Company: ADP
Filing Date: 2025-01-30
Form Type: 10-Q
Source: 0000008670-25-000007
Chunk: 101

Company: AUTOMATIC DATA PROCESSING INC
Filing Date: 2025-01-30
Form: 10-Q
Item: Part I, Item 8
Chunk 101
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 as cash flow hedges, the unamortized loss of $12.5 million was deferred in accumulated other comprehensive income and will be amortized to earnings over the life of the issued Notes as the interest payments are made.The principal amounts and associated effective interest rates of the Notes and other debt as of December 31, 2024 and June 30, 2024, are as follows: Debt instrumentEffective Interest RateDecember 31, 2024June 30, 2024Fixed-rate 3.375% notes due September 15, 20253.47%$1,000.0 $1,000.0 Fixed-rate 1.700% notes due May 15, 20281.85%1,000.0 1,000.0 Fixed-rate 1.250% notes due September 1, 20301.83%1,000.0 1,000.0 Fixed-rate 4.450% notes due September 9, 20344.75%1,000.0 — Other3.5 4.1 4,003.5 3,004.1 Less: current portion(1,000.5)(1.1)Less: unamortized discount and debt issuance costs(21.0)(11.7)Total long-term debt$2,982.0 $2,991.3 The effective interest rates for the Notes include the interest on the Notes and amortization of the discount and debt issuance costs. 

As of December 31, 2024, the fair value of the Notes, based on Level 2 inputs, was $3,688.6 million. For a description of the fair value hierarchy and the Company's fair value methodologies, including the use of an independent third-party pricing service, see Note 1 “Summary of Significant Accounting Policies” in the Company's Annual Report on Form 10-K for fiscal 2024. 

Note 12. Employee Benefit Plans

A.  Stock-based Compensation PlansThe Company's share-based compensation consists of stock options, time-based restricted stock, time-based restricted stock units, performance-based restricted stock, and performance-based restricted stock units. The Company also offers an employee stock purchase plan for eligible employees. Beginning in September 2022, the Company discontinued granting stock options, time-based restricted stock and performance-based restricted stock. Any such future awards will be grants of time-based restricted stock units and/or