ADP 2015 Annual Report Download - page 20
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2015 - refer to Note 8 of our Consolidated Financial Statements for additional information), and certain interest income from adjusted earnings from continuing
operations before interest and income taxes ("Adjusted EBIT") and have also excluded certain interest expense and certain interest income in prior years for
comparability. However, we continue to include the interest income earned on investments associated with our client funds investment strategy and interest
expense on borrowings related to our client funds extended investment strategy as we believe these amounts to be fundamental to the underlying operations of our
business model. The amounts included as adjustments in the table below represent the interest income and interest expense that is not related to our client funds
extended investment strategy and are labeled as "All other interest expense" and "All other interest income." The charges related to our workforce optimization
effort represent severance charges. Severance charges have been taken in the past and not included as an adjustment to get to adjusted results. Unlike severance
charges in prior periods, these specific charges relate to a broad-based, company-wide workforce optimization effort. Since Adjusted EBIT, Adjusted net earnings
from continuing operations and Adjusted diluted earnings per share (“Adjusted diluted EPS”) from continuing operations are not measures of performance
calculated in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), they should not be considered in isolation
from, as a substitute for, or superior to net earnings from continuing operations and diluted EPS from continuing operations and they may not be comparable to
similarly titled measures used by other companies.
(Dollars and shares in millions, except per share amounts)
Years ended June 30,
2016
2015
2014
2013
2012
Net earnings from continuing operations
$ 1,493.4
$ 1,376.5
$ 1,242.6
$ 1,122.2
$ 1,192.2
Adjustments:
Provision for income taxes
741.3
694.2
636.6
587.9
613.1
All other interest expense
47.9
1.5
1.6
2.3
2.7
All other interest income
(13.6)
(10.7)
(10.5)
(8.6)
(15.0)
Gain on sale of AMD
(29.1)
—
—
—
—
Gain on sale of assets
(13.9)
—
—
—
(66.0)
Workforce optimization effort
48.2
—
—
—
—
Goodwill impairment charge
—
—
—
42.7
—
Adjusted EBIT
$ 2,274.2
$ 2,061.5
$ 1,870.3
$ 1,746.5
$ 1,727.0
Net earnings from continuing operations
$ 1,493.4
$ 1,376.5
$ 1,242.6
$ 1,122.2
$ 1,192.2
Adjustments:
Gain on sale of AMD
(29.1)
—
—
—
—
Gain on sale of assets
(13.9)
—
—
—
(66.0)
Workforce optimization effort
48.2
—
—
—
—
Goodwill impairment charge (C)
—
—
—
42.7
—
Provision for income taxes on gain on sale of AMD (C)
7.3
—
—
—
—
Provision for income taxes on gain on sale of assets (C)
5.3
—
—
—
24.8
Provision for income taxes on workforce optimization effort (C)
(16.4)
—
—
—
—
Adjusted net earnings from continuing operations
$ 1,494.8
$ 1,376.5
$ 1,242.6
$ 1,164.9
$ 1,151.0
Diluted earnings per share from continuing operations
$ 3.25
$ 2.89
$ 2.57
$ 2.30
$ 2.42
Adjustments:
Gain on sale of AMD
(0.05)
—
—
—
—
Gain on sale of assets
(0.02)
—
—
—
(0.08)
Workforce optimization effort
0.07
—
—
—
—
Goodwill impairment charge
—
—
—
0.09
—
Adjusted diluted earnings per share from continuing operations
$ 3.26
$ 2.89
$ 2.57
$ 2.39
$ 2.34
19