AUTOMATIC DATA PROCESSING INC
For the period ended Mar 31, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
ADP$303.35-1.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2023-12-31; filed 2024-02-01.
0000008670-24-000007
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-03-31; filed 2024-05-02.
0000008670-24-000014
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 113 previous paragraphs and 114 current paragraphs.
60 unchanged; 47 reworded; 7 added; 5 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 17 previous and 17 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
Highlights from the nine months ended March 31, 2024 include:
Current report
For the three andnine months ended March 31, respectively:
Current report
For the three andnine months ended March 31:
Current report
The effective tax rate for the three months ended March 31, 2024 and 2023 was 23.4% and 23.5%, respectively. The decrease in the effective tax rate is primarily due to an intercompany transfer of certain assets in the three months ended March 31, 2024 offset by an increased benefit for Research and Development Tax Credits in the three months ended March 31, 2023.
Current report
For the three andnine months ended March 31:
Current report
PEO Services' margin decreased for the nine months ended March 31, 2024 due to changes in our estimated losses related to ADP Indemnity, increases in selling expenses, and increases in zero-margin benefits pass-through costs, partially offset by increased revenues discussed above.
Current report
Note: Numbers may not foot due to rounding.
Removed paragraphs (5)
Previous report
Highlights from the six months ended December 31, 2023 include:
Previous report
For the three andsix months ended December 31, respectively:
Previous report
Revenues for the six months ended December 31, 2023 increased due to new business started from New Business Bookings, strong client retention, an increase in pricing, an increase in our pays per control, an increase in zero-margin benefits pass-throughs, and a favorable impact of one percentage point from foreign currency.
Previous report
For the three andsix months ended December 31:
Previous report
For the three andsix months ended December 31:
Reworded paragraphs (47)
Previous wording
During the second quarter we made continued progress on our strategy with several product enhancements and partnership expansions aimed at improving the overall experience for our clients. We continued the rollout of ADP Assist, which utilizes generative AI (GenAI) technology to proactively surface insights that enhance HR productivity, aid decision-making with data-driven insights, and streamline day-to-day tasks for our clients and their employees. We also extended GenAI powered capabilities to a greater portion of our service associates to support greater client engagement. Additionally, we expanded on partnerships with other leading technology providers to further simplify the payroll experience and drive more personalized interactions.
Current wording
During the third quarter we continued to make meaningful progress on our strategic priorities. On the technology front, we continued the rollout of ADP Assist, which utilizes generative AI ("GenAI") technology to proactively surface insights that enhance HR productivity, aid decision-making with data-driven insights, and streamline day-to-day tasks for our clients and their employees. To lean into our service expertise, we extended GenAI capabilities to a broader portion of our service and implementation associates to deliver an even better client experience. Finally, we continued to leverage our global scale to benefit our clients by requiring all partners offering AI-enabled solutions on ADP Marketplace to commit to a set of responsible AI principles based on the principles that govern our own products.
Previous wording
•Revenue growth of 7% to $9,180.3 million; 6% organic constant currency
Current wording
•Revenue growth of 7% to $14,434.1 million; 6% organic constant currency
Previous wording
•Earnings before income taxes margin expansion of 30 bps, and adjusted EBIT margin expansion of 20 bps
Current wording
•Earnings before income taxes margin expansion of 90 bps, and adjusted EBIT margin expansion of 60 bps
Previous wording
•Diluted and adjusted diluted earnings per share ("EPS") growth of 10% to $4.20, respectively.
Current wording
•Diluted and adjusted diluted earnings per share ("EPS") growth of 12%, to $7.07 and $7.08, respectively.
Previous wording
•Cash returned via shareholder friendly actions of $1.5B, including $1.0B of dividends and $0.5B share repurchases
Current wording
•Cash returned via shareholder friendly actions of $2.4B, including $1.6B of dividends and $0.8B of share repurchases
Previous wording
For the six months ended December 31, 2023, we delivered solid revenue growth of 7%, 6% organic constant currency. Our pays per control metric, which represents the number of employees on ADP clients' payrolls in the United States when measured on a same-store-sales basis for a subset of clients ranging from small to large businesses, grew 2% for the six months ended December 31, 2023 as compared to the six months ended December 31, 2022. PEO average worksite employees increased 2% for the six months ended December 31, 2023, as compared to the six months ended December 31, 2022.
Current wording
For the nine months ended March 31, 2024, we delivered solid revenue growth of 7%, 6% organic constant currency. Our pays per control metric, which represents the number of employees on ADP clients' payrolls in the United States when measured on a same-store-sales basis for a subset of clients ranging from small to large businesses, grew 2% for the nine months ended March 31, 2024 as compared to the nine months ended March 31, 2023. PEO average worksite employees increased 2% for the nine months ended March 31, 2024, as compared to the nine months ended March 31, 2023.
Previous wording
Revenues for the three months ended December 31, 2023 increased due to new business started from New Business Bookings, strong client retention, an increase in pricing, an increase in our pays per control, and an increase in zero-margin benefits pass-throughs.
Current wording
Revenues for the three and nine months ended March 31, 2024 increased due to new business started from New Business Bookings, strong client retention, an increase in pricing, an increase in zero-margin benefits pass-throughs, and an increase in our pays per control.
Previous wording
Total revenues for the three months ended December 31, 2023 include interest on funds held for clients of $225.3 million, as compared to $187.2 million for the three months ended December 31, 2022. The increase in the interest earned on funds held for clients resulted from an increase in our average interest rate earned to 2.8% for the three months ended December 31, 2023, as compared to 2.2% for the three months ended December 31, 2022, partially offset by a decrease in our average client funds balances of 2.3% to $32.6 billion for the three months ended December 31, 2023.
Current wording
Total revenues for the three months ended March 31, 2024 include interest on funds held for clients of $320.8 million, as compared to $249.4 million for the three months ended March 31, 2023. The increase in the interest earned on funds held for clients resulted from an increase in our average interest rate earned to 3.1% for the three months ended March 31, 2024, as compared to 2.5% for the three months ended March 31, 2023, and an increase in our average client funds balances of 6.5% to $41.7 billion for the three months ended March 31, 2024.
Previous wording
Total revenues for the six months ended December 31, 2023 include interest on funds held for clients of $427.1 million, as compared to $328.3 million for the six months ended December 31, 2022. The increase in the interest earned on funds held for clients resulted from an increase in our average interest rate earned to 2.7% for the six months ended December 31, 2023, as compared to 2.1% for the six months ended December 31, 2022, and an increase in our average client funds balances of 1.6% to $31.9 billion for the six months ended December 31, 2023.
Current wording
Total revenues for the nine months ended March 31, 2024 include interest on funds held for clients of $747.9 million, as compared to $577.7 million for the nine months ended March 31, 2023. The increase in the interest earned on funds held for clients resulted from an increase in our average interest rate earned to 2.8% for the nine months ended March 31, 2024, as compared to 2.3% for the nine months ended March 31, 2023, and an increase in our average client funds balances of 3.5% to $35.1 billion for the nine months ended March 31, 2024.
Previous wording
For the three and six months ended December 31, 2023, operating expenses increased due to an increase in our PEO Services zero-margin benefits pass-through costs of $944.2 million to $970.7 million for the three months ended December 31, 2023, and an increase of $1,890.0 million to $1,947.5 million for the six months ended December 31, 2023. Additionally, for the three and six months ended December 31, 2023 operating expenses increased by $26.4 million and $47.1 million, respectively, due to increased service and implementation costs in support of our growing revenue.
Current wording
For the three and nine months ended March 31, 2024, operating expenses increased due to an increase in our PEO Services zero-margin benefits pass-through costs of $956.3 million to $1,016.3 million for the three months ended March 31, 2024, and an increase from $2,846.3 million to $2,963.7 million for the nine months ended March 31, 2024. Additionally, for the three and nine months ended March 31, 2024 operating expenses increased by $23.4 million and $70.5 million, respectively, due to increased service and implementation costs in support of our growing revenue, and $15.3 million and $26.0 million, respectively, due to lower releases of workers compensation reserves in ADP Indemnity as compared to prior year.
Previous wording
Research and development expenses increased for the three and six months ended December 31, 2023 due to increased investments and costs to develop, support, and maintain our new and existing products, and increased investments for integration of generative AI (gen AI) in our existing products.
Current wording
Research and development expenses increased for the three and nine months ended March 31, 2024 due to increased investments and costs to develop, support, and maintain our new and existing products, and increased investments for integration of GenAI in our existing products.
Previous wording
Depreciation and amortization expenses increased for the three months ended December 31, 2023 due to the amortization of new investments in purchased software.
Current wording
Depreciation and amortization expenses increased for the three months ended March 31, 2024 due to the amortization of internally developed software primarily for our next-gen products.
Previous wording
Depreciation and amortization expenses increased for the six months ended December 31, 2023 due to the amortization of internally developed software products and new investments in purchased software.
Current wording
Depreciation and amortization expenses increased for the nine months ended March 31, 2024 due to the amortization of new investments in purchased software and internally developed software primarily for our next-gen products.
Previous wording
Selling, general and administrative expenses increased for the three and six months ended December 31, 2023 due to increased selling expenses as a result of investments in our sales organization.
Current wording
Selling, general and administrative expenses increased for the three and nine months ended March 31, 2024 due to increased selling expenses as a result of investments in our sales organization.
Previous wording
Interest expense increased for the three months ended December 31, 2023 due to the increase in average interest rates on commercial paper issuances and reverse repurchases to 5.4% and 5.4%, respectively, for the three months ended December 31, 2023, as compared to 3.5% and 3.4%, respectively, for the three months ended December 31, 2022, coupled with a higher volume of average commercial paper and reverse repurchases borrowings, as compared to the three months ended December 31, 2022.
Current wording
Interest expense increased for the three months ended March 31, 2024 due to the increase in average interest rates on commercial paper issuances and reverse repurchases to 5.4% and 5.4%, respectively, for the three months ended March 31, 2024, as compared to 4.5% and 4.4%, respectively, for the three months ended March 31, 2023, coupled with a higher volume of average commercial paper and reverse repurchases borrowings, as compared to the three months ended March 31, 2023.
Previous wording
Interest expense increased for the six months ended December 31, 2023 due to the increase in average interest rates on commercial paper issuances and reverse repurchases to 5.3% and 5.4%, respectively, for the six months ended December 31, 2023, as compared to 2.8% and 2.9%, respectively, for the six months ended December 31, 2022, coupled with a higher volume of average reverse repurchases borrowings, as compared to the six months ended December 31, 2022.
Current wording
Interest expense increased for the nine months ended March 31, 2024 due to the increase in average interest rates on commercial paper issuances and reverse repurchases to 5.3% and 5.4%, respectively, for the nine months ended March 31, 2024, as compared to 3.1% and 3.1%, respectively, for the nine months ended March 31, 2023, coupled with a higher volume of average commercial paper and reverse repurchases borrowings, as compared to the nine months ended March 31, 2023.
Previous wording
Interest income on corporate funds increased due to higher average interest rates of 2.9% and 2.8% for the three and six months ended December 31, 2023, respectively, as compared to 2.0% and 1.8% for the three and six months ended December 31, 2022, respectively, coupled with higher average investment balances of $7.8 billion and $7.5 billion for the three and six months ended December 31, 2023, respectively, as compared to $5.7 billion and $6.4 billion for the three and six months ended December 31, 2022, respectively.
Current wording
Interest income on corporate funds increased due to higher average interest rates of 4.0% and 3.1% for the three and nine months ended March 31, 2024, respectively, as compared to 2.7% and 2.0% for the three and nine months ended March 31, 2023, respectively, coupled with higher average investment balances of $5.5 billion and $6.8 billion for the three and nine months ended March 31, 2024, respectively, as compared to $3.6 billion and $5.5 billion for the three and nine months ended March 31, 2023, respectively.
Previous wording
In the three months ended December 31, 2023, the Company recognized a gain of $1.4 million in relation to the sale of land. In the six months ended December 31, 2023, the Company recognized a gain of $16.0 million in relation to the sale of a building and land. See Note 10 of our Consolidated Financial Statements for further details on non-service components of pension income, net.
Current wording
In the three and nine months ended March 31, 2024, the Company recognized a gain of $1.2 million and $17.1 million, respectively, in relation to the sale of building and land. See Note 10 of our Consolidated Financial Statements for further details on non-service components of pension income, net.
Previous wording
Earnings before income taxes increased for the three and six months ended December 31, 2023, due to the components discussed above.
Current wording
Earnings before income taxes increased for the three and nine months ended March 31, 2024, due to the components discussed above.
Previous wording
Margin increased for the three months ended December 31, 2023, due to contributions from client funds interest revenues discussed above, operating efficiencies for costs of servicing our clients on growing revenue, partially offset by increased interest expense, increased investments and costs to develop, support and maintain our new and existing products, and increased selling expense.
Current wording
Margin increased for the three months ended March 31, 2024, due to contributions from client funds interest revenues discussed above, increased interest income on corporate funds, and operating efficiencies for costs of servicing our clients on growing revenue, partially offset by increased interest expense, increased investments and costs to develop, support and maintain our new and existing products, changes in our estimated losses related to ADP Indemnity, and increased selling expense.
Previous wording
Margin increased for the six months ended December 31, 2023, due to contributions from client funds interest revenues discussed above, operating efficiencies for costs of servicing our clients on growing revenue, and a gain on sale of assets, partially offset by increased interest expense, increased investments and costs to develop, support and maintain our new and existing products, and increased selling expense.
Current wording
Margin increased for the nine months ended March 31, 2024, due to contributions from client funds interest revenues discussed above, operating efficiencies for costs of servicing our clients on growing revenue, and a gain on sale of assets, partially offset by increased interest expense, increased selling expense, increased investments and costs to develop, support and maintain our new and existing products, and changes in our estimated losses related to ADP Indemnity.
Previous wording
Adjusted EBIT and Adjusted EBIT margin exclude interest income and interest expense that are not related to our client funds extended investment strategy, legal settlements, and net charges related to our broad-based transformation initiatives and the impact of net severance charges, as applicable, in the respective periods.
Current wording
Adjusted EBIT and Adjusted EBIT margin exclude interest income and interest expense that are not related to our client funds extended investment strategy, legal settlements, and charges related to our broad-based transformation initiatives and the impact of net severance charges, as applicable, in the respective periods.
Previous wording
The effective tax rate for the six months ended December 31, 2023 and 2022 was 22.3% and 23.0%, respectively. The decrease is primarily due to lower reserves for uncertain tax positions and a valuation allowance release offset by a lower excess tax benefit on stock-based compensation in the six months ended December 31, 2023.
Current wording
The effective tax rate for the nine months ended March 31, 2024 and 2023 was 22.7% and 23.2%, respectively. The decrease in the effective tax rate is primarily due to lower reserves for uncertain tax positions, a lower state income tax rate and a valuation allowance release offset by a lower benefit for adjustments to prior year tax liabilities in nine months ended March 31, 2024.
Previous wording
The adjusted effective tax rate for the three months ended December 31, 2023 and 2022 was 23.2%. The drivers of the adjusted effective tax rate are the same as the drivers of the effective tax rate discussed above.
Current wording
The adjusted effective tax rate for the three months ended March 31, 2024 and 2023 was 23.4% and 23.5%, respectively. The drivers of the adjusted effective tax rate are the same as the drivers of the effective tax rate discussed above.
Previous wording
The adjusted effective tax rate for the six months ended December 31, 2023 and 2022 was 22.3% and 23.0%, respectively. The drivers of the adjusted effective tax rate are the same as the drivers of the effective tax rate discussed above.
Current wording
The adjusted effective tax rate for the nine months ended March 31, 2024 and 2023 was 22.7% and 23.2%, respectively. The drivers of the adjusted effective tax rate are the same as the drivers of the effective tax rate discussed above.
Previous wording
For the three and six months ended December 31, 2023, net earnings reflect the changes described above in our earnings before income taxes and our effective tax rate.
Current wording
For the three and nine months ended March 31, 2024, net earnings reflect the changes described above in our earnings before income taxes and our effective tax rate.
Previous wording
For the three months ended December 31, 2023, in addition to the increase in net earnings, diluted EPS increased as a result of the impact of fewer shares outstanding resulting from the repurchase of approximately 1.1 million shares during the three months ended December 31, 2023, and 0.9 million shares during the three months ended December 31, 2022, partially offset by the issuances of shares under our employee benefit plans.
Current wording
For the three months ended March 31, 2024, in addition to the increase in net earnings, diluted EPS increased as a result of the impact of fewer shares outstanding resulting from the repurchase of approximately 1.2 million shares during the three months ended March 31, 2024, and 1.2 million shares during the three months ended March 31, 2023, partially offset by the issuances of shares under our employee benefit plans.
Previous wording
For the six months ended December 31, 2023, in addition to the increase in net earnings, diluted EPS increased as a result of the impact of fewer shares outstanding resulting from the repurchase of approximately 2.1 million shares during the six months ended December 31, 2023, and 2.3 million shares during the six months ended December 31, 2022, partially offset by the issuances of shares under our employee benefit plans.
Current wording
For the nine months ended March 31, 2024, in addition to the increase in net earnings, diluted EPS increased as a result of the impact of fewer shares outstanding resulting from the repurchase of approximately 3.3 million shares during the nine months ended March 31, 2024, and 3.5 million shares during the nine months ended March 31, 2023, partially offset by the issuances of shares under our employee benefit plans.
Previous wording
Revenues increased for the three and six months ended December 31, 2023 due to new business started from New Business Bookings, strong client retention, an increase in pricing, an increase in interest earned on funds held for clients, an increase in our pays per control of 2%, respectively, and a favorable impact of one percentage point from foreign currency.
Current wording
Revenues increased for the three and nine months ended March 31, 2024 due to new business started from New Business Bookings, strong client retention, an increase in pricing, an increase in interest earned on funds held for clients, and an increase in our pays per control of 2%.
Previous wording
Employer Services' earnings before income taxes increased 14% and 15% for the three and six months ended December 31, 2023, respectively, due to contributions from client funds interest revenues discussed above, and operating efficiencies for costs of servicing our clients on growing revenue, partially offset by increased investments and costs to develop, support, and maintain our new and existing products, and increased selling expenses.
Current wording
Employer Services' earnings before income taxes increased 14% and 15% for the three and nine months ended March 31, 2024, respectively, due to contributions from client funds interest revenues discussed above, and operating efficiencies for costs of servicing our clients on growing revenue, partially offset by increased investments and costs to develop, support, and maintain our new and existing products, and increased selling expenses.
Previous wording
Employer Services' margin increased for the three and six months ended December 31, 2023 due to contributions from client funds interest revenues discussed above, and operating efficiencies for costs of servicing our clients on growing revenue, partially offset by increased investments and costs to develop, support and maintain our new and existing products, and increased selling expenses.
Current wording
Employer Services' margin increased for the three and nine months ended March 31, 2024, due to contributions from client funds interest revenues discussed above, and operating efficiencies for costs of servicing our clients on growing revenue, partially offset by increased investments and costs to develop, support and maintain our new and existing products.
Previous wording
PEO Services' revenue increased for the three and six months ended December 31, 2023, due to increases in zero-margin benefits pass-throughs, and increases in average worksite employees of 2%, as compared to the three and six months ended December 31, 2022.
Current wording
PEO Services' revenue increased for the three and nine months ended March 31, 2024, due to increases in zero-margin benefits pass-throughs, and increases in average worksite employees of 3% and 2%, respectively, as compared to the three and nine months ended March 31, 2023.
Previous wording
PEO Services' earnings before income taxes remained flat for the three months ended December 31, 2023 due to a change of $(2.3) million in our estimated losses related to ADP Indemnity compared to prior year, increases in zero-margin benefits pass-through costs of $26.5 million, and increases in selling expenses for the three months ended December 31, 2023, partially offset by increased revenues discussed above.
Current wording
PEO Services' earnings before income taxes decreased 10% for the three months ended March 31, 2024 due to lower releases of workers compensation reserves in ADP Indemnity of $15.3 million as compared to prior year, and increases in selling expenses for the three months ended March 31, 2024, partially offset by increased revenues discussed above.
Previous wording
PEO Services' earnings before income taxes decreased 2% for the six months ended December 31, 2023 due to a change of $(10.7) million in our estimated losses related to ADP Indemnity compared to prior year, increases in zero-margin benefits pass-through costs of $57.5 million, and increases in selling expenses for the six months ended December 31, 2023, partially offset by increased revenues discussed above.
Current wording
PEO Services' earnings before income taxes decreased 4% for the nine months ended March 31, 2024 due to lower releases of workers compensation reserves in ADP Indemnity of $26.0 million as compared to prior year, and increases in selling expenses for the nine months ended March 31, 2024, partially offset by increased revenues discussed above.
Previous wording
PEO Services' margin decreased for the three and six months ended December 31, 2023 due to increases in selling expenses, and changes in our estimated losses related to ADP Indemnity, partially offset by increased revenues discussed above.
Current wording
PEO Services' margin decreased for the three months ended due to changes in our estimated losses related to ADP Indemnity, and increases in zero-margin benefits pass-through costs, partially offset by increased revenues discussed above.
Previous wording
Additionally, starting in fiscal year 2013, ADP Indemnity paid premiums to enter into reinsurance arrangements with ACE American Insurance Company, a wholly-owned subsidiary of Chubb Limited (“Chubb”), to cover substantially all losses incurred by the Company up to the $1 million per occurrence related to the workers' compensation and employer's liability deductible reimbursement insurance protection for PEO Services' worksite employees. Each of these reinsurance arrangements limits our overall exposure incurred up to a certain limit. The Company believes the likelihood of ultimate losses exceeding this limit is remote. ADP Indemnity recorded a pre-tax (loss)/benefit of approximately $(1.7) million and $4.5 million for the three and six months ended December 31, 2023, respectively, as compared to approximately $0.6 million and $15.2 million for the three and six months ended December 31, 2022, respectively, which was primarily a result of changes in our estimated actuarial losses. In July 2023, ADP Indemnity paid a premium of$269 million to enter into a reinsurance arrangement with Chubb
Current wording
Additionally, starting in fiscal year 2013, ADP Indemnity paid premiums to enter into reinsurance arrangements with ACE American Insurance Company, a wholly-owned subsidiary of Chubb Limited (“Chubb”), to cover substantially all losses incurred by the Company up to the $1 million per occurrence related to the workers' compensation and employer's liability deductible reimbursement insurance protection for PEO Services' worksite employees. Each of these reinsurance arrangements limits our overall exposure incurred up to a certain limit. The Company believes the likelihood of ultimate losses exceeding this limit is remote. ADP Indemnity recorded a pre-tax benefit of approximately $1.6 million and $6.1 million for the three and nine months ended March 31, 2024, respectively, as compared to approximately $16.9 million and $32.1 million for the three and nine months ended March 31, 2023, respectively, which was primarily a result of changes in our estimated actuarial losses. In
Previous wording
Limited to cover substantially all losses incurred by ADP Indemnity for the fiscal 2024 policy year on terms substantially similar to the fiscal 2023 reinsurance policy.
Current wording
July 2023, ADP Indemnity paid a premium of$269 million to enter into a reinsurance arrangement with Chubb Limited to cover substantially all losses incurred by ADP Indemnity for the fiscal 2024 policy year on terms substantially similar to the fiscal 2023 reinsurance policy.
Previous wording
(b) In the three and six months ended December 31, 2023, transformation initiatives include consulting costs relating to our company wide transformation initiatives.
Current wording
(b) In the three and nine months ended March 31, 2024, transformation initiatives include consulting costs relating to our company wide transformation initiatives.
Previous wording
At December 31, 2023, cash and cash equivalents were $1.6 billion, which were primarily invested in time deposits and money market funds.
Current wording
At March 31, 2024, cash and cash equivalents were $3.3 billion, which were primarily invested in time deposits and money market funds.
Previous wording
Our cash flows from operating, investing, and financing activities, as reflected in the Statements of Consolidated Cash Flows for the six months ended December 31, 2023 and 2022, respectively, are summarized as follows:
Current wording
Our cash flows from operating, investing, and financing activities, as reflected in the Statements of Consolidated Cash Flows for the nine months ended March 31, 2024 and 2023, respectively, are summarized as follows:
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Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
The effective tax rate for the three months ended December 31, 2023 and 2022 was 23.2%. The rate remained flat due to a lower state income tax rate and a lower benefit for adjustments to prior year tax liabilities in the three months ended December 31, 2023.