ADP 2012 Annual Report Download - page 60

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NOTE 4. DIVESTITURES
On March 24, 2010, the Company completed its sale of the non-core Commercial Systems business (the “Commercial business”) for
approximately $21.6 million in cash. The Commercial business was previously reported in the Dealer Services segment. In connection with the
disposal of this business, the Company has classified the results of this business as discontinued operations for all periods presented.
Additionally, in fiscal 2010, the Company reported a gain of $5.6 million, or $1.0 million after taxes, within earnings from discontinued
operations on the Statements of Consolidated Earnings.
During fiscal 2010, the Company recorded net charges of $0.5 million within earnings from discontinued operations related to a change in
estimated taxes on the divestitures of businesses of $0.8 million, partially offset by a change in professional fees incurred in connection with
the divestitures of businesses of $0.3 million.
There were no revenues and earnings from discontinued operations during fiscal 2012 and 2011. The following table summarizes the revenues
and expenses from discontinued operations as reported for the period indicated:
There were no assets or liabilities of discontinued operations as of June 30, 2012, 2011, or 2010.
54
Year ended June 30,
2010
Revenues
$
17.2
Earnings from discontinued operations before income taxes
5.2
Provision for income taxes
1.6
Net earnings from discontinued operations before gain
on disposal of discontinued operations
3.6
Gain on disposal of discontinued operations, net of
provision for income taxes of $5.4
0.5
Net earnings from discontinued operations
$
4.1