Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Automatic Data Processing Inc. (NASDAQ:ADP)

Adjustments to Financial Statements

Advanced level


Adjustments to Current Assets

Automatic Data Processing Inc., adjusted current assets

US$ in thousands

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015
As Reported
Current assets 31,564,100  34,342,300  32,050,000  32,658,700  39,500,400  28,809,200 
Adjustments
Add: Allowance for doubtful accounts 92,500  54,900  51,300  49,600  38,100  35,500 
Less: Current deferred tax assets (included in Other current assets)1 —  —  —  —  —  33,000 
After Adjustment
Adjusted current assets 31,656,600  34,397,200  32,101,300  32,708,300  39,538,500  28,811,700 

Based on: 10-K (filing date: 2020-08-05), 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).

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


Adjustments to Total Assets

Automatic Data Processing Inc., adjusted total assets

US$ in thousands

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015
As Reported
Total assets 39,165,500  41,887,700  37,088,700  37,180,000  43,670,000  33,110,500 
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 
Add: Allowance for doubtful accounts 92,500  54,900  51,300  49,600  38,100  35,500 
Less: Current deferred tax assets (included in Other current assets)2 —  —  —  —  —  33,000 
Less: Long-term deferred tax assets (included in Other assets)3 38,800  64,000  90,100  93,400  100,300  61,900 
After Adjustment
Adjusted total assets 39,219,200  42,421,458  37,534,594  37,564,636  44,053,408  33,372,000 

Based on: 10-K (filing date: 2020-08-05), 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).

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

US$ in thousands

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015
As Reported
Current liabilities 30,126,600  32,627,700  30,413,600  29,815,900  35,847,400  27,113,700 
Adjustments
Less: Current deferred tax liabilities (included in Accrued expenses and other current liabilities)1 —  —  —  —  —  57,000 
Less: Short-term deferred revenues 212,500  220,700  226,500  232,900  233,200  228,600 
After Adjustment
Adjusted current liabilities 29,914,100  32,407,000  30,187,100  29,583,000  35,614,200  26,828,100 

Based on: 10-K (filing date: 2020-08-05), 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).

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

US$ in thousands

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015
As Reported
Total liabilities 33,413,300  36,487,800  33,629,100  33,203,000  39,188,400  28,302,000 
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  542,858  484,694  428,436  445,608  320,900 
Less: Current deferred tax liabilities (included in Accrued expenses and other current liabilities)2 —  —  —  —  —  57,000 
Less: Long-term deferred tax liabilities3 731,900  659,900  107,300  163,100  251,100  172,100 
Less: Deferred revenues 583,100  620,000  604,300  624,300  614,300  591,300 
After Adjustment
Adjusted total liabilities 32,098,300  35,750,758  33,402,194  32,844,036  38,768,608  27,802,500 

Based on: 10-K (filing date: 2020-08-05), 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).

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

US$ in thousands

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015
As Reported
Stockholders’ equity 5,752,200  5,399,900  3,459,600  3,977,000  4,481,600  4,808,500 
Adjustments
Less: Net deferred tax assets (liabilities)1 (693,200) (595,900) (17,200) (69,700) (150,800) (134,200)
Add: Allowance for doubtful accounts 92,500  54,900  51,300  49,600  38,100  35,500 
Add: Deferred revenues 583,100  620,000  604,300  624,300  614,300  591,300 
After Adjustment
Adjusted stockholders’ equity 7,121,000  6,670,700  4,132,400  4,720,600  5,284,800  5,569,500 

Based on: 10-K (filing date: 2020-08-05), 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).

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


Adjustments to Capitalization Table

Automatic Data Processing Inc., adjusted capitalization table

US$ in thousands

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015
As Reported
Obligations under reverse repurchase agreements 13,600  262,000  —  —  —  — 
Short-term debt 1,001,800  —  —  —  —  — 
Long-term debt 1,002,800  2,002,200  2,002,400  2,002,400  2,007,700  9,200 
Total reported debt 2,018,200  2,264,200  2,002,400  2,002,400  2,007,700  9,200 
Stockholders’ equity 5,752,200  5,399,900  3,459,600  3,977,000  4,481,600  4,808,500 
Total reported capital 7,770,400  7,664,100  5,462,000  5,979,400  6,489,300  4,817,700 
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  542,858  484,694  428,436  445,608  320,900 
Add: Current operating lease liabilities2 95,500  —  —  —  —  — 
Add: Long-term operating lease liabilities3 344,400  —  —  —  —  — 
Adjusted total debt 2,458,100  2,807,058  2,487,094  2,430,836  2,453,308  330,100 
Adjustments to Equity
Less: Net deferred tax assets (liabilities)4 (693,200) (595,900) (17,200) (69,700) (150,800) (134,200)
Add: Allowance for doubtful accounts 92,500  54,900  51,300  49,600  38,100  35,500 
Add: Deferred revenues 583,100  620,000  604,300  624,300  614,300  591,300 
Adjusted stockholders’ equity 7,121,000  6,670,700  4,132,400  4,720,600  5,284,800  5,569,500 
After Adjustment
Adjusted total capital 9,579,100  9,477,758  6,619,494  7,151,436  7,738,108  5,899,600 

Based on: 10-K (filing date: 2020-08-05), 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).

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

2 Current operating lease liabilities. See details »

3 Long-term operating lease liabilities. See details »

4 Net deferred tax assets (liabilities). See details »


Adjustments to Revenues

Automatic Data Processing Inc., adjusted revenues

US$ in thousands

Microsoft Excel LibreOffice Calc
12 months ended: Jun 30, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015
As Reported
Revenues 14,589,800  14,175,200  13,325,800  12,379,800  11,667,800  10,938,500 
Adjustment
Add: Increase (decrease) in deferred revenues (36,900) (53,800) (20,000) 10,000  23,000  (21,000)
After Adjustment
Adjusted revenues 14,552,900  14,121,400  13,305,800  12,389,800  11,690,800  10,917,500 

Based on: 10-K (filing date: 2020-08-05), 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).


Adjustments to Reported Income

Automatic Data Processing Inc., adjusted net earnings

US$ in thousands

Microsoft Excel LibreOffice Calc
12 months ended: Jun 30, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015
As Reported
Net earnings 2,466,500  2,292,800  1,620,800  1,733,400  1,492,500  1,452,500 
Adjustments
Add: Deferred income tax expense (benefit)1 26,000  9,300  500  8,100  700  (15,300)
Add: Increase (decrease) in allowance for doubtful accounts 37,600  3,600  1,700  11,500  2,600  (7,200)
Add: Increase (decrease) in deferred revenues (36,900) (53,800) (20,000) 10,000  23,000  (21,000)
Less: Net earnings (loss) from discontinued operations —  —  —  —  (900) 76,000 
Add: Other comprehensive income (loss), net of tax 242,500  422,500  (259,300) (164,100) 45,500  (350,600)
After Adjustment
Adjusted net earnings 2,735,700  2,674,400  1,343,700  1,598,900  1,565,200  982,400 

Based on: 10-K (filing date: 2020-08-05), 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).

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