Microsoft Excel LibreOffice Calc

Automatic Data Processing Inc. (ADP)


Adjustments to Financial Statements

Difficulty: Advanced


Adjustments to Current Assets

Automatic Data Processing Inc., adjusted current assets

USD $ in thousands

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014
As Reported
Current assets 34,342,300  32,050,000  32,658,700  39,500,400  28,809,200  25,833,400 
Adjustments
Add: Allowance for doubtful accounts 54,900  51,300  49,600  38,100  35,500  55,700 
Less: Current deferred tax assets (included in Other current assets)1 —  —  —  —  33,000  29,400 
After Adjustment
Adjusted current assets 34,397,200  32,101,300  32,708,300  39,538,500  28,811,700  25,859,700 

Based on: 10-K (filing date: 2019-08-09), 10-K (filing date: 2018-08-03), 10-K (filing date: 2017-08-04), 10-K (filing date: 2016-08-05), 10-K (filing date: 2015-08-07), 10-K (filing date: 2014-08-08).

1 Current deferred tax assets (included in Other current assets). See Details »


Adjustments to Total Assets

Automatic Data Processing Inc., adjusted total assets

USD $ in thousands

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014
As Reported
Total assets 41,887,700  37,088,700  37,180,000  43,670,000  33,110,500  32,051,700 
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 542,858  484,694  428,436  445,608  320,900  559,374 
Add: Allowance for doubtful accounts 54,900  51,300  49,600  38,100  35,500  55,700 
Less: Current deferred tax assets (included in Other current assets)2 —  —  —  —  33,000  29,400 
Less: Long-term deferred tax assets (included in Other assets)3 64,000  90,100  93,400  100,300  61,900  76,600 
After Adjustment
Adjusted total assets 42,421,458  37,534,594  37,564,636  44,053,408  33,372,000  32,560,774 

Based on: 10-K (filing date: 2019-08-09), 10-K (filing date: 2018-08-03), 10-K (filing date: 2017-08-04), 10-K (filing date: 2016-08-05), 10-K (filing date: 2015-08-07), 10-K (filing date: 2014-08-08).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See Details »

2 Current deferred tax assets (included in Other current assets). See Details »

3 Long-term deferred tax assets (included in Other assets). See Details »


Adjustments to Current Liabilities

Automatic Data Processing Inc., adjusted current liabilities

USD $ in thousands

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014
As Reported
Current liabilities 32,627,700  30,413,600  29,815,900  35,847,400  27,113,700  23,908,000 
Adjustments
Less: Current deferred tax liabilities (included in Accrued expenses and other current liabilities)1 —  —  —  —  57,000  97,500 
Less: Short-term deferred revenues 220,700  226,500  232,900  233,200  228,600  332,600 
After Adjustment
Adjusted current liabilities 32,407,000  30,187,100  29,583,000  35,614,200  26,828,100  23,477,900 

Based on: 10-K (filing date: 2019-08-09), 10-K (filing date: 2018-08-03), 10-K (filing date: 2017-08-04), 10-K (filing date: 2016-08-05), 10-K (filing date: 2015-08-07), 10-K (filing date: 2014-08-08).

1 Current deferred tax liabilities (included in Accrued expenses and other current liabilities). See Details »


Adjustments to Total Liabilities

Automatic Data Processing Inc., adjusted total liabilities

USD $ in thousands

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014
As Reported
Total liabilities 36,487,800  33,629,100  33,203,000  39,188,400  28,302,000  25,381,500 
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1 542,858  484,694  428,436  445,608  320,900  559,374 
Less: Current deferred tax liabilities (included in Accrued expenses and other current liabilities)2 —  —  —  —  57,000  97,500 
Less: Long-term deferred tax liabilities3 659,900  107,300  163,100  251,100  172,100  288,800 
Less: Deferred revenues 620,000  604,300  624,300  614,300  591,300  845,800 
After Adjustment
Adjusted total liabilities 35,750,758  33,402,194  32,844,036  38,768,608  27,802,500  24,708,774 

Based on: 10-K (filing date: 2019-08-09), 10-K (filing date: 2018-08-03), 10-K (filing date: 2017-08-04), 10-K (filing date: 2016-08-05), 10-K (filing date: 2015-08-07), 10-K (filing date: 2014-08-08).

1 Operating lease liability (before adoption of FASB Topic 842). See Details »

2 Current deferred tax liabilities (included in Accrued expenses and other current liabilities). See Details »

3 Long-term deferred tax liabilities. See Details »


Adjustments to Stockholders’ Equity

Automatic Data Processing Inc., adjusted stockholders’ equity

USD $ in thousands

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014
As Reported
Stockholders’ equity 5,399,900  3,459,600  3,977,000  4,481,600  4,808,500  6,670,200 
Adjustments
Less: Net deferred tax assets (liabilities)1 (595,900) (17,200) (69,700) (150,800) (134,200) (280,300)
Add: Allowance for doubtful accounts 54,900  51,300  49,600  38,100  35,500  55,700 
Add: Deferred revenues 620,000  604,300  624,300  614,300  591,300  845,800 
After Adjustment
Adjusted stockholders’ equity 6,670,700  4,132,400  4,720,600  5,284,800  5,569,500  7,852,000 

Based on: 10-K (filing date: 2019-08-09), 10-K (filing date: 2018-08-03), 10-K (filing date: 2017-08-04), 10-K (filing date: 2016-08-05), 10-K (filing date: 2015-08-07), 10-K (filing date: 2014-08-08).

1 Net deferred tax assets (liabilities). See Details »


Adjustments to Capitalization Table

Automatic Data Processing Inc., adjusted capitalization table

USD $ in thousands

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014
As Reported
Obligations under reverse repurchase agreements 262,000  —  —  —  —  — 
Obligations under commercial paper borrowings —  —  —  —  —  2,173,000 
Long-term debt 2,002,200  2,002,400  2,002,400  2,007,700  9,200  11,500 
Total reported debt 2,264,200  2,002,400  2,002,400  2,007,700  9,200  2,184,500 
Stockholders’ equity 5,399,900  3,459,600  3,977,000  4,481,600  4,808,500  6,670,200 
Total reported capital 7,664,100  5,462,000  5,979,400  6,489,300  4,817,700  8,854,700 
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1 542,858  484,694  428,436  445,608  320,900  559,374 
Adjusted total debt 2,807,058  2,487,094  2,430,836  2,453,308  330,100  2,743,874 
Adjustments to Equity
Less: Net deferred tax assets (liabilities)2 (595,900) (17,200) (69,700) (150,800) (134,200) (280,300)
Add: Allowance for doubtful accounts 54,900  51,300  49,600  38,100  35,500  55,700 
Add: Deferred revenues 620,000  604,300  624,300  614,300  591,300  845,800 
Adjusted stockholders’ equity 6,670,700  4,132,400  4,720,600  5,284,800  5,569,500  7,852,000 
After Adjustment
Adjusted total capital 9,477,758  6,619,494  7,151,436  7,738,108  5,899,600  10,595,874 

Based on: 10-K (filing date: 2019-08-09), 10-K (filing date: 2018-08-03), 10-K (filing date: 2017-08-04), 10-K (filing date: 2016-08-05), 10-K (filing date: 2015-08-07), 10-K (filing date: 2014-08-08).

1 Operating lease liability (before adoption of FASB Topic 842). See Details »

2 Net deferred tax assets (liabilities). See Details »


Adjustments to Revenues

Automatic Data Processing Inc., adjusted revenues

USD $ in thousands

Microsoft Excel LibreOffice Calc
12 months ended Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014
As Reported
Revenues 14,175,200  13,325,800  12,379,800  11,667,800  10,938,500  12,206,500 
Adjustments
Add: Increase (decrease) in deferred revenues (53,800) (20,000) 10,000  23,000  (21,000) 38,000 
After Adjustment
Adjusted revenues 14,121,400  13,305,800  12,389,800  11,690,800  10,917,500  12,244,500 

Based on: 10-K (filing date: 2019-08-09), 10-K (filing date: 2018-08-03), 10-K (filing date: 2017-08-04), 10-K (filing date: 2016-08-05), 10-K (filing date: 2015-08-07), 10-K (filing date: 2014-08-08).


Adjustments to Reported Income

Automatic Data Processing Inc., adjusted net earnings

USD $ in thousands

Microsoft Excel LibreOffice Calc
12 months ended Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014
As Reported
Net earnings 2,292,800  1,620,800  1,733,400  1,492,500  1,452,500  1,515,900 
Adjustments
Add: Deferred income tax expense (benefit)1 9,300  500  8,100  700  (15,300) (50,300)
Add: Increase (decrease) in allowance for doubtful accounts 3,600  1,700  11,500  2,600  (7,200) 5,500 
Add: Increase (decrease) in deferred revenues (53,800) (20,000) 10,000  23,000  (21,000) 38,000 
Less: Net earnings (loss) from discontinued operations —  —  —  (900) 76,000  13,300 
Add: Other comprehensive income (loss), net of tax 422,500  (259,300) (164,100) 45,500  (350,600) 162,800 
After Adjustment
Adjusted net earnings 2,674,400  1,343,700  1,598,900  1,565,200  982,400  1,658,600 

Based on: 10-K (filing date: 2019-08-09), 10-K (filing date: 2018-08-03), 10-K (filing date: 2017-08-04), 10-K (filing date: 2016-08-05), 10-K (filing date: 2015-08-07), 10-K (filing date: 2014-08-08).

1 Deferred income tax expense (benefit). See Details »