ADP 2008 Annual Report Download - page 46

Download and view the complete annual report

Please find page 46 of the 2008 ADP annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 105

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105

On January 20, 2006, the Company completed the sale of the Brokerage Services Group’ s financial print business for $7.5 million in cash. The
Company classified the results of operations of this business as discontinued operations in fiscal 2006. In connection with the plan to dispose o
f
the financial print business, the Company recorded an impairment charge of $18.6 million in order to reflect the assets of this business at fair
value in fiscal 2006 in accordance with SFAS No. 144. This impairment charge is included in the earnings from discontinued operations on the
Statements of Consolidated Earnings.
Operating results for all discontinued operations were as follows:
The following are the major classes of assets and liabilities related to the discontinued operations as of June 30, 2007:
46
Years ended June 30, 2008 2007 2006
Revenues $ - $ 1,518.7 $ 2,427.6
Earnings from discontinued operations before income taxes - 201.4 425.7
Provision for income taxes -104.8 166.4
N
et earnings from discontinued operations before gain
on disposal of discontinued operations - 96.6 259.3
Gain on disposal of discontinued operations, net of
provision for income taxes of $23.2, $5.8 and $108.1 for
fiscal 2008, 2007 and 2006, respectively 74.0 20.9 452.8
N
et earnings from discontinued operations $ 74.0 $ 117.5 $ 712.1
Assets:
Cash $ 14.7
Accounts receivable, net 12.7
Property, plant and equipment, net 5.3
Goodwill 10.1
Intangible assets, net 9.6
Other assets 5.3
Total $57.7
Liabilities:
Accrued expenses $15.9
Income taxes payable 1.4
Other liabilities 1.8
Total $19.1