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Other Balance Sheet Information (Notes)
 12 Months Ended
Dec. 31, 2024
OtherBalanceSheetDisclosuresAbstract [Abstract]  
Other Balance Sheet Disclosures [Text Block]
2.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:
December 31, 2024December 31, 2023
(in millions)
Cash & Cash EquivalentsMarketable SecuritiesTotalCash & Cash EquivalentsMarketable SecuritiesTotal
Overnight holdings$931 $— $931 $611 $— $611 
Investment holdings117 16 133 119 16 135 
1,048 16 1,064 730 16 746 
Cash in demand accounts27 — 27 27 — 27 
Outstanding checks(36)— (36)(64)— (64)
Total$1,039 $16 $1,055 $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 December 31, 2024 and December 31, 2023 included $830 million and $510 million, respectively, of funds associated with federal and state income tax withholdings, employment taxes, and other payroll deductions, as well as $91 million and $28 million, respectively, in client prepayments.
Cash, Cash Equivalents, Restricted Cash, Funds Held for Clients, and Deposits – Workers’ Compensation
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:
Year Ended December 31,
(in millions)
202420232022
Supplemental schedule of cash and cash equivalents, restricted cash, funds held for clients, and deposits – workers’ compensation
Cash and cash equivalents$693 $733 $576 
Restricted cash57 50 47 
Other current assets - funds held for clients(1)
87 35 32 
Deposits – workers’ compensation198 196 185 
Cash, cash equivalents, restricted cash, funds held for clients, and deposits – workers’ compensation beginning of year
$1,035 $1,014 $840 
Cash and cash equivalents$1,039 $693 $733 
Restricted cash69 57 50 
Other current assets - funds held for clients(1)
58 87 35 
Deposits – workers’ compensation178 198 196 
Cash, cash equivalents, restricted cash, funds held for clients, and , and deposits – workers’ compensation end of year
$1,344 $1,035 $1,014 
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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 1. “Accounting Policies,” for a discussion of our accounting policies for deposits — workers’ compensation and restricted cash.