Company: ADP
Filing Date: 2025-08-06
Form Type: 10-K
Source: 0000008670-25-000037
Chunk: 131

Company: AUTOMATIC DATA PROCESSING INC
Filing Date: 2025-08-06
Form: 10-K
Item: Item 8
Chunk 131
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 be paid in the five fiscal years from the year ended June 30, 2031 to the year ended June 30, 2035 are $681.1 million. The expected benefits to be paid are based on the same assumptions used to measure the Company's pension plans' benefit obligations at June 30, 2025 and includes estimated future employee service.C. Retirement and Savings Plan.  The Company has a 401(k) retirement and savings plan, which allows eligible employees to contribute up to 50% of their compensation annually and allows highly compensated employees to contribute up to 12% of their compensation annually. The Company matches a portion of employee contributions, which amounted to approximately $191.2 million, $184.1 million, and $163.6 million for the calendar years ended December 31, 2024, 2023, and 2022, respectively.

NOTE 12. INCOME TAXES

Earnings before income taxes shown below are based on the geographic location to which such earnings are attributable.Years ended June 30,202520242023Earnings before income taxes:United States$4,825.6 $4,408.0 $4,091.4 Foreign484.5 464.3 346.2 $5,310.1 $4,872.3 $4,437.6 

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The provision (benefit) for income taxes consists of the following components:Years ended June 30,202520242023Current:Federal$880.5 $847.4 $840.0 Foreign136.0 132.8 104.6 State176.9 177.5 161.1 Total current1,193.4 1,157.7 1,105.7 Deferred:Federal0.7 (18.7)(77.4)Foreign19.4 (6.6)4.3 State16.9 (12.1)(7.0)Total deferred37.0 (37.4)(80.1)Total provision for income taxes$1,230.4 $1,120.3 $1,025.6 A reconciliation between the Company's effective tax rate and the U.S. federal statutory rate is as follows:Years ended June 30,2025%2024%2023%Provision for taxes at U.S. statutory rate$1,115.1