CASH, CASH EQUIVALENTS AND INVESTMENTS - UNRESTRICTED AND RESTRICTED

3 Months Ended

Mar. 31, 2024

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND INVESTMENTS - UNRESTRICTED AND RESTRICTED

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, for PEO customers, as well as amounts held by our statutory Trust for our HRIS Users, 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 AFS.

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


	March 31, 2024						December 31, 2023
(in millions)	Cash and cash equivalents		Available-for-sale marketable securities		Total			Cash and cash equivalents		Available-for-sale marketable securities		Total
Cash and cash equivalents	$	298	$	—	$	298		$	287	$	—	$	287
Investments	—		85		85			—		65		65
Restricted cash, cash equivalents and investments:
Payroll funds collected	743		—		743			1,067		—		1,067
Collateral for health benefits claims	32		114		146			31		113		144
Collateral for workers' compensation claims	55		—		55			54		2		56
Trust for our HRIS Users	113		—		113			—		—		—
Other security deposits	2		—		2			2		—		2
Total restricted cash, cash equivalents and investments	945		114		1,059			1,154		115		1,269
Investments, noncurrent	—		161		161			—		143		143
Restricted cash, cash equivalents and investments, noncurrent
Collateral for workers' compensation claims	24		128		152			25		133		158

Total	$	1,267	$	488	$	1,755		$	1,466	$	456	$	1,922