Document Entity Information
v2.1.3772.27195
Document Entity Information
 9 Months Ended
Mar. 31, 2010
Apr. 30, 2010
Document Type 10-Q
Amendment Flag false
Document Period End Date 2010-03-31
Entity Registrant Name AUTOMATIC DATA PROCESSING INC
Entity Central Index Key 0000008670
Current Fiscal Year End Date --06-30
Document Fiscal Year Focus 2,010
Document Fiscal Period Focus Q3
Entity Filer Category Large Accelerated Filer
Entity Common Stock, Shares Outstanding 502,987,661

Statements of Consolidated Earnings
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Statements of Consolidated Earnings (USD $)
In Millions, except Per Share data
 3 Months Ended 9 Months Ended
Mar. 31, 2010
Mar. 31, 2009
Mar. 31, 2010
Mar. 31, 2009
REVENUES:
Revenues, other than interest on funds held for clients and PEO revenues $ 1,919.3 $ 1,878.1 $ 5,355.1 $ 5,387.2
Interest on funds held for clients 147.9 164.3 403.5 463.5
PEO revenues (1) 376 [1] 326.3 [1] 978.8 [1] 886.8 [1]
TOTAL REVENUES 2,443.2 2,368.7 6,737.4 6,737.5
EXPENSES:
Operating expenses 1,140.3 1,036.2 3,190.6 3,082.1
Systems development and programming costs 130 118.6 376.2 371
Depreciation and amortization 60.4 59.9 180.6 176.4
TOTAL COSTS OF REVENUES 1,330.7 1,214.7 3,747.4 3,629.5
Selling, general and administrative expenses 504.9 518.9 1,515.5 1,616
Interest expense 1.2 2.5 6.8 29.8
TOTAL EXPENSES 1,836.8 1,736.1 5,269.7 5,275.3
Other (income) expense, net (26.6) 4.1 (90) (77.1)
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 633 628.5 1,557.7 1,539.3
Provision for income taxes 231.4 226.4 558 561.4
NET EARNINGS FROM CONTINUING OPERATIONS 401.6 402.1 999.7 977.9
Earnings from discontinued operations, net of provision for income taxes of $6.1 and $0.2 for the three months ended March 31, 2010 and 2009, respectively, and $7.0 and $2.3 for the nine months ended March 31, 2010 and 2009, respectively 2 0.4 3.8 2.1
NET EARNINGS $ 403.6 $ 402.5 $ 1,003.5 $ 980
Basic Earnings Per Share from Continuing Operations $ 0.8 $ 0.8 $ 1.99 $ 1.94
Basic Earnings Per Share from Discontinued Operations     $ 0.01  
BASIC EARNINGS PER SHARE $ 0.8 $ 0.8 $ 2 $ 1.94
Diluted Earnings Per Share from Continuing Operations $ 0.79 $ 0.8 $ 1.98 $ 1.93
Diluted Earnings Per Share from Discontinued Operations     $ 0.01  
DILUTED EARNINGS PER SHARE $ 0.8 $ 0.8 $ 1.99 $ 1.93
Basic weighted average shares outstanding 502.4 501.2 501.9 504
Diluted weighted average shares outstanding 505.5 502.4 504.8 507
Dividends declared per common share $ 0.34 $ 0.33 $ 1.01 $ 0.95
[1] Professional Employer Organization ("PEO") revenues are net of direct pass-through costs, primarily consisting of payroll wages and payroll taxes, of $3,478.6 and $3,359.8 for the three months ended March 31, 2010 and 2009, respectively, and $10,094.1 and $9,441.8 for the nine months ended March 31, 2010 and 2009, respectively.

Statements of Consolidated Earnings (Parentheticals)
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Statements of Consolidated Earnings (Parentheticals) (USD $)
In Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2010
Mar. 31, 2009
Mar. 31, 2010
Mar. 31, 2009
Provision for income taxes, earnings from discontinued operations $ 6.1 $ 0.2 $ 7 $ 2.3
Direct pass-through costs, PEO revenues $ 3,478.6 $ 3,359.8 $ 10,094.1 $ 9,441.8

Consolidated Balance Sheets
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Consolidated Balance Sheets (USD $)
In Millions
Mar. 31, 2010
Jun. 30, 2009
Assets
Cash and cash equivalents $ 1,965 $ 2,265.3
Short-term marketable securities 38.5 30.8
Accounts receivable, net 1,131 1,050.7
Other current assets 621.8 918.9
Assets held for sale 6.6 12.1
Assets of discontinued operations 8.5
Total current assets before funds held for clients 3,762.9 4,286.3
Funds held for clients 26,552.1 16,419.2
Total current assets 30,315 20,705.5
Long-term marketable securities 104.1 92.4
Long-term receivables, net 133.8 162.6
Property, plant and equipment, net 690 734.3
Other assets 757.9 702.7
Goodwill 2,431.2 2,375.5
Intangible assets, net 554.2 578.7
Total assets 34,986.2 25,351.7
Liabilities and Stockholders' Equity
Accounts payable 96.2 130.3
Accrued expenses and other current liabilities 607.3 777.9
Accrued payroll and payroll-related expenses 453.9 402.3
Dividends payable 171.2 162.1
Short-term deferred revenues 333.3 329.8
Obligation under commerical paper borrowing 730
Income taxes payable 123.2 230.7
Liabilities of discontinued operations 7.7
Total current liabilities before client funds obligations 1,785.1 2,770.8
Client funds obligations 25,956.9 15,992.6
Total current liabilities 27,742 18,763.4
Long-term debt 41.3 42.7
Other liabilities 474.5 477.1
Deferred income taxes 315.6 254.1
Long-term deferred revenues 474.5 491.8
Total liabilities 29,047.9 20,029.1
Stockholders' equity:
Preferred stock, $1.00 par value: Authorized, 0.3 shares; issued, none    
Common stock, $0.10 par value: Authorized, 1,000.0 shares; issued 638.7 shares at March 31, 2010 and June 30, 2009; outstanding, 502.9 and 501.7 shares at March 31, 2010 and June 30, 2009, respectively 63.9 63.9
Capital in excess of par value 481.5 520
Retained earnings 11,211.6 10,716.6
Treasury stock - at cost: 135.8 and 137.0 shares at March 31, 2010 and June 30, 2009, respectively (6,085.4) (6,133.9)
Accumulated other comprehensive income 266.7 156
Total stockholders' equity 5,938.3 5,322.6
Total liabilities and stockholders' equity $ 34,986.2 $ 25,351.7

Consolidated Balance Sheets (Parenthetical)
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Consolidated Balance Sheets (Parenthetical) (USD $)
Share data in Millions, except Per Share data
Mar. 31, 2010
Jun. 30, 2009
Preferred Stock, par value $ 1 $ 1
Preferred Stock, shares authorized 0.3 0.3
Preferred Stock, shares issued 0 0
Common Stock, par value $ 0.1 $ 0.1
Common Stock, shares authorized 1,000 1,000
Common Stock, shares issued 638.7 638.7
Common Stock, shares outstanding 502.9 501.7
Treasury Stock, shares 135.8 137

Statements of Consolidated Cash Flows
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Statements of Consolidated Cash Flows (USD $)
In Millions
 9 Months Ended
Mar. 31, 2010
Mar. 31, 2009
Cash Flows from Operating Activities:
Net earnings $ 1,003.5 $ 980
Adjustments to reconcile net earnings to cash flows provided by operating activities:
Depreciation and amortization 232.8 228.4
Deferred income taxes 50.8 (28.1)
Stock-based compensation expense 55 85.5
Net pension expense 26 25.1
Net realized loss from the sales of marketable securities 1.3 14.9
Net amortization of premiums and accretion of discounts on available-for-sale securities 43.6 43.5
Impairment losses on available-for-sale securities 5.3
Gain on sale of building (1.5) (2.2)
(Gain) loss on sale of discontinued businesses, net of tax (0.2) 1
Other 9.7 (2.9)
Changes in operating assets and liabilities, net of effects from acquisitions and divestitures of businesses:
Increase in accounts receivable (91.6) (148.1)
Decrease (increase) in other assets 155.1 (43.4)
Decrease in accounts payable (19.5) (37.8)
(Decrease) increase in accrued expenses and other liabilities (183.6) 19.9
Operating activities of discontinued operations (0.1) (0.7)
Net cash flows provided by operating activities 1,286.6 1,135.1
Cash Flows from Investing Activities:
Purchases of corporate and client funds marketable securities (2,685.3) (2,256)
Proceeds from the sales and maturities of corporate and client funds marketable securities 2,592.9 2,251.7
Net increase in restricted cash and cash equivalents and other restricted assets held to satisfy client funds obligations (9,757.5) (5,246.7)
Capital expenditures (76.5) (112.4)
Additions to intangibles (87.5) (63.8)
Acquisitions of businesses, net of cash acquired (98.9) (26.4)
Reclassification from cash and cash equivalents to short-term marketable securities (211.1)
Proceeds from the sale of property, plant and equipment 3.1 19.9
Other 6.9 7.3
Investing activities of discontinued operations (0.1) (0.1)
Proceeds from the sale of businesses included in discontinued operations 21.6
Net cash flows used in investing activities (10,081.3) (5,637.6)
Cash Flows from Financing Activities:
Net increase in client funds obligations 9,799.7 6,012.9
Proceeds from issuance of debt 12.5
Payments of debt (1.3) (21.5)
Net purchases of reverse repurchase agreements (11.8)
Net repayment of commercial paper borrowing (730)
Repurchases of common stock (279.2) (580.4)
Proceeds from stock purchase plan and exercises of stock options 201.3 75.1
Dividends paid (498.1) (463.9)
Net cash flows provided by financing activities 8,492.4 5,022.9
Effect of exchange rate changes on cash and cash equivalents 2 (74.5)
Net change in cash and cash equivalents (300.3) 445.9
Cash and cash equivalents of continuing operations, beginning of period 2,265.3 917.5
Cash and cash equivalents of discontinued operations, beginning of period 0 0
Cash and cash equivalents, end of period 1,965 1,363.4
Less cash and cash equivalents of discontinued operations, end of period    
Cash and cash equivalents of continuing operations, end of period $ 1,965 $ 1,363.4

Basis of Presentation
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Basis of Presentation
 9 Months Ended
Mar. 31, 2010
Basis of Presentation

Note 1. Basis of Presentation

 

The accompanying unaudited consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary for a fair presentation of the results for the interim periods. Adjustments are of a normal recurring nature. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes of Automatic Data Processing, Inc. and subsidiaries ("ADP" or the "Company") as of and for the year ended June 30, 2009 ("fiscal 2009"). The results of operations for the three and nine months ended March 31, 2010 may not be indicative of the results to be expected for the fiscal year ending June 30, 2010 ("fiscal 2010").

 

New Accounting Pronouncements
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New Accounting Pronouncements
 9 Months Ended
Mar. 31, 2010
New Accounting Pronouncements

Note 2. New Accounting Pronouncements

 

In June 2009, the Financial Accounting Standards Board ("FASB") issued FASB Accounting Standards Codification ("ASC") 105.10.05, "Generally Accepted Accounting Principles" ("ASC 105.10.05"). ASC 105.10.05 establishes the FASB ASC as the single source of authoritative generally accepted accounting principles ("GAAP"). Pursuant to the provisions of ASC 105.10.05, the Company has updated references to GAAP in its financial statements issued subsequent to September 15, 2009. The adoption of ASC 105.10.05 did not have any impact on the Company's consolidated results of operations, financial condition or cash flows.

 

In January 2010, the FASB issued Accounting Standards Update ("ASU") 2010-6, "Improving Disclosures about Fair Value Investments." ASU 2010-6 amends the disclosure requirements in ASC 820.10 "Fair Value Measurements and Disclosures," which the Company adopted on July 1, 2008, and requires new disclosures regarding transfers in and out of Level 1 and 2 asset categories as well as more detailed information for the Level 3 reconciliation of activity, if required. Since the Company adopted ASC 820.10, the Company has not had any transfers in or out of Level 1 or Level 2, nor has the Company had any Level 3 assets or liabilities. ASU 2010-6 also clarifies existing disclosure requirements regarding the level of disaggregation expected, valuation techniques and inputs to fair value measurements. ASU 2010-6 is effective for interim and annual reporting periods beginning after December 15, 2009. On January 1, 2010, the Company adopted ASU 2010-6 and the adoption did not have a material impact on its consolidated results of operations, financial condition or cash flows.

 

In October 2009, the FASB issued ASU 2009-13, "Multiple Deliverable Revenue Arrangements." ASU 2009-13 modifies the guidance related to accounting for arrangements with multiple deliverables by providing an alternative when vendor specific objective evidence ("VSOE") or third-party evidence ("TPE") does not exist to determine the selling price of a deliverable. The alternative when VSOE or TPE does not exist is the best estimate of the selling price of the deliverable. Consideration for multiple deliverables is then allocated based upon the relative selling price of the deliverables and revenue is recognized as earned for each deliverable. ASU 2009-13 is effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010, unless the election is made to adopt ASU 2009-13 retrospectively. In either case, early adoption is permitted. The Company is currently evaluating the impact, if any, that the adoption of ASU 2009-13 will have on its consolidated results of operations, financial condition or cash flows.

 

In October 2009, the FASB issued ASU No. 2009-14, "Certain Revenue Arrangements that Include Software Elements" ("ASU 2009-14"). ASU 2009-14 modifies the scope of the software revenue recognition guidance to exclude (a) non-software components of tangible products and (b) software components of tangible products that are sold, licensed, or leased with tangible products when the software components and non-software components of the tangible product function together to deliver the tangible product's functionality. ASU 2009-14 is effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010, unless the election is made to adopt ASU 2009-14 retrospectively. In either case, early adoption is permitted. The Company is currently evaluating the impact, if any, that the adoption of ASU 2009-14 will have on its consolidated results of operations, financial condition or cash flows.

 

In August 2009, the FASB issued ASU No. 2009-05, "Measuring Liabilities at Fair Value" ("ASU 2009-05"). ASU 2009-05 provides additional guidance that clarifies measuring liabilities at fair value under ASC 820.10. ASU 2009-05 is effective for the first reporting period (including interim periods) beginning after August 2009. On October 1, 2009, the Company adopted ASU 2009-05 and the adoption did not have a material impact on its consolidated results of operations, financial condition or cash flows.

 

In December 2008, the FASB issued ASC 715.20.65, "Retirement Benefits – Defined Benefit Plans." ASC 715.20.65 requires additional disclosures in relation to plan assets of defined benefit pension or other postretirement plans. ASC 715.20.65 is effective for fiscal years ending after December 15, 2009 with early application permitted. The Company does not anticipate the adoption of ASC 715.20.65 will have a material impact on its consolidated results of operations, financial condition or cash flows.

 

In June 2008, the FASB issued ASC 260.10.45, "Earnings per Share." ASC 260.10.45 provides that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. ASC 260.10.45 is effective for financial statements issued for fiscal years beginning after December 15, 2008, and interim periods within those fiscal years. Upon adoption, companies are required to retrospectively adjust earnings per share data (including any amounts related to interim periods, summaries of earnings and selected financial data) to conform to provisions of ASC 260.10.45. On July 1, 2009, the Company adopted ASC 260.10.45 and the adoption did not have a material impact on its consolidated results of operations, financial condition or cash flows.

 

In April 2008, the FASB issued ASC 350.30, "Intangibles – Goodwill and Other." ASC 350.30 amends the factors that should be considered in developing renewal or extension assumptions used to determine the useful life of a recognized intangible asset. ASC 350.30 also requires expanded disclosure related to the determination of intangible asset useful lives. ASC 350.30 is effective for financial statements issued for fiscal years beginning after December 15, 2008, and interim periods within those fiscal years for intangible assets acquired after the effective date. On July 1, 2009, the Company adopted ASC 350.30 and the adoption did not have a material impact on its consolidated results of operations, financial condition or cash flows.

 

In December 2007, the FASB issued ASC 805.10, "Business Combinations." ASC 805.10 establishes principles and requirements for how the acquirer in a business combination recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, any controlling interest in the business and the goodwill acquired. ASC 805.10 further requires that acquisition-related costs and costs associated with restructuring or exiting activities of an acquired entity will be expensed as incurred. ASC 805.10 also establishes disclosure requirements that will require disclosure on the nature and financial effects of the business combination. Additionally, in April 2009, the FASB issued ASC 805.20, "Identifiable Assets and Liabilities, and Any Noncontrolling Interest." ASC 805.20 amends and clarifies ASC 805.10 to address application issues on initial recognition and measurement, subsequent measurement and accounting, and disclosure of assets and liabilities arising from contingencies in a business combination. On July 1, 2009, the Company adopted ASC 805.10 and ASC 805.20 and the adoption did not have a material impact on its consolidated results of operations, financial condition or cash flows as no business combinations had been completed at the time of adoption.

 

In September 2006, the FASB issued ASC 820.10. ASC 820.10 clarifies the definition of fair value, establishes a framework for measuring fair value, and expands the disclosures on fair value measurements. ASC 820.10 is effective for fiscal years beginning after November 15, 2007, except for non-financial assets and liabilities recognized or disclosed at fair value on a non-recurring basis, for which the effective date is fiscal years beginning after November 15, 2008. On July 1, 2008, the Company adopted ASC 820.10 for assets and liabilities recognized or disclosed at fair value on a recurring basis. On July 1, 2009, the Company adopted ASC 820.10 for non-financial assets that are recognized or disclosed on a non-recurring basis. The adoption of ASC 820.10 did not have an impact on its consolidated results of operations, financial condition or cash flows.


Earnings per Share (EPS)
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Earnings per Share (EPS)
 9 Months Ended
Mar. 31, 2010
Earnings per Share ("EPS")

Note 3. Earnings per Share ("EPS")

 

Effect of  Effect of
Employee Employee
Stock Restricted 
Option Stock
Basic Shares Shares Diluted
Three months ended March 31,
2010
Net earnings from continuing operations  $   401.6  $        -    $         -    $   401.6
Weighted average shares (in millions)      502.4          2.8           0.3      505.5
EPS from continuing operations  $    0.80           $    0.79
2009
Net earnings from continuing operations  $   402.1  $        -    $         -    $   402.1
Weighted average shares (in millions)       501.2          0.8           0.4       502.4
EPS from continuing operations  $    0.80            $     0.80
Nine months ended March 31,
2010
Net earnings from continuing operations  $   999.7  $        -    $         -    $   999.7
Weighted average shares (in millions)      501.9          1.8           1.1      504.8
EPS from continuing operations $    1.99            $    1.98
2009
Net earnings from continuing operations  $   977.9  $        -    $         -    $   977.9
Weighted average shares (in millions)      504.0          1.5           1.5       507.0
EPS from continuing operations  $    1.94            $     1.93

 

Options to purchase 12.8 million and 35.9 million shares of common stock for the three months ended March 31, 2010 and 2009, respectively, and 19.3 million and 29.6 million shares of common stock for the nine months ended March 31, 2010 and 2009, respectively, were excluded from the calculation of diluted earnings per share because their exercise prices exceeded the average market price of outstanding common shares for the respective period.

Other (Income) Expense, net
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Other (Income) Expense, net
 9 Months Ended
Mar. 31, 2010
Other (Income) Expense, net

Note 4. Other (Income) Expense, net

 

Three Months Ended Nine Months Ended
March 31, March 31,
2010 2009 2010 2009
Interest income on corporate funds  $    (10.6)  $    (16.9)  $   (78.2) $         (106.4)
Realized gains on available-for-sale securities         (1.5) (2.8)       (11.7) (5.4)
Realized losses on available-for-sale securities        0.9 9.4        13.0 20.3
Realized (gain) loss on investment in Reserve Fund       (14.8) 15.0       (15.2) 18.3
Impairment losses on available-for-sale securities   -               -            5.3   -    
Gain on sales of buildings   -               -           (1.5) (2.2)
Other, net         (0.6) (0.6)         (1.7) (1.7)
                   
Other (income) expense, net                     $    (26.6)  $       4.1  $   (90.0)  $         (77.1)

Proceeds from sales and maturities of available-for-sale securities were $2,592.9 million and $2,251.7 million for the nine months ended March 31, 2010 and 2009, respectively.

 

During the three and nine months ended March 31, 2010, the Company recorded gains of $14.8 million and $15.2 million, respectively, to other (income) expense, net on the Statements of Consolidated Earnings related to the Primary Fund of the Reserve Fund (the "Reserve Fund"). During the three and nine months ended March 31, 2009, the Company recorded losses of $15.0 million and $18.3 million, respectively, to other (income) expense, net on the Statements of Consolidated Earnings related to the Reserve Fund. Refer to Note 7 for additional information related to the Reserve Fund.

 

At September 30, 2009, the Company concluded that it had the intent to sell certain securities for which unrealized losses of $5.3 million were previously recorded in accumulated other comprehensive income on the Consolidated Balance Sheets. As such, the Company realized impairment losses of $5.3 million in other (income) expense, net on the Statements of Consolidated Earnings during the nine months ended March 31, 2010. During October 2009, the Company sold these securities.

 

In July 2009, the Company sold a building and, as a result, recorded a gain of $1.5 million in other (income) expense, net, on the Statements of Consolidated Earnings during the nine months ended March 31, 2010. Additionally, in December 2008, the Company sold a building and, as a result, recorded a gain of $2.2 million in other (income) expense, net on the Statements of Consolidated Earnings during the nine months ended March 31, 2009. These buildings were previously reported in assets held for sale on the Consolidated Balance Sheets.

 

The Company has an outsourcing agreement with Broadridge Financial Solutions, Inc. ("Broadridge") pursuant to which the Company provides data center outsourcing services, which principally consist of information technology services and service delivery network services. During the three months ended March 31, 2010, Broadridge notified the Company that it would not extend the outsourcing agreement beyond its current expiration date of June 30, 2012. The Company is currently evaluating the impact, if any, that this will have and does not currently anticipate this will have a material impact. As a result of the outsourcing agreement, the Company recognized income of $26.2 million and $26.0 million for the three months ended March 31, 2010 and 2009, respectively, which is offset by expenses directly associated with providing such services of $25.6 million and $25.5 million, respectively, both of which were recorded in other (income) expense, net, on the Statements of Consolidated Earnings. The Company recognized income of $78.4 million and $77.8 million for the nine months ended March 31, 2010 and 2009, respectively, which is offset by expenses directly associated with providing such services of $76.7 million and $76.1 million, respectively. The Company had a receivable on the Consolidated Balance Sheets from Broadridge for the services under this agreement of $8.8 million and $8.7 million as of March 31, 2010 and June 30, 2009, respectively.

Acquisitions
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Acquisitions
 9 Months Ended
Mar. 31, 2010
Acquisitions

Note 5. Acquisitions

 

The Company acquired five businesses during the nine months ended March 31, 2010 for approximately $101.8 million, net of cash acquired. The purchase price for these acquisitions includes $3.7 million in accrued contingent payments expected to be paid in future periods. The Company recorded $83.0 million of goodwill on the Consolidated Balance Sheets related to these acquisitions. Intangible assets acquired, which totaled approximately $28.2 million, consisted of customer contracts and lists and software that are being amortized over a weighted average life of approximately 6 years. The acquisitions were not material to the Company's results of operations, financial position or cash flows.

 

The Company made $0.7 million of contingent payments relating to previously consummated acquisitions during the nine months ended March 31, 2010.

Divestitures
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Divestitures
 9 Months Ended
Mar. 31, 2010
Divestitures

Note 6. Divestitures

 

On March 24, 2010, the Company completed the 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, during the three and nine months ended March 31, 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 the three and nine months ended March 31, 2010, the Company recorded charges of $0.8 million related to a change in estimated taxes on the divestitures of businesses. During the nine months ended March 31, 2009, the Company recorded charges of $1.0 million within earnings from discontinued operations on the Statements of Consolidated Earnings related to a change in estimated taxes on the divestitures of businesses.

 

               
  Three Months Ended   Nine Months Ended
  March 31,   March 31,
  2010   2009   2010   2009
               
Revenues  $           4.2    $           6.0    $          17.2    $         21.9
               
Earnings from discontinued operations before income taxes           2.5              0.6              5.2              4.4
Provision for income taxes               0.7                 0.2                  1.6                 1.3
Net earnings from discontinued operations before gain on              
    disposal of discontinued operations            1.8              0.4              3.6              3.1
Gain (loss) on disposal of discontinued operations, net of               
    provision for income taxes of $5.4 for the three months               
    ended March 31, 2010 and $5.4 and $1.0 for the nine               
    months ended March 31, 2010 and 2009, respectively            0.2                -                0.2             (1.0)
Net earnings (loss) from discontinued operations  $         2.0    $         0.4    $         3.8    $         2.1

 

There were no assets or liabilities of discontinued operations as of March 31, 2010. The following are the major classes of assets and liabilities related to discontinued operations as of June 30, 2009:

 

  June 30,