0000000000-20-002035.txt : 20200422
0000000000-20-002035.hdr.sgml : 20200422
20200306112808
ACCESSION NUMBER: 0000000000-20-002035
CONFORMED SUBMISSION TYPE: UPLOAD
PUBLIC DOCUMENT COUNT: 2
FILED AS OF DATE: 20200306
FILED FOR:
COMPANY DATA:
COMPANY CONFORMED NAME: AUTOMATIC DATA PROCESSING INC
CENTRAL INDEX KEY: 0000008670
STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
IRS NUMBER: 221467904
STATE OF INCORPORATION: DE
FISCAL YEAR END: 0630
FILING VALUES:
FORM TYPE: UPLOAD
BUSINESS ADDRESS:
STREET 1: ONE ADP BOULVARD
CITY: ROSELAND
STATE: NJ
ZIP: 07068
BUSINESS PHONE: 9739745000
MAIL ADDRESS:
STREET 1: ONE ADP BOULEVARD
CITY: ROSELAND
STATE: NJ
ZIP: 07068
PUBLIC REFERENCE ACCESSION NUMBER: 0000008670-19-000021
LETTER
1
filename1.pdf
begin 644 filename1
M)5!$1BTQ+C4-)>+CS],-"CD@,"!O8FH-/#PO3&EN96%R:7IE9" Q+TP@,S,V
M.#$O3R Q,2]%(#(X,S@V+TX@,B]4(#,S,S@T+T@@6R T-38@,30Y73X^#65N
M9&]B:@T@(" @(" @(" @(" @(" @(" @#0HQ-B P(&]B:@T\/"]$96-O9&50
M87)M7!E+UA2968O5ULQ(#(@,5T^/G-T7!E+T-A=&%L;V<^/@UE;F1O8FH-,3$@,"!O8FH-
M/#PO0V]N=&5N=',@,3,@,"!2+T-R;W!";WA;," P(#8Q,B W.3)=+TUE9&EA
M0F]X6S @," V,3(@-SDR72]087)E;G0@-R P(%(O4F5S;W5R8V5S/#PO1F]N
M=#P\+T8Q(#$W(# @4B]&,B Q." P(%(^/B]83V)J96-T/#PO:6UG," Q-" P
M(%(O:6UG,2 Q-2 P(%(^/CX^+U)O=&%T92 P+U1Y<&4O4&%G93X^#65N9&]B
M:@TQ,B P(&]B:@T\/"]&:6QT97(O1FQA=&5$96-O9&4O1FER7!E+T]B:E-T;3X^UMB7)K 34^1
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M"R:.4@EI6\NQ#,^:W'\Q9ITML^^&
MWM8;J3*,[>H#;*6",N'P%V<*;O*8Q_"^RCDX)C6 %9XUNPPM8SDV*U(\OZIV
ME2XA_)D!OP?WF0&XE0:8IG5END[HGZG,TG,N:XYQ,RQ=\Z09K@F#C]KHFF&B
M/HUS)S"\_^7<7AK!R,!Q\/.50\*>."C^)/@>(3W(2L%6I%AM0.(V3ZEL6YFF
M0\8.P/1W\@2EA$+)
M)Q%SJ#3L19F R)$HQ#Y)MKL#&UXB3E A;90N*;##J4,GK+&:QT)'J=25XACB
M&62=P#'&6G,1LHX7GI1UB.Q=RIDF8'4A,5S,%%'$A0Z+.EN10XF2N*FPN[#%
M(&8'#9M#"PJ!3= K_EAQ7?)XG*_;\GH^! W;C,5/0M>0,HT@XB+^+23V\ 99
MOT_0):&_%VG:!4C%W-:KL81V%="JV0Y3X_QM/SBYI'\]
M?V^)-TPV(F$8^I;
M4]>XB3%C69WPA*&MFJ%0YZ78'IKND 57J#G8++H!2J3*V20^+9M@]3I7Y:+4?SR\(%2'X'41V&XS2,P[J4CDGFAYP*Y3'&*.O9JA*90M
M^,*WV+A-@\*N$C&)#>G*ZOXU=HAYA;QV\1V?*UGM$@B-XY1/J[VFYWBIH3)K
M;/X=SGH+$"7I&_:#AJV269/5GF^T*.EJ9"5Y5MT]U6&!'W-D1S/HCGQ9H=<*
M=RLPM2Y3ZSU'"#8(>@RDWU$D*S3Z,,^8^LY+A$Z+'[QF92JC6OF/^%08W(#[
MC*7IE-O ;H7[5>?F7J85G44]NV6M@JU:7_=L/C@NYK)C?8WF;D=M@DL-:F=:'=N1&G0OL:D*J4I&?.]$
M8ZJ"EM_,O?.F ZJ"ID&1B11O)1[)7&;H@XK7:E!/#1P]N!(:O[SH?PG%_RY2
MAHK0JHCF4R[-=LZ?CT*O%:?/,VY30:UI&TP
M,\^DJM4*-8V)M Y15U$R!I!HVP& NY]A@%])A:QT/:WP:!)0?]F.XD6E=,7R
MNH-& FD9Q]^4Y/\ \M.OW@T*96YD $50$
M
M
M
M
M
M
M ,\ 496Z
MF0T*96YD)SMG>M5XSH41M,"+4P+:6%:H 5:H 5:H 5:H 5:H 5:\#TK>^6L
M@R0KS@-FAKOW#U9P9%F6'4OZ?![+(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B
M(B(B(B(B(B(B(O\V'Q\?[^_O;V]OKZ^O+P>>GY^?#L2'ET(4B&)1.';YTZT6
M$1$1$1$1D1](RA3/S\^/CX_W]_>_#MP=V4W)8NSU^_?OJ.'IZ>GU]55!0T1$
M1$1$1$0NYNWM[>GIZ>'A8;_?-P+%KU^_[N_OXZO'
MU#%$1$1$1$1$9,+'QP?&%;]__\:L IEBO]_'EMA^$^\/3#B"EY<7A)$\5OR-
M?],DXX:G)B(B(B(B(B+_-&]O;X^/C]4H(C['EN?GY^U*!:)$_WG.QX&7EQ>\
M4;(!^_W^X>$AME]^5B(B(B(B(B+RCX-7""XAV#P\/#QLL7F( MAF9$2+_!PU
M?'Q\W-_?IU=(E(RCI)M)U32PXJ@UQ[[1@,?'QW148)B(B(B(B(R/^'
MU]=70FZB/&#AL-U-X^/C(W9)X8)D(N@5\7_^_T>'0/M(G;!
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M6]I8.&2XSMCK_L!R$#320B.5$&PSJ'^HA)")-,#6HEG.QTH_S3#R*\P;T!:6XK61$D0*"&O:1=03
ME5!A^IM$82PBTM!B*=I%'JZ2AAP<*,TP,O[G&GE>T?AA9%$1$1$1$1$1^1O
M= '#B:$;1:H0Z1C"2K_F!\E8FBDOI/[0:!>9+H1*")W!O]AOW-_?$\8SBZ7/
M2-4NR&P2']+ @TBA>5S$D 9\3)ISQX4D*M^>[U5$1$1$1$1$OH=8R),E9+_?
MKP5_B 5^QKA(<,>H$D1&L4#-0*,@!D6M*K6+^)"^&T@BJ! /#P]$"LWM40R[
MCO@JJXH=L9?(XV:ZD]J,>NB^$B!/*YV@ 8:(B(B(B(C(WP/F%K%FKZ$M"&D%K)K@/9X?[^/N6+3'%2+3VPCLC*:79*'UA9
M]%%#\Z12>XF]MO>&B(B(B(B(B/P1L#1@C=^86V!-T><'60[J!.E'&QL,M(YJ
M*8%PT1L_Q'%?7U\_CDQ:B+%'%"8-*XI*"AK$Q(@C9H81]FH<4O*,4A79??9A
M:4*2IJ]*DZ!$1$1$1$1$1+X3_$3PGN@%!+2+W2C6)>H!JD*J!+MC@H_4+M(E
MY.3R_V.%25<2DS+H7SQ^/@86ZJ&0"#-V!+%JO4"^4_CJ_370#-)B>/ER&N!
M+;$C*L?=D6P,^^)XPK%P+>'44J"(+6E346NH@3JK2H-V0?C0_);@G\/$K"(B
M(B(B(B)R6S+!QY9(#D@'Z7]1S0]B7_)QD VDV3&V1,DT9N!P4=O3T],U_A=1
M+8(&65EKY4W.4XJE:0=*19/<)#L$7:71+G:?O5TXE^')BHB(B(B(B,BM( 0E
M\2VW9-# 7J*:)>R.25%)Y!%550V$0)JQ!4N)^(OG2!2X><(.+#KR<#1FO]\_
M/3UE>Y!0?AU V(T^7JCRA8B(B(B(B,@7$6MM@E>D(0%2QGP-'BMW- J6
M\$@?=?%.^$W"09!F]"M,++93VT-8C.?GY^KWD=H%[8P3(6AG:A=/!PCE02*5
MMP-9"?E*S)TJ(B(B(B(B-PHL$:H"4/QU\#0
MHAHY_ W$23T]/54%@^;%=DX\VLP'3C^U"_0-[#3PKZEV)E2..8K6%R(B(B(B
M(B(W(=.%I,4%L1WV^WWF_IC$S\P<'[G\7XXI1?Y^\X-H<#2;.)R-@L'&S)2:
MV@7R!>I$JA:Q!8^8[$.M+T1$1$1$1$1N0BS,FQ@7&BS)X^]P=Y;P
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MHHNJ\M >D9@-4&V4X)@$(&3Q*:LWZ,P
M_]:J2!CZKYM;]&32V/A;/670+F(C_^(_0I#/QL$D=1ZZMT;&$!&1[^&C<+)
M7V;^[+T0,V9+B(B(E<2HRK90W(@QC @@T_FL,L0_%&6Y/%M
M[H750=WR\R#E"O$YV?)Q"$^*O0K?IAE&%DA?F^QD-M:^%1&1K^;C(,7O#ZR%
M'L)2#AJ%&1$[OQV:S]5#- 76CA[5$AMJ"]FD6MN<)D9T=<2ICMN
MAC491T1$1#:"2TA.L8CD$./OVX'8GM8".(/L#_,QW"C2W@ !Y"?YB:Q!O,T:
MLR)#DN:$+5UFTEJ#V0O%Z"+RKIIV1$3D.TEQOE][ DH"9?KGLV5?M!=2=VUL
M_U"[R )#(\;M]4>K:OT9?WM.YE_+BUA[M3_]W6%N@#GK]EX5$1&1A'5W3N%P
M V%$CG$_7PS%!"8VQLPD9TK5,22^_5^-R @UNX-Q!:<
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M8JVVM7,9,MQC3&LLE<*$^NZ#O8B.A<=*U##,%5+9KEWDL8A^F9.6D\K N=I%M+SOU;6CU+E3
MAK(B,A7HZ(B'P/-]0NEL]C
M98X"_T/M8BD90N^Z'*EU_;XF7VS4+M*XL28BG\>:2+Y4NU@.4Z/>>+5!^4)$
M1.0L&I.)M[>W.A-+:K2N.H'!1%,?ATI.!7-:P@2&+B6PYWSZATF&*\?B8&^FM\1I:+PCXLA][CZ-$M)/*(>NI<8JVVC=H%
MK:)OWX_DZ<+\E/R@M;M L2B\^9C*%?%ZL3)CV0,3H0)I$Z2_*.B(B(#$&(2)/%^#=&<$PNJY$ "5)SERC/0$]8]3JIB'J>#S@6
M Y/>G!)'M\3D9[O4@_IAT$X1D2\BS4^IZW+Q(KCI':1R_^A.I$F
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MU.B1/2S,SQJ&,-C(F<"P2^[6.^[S(6.M8''+_#[,C$1&1F\!:.P=TS#NQ;.1O4W)WG)YE!L\U$UGF>/'W
MX>&!%S>Q_:=:148GX#N3IBGQ;^,W3>J6NV-*V8;HJ'YZ4Y.,_#[P3>^+^K'L-^6@W:1WZXI +5,WV_UK">.F?423R"'2']2^,C0
MY_1 NI#,3U]$1$02WA:EB6-]A?$\>A7"^PNL59\/,1S6(GJQBF=FPFB.8>?:
M>ZM_FE1U4"V68P_T9KUTPOW]?3.WJ:[6NX-A+?'-*,_T!K_=G]=[(B(B/X.?
M^H)&1$3DCT.DBR;_137F;%;*6#_R!F&2%)5<(<\_X
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MF8;H[ ^1.\9>N>1O4K)F!(R_?SU>O5T(1Y+>^2+J)DTZX2YP+"F@EPFM87\UB@(B(B(B(B(O\Z* DI09"%,VAR
MBR2Q?3GZ@)R[9$YOB#3 @%CO$^R"\!HH)&@=47ZC:<=7@VD$-@_18(PN,G '
MYY41,.)TT!FV:SM-PI'E<"W2 (;0IOE5'((+L1R\>/*SB(B(B(B(R,^#$ KY
M;UUKO[^_/ST]Y?(<4!)8:%]P.,)+XBI20UZ@6N!J$0?-N)U_@WQ!V%+,*K!Y
M( 8%9A5I&H%\@:J0T3"V'P4Y*&KC$N"\@Q+2""#Q+RWA7ZQ!_D+_&A$1$1$1
M$9'K(#$
MD3$E8A6,Y4--QTD&$.PE\&A ?#B9/F,-# QB#1[U8+2 ,H!808;6:LR0'[8O
MS\E5^EJXS"PA+2Z(QGE_?_]P .$"5XZ,$!+_DD)E>YB+A@P)LASM+C"ZX%QJ
MMS2*4^QBMA$1$1$1$1'YD;#FY3.O[VL,"K;'BOC7@5A'HP#@L'#Q2CGC4A+X
MHMHJ9,B(="4RRP1B7% ;3<*^ E<19!8V1DDZ!Y.,
MRYQ6 6.S'M[%"
MQ[2@V@/D7A> W04Y0/-8^R-1,VOV_ J!)26(M15Z;(^V95/C UX>V(VDW\?V
M=I+"%?N*3/F!WL(A2)*2:@::"64N%G80:E*:X%B5J#R%$?*_+$??GXLM841$
M1$1$1$3^3K 02(<1= /<$_I,J:R:EZ/$<U>4DS2V(:;DQZ2JI8Y%3,@H'8D5^2+L12$'C&NVBNHTLQV C
MST?(5!L@*^V.J5Z(0&*F5!$1$1$1$?EAD!V5S^3TQ$IA*3DOJAK *W[\1ZXY
M;CJG( O4?*E-\I'\@+M**A*-<'$44SJ'"M%8L.5 OL!2I?$?R6.A]ACR0D1$1$1$1'X2
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M9DE+\3
MK\L/QHLK(B+_!W!M2+TB%N:]-45\2W2%6"_CL[#['&OB,G#*B+5_'#&6^2D"
MI$4!A@TUU4AJ$6E6,1$?2+JQ5H" $A.W#DPI=L>T'9SU[NB'DF$Y*<._5!A]
MA=!QI=W%\CE3:GK60)K'I(U*2B6TQ)F,_$'B]Y)Q98&,0G&73NRU>!2\; 9]
M=4LSD!;3,HH?Z=IO))I1CS(1(9N2??:BV'+R+(@C-.^6M:.D1=9VXGGR\EGR
M;0KT#3CKH@3(JFM7A +UBM"D&T;I:;I]BXSF3]_^E/>W#(KZX?.C4_(VC,GCS4<&?'@GA^E[]M)^:9)
M)\]=1&0+Y"'E,UX2C%GYL,WG4CSH*'FKA7E6E7X6K$2PJ2 9*$8.5=-@J<*R
M?>ZW,M*6GV-C]*]0BK::.WT]10Q>&A*#V,@S1A^&2.
M _5/K6:O>';%M;A>=WWY[.)W,JPT#^VZRT3^K;?'\$S3JW$"5SP.>O&4OJ;<
MVDC>R7TJKN:Z<[&: GV'8*LY;P:GV2]>FA_[Q,^1V-K9;R?G'E'5\*PG/=G\
MB":[O!QRRE,L;M>)P+6E9Q"4^ENH'F4+%_NH!85>^ZJ6'R@VJTILD;I>7S/3-LTK#W
MMFL7:V_$\B&YUM7]19_\%GJ+W^%(L78AAIU9!=NUN?'V.W--;NK;.9F'5W-E
M9Z0B23)Q[O^7A)X^W4@?/AS_+Y)MH%T3:PGTS3LC0V(-5(53.8T^:S
M]Z2YYJZ;MV"IBXK._'82N(-!+=J#579ZB^R.;R)224"OP,:2L[@[I'.]LG_0
M3QA,)V_9$//S9#EQ+?3D^ZD32U[?8![/#[QYW3.<\]1%1&8.6F.X(&H6H7>'
M9$885] 28OEF@>'R\XNTB_L1S>^Z?R*=U"Z:CFK>B_6==HUVT5?80&.:IU]]
M <=5X\;@BC1OJ*]W>6ML!K8L>/MWM?M#?O!AX>W:!;??TV>:D,MKOX63U%OK
M@A\+X^_PTMYW4+IJ1
M^NZ83&WM^;-6R?ZS"^W)']VYVD6_P&>>4Z]@?6(/%_5]5]<:&BN"-?FBT2YV
MZU(#,Z):I;_H]2''-^=)
M[:+I/5Y*UJ,TC1S^\(<:R^1ZY1FI78C(36!^DJ/)Y-D2CZ9M%H_(
MAR/I)X+- _$N,K%(/I_7)HW [8?AAA$&&@RO>ED8I.C*@-0?>QCWLS835/W
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M+\,OTR[J(W0R-:4K^E/;*/LOAPNW5F ^_E:A:7Z(:MO66GJ5V(
MR$W@65<_[PY34^)D8F5-4"#F&)B6#>VT+X;'(-%!ZW## ,&["=[2[HYO!WC(
M3P8(]KH[Q-CL(2H%!9#!)W.#7KM@+ZQAFV0E[]S">3O?KUW4Z?V_J%VL!:!;.EME
MC-,8389!YTXV>$*]!VIPI/F0L13M C>]YL'>W .WTBZJ='#!]'Z+=K%%ZVY&
MWOPP',7JW7CE2%>UB[P9>K8OY/-.HV$G8Q0D>4%_'<* UZO?2! 3[:)Q'+AF
ML;;QE*\7K"XV<]JN5"^=)4]S.ODCQ:8T+T1C8)9W'=.VR:%K[]6(S;W/5!ZW
MW@!7:A?5%Z,?^X:7LGE"XGYU[A-R.\DC^K7>P/84SZ
MBT) XV']PU=US8W!=/WZQV9=C_ PK.\0YR\T.4?L\9H&-^\?;Z5=+)_?AYZ[
MBFQR'_37I>9%G3!\HSWQ89^L0\^B:A>3>!WUJ3*_B'DG(_+7ILY_"/6"QE5H
MGF/5@FNB7=0(L5?ZU=;5-V^+^HO+3^;*RB\VZIC8B?7,GV#U-UMOQ?J;>8)%9Y(3+0N\,R-X68X2O*0)( #JY(J
MF#>K(9PF^#P.L 2[2-T#GQ$,,^C2"_IG
M#>94#!]]KI-4EG(+PRZN-U>^P10YER9&XAHHA\,:MN096=,NMK]D/\E7:!=H
MI.1.JC2SUKF+\1_7+B;7=-)1&S.5L$R[^,'5K%G8N%$J-!>TCPF9\L5$
MNYCW# 8D&WMF8YZ1R[2+[1X*$^H3-67&9< XOV5R[R*^V_&:KUM$\XAKM8ND>
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M%R)RZ#JFXO0/+R:&-MC9&VH7\@?Y.$3G(RQ,T!M^
MYQW;OX$ZZ3/",VIXW&N6@0U?I%VL6<)C;S )6?#W:!=K/B,$4IX?B"<8#B:(
MQG1%/UV_3'I:6U1NB:0W5,77K"]NJ%U4P>U<9\R3/B/#P( ]'Y\C=N:9#@O?
M9.4+]:!#MXB\NTXZ_J1"U2PMF]@.:Z87PPO:2W;1RZ7MOF/XF"S-O? HQ7CP?4F^PFDZ+A3I8\X0GM-'S(?5Y!KA@.R'7>/[3
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M=BND"\G=T?FZ1B]GUE'C?@%TYVZFSNRUOG-$>^^VU&9.?9WTG.%QB?$QC==:NF*S6_PGMXB0G
MK^;)SIQPEF_.\!PGWHB]?'&R>S=J%W5-M]'VOG)]CM3E\TV(\4;^.QE?SKK!
MGH]^F@VWTBXV>EC \#Z<&-),'*;Z1\+3HA=G1U
M2^R2-9R47AMKNJ9 KUTLG^^QW6>=X3+MHK=[J8^RZ[6++8[ -7K>J%CHETLZP&OU"Y$Y%:P#%^.>>76[ ^9.:3CX;G:13IEY'J?
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M0+M@X,.9@JN\!_DR&@L3W[=?",R#PC3%"7PP,Y&L.P\FL]R=IV=L=D
MWS2OVG7OCA8@:2^!;0:GQME-5@K][)=*YNZ'C7:1/=G;G>[*XDCM0OX(_#Q_
M'<++]$9<\6NJ9J7#)TG5+IX/H6\FH' V-30O[- 54?QX]8D0VDSDFDJ:T(5$
MO*D_*!X[C4[2=\A)[>+C8%*V\W,G]W5,6;^GJ._4AW$^UB;:&Z5F;H)7$R@,DP#<3P<'W/-$_"
MCV,XH%_K;A2-8PX>M?.+>T$4LL:7JK^"S5W:='XC+^04CM;R>J6QAUE;[0[[
MH7IYU%_'Q=I%7;\WS_PKM8N\11G[^G3/363U?BRH3\@@)","0S/U5'NVC-J]NP4\MSF[MZ,D M$8 BC5
MR=ZOS[XGDQ>O]&IJ'?6@C65I0Z]=S-O/ *%V(=]/;UQ=W;B:'\N:H=>YO^7A
MCZY1%;(ET&QGKMA/TAH-9%>R$O?UK-E=G]0NEL\ZR>*2>UB]WG>Z^_- WG)7"9O=Y
MO5;%G%XY:9:EP]-<>\$Z/$13FI72PCZXLUJ:1_
MB$WN]MTH;^997C!P;J#794606;N"+'7G]TFMI-^RUEUKVD5>]S[RY&7:Q5(F
M5,V)7*E=-++ ;GK%>QN5FSPAMX2J;D)23$"C[FO8HETLW<-![4)$;D7U<D56A>T'1G=(P8U1 ?LV)FWYD-^-IH@7
MP-GUAA]W1_N*]$]A"UD/4'Z&D@YC*.\@DLTBYHMVL726>)MT2[FH&QO/]_*
M=NT"4KOX.";A@BUO:8?K%'S$Y@?%\&!X32_0+GYUD53SJ[GDU8R>39]G2^:W
M4+/8G[C9#H6='IQ<^J?']V@7R^&G??(NZDU'FJ;V6G%?P\F@7KN1_0EAS7K[
MO3S
M'>QG)OKM22.WIL=V:AI*;(S3[9\5\+4
M G^-?(#S%&58PPZCSKHG!QFY/='WZ5
MO5S6E-D?;KRATQ-J_[[\ROAUS$^P:?_DKFY^1'EUFD;.HPTP"1E>N.:Q,[F%
MFI;,;2:YVVO>M-WQY04SD,8O8-+:+1?W,NUB.>;E'%[!:.3&6S2?DVDGL.6!
MOQSM?_J+F]_VSTS,Z^^*&ADL&S^_%?&N.GG=Z4GFBOO/C[@MG9G>
M9!<\(<_Z+?2_V6SDR9&Q_@3F1ZF7:3_2BT1$+@"UO&YA.I%/L_W12C"?MT_'
M="0;#\' E&,W(RQ* BK$OBRQ,W_BKT-65FC>7Q 0@^$#SXA4%7X?N1_!4_HD
M.<&X.QB3([8@E=3I!Z<0S<..=!BS B5D?XRAL?N<7BT-,.8AVM N=2*]E>3W-&$QN/YM0NJ&2M
M_,E&3@Z]UKPYD[>TR^<;XYJ+,FS\?&DP*;R]AT\>\61WT0.7G>_VHS34'TO_
M[+-RW?_N%6[MJP[.8=-<%5W_^.UW;A0<@\YDO>A(2WOQD8S8V
ME8MX_7-R2_\LY_STZE$FE^#''7C&C;2SH=
M%9&;@.5#O_WCF$YZ7W*C,^W!+.TLA?^C1&D@/$6NV=$NZ@.0PMAR9[ +M((F
M+MERL,LE/G::- R=22\ ,03;#/263-*:K2+H'/K/R8"!NZ.;R>[H8I_MG,^4
M."[UTSFTJH_F]''PP6$+,48<+$1$1$1$1.1?!S=#/F-%AF$ QEWOA^16Z2C!
M1CP--VH7J!\UO6F&B:AI,AKQ-A-R[8Y^(AA^9PV[8YQ,/J0@D!87U?JBFF$,
M/]N.+N<_Z1:NV0GU, 62N\
M7P]A1-0.C$9H/U%#&W=[G#6R>55:V1VSK^)^4LU(&L^=Y/T8?1KMHH;@6VLD
MMGEZ%XJ(B(B(B,C/ &T!Q0#M@OA16" ,@7K=$0&7O1O<=C$Y8'U?J,VX(4!
M.#LTT9NK1H$+">&D=D=GC=W1ZV17$AU2.KAES7IY92"^>'7X<(HK61
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M_Y>AQ47V0^_J$N4G?&8*2Y$H9[9/T
M'-ACI ,%Y:_7+JK/"($I.$TVDJ(:0Y$^7WGF.IE38UR0"F2N,.19\V\VE6N!
M+0H=4HTWZ/EYDFX1$1$1$1&1?P52;/ YLX%4L)I(=X_E&#$RC0$FQ,*?E35"
MQ#![*1$XJ^T$KAE$R4CKCDQZLCLF6D48^?CXP$%CHEVDR4?U&9G87:!"Q(ZT
M@32IM&HMB$0T@R/F.5:9HF>C0P=N,N@21. ,TG\DCU43P2P'\XP^>XN(B(B(
MB(C(/PH&#ZQSJXD"X2-(,A*P-L_NTB
MC19(])G1*D@F0F.:RC'5(%AE'ZNSVEW@7G%2N\A8G6G.$75NC!J1:5LG\L7N
M&']C2X4IAE05(O.,9&UQ7$*%[(Y2$BTQ0:J(B(B(B(C\)'"^X#.K8[2"#'^1
MI@+(""SG69O/:\8>H*9)74L5FN#O0#P-;#:(R=G4C"I"V]*>H8_5B32!"'"6
MW45MS]SZXN- HRHT9,#2[88<&8H3%0)-B90KI&M!5^':U9($&#%0IXB(B(B(
MB/PD6.WRF25SQN1LM L6X-6=Y.1B'$^'E"PR94E=U_-O&E&@2V29WH0@::!>--'%2N\AF$%\"Q: _
M.X2+M1BDNZ.SS&4R0A.>-.UAXJRC,=$)L87\++7^^#PT4Q$1$1$1$1'YIXF%
M<,U,@6BPE#P7A*K(SZEL8(8Q<4]([:(* D/+A)I5).I\/C T5$!"23<0S#9H
M238XM0M2;YRK73394?.KV@P$GQI8HS^I[1XB:_W&A>#?Z*+L^2J85"L+(J\:
M[$)$1$1$1$1^'D319 F<*3_2! *7A'XEC@7%R6PC$"ONMP/QH2H5>:!=2<:1
MGUF\)[FHK^89^6_*$:E=$!MSHW:1Z@$F*B>CF,[)Z!GI
MGI-./226(*R.:5)K5I2:W14GE\: 9'>,W<$Y7ISIHR9 R7[;':Q!ZN'2W"5M
M9O EJ3E5141$1$1$1'X2]_?W6RPH8F5=TWVR\-\2')( $8@&KP>(VXFI ,82
MZ0U1%0G4@_CJZ4!=OZ>JT&@7U18B336:%*CI%5+=0^K?VH#=,=PH;8B6-P8D
MZ;J2#B87&S^D[05[TEH@S170
M*WC7?]+, &L$+"@>'Q\Q%:">J##C9O2!/5F5Q_H]:B ,Q5K S]00&GVCRB"]
MRI%20.Z"G\@DYVD5*^J_: @<8F,,D)XF2BK6=
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MWS> PC\Y%KW'\#IIV\8+=-85O(;)*=^D?E*MU0MQ<0+T.?UM?/(4ZBYB)9DP@XRA&Z,(PK5I2))@XIFXQ:I 66@,?GH0<^Y>)Z6 4NY
M!!DAI&EPSF<^#K O44\O.ZZ(R+G$,QG[-&S;FN=>^@GR$&N&%>(F\5"-AW\O
M#M3\4W-)-@IC@=;KTICDQ;&:)SPIJRBP-FQE,JEH2;\[8T%O$;<*P$RB3%H]G#=_G
M$J=0^[R!D.!;1( AT?(:IKN_$ 2_NOXLHGG#VY@1?VTO9F+#"]?/0WCS,K\]
MHB=/3F#BE.O5'RH2L;'O-W[.*A@B(G(K<+48SJ9B8$U+AK1#B)&(B1^?-R;7
MP+H@QK4J2M1$I522 2CB0XRGVS-W((,T435V(\&!B1R:QMKT@XGQ;F2\D7,&
MG%_J9/(",M)%2A"\ZZ%S^@@>L26G :@<7SH_%!%IR$&AC[33!$;NE_]W1W>\
MX6,S-=OYDY]U:_-8[A_UC;22>:C[M7R20U(ORZ2!W&Z48ZL^J]=&EDQN-5R6
M]D_[H12?Y:-_^E->HSG?]%*LQZI;UK3]>L1H\- :A$MS]_4&@4V/#3E70LFA
M?WXAKA]YHWN1 2=7H;]/^N8UN_0J!)K;O)=.YEB/;YMXZ?WMP80D"^!O6X.B
M7QP03$1$I %#B#IX\88E1I\<*#.,)*X?%&,2NR5!)Q,_Y(LZCXJ!-1..Y#A.
M $]>+FRQ*Z#]F1"D>HXTY)":+PCZ22QOCCBO9CI1I8R;B ;--(^(%J]'\%AI
MWLO<'>U>T':^VBY71*22JZ%^?=HL)YO52B[>AV8/J1M,RC3U\-C_.,)Z,-_\
M-C5\FW:Q.ZS]^S)KVD5=&")08\@'&>.H&738*X>\#!F]._I:)@28ZIMZ=S 1
MP?X?:IBIH7S1+.%[^>*/:!=QQ-="AOC.T]P^6-?.28O*O!!I\+ ER=JSNO8WX0Y'ZO7[OV0>JS65G?)7VMF;1LRGTCTPEIS;Z2![NXP<4JG$FZJ
MNZ/EJOZM(B)R$Q#,DG&CU0V2^C,N!;SG:
M[FY) (K"0!P,IE(YN]AU;R72]H.)61XE:V,(KJE4AVE*MAN$3,AWE)F]I7^9
M2(\Q?;T[IFUE]]TVU4A$Y(:D"+#[K _$]DP;/5Q&Y;?]([TWI9BDG,Z2:V]R
M68,WC^COU"YVH[7_FG:!H\W\C**JH5!0_\V%[61EG8/.VHJ^+D+[%P>]I4:NUWQ$1$2@1NQDH&&4R>D60U+&OLC!D0)7
M1EW S[=."9A!(3),QKL4'\B1BD4ELS+L*^I<*RT_B2+%J[$J7S0J2A4Q>JZT
MNZB=R0L7)@:<6_X>[:(^NIN@&4/MHI[.E2N[D]I%%8@F*]E<._?Z
M0V[O7SVE-NT@-82T\135$R8WYR\(<
M KN4YP-]3)AA"[-/4M?JM8O:MDDE-WGI(R(BLARG58SO"/7-7SRH!UG<]$W/]+=H%HT\-8E#K&6H7
M^3)]HJALY*1V,;QJ0ZK_9MW>3 9R8$WUX*_2+I9BHG,RJ'@5.O[@2X%J]]+<
MA"?/)2<\P[NN9H&OOYUAA$_(7R+SJVI8M693U/NQ5E'(%RXB(G(K&)52,[\_
M\''(PY7+9SPKZRY\8/9U#!')1AX':;O
MCN'',< @]VN<5_J)U-BD#;VM[#7SS,9;9#DZXS1S$B)[][,I^L3W%R+RIVA6
MRKFT3Z$UU[G8E54SLZ:J?![R %SS24GJ^FX-'NQUKUKM22ZVN^!==B-?T)*A
M=L&3?[<2VG28T7+C%>E)]X&3@_7:,KEJ2C4V8[UV?Y5V,;<'J.0=.PQ$^0T0
MVZHJ0DUXD[Q[U]Z;I&E3/[\!&\=""*U]TQ;U>4H09>'M4@WC6Z>/9#5G5QD,SZ\JLQJ.Y]D,GKUTQW
M-;H0D3]+M6Q?BOZ03ZKJH)&%AV-$DR=ZZ7P5^UTRB'&O*J^MR!KMXFY$?GN-
M=K&4YW:M[5SM L?&AF%VCRQ/5=^C72R?8RPP3*M=7 WK%VL1QG
M=[CE9H3/-)[I#Y>A1*OMTT2[6$I7U]]7\Y/\AKM"1$3^/S0Y1&+PPBQA&&"S
M'T;91,F8PI+,'(SX<*/@IT/ZJ%[(PW^&-&_:ZZ[;]X%43H:O*(#6.!
M;HE5,HG6PK?]QJ&V4W^2C:EMU2Z&IAJ-:1/O6?+G;+P+$1&Y+4Q^MDPYL$*L
MZ?26 ]=0@U?WVTD,1]SO=+G-();-G"K%BH"W5WP(F/%R[M7;>L+%$DWO
M],V$I&DP\4;H6R:W1KH0D;^*NM)G;5)70/DB.ZTCAD84C75OQ>=TD(B*R#F/]QO&%MT(8/U >L^$8W6XX/#$_:49)
MQ H&1R8G%& NSTG&?K)8;W^W-:\:/N;D!\+
MMIU]G;W=1;6ZF1.-:9HW%,3J3^"&+[9$1$0 @XKY$!.#48:%3^F@!KX8FBQ>
M!K.=QG"1%3V36SQ!:N@P=MD=XWS23J8'[,4'A(LX4Z9\=\<,?7F@9N*=\]YF
MR-[(T X3:^I4@7AATW=(>E5?*XQ+:O5>C,,_1'M8AG)%[T44Z5RQB:B'>(+4QUAUG*O+-NT
MBUJ,TR17)H9_O!3(K_H#K6D7R^?(TKN1=D$$JKM#MJ^;R._5'Z0:J,3I--E>
MF@[GBF#G,.D<+@2=0YUD/>L[&9V$4]LX\ZF13O&J&-)(*+5YT1ANDN;"-2]Z
M#.57^'NN%T.A"1$2^ E3W831XR#$W
M1U4&QPPS/K24N'D+&0UQ&R&]*:UB1H%O2#-)PQ476TV8G(P84>@N*B)_#_6%>R^KUO5^'R,H
MG3O6!HNA]T=OSH&"W<3M1 IN&O/5VL5:S?5$^J7T\ME(($^JCW:( K\V-.<[
M]/D(U4@EPV.MR0L3WY^E"]W9Q_?.^F^BP-<>N_M,/;O^6'4YWYM/G.P<1(\:
M/J(*$1O]2='Q$1D5N123>:[>G4$.-77>-CY%!%>*:(7R>S$T=T=YC0YDL'7DZA8^R.
M_I@9Z"RM+/B,,H!\P9QJTEH4#,R8&WUC"SGB3^;,0!S.'.7KW(!&WC84JHC(
M-?!$94$TU"[RVV9!G:^J)[9D\1A$T;T[Q%;*YV&^:^[SC+!H:L(=YUZ\;>^=
M4!(T< [7>QGD,K9_C&-1L*7FX=@*))2L*D>>4;[.'NX(V9];1EZ"5/?'JDZ@
M#7DU^[QC?3]$R8G[S/4AFY"P[M9A)!T.N*FQK)E)Y(7HU^-Q:ZUE;-^=$^4C
M;^PY0YDH0XMOOW#]+KE7?+5QGL9ITK#F-#%-Z7^2\X:)B(C&R!@9=B/,>Q$G7^_7;
M_BL,XRN%>-R4&:XQL=/X7J[B^SS(9D)=&WW
M*#,/,7%NYT1ARFQL/R:CDU/@:JZ%W< QEJSN\]O^XC/JJ3? FD1#F;,:)B(B
M'=^15#T^CKFY;,W2O/":TC**8V4)"(B\L_!2.UZ5D1$1&Y++.W3
M C;M*-8RHPWC,.1>7YK3,V46) @,>M,3A-C7+P?#YOB+$2FV%H@>M.V+U)44
M*'I#8@*7382+-!;E1 S1*2(B_R[D!5MSF1$1$1&YF,9SA+4VJ^D^+OKD-0KR
MQ9?Z.V2B$(Z%42X;T2ZP#XDV$/T2K6/NGGPE+R7H^II%]'+,>4I@M R']7J
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MZ["X^)Y7EY&5JAI,7%/'6+B(B(B(B(B)Q+K+778E^\
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M?Q_H>]%FA0L1$1$1$1&1[X1T&R0//5F88IF>
M(Y;S5;AX>'AX?W\GV 76%'-))!6&I.Z;MA91;2TS"?Z)9A+E:PM3:4D/E^6S
M?('QR=QU!1N5.-F_*@.LB(B(B(B(R/^$3/T-
M_:&Q,7A^?D9YP'""Q7XLY_,SBD?:8]0==\>,'FG\D 524L \(Z-8$,B"?"))
M6E8@0:17""$O:H)4@GC4$!91@!U[WY"TON@5FV@V?B+;LY"(B(B(B(B(R%<3
M2_M*]Y1>M73T]/
M6%RDMPC&#$/G"X)%Q+>(&%6[J$I%Z@.YD60EOW[]NK^_QU*B:AU1+*J-?YMF
M5_FB=P])G61RXG$4K$&&OC,B(B(B(B(B\O? *IXTIB00J=^F&4.J!&DC,314
M($]'U3=JG,S<)8-IX#Q":-"LI"8'V96H&DEU'HF2545I(G;VP2N(^)'1+32W
M$!$1$1$1$?DGP' "V:$J&*ST$0K0+M B8LNPGL?'Q_U^GXI'%(OR[!XU5R4A
M@V ,_3MP%5G[E@9G@:BY9@^IEAY-.U]>7E VHH5&MQ 1$1$1$1'YYR#^PYJ"
M@7:!YE U@=?7UTRZ&KO'YZH>I$91@VIR+(PKXN_0^"'-)X8Z"2%#:US0: :&
M%E&>/+"9IS7^HEK$]OC[%?E;141$1$1$1.3;>'U]Q7 "!:.:-"P'@P<<3-B.
MCP;R E_%+JE7(!0, U,L)6Q%#?N9- )(\VT<)7:/HU>O%GQ/HG!M04",&M2BRA&()!R71J*9U$/$5X^/C[106PL1$1$1$1&1'TDL]E]?
M7\GT@<*09A@H YA8(#NDF43:6L2'Y1CMLQ7]_)V)G1JB(?XDOD66(*8&@\?;V
MAH*124:J=D%B5MQ,:M2+6@"SBCAN%DB)(S;&45(SR5TRH@6&%DT!$1$1$1$1
M$?GQ8(9!)I$T>WAX>!@F["!LYM/34RH>OW[]HH84*_#RJ)XC+R\O4:#6CVL)
MN4OBT'WPC=B(VTA:AFAH(2(B(B(B(O(_AV@8Z!+5LN+Q\1'QH3=XB"U(')AP
MQ+Y9&%.-^P.Q):
MKA2/#Y*E7FD%@5B!N-%();$E#JUD(2(B(B(B(B);^/CXP+@")X[]?D^.C]UG
M8N/^ ,85E=CR^_=OOFWVPK@"%Q7L,8QE(2(B(B(B(B(70[ +I(ST$'EX>, 8
MX]'EY
MB<]]@4EC7E]?V3<^]&V8-"^K/=TUATJB;1RH;V&MK6=87D1$1$1$1$3.(I;8
M^_W^5\?OW[]CS5Z7WJ^OKWP5V^N.]_?WM5A\?GAXB.WQ+?I E&?'J*$>-W:\
M*U#5\_-SJ@JQ]J]'3*),5-[L^_3T5)L1E;!O-B.)DASK9,]P(O4HT2WU++*V
M-=0N1$1$1$1$1*XD%M>QNM_M=K$J?WQ\?#@0GV.I'AOCVBKL?QR$!)R.VQG,?\(+6%W/?IZ2GWC?)1IEH[]-I%?$!_J#+%
M'Q\K%N:8K0J:"PQH@ M2<&D:A>-?('D,M(&E(9:(PNEG7M(HT]GIZ>AO$N
MEDZ[B,:LR0ZH"NG @G81^]*>*E^J*.VMOJJI'9!FA(:AF1!@Z_4
M+K(--=[%XY%&@1$1$1$1$1&1BYEH%XV#QIIV0<(12J)1- 6&VL6P)1EE(C+IZ>GY^;E)KHIV46MHM(NJD]24(E$;;4M)H=TBVD:;:Z+83#Y2U16U"Q$1$1$1$9$OI>9():UG+,PQ+2 /:9:<:!>D3QVF
M#EE68G4BC! :@H.RI8;]7#KM8BGR151X?X!#-ZE+>^T"JO/(O&>0+V@2!^+?
M# <*:AGIZ>Z.Y)(T!PQMD?)NN_#P\/0DZ4>M)X%NL?)SHGCHHUDGS2V(LM!XJ"V
M87 ,$1$1$1$1$;F>CXZ3Q2;?GKMC%I@?]-P=)]_.ZURK:GX4A0L1$1$1$1$1
M$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1
M$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$?D9O+V]O1R)
MSQ\?'_-BKZ^O[^_O?8'W$7UML658?'Q\>Z_(R5*54U[/?[V+?6%NO6V#@L
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M6U(*X#2K=M$WE9[LFYJ'KMK"!)6 S[$4'1;+W>O:DR5J(PA$#:Q24T-@<5WED>5H&U K9"7;+(TQ
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M8*']\O*R)LN$@/O<1)]:T"YQ9JO/(
MFG;!E8T"41M';!K&>>%#5'681KO(FZ07=GK0+NK9!4,C$Q$1$1$1$?D_\'7:
M1:X]6=(B*321/]-E(VEB=5Z@7=0*B ]I=,&R'8&B7QU_@W:Q'$Q??_./7U&\'=(
MFC:L"0N]CP;:!184-)[U?:Q7*0+_+<&^TB3Z?1H)I[H&H72]%ALG!>T&'4D3Q6;>0DWH6(
MB(B(B(C\#R$E*._*ZYHTMI-&A(VU6%UF9HZ2NH[NXUWDF_0J30SC7?2@2/PJ
MR4F7@_Z0[[I\;JQ-+AKZI5%*M5AKM8BFK
M_J&*TG K[6(IUA>-=I&!4&HO<:W[\*2UW]+ZHM$N\G+7=*C+,3]OTSEJ%R(B
M(B(B(E+)Q34K^EA%QM]\$9_+TI0O8F,68S7:A,$
M\.N8K;4NS%EN-[$Z69N?#(:9LD.3<.0L[:)O:O9DT]1>NUB*]<5W:A?+9^N+
MW(@?4-,,>KB:7O3:Q5)TF%^?I",&[@&L&R,+;T/15\L%J1-HI#8&-\VB_I8WC9!%S,DPI;5:!P%R8+C
M1AOZYL46OFHL0UB&Q^Z<)F7ZA+ TIN;K1-6I DX]3:PU&MUF8U.Q86BZ*+NN
M)AL=,NSAANS>K(KZ^]-!HN&XG#L7J[&368KS2VI0=$*?4V;M1+"RR+RKV'4T
MMQ!U#CF9$$=$1$1$1$1^-H0=V)*/6XX[W.7D<2%LP(# @-C$R(##VD'<0=;VM]>J]/H3P,HL("'']G?D? I+LN9/D788P(Q9"DL2-HZUYG"',
MLGWW[#A#%."UA:7$)8'!!9D;QSO[ ,\>*';#I NR=I?MP5DZEV/CG$0^C*?X
MX-SW?'>W)JE9?+G!\+A5;(G4S!G #5>U_D4K!C]HN_A.];QD3 \<:&9JL_&
M?S'(K(O:;7G@[5%T7*YD11=4-&!B7JPTFIKG<$TUA7LE?+BS\[/[/QS=WR\O3@*W
M7^"F4XTW!KFL[#10?,!U#145F%/%A :J#*1>2%'S2FI0,/WK17',I 'GII&8B9QBMSQJ&;M2RMLZ3QB:)D8O"?4?9
MKH)XMB$./#?I:7A"",R&Q*T&1YKP!Z6O:(,E"HWY;LP$JD; '1#@ZTVJS:.<,*7[FN KIM7D!]>Z
M9 OLZ'#3B0:7B@HH2
M2[CK'6 G3!L*+I")T](T1+/VF9D/Q4JTIZB&-B?/U )F(NPD2(2J5]Y3VQ@E
MX9NCL WQQC4.6JEZKOM.8;8M[^.)H(@&B1_1?B8CCH.,Y3?#4\OR<3H/)7M2
M1AY.:#_(-7_AM3UI!7X?U$(J:L_2C>T>>ZM=&RO,?#?LA?I=%-R>4QBS?"YD
M*6?-)]]OQ_;_ 7!E+UA-3"]4>7!E+TUE=&%D871A/CYS=')E86T-
M"CP_>'!A8VME="!B96=I;CTB[[N_(B!I9#TB5S5-,$UP0V5H:4AZDY4
M8WIK8SED(C\^"CQX.GAM<&UE=&$@>&UL;G,Z>#TB861O8F4Z;G,Z;65T82\B
M('@Z>&UP=&L](D%D;V)E(%A-4"!#;W)E(#4N-BUC,#$V(#DQ+C$V,S8Q-BP@
M,C Q."\Q,"\R.2TQ-CHU.#HT.2 @(" @(" @(CX*(" @/')D9CI21$8@>&UL
M;G,Z&UL;G,Z9&,](FAT=' Z+R]P=7)L+F]R9R]D8R]E;&5M
M96YT&UL;G,Z
M>&UP34T](FAT=' Z+R]N&%P+S$N,"]M;2\B/@H@(" @
M(" @(" \9&,Z9F]R;6%T/F%P<&QI8V%T:6]N+W!D9CPO9&,Z9F]R;6%T/@H@
M(" @(" @(" \9&,Z8W)E871O&UL.FQA;F<](G@M9&5F875L="(^05543TU!
M5$E#($1!5$$@4%)/0T534TE.1R!)3D,@,3 M2R!,971T97(N<&1F/"]R9&8Z
M;&D^"B @(" @(" @(" @(#PO&UP.D-R96%T
M;W)4;V]L/FQI='1L97!A9V5R/"]X;7 Z0W)E871O&UP.DUE=&%D871A1&%T93X*(" @
M(" @(" @/'!D9CI0&UP;65T83X*
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @
M(" @(" @(" @(" @(" @(" @(" @( H\/WAP86-K970@96YD/2)W(C\^#0IE
M;F1S=')E86T-96YD;V)J#30@,"!O8FH-/#PO1FEL=&5R+T9L871E1&5C;V1E
M+T9I7!E+T]B:E-T;3X^!A@@!BB
MX,A#,7!1=! ['^I?S>KJU^IQ'G1%_VL5IJZ:/1FF%3WL"X37]00\6Q;=H T
M5^%6P60SD;!C-=JX,S'K\%& #?/T0J#0IE;F1S=')E86T-96YD;V)J#38@,"!O
M8FH-/#PO1&5C;V1E4&%R;7,\/"]#;VQU;6YS(#,O4')E9&EC=&]R(#$R/CXO
M1FEL=&5R+T9L871E1&5C;V1E+TE$6SQ!-#(U048V,C5&-3(Q138F)@8&!BS'O$Q,#8S\3 [,/$
MP/')E9@T*,3$V#0HE)45/1@T*
end
TEXT-EXTRACT
2
filename2.txt
March 5, 2020
Kathleen Winters
Chief Financial Officer
Automatic Data Processing, Inc.
ADP Boulevard
Roseland, NJ 07068
Re: Automatic Data Processing, Inc.
Form 10-K for the Year Ended June 30, 2019
Filed August 9, 2019
File No. 001-05397
Dear Ms. Winters:
We have reviewed your filing and have the following comments. In some of
our
comments, we may ask you to provide us with information so we may better
understand your
disclosure.
Please respond to these comments within ten business days by providing
the requested
information or advise us as soon as possible when you will respond. If you do
not believe our
comments apply to your facts and circumstances, please tell us why in your
response.
After reviewing your response to these comments, we may have additional
comments.
Form 10-K for the Year Ended June 30, 2019
Note 16. Financial Data by Segment and Geographic Area, page 83
1. Please identify your operating segments (presumably, your "strategic
business units") and
tell us how they were determined. Refer to the guidance in ASC
280-10-50-1 through 9.
In this regard, it appears from your website that there may be segment
managers
responsible for business units based on account (market) size and
location (i.e. Small
Business Solutions, National Account Services, Major Account Services,
ADP Canada,
and Employer Services International). Please provide us an organizational
chart to help us
understand how you are organized and identify for us your segment
managers.
2. We note that you aggregate your strategic business units into two
reportable segments
based upon similar economic and operational characteristics. Please
explain how these
business units were aggregated into the Employee Service and PEO
segments. Tell us
more in detail how such business units are similar in economic and
various respects
pursuant to ASC 280-10-50-11.
Kathleen Winters
Automatic Data Processing, Inc.
March 5, 2020
Page 2
We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.
You may contact Kathryn Jacobson, Senior Staff Accountant at (202)
551-3365 or Robert
Littlepage, Accountant Branch Chief at (202) 551-3361 if you have questions
regarding
comments on the financial statements and related matters or with any other
questions.
FirstName LastNameKathleen Winters Sincerely,
Comapany NameAutomatic Data Processing, Inc.
Division of
Corporation Finance
March 5, 2020 Page 2 Office of Technology
FirstName LastName