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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net income $ 91 $ 131
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of intangible assets 18 18
Amortization of deferred costs 11 12
Amortization of ROU asset, lease modification, impairment, and abandonment 2 2
Stock based compensation 20 11
Provision for doubtful accounts 1 1
Changes in operating assets and liabilities:    
Accounts receivable, net 6 3
Unbilled revenue, net (20) 5
Prepaid expenses, net (12) (14)
Other assets (21) (10)
Other payroll assets (410) (180)
Accounts payable and other liabilities 20 30
Client deposits and other client liabilities (14) 25
Accrued wages 23 (21)
Accrued health insurance costs, net (7) (5)
Accrued workers' compensation costs, net 1 (1)
Payroll taxes payable and other payroll withholdings 173 (80)
Operating lease liabilities (4) (4)
Net cash used in operating activities (122) (77)
Investing activities    
Purchases of marketable securities (95) (82)
Proceeds from sale and maturity of marketable securities 66 76
Acquisitions of property and equipment and projects in process (18) (17)
Net cash used in investing activities (47) (23)
Financing activities    
Repurchase of common stock (23) (91)
Awards effectively repurchased for required employee withholding taxes (7) (4)
Proceeds from revolving credit agreement borrowings 0 495
Repayment of revolving credit agreement borrowings 0 (200)
Net cash provided by (used in) financing activities (30) 200
Net change in cash and cash equivalents, unrestricted and restricted (199) 100
Cash and cash equivalents, unrestricted and restricted:    
Beginning of period 1,466 1,537
End of period 1,267 1,637
Supplemental disclosures of cash flow information    
Interest paid 26 11
Income taxes paid, net 7 4
Supplemental schedule of noncash investing and financing activities    
Cash dividend declared, but not yet paid 13 0
Payable for purchase of property and equipment $ 3 $ 5