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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net income $ 196 $ 308
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization of intangible assets 56 53
Amortization of deferred costs 32 31
Amortization of ROU asset, lease modification, impairment, and abandonment 4 5
Deferred income taxes 3 0
Stock based compensation 53 43
Other 3 1
Changes in operating assets and liabilities:    
Accounts receivable, net 2 (4)
Unbilled revenue, net (64) (29)
Prepaid expenses, net 3 (4)
Other assets (44) (44)
Other payroll assets (502) (104)
Accounts payable and other liabilities (13) 9
Client deposits and other client liabilities (27) (33)
Accrued wages 52 21
Accrued health insurance costs, net 18 9
Accrued workers' compensation costs, net (19) (9)
Payroll taxes payable and other payroll withholdings (18) (283)
Operating lease liabilities (11) (13)
Net cash used in operating activities (276) (43)
Investing activities    
Purchases of marketable securities (161) (226)
Proceeds from sale and maturity of marketable securities 196 223
Acquisitions of property and equipment and software (60) (54)
Net cash used in investing activities (25) (57)
Financing activities    
Repurchase of common stock (155) (1,109)
Proceeds from issuance of common stock 6 9
Proceeds from revolving credit agreement borrowings 0 695
Revolver repayment 0 (495)
Proceeds from issuance of 2031 Notes 0 400
Awards effectively repurchased for required employee withholding taxes (18) (14)
Payment of long-term financing fees and debt issuance costs 0 (9)
Repayment of revolving credit agreement borrowings (25) 0
Dividends paid (25) 0
Net cash used in financing activities (217) (523)
Net change in cash and cash equivalents, unrestricted and restricted (518) (623)
Cash and cash equivalents, unrestricted and restricted:    
Beginning of period 1,466 1,537
End of period 948 914
Supplemental disclosures of cash flow information    
Interest paid 55 21
Income taxes paid, net 67 89
Supplemental schedule of noncash investing and financing activities    
Cash dividend declared, but not yet paid 12 0
Payable for purchase of property and equipment $ 2 $ 2