Under the terms of the agreements with certain of our workers' compensation and health benefit insurance carriers, we are required to maintain collateral in trust accounts for the benefit of specified insurance carriers and to reimburse the carriers’ claim payments within our deductible layer. We invest a portion of the collateral amounts in marketable securities. We report the current and noncurrent portions of these trust accounts as restricted cash, cash equivalents and investments on the condensed consolidated balance sheets.

We require our clients to prefund their payroll and related taxes and other withholding liabilities before payroll is processed or due for payment. This prefund, for PEO customers, as well as amounts held by our statutory trust for our ASO Users, is included in restricted cash, cash equivalents and investments as payroll funds collected, which is designated to pay pending payrolls, payroll tax liabilities and other payroll-related liabilities. Also included in restricted cash are payroll tax refunds received that have not yet been remitted to clients pending our determination of allocation of payments to clients on the gross receipts from tax authorities.

We also invest available corporate funds, primarily in fixed income securities which meet the requirements of our corporate investment policy and are classified as AFS.


	June 30, 2026						December 31, 2025
(in millions)	Cash and cash equivalents		Available-for-sale marketable securities		Total			Cash and cash equivalents		Available-for-sale marketable securities		Total
Cash and cash equivalents	$	358	$	—	$	358		$	287	$	—	$	287

Restricted cash, cash equivalents and investments:
Payroll funds collected	811		—		811			1,424		—		1,424
Collateral for health benefits claims	37		102		139			37		108		145
Collateral for workers' compensation claims	44		—		44			45		—		45
Trust for our ASO Users	44		—		44			79		—		79
Other security deposits	1		—		1			1		—		1
Total restricted cash, cash equivalents and investments	937		102		1,039			1,586		108		1,694

Restricted cash, cash equivalents and investments, noncurrent
Collateral for workers' compensation claims	2		120		122			29		99		128

Total	$	1,297	$	222	$	1,519		$	1,902	$	207	$	2,109