filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
| In millions, except per share amounts | ||||||||||||||||||||
| Year ended May 31, | 2020**(1)** | 2019**(1)** | 2018**(1),(2),(3)** | 2017**(1)** | 2016**(4)** | |||||||||||||||
| Service revenue | $ | 3,953.6 | $ | 3,691.9 | $ | 3,314.2 | $ | 3,102.4 | $ | 2,905.8 | ||||||||||
| Interest on funds held for clients | 86.9 | 80.6 | 63.5 | 50.6 | 46.1 | |||||||||||||||
| Total revenue | $ | 4,040.5 | $ | 3,772.5 | $ | 3,377.7 | $ | 3,153.0 | $ | 2,951.9 | ||||||||||
| Operating income | $ | 1,460.5 | $ | 1,371.3 | $ | 1,291.5 | $ | 1,253.9 | $ | 1,146.6 | ||||||||||
| Net income | $ | 1,098.1 | $ | 1,034.4 | $ | 994.1 | $ | 826.3 | $ | 756.8 | ||||||||||
| Basic earnings per share | $ | 3.06 | $ | 2.88 | $ | 2.77 | $ | 2.30 | $ | 2.10 | ||||||||||
| Diluted earnings per share | $ | 3.04 | $ | 2.86 | $ | 2.75 | $ | 2.28 | $ | 2.09 | ||||||||||
| Cash dividends per common share | $ | 2.48 | $ | 2.30 | $ | 2.06 | $ | 1.84 | $ | 1.68 | ||||||||||
| Purchases of property and equipment | $ | 127.0 | $ | 123.8 | $ | 154.0 | $ | 94.3 | $ | 97.7 | ||||||||||
| Cash, restricted cash, and total corporate investments | $ | 1,013.7 | $ | 779.9 | $ | 719.7 | $ | 777.4 | $ | 793.2 | ||||||||||
| Total assets | $ | 8,550.7 | $ | 8,676.0 | $ | 7,915.4 | $ | 7,280.8 | $ | 6,440.8 | ||||||||||
| Total debt | $ | 801.9 | $ | 796.4 | $ | — | $ | — | $ | — | ||||||||||
| Stockholders’ equity | $ | 2,781.4 | $ | 2,619.5 | $ | 2,356.8 | $ | 2,227.2 | $ | 1,911.7 | ||||||||||
| Return on stockholders’ equity | 41 | % | 42 | % | 44 | % | 39 | % | 40 | % |
(1)In fiscal 2017, we early-adopted new accounting guidance related to employee stock-based compensation payments. As a result, a discrete tax benefit was recognized upon exercise or lapse of stock-based awards. This discrete tax benefit increased diluted earnings per share by approximately $0.04 per diluted share, $0.02 per diluted share, $0.04 per diluted share, and $0.05 per diluted share for fiscal 2020, fiscal 2019, fiscal 2018, and fiscal 2017, respectively.
(2)In fiscal 2018, the enactment of the Tax Cuts and Jobs Act (the “Tax Act”) significantly impacted our net income, basic and diluted earnings per share, and return on stockholders’ equity. Refer to Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and Item 8, “Financial Statements and Supplementary Data,” of this Form 10-K for additional discussion of the impact of the Tax Act.
(3)In fiscal 2018, an additional expense and corresponding tax benefit was recognized as a result of the termination of certain license agreements. Refer to Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Form 10-K for additional discussion of the impact of the termination of certain license agreements.
(4)In the fiscal year ended May 31, 2016 (“fiscal 2016”), a net tax benefit was recorded for income derived in prior tax years from customer-facing software we produced. This net tax benefit increased diluted earnings per share by approximately $0.06 per diluted share.
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