Company: ADP
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000008670-25-000047
Chunk: 90

Company: AUTOMATIC DATA PROCESSING INC
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 90
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 the highest quality commercial paper securities. Maturities of commercial paper can range from overnight to up to 364 days. As of September 30, 2025 and June 30, 2025 the Company had $5.2 billion and $4.8 billion of commercial paper outstanding, which were repaid in early October 2025 and early July 2025, respectively. Details of the borrowings under the commercial paper program are as follows:Three Months EndedSeptember 30,20252024Average daily borrowings (in billions)$4.5 $4.8 Weighted average interest rates4.4 %5.3 %Weighted average maturity (approximately in days)2 days2 daysThe Company’s U.S., Canadian and United Kingdom short-term funding requirements related to client funds obligations are sometimes obtained on a secured basis through the use of reverse repurchase agreements, which are collateralized principally by government and government agency securities, rather than liquidating previously-collected client funds that have already been invested in available-for-sale securities. These agreements generally have terms ranging from overnight to up to five business days. As of September 30, 2025 and June 30, 2025, the Company had $247.4 million and $38.4 million of outstanding obligations related to reverse repurchase agreements, respectively. The Company has $7.5 billion available on a committed basis under the U.S. reverse repurchase agreements. Details of the reverse repurchase agreements are as follows:Three Months EndedSeptember 30,20252024Average outstanding balances (in billions)$4.5 $3.8 Weighted average interest rates4.4 %5.3 %

Note 11. Debt

The Company issued four series of fixed-rate notes with staggered maturities of 7 and 10 years at the time of issuance totaling $4.0 billion (collectively the “Notes”). The Notes are senior unsecured obligations, and interest is payable in arrears, semi-annually.The principal amounts and associated effective interest rates of the Notes and other debt as of September 30, 2025 and June 30, 2025, are as follows: Debt instrumentEffective Interest RateSeptember 30, 2025June 30, 2025Fixed-rate 1.700% notes due May 15, 20281.85%1,000.0 1,000.0 Fixed-rate 1.250% notes