v3.25.4
Other Balance Sheet Information (Tables)
 12 Months Ended
Dec. 31, 2025
OtherBalanceSheetDisclosuresAbstract [Abstract]  
Summary of investments in 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, 2025December 31, 2024
(in millions)
Cash & Cash EquivalentsMarketable SecuritiesTotalCash & Cash EquivalentsMarketable SecuritiesTotal
Overnight holdings$638 $— $638 $931 $— $931 
Investment holdings22 18 40 117 16 133 
660 18 678 1,048 16 1,064 
Cash in demand accounts22 — 22 27 — 27 
Outstanding checks(40)— (40)(36)— (36)
Total$642 $18 $660 $1,039 $16 $1,055 
Restrictions on Cash and Cash Equivalents
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)
202520242023
Supplemental schedule of cash and cash equivalents, restricted cash, funds held for clients, and deposits – workers’ compensation
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 deposits – workers’ compensation beginning of year
$1,344 $1,035 $1,014 
Cash and cash equivalents$642 $1,039 $693 
Restricted cash82 69 57 
Other current assets - funds held for clients(1)
73 58 87 
Deposits – workers’ compensation148 178 198 
Cash, cash equivalents, restricted cash, funds held for clients, and deposits – workers’ compensation end of year
$945 $1,344 $1,035 
 ____________________________________
(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 1. “Accounting Policies,” for a discussion of our accounting policies for deposits — workers’ compensation and restricted cash.