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Other Balance Sheet Information (Notes)
 6 Months Ended
Jun. 30, 2025
OtherBalanceSheetDisclosuresAbstract [Abstract]  
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:
June 30, 2025December 31, 2024
(in millions)
Cash & Cash EquivalentsMarketable SecuritiesTotalCash & Cash EquivalentsMarketable SecuritiesTotal
Overnight holdings$386 $— $386 $931 $— $931 
Investment holdings55 15 70 117 16 133 
441 15 456 1,048 16 1,064 
Cash in demand accounts22 — 22 27 — 27 
Outstanding checks(22)— (22)(36)— (36)
Total$441 $15 $456 $1,039 $16 $1,055 
Our cash and overnight holdings fluctuate based on the timing of clients’ payroll processing cycles. Our cash, cash equivalents and marketable securities at June 30, 2025 and December 31, 2024 included $316 million and $830 million, respectively, of funds associated with federal and state income tax withholdings, employment taxes, and other payroll deductions, as well as $26 million and $91 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:
Six Months Ended June 30,
(in millions)
20252024
Supplemental schedule of cash and cash equivalents, restricted cash, funds held for clients, and deposits - workers’ compensation
Cash and cash equivalents$1,039 $693 
Restricted cash69 57 
Other current assets – funds held for clients(1)
58 87 
Deposits – workers’ compensation178 198 
Cash, cash equivalents, restricted cash, funds held for clients, and deposits - workers’ compensation beginning of period$1,344 $1,035 
Cash and cash equivalents$441 $676 
Restricted cash76 64 
Other current assets – funds held for clients(1)
42 38 
Deposits – workers’ compensation174 170 
Cash, cash equivalents, restricted cash, funds held for clients, and deposits - workers’ compensation end of period$733 $948 
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(1)Funds held for clients represent amounts held on behalf of our Traditional HR 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.