Cash, Cash Equivalents and Investments

9 Months Ended

Sep. 30, 2020

Cash and Cash Equivalents [Abstract]

Under the terms of the agreements with certain of our workers' compensation and health benefit insurance carriers, we are required to maintain collateral in trust accounts for the benefit of specified insurance carriers and to reimburse the carriers’ claim payments within our deductible layer. We invest a portion of the collateral amounts in marketable securities. We report the current and noncurrent portions of these trust accounts as restricted cash, cash equivalents and investments on the consolidated balance sheets.

We require our clients to prefund their payroll and related taxes and other withholding liabilities before payroll is processed or due for payment. This prefund is included in restricted cash, cash equivalents and investments as payroll funds collected, which is designated to pay pending payrolls, payroll tax liabilities and other payroll withholdings.

We also invest available corporate funds, primarily in fixed income securities which meet the requirements of our corporate investment policy and are classified as available for sale (AFS).

Our total cash, cash equivalents and investments are summarized below:


	September 30, 2020										December 31, 2019
(in millions)	Cash and cash equivalents		Available-for-sale marketable securities		Total		Cash and cash equivalents		Available-for-sale marketable securities		Certificate of deposits		Total
Cash and cash equivalents	$	563	$	—	$	563	$	213	$	—	$	—	$	213
Investments	—		61		61		—		68		—		68
Restricted cash, cash equivalents and investments:
Payroll funds collected	664		—		664		1,018		—		—		1,018
Collateral for health benefits claims	16		88		104		98		—		—		98
Collateral for workers' compensation claims	62		—		62		62		—		—		62

Other security deposits	2		—		2		2		—		—		2
Total restricted cash, cash equivalents and investments	744		88		832		1,180		—		—		1,180
Investments, noncurrent	—		141		141		—		125		—		125
Restricted cash, cash equivalents and investments, noncurrent
Collateral for workers' compensation claims	35		170		205		63		148		1		212
Total	$	1,342	$	460	$	1,802	$	1,456	$	341	$	1	$	1,798