Company: ADP
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000008670-25-000015
Chunk: 40

Company: AUTOMATIC DATA PROCESSING INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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 Gilt securities of $330.7 million, and AAA-rated supranational bonds of $227.7 million.Classification of corporate investments on the Consolidated Balance Sheets is as follows:March 31,June 30,20252024Corporate investments:  Cash and cash equivalents$2,680.6 $2,913.4 Short-term marketable securities (a)— 384.0 Long-term marketable securities (b)— — Total corporate investments$2,680.6 $3,297.4 (a) - Short-term marketable securities are included within Other current assets on the Consolidated Balance Sheets.(b) - Long-term marketable securities are included within Other assets on the Consolidated Balance Sheets.Funds held for clients represent assets that, based upon the Company's intent, are restricted for use solely for the purposes of satisfying the obligations to remit funds relating to the Company’s payroll and payroll tax filing services, which are classified as client funds obligations on our Consolidated Balance Sheets.Funds held for clients have been invested in the following categories:March 31,June 30,20252024Funds held for clients:  Restricted cash and cash equivalents held to satisfy client funds obligations$5,518.6 $7,172.6 Restricted short-term marketable securities held to satisfy client funds obligations8,454.4 5,538.1 Restricted long-term marketable securities held to satisfy client funds obligations25,402.2 25,285.4 Total funds held for clients$39,375.2 $37,996.1 Client funds obligations represent the Company's contractual obligations to remit funds to satisfy clients' payroll, tax, and other payee payment obligations and are recorded on the Consolidated Balance Sheets at the time that the Company impounds funds from clients. The client funds obligations represent liabilities that will be repaid within one year of the balance sheet date. The Company has reported client funds obligations as a current liability on the Consolidated Balance Sheets totaling $40,063.2 million and $39,503.9 million at March 31, 2025 and June 30, 2024, respectively. The Company has classified funds held for clients as a current asset since these funds are held solely for the purpose of satisfying the client funds obligations. Of the Company’s funds held for clients at March 31, 2025 and June 30, 2024, $35,