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Other Balance Sheet Information (Notes)
 9 Months Ended
Sep. 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:
September 30, 2025December 31, 2024
(in millions)
Cash & Cash EquivalentsMarketable SecuritiesTotalCash & Cash EquivalentsMarketable SecuritiesTotal
Overnight holdings$335 $— $335 $931 $— $931 
Investment holdings81 18 99 117 16 133 
416 18 434 1,048 16 1,064 
Cash in demand accounts23 — 23 27 — 27 
Outstanding checks(17)— (17)(36)— (36)
Total$422 $18 $440 $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 September 30, 2025 and December 31, 2024 included $284 million and $830 million, respectively, of funds associated with federal and state income tax withholdings, employment taxes, and other payroll deductions, as well as $36 million and $91 million, respectively, in client prepayments. In addition, $440 million of client employee retention tax credits received on their behalf from the Internal Revenue Service during the fourth quarter of 2024 were distributed to clients in early 2025.
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:
Nine Months Ended September 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$422 $470 
Restricted cash79 67 
Other current assets – funds held for clients(1)
40 36 
Deposits – workers’ compensation147 175 
Cash, cash equivalents, restricted cash, funds held for clients, and deposits - workers’ compensation end of period$688 $748 
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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.