Other Balance Sheet Information (Notes)

9 Months Ended

Sep. 30, 2024

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Other Balance Sheet Disclosures [Text Block]


3.			Other Balance Sheet Information

Cash, Cash Equivalents and Marketable Securities

The following table summarizes our cash and investments in cash equivalents and marketable securities held by investment managers and overnight investments:


	September 30, 2024						December 31, 2023
(in millions)	Cash & Cash Equivalents		Marketable Securities		Total		Cash & Cash Equivalents		Marketable Securities		Total

Overnight holdings	$	365	$	—	$	365	$	611	$	—	$	611
Investment holdings	110		16		126		119		16		135
	475		16		491		730		16		746
Cash in demand accounts	11		—		11		27		—		27
Outstanding checks	(16)		—		(16)		(64)		—		(64)
Total	$	470	$	16	$	486	$	693	$	16	$	709

Our cash and overnight holdings fluctuate based on the timing of clients’ payroll processing cycles. Our cash, cash equivalents and marketable securities at September 30, 2024 and December 31, 2023 included $255 million and $510 million, respectively, of funds associated with federal and state income tax withholdings, employment taxes, and other payroll deductions, as well as $19 million and $28 million, respectively, in client prepayments.

Cash, Cash Equivalents, Restricted Cash and Funds Held for Clients

The following table summarizes our cash, cash equivalents, restricted cash, funds held for clients, and deposits - workers’ compensation as reported in our Consolidated Statements of Cash Flows:


	Nine Months Ended September 30,
(in millions)	2024		2023

Supplemental schedule of cash and cash equivalents, restricted cash and funds held for clients
Cash and cash equivalents	$	693	$	733
Restricted cash	57		50
Other current assets – funds held for clients(1)	87		35
Deposits – workers’ compensation	198		196
Cash, cash equivalents, restricted cash and funds held for clients beginning of period	$	1,035	$	1,014

Cash and cash equivalents	$	470	$	679
Restricted cash	67		51
Other current assets – funds held for clients(1)	36		30
Deposits – workers’ compensation	175		197
Cash, cash equivalents, restricted cash and funds held for clients end of period	$	748	$	957

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(1)Funds held for clients represent amounts held on behalf of our Traditional Payroll Solution customers that are restricted for the purpose of satisfying obligations to remit funds to clients’ employees and various tax authorities.

Please read Note 2. “Accounting Policies,” for a discussion of our accounting policies for deposits – workers’ compensation and restricted cash.