XML 46 R4.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 287 $ 354
Investments 65 76
Restricted cash, cash equivalents and investments 1,269 1,263
Accounts receivable, net 18 19
Unbilled revenue, net 447 375
Prepaid expenses, net 67 71
Other payroll assets 381 122
Other current assets 44 46
Total current assets 2,578 2,326
Restricted cash, cash equivalents and investments, noncurrent 158 153
Investments, noncurrent 143 151
Property and equipment, net 17 24
Operating lease right-of-use asset 24 31
Goodwill 462 462
Software and other intangible assets, net 172 163
Other assets 139 133
Total assets 3,693 3,443
Current liabilities:    
Accounts payable and other current liabilities 87 98
Revolving credit agreement borrowings 109 0
Client deposits and other client liabilities 65 106
Accrued wages 515 437
Accrued health insurance costs, net 175 174
Accrued workers' compensation costs, net 50 54
Payroll tax liabilities and other payroll withholdings 1,438 1,087
Operating lease liabilities 14 15
Insurance premiums and other payables 10 17
Total current liabilities 2,463 1,988
Long-term debt, noncurrent 984 496
Accrued workers' compensation costs, noncurrent, net 120 128
Deferred taxes 13 8
Operating lease liabilities, noncurrent 30 41
Other non current liabilities 5 7
Total liabilities 3,615 2,668
Commitments and contingencies (see Note 9)
Stockholders' equity:    
Preferred stock, ($0.000025 par value per share; 20,000,000 shares authorized; no shares issued or outstanding at December 31, 2023 and 2022) 0 0
Common stock and additional paid-in capital, ($0.000025 par value per share; 750,000,000 shares authorized; 50,664,471 and 60,555,661 shares issued and outstanding at December 31, 2023 and 2022, respectively) 976 899
Retained earnings (Accumulated deficit) (896) (119)
Accumulated other comprehensive loss (2) (5)
Total stockholders' equity 78 775
Total liabilities & stockholders' equity $ 3,693 $ 3,443