
Unrealized losses greater than 12 months
0 
(0.4)
Fair market value greater than 12 months
0 
20.2 
Total gross unrealized losses
(7.7)
(2.7)
Total fair market value
1,768.7 
629.2 
U.S. Treasury And Direct Obligations Of U.S. Government Agencies [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Unrealized losses less than 12 months
(2.4)
(0.1)
Fair market value less than 12 months
505.2 
43.6 
Total gross unrealized losses
(2.4)
(0.1)
Total fair market value
505.2 
43.6 
Corporate Bonds [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Unrealized losses less than 12 months
(3.0)
(1.1)
Fair market value less than 12 months
516.5 
234.8 
Unrealized losses greater than 12 months
   
(0.4)
Fair market value greater than 12 months
   
20.2 
Total gross unrealized losses
(3.0)
(1.5)
Total fair market value
516.5 
255.0 
Canadian Provincial Bonds [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Unrealized losses less than 12 months
(0.3)
(0.3)
Fair market value less than 12 months
45.1 
58.5 
Total gross unrealized losses
(0.3)
(0.3)
Total fair market value
45.1 
58.5 
Asset-Backed Securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Unrealized losses less than 12 months
(1.1)
0 
Fair market value less than 12 months
497.8 
13.6 
Total gross unrealized losses
(1.1)
0 
Total fair market value
497.8 
13.6 
Municipal Bonds [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Unrealized losses less than 12 months
(0.3)
(0.1)
Fair market value less than 12 months
47.6 
22.8 
Total gross unrealized losses
(0.3)
(0.1)
Total fair market value
47.6 
22.8 
Canadian Government Obligations And Canadian Government Agency Obligations [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Unrealized losses less than 12 months
(0.3)
(0.6)
Fair market value less than 12 months
112.5 
209.4 
Total gross unrealized losses
(0.3)
(0.6)
Total fair market value
112.5 
209.4 
Other Securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Unrealized losses less than 12 months
(0.3)
(0.1)
Fair market value less than 12 months
44.0 
26.3 
Total gross unrealized losses
(0.3)
(0.1)
Total fair market value
$ 44.0 
$ 26.3 
Corporate Investments And Funds Held For Clients (Expected Maturities Of Available-For-Sale Securities) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Corporate Investments And Funds Held For Clients [Abstract]
 
Due in one year or less
$ 1,605.7 
Due after one year to two years
2,798.2 
Due after two years to three years
4,791.1 
Due after three years to four years
3,265.0 
Due after four years
6,526.6 
Total available-for-sale securities
$ 18,986.6 
Fair Value Measurements (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Jun. 30, 2012
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Total available-for-sale securities - Fair Value
$ 18,986.6 
$ 18,093.4 
Percent of Level Two Investment Pricing Inputs Provided by Independent Pricing Service
99.00% 
 
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Total available-for-sale securities - Fair Value
16.0 
20.6 
Significant Other Observable Inputs (Level 2) [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Total available-for-sale securities - Fair Value
18,970.6 
18,072.8 
Total [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Total available-for-sale securities - Fair Value
18,986.6 
18,093.4 
U.S. Treasury And Direct Obligations Of U.S. Government Agencies [Member] |
Significant Other Observable Inputs (Level 2) [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Total available-for-sale securities - Fair Value
6,313.3 
6,674.6 
U.S. Treasury And Direct Obligations Of U.S. Government Agencies [Member] |
Total [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Total available-for-sale securities - Fair Value
6,313.3 
6,674.6 
Corporate Bonds [Member] |
Significant Other Observable Inputs (Level 2) [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Total available-for-sale securities - Fair Value
7,928.4 
7,368.0 
Corporate Bonds [Member] |
Total [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Total available-for-sale securities - Fair Value
7,928.4 
7,368.0 
Canadian Provincial Bonds [Member] |
Significant Other Observable Inputs (Level 2) [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Total available-for-sale securities - Fair Value
733.5 
655.9 
Canadian Provincial Bonds [Member] |
Total [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Total available-for-sale securities - Fair Value
733.5 
655.9 
Asset-Backed Securities [Member] |
Significant Other Observable Inputs (Level 2) [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Total available-for-sale securities - Fair Value
1,220.7 
548.4 
Asset-Backed Securities [Member] |
Total [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Total available-for-sale securities - Fair Value
1,220.7 
548.4 
Municipal Bonds [Member] |
Significant Other Observable Inputs (Level 2) [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Total available-for-sale securities - Fair Value
556.9 
552.9 
Municipal Bonds [Member] |
Total [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Total available-for-sale securities - Fair Value
556.9 
552.9 
Canadian Government Obligations And Canadian Government Agency Obligations [Member] |
Significant Other Observable Inputs (Level 2) [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Total available-for-sale securities - Fair Value
1,034.9 
1,017.0 
Canadian Government Obligations And Canadian Government Agency Obligations [Member] |
Total [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Total available-for-sale securities - Fair Value
1,034.9 
1,017.0 
Other Securities [Member] |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Total available-for-sale securities - Fair Value
16.0 
20.6 
Other Securities [Member] |
Significant Other Observable Inputs (Level 2) [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Total available-for-sale securities - Fair Value
1,182.9 
1,256.0 
Other Securities [Member] |
Total [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Total available-for-sale securities - Fair Value
1,198.9 
1,276.6 
Corporate Investments [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Total available-for-sale securities - Fair Value
109.6 
117.3 
Funds Held For Clients [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Total available-for-sale securities - Fair Value
$ 18,877.0 
$ 17,976.1 
Receivables (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Mar. 31, 2013
D
Jun. 30, 2012
Accounts, Notes, Loans and Financing Receivable, Classified [Abstract]
 
 
Allowance for doubtful accounts as a percentage of notes receivable
7.00% 
6.00% 
Minimum days receivable considered delinquent
30 
 
Minimum number of days past due before placed on non-accrual status
60 
 
Number of days to resume interest revenue recognition
60 
 
Financing Receivable, Recorded Investment, Nonaccrual Status
$ 3.2 
$ 0.4 
Financing Receivable, Recorded Investment, over 60 Days Past Due
$ 0.5 
$ 0.1 
Percentage of notes receivable that are classified as current
98.00% 
100.00% 
Receivables (Schedule Of The Company's Receivables) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Jun. 30, 2012
Accounts, Notes, Loans and Financing Receivable, Classified [Abstract]
 
 
Trade receivables - Current
$ 1,691.7 
$ 1,355.7 
Trade receivables - Long-term
0 
0 
Notes receivable - Current
90.7 
89.1 
Notes receivable - Long-term
153.9 
145.5 
Allowance for doubtful accounts - trade receivables - Current
(45.7)
(40.7)
Allowance for doubtful accounts - trade receivables - Long-term
0 
0 
Allowance for doubtful accounts - notes receivable - Current
(6.1)
(5.4)
Allowance for doubtful accounts - notes receivable - Long-term
(10.3)
(8.8)
Unearned income - notes receivable - Current
(7.0)
(7.0)
Unearned income - notes receivable - Long-term
(6.9)
(6.9)
Total - Current
1,723.6 
1,391.7 
Total - Long-term
$ 136.7 
$ 129.8 
Receivables (Schedule Of The Allowance For Doubtful Accounts For Notes Receivable) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Jun. 30, 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
Notes Receivable - Current
$ 90.7 
$ 89.1 
Notes Receivable - Long-term
153.9 
145.5 
Reserve - Current
6.1 
5.4 
Reserve - Long-term
10.3 
8.8 
Specific Reserve [Member]
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
Notes Receivable - Current
0.7 
0.4 
Notes Receivable - Long-term
1.2 
0.6 
Reserve - Current
0.7 
0.4 
Reserve - Long-term
1.2 
0.6 
Non-Specific Reserve [Member]
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
Notes Receivable - Current
90.0 
88.7 
Notes Receivable - Long-term
152.7 
144.9 
Reserve - Current
5.4 
5.0 
Reserve - Long-term
$ 9.1 
$ 8.2 
Receivables (Rollforward Of The Allowance For Doubtful Accounts For Notes Receivable) (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Mar. 31, 2013
Jun. 30, 2012
Mar. 31, 2013
Current [Member]
Mar. 31, 2013
Long-term [Member]
Financing Receivable, Recorded Investment [Line Items]
 
 
 
 
Beginning balance, current
$ 6.1 
$ 5.4 
 
 
Beginning balance, long-term
10.3 
8.8 
 
 
Incremental provision
 
 
1.2 
2.0 
Recoveries and others
 
 
0 
0.2 
Chargeoffs
 
 
(0.5)
(0.7)
Ending balance, current
6.1 
5.4 
 
 
Ending balance, long-term
$ 10.3 
$ 8.8 
 
 
Receivables (Schedule Of Aging Of Notes Receivable) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Jun. 30, 2012
Accounts, Notes, Loans and Financing Receivable, Classified [Abstract]
 
 
Over 30 days to 60 days
$ 3.2 
$ 0.7 
Over 60 days
$ 0.5 
$ 0.1 
Goodwill And Intangible Assets, Net (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2013
Mar. 31, 2012
Goodwill
 
 
 
 
Weighted average remaining useful life
 
 
7 years 
 
Amortization expense on intangible assets
$ 42.2 
$ 43.0 
$ 125.6 
$ 127.6 
Software And Software Licenses [Member]
 
 
 
 
Goodwill
 
 
 
 
Weighted average remaining useful life
 
 
4 years 
 
Customer Contracts And Lists [Member]
 
 
 
 
Goodwill
 
 
 
 
Weighted average remaining useful life
 
 
10 years 
 
Other Intangibles [Member]
 
 
 
 
Goodwill
 
 
 
 
Weighted average remaining useful life
 
 
7 years 
 
Goodwill And Intangible Assets, Net (Changes In Goodwill) (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Mar. 31, 2013
Goodwill
 
Beginning balance
$ 3,062.0 
Additions and other adjustments, net
1.4 
Currency translation adjustments
(5.1)
Ending balance
3,068.5 
Employer Services [Member]
 
Goodwill
 
Beginning balance
1,887.6 
Additions and other adjustments, net
0.5 
Currency translation adjustments
(8.4)
Ending balance
1,896.5 
PEO Services [Member]
 
Goodwill
 
Beginning balance
4.8 
Additions and other adjustments, net
0 
Currency translation adjustments
0 
Ending balance
4.8 
Dealer Services [Member]
 
Goodwill
 
Beginning balance
1,169.6 
Additions and other adjustments, net
0.9 
Currency translation adjustments
3.3 
Ending balance
$ 1,167.2 
Goodwill And Intangible Assets, Net (Components Of Finite-Lived Intangible Assets) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Jun. 30, 2012
Goodwill
 
 
Total - gross
$ 2,567.2 
$ 2,485.2 
Total - accumulated amortization
(1,922.8)
(1,796.9)
Intangible assets, net
644.4 
688.3 
Software And Software Licenses [Member]
 
 
Goodwill
 
 
Total - gross
1,487.0 
1,410.9 
Total - accumulated amortization
(1,220.5)
(1,145.8)
Customer Contracts And Lists [Member]
 
 
Goodwill
 
 
Total - gross
838.5 
832.7 
Total - accumulated amortization
(520.9)
(479.1)
Other Intangibles [Member]
 
 
Goodwill
 
 
Total - gross
241.7 
241.6 
Total - accumulated amortization
$ (181.4)
$ (172.0)
Goodwill And Intangible Assets, Net (Schedule Of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
 
Three months ending June 30, 2013
$ 41.3 
Twelve months ending June 30, 2014
148.5 
Twelve months ending June 30, 2015
118.3 
Twelve months ending June 30, 2016
80.7 
Twelve months ending June 30, 2017
63.3 
Twelve months ending June 30, 2018
$ 39.6 
Short-Term Financing (Details) (USD $)
3 Months Ended 9 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2013
Mar. 31, 2012
Jun. 30, 2012
Short-term Debt [Line Items]
 
 
 
 
 
Obligations under reverse repurchase agreements
$ 0 
 
$ 0 
 
 
Credit agreement period
 
 
364 days 
 
 
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, 2013 
 
 
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 2017 [Member]
 
 
 
 
 
Short-term Debt [Line Items]
 
 
 
 
 
Maximum borrowing capacity under credit facilities
1,500,000,000 
 
1,500,000,000 
 
 
Term of credit
 
 
5 years 
 
 
Expiration date of credit facilities
 
 
Jun. 01, 2017 
 
 
Credit Facility Expiring In June 2017 [Member]
 
 
 
 
 
Short-term Debt [Line Items]
 
 
 
 
 
Line of credit facility potentially available increase in maximum borrowing capacity
 
 
500,000,000 
 
 
Short-Term Commercial Paper Program [Member]
 
 
 
 
 
Short-term Debt [Line Items]
 
 
 
 
 
Outstanding borrowings
0 
 
0 
 
0 
Average outstanding borrowings
600,000,000 
500,000,000 
2,500,000,000 
2,300,000,000 
 
Weighted average interest rates
0.20% 
0.10% 
0.20% 
0.10% 
 
Weighted average maturity of borrowings under the short-term commercial paper program
1 day 
 
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 
 
 
Outstanding borrowings
 
 
 
 
0 
Average outstanding borrowings
127,300,000 
139,900,000 
361,200,000 
303,300,000 
 
Weighted average interest rates
1.00% 
1.00% 
0.70% 
0.60% 
 
Issuance Of Debt [Member]
 
 
 
 
 
Short-term Debt [Line Items]
 
 
 
 
 
Aggregate amount of commercial paper issuable under the short-term commercial paper program
 
 
$ 6,750,000,000 
 
 
Employee Benefit Plans (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2013
Mar. 31, 2012
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
 
Purchase price of common stock as percentage of market value
 
 
95.00% 
 
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% 
 
 
 
Shares repurchased
1.5 
2.0 
6.9 
8.2 
Stock-based compensation expense
$ 22.4 
$ 20.3 
$ 64.3 
$ 65.8 
Total stock-based compensation - related tax benefits
8.4 
7.5 
24.1 
24.3 
Stock Options Granted Prior To July 2008 [Member]
 
 
 
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
 
Vesting term options granted
 
 
5 years 
 
Stock options - term for stock options granted, in years
 
 
10 years 
 
Stock Options Granted After July 2008 [Member]
 
 
 
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
 
Vesting term options granted
 
 
4 years 
 
Stock options - term for stock options granted, in years
 
 
10 years 
 
Time-Based Restricted Stock [Member]
 
 
 
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
 
Vesting term options granted
 
 
5 years 
 
Performance-Based Restricted Stock [Member]
 
 
 
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
 
Vesting term options granted
 
 
24 months 
 
Non-Vested Stock Options [Member]
 
 
 
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
 
Total remaining unrecognized compensation cost
11.9 
 
11.9 
 
Weighted-average remaining requisite vesting period
 
 
2 years 1 month 18 days 
 
Non-Vested Restricted Stock [Member]
 
 
 
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
 
Total remaining unrecognized compensation cost
$ 74.6 
 
$ 74.6 
 
Weighted-average remaining requisite vesting period
 
 
1 year 6 months 27 days 
 
Employee Benefit Plans (Components Of Stock-Based Compensation Expense) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2013
Mar. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
Stock-based compensation expense
$ 22.4 
$ 20.3 
$ 64.3 
$ 65.8 
Operating Expenses [Member]
 
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
Stock-based compensation expense
3.5 
3.7 
11.1 
11.2 
Selling, General And Administrative Expenses [Member]
 
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
Stock-based compensation expense
15.8 
13.4 
43.4 
45.0 
System Development And Programming Costs [Member]
 
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
Stock-based compensation expense
$ 3.1 
$ 3.2 
$ 9.8 
$ 9.6 
Employee Benefit Plans (Changes In Stock Options Outstanding) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
9 Months Ended
Mar. 31, 2013
Employee Benefit Plans [Abstract]
 
Number of Options, outstanding at July 1, 2012
16,187 
Number of Options, granted
1,168 
Number of Options, exercised
(5,015)
Number of Options, cancelled
(150)
Number of Options, outstanding at March 31, 2013
12,190 
Weighted Average Price, outstanding at July 1, 2012
$ 41 
Weighted Average Price, granted
$ 60 
Weighted Average Price, exercised
$ 38 
Weighted Average Price, cancelled
$ 42 
Weighted Average Price, outstanding at March 31, 2013
$ 43 
Employee Benefit Plans (Changes In Performance-Based Restricted Stock) (Details) (Performance-Based Restricted Stock [Member])
In Thousands, unless otherwise specified
9 Months Ended
Mar. 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, 2012
1,474 
Restricted shares granted
544 
Restricted shares vested
(1,329)
Restricted shares forfeited
(162)
Restricted shares outstanding at March 31, 2013
527 
Employee Benefit Plans (Changes In Time-Based Restricted Stock) (Details) (Time-Based Restricted Stock [Member])
In Thousands, unless otherwise specified
9 Months Ended
Mar. 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, 2012
358 
Restricted shares granted
1,149 
Restricted shares vested
(98)
Restricted shares forfeited
(31)
Restricted shares outstanding at March 31, 2013
1,378 
Employee Benefit Plans (Assumptions Used To Estimate Fair Value For Stock Options Granted) (Details)
9 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value
$ 8.63 
$ 8.46 
Risk-free interest rate, minimum
0.80% 
0.80% 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum
1.00% 
1.00% 
Share-based Compensation Arrangement By Share-Based Payment Award Fair Value Assumptions Dividend Yield, Minimum
2.70% 
2.80% 
Share-based Compensation Arrangement By Share-Based Payment Award Fair Value Assumptions Dividend Yield, Maximum
2.90% 
3.10% 
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate Minimum
23.50% 
24.90% 
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate Maximum
24.40% 
25.70% 
Minimum [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term
5 years 3 months 18 days 
5 years 2 months 12 days 
Maximum [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term
5 years 4 months 24 days 
5 years 3 months 18 days 
Employee Benefit Plans (Components Of Net Pension Expense) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2013
Mar. 31, 2012
Employee Benefit Plans [Abstract]
 
 
 
 
Service cost - benefits earned during the period
$ 16.8 
$ 14.3 
$ 50.4 
$ 42.9 
Interest cost on projected benefits
13.8 
15.5 
41.3 
46.5 
Expected return on plan assets
(27.4)
(24.4)
(82.2)
(73.2)
Net amortization and deferral
7.7 
3.7 
23.2 
11.3 
Net pension expense
10.9 
9.1 
32.7 
27.5 
Employer contributions
 
 
132.5 
 
Expected future employer contribution
$ 1.8 
 
$ 1.8 
 
Income Taxes (Details)
3 Months Ended 9 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2013
Mar. 31, 2012
Income Taxes [Abstract]
 
 
 
 
Effective tax rate
33.40% 
34.00% 
33.90% 
34.50% 
Interim Financial Data By Segment (Narrative) (Details)
3 Months Ended 9 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2013
Mar. 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
11.80% 
9.90% 
11.60% 
10.50% 
Interim Financial Data By Segment (Financial Data By Strategic Business Unit Segment) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2013
Mar. 31, 2012
Segment Reporting Information [Line Items]
 
 
 
 
Revenues
$ 3,114.3 
$ 2,910.9 
$ 8,499.6 
$ 7,992.4 
Earnings from Continuing Operations before Income Taxes
724.8 
682.1 
1,719.2 
1,714.0 
Employer Services [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues
2,212.6 
2,061.8 
5,939.3 
5,552.7 
Earnings from Continuing Operations before Income Taxes
762.4 
691.3 
1,669.3 
1,539.6 
PEO Services [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues
565.5 
513.7 
1,483.1 
1,328.1 
Earnings from Continuing Operations before Income Taxes
54.5 
46.0 
150.5 
125.2 
Dealer Services [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues
460.5 
426.2 
1,350.1 
1,235.7 
Earnings from Continuing Operations before Income Taxes
88.0 
77.8 
250.2 
211.9 
Other [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues
0.2 
0.8 
1.4 
4.9 
Earnings from Continuing Operations before Income Taxes
(68.5)
(57.9)
(136.2)
(38.3)
Foreign Exchange [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues
18.4 
16.4 
31.8 
84.7 
Earnings from Continuing Operations before Income Taxes
3.2 
1.1 
6.4 
1.0 
Client Fund Interest [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues
(142.9)
(108.0)
(306.1)
(213.7)
Earnings from Continuing Operations before Income Taxes
(142.9)
(108.0)
(306.1)
(213.7)
Cost Of Capital Charge [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Earnings from Continuing Operations before Income Taxes
$ 28.1 
$ 31.8 
$ 85.1 
$ 88.3