Company: ADP
Filing Date: 2025-01-30
Form Type: 10-Q
Source: 0000008670-25-000007
Chunk: 42

Company: AUTOMATIC DATA PROCESSING INC
Filing Date: 2025-01-30
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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 Other intangibles249.3 242.0  5,767.9 5,227.3 Less accumulated amortization:  Software and software licenses(2,743.5)(2,642.6)Customer contracts and lists(1,042.9)(1,007.6)Other intangibles(242.4)(241.1) (4,028.8)(3,891.3)Intangible assets, net$1,739.1 $1,336.0 Other intangibles consist primarily of purchased rights, trademarks and trade names (acquired directly or through acquisitions). All intangible assets have finite lives and, as such, are subject to amortization. The weighted average remaining useful life of the intangible assets is 6 years (6 years for software and software licenses, 5 years for customer contracts and lists, and 4 years for other intangibles). Amortization of intangible assets was $100.7 million and $94.5 million for the three months ended December 31, 2024 and 2023, respectively, and $189.7 million and $190.2 million for the six months ended December 31, 2024 and 2023, respectively.

16

Estimated future amortization expenses of the Company's existing intangible assets are as follows: AmountSix months ending June 30, 2025$253.2 Twelve months ending June 30, 2026$362.3 Twelve months ending June 30, 2027$262.5 Twelve months ending June 30, 2028$220.6 Twelve months ending June 30, 2029$190.1 Twelve months ending June 30, 2030$148.8 

Note 10. Short-term Financing

The Company has a $4.55 billion, 364-day credit agreement that matures in June 2025 with a one year term-out option. The Company also has a $2.25 billion, five year credit facility that matures in June 2028 that contains an accordion feature under which the aggregate commitment can be increased by $500 million, subject to the availability of additional commitments. In addition, the Company also has a five year, $3.5 billion credit facility maturing in June 2029 that contains an accordion feature under which the aggregate commitment can be increased by $500