AUTOMATIC DATA PROCESSING INC, 8-K filed on 2/9/2009
Current report filing
Statement of Financial Position, Classified (USD $)
In Millions, except Share and Per Share data
Dec. 31, 2008
Jun. 30, 2008
Assets [Abstract]
 
 
Assets, Current [Abstract]
 
 
Cash and Cash Equivalents, at Carrying Value [Abstract]
 
 
Cash and cash equivalents
$ 1,304.9 
$ 917.5 
Short-term Investments [Abstract]
 
 
Short-term marketable securities
66.7 1
666.3 1
Accounts Receivable, Net, Current [Abstract]
 
 
Accounts receivable, net
1,166.3 
1,034.6 
Other current assets
749.8 
771.6 
Assets held for sale
12.1 
0.0 
Total current assets before funds held for clients
3,299.8 
3,390.0 
Funds held for clients
25,357.6 
15,418.9 
Total current assets
28,657.4 
18,808.9 
Assets, Noncurrent [Abstract]
 
 
Marketable Securities, Noncurrent [Abstract]
 
 
Long-term marketable securities (1)
81.0 
76.5 
Accounts Receivable, Net, Noncurrent [Abstract]
 
 
Long-term receivables, net
248.6 
234.0 
Property, Plant and Equipment, Net [Abstract]
 
 
Property, plant and equipment, net
721.0 
742.9 
Other assets
798.0 
808.3 
Goodwill
2,281.8 
2,426.7 
Intangible Assets, Net (Excluding Goodwill) [Abstract]
 
 
Intangible assets, net
573.2 
637.1 
Total assets
33,361.0 
23,734.4 
Liabilities and Stockholders' Equity [Abstract]
 
 
Liabilities [Abstract]
 
 
Liabilities, Current [Abstract]
 
 
Accounts Payable and Accrued Liabilities [Abstract]
 
 
Accounts payable
96.4 
126.9 
Accrued expenses and other current liabilities
681.3 
668.1 
Accrued payroll and payroll-related expenses
579.4 
479.4 
Dividends payable
163.1 
145.7 
Deferred Revenue and Credits, Current [Abstract]
 
 
Short-term deferred revenues
317.9 
356.1 
Obligation under reverse repurchase agreement
0.0 
11.8 
Taxes Payable [Abstract]
 
 
Income taxes payable
219.1 
258.9 
Total current liabilities before client funds obligations
2,057.2 
2,046.9 
Client funds obligations
25,170.4 
15,294.7 
Total current liabilities
27,227.6 
17,341.6 
Liabilities, Noncurrent [Abstract]
 
 
Long-term Debt, Noncurrent [Abstract]
 
 
Long-term debt
51.2 
52.1 
Other liabilities
606.2 
587.9 
Deferred income taxes
148.7 
170.0 
Long-term deferred revenues
489.6 
495.6 
Total liabilities
28,523.3 
18,647.2 
Stockholders' Equity [Abstract]
 
 
Preferred stock, $1.00 par value: Authorized, 0.3 shares; issued, none
0.0 
0.0 
Preferred Stock, Par value
1 
1 
Preferred Stock, Shares authorized
0 
0 
Preferred Stock, Shares issued
0 
0 
Common stock, $0.10 par value: Authorized, 1,000.0 shares; issued, 638.7 shares at December 31, 2008 and June 30, 2008; outstanding, 504.0 and 510.3 shares at December 31, 2008 and June 30, 2008, respectively
63.9 
63.9 
Common Stock, Par value
0 
0 
Common Stock, Shares authorized
1,000 
1,000 
Common Stock, Shares issued
639 
639 
Common Stock, Shares outstanding
504 
510 
Additional Paid in Capital [Abstract]
 
 
Capital in excess of par value
500.6 
522.0 
Retained Earnings (Accumulated Deficit) [Abstract]
 
 
Retained earnings
10,292.4 
10,029.8 
Treasury stock - at cost: 134.7 and 128.4 shares at December 31, 2008 and June 30, 2008, respectively
(6,063.1)
(5,804.7)
Treasury Stock, Shares
135 
128 
Accumulated other comprehensive income
43.9 
276.2 
Total stockholders' equity
4,837.7 
5,087.2 
Total liabilities and stockholders' equity
$ 33,361.0 
$ 23,734.4 
Statement of Income (Excluding Gross Margin Alternative) (USD $)
In Millions, except Share and Per Share data
3 Months Ended
Dec. 31, 2008
6 Months Ended
Dec. 31, 2008
3 Months Ended
Dec. 31, 2007
6 Months Ended
Dec. 31, 2007
Net Income (Loss) [Abstract]
 
 
 
 
Income (Loss) from Continuing Operations [Abstract]
 
 
 
 
Income (Loss) from Continuing Operations before Income Taxes, Minority Interest, and Income (Loss) from Equity Method Investments [Abstract]
 
 
 
 
Revenues [Abstract]
 
 
 
 
Sales Revenue, Net [Abstract]
 
 
 
 
Revenues, other than interest on funds held for clients and PEO revenues
$ 1,772.6 
$ 3,525.0 
$ 1,738.8 
$ 3,342.4 
Interest on funds held for clients
147.3 
299.2 
162.0 
316.5 
PEO revenues (1)
283.4 1
560.5 1
249.3 1
483.2 1
TOTAL REVENUES
2,203.3 
4,384.7 
2,150.1 
4,142.1 
Cost of Goods and Services Sold [Abstract]
 
 
 
 
Cost of Goods Sold [Abstract]
 
 
 
 
Operating expenses
1,007.1 
2,054.1 
979.8 
1,888.1 
Systems development and programming costs
123.1 
253.4 
128.8 
253.1 
Cost of Goods Sold, Depreciation and Amortization [Abstract]
 
 
 
 
Depreciation and amortization
57.3 
116.7 
59.6 
119.0 
TOTAL COSTS OF REVENUES
1,187.5 
2,424.2 
1,168.2 
2,260.2 
Operating Expenses [Abstract]
 
 
 
 
Selling, General and Administrative Expense [Abstract]
 
 
 
 
Selling, general and administrative expenses
573.1 
1,099.8 
554.5 
1,088.1 
Interest expense
8.1 
27.4 
30.7 
60.1 
TOTAL EXPENSES
1,768.7 
3,551.4 
1,753.4 
3,408.4 
Nonoperating Income (Expense) [Abstract]
 
 
 
 
Other income, net
(38.6)
(81.2)
(43.9)
(88.4)
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
473.2 
914.5 
440.6 
822.1 
Provision for income taxes
172.8 
336.2 
149.0 
290.1 
NET EARNINGS FROM CONTINUING OPERATIONS
300.4 
578.3 
291.6 
532.0 
Income (Loss) from Discontinued Operations, Net of Tax [Abstract]
 
 
 
 
Earnings (loss) from discontinued operations, net of (benefit) provision for income taxes of $(0.1) and $(0.4) for the three months ended December 31, 2008 and 2007, respectively, and $1.0 and $30.8 for the six months ended December 31, 2008 and 2007, respectively
0.1 
(1.0)
(0.4)
56.5 
NET EARNINGS
300.5 
577.3 
291.2 
588.5 
Earnings Per Share [Abstract]
 
 
 
 
Earnings Per Share, Basic [Abstract]
 
 
 
 
Income (Loss) before Extraordinary Items and Cumulative Effect of Change in Accounting Principle, Per Basic Share [Abstract]
 
 
 
 
Basic Earnings Per Share from Continuing Operations
1 
1 
1 
1 
Basic Earnings Per Share from Discontinued Operations
0 
0 
0 
0 
BASIC EARNINGS PER SHARE
1 
1 
1 
1 
Earnings Per Share, Diluted [Abstract]
 
 
 
 
Diluted Earnings Per Share from Continuing Operations
1 
1 
1 
1 
Diluted Earnings Per Share from Discontinued Operations
0 
0 
0 
0 
DILUTED EARNINGS PER SHARE
1 
1 
1 
1 
Earnings Per Share, Diluted, Other Disclosures [Abstract]
 
 
 
 
Basic weighted average shares outstanding
503 
505 
523 
526 
Diluted weighted average shares outstanding
506 
509 
530 
533 
Dividends declared per common shares
$ 0 
$ 1 
$ 0 
$ 1 
Statement of Cash Flows (USD $)
In Millions
6 Months Ended
Dec. 31,
2008
2007
Cash and Cash Equivalents, Period Increase (Decrease) [Abstract]
 
 
Net Cash Provided by (Used in) Operating Activities [Abstract]
 
 
Income (Loss) from Continuing Operations [Abstract]
 
 
Net earnings
$ 577.3 
$ 588.5 
Adjustments for Noncash Items Included in Income (Loss) from Continuing Operations [Abstract]
 
 
Depreciation and Amortization [Abstract]
 
 
Depreciation and amortization
151.2 
167.6 
Deferred Income Taxes and Tax Credits [Abstract]
 
 
Deferred income taxes
(52.4)
(33.9)
Share-based Compensation [Abstract]
 
 
Stock-based compensation expense
62.6 
63.4 
Net pension expense
16.8 
19.2 
Gain (Loss) on Investments [Abstract]
 
 
Net realized loss (gain) from the sales of marketable securities
8.3 
(0.1)
Amortization of Financing Costs and Discounts [Abstract]
 
 
Net amortization of premiums and accretion of discounts on available-for-sale securities
28.9 
18.0 
Gain on sale of assets held for sale
(2.2)
0.0 
Loss (gain) on sale of discontinued businesses, net of tax
1.0 
(56.5)
Other
(4.2)
60.6 
Increase (Decrease) in Operating Assets [Abstract]
 
 
Increase (Decrease) in Receivables [Abstract]
 
 
Increase in accounts receivable
(213.8)
(13.6)
Increase in other assets
(41.4)
(79.7)
Increase (Decrease) in Accounts Payable [Abstract]
 
 
Decrease in accounts payable
(32.0)
(19.0)
Increase (Decrease) in Accrued Liabilities [Abstract]
 
 
Increase (decrease) in accrued expenses and other liabilities
181.5 
(117.2)
Net cash flows provided by operating activities
681.6 
597.3 
Net Cash Provided by (Used in) Investing Activities [Abstract]
 
 
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract]
 
 
Payments to Acquire Marketable Securities [Abstract]
 
 
Purchases of corporate and client funds marketable securities
(1,735.6)
(3,291.1)
Proceeds from Sale of Available-for-sale Securities [Abstract]
 
 
Proceeds from the sales and maturities of corporate and client funds marketable securities
1,496.4 
2,387.4 
Net (increase) decrease in restricted cash and cash equivalents and other restricted assets held to satisfy client funds obligations
(9,162.6)
400.5 
Payments to Acquire Productive Assets [Abstract]
 
 
Payments to Acquire Property, Plant, and Equipment [Abstract]
 
 
Capital expenditures
(83.6)
(90.3)
Additions to intangibles
(35.9)
(47.1)
Payments to Acquire Businesses, Net of Cash Acquired [Abstract]
 
 
Acquisitions of businesses, net of cash acquired
(7.2)
(80.4)
Reclassification from cash and cash equivalents to short-term marketable securities
(211.1)
0.0 
Other
4.3 
9.0 
Proceeds from sale of property, plant, and equipment
19.9 
0.0 
Proceeds from the sale of businesses included in discontinued operations, net of cash divested
0.0 
102.7 
Net cash flows used in investing activities
(9,715.4)
(609.3)
Net Cash Provided by (Used in) Financing Activities [Abstract]
 
 
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract]
 
 
Net increase in client funds obligations
10,159.5 
538.9 
Proceeds from Issuance of Long-term Debt [Abstract]
 
 
Proceeds from issuance of debt
12.5 
0.2 
Repayments of Long-term Debt [Abstract]
 
 
Payments of debt
(13.4)
(7.3)
Proceeds from (Repayments of) Other Debt [Abstract]
 
 
Net purchases of reverse repurchase agreements
(11.8)
0.0 
Proceeds from Issuance or Sale of Equity [Abstract]
 
 
Repurchases of common stock
(451.2)
(881.4)
Proceeds from stock purchase plan and excercises of stock options
99.1 
130.5 
Payments of Dividends [Abstract]
 
 
Dividends paid
(297.2)
(250.3)
Net cash flows provided by (used in) financing activities
9,497.5 
(469.4)
Effect of Exchange Rate on Cash and Cash Equivalents [Abstract]
 
 
Effect of exchange rate changes on cash and cash equivalents
(76.3)
41.1 
Net change in cash and cash equivalents
387.4 
(440.3)
Cash and cash equivalents of continuing operations, beginning of period
917.5 
1,746.1 
Cash and cash equivalents of discontinued operations, beginning of period
0.0 
14.7 
Cash and cash equivalents, end of period
1,304.9 
1,320.5 
Less cash and cash equivalents of discontinued operations, end of period
0.0 
0.0 
Cash and cash equivalents of continuing operations, end of period
$ 1,304.9 
$ 1,320.5 
Document Information
6 Months Ended
Dec. 31, 2008
Document Type
10-K 
Amendment Flag
FALSE 
Document Period End Date
12/31/2008 
Entity Information (USD $)
6 Months Ended
Dec. 31, 2008
Dec. 31, 2007
Entity Registrant Name
Automatic Data Processing, Inc. 
 
Entity Central Index Key
0000008670 
 
Current Fiscal Year End Date
06/30 
 
Entity Well-known Seasoned Issuer
Yes 
 
Entity Voluntary Filers
No 
 
Entity Current Reporting Status
Yes 
 
Entity Filer Category
Large Accelerated Filer 
 
Entity Public Float
 
$ 23,216,032,643 
Entity Common Stock, Shares Outstanding
503,974,082