Company: ADP
Filing Date: 2025-01-30
Form Type: 10-Q
Source: 0000008670-25-000007
Chunk: 88

Company: AUTOMATIC DATA PROCESSING INC
Filing Date: 2025-01-30
Form: 10-Q
Item: Part I, Item 8
Chunk 88
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 RevenuesEmployer ServicesPEOOtherTotalHCM$4,162.0 $— $(4.7)$4,157.3 HRO, excluding PEO zero-margin benefits pass-throughs681.3 1,128.6 (1.5)1,808.4 PEO zero-margin benefits pass-throughs— 2,104.4 — 2,104.4 Global1,284.9 — — 1,284.9 Interest on funds held for clients521.3 4.8 — 526.1 Total Segment Revenues$6,649.5 $3,237.8 $(6.2)$9,881.1 

8

Reconciliation of disaggregated revenue to our reportable segments for the six months ended December 31, 2023:Types of RevenuesEmployer ServicesPEOOtherTotalHCM$3,894.0 $— $(4.6)$3,889.4 HRO, excluding PEO zero-margin benefits pass-throughs638.5 1,064.3 (2.4)1,700.4 PEO zero-margin benefits pass-throughs— 1,947.5 — 1,947.5 Global1,215.9 — — 1,215.9 Interest on funds held for clients423.2 3.9 — 427.1 Total Segment Revenues$6,171.6 $3,015.7 $(7.0)$9,180.3 Contract BalancesThe timing of revenue recognition for HCM, HRO and Global is consistent with the invoicing of clients, as invoicing occurs in the period the services are provided. Therefore, the Company does not recognize a contract asset or liability resulting from the timing of revenue recognition and invoicing.Changes in deferred revenues related to set up fees for the six months ended December 31, 2024 were as follows:Contract LiabilityContract liability, July 1, 2024$491.6 Recognition of revenue included in beginning of year contract liability(69.9)Contract liability, net of revenue recognized on contracts during the period60.9 Currency translation adjustments(10.8)Contract liability, December 31, 2024$471.8 

Note 4. Acquisition

In October 2024, the Company acquired Work