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Statements of Consolidated Earnings - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2020
Mar. 31, 2019
REVENUES:        
Revenues, other than interest on funds held for clients and PEO revenues $ 2,652.1 $ 2,546.9 $ 7,356.7 $ 7,084.7
Interest on funds held for clients 158.9 167.4 430.4 415.0
PEO revenues (A) [1] 1,236.8 1,113.9 3,425.9 3,131.2
TOTAL REVENUES 4,047.8 3,828.2 11,213.0 10,630.9
Costs of revenues:        
Operating expenses 1,974.1 1,855.3 5,597.8 5,324.8
Systems development and programming costs 172.1 160.1 509.0 474.2
Depreciation and amortization 92.9 77.2 271.2 221.5
TOTAL COSTS OF REVENUES 2,239.1 2,092.6 6,378.0 6,020.5
Selling, general, and administrative expenses 756.6 750.4 2,237.4 2,209.4
Interest expense 20.0 21.7 91.5 96.2
TOTAL EXPENSES 3,015.7 2,864.7 8,706.9 8,326.1
Other income, net (44.6) (21.0) (145.2) (67.5)
EARNINGS BEFORE INCOME TAXES 1,076.7 984.5 2,651.3 2,372.3
Provision for income taxes 255.8 230.8 596.4 554.9
NET EARNINGS $ 820.9 $ 753.7 $ 2,054.9 $ 1,817.4
Basic earnings per share (in US$ per share) $ 1.91 $ 1.74 $ 4.76 $ 4.17
Diluted earnings per share (in US$ per share) $ 1.90 $ 1.73 $ 4.74 $ 4.15
Basic weighted average shares outstanding (shares) 430.0 434.1 431.4 435.5
Diluted weighted average shares outstanding (shares) 431.8 436.6 433.5 438.1
[1] Professional Employer Organization (“PEO”) revenues are net of direct pass-through costs, primarily consisting of payroll wages and payroll taxes of $12,643.6 million and $10,798.3 million for the three months ended March 31, 2020 and 2019, respectively, and $35,525.8 million and $32,178.8 million for the nine months ended March 31, 2020 and 2019, respectively.