Company: ADP
Filing Date: 2025-01-30
Form Type: 10-Q
Source: 0000008670-25-000007
Chunk: 97

Company: AUTOMATIC DATA PROCESSING INC
Filing Date: 2025-01-30
Form: 10-Q
Item: Part I, Item 8
Chunk 97
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4 Two years to three years4,061.8 Three years to four years5,502.4 After four years9,092.4 Total available-for-sale securities$33,019.9 

Note 8.  Leases

The Company records leases on the Consolidated Balance Sheets as operating lease right-of-use (“ROU”) assets, records the current portion of operating lease liabilities within accrued expenses and other current liabilities and, separately, records long-term operating lease liabilities. The difference between total ROU assets and total lease liabilities is primarily attributable to prepayments of our obligations and the recognition of various lease incentives. The Company has entered into operating lease agreements for facilities and equipment. The Company's leases have remaining lease terms of up to approximately eleven years. The components of operating lease expense were as follows: Three Months EndedSix Months EndedDecember 31,December 31,2024202320242023Operating lease cost$27.3 $32.2 $54.8 $66.2 Short-term lease cost0.2 0.4 0.5 0.9 Variable lease cost4.6 4.8 11.2 8.0 Total operating lease cost$32.1 $37.4 $66.5 $75.1 The following table provides supplemental cash flow information related to the Company's leases:Six Months EndedDecember 31,20242023Cash paid for operating lease liabilities$59.3 $63.6 Operating lease ROU assets obtained in exchange for new operating lease liabilities$31.7 $45.8 Other information related to our operating lease liabilities is as follows:December 31,June 30,20242024Weighted-average remaining lease term (in years)55Weighted-average discount rate3.4 %3.3 %Current operating lease liability$94.6 $92.2 

15

As of December 31, 2024, maturities of operating lease liabilities are as follows:Six months ending June 30, 2025$55.2 Twelve months ending June 30, 2026100.1 Twelve months ending June 30, 202787.1 Twelve months ending June 30, 202866.6 Twelve months ending June 30, 202944.4 Thereafter77.7 Total undiscounted lease obligations431.