TriNet (TNET) 10-Q25 Oct 232023 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Oct. 18, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-36373
Entity Registrant Name	TRINET GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-3359658
Entity Address, Address Line One	One Park Place,
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Dublin,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94568
City Area Code	510
Local Phone Number	352-5000
Title of 12(b) Security	Common stock par value $0.000025 per share
Trading Symbol	TNET
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		50,508,283
Entity Central Index Key	0000937098
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Total revenues	$ 1,222	$ 1,241	$ 3,677	$ 3,659
Costs and operating expenses:
Insurance costs	874	872	2,594	2,547
Cost of providing services	74	79	231	225
Sales and marketing	75	72	214	179
General and administrative	51	63	154	165
Systems development and programming	15	18	49	54
Depreciation and amortization of intangible assets	17	17	53	46
Total costs and operating expenses	1,106	1,121	3,295	3,216
Operating income	116	120	382	443
Other income (expense):
Interest expense, bank fees and other	(10)	(22)	(23)	(33)
Interest income	18	5	57	8
Income before provision for income taxes	124	103	416	418
Income taxes	30	26	108	111
Net income	94	77	308	307
Other comprehensive income (loss), net of income taxes	(2)	7	(3)	(4)
Comprehensive income	$ 92	$ 84	$ 305	$ 303
Net income per share:
Basic (in dollars per share)	$ 1.65	$ 1.23	$ 5.23	$ 4.85
Diluted (in dollars per share)	$ 1.63	$ 1.22	$ 5.20	$ 4.81
Weighted average shares:
Basic (in shares)	57	62	59	63
Diluted (in shares)	58	63	59	64
Professional service revenues
Total revenues	$ 185	$ 189	$ 567	$ 565
Insurance service revenues
Total revenues	$ 1,037	$ 1,052	$ 3,110	$ 3,094

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 170	$ 354
Investments	75	76
Restricted cash, cash equivalents and investments	833	1,263
Accounts receivable, net	21	19
Unbilled revenue, net	404	375
Prepaid expenses, net	75	71
Other payroll assets	226	122
Other current assets	49	46
Total current assets	1,853	2,326
Restricted cash, cash equivalents and investments, noncurrent	154	153
Investments, noncurrent	143	151
Property and equipment, net	16	24
Operating lease right-of-use asset	24	31
Goodwill	462	462
Software and other intangible assets, net	169	163
Other assets	145	133
Total assets	2,966	3,443
Current liabilities:
Accounts payable and other current liabilities	109	98
Client deposits and other client liabilities	73	106
Accrued wages	458	437
Accrued health insurance costs, net	183	174
Accrued workers' compensation costs, net	51	54
Payroll tax liabilities and other payroll withholdings	804	1,087
Operating lease liabilities	15	15
Insurance premiums and other payables	10	17
Total current liabilities	1,703	1,988
Long-term debt, noncurrent	1,091	496
Accrued workers' compensation costs, noncurrent, net	122	128
Deferred taxes	5	8
Operating lease liabilities, noncurrent	30	41
Other non-current liabilities	5	7
Total liabilities	2,956	2,668
Commitments and contingencies
Stockholders' equity:
Preferred stock, ($0.000025 par value per share; 20,000,000 shares authorized; no shares issued or outstanding at September 30, 2023 and December 31, 2022)	0	0
Common stock and additional paid-in capital, ($0.000025 par value per share; 750,000,000 shares authorized; 50,507,590 and 60,555,661 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively)	953	899
Accumulated deficit	(935)	(119)
Accumulated other comprehensive loss	(8)	(5)
Total stockholders' equity	10	775
Total liabilities & stockholders' equity	$ 2,966	$ 3,443

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Preferred stock
Preferred stock, par value (in dollars per share)	$ 0.000025	$ 0.000025
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock
Common stock, par value (in dollars per share)	$ 0.000025	$ 0.000025
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	50,507,590	60,555,661
Common stock, shares outstanding (in shares)	50,507,590	60,555,661

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions	Total	Common Stock and Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income
Beginning balance at Dec. 31, 2021	$ 881	$ 808	$ 74	$ (1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of stock options		1
Issuance of common stock for employee stock purchase plan		5
Issuance of common stock for the acquisition of Zenefits		17
Stock based compensation expense		47
Net income	307		307
Repurchase of common stock			(383)
Stock repurchase excise tax			0
Awards effectively repurchased for required employee withholding taxes			(15)
Other comprehensive income (loss)	(4)			(4)
Ending balance at Sep. 30, 2022	856	878	(17)	(5)
Beginning balance at Jun. 30, 2022	763	861	(86)	(12)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of stock options		0
Issuance of common stock for employee stock purchase plan		0
Issuance of common stock for the acquisition of Zenefits		0
Stock based compensation expense		17
Net income	77		77
Repurchase of common stock			(1)
Stock repurchase excise tax			0
Awards effectively repurchased for required employee withholding taxes			(7)
Other comprehensive income (loss)	7			7
Ending balance at Sep. 30, 2022	856	878	(17)	(5)
Beginning balance at Dec. 31, 2022	775	899	(120)	(5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of stock options		3
Issuance of common stock for employee stock purchase plan		6
Issuance of common stock for the acquisition of Zenefits		0
Stock based compensation expense		45
Net income	308		308
Repurchase of common stock			(1,102)
Stock repurchase excise tax			(7)
Awards effectively repurchased for required employee withholding taxes			(14)
Other comprehensive income (loss)	(3)			(3)
Ending balance at Sep. 30, 2023	10	953	(935)	(8)
Beginning balance at Jun. 30, 2023	915	934	(13)	(6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of stock options		3
Issuance of common stock for employee stock purchase plan		0
Issuance of common stock for the acquisition of Zenefits		0
Stock based compensation expense		16
Net income	94		94
Repurchase of common stock			(1,004)
Stock repurchase excise tax			(7)
Awards effectively repurchased for required employee withholding taxes			(5)
Other comprehensive income (loss)	(2)			(2)
Ending balance at Sep. 30, 2023	$ 10	$ 953	$ (935)	$ (8)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net income	$ 308	$ 307
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangible assets	53	48
Amortization of deferred costs	31	26
Amortization of ROU asset, lease modification, impairment, and abandonment	5	15
Stock based compensation	43	46
Deferred income taxes	(2)	1
Provision for doubtful accounts	2	1
Losses and impairment on investments	0	18
Losses from disposition of assets	0	3
Other	1	0
Changes in operating assets and liabilities:
Accounts receivable, net	(4)	10
Unbilled revenue, net	(29)	(38)
Prepaid expenses, net	(4)	3
Other assets	(44)	(30)
Other payroll assets	(104)	(56)
Accounts payable and other liabilities	9	5
Client deposits and other client liabilities	(33)	(43)
Accrued wages	21	40
Accrued health insurance costs, net	9	(10)
Accrued workers' compensation costs, net	(9)	(5)
Payroll taxes payable and other payroll withholdings	(283)	(252)
Operating lease liabilities	(13)	(13)
Net cash provided by (used in) operating activities	(43)	76
Investing activities
Purchases of marketable securities	(226)	(337)
Proceeds from sale and maturity of marketable securities	223	390
Acquisitions of property and equipment	(54)	(39)
Acquisition of subsidiary, net of cash acquired	0	(219)
Net cash used in investing activities	(57)	(205)
Financing activities
Repurchase of common stock	(1,109)	(383)
Proceeds from issuance of common stock	9	6
Proceeds from issuance of 2031 Notes	400	0
Awards effectively repurchased for required employee withholding taxes	(14)	(15)
Proceeds from revolving credit agreement borrowings	695	0
Payment of long-term financing fees and debt issuance costs	(9)
Repayment of borrowings under revolving credit facility	(495)	0
Net cash used in financing activities	(523)	(392)
Net decrease in cash and cash equivalents, unrestricted and restricted	(623)	(521)
Cash and cash equivalents, unrestricted and restricted:
Beginning of period	1,537	1,738
End of period	914	1,217
Supplemental disclosures of cash flow information
Interest paid	21	18
Income taxes paid, net	89	60
Supplemental schedule of noncash investing and financing activities
Payable for purchase of property and equipment	2	7
Acquisitions of subsidiaries paid in stock	$ 0	$ 4

DESCRIPTION OF BUSINESS AND SIG

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES	DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Description of Business TriNet Group, Inc. (TriNet, or the Company, we, our and us) provides comprehensive HCM solutions for small and medium-size businesses under both a co-employment model and an administrative services only model. These HCM solutions include multi-state payroll processing and tax administration, employee benefits programs, including health insurance and retirement plans, workers' compensation insurance and claims management, employment and benefit law compliance, and other HR-related services. Through our PEO service model, we are the employer of record for certain employment-related administrative and regulatory purposes for the WSEs, including: • compensation through wages and salaries, • certain employer payroll-related tax payments, • employee payroll-related tax withholdings and payments, • employee benefit programs, including health and life insurance, and • workers' compensation coverage. Our clients are responsible for the day-to-day job responsibilities of the WSEs. Through our HCM services model, we provide cloud-based HCM services to small and medium-size businesses that allows them to manage hiring, onboarding and managing employee information, payroll processing and payroll tax administration, health insurance, and other benefits, from a single cloud-based software platform. We are not the co-employer or employer of record for such users. We operate in one reportable segment. All of our service revenues are generated from external clients. Less than 1% of our revenue is generated outside of the U.S. Basis of Presentation These unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Rules and Regulations of the Securities and Exchange Commission. Certain information and note disclosures included in our annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, that are normal and recurring in nature, necessary for fair financial statement presentation. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the operating results anticipated for the full year. These financial statements should be read in conjunction with the audited Consolidated Financial Statements included in Part II, Item 8. Financial Statements and Supplementary Data of our Annual Report on Form 10-K for the year ended December 31, 2022. Certain prior year amounts have been reclassified to conform to current period presentation. Reclassifications Certain prior year amounts within operating activities of the Consolidated Statement of Cash Flows have been reclassified to conform to current period presentation. In particular, the amortization of deferred costs, consisting of costs to obtain contracts with customers, cloud computing implementation and debt issuance costs, were previously included in depreciation and amortization and are now separately classified as Amortization of deferred costs. Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect certain reported amounts and related disclosures. These estimates are based on historical experience and on various other assumptions that we believe to be reasonable from the facts available to us. Some of the assumptions are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our condensed consolidated financial statements could be materially affected. Revenue Recognition Variable Consideration and Pricing Allocation From time to time, we may offer credits to our clients considered to be variable consideration. Incentive credits related to contract renewals are recorded as a reduction to revenue as part of the transaction price at contract inception and are allocated among the performance obligations based on their relative standalone selling prices. We allocate the total transaction price to each performance obligation based on the estimated relative standalone selling prices of the promised services underlying each performance obligation. The transaction price for the payroll and payroll tax processing performance obligations is determined upon establishment of the contract that contains the final terms of the arrangement, including the description and price of each service purchased. The estimated service fee is determined based on observable inputs and include the following key assumptions: target profit margin, pricing strategies including the mix of services purchased and competitive factors, and client and industry specifics. The fees for access to health benefits and workers' compensation insurance performance obligations is determined during the new client on-boarding and enrollment processes based on the types of benefits coverage the WSEs have elected and the applicable risk profile of the client. We estimate our service fees based on actuarial forecasts of our expected insurance premiums and loss sensitive premium costs and amounts to cover our costs to administer these programs. We require our clients to prefund payroll and related taxes and other withholding liabilities before payroll is processed or due for payment. Under the provision of our contracts with clients, we generally will process the payment of a client’s payroll only when the client successfully funds the amount required. As a result, there is no financing arrangement for the contracts. However, certain contracts to provide payroll and payroll tax processing services permit the client to pay certain payroll tax components ratably over periods of up to 12 months rather than as payroll tax is otherwise determined and due, which may be considered a significant financing arrangement under ASC Topic 606. However, as the period between our performing the service under the contract and when the client pays for the service is less than one year, we have elected, as a practical expedient, not to adjust the transaction price. In previous years, we created our previously announced Recovery Credits to assist in the economic recovery of our existing PEO clients and enhance our ability to retain these clients. These credits were based on the performance of our insurance costs and were recorded as a reduction to insurance services revenues and included in client deposits and other client liabilities on the balance sheet. The change in balance for the liability for credits previously accrued is the following: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Balance at beginning of period $ 50 $ 26 $ 75 $ 48 (+) Accruals — — — 25 (-) Distributions to clients (8) (1) (33) (48) Balance at end of period $ 42 $ 25 $ 42 $ 25 Accrued Health Insurance Costs We sponsor and administer a number of employee benefit plans for our PEO WSEs, including group health, dental, and vision as an employer plan sponsor under section 3(5) of the ERISA. In the nine months ended September 30, 2023, the majority of our group health insurance costs related to risk-based plans. Our remaining group health insurance costs were for guaranteed-cost policies. Accrued health insurance costs are established to provide for the estimated unpaid costs of reimbursing the carriers for paying claims within the deductible layer in accordance with risk-based health insurance policies. These accrued costs include estimates for reported losses, plus estimates for claims incurred but not paid. We assess accrued health insurance costs regularly based upon actuarial studies that include other relevant factors such as current and historical claims payment patterns, plan enrollment and medical trend rates.

CASH, CASH EQUIVALENTS AND INVE

CASH, CASH EQUIVALENTS AND INVESTMENTS - UNRESTRICTED AND RESTRICTED	9 Months Ended
	Sep. 30, 2023
Cash and Cash Equivalents [Abstract]
CASH, CASH EQUIVALENTS AND INVESTMENTS - UNRESTRICTED AND RESTRICTED	CASH, CASH EQUIVALENTS AND INVESTMENTS - UNRESTRICTED AND RESTRICTED 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 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 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 withholdings. 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. Our total cash, cash equivalents and investments are summarized below: September 30, 2023 December 31, 2022 (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 $ 170 $ — $ 170 $ 354 $ — $ 354 Investments — 75 75 — 76 76 Restricted cash, cash equivalents and investments: Payroll funds collected 635 — 635 1,062 — 1,062 Collateral for health benefits claims 31 110 141 29 110 139 Collateral for workers' compensation claims 55 — 55 58 — 58 Other security deposits 2 — 2 4 — 4 Total restricted cash, cash equivalents and investments 723 110 833 1,153 110 1,263 Investments, noncurrent — 143 143 — 151 151 Restricted cash, cash equivalents and investments, noncurrent Collateral for workers' compensation claims 21 133 154 27 123 150 Other security deposits — — 3 — 3 Total $ 914 $ 461 $ 1,375 $ 1,537 $ 460 $ 1,997

INVESTMENTS

INVESTMENTS	9 Months Ended
INVESTMENTS	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS The following tables summarize our financial instruments by significant categories and fair value measurement on a recurring basis as of September 30, 2023 and December 31, 2022 and the amortized cost, gross unrealized gains, gross unrealized losses, fair value of our AFS investments: (in millions) Fair Value Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and Cash Equivalents Investments Restricted Cash, Cash Equivalents and Investments September 30, 2023 Cash equivalents: Money market mutual funds Level 1 $ 134 $ — $ — $ 134 $ 47 $ — $ 87 U.S. treasuries Level 2 4 — — 4 4 — — Total cash equivalents 138 — — 138 51 — 87 AFS Investments: Asset-backed securities Level 2 45 — (1) 44 — 44 — Corporate bonds Level 2 131 — (1) 130 — 102 28 Agency securities Level 2 40 — (1) 39 — 11 28 U.S. treasuries Level 2 241 — (5) 236 — 57 179 Certificate of deposit Level 2 7 — — 7 — — 7 Other debt securities Level 2 5 — — 5 — 5 — Total AFS Investments $ 469 $ — $ (8) $ 461 $ — $ 219 $ 242 (in millions) Fair Value Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and Cash Equivalents Investments Restricted Cash, Cash Equivalents and Investments December 31, 2022 Cash equivalents: Money market mutual funds Level 1 $ 314 $ — $ — $ 314 $ 225 $ — $ 89 U.S. treasuries Level 2 18 — — 18 18 — — Total cash equivalents 332 — — 332 243 — 89 AFS Investments: Asset-backed securities Level 2 42 — (2) 40 — 40 — Corporate bonds Level 2 140 — (1) 139 — 112 27 Agency securities Level 2 33 — (1) 32 — 5 27 U.S. treasuries Level 2 229 — — 229 — 62 167 Certificate of deposit Level 2 12 — — 12 — — 12 Other debt securities Level 2 8 — — 8 — 7 1 Total AFS Investments $ 464 $ — $ (4) $ 460 $ — $ 226 $ 234 Fair Value of Financial Instruments We use an independent pricing source to determine the fair value of our securities. The independent pricing source utilizes various pricing models for each asset class, including the market approach. The inputs and assumptions for the pricing models are market observable inputs including trades of comparable securities, dealer quotes, credit spreads, yield curves and other market-related data. We have not adjusted the prices obtained from the independent pricing service and we believe the prices received from the independent pricing service are representative of the prices that would be received to sell the assets at the measurement date (exit price). The carrying value of the Company's cash equivalents and restricted cash equivalents approximate their fair values due to their short-term maturities. We did not have any Level 3 financial instruments recognized in our condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022. There were no transfers between levels as of September 30, 2023 and December 31, 2022. Sales and Maturities The fair value of debt investments by contractual maturity are shown below: (in millions) September 30, 2023 One year or less $ 117 Over one year through five years 312 Over five years through ten years 12 Over ten years 20 Total fair value $ 461 The gross proceeds from sales and maturities of AFS securities for the three and nine months ended September 30, 2023 and September 30, 2022 are presented below. We had immaterial gross realized gains and losses from sales of investments for the nine months ended September 30, 2023 and $11 million of gross realized losses and immaterial gross realized gains for the three and nine months ended September 30, 2022. Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Gross proceeds from sales $ 31 $ 177 $ 115 $ 219 Gross proceeds from maturities 19 49 108 181 Total $ 50 $ 226 $ 223 $ 400 Fair Value of Long-Term Debt The fair value of our 2029 Notes and 2031 Notes was obtained from a third-party pricing service and is based on observable market inputs. As such, the fair value of the senior notes is considered Level 2 in the hierarchy for fair value measurement. As of September 30, 2023, our 2029 Notes and 2031 Notes were carried at their cost, net of issuance costs, and had a fair value of $423 million and $396 million, respectively. As of December 31, 2022, our 2029 Notes were carried at their cost, net of issuance costs, and had a fair value of $413 million. Our 2021 Revolver is a floating rate debt. At September 30, 2023 and December 31, 2022, the fair value of our 2021 Revolver approximated its carrying value (exclusive of issuance costs). The fair value of our floating rate debt is estimated based on a discounted cash flow, which incorporates credit spreads, market interest rates and contractual maturities to estimate the fair value and is considered Level 3 in the hierarchy for fair value measurement.

ACCRUED WORKERS' COMPENSATION C

ACCRUED WORKERS' COMPENSATION COSTS	9 Months Ended
ACCRUED WORKERS' COMPENSATION COSTS	Sep. 30, 2023
Insurance [Abstract]
ACCRUED WORKERS' COMPENSATION COSTS	ACCRUED WORKERS' COMPENSATION COSTS The following table summarizes the accrued workers’ compensation cost activity for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Total accrued costs, beginning of period $ 178 $ 189 $ 189 $ 198 Incurred Current year 13 18 47 51 Prior years (2) (3) (25) (23) Total incurred 11 15 22 28 Paid Current year (4) (4) (6) (6) Prior years (7) (8) (27) (28) Total paid (11) (12) (33) (34) Total accrued costs, end of period $ 178 $ 192 $ 178 $ 192 The following summarizes workers' compensation liabilities on the condensed consolidated balance sheets: (in millions) September 30, 2023 December 31, 2022 Total accrued costs, end of period $ 178 $ 189 Collateral paid to carriers and offset against accrued costs (5) (7) Total accrued costs, net of carrier collateral offset $ 173 $ 182 Payable in less than 1 year $1 and $2 at September 30, 2023 and December 31, 2022, respectively) $ 51 $ 54 Payable in more than 1 year $4 and $5 at September 30, 2023 and December 31, 2022, respectively) 122 128 Total accrued costs, net of carrier collateral offset $ 173 $ 182 Incurred claims related to prior years represents changes in estimates for ultimate losses on workers' compensation claims. For the three and nine months ended September 30, 2023, the favorable development is due to lower than expected reported claim frequency and severity for the more recent years. As of September 30, 2023 and December 31, 2022, we had $43 million for both periods of collateral held by insurance carriers of which $5 million and $7 million at September 30, 2023 and December 31, 2022, respectively was offset against accrued workers' compensation costs as the agreements permit and are net settled of insurance obligations against collateral held.

LONG-TERM DEBT AND REVOLVING CR

LONG-TERM DEBT AND REVOLVING CREDIT AGREEMENTS	9 Months Ended
LONG-TERM DEBT AND REVOLVING CREDIT AGREEMENTS	Sep. 30, 2023
Debt Disclosure [Abstract]
LONG-TERM DEBT AND REVOLVING CREDIT AGREEMENTS	LONG-TERM DEBT AND REVOLVING CREDIT AGREEMENTS The following table summarizes our senior notes payable at September 30, 2023 and December 31, 2022: (Dollars in millions) Annual contractual interest rate Effective interest rate Principal amount Deferred issuance costs Less: current portion Long-term debt, noncurrent September 30, 2023 December 31, 2022 2029 Notes 3.50 % 3.67 % $ 500 $ (4) $ — $ 496 $ 496 2031 Notes 7.125 % 7.290 % $ 400 $ (5) $ — $ 395 $ — In March 2023, as a precaution to ensure we maintained liquidity during the uncertainty of the banking crisis that followed the failure of Silicon Valley Bank, we drew down the available $495 million of capacity under our 2021 Revolver. As concerns about market liquidity subsided, we repaid $200 million in March and the remaining $295 million in April. In September of 2023, we drew down $200 million of this revolver to partially fund our third quarter of 2023 share repurchases. In February 2021, we issued $500 million aggregate principal of 3.50% senior unsecured notes maturing in March 2029 (our 2029 Notes). In August 2023, we issued $400 million aggregate principal of 7.125% senior unsecured notes maturing in August 2031 (our 2031 Notes). Interest payments on the 2031 Notes are due semi-annually in arrears on February 15 and August 15, beginning on February 15, 2024. We used the net proceeds to fund an equity tender offer and a private share repurchase, each of which were executed in the third quarter of 2023 (including the related fees and expenses). We may voluntarily redeem all or a part of the 2031 Notes on or after August 15, 2026, on any one or more occasions, at the redemption prices set forth in the indenture governing the 2031 Notes, plus, in each case, accrued and unpaid interest thereon, if any, to, but excluding, the applicable redemption date. In addition, at any time prior to August 15, 2026, we may on any one or more occasions redeem up to 40% of the aggregate principal amount of the 2031 Notes outstanding under the indenture governing the 2031 Notes with the net cash proceeds of one or more equity offerings at a redemption price equal to 107.125% of the principal amount of the 2031 Notes then outstanding, plus accrued and unpaid interest thereon, if any, to, but excluding the applicable redemption date. At any time prior to August 15, 2026, we may also redeem all or a part of the 2031 Notes at a redemption price equal to 100% of the principal amount of the 2031 Notes redeemed plus a “make-whole” premium as of, and accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. In August 2023, concurrently with the issuance of the 2031 Notes, we amended certain provisions of our credit agreement, dated February 26, 2021, as amended, to, among other things (1) increasing the aggregate capacity under our 2021 Revolver from $500 million to $700 million and (2) extending the maturity date of our 2021 Revolver to August 16, 2028. The annual interest rate for borrowings under our 2021 Revolver was previously calculated based on an applicable LIBOR tenor of our choosing, plus a margin of 1.25% to 2.00%, or, at our option, the alternative base rate (ABR), plus a margin of 0.25% to 1.00%. In the second quarter of 2023, we replaced the interest rate based on LIBOR and related LIBOR-based mechanics with an interest rate based on the forward-looking Secured Overnight Financing Rate (Term SOFR). Term SOFR loans will be charged interest at the Term SOFR rate (subject to a 0.00% floor), plus a margin between 1.25% and 2.00%, depending on the borrower’s total net leverage ratio, plus a credit adjustment spread of 10 basis points for all tenors (such Term SOFR rate plus the credit adjustment spread, the "Adjusted Term SOFR Rate"). The applicable Term SOFR or ABR margin is based on our Total Leverage Ratio, as defined in the 2021 Credit Agreement. The ABR is the highest of (a) the applicable Federal Reserve Bank of New York rate in effect on such day (which rate is the greater of the Federal funds Effective Rate in effect on such day and the Overnight Bank Funding Rate in effect on such day), as defined in our 2021 Credit Agreement plus 0.50% (b) the prime rate in effect on such day, and (c) the Adjusted Term SOFR Rate for a one month interest period, as published by two U.S. Government Securities Business Days prior to such day daily plus 1.00%. The interest rate for 2023 borrowings under our 2021 Revolver was 7.875% - 8.125%. In the event TriNet Group, Inc. receives a Corporate Issuer Credit Rating that is one level below investment grade rating or higher from at least two Nationally Recognized Statistical Rating Organizations, then rating based pricing applies and, for so long as rating-based pricing applies, irrespective of the Total Leverage Ratio, the Term SOFR margin will be 1.125% and the ABR margin will be 0.125%. The indenture governing our 2029 Notes and 2031 Notes each includes restrictive covenants limiting our ability to: (i) create liens on certain assets to secure debt; (ii) grant a subsidiary guarantee of certain debt without also providing a guarantee of the 2029 Notes or 2031 Notes, as applicable; and (iii) consolidate or merge with or into, or sell or otherwise dispose of all or substantially all of our assets to, another person, subject, in each case, to certain customary exceptions. The 2021 Credit Agreement includes negative covenants that limit our ability to incur indebtedness and liens, sell assets and make restricted payments, including dividends and investments, subject to certain exceptions. In addition, the 2021 Credit Agreement also contains other customary affirmative and negative covenants and customary events of default. The 2021 Credit Agreement also contains a financial covenant that requires the Company to maintain certain maximum total net leverage ratios. We were in compliance with all financial covenants under the 2021 Credit Agreement, 2029 Notes and 2031 Notes at September 30, 2023.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Contingencies On September 29, 2020, a class action was filed in the United States District Court for the Middle District of Florida against the directors of certain TriNet subsidiaries and other TriNet employees on behalf of a putative class of participants in two retirement plans available to TriNet’s eligible worksite employees, the TriNet 401(k) Plan and the TriNet Select 401(k) Plan. The complaint is similar to claims recently brought against a number of employers including PEOs and generally alleges that the defendants violated certain fiduciary obligations to Plan participants under the Employee Retirement Income Security Act of 1974 with respect to overseeing plan investment and recordkeeping fees. On October 21, 2022, the court issued an order declining to certify a class with respect to claims against the TriNet 401(k) Plan, but certified a class with respect to claims against the TriNet Select 401(k) Plan. On April 26, 2023, the court entered an order granting TriNet's motion for summary judgment on all remaining claims. No appeal was timely filed and the matter is closed. We are and, from time to time, have been and may in the future become involved in various litigation matters, legal proceedings, and claims arising in the ordinary course of our business, including disputes with our clients or various class action, collective action, representative action, and other proceedings arising from the nature of our co-employment relationship with our clients and WSEs in which we are named as a defendant. In addition, due to the nature of our co-employment relationship with our clients and WSEs, we could be subject to liability for federal and state law violations, even if we do not participate in such violations. While our agreements with our clients contain indemnification provisions related to the conduct of our clients, we may not be able to avail ourselves of such provisions in every instance. We have accrued our current best estimates of probable losses with respect to these matters, which are individually and in aggregate immaterial to our consolidated financial statements. While the outcome of the matters described above cannot be predicted with certainty, management currently does not believe that any such claims or proceedings will have a materially adverse effect on our consolidated financial position, results of operations, or cash flows. However, the unfavorable resolution of any particular matter or our reassessment of our exposure for any of the above matters based on additional information obtained in the future could have a material impact on our consolidated financial position, results of operations, or cash flows.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	9 Months Ended
STOCK BASED COMPENSATION	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
STOCK BASED COMPENSATION	STOCK BASED COMPENSATION Restricted Stock Units (RSUs) Time-based RSUs generally vest over a four-year term. Performance-based RSUs are subject to vesting requirements and are earned, in part, based on certain financial performance metrics as defined in the grant notice. Actual number of shares earned may range from 0% to 200% of the target award. Performance-based awards granted in 2023 and 2022 are earned based on a single-year performance period subject to subsequent multi-year time-based vesting with 50% of the shares earned vesting in one year after the performance period and the remaining shares in the year after. RSUs are generally forfeited if the participant terminates service prior to vesting. The following tables summarize RSU activity for the nine months ended September 30, 2023: Time-based RSUs Total Number of RSUs Total Number of Shares Weighted-Average Grant Date Fair Value Nonvested at December 31, 2022 1,198,561 1,198,561 $ 80.75 Granted 755,789 755,789 77.56 Vested (464,051) (464,051) 76.36 Forfeited (89,029) (89,029) 82.57 Nonvested at September 30, 2023 1,401,270 1,401,270 $ 80.02 Performance-based RSUs Total Number of RSUs Total Number of Shares Weighted-Average Grant Date Fair Value Nonvested at December 31, 2022 202,586 202,586 $ 86.82 Granted 177,067 177,067 79.05 Nonvested at September 30, 2023 379,653 379,653 $ 83.20 Stock Based Compensation Stock based compensation expense for stock-based awards made to our employees pursuant to our equity plans were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Cost of providing services $ 3 $ 3 $ 10 $ 10 Sales and marketing 2 2 6 5 General and administrative 9 9 24 28 Systems development and programming costs 1 2 3 3 Total stock based compensation expense $ 15 $ 16 $ 43 $ 46 Total stock based compensation capitalized $ 1 $ — $ 2 $ 1

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
STOCKHOLDERS' EQUITY	Sep. 30, 2023
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Common Stock The following table shows the beginning and ending balances of our issued and outstanding common stock for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Shares issued and outstanding, beginning balance 59,674,960 62,087,303 60,555,661 65,968,224 Issuance of common stock from vested restricted stock units 161,125 199,171 464,051 496,051 Issuance of common stock from exercise of stock options 73,818 21,750 155,485 94,139 Issuance of common stock for employee stock purchase plan — — 104,017 73,808 Issuance of common stock for the acquisition of Zenefits — — — 193,221 Repurchase of common stock (9,345,794) — (10,611,683) (4,419,423) Awards effectively repurchased for required employee withholding taxes (56,519) (78,718) (159,941) (176,514) Shares issued and outstanding, ending balance 50,507,590 62,229,506 50,507,590 62,229,506 Stock Repurchases In February 2020, our board of directors authorized a $300 million incremental increase to our ongoing stock repurchase program. In February 2022 and November 2022, our board of directors authorized a further $300 million and $200 million, respectively, incremental increase to this stock repurchase program. In February 2023 and July 2023, our board of directors authorized a further $300 million and $1 billion, respectively, incremental increase to this stock repurchase program. This repurchase authorization has no expiration.

INCOME TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our ETR was 24% and 26% for the third quarter of 2023 and 2022, respectively and 26% and 27% for the nine months ended September 30, 2023 and 2022, respectively. The decrease in rates was primarily due to an increase in excludable income for state tax purposes, an increase in tax benefits related to stock-based compensation and a decrease in nondeductible compensation. We are subject to tax in U.S. federal and various state and local jurisdictions, as well as Canada and India. We are open to federal and significant state income tax examinations for tax years 2016 and subsequent years.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
EARNINGS PER SHARE	Sep. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic EPS is computed based on the weighted average shares of common stock outstanding during the period. Diluted EPS is computed based on those shares used in the basic EPS computation, plus potentially dilutive shares issuable under our equity-based compensation plans using the treasury stock method. Shares that are potentially anti-dilutive are excluded. The following table presents the computation of our basic and diluted EPS attributable to our common stock: Three Months Ended Nine Months Ended (in millions, except per share data) 2023 2022 2023 2022 Net income $ 94 $ 77 $ 308 $ 307 Weighted average shares of common stock outstanding 57 62 59 63 Basic EPS $ 1.65 $ 1.23 $ 5.23 $ 4.85 Net income $ 94 $ 77 $ 308 $ 307 Weighted average shares of common stock outstanding 57 62 59 63 Dilutive effect of stock options and restricted stock units 1 1 — 1 Weighted average shares of common stock outstanding 58 63 59 64 Diluted EPS $ 1.63 $ 1.22 $ 5.20 $ 4.81 Common stock equivalents excluded from income per diluted share because of their anti-dilutive effect — 1 1 1

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 94	$ 77	$ 308	$ 307

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2023 shares	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Alex Warren [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 3, 2023, Alex Warren, our Chief Revenue Officer, adopted a new written trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (the “Warren Plan”). The first possible trade date under the Warren Plan is November 17, 2023, and the end date of the Warren Plan is January 7, 2025 (subject to customary exceptions), for a duration of approximately one year and five months. The Warren Plan calls for the sale of an amount of shares that Mr. Warren could receive upon the future vesting of certain outstanding and expected equity awards, net of any shares withheld by us to satisfy applicable taxes. The exact number of shares to be sold pursuant to the Warren Plan depends on the number of shares to be withheld by us and the amount of any additional equity awards that may be granted and that will vest during the duration of the Warren Plan, among other factors. For purposes of this disclosure, without taking into account any future equity awards or subtracting any shares to be withheld upon future vesting events, the aggregate number of shares currently expected to be sold pursuant to the Warren Plan is 32,217.
Name	Alex Warren
Title	Chief Revenue Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 3, 2023
Arrangement Duration	417 days
Aggregate Available	32,217	32,217

DESCRIPTION OF BUSINESS AND S_2

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Segment Information	Through our HCM services model, we provide cloud-based HCM services to small and medium-size businesses that allows them to manage hiring, onboarding and managing employee information, payroll processing and payroll tax administration, health insurance, and other benefits, from a single cloud-based software platform. We are not the co-employer or employer of record for such users.We operate in one reportable segment. All of our service revenues are generated from external clients. Less than 1% of our revenue is generated outside of the U.S.
Basis of Presentation	These unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Rules and Regulations of the Securities and Exchange Commission. Certain information and note disclosures included in our annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, that are normal and recurring in nature, necessary for fair financial statement presentation. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the operating results anticipated for the full year. These financial statements should be read in conjunction with the audited Consolidated Financial Statements included in Part II, Item 8. Financial Statements and Supplementary Data of our Annual Report on Form 10-K for the year ended December 31, 2022. Certain prior year amounts have been reclassified to conform to current period presentation.
Reclassifications	Certain prior year amounts within operating activities of the Consolidated Statement of Cash Flows have been reclassified to conform to current period presentation. In particular, the amortization of deferred costs, consisting of costs to obtain contracts with customers, cloud computing implementation and debt issuance costs, were previously included in depreciation and amortization and are now separately classified as Amortization of deferred costs.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect certain reported amounts and related disclosures. These estimates are based on historical experience and on various other assumptions that we believe to be reasonable from the facts available to us. Some of the assumptions are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our condensed consolidated financial statements could be materially affected.
Revenue Recognition	Variable Consideration and Pricing Allocation From time to time, we may offer credits to our clients considered to be variable consideration. Incentive credits related to contract renewals are recorded as a reduction to revenue as part of the transaction price at contract inception and are allocated among the performance obligations based on their relative standalone selling prices. We allocate the total transaction price to each performance obligation based on the estimated relative standalone selling prices of the promised services underlying each performance obligation. The transaction price for the payroll and payroll tax processing performance obligations is determined upon establishment of the contract that contains the final terms of the arrangement, including the description and price of each service purchased. The estimated service fee is determined based on observable inputs and include the following key assumptions: target profit margin, pricing strategies including the mix of services purchased and competitive factors, and client and industry specifics. The fees for access to health benefits and workers' compensation insurance performance obligations is determined during the new client on-boarding and enrollment processes based on the types of benefits coverage the WSEs have elected and the applicable risk profile of the client. We estimate our service fees based on actuarial forecasts of our expected insurance premiums and loss sensitive premium costs and amounts to cover our costs to administer these programs. We require our clients to prefund payroll and related taxes and other withholding liabilities before payroll is processed or due for payment. Under the provision of our contracts with clients, we generally will process the payment of a client’s payroll only when the client successfully funds the amount required. As a result, there is no financing arrangement for the contracts. However, certain contracts to provide payroll and payroll tax processing services permit the client to pay certain payroll tax components ratably over periods of up to 12 months rather than as payroll tax is otherwise determined and due, which may be considered a significant financing arrangement under ASC Topic 606. However, as the period between our performing the service under the contract and when the client pays for the service is less than one year, we have elected, as a practical expedient, not to adjust the transaction price.
Accrued Health Insurance Costs	We sponsor and administer a number of employee benefit plans for our PEO WSEs, including group health, dental, and vision as an employer plan sponsor under section 3(5) of the ERISA. In the nine months ended September 30, 2023, the majority of our group health insurance costs related to risk-based plans. Our remaining group health insurance costs were for guaranteed-cost policies. Accrued health insurance costs are established to provide for the estimated unpaid costs of reimbursing the carriers for paying claims within the deductible layer in accordance with risk-based health insurance policies. These accrued costs include estimates for reported losses, plus estimates for claims incurred but not paid. We assess accrued health insurance costs regularly based upon actuarial studies that include other relevant factors such as current and historical claims payment patterns, plan enrollment and medical trend rates.
Fair Value of Financial Instruments	We use an independent pricing source to determine the fair value of our securities. The independent pricing source utilizes various pricing models for each asset class, including the market approach. The inputs and assumptions for the pricing models are market observable inputs including trades of comparable securities, dealer quotes, credit spreads, yield curves and other market-related data. We have not adjusted the prices obtained from the independent pricing service and we believe the prices received from the independent pricing service are representative of the prices that would be received to sell the assets at the measurement date (exit price).

DESCRIPTION OF BUSINESS AND S_3

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Change in Balance of the Recovery Credit Unsatisfied Performance Obligation	The change in balance for the liability for credits previously accrued is the following: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Balance at beginning of period $ 50 $ 26 $ 75 $ 48 (+) Accruals — — — 25 (-) Distributions to clients (8) (1) (33) (48) Balance at end of period $ 42 $ 25 $ 42 $ 25

CASH, CASH EQUIVALENTS AND IN_2

CASH, CASH EQUIVALENTS AND INVESTMENTS - UNRESTRICTED AND RESTRICTED (Tables)	9 Months Ended
	Sep. 30, 2023
Cash and Cash Equivalents [Abstract]
Schedule of Cash, Cash Equivalents and Investments	Our total cash, cash equivalents and investments are summarized below: September 30, 2023 December 31, 2022 (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 $ 170 $ — $ 170 $ 354 $ — $ 354 Investments — 75 75 — 76 76 Restricted cash, cash equivalents and investments: Payroll funds collected 635 — 635 1,062 — 1,062 Collateral for health benefits claims 31 110 141 29 110 139 Collateral for workers' compensation claims 55 — 55 58 — 58 Other security deposits 2 — 2 4 — 4 Total restricted cash, cash equivalents and investments 723 110 833 1,153 110 1,263 Investments, noncurrent — 143 143 — 151 151 Restricted cash, cash equivalents and investments, noncurrent Collateral for workers' compensation claims 21 133 154 27 123 150 Other security deposits — — 3 — 3 Total $ 914 $ 461 $ 1,375 $ 1,537 $ 460 $ 1,997

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
INVESTMENTS (Tables)	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Financial Instruments by Significant Categories and Fair Value Measurement on a Recurring Basis	The following tables summarize our financial instruments by significant categories and fair value measurement on a recurring basis as of September 30, 2023 and December 31, 2022 and the amortized cost, gross unrealized gains, gross unrealized losses, fair value of our AFS investments: (in millions) Fair Value Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and Cash Equivalents Investments Restricted Cash, Cash Equivalents and Investments September 30, 2023 Cash equivalents: Money market mutual funds Level 1 $ 134 $ — $ — $ 134 $ 47 $ — $ 87 U.S. treasuries Level 2 4 — — 4 4 — — Total cash equivalents 138 — — 138 51 — 87 AFS Investments: Asset-backed securities Level 2 45 — (1) 44 — 44 — Corporate bonds Level 2 131 — (1) 130 — 102 28 Agency securities Level 2 40 — (1) 39 — 11 28 U.S. treasuries Level 2 241 — (5) 236 — 57 179 Certificate of deposit Level 2 7 — — 7 — — 7 Other debt securities Level 2 5 — — 5 — 5 — Total AFS Investments $ 469 $ — $ (8) $ 461 $ — $ 219 $ 242 (in millions) Fair Value Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and Cash Equivalents Investments Restricted Cash, Cash Equivalents and Investments December 31, 2022 Cash equivalents: Money market mutual funds Level 1 $ 314 $ — $ — $ 314 $ 225 $ — $ 89 U.S. treasuries Level 2 18 — — 18 18 — — Total cash equivalents 332 — — 332 243 — 89 AFS Investments: Asset-backed securities Level 2 42 — (2) 40 — 40 — Corporate bonds Level 2 140 — (1) 139 — 112 27 Agency securities Level 2 33 — (1) 32 — 5 27 U.S. treasuries Level 2 229 — — 229 — 62 167 Certificate of deposit Level 2 12 — — 12 — — 12 Other debt securities Level 2 8 — — 8 — 7 1 Total AFS Investments $ 464 $ — $ (4) $ 460 $ — $ 226 $ 234
Schedule of Fair value of Debt Investments by Contractual Maturity	The fair value of debt investments by contractual maturity are shown below: (in millions) September 30, 2023 One year or less $ 117 Over one year through five years 312 Over five years through ten years 12 Over ten years 20 Total fair value $ 461
Schedule of Available-for-Sale Securities	The gross proceeds from sales and maturities of AFS securities for the three and nine months ended September 30, 2023 and September 30, 2022 are presented below. We had immaterial gross realized gains and losses from sales of investments for the nine months ended September 30, 2023 and $11 million of gross realized losses and immaterial gross realized gains for the three and nine months ended September 30, 2022. Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Gross proceeds from sales $ 31 $ 177 $ 115 $ 219 Gross proceeds from maturities 19 49 108 181 Total $ 50 $ 226 $ 223 $ 400

ACCRUED WORKERS' COMPENSATION_2

ACCRUED WORKERS' COMPENSATION COSTS (Tables)	9 Months Ended
ACCRUED WORKERS' COMPENSATION COSTS (Tables)	Sep. 30, 2023
Insurance [Abstract]
Schedule of Activities in Liability for Unpaid Claims and Claims Adjustment Expenses	The following table summarizes the accrued workers’ compensation cost activity for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Total accrued costs, beginning of period $ 178 $ 189 $ 189 $ 198 Incurred Current year 13 18 47 51 Prior years (2) (3) (25) (23) Total incurred 11 15 22 28 Paid Current year (4) (4) (6) (6) Prior years (7) (8) (27) (28) Total paid (11) (12) (33) (34) Total accrued costs, end of period $ 178 $ 192 $ 178 $ 192 The following summarizes workers' compensation liabilities on the condensed consolidated balance sheets: (in millions) September 30, 2023 December 31, 2022 Total accrued costs, end of period $ 178 $ 189 Collateral paid to carriers and offset against accrued costs (5) (7) Total accrued costs, net of carrier collateral offset $ 173 $ 182 Payable in less than 1 year $1 and $2 at September 30, 2023 and December 31, 2022, respectively) $ 51 $ 54 Payable in more than 1 year $4 and $5 at September 30, 2023 and December 31, 2022, respectively) 122 128 Total accrued costs, net of carrier collateral offset $ 173 $ 182

LONG-TERM DEBT AND REVOLVING _2

LONG-TERM DEBT AND REVOLVING CREDIT AGREEMENTS (Tables)	9 Months Ended
LONG-TERM DEBT AND REVOLVING CREDIT AGREEMENTS (Tables)	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Senior Notes Payable	The following table summarizes our senior notes payable at September 30, 2023 and December 31, 2022: (Dollars in millions) Annual contractual interest rate Effective interest rate Principal amount Deferred issuance costs Less: current portion Long-term debt, noncurrent September 30, 2023 December 31, 2022 2029 Notes 3.50 % 3.67 % $ 500 $ (4) $ — $ 496 $ 496 2031 Notes 7.125 % 7.290 % $ 400 $ (5) $ — $ 395 $ —

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	9 Months Ended
STOCK BASED COMPENSATION (Tables)	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of RSU Activity under Equity-Based Plans	The following tables summarize RSU activity for the nine months ended September 30, 2023: Time-based RSUs Total Number of RSUs Total Number of Shares Weighted-Average Grant Date Fair Value Nonvested at December 31, 2022 1,198,561 1,198,561 $ 80.75 Granted 755,789 755,789 77.56 Vested (464,051) (464,051) 76.36 Forfeited (89,029) (89,029) 82.57 Nonvested at September 30, 2023 1,401,270 1,401,270 $ 80.02 Performance-based RSUs Total Number of RSUs Total Number of Shares Weighted-Average Grant Date Fair Value Nonvested at December 31, 2022 202,586 202,586 $ 86.82 Granted 177,067 177,067 79.05 Nonvested at September 30, 2023 379,653 379,653 $ 83.20
Schedule of Stock-Based Compensation Expense	Stock based compensation expense for stock-based awards made to our employees pursuant to our equity plans were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2022 2023 2022 Cost of providing services $ 3 $ 3 $ 10 $ 10 Sales and marketing 2 2 6 5 General and administrative 9 9 24 28 Systems development and programming costs 1 2 3 3 Total stock based compensation expense $ 15 $ 16 $ 43 $ 46 Total stock based compensation capitalized $ 1 $ — $ 2 $ 1

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
STOCKHOLDERS' EQUITY (Tables)	Sep. 30, 2023
Equity [Abstract]
Schedule of Issued and Outstanding Common Stock	The following table shows the beginning and ending balances of our issued and outstanding common stock for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Shares issued and outstanding, beginning balance 59,674,960 62,087,303 60,555,661 65,968,224 Issuance of common stock from vested restricted stock units 161,125 199,171 464,051 496,051 Issuance of common stock from exercise of stock options 73,818 21,750 155,485 94,139 Issuance of common stock for employee stock purchase plan — — 104,017 73,808 Issuance of common stock for the acquisition of Zenefits — — — 193,221 Repurchase of common stock (9,345,794) — (10,611,683) (4,419,423) Awards effectively repurchased for required employee withholding taxes (56,519) (78,718) (159,941) (176,514) Shares issued and outstanding, ending balance 50,507,590 62,229,506 50,507,590 62,229,506

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
EARNINGS PER SHARE (Tables)	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted EPS Attributable to Common Stock	The following table presents the computation of our basic and diluted EPS attributable to our common stock: Three Months Ended Nine Months Ended (in millions, except per share data) 2023 2022 2023 2022 Net income $ 94 $ 77 $ 308 $ 307 Weighted average shares of common stock outstanding 57 62 59 63 Basic EPS $ 1.65 $ 1.23 $ 5.23 $ 4.85 Net income $ 94 $ 77 $ 308 $ 307 Weighted average shares of common stock outstanding 57 62 59 63 Dilutive effect of stock options and restricted stock units 1 1 — 1 Weighted average shares of common stock outstanding 58 63 59 64 Diluted EPS $ 1.63 $ 1.22 $ 5.20 $ 4.81 Common stock equivalents excluded from income per diluted share because of their anti-dilutive effect — 1 1 1

DESCRIPTION OF BUSINESS AND S_4

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Product Information [Line Items]
Number of reportable segments \| segment	1
Prepayments offsetting accrued health insurance costs	$ 49	$ 57
Health Care
Product Information [Line Items]
Prepayments offsetting accrued health insurance costs	$ 78	$ 73
Non-US \| Revenue \| Foreign Sales
Product Information [Line Items]
Percent of concentration risk (less than)	1%

DESCRIPTION OF BUSINESS AND S_5

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Change in Balance of the Recovery Credit Unsatisfied Performance Obligation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Unsatisfied Performance Obligation [Roll Forward]
Balance at beginning of period	$ 50	$ 26	$ 48	$ 75
(+) Accruals	0	0	0	25
(-) Distributions to clients	(8)	(1)	(33)	(48)
Balance at end of period	$ 42	$ 25	$ 42	$ 25

CASH, CASH EQUIVALENTS AND IN_3

CASH, CASH EQUIVALENTS AND INVESTMENTS - UNRESTRICTED AND RESTRICTED (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 170	$ 354
Investments	75	76
Total restricted cash, cash equivalents and investments	833	1,263
Investments, noncurrent	143	151
Restricted cash, cash equivalents and investments, noncurrent	154	153
Total	1,375	1,997
Cash and cash equivalents
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	170	354
Investments	0	0
Total restricted cash, cash equivalents and investments	723	1,153
Investments, noncurrent	0	0
Total	914	1,537
Available-for-sale marketable securities
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	0	0
Investments	75	76
Total restricted cash, cash equivalents and investments	110	110
Investments, noncurrent	143	151
Total	461	460
Payroll funds collected
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash, cash equivalents and investments	635	1,062
Payroll funds collected \| Cash and cash equivalents
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash, cash equivalents and investments	635	1,062
Payroll funds collected \| Available-for-sale marketable securities
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash, cash equivalents and investments	0	0
Collateral for health benefits claims
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash, cash equivalents and investments	141	139
Collateral for health benefits claims \| Cash and cash equivalents
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash, cash equivalents and investments	31	29
Collateral for health benefits claims \| Available-for-sale marketable securities
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash, cash equivalents and investments	110	110
Collateral for workers' compensation claims
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash, cash equivalents and investments	55	58
Restricted cash, cash equivalents and investments, noncurrent	154	150
Collateral for workers' compensation claims \| Cash and cash equivalents
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash, cash equivalents and investments	55	58
Restricted cash, cash equivalents and investments, noncurrent	21	27
Collateral for workers' compensation claims \| Available-for-sale marketable securities
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash, cash equivalents and investments	0	0
Restricted cash, cash equivalents and investments, noncurrent	133	123
Other security deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash, cash equivalents and investments	2	4
Restricted cash, cash equivalents and investments, noncurrent	0	3
Other security deposits \| Cash and cash equivalents
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash, cash equivalents and investments	2	4
Restricted cash, cash equivalents and investments, noncurrent	0	3
Other security deposits \| Available-for-sale marketable securities
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash, cash equivalents and investments	0	0
Restricted cash, cash equivalents and investments, noncurrent		$ 0

INVESTMENTS - Schedule of Finan

INVESTMENTS - Schedule of Financial Instruments by Significant Categories and Fair Value Measurement on a Recurring Basis (Details) - Fair Value Measurement on a Recurring Basis - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Securities
Cash equivalents:	$ 138	$ 332
Amortized Cost	469	464
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(8)	(4)
Fair Value	461	460
Cash and Cash Equivalents
Debt Securities
Cash equivalents:	51	243
Fair Value	0	0
Investments
Debt Securities
Cash equivalents:	0	0
Fair Value	219	226
Restricted Cash, Cash Equivalents and Investments
Debt Securities
Cash equivalents:	87	89
Fair Value	242	234
Asset-backed securities \| Level 2
Debt Securities
Amortized Cost	45	42
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1)	(2)
Fair Value	44	40
Asset-backed securities \| Level 2 \| Cash and Cash Equivalents
Debt Securities
Fair Value	0	0
Asset-backed securities \| Level 2 \| Investments
Debt Securities
Fair Value	44	40
Asset-backed securities \| Level 2 \| Restricted Cash, Cash Equivalents and Investments
Debt Securities
Fair Value	0	0
Corporate bonds \| Level 2
Debt Securities
Amortized Cost	131	140
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1)	(1)
Fair Value	130	139
Corporate bonds \| Level 2 \| Cash and Cash Equivalents
Debt Securities
Fair Value	0	0
Corporate bonds \| Level 2 \| Investments
Debt Securities
Fair Value	102	112
Corporate bonds \| Level 2 \| Restricted Cash, Cash Equivalents and Investments
Debt Securities
Fair Value	28	27
Agency securities \| Level 2
Debt Securities
Amortized Cost	40	33
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1)	(1)
Fair Value	39	32
Agency securities \| Level 2 \| Cash and Cash Equivalents
Debt Securities
Fair Value	0	0
Agency securities \| Level 2 \| Investments
Debt Securities
Fair Value	11	5
Agency securities \| Level 2 \| Restricted Cash, Cash Equivalents and Investments
Debt Securities
Fair Value	28	27
U.S. treasuries \| Level 2
Debt Securities
Amortized Cost	241	229
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(5)	0
Fair Value	236	229
U.S. treasuries \| Level 2 \| Cash and Cash Equivalents
Debt Securities
Fair Value	0	0
U.S. treasuries \| Level 2 \| Investments
Debt Securities
Fair Value	57	62
U.S. treasuries \| Level 2 \| Restricted Cash, Cash Equivalents and Investments
Debt Securities
Fair Value	179	167
Certificate of deposit \| Level 2
Debt Securities
Amortized Cost	7	12
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	7	12
Certificate of deposit \| Level 2 \| Cash and Cash Equivalents
Debt Securities
Fair Value	0	0
Certificate of deposit \| Level 2 \| Investments
Debt Securities
Fair Value	0	0
Certificate of deposit \| Level 2 \| Restricted Cash, Cash Equivalents and Investments
Debt Securities
Fair Value	7	12
Other debt securities \| Level 2
Debt Securities
Amortized Cost	5	8
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	5	8
Other debt securities \| Level 2 \| Cash and Cash Equivalents
Debt Securities
Fair Value	0	0
Other debt securities \| Level 2 \| Investments
Debt Securities
Fair Value	5	7
Other debt securities \| Level 2 \| Restricted Cash, Cash Equivalents and Investments
Debt Securities
Fair Value	0	1
Money market mutual funds \| Level 1
Debt Securities
Cash equivalents:	134	314
Money market mutual funds \| Level 1 \| Cash and Cash Equivalents
Debt Securities
Cash equivalents:	47	225
Money market mutual funds \| Level 1 \| Investments
Debt Securities
Cash equivalents:	0	0
Money market mutual funds \| Level 1 \| Restricted Cash, Cash Equivalents and Investments
Debt Securities
Cash equivalents:	87	89
U.S. treasuries \| Level 2
Debt Securities
Cash equivalents:	4	18
U.S. treasuries \| Level 2 \| Cash and Cash Equivalents
Debt Securities
Cash equivalents:	4	18
U.S. treasuries \| Level 2 \| Investments
Debt Securities
Cash equivalents:	0	0
U.S. treasuries \| Level 2 \| Restricted Cash, Cash Equivalents and Investments
Debt Securities
Cash equivalents:	$ 0	$ 0

INVESTMENTS - Schedule of Fair

INVESTMENTS - Schedule of Fair value of Debt Investments by Contractual Maturity (Details) $ in Millions	Sep. 30, 2023 USD ($)
Investments, Debt and Equity Securities [Abstract]
One year or less	$ 117
Over one year through five years	312
Over five years through ten years	12
Over ten years	20
Total fair value	$ 461

INVESTMENTS - Additional Inform

INVESTMENTS - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
INVESTMENTS - Additional Information (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
AFS securities, gross realized Gain (Loss)		$ 0
AFS securities, gross realized losses	$ 11,000,000		$ 11,000,000
AFS securities, gross realized Gain	$ 0
2029 Notes
Debt Securities, Available-for-sale [Line Items]
Fair value of notes payable		423,000,000		$ 413,000,000
2031 Notes
Debt Securities, Available-for-sale [Line Items]
Fair value of notes payable		$ 396,000,000

INVESTMENTS - Schedule of Avail

INVESTMENTS - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Gross proceeds from sales	$ 31	$ 177	$ 115	$ 219
Gross proceeds from maturities	19	49	108	181
Total	$ 50	$ 226	$ 223	$ 400

ACCRUED WORKERS' COMPENSATION_3

ACCRUED WORKERS' COMPENSATION COSTS - Schedule of Workers' Compensation Loss Reserve Activity (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Total accrued costs, beginning of period	$ 178	$ 189	$ 189	$ 198
Incurred
Current year	13	18	47	51
Prior years	(2)	(3)	(25)	(23)
Total incurred	11	15	22	28
Paid
Current year	(4)	(4)	(6)	(6)
Prior years	(7)	(8)	(27)	(28)
Total paid	(11)	(12)	(33)	(34)
Total accrued costs, end of period	$ 178	$ 192	$ 178	$ 192

ACCRUED WORKERS' COMPENSATION_4

ACCRUED WORKERS' COMPENSATION COSTS - Schedule of Workers' Compensation Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Insurance [Abstract]
Total accrued costs, end of period	$ 178	$ 178	$ 189	$ 192	$ 189	$ 198
Collateral paid to carriers and offset against accrued costs	(5)		(7)
Total accrued costs, net of carrier collateral offset	173		182
Payable in less than 1 year (net of collateral paid to carriers of $1 and $2 at September 30, 2023 and December 31, 2022, respectively)	51		54
Payable in more than 1 year  (net of collateral paid to carriers of $4 and $5 at September 30, 2023 and December 31, 2022, respectively)	122		128
Total accrued costs, net of carrier collateral offset	173		182
Net of collateral paid to carriers, payable in less than one year	1		2
Net of collateral paid to carriers, payable in more than 1 year	$ 4		$ 5

ACCRUED WORKERS' COMPENSATION_5

ACCRUED WORKERS' COMPENSATION COSTS - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Insurance [Abstract]
Collateral held by insurance carriers	$ 43	$ 43
Collateral paid to carriers and offset against loss reserves	$ 5	$ 7

LONG-TERM DEBT AND REVOLVING _3

LONG-TERM DEBT AND REVOLVING CREDIT AGREEMENTS - Schedule of Long-Term Debt (Details) - Senior Notes - USD ($) $ in Millions	Sep. 30, 2023	Aug. 31, 2023	Dec. 31, 2022	Feb. 28, 2021
2029 Notes
Line of Credit Facility [Line Items]
Annual contractual interest rate	3.50%			3.50%
Effective interest rate	3.67%
Principal amount	$ 500			$ 500
Deferred issuance costs	(4)
Less: current portion	0
Carrying amount	$ 496		$ 496
2031 Notes
Line of Credit Facility [Line Items]
Annual contractual interest rate	7.125%	7.125%
Effective interest rate	7.29%
Principal amount	$ 400	$ 400
Deferred issuance costs	(5)
Less: current portion	0
Carrying amount	$ 395		$ 0

LONG-TERM DEBT AND REVOLVING _4

LONG-TERM DEBT AND REVOLVING CREDIT AGREEMENTS - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended			9 Months Ended
	Sep. 30, 2023	Aug. 31, 2023	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Jul. 31, 2023	Apr. 30, 2023	Feb. 28, 2021
Line of Credit Facility [Line Items]
Proceeds from revolving credit agreement borrowings				$ 695	$ 0
2021 Revolver \| Line of credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Remaining borrowing capacity			$ 495				$ 295
Repayments of debt			$ 200
Proceeds from revolving credit agreement borrowings	$ 200
Maximum borrowing capacity		$ 700				$ 500
2021 Revolver \| Line of credit \| Revolving Credit Facility \| Base Rate \| Credit Rating Below Investment Grade
Line of Credit Facility [Line Items]
Basis spread on variable rate				0.125%
2021 Revolver \| Line of credit \| Revolving Credit Facility \| Secured Overnight Financing Rate
Line of Credit Facility [Line Items]
Borrowing rate	0%			0%
2021 Revolver \| Line of credit \| Revolving Credit Facility \| Secured Overnight Financing Rate \| Credit Rating Below Investment Grade
Line of Credit Facility [Line Items]
Basis spread on variable rate				1.125%
2021 Revolver \| Line of credit \| Revolving Credit Facility \| Adjusted Term SOFR Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate				0.10%
2021 Revolver \| Line of credit \| Revolving Credit Facility \| Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate				0.50%
2021 Revolver \| Line of credit \| Revolving Credit Facility \| One Month Term SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate				1%
2021 Revolver \| Line of credit \| Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Borrowing rate	7.875%			7.875%
2021 Revolver \| Line of credit \| Revolving Credit Facility \| Minimum \| London Interbank Offered Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate				1.25%
2021 Revolver \| Line of credit \| Revolving Credit Facility \| Minimum \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate				0.25%
2021 Revolver \| Line of credit \| Revolving Credit Facility \| Minimum \| Secured Overnight Financing Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate				1.25%
2021 Revolver \| Line of credit \| Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Borrowing rate	8.125%			8.125%
2021 Revolver \| Line of credit \| Revolving Credit Facility \| Maximum \| London Interbank Offered Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate				2%
2021 Revolver \| Line of credit \| Revolving Credit Facility \| Maximum \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate				1%
2021 Revolver \| Line of credit \| Revolving Credit Facility \| Maximum \| Secured Overnight Financing Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate				2%
2029 Notes \| Senior Notes
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 500			$ 500				$ 500
Borrowing rate	3.50%			3.50%				3.50%
2031 Notes \| Senior Notes
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 400	$ 400		$ 400
Borrowing rate	7.125%	7.125%		7.125%
2031 Notes \| Senior Notes \| Before August 15, 2026
Line of Credit Facility [Line Items]
Redemption price percentage		100%
2031 Notes \| Senior Notes \| Before August 15, 2026 \| Partial Redemption
Line of Credit Facility [Line Items]
Percentage of principal amount redeemed		40%
Redemption price percentage		107.125%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Sep. 29, 2020 retirement_plan
Commitments and Contingencies Disclosure [Abstract]
Number of retirement plans subject to class action	2

STOCK BASED COMPENSATION - Addi

STOCK BASED COMPENSATION - Additional Information (Details)	9 Months Ended
STOCK BASED COMPENSATION - Additional Information (Details)	Sep. 30, 2023
Time-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Time-Based Restricted Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of share value	0%
Time-Based Restricted Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of share value	200%
Performance-based RSUs and RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period for 2021 and 2020 awards	1 year
Performance-based RSUs and RSAs \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Amount of shares that are expected to vesting percentage	50%

STOCK BASED COMPENSATION - Sche

STOCK BASED COMPENSATION - Schedule of RSU and RSA Activity under Equity-Based Plans (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Time-Based Restricted Stock Units
Number of Shares
Balance (in shares) \| shares	1,198,561
Granted (in shares) \| shares	755,789
Vested (in shares) \| shares	(464,051)
Forfeited (in shares) \| shares	(89,029)
Balance (in shares) \| shares	1,401,270
Weighted-Average Grant Date Fair Value
Balance (in dollars per share) \| $ / shares	$ 80.75
Granted (in dollars per share) \| $ / shares	77.56
Vested (in dollars per share) \| $ / shares	76.36
Forfeited (in dollars per share) \| $ / shares	82.57
Balance (in dollars per share) \| $ / shares	$ 80.02
Performance-Based Restricted Stock Units
Number of Shares
Balance (in shares) \| shares	202,586
Granted (in shares) \| shares	177,067
Balance (in shares) \| shares	379,653
Weighted-Average Grant Date Fair Value
Balance (in dollars per share) \| $ / shares	$ 86.82
Granted (in dollars per share) \| $ / shares	79.05
Balance (in dollars per share) \| $ / shares	$ 83.20

STOCK BASED COMPENSATION - Sc_2

STOCK BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock based compensation expense	$ 15	$ 16	$ 43	$ 46
Total stock based compensation capitalized	1	0	2	1
Cost of providing services
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock based compensation expense	3	3	10	10
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock based compensation expense	2	2	6	5
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock based compensation expense	9	9	24	28
Systems development and programming costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock based compensation expense	$ 1	$ 2	$ 3	$ 3

STOCKHOLDERS' EQUITY - Schedule

STOCKHOLDERS' EQUITY - Schedule of Common Stock (Details) - shares	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2023	Aug. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued and outstanding, beginning balance (in shares)			59,674,960	62,087,303	60,555,661	65,968,224
Shares issued and outstanding, beginning balance (in shares)			59,674,960	62,087,303	60,555,661	65,968,224
Issuance of common stock for the acquisition of Zenefits (in shares)			0	0	0	193,221
Repurchase of common stock (in shares)	(3,364,486)	(5,981,308)	(9,345,794)	0	(10,611,683)	(4,419,423)
Awards effectively repurchased for required employee withholding taxes (in shares)			(56,519)	(78,718)	(159,941)	(176,514)
Shares issued and outstanding, ending balance (in shares)	50,507,590		50,507,590	62,229,506	50,507,590	62,229,506
Shares issued and outstanding, ending balance (in shares)	50,507,590		50,507,590	62,229,506	50,507,590	62,229,506
Issuance of common stock from vested restricted stock units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from vested restricted stock units (in shares)			161,125	199,171	464,051	496,051
Issuance of common stock from exercise of stock options
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of stock options (in shares)			73,818	21,750	155,485	94,139
Issuance of common stock for employee stock purchase plan
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for employee stock purchase plan (in shares)			0	0	104,017	73,808

STOCKHOLDERS' EQUITY - Addition

STOCKHOLDERS' EQUITY - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2023	Aug. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jul. 31, 2023	Feb. 28, 2023	Nov. 30, 2022	Feb. 28, 2022	Feb. 28, 2020
Equity [Abstract]
Stock repurchase program, authorized amount							$ 1,000	$ 300	$ 200	$ 300	$ 300
Repurchase of common stock (in shares)	3,364,486	5,981,308	9,345,794	0	10,611,683	4,419,423
Stock repurchased, cost per share (in dollars per share)	$ 107	$ 107
Repurchase of common stock	$ 360	$ 640

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
INCOME TAXES (Details)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	24%	26%	26%	27%

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Computation of Basic and Diluted EPS Attributable to Common Stock (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income	$ 94	$ 77	$ 308	$ 307
Weighted average shares of common stock outstanding (in shares)	57	62	59	63
Basic EPS (in dollars per share)	$ 1.65	$ 1.23	$ 5.23	$ 4.85
Net income	$ 94	$ 77	$ 308	$ 307
Dilutive effect of stock options and restricted stock units (in shares)	1	1	0	1
Weighted average shares of common stock outstanding - diluted (in shares)	58	63	59	64
Diluted EPS (in dollars per share)	$ 1.63	$ 1.22	$ 5.20	$ 4.81
Common stock equivalents excluded from income per diluted share because of their anti-dilutive effect (in shares)	0	1	1	1