ADP (Human Resource & Employment Services) discloses SEC-backed inflation expectations exposure: "The interest rate applicable to committed borrowings is tied to SOFR, the effective federal funds rate, or the prime rate depending on the n"; the impact can be mixed or context-dependent.
Connection details
The interest rate applicable to committed borrowings is tied to SOFR, the effective federal funds rate, or the prime rate depending on the notification provided by the Company to the syndicated financial institutions prior to borrowing
ADP (Human Resource & Employment Services) discloses SEC-backed public health exposure: "natural disaster or catastrophic event, including civil unrest, geopolitical instability, war, terrorist attack, pandemics or other (actual"; the impact can be mixed or context-dependent.
Connection details
natural disaster or catastrophic event, including civil unrest, geopolitical instability, war, terrorist attack, pandemics or other (actual or threatened) public health emergencies, extreme weather, such as droughts, hurricanes, flooding and wildfires (including as a result of climate change), or other events beyond our control, and measures taken in response thereto
ADP (Human Resource & Employment Services): included because tariff and trade-policy outcomes can affect supplier routing, import costs, and cross-border demand.
ADP (Human Resource & Employment Services) discloses SEC-backed inflation expectations exposure: "The interest rate applicable to committed borrowings is tied to SOFR, the effective federal funds rate, or the prime rate depending on the n"; the impact can be mixed or context-dependent.
Connection details
The interest rate applicable to committed borrowings is tied to SOFR, the effective federal funds rate, or the prime rate depending on the notification provided by the Company to the syndicated financial institutions prior to borrowing
ADP (Human Resource & Employment Services) discloses SEC-backed public health exposure: "natural disaster or catastrophic event, including civil unrest, geopolitical instability, war, terrorist attack, pandemics or other (actual"; the impact can be mixed or context-dependent.
Connection details
natural disaster or catastrophic event, including civil unrest, geopolitical instability, war, terrorist attack, pandemics or other (actual or threatened) public health emergencies, extreme weather, such as droughts, hurricanes, flooding and wildfires (including as a result of climate change), or other events beyond our control, and measures taken in response thereto
results of operations, or have other adverse consequences Our business, operations, financial condition, results of operations, access to capital markets and borrowing costs may be adversely affected by a major natural disaster or catastrophic event, including civil unrest, geopolitical instability, war, terrorist attack, pandemics or other (actual or threatened) public health emergencies, extreme weather, such as
The interest rate applicable to committed borrowings is tied to SOFR, the effective federal funds rate, or the prime rate depending on the notification provided by the Company to the syndicated financial institutions prior to borrowing
988.6 955.7 3 % Depreciation and amortization 486.0 470.9 3 % Total costs of revenues 11,097.3 10,476.7 6 % Selling, general and administrative expenses 4,051.7 3,778.9 7 % Interest expense 455.9 361.4 26 % Total expenses $ 15,604.9 $ 14,617.0 7 % For the year ended June 30: Operating expenses increased in fiscal 2025 due to an increase of $313.1 million of PEO Services zero-margin benefits pass-through costs to $4,289.0 million in fiscal 2025 from $3,975.9 million in fiscal 2024. Additionally, operating expenses
4 — % 368.3 364.6 1 % Total costs of revenues 3,072.0 2,904.2 6 % 8,797.7 8,280.4 6 % Selling, general and administrative expenses 1,081.7 1,015.8 6 % 3,156.0 2,948.6 7 % Interest expense 78.7 74.8 5 % 338.3 342.2 (1) % Total expenses $ 4,232.4 $ 3,994.8 6 % $ 12,292.0 $ 11,571.2 6 % Operating expenses increased for the three months ended March 31, 2026 due to an increase of $80.0 million of PEO Services zero-margin benefits pass-through costs to $1,170.0 million from $1,090.0 million for the three months ended
A slowdown in the economy or other negative changes, including in employment levels, the level of interest rates or the level of inflation, may have a negative impact on our businesses
A slowdown in the economy or other negative changes, including in employment levels, the level of interest rates or the level of inflation, may have a negative impact on our businesses
Date of Approval November 2022 $5 billion January 2026 $6 billion (2) Inclusive of the impact of the one-percent excise tax under the Inflation Reduction Act of 2022
The interest rate applicable to committed borrowings is tied to SOFR, the effective federal funds rate, or the prime rate depending on the notification provided by the Company to the syndicated financial institutions prior to borrowing
A slowdown in the economy or other negative changes, including in employment levels, the level of interest rates or the level of inflation, may have a negative impact on our businesses
Date of Approval November 2022 $5 billion January 2026 $6 billion (2) Inclusive of the impact of the one-percent excise tax under the Inflation Reduction Act of 2022
Regulation10 filing receipts73% confidence86% max materialitymixed
RegulationFed Rates
Regulation and enforcement
Regulation75% confidence
LEGAL AND COMPLIANCE RISKS Failure to comply with, compliance with or changes in, laws and regulations applicable to our businesses could have a materially adverse effect on our reputation, results of operations or financial condition, or have other adverse consequences Our business is subject to a wide range of complex U
loss, or range of loss, with respect to this matter. The Company is vigorously defending against this lawsuit. The Company is subject to various claims, litigation, and regulatory compliance matters in the normal course of business. When a loss is considered probable and reasonably estimable, the Company records a liability in the amount of its best estimate for the ultimate loss. Management currently believes that the resolution of these claims, litigation and regulatory compliance matters against us, individ
Our clients look to us as a source of expertise to understand key HR trends and best practices, employment and related legislation and regulations, and to offer thoughtful strategies to utilize HCM technology to achieve their business objectives and support their workforce
Our clients look to us as a source of expertise to understand key HR trends and best practices, employment and related legislation and regulations, and to offer thoughtful strategies to utilize HCM technology to achieve their business objectives and support their workforce
loss, or range of loss, with respect to this matter. The Company is vigorously defending against this lawsuit. The Company is subject to various claims, litigation, and regulatory compliance matters in the normal course of business. When a loss is considered probable and reasonably estimable, the Company records a liability in the amount of its best estimate for the ultimate loss. Management currently believes that the resolution of these claims, litigation and regulatory compliance matters against us, individ
LEGAL AND COMPLIANCE RISKS Failure to comply with, compliance with or changes in, laws and regulations applicable to our businesses could have a materially adverse effect on our reputation, results of operations or financial condition, or have other adverse consequences Our business is subject to a wide range of complex U
Ai Compute Demand8 filing receipts59% confidence86% max materialitymixed
AiFed Rates
Generic AI use
Generic Ai Use52% confidence
Failure to comply with privacy, data protection, artificial intelligence and cyber security laws and regulations could have a materially adverse effect on our reputation, results of operations or financial condition, or have other adverse consequences The colle
We design and develop world-class HCM platforms that simplify work and utilize enabling technologies such as artificial intelligence (“AI”) and modern cloud architecture
Failure to comply with privacy, data protection, artificial intelligence and cyber security laws and regulations could have a materially adverse effect on our reputation, results of operations or financial condition, or have other adverse consequences The colle
We design and develop world-class HCM platforms that simplify work and utilize enabling technologies such as artificial intelligence (“AI”) and modern cloud architecture
Foreign Exchange8 filing receipts82% confidence86% max materialitymixed
FxForeign CurrencyFed Rates
Foreign exchange
Foreign Exchange86% confidence
a significant portion of our revenues and operating income outside of the United States and, as a result, we are exposed to market risk from changes in foreign currency exchange rates that could impact our results of operations, financial position and cash flows
a significant portion of our revenues and operating income outside of the United States and, as a result, we are exposed to market risk from changes in foreign currency exchange rates that could impact our results of operations, financial position and cash flows
Geopolitical Escalation4 filing receipts64% confidence86% max materialitymixed
ChinaTaiwanGeopoliticalDebt
Generic geopolitical risk
Generic Geopolitical Risk43% confidence
access to capital markets and borrowing costs may be adversely affected by a major natural disaster or catastrophic event, including civil unrest, geopolitical instability, war, terrorist attack, pandemics or other (actual or threatened) public health emergencies, extreme weather, such as droughts, hurricanes, flooding and wildfires (including as a result of climate change), or other events beyond our co
offer wage and tax collection and/or remittance services in the United States, Canada, the United Kingdom, Australia, India, China, Hong Kong, Macau, Malaysia, and Taiwan
In addition, we offer wage and tax collection and/or remittance services in the United States, Canada, the United Kingdom, Australia, India, China, Hong Kong, Macau, Malaysia, and Taiwan
access to capital markets and borrowing costs may be adversely affected by a major natural disaster or catastrophic event, including civil unrest, geopolitical instability, war, terrorist attack, pandemics or other (actual or threatened) public health emergencies, extreme weather, such as droughts, hurricanes, flooding and wildfires (including as a result of climate change), or other events beyond our co
Public Health2 filing receipts72% confidence86% max materialitymixed
Public HealthDebt
Public health
Public Health73% confidence
natural disaster or catastrophic event, including civil unrest, geopolitical instability, war, terrorist attack, pandemics or other (actual or threatened) public health emergencies, extreme weather, such as droughts, hurricanes, flooding and wildfires (including as a result of climate change), or other events beyond our control, and measures taken in response thereto
natural disaster or catastrophic event, including civil unrest, geopolitical instability, war, terrorist attack, pandemics or other (actual or threatened) public health emergencies, extreme weather, such as droughts, hurricanes, flooding and wildfires (including as a result of climate change), or other events beyond our control, and measures taken in response thereto
Company Kpi10 filing receipts63% confidence78% max materialitymixed
Company Kpi
Company operating metrics
Company Kpi63% confidence
Statements of Consolidated Earnings (In millions, except per share amounts) (Unaudited) Three Months Ended Nine Months Ended March 31, March 31, 2026 2025 2026 2025 REVENUES: Revenues, other than interest on funds held for clients and PEO revenues $ 3,633.1 $ 3,412.6 $ 10,134.7 $ 9,534.6 Interest on funds held for clients 403.9 355.2 999.4 881.3 PEO revenues (A) 1,902.2 1,785.2 5,339.5 5,018.2 TOTAL REVENUES 5,939.2 5,553.0 16,473.6 15,434.1 EXPENSES: Costs of revenues: Operating expenses 2,696.0 2,534.7 7
and research and development functions to improve the client experience and drive internal productivity gains. Highlights from the year ended June 30, 2025 include: • Revenue growth of 7% to $20,560.9 million; 7% growth on an organic constant currency • Earnings before income taxes margin expansion of 50 bps, and adjusted EBIT margin expansion of 50 bps • Diluted and adjusted diluted earnings per share ("EPS") growth of 10% and 9%, respectively, to $9.98 and $10.01, respectively • Cash returned via sha
by delivering compliant HCM solutions, local expertise, and trusted relationships wherever they operate. Highlights from the nine months ended March 31, 2026 include: • Revenue growth of 7% to $16,473.6 million; 6% growth on an organic constant currency basis • Earnings before income taxes margin expansion of 50 bps, and adjusted EBIT margin expansion of 50 bps • Diluted and adjusted diluted earnings per share ("EPS") growth of 10% and 9%, to $8.49 and $8.48, respectively • Cash returned via shareholder
the core, we serve more than 18,000 clients and more than 750,000 worksite employees in all 50 U.S. states. ADP TotalSource is the largest PEO certified by the Internal Revenue Service as meeting the requirements to operate as a Certified Professional Employer Organization under the Internal Revenue Code. ADP TotalSource is also an Employer Services Assurance Corporation accredited PEO, which demonstrates that ADP meets the industry’s high standards and has the experience and financial stability to fulfill t
or financial condition. In addition, changes in laws or regulations, or changes in the interpretation of laws or regulations by a regulatory authority, may decrease our revenues and earnings and may require us to change the manner in which we conduct some aspects of our business. For example, a change in regulations either decreasing the amount of taxes to be withheld or allowing less time to remit taxes to government authorities would adversely impact average client balances and, thereby, adversely impact int
or financial condition. In addition, changes in laws or regulations, or changes in the interpretation of laws or regulations by a regulatory authority, may decrease our revenues and earnings and may require us to change the manner in which we conduct some aspects of our business. For example, a change in regulations either decreasing the amount of taxes to be withheld or allowing less time to remit taxes to government authorities would adversely impact average client balances and, thereby, adversely impact int
and research and development functions to improve the client experience and drive internal productivity gains. Highlights from the year ended June 30, 2025 include: • Revenue growth of 7% to $20,560.9 million; 7% growth on an organic constant currency • Earnings before income taxes margin expansion of 50 bps, and adjusted EBIT margin expansion of 50 bps • Diluted and adjusted diluted earnings per share ("EPS") growth of 10% and 9%, respectively, to $9.98 and $10.01, respectively • Cash returned via sha
the core, we serve more than 18,000 clients and more than 750,000 worksite employees in all 50 U.S. states. ADP TotalSource is the largest PEO certified by the Internal Revenue Service as meeting the requirements to operate as a Certified Professional Employer Organization under the Internal Revenue Code. ADP TotalSource is also an Employer Services Assurance Corporation accredited PEO, which demonstrates that ADP meets the industry’s high standards and has the experience and financial stability to fulfill t
by delivering compliant HCM solutions, local expertise, and trusted relationships wherever they operate. Highlights from the nine months ended March 31, 2026 include: • Revenue growth of 7% to $16,473.6 million; 6% growth on an organic constant currency basis • Earnings before income taxes margin expansion of 50 bps, and adjusted EBIT margin expansion of 50 bps • Diluted and adjusted diluted earnings per share ("EPS") growth of 10% and 9%, to $8.49 and $8.48, respectively • Cash returned via shareholder
Statements of Consolidated Earnings (In millions, except per share amounts) (Unaudited) Three Months Ended Nine Months Ended March 31, March 31, 2026 2025 2026 2025 REVENUES: Revenues, other than interest on funds held for clients and PEO revenues $ 3,633.1 $ 3,412.6 $ 10,134.7 $ 9,534.6 Interest on funds held for clients 403.9 355.2 999.4 881.3 PEO revenues (A) 1,902.2 1,785.2 5,339.5 5,018.2 TOTAL REVENUES 5,939.2 5,553.0 16,473.6 15,434.1 EXPENSES: Costs of revenues: Operating expenses 2,696.0 2,534.7 7
Labor Market10 filing receipts75% confidence78% max materialitynegative
LaborWages
Labor costs and availability
Labor Cost79% confidence
outstanding 402.5 408.5 404.5 409.1 (A) Professional Employer Organization (“PEO”) revenues are net of direct pass-through costs, primarily consisting of payroll wages and payroll taxes of $ 21,484.7 million and $ 20,293.3 million for the three months ended March 31, 2026 and 2025, respectively, and $ 60,566.0 million and $ 56,907.7 million for the nine months ended March 31, 2026 and 2025, respectively. See notes to the Consolidated Financial Statements. 3 Automatic Data Processing, Inc. and Subsidiari
credit ratings and the impact on our funding costs and profitability; security or cyber breaches, fraudulent acts, and system interruptions and failures; employment and wage levels; availability of 28 skilled associates; the impact of new acquisitions and divestitures; the impact of any uncertainties related to major natural disasters or catastrophic events; and supply-chain disruptions. ADP disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events
and profitability; security or cyber breaches including as a result of artificial intelligence, fraudulent acts, and system interruptions and failures; employment and wage levels; availability of skilled associates; the impact of new acquisitions and divestitures; the impact of any uncertainties related to major natural disasters or catastrophic events; and supply-chain disruptions. ADP disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, o
may be subject to certain obligations, responsibilities and liabilities of an employer with respect to Worksite Employees ( “ WSE”), including with respect to their wages and the payment thereof, tax credits for employers, the payment of certain taxes with respect to WSE wages and employee benefits provided to the WSEs. Even though PEO clients are contractually responsible for the timely remittance of such costs, it is possible that our clients will not remit such payments despite their contractual obligat
with ADP’s payroll services or outsourcing their entire payroll process to us. Employers can choose a variety of payroll payment options including ADP’s electronic wage payment and, in the United States, payroll card solutions and digital accounts. On behalf of our clients in the United States, we prepare and file federal, state and local payroll tax returns, and quarterly and annual Social Security, Medicare, and federal, state and local income tax withholding reports. Benefits Administration. In the Uni
outstanding 402.5 408.5 404.5 409.1 (A) Professional Employer Organization (“PEO”) revenues are net of direct pass-through costs, primarily consisting of payroll wages and payroll taxes of $ 21,484.7 million and $ 20,293.3 million for the three months ended March 31, 2026 and 2025, respectively, and $ 60,566.0 million and $ 56,907.7 million for the nine months ended March 31, 2026 and 2025, respectively. See notes to the Consolidated Financial Statements. 3 Automatic Data Processing, Inc. and Subsidiari
with ADP’s payroll services or outsourcing their entire payroll process to us. Employers can choose a variety of payroll payment options including ADP’s electronic wage payment and, in the United States, payroll card solutions and digital accounts. On behalf of our clients in the United States, we prepare and file federal, state and local payroll tax returns, and quarterly and annual Social Security, Medicare, and federal, state and local income tax withholding reports. Benefits Administration. In the Uni
may be subject to certain obligations, responsibilities and liabilities of an employer with respect to Worksite Employees ( “ WSE”), including with respect to their wages and the payment thereof, tax credits for employers, the payment of certain taxes with respect to WSE wages and employee benefits provided to the WSEs. Even though PEO clients are contractually responsible for the timely remittance of such costs, it is possible that our clients will not remit such payments despite their contractual obligat
and profitability; security or cyber breaches including as a result of artificial intelligence, fraudulent acts, and system interruptions and failures; employment and wage levels; availability of skilled associates; the impact of new acquisitions and divestitures; the impact of any uncertainties related to major natural disasters or catastrophic events; and supply-chain disruptions. ADP disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, o
credit ratings and the impact on our funding costs and profitability; security or cyber breaches, fraudulent acts, and system interruptions and failures; employment and wage levels; availability of 28 skilled associates; the impact of new acquisitions and divestitures; the impact of any uncertainties related to major natural disasters or catastrophic events; and supply-chain disruptions. ADP disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events
Weather Disruption8 filing receipts72% confidence78% max materialitymixed
Weather
Weather disruption
Weather Disruption78% confidence
employment and wage levels; availability of 28 skilled associates; the impact of new acquisitions and divestitures; the impact of any uncertainties related to major natural disasters or catastrophic events; and supply-chain disruptions. ADP disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. These risks and uncertainties, along with the risk factors discussed under “Item 1A. Risk Factors”, and
employment and wage levels; availability of skilled associates; the impact of new acquisitions and divestitures; the impact of any uncertainties related to major natural disasters or catastrophic events; and supply-chain disruptions. ADP disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. These risks and uncertainties, along with the risk factors discussed under “Item 1A. - Risk Factors” in
catastrophic event, including civil unrest, geopolitical instability, war, terrorist attack, pandemics or other (actual or threatened) public health emergencies, extreme weather, such as droughts, hurricanes, flooding and wildfires (including as a result of climate change), or other events beyond our control, and measures taken in response thereto. The COVID-19 outbreak created, and such other events may create, significant volatility and uncertainty and economic and financial market disruption. The extent of a
Our global ADP Cares program, which is funded by the ADP Foundation and our generous associates, helps members of our team get through difficult, unforeseen events such as natural disasters and major illnesses. We also proudly support our associates that give back to our communities through paid volunteer time off and our donation matching program. We value different perspectives and believe that our associates and their best ideas thrive in a diverse and inclusive environment. We have a number of initiatives to
Our global ADP Cares program, which is funded by the ADP Foundation and our generous associates, helps members of our team get through difficult, unforeseen events such as natural disasters and major illnesses. We also proudly support our associates that give back to our communities through paid volunteer time off and our donation matching program. We value different perspectives and believe that our associates and their best ideas thrive in a diverse and inclusive environment. We have a number of initiatives to
employment and wage levels; availability of 28 skilled associates; the impact of new acquisitions and divestitures; the impact of any uncertainties related to major natural disasters or catastrophic events; and supply-chain disruptions. ADP disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. These risks and uncertainties, along with the risk factors discussed under “Item 1A. Risk Factors”, and
employment and wage levels; availability of skilled associates; the impact of new acquisitions and divestitures; the impact of any uncertainties related to major natural disasters or catastrophic events; and supply-chain disruptions. ADP disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. These risks and uncertainties, along with the risk factors discussed under “Item 1A. - Risk Factors” in
catastrophic event, including civil unrest, geopolitical instability, war, terrorist attack, pandemics or other (actual or threatened) public health emergencies, extreme weather, such as droughts, hurricanes, flooding and wildfires (including as a result of climate change), or other events beyond our control, and measures taken in response thereto. The COVID-19 outbreak created, and such other events may create, significant volatility and uncertainty and economic and financial market disruption. The extent of a
Housing Demand6 filing receipts73% confidence78% max materialitymixed
HousingMortgage RatesDebt
Housing demand
Housing Demand77% confidence
of our short-term financing including credit facilities. Our investment portfolio does not contain any asset-backed securities with underlying collateral of sub-prime mortgages, alternative-A mortgages, sub-prime auto loans or sub-prime home equity loans, collateralized debt obligations, collateralized loan obligations, credit default swaps, derivatives, auction rate securities, structured investment vehicles or non-investment grade fixed-income securities. We own AAA-rated senior tranches of primarily fixed
of our short-term financing including credit facilities. Our investment portfolio does not contain any asset-backed securities with underlying collateral of sub-prime mortgages, alternative-A mortgages, sub-prime auto loans or sub-prime home equity loans, collateralized debt obligations, collateralized loan obligations, credit default swaps, derivatives, auction rate securities, structured investment vehicles or non-investment grade fixed-income securities. We own AAA-rated senior tranches of primarily fixed
securities of $ 731.5 million, municipal bonds, diversified with a variety of issuers, with credit ratings of A and above with fair val ues of $ 529.1 million, commercial mortgage-backed securities of $ 347.4 million, and AAA-rated supranational bonds of $ 231.8 million. Classification of corporate investments on the Consolidated Balance Sheets is as follows: March 31, June 30, 2026 2025 Corporate investments: Cash and cash equivalents $ 3,228.4 $ 3,347.8 Short-term marketable securities — 4,498.8 Total corpor
securities of $ 731.5 million, municipal bonds, diversified with a variety of issuers, with credit ratings of A and above with fair val ues of $ 529.1 million, commercial mortgage-backed securities of $ 347.4 million, and AAA-rated supranational bonds of $ 231.8 million. Classification of corporate investments on the Consolidated Balance Sheets is as follows: March 31, June 30, 2026 2025 Corporate investments: Cash and cash equivalents $ 3,228.4 $ 3,347.8 Short-term marketable securities — 4,498.8 Total corpor
of our short-term financing including credit facilities. Our investment portfolio does not contain any asset-backed securities with underlying collateral of sub-prime mortgages, alternative-A mortgages, sub-prime auto loans or sub-prime home equity loans, collateralized debt obligations, collateralized loan obligations, credit default swaps, derivatives, auction rate securities, structured investment vehicles or non-investment grade fixed-income securities. We own AAA-rated senior tranches of primarily fixed
of our short-term financing including credit facilities. Our investment portfolio does not contain any asset-backed securities with underlying collateral of sub-prime mortgages, alternative-A mortgages, sub-prime auto loans or sub-prime home equity loans, collateralized debt obligations, collateralized loan obligations, credit default swaps, derivatives, auction rate securities, structured investment vehicles or non-investment grade fixed-income securities. We own AAA-rated senior tranches of primarily fixed
Healthcare Policy4 filing receipts79% confidence78% max materialitymixed
Drug PricingHealthcare Policy
Drug pricing and healthcare policy
Drug Pricing83% confidence
expenses, partially offset by an increase in the pre-tax benefit from ADP Indemnity. ADP Indemnity provides workers’ compensation and employer's liability deductible reimbursement insurance protection for PEO Services’ worksite employees up to $1 million per occurrence. PEO Services has secured a workers’ compensation and employer’s liability insurance policy that caps the exposure for each claim at $1 million per occurrence and has also secured aggregate stop loss insurance that caps aggregate losses
benefit from ADP Indemnity, partially offset by increased revenues discussed above. ADP Indemnity provides workers’ compensation and employer's liability deductible reimbursement insurance protection for PEO Services’ worksite employees up to $1 million per occurrence. PEO Services has secured a workers’ compensation and employer’s liability insurance policy that caps the exposure for each claim at $1 million per occurrence and has also secured aggregate stop loss insurance that caps aggregate losses
in the table above as follows: Date of Approval November 2022 $5 billion January 2026 $6 billion (2) Inclusive of the impact of the one-percent excise tax under the Inflation Reduction Act of 2022. There is no expiration date for the common stock repurchase authorization. 43 Item 5. Other Information (a) On April 26, 2026, the Board of Directors (the "Board") of the Company amended and restated the Company's By-Laws to make a change to incorporate an applicable SEC rule requirement under Section 2.04 of th
accounts. On behalf of our clients in the United States, we prepare and file federal, state and local payroll tax returns, and quarterly and annual Social Security, Medicare, and federal, state and local income tax withholding reports. Benefits Administration. In the United States, we provide powerful and agile solutions for employee benefits administration. These options include health and welfare administration services, leave administration services, insurance carrier enrollment services, employee commu
We are, therefore, subject to compliance obligations under federal, state and foreign privacy, data protection, AI and cybersecurity-related laws, including federal, state and foreign security breach notification laws with respect to both client employee data and our own employee data
Consumer Credit2 filing receipts77% confidence46% max materialitymixed
CreditDelinquenciesFed Rates
Consumer credit quality
Credit Quality77% confidence
needs of our business. In addition to liquidity risk, our investments are subject to interest rate risk and credit risk, as discussed below. 40 We have established credit quality, maturity, and exposure limits for our investments. The minimum allowed credit rating at time of purchase for corporate, Canadian government agency and Canadian provincial bonds is BBB, for asset-backed securities is AAA, and for municipal bonds is A. The maximum maturity at time of purchase for BBB-rated securities is 5 years, a
liquidity needs of our business. In addition to liquidity risk, our investments are subject to interest rate risk and credit risk, as discussed below. We have established credit quality, maturity, and exposure limits for our investments. The minimum allowed credit rating at time of purchase for corporate, Canadian government agency and Canadian provincial bonds is BBB, for asset-backed securities is AAA, and for municipal bonds is A. The maximum maturity at time of purchase for BBB-rated securities is 5 years, a
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