ADP 2015 Annual Report Download - page 25
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Years Ended
% Change
June 30,
As Reported
Constant Dollar Basis
2016
2015
2014
2016
2015
2016
2015
Net earnings from continuing operations
$ 1,493.4
$ 1,376.5
$ 1,242.6
8%
11%
10%
12%
Adjustments:
Provision for income taxes
741.3
694.2
636.6
All other interest expense
47.9
1.5
1.6
All other interest income
(13.6)
(10.7)
(10.5)
Gain on sale of AMD
(29.1)
—
—
Gain on sale of building
(13.9)
—
—
Workforce optimization effort
48.2
—
—
Adjusted EBIT
$ 2,274.2
$ 2,061.5
$ 1,870.3
10%
10%
11%
12%
AdjustedEBITMargin
19.5%
18.8%
18.3%
Provision for income taxes
$ 741.3
$ 694.2
$ 636.6
7%
9%
8%
11%
Adjustments:
Gain on sale of AMD (a)
(7.3)
—
—
Gain on sale of building (b)
(5.3)
—
—
Workforce optimization effort (b)
16.4
—
—
Adjusted provision for income taxes
$ 745.1
$ 694.2
$ 636.6
7%
9%
8%
11%
Adjustedeffectivetaxrate(c)
33.3%
33.5%
33.9%
Net earnings from continuing operations
$ 1,493.4
$ 1,376.5
$ 1,242.6
8%
11%
10%
12%
Adjustments:
Gain on sale of AMD
(29.1)
—
—
Gain on sale of building
(13.9)
—
—
Workforce optimization effort
48.2
—
—
Provision for income taxes on gain on sale of
AMD (a)
7.3
—
—
Provision for income taxes on gain on sale of
building (b)
5.3
—
—
Income tax benefit for workforce optimization
effort (b)
(16.4)
—
—
Adjusted net earnings from continuing operations
$ 1,494.8
$ 1,376.5
$ 1,242.6
9%
11%
10%
12%
Diluted EPS from continuing operations
$ 3.25
$ 2.89
$ 2.57
12%
12%
13%
14%
Adjustments:
Gain on sale of AMD
(0.05)
—
—
Gain on sale of building
(0.02)
—
—
Workforce optimization effort
0.07
—
—
Adjusted diluted EPS from continuing operations
$ 3.26
$ 2.89
$ 2.57
13%
12%
14%
14%
(a) - The tax on the gain on the sale of the AMD business was calculated based on the marginal rate in effect during the quarter of the adjustment adjusted for
a book vs. tax basis difference primarily due to a previously recorded non tax-deductible goodwill impairment charge.
(b) - The tax provision/benefit on the gain on the sale of the building and the workforce optimization effort was calculated based on the marginal rate in effect
during the quarter of the adjustment.
(c) - The Adjusted effective tax rate is calculated as our Adjusted provision for income taxes divided by our Adjusted net earnings from continuing operations
plus our Adjusted provision for income taxes.
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