TRINET GROUP, INC., 10-Q filed on 7/25/2025
Quarterly Report
v3.25.2
Cover - shares
 6 Months Ended
Jun. 30, 2025
Jul. 18, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
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 $0.000025 per share  
Trading Symbol TNET  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   48,589,933
Entity Central Index Key 0000937098  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Interest income $ 18 $ 17 $ 36 $ 35
Total revenues 1,238 1,243 2,530 2,525
Insurance costs 947 916 1,889 1,823
Cost of providing services 71 75 142 154
Sales and marketing 68 72 135 144
General and administrative 52 47 98 95
Systems development and programming 17 17 37 35
Depreciation and amortization of intangible assets 17 19 34 37
Interest expense, bank fees and other 15 16 29 32
Total costs and operating expenses 1,187 1,162 2,364 2,320
Income before tax 51 81 166 205
Income taxes 14 21 44 53
Net income 37 60 122 152
Other comprehensive income (loss), net of income taxes 1 0 3 (3)
Comprehensive income $ 38 $ 60 $ 125 $ 149
Net income per share:        
Basic (in dollars per share) $ 0.77 $ 1.21 $ 2.49 $ 3.01
Diluted (in dollars per share) $ 0.77 $ 1.20 $ 2.48 $ 2.98
Weighted average shares:        
Basic (in shares) 48 50 49 50
Diluted (in shares) 49 51 49 51
Professional service revenues        
Service revenues $ 172 $ 186 $ 381 $ 400
Insurance service revenues        
Service revenues $ 1,048 $ 1,040 $ 2,113 $ 2,090
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 407 $ 360
Restricted cash, cash equivalents and investments 1,101 1,413
Accounts receivable, net 12 32
Payroll funds receivable 487 349
Prepaid expenses, net 50 64
Other payroll assets 660 916
Other current assets 45 46
Total current assets 2,762 3,180
Restricted cash, cash equivalents and investments, noncurrent 124 145
Property and equipment, net 10 10
Operating lease right-of-use asset 39 24
Goodwill 461 461
Software and other intangible assets, net 148 156
Other assets 144 143
Total assets 3,688 4,119
Current liabilities:    
Accounts payable and other current liabilities 85 89
Revolving credit agreement borrowings 90 75
Client deposits and other client liabilities 41 76
Accrued wages 562 580
Accrued health insurance costs, net 191 189
Accrued workers' compensation costs, net 46 44
Payroll tax liabilities and other payroll withholdings 1,484 1,906
Operating lease liabilities 3 13
Insurance premiums and other payables 6 9
Total current liabilities 2,508 2,981
Long-term debt, noncurrent 894 908
Accrued workers' compensation costs, noncurrent, net 109 110
Deferred taxes 10 11
Operating lease liabilities, noncurrent 48 26
Other non-current liabilities 12 14
Total liabilities 3,581 4,050
Commitments and contingencies (see Note 5)
Stockholders' equity:    
Preferred stock 0 0
Common stock and additional paid-in capital 1,095 1,056
Accumulated deficit (988) (984)
Accumulated other comprehensive loss 0 (3)
Total stockholders' equity 107 69
Total liabilities & stockholders' equity $ 3,688 $ 4,119
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
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 and additional paid-in capital    
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) 48,588,214 49,527,506
Common stock, shares outstanding (in shares) 48,588,214 49,527,506
v3.25.2
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, 2023 $ 78 $ 976 $ (896) $ (2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Issuance of common stock for employee stock purchase plan   7    
Stock based compensation expense   38    
Net income 152   152  
Common stock dividends     (25)  
Repurchase of common stock     (135)  
Awards effectively repurchased for required employee withholding taxes     (12)  
Other comprehensive income (loss) (3)     (3)
Ending balance at Jun. 30, 2024 100 1,021 (916) (5)
Beginning balance at Mar. 31, 2024 143 996 (848) (5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Issuance of common stock for employee stock purchase plan   7    
Stock based compensation expense   18    
Net income 60   60  
Common stock dividends     (12)  
Repurchase of common stock     (111)  
Awards effectively repurchased for required employee withholding taxes     (5)  
Other comprehensive income (loss) 0     0
Ending balance at Jun. 30, 2024 100 1,021 (916) (5)
Beginning balance at Dec. 31, 2024 69 1,056 (984) (3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Issuance of common stock for employee stock purchase plan   7    
Stock based compensation expense   32    
Net income 122   122  
Common stock dividends     (27)  
Repurchase of common stock     (91)  
Awards effectively repurchased for required employee withholding taxes     (8)  
Other comprehensive income (loss) 3     3
Ending balance at Jun. 30, 2025 107 1,095 (988) 0
Beginning balance at Mar. 31, 2025 63 1,070 (1,006) (1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Issuance of common stock for employee stock purchase plan   6    
Stock based compensation expense   19    
Net income 37   37  
Common stock dividends     (13)  
Repurchase of common stock     (1)  
Awards effectively repurchased for required employee withholding taxes     (5)  
Other comprehensive income (loss) 1     1
Ending balance at Jun. 30, 2025 $ 107 $ 1,095 $ (988) $ 0
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net income $ 122 $ 152
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization of intangible assets 33 37
Amortization of deferred costs 23 21
Amortization of ROU asset, lease modification, impairment, and abandonment 3 3
Deferred income taxes (1) 0
Stock based compensation 31 38
Loss from disposition of assets 1 0
Other 3 1
Changes in operating assets and liabilities:    
Accounts receivable, net 1 (4)
Prepaid expenses, net 9 (18)
Other assets (18) (35)
Other payroll assets 0 2
Accounts payable and other liabilities (5) (8)
Client deposits and other client liabilities (1) (9)
Accrued wages (10) (20)
Accrued health insurance costs, net 1 (1)
Accrued workers' compensation costs, net (1) (14)
Payroll taxes liabilities and other payroll withholdings (14) (8)
Operating lease liabilities (7) (7)
Net cash provided by operating activities 170 130
Investing activities    
Purchases of marketable securities (41) (137)
Proceeds from sale and maturity of marketable securities 67 125
Acquisitions of property and equipment and software (34) (35)
Proceeds from sale of business 1 0
Net cash used in investing activities (7) (47)
Financing activities    
Change in WSE and TriNet Trust related assets and liabilities, net (310) (377)
Repurchase of common stock (91) (135)
Proceeds from issuance of common stock 7 7
Awards effectively repurchased for required employee withholding taxes (8) (12)
Repayment of revolving credit agreement borrowings 0 (25)
Dividends paid (26) (13)
Net cash used in financing activities (428) (555)
Net change in cash and cash equivalents, unrestricted and restricted (265) (472)
Cash and cash equivalents, unrestricted and restricted:    
Beginning of period 1,691 1,466
End of period 1,426 994
Supplemental disclosures of cash flow information    
Interest paid 27 30
Income taxes paid, net 26 62
Supplemental schedule of noncash investing and financing activities    
Cash dividend declared, but not yet paid 13 12
Payable for purchase of property and equipment 3 2
Receivable from sale of business $ 6 $ 0
v3.25.2
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2025
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 PEO model and an HRIS services 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 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 PEO clients are responsible for the day-to-day job responsibilities of the WSEs.
Through our HRIS and ASO services models, we provide cloud-based HCM services to SMBs that allows them to manage hiring, onboarding, employee information, payroll processing, 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 employees.
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 and Basis of Consolidation
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. The unaudited condensed consolidated financial statements include the accounts of the Company and an entity consolidated under the variable interest model. Intercompany balances and transactions have been eliminated. 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 six months ended June 30, 2025 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, 2024. Certain prior year amounts have been reclassified to conform to current period presentation.
When entering into contractual arrangements with other entities, we assess whether we have a variable interest. If we determine that we have a variable interest, we then determine whether the arrangement is with a variable interest entity ("VIE"). If the arrangement is with a VIE, we assess whether we are the primary beneficiary of the VIE by identifying the most significant activities and determining who has the power over those activities and who has the obligation to absorb the majority of the losses or benefits of the VIE. We consolidate a VIE when we have the power to direct activities that most significantly affect the economic performance of the VIE and have the obligation to absorb the majority of their losses or benefits, making us the primary beneficiary.
Periodically, we assess whether any changes in our interest or relationship with the entity affect our determination of whether the entity is a VIE and, if so, whether we are the primary beneficiary.
In December 2023, we created a trust ("TriNet Trust") for the purpose of holding ASO clients' payroll funds for the remittance to ASO Users, tax authorities and other recipients. TriNet Trust's assets are restricted and can only be used for payments on behalf of ASO clients, repayments of any advances from TriNet, or payments to TriNet of interest income earned on the balances of TriNet Trust. In the event of any losses, creditors to the Trust have
recourse to TriNet Trust's property and not that of TriNet overall. The risks associated with the Trust are similar to those that currently exist for the Company such as banking losses in excess of FDIC insurance levels, interest rate and market conditions.
We determined that TriNet Trust meets the definition of a variable interest entity and as the primary beneficiary we have both the power to direct TriNet Trust’s activities that most significantly affect its performance and we have the right to receive benefits from TriNet Trust, in the form of interest income. As a result, TriNet Trust is consolidated into our financial statements. During the first quarter of 2024, TriNet Trust assumed ownership and responsibility of certain bank accounts that hold HRIS client funds and assumed related liabilities.
The following table presents the assets and liabilities of TriNet Trust which are included in our consolidated balance sheet. These amounts on any particular date can vary due to timing of cash receipts and remittances.
June 30, 2025
(in millions)TriNet Trust
ASSETS
Current assets:
Cash and cash equivalents$2 
Restricted cash, cash equivalents and investments78 
Total current assets80 
Total assets$80 
LIABILITIES
Current liabilities:
Accounts payable and other current liabilities$1 
Accrued wages16 
Payroll tax liabilities and other payroll withholdings63 
Total current liabilities80 
Total liabilities$80 
Reclassifications
Income Statement
Certain prior year amounts on the Condensed Consolidated Statement of Income have been reclassified to conform to current period presentation. Specifically, interest income previously included in the former Other income (expense) category is now classified as a component of Total revenue. Similarly, Interest expense, bank fees and other has been reclassified as part of total expenses. These reclassifications eliminate the profitability measure of Operating Income on our Condensed Consolidated Statement of Income, which is not a key measure of profitability used by management.
Statement of Cash Flows
Certain prior year amounts on the Condensed Consolidated Statement of Cash Flows have also been reclassified to conform to current period presentation, with no impact on the Condensed Consolidated Statements of Income and Comprehensive Income, Condensed Consolidated Statement of Balance Sheets and Condensed Consolidated Statements of Stockholders' Equity. In particular, changes in WSE related assets and liabilities were previously reported within operating activities and are now reclassified into financing activities to better reflect operating activities excluding the impact of client cash flows.
 Six Months Ended June 30, 2024
(in millions)As previously reportedReclassified
amounts		As revised
Operating activities
Changes in operating assets and liabilities:
Accounts receivable, net3 (7)(4)
Payroll funds receivable(38)38 — 
Prepaid expenses, net(9)(9)(18)
Other assets(33)(2)(35)
Other payroll assets(419)421 2 
Accounts payable and other liabilities(11)3 (8)
Client deposits and other client liabilities5 (14)(9)
Accrued wages43 (63)(20)
Accrued health insurance costs, net7 (8)(1)
Accrued workers' compensation costs, net(21)7 (14)
Payroll taxes payable and other payroll withholdings(17)9 (8)
Net cash used in operating activities(490)375 (115)
Investing activities
Purchases of marketable securities(139)2 (137)
Net cash used in investing activities(139)2 (137)
Financing activities
Change in WSE and TriNet Trust related assets and liabilities, net— (377)(377)
Net cash used in financing activities— (377)(377)
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.
Accrued Health Insurance Costs
We sponsor and administer a number of employee benefit plans for our PEO WSEs, including group medical, dental, and vision as an employer plan sponsor under section 3(5) of the ERISA. In the six months ended June 30, 2025, the majority of our group health insurance costs were 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 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.
In certain carrier contracts we are required to prepay our obligations for the expected claims activity for subsequent periods. These prepaid balances by agreement permit net settlement of obligations and offset the accrued health insurance costs. As of June 30, 2025 and December 31, 2024, prepayments and miscellaneous receivables offsetting accrued health insurance costs were $121 million and $60 million, respectively. When the prepaid amount is in excess of our recorded liability, the net asset position is included in prepaid expenses. As of June 30, 2025 and December 31, 2024, accrued health insurance costs offsetting prepaid expenses were $25 million and $90 million, respectively.
Revenue Recognition
Interest Income
We recognize interest income on cash and investments as revenue because the collection and processing of funds held for the benefit of our clients are critical components of providing these services. Interest income is recognized when earned. Our portion of any interest income received from tax jurisdictions related to tax refunds is recognized when the timing and amounts of the interest are determinable.
Other Payroll Assets and Payroll Tax Liabilities and Other Payroll Withholdings
Included in other payroll assets are expected payroll tax refunds for which we have filed payroll tax returns claiming the refund with the IRS. Included in these receivables are ERTC and other credits that we have filed returns for on behalf of our clients. When we file a claim for a refund that will be passed on to our clients, we recognize a corresponding liability that is recognized in payroll tax liabilities and other payroll withholdings. We also have receivables from the IRS for ERTC claims where we have distributed portions of the receivables to our clients. As of June 30, 2025 and December 31, 2024, total ERTC receivables are $572 million and $831 million, respectively. Of this amount $39 million and $72 million have been distributed to our clients as of June 30, 2025 and December 31, 2024, respectively.
Leases
As of June 30, 2025, the establishment of our new corporate center in Atlanta and executing lease space has added $40 million to our future minimum lease payments and $19 million to our operating lease ROU asset and liability.
Recent Accounting Pronouncements
Recently issued accounting guidance
Disaggregation of Income Statement Expenses
In December 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03, Disaggregation of Income Statement Expenses, is to enhance the transparency and decision-usefulness of financial reporting by requiring public business entities to provide more detailed disclosures about the components of certain expense captions in their income statements. The ASU is effective for TriNet on a prospective basis for annual periods beginning after December 15, 2026. The Company is currently evaluating the provisions of this ASU.
Income Taxes
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosure requirements. The ASU mandates additional details in the income tax rate reconciliation, including quantitative thresholds for reconciling items, and requires disaggregation of income taxes paid by federal, state, and foreign jurisdictions, with further breakdowns for significant individual jurisdictions. The ASU is effective for TriNet on a prospective basis for annual periods beginning after December 15, 2024. The Company is currently evaluating the provisions of this ASU.
v3.25.2
CASH, CASH EQUIVALENTS AND INVESTMENTS - UNRESTRICTED AND RESTRICTED
 6 Months Ended
Jun. 30, 2025
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 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 HRIS 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 withholdings. 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 these 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.
Our total cash, cash equivalents and investments are summarized below:
June 30, 2025December 31, 2024
(in millions)Cash and cash equivalentsAvailable-for-sale marketable securitiesTotalCash and cash equivalentsAvailable-for-sale marketable securitiesTotal
Cash and cash equivalents$407 $— $407 $360 $— $360 
Restricted cash, cash equivalents and investments:
Payroll funds collected827 — 827 1,131 1,131 
Collateral for health benefits claims34 113 147 34 110 144 
Collateral for workers' compensation claims48 — 48 49 — 49 
Trust for our HRIS Users78 — 78 87 — 87 
Other security deposits1 — 1 2 — 2 
Total restricted cash, cash equivalents and investments988 113 1,101 1,303 110 1,413 
Restricted cash, cash equivalents and investments, noncurrent
Collateral for workers' compensation claims31 93 124 28 117 145 
Total$1,426 $206 $1,632 $1,691 $227 $1,918 
v3.25.2
INVESTMENTS
 6 Months Ended
Jun. 30, 2025
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 June 30, 2025 and December 31, 2024 and the amortized cost, gross unrealized gains, gross unrealized losses, fair value of our AFS investments:
(in millions)Fair Value LevelAmortized CostGross Unrealized GainsGross Unrealized LossesFair ValueCash and Cash EquivalentsInvestmentsRestricted Cash, Cash Equivalents and Investments
June 30, 2025
Cash equivalents:
Money market mutual fundsLevel 1$164 $— $— $164 $31 $— $133 
U.S. treasuriesLevel 27 — — 7 — — 7 
Total cash equivalents171 — — 17131 — 140 
AFS Investments:
Corporate bondsLevel 234 — — 34 — — 34 
Agency securitiesLevel 213 — — 13 — — 13 
U.S. treasuriesLevel 2158 1 — 159 — — 159 
Total AFS Investments$205 $1 $— $206 $— $— $206 
(in millions)Fair Value LevelAmortized CostGross Unrealized GainsGross Unrealized LossesFair ValueCash and Cash EquivalentsInvestmentsRestricted Cash, Cash Equivalents and Investments
December 31, 2024
Cash equivalents:
Money market mutual fundsLevel 1$570 $— $— $570 $257 $— $313 
U.S. treasuriesLevel 21 — — 1— — 1 
Total cash equivalents571 — — 571257 — 314 
AFS Investments:
Corporate bondsLevel 235 — 35 — 35 
Agency securitiesLevel 218 — (1)17 — 17 
U.S. treasuriesLevel 2176 (2)174 — 174 
Certificate of depositLevel 21 — — 1 — — 1 
Total AFS Investments$230 $— $(3)$227 $— $— $227 
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 June 30, 2025 and December 31, 2024. There were no transfers between levels as of June 30, 2025 and December 31, 2024.
Sales and Maturities
The fair value of debt investments by contractual maturity are shown below:
(in millions)June 30, 2025
One year or less$14 
Over one year through five years185 
Over five years through ten years5 
Over ten years2 
Total fair value$206 
The gross proceeds from sales and maturities of AFS securities and gross realized losses for the three and six months ended June 30, 2025 and 2024 are presented below. We had immaterial gross realized gains from sales of investments for the three and six months ended June 30, 2025 and 2024.
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2025202420252024
Gross proceeds from sales$31 $22 $62 $61 
Gross proceeds from maturities1 37 4 64 
Fair Value of Long-Term Debt
As of June 30, 2025, our 2029 Notes and 2031 Notes were carried at their cost, net of issuance costs, and had a fair value of $470 million and $417 million, respectively. As of December 31, 2024, our 2029 Notes and 2031 Notes were carried at their cost, net of issuance costs, and had a fair value of $453 million and $408 million, respectively. 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.
Our 2021 Revolver is a floating rate debt. At June 30, 2025 and December 31, 2024, 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. The entire outstanding balance of $90 million under our 2021 Revolver was paid off in July 2025.
v3.25.2
ACCRUED WORKERS' COMPENSATION COSTS
 6 Months Ended
Jun. 30, 2025
Insurance [Abstract]  
ACCRUED WORKERS' COMPENSATION COSTS ACCRUED WORKERS' COMPENSATION COSTS
The following table summarizes the accrued workers’ compensation cost activity for the three and six months ended June 30, 2025 and 2024:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2025202420252024
Total accrued costs, beginning of period$160 $175 $158 $175 
Incurred
Current year16 14 30 30 
Prior years(7)(26)(7)(30)
Total incurred9 (12)23 — 
Paid
Current year(2)(1)(2)(2)
Prior years(9)(8)(21)(19)
Total paid(11)(9)(23)(21)
Total accrued costs, end of period$158 $154 $158 $154 
The following summarizes workers' compensation liabilities on the condensed consolidated balance sheets:
(in millions)June 30, 2025December 31, 2024
Total accrued costs, end of period$158 $158 
Collateral paid to carriers and offset against accrued costs(3)(4)
Total accrued costs, net of carrier collateral offset$155 $154 
Payable in less than 1 year
(net of collateral paid to carriers of $1 at June 30, 2025 and December 31, 2024)
$46 $44 
Payable in more than 1 year
(net of collateral paid to carriers of $2 and $3 at June 30, 2025 and December 31, 2024, respectively)
109 110 
Total accrued costs, net of carrier collateral offset$155 $154 
Incurred claims related to prior years represent changes in estimates for ultimate losses on workers' compensation claims. For the three and six months ended June 30, 2025, the favorable development is due to lower than expected reported claim frequency and severity for the more recent years.
As of June 30, 2025 and December 31, 2024, we had $25 million and $26 million of collateral held by insurance carriers, respectively, of which $3 million and $4 million, respectively, was offset against accrued workers' compensation costs as the agreements permit and are net settled of insurance obligations against collateral held.
v3.25.2
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Contingencies
We are and, from time to time, have been and may in the future become involved in various litigation matters, legal proceedings, regulatory investigations 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 condensed 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 condensed 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 condensed consolidated financial position, results of operations, or cash flows.
v3.25.2
STOCK BASED COMPENSATION
 6 Months Ended
Jun. 30, 2025
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 under performance-based RSUs may range from 0% to 200% of the target award. Performance-based awards granted in 2025 and 2024 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 fair value of our RSUs is equal to the fair value of our common stock on the grant date.
The following tables summarize RSU activity for the six months ended June 30, 2025:
Time-based RSUs
Total Number
of Shares
Weighted-Average
Grant Date
Fair Value
Nonvested at December 31, 20241,100,001 $97.21 
Granted728,093 76.92 
Vested(303,704)91.46 
Forfeited(133,128)73.03 
Nonvested at June 30, 2025
1,391,262 $88.91 
Performance-based RSUs
Total Number of Shares
Weighted-Average
Grant Date
Fair Value
Nonvested at December 31, 2024179,907 $106.50 
Granted74,840 76.69 
Forfeited(22,728)124.31 
Nonvested at June 30, 2025
232,019 $83.37 
Stock Options
Stock options are granted to eligible employees at exercise prices equal to the fair market value of our common stock on the dates of grant. Stock options generally have a maximum contractual term of 10 years. Stock options vest after 3 years, and are generally forfeited if the employee terminates service prior to vesting.
The following table summarizes stock option activity for the six months ended June 30, 2025:
Number
of Shares		Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic
Value
(in millions)
Balance at December 31, 2024— $— — $— 
Granted270,144 76.69 9.73— 
Balance at June 30, 2025
270,144 $76.69 9.73$— 
We estimated the fair value of stock options using the Black-Scholes option-pricing model. Because we do not have significant exercise history in granting stock options, we estimate the expected term using the simplified method. We estimate expected volatility using the daily historical trading data of our common shares. The table below summarizes the assumptions used.
The fair value of stock options is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
Stock Option Assumptions
Expected Term (in Years)Expected VolatilityRisk-Free Interest RateExpected Dividend Yield
June 30, 2025
6.542.3 %4.09 %1.43 %

Additional Disclosures for Stock Options (in millions)June 30, 2025
Weighted-average grant date fair value of stock options$31.65 
Total fair value of options granted $9 
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 June 30,Six Months Ended June 30,
(in millions)2025202420252024
Cost of providing services$4 $4 $8 $8 
Sales and marketing3 3 5 6 
General and administrative9 9 15 21 
Systems development and programming costs2 2 3 3 
Total stock based compensation expense$18 $18 $31 $38 
Total stock based compensation capitalized$1 $1 $1 $2 
The table below summarizes unrecognized compensation expense as of June 30, 2025 associated with the following:
Amount
(in millions)		Weighted-Average Period (in Years)
Nonvested stock options$8 2.72
Nonvested time based RSUs116 2.74
Nonvested performance based RSUs14 2.05
v3.25.2
STOCKHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2025
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 six months ended June 30, 2025 and 2024:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Shares issued and outstanding, beginning balance48,397,519 50,573,176 49,527,506 50,664,471 
Issuance of common stock from vested restricted stock units
176,461 169,870 303,704 329,988 
Issuance of common stock from exercise of stock options
— — — 5,708 
Issuance of common stock for employee stock purchase plan
89,884 75,944 89,884 75,944 
Repurchase of common stock
(19,741)(1,056,446)(1,230,144)(1,254,318)
Awards effectively repurchased for required employee withholding taxes
(55,909)(52,149)(102,736)(111,398)
Shares issued and outstanding, ending balance
48,588,214 49,710,395 48,588,214 49,710,395 
Stock Repurchases
As of June 30, 2025, there was $160 million remaining in the total authorization of $2,715 million of our ongoing stock repurchase program.
Dividends
We paid common stock dividends of $0.25 per share in January 2025 and $0.275 per share in April 2025. We also declared common stock dividends of $0.275 per share to be paid in the third quarter of 2025.
v3.25.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Our ETR was 28% and 25% for the second quarters of 2025 and 2024, and 26% for the first half of 2025 and 2024, respectively. The increase in the rate for the second quarter of 2025 compared to the same period in 2024 was primarily attributable to adjustments to prior year tax expense and a decrease in tax benefits for stock-based compensation, offset by a decrease in the state tax rate.

We have capital loss carryforwards of $3 million as of December 31, 2024. As a result of the sale of our wholly owned subsidiary Clarus, we generated approximately $9 million of capital loss carryforwards totaling $12 million which will begin to expire in 2027. We have recorded an increase in the valuation allowance of $9 million to reflect the estimated amount of deferred tax assets that may not be realized related to these capital loss carryforwards.
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 2019 and subsequent years.
v3.25.2
EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2025
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
June 30,		Six Months Ended
June 30,
(in millions, except per share data)2025202420252024
Net income$37 $60 $122 $152 
Weighted average shares of common stock outstanding48 50 49 50 
Basic EPS$0.77 $1.21 $2.49 $3.01 
Net income$37 $60 $122 $152 
Weighted average shares of common stock outstanding49 50 49 50 
Dilutive effect of stock options and restricted stock units— 1 — 1 
Weighted average shares of common stock outstanding49 51 49 51 
Diluted EPS$0.77 $1.20 $2.48 $2.98 
Common stock equivalents excluded from income per diluted share because of their anti-dilutive effect
1 1 2 1 
v3.25.2
RESTRUCTURING
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
RESTRUCTURING RESTRUCTURING
During the fourth quarter of 2024, we completed a detailed review of our strategy and made several decisions that will narrow and intensify our focus on our U.S. PEO business. This will include winding down the software-only HRIS product as well as other immaterial products not directly related to our U.S. PEO business. In place of our software-only HRIS product, we will focus our ASO services to include both the software component, but also a significant service component similar to the types of services we provide to PEO clients.
In conjunction with this adjustment to our product offerings, we have implemented changes to our operating expense structure, including our staffing and office footprint.
As part of the restructuring initiatives, the Company incurred $2 million and $3 million of restructuring costs for the three and six months ended June 30, 2025. These expenses are classified in G&A in our Condensed consolidated statement of income and comprehensive income.
Severance costs include payments to colleagues, estimated reimbursements for COBRA payments and outplacement services. The following table is a summary of accrued severance and exit and disposal costs included within accounts payable and other current liabilities and accrued wages:
(in millions)Accounts payable and other current liabilitiesAccrued wages
Balance at December 31, 2024$1 14
(+) Additions— 1 
(-) Payments— (6)
Balance at June 30, 2025
$1 $9 
We expect to make payments for these liabilities during 2025. We expect the restructuring efforts to continue through 2026 and may recognize additional expenses as they are incurred.
v3.25.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
We operate in one reportable segment. Our chief operating decision maker for segment reporting purposes is our CEO, who uses the profitability and significant expense detail to allocate resources and assess performance based on key functions such as customer acquisition, customer service, and indirect costs.
The primary measure of profit or loss that the CEO uses is net income. The significant expenses used in these profit or loss reports align with the primary functions of the corresponding teams, with the exception of non-cash expenses such as depreciation, amortization and stock-based compensation as these expenses are not necessarily indicative of our ongoing operations. In this expense reporting methodology, overhead-type expenses, such as facilities and technology support for colleagues, are classified consistent with the primary function of the corresponding teams and not allocated to other significant expenses.
The table below provides the primary measure of profitability and detail regarding the significant expenses reviewed by our CEO.
 Six Months Ended June 30,
(in millions)20252024
Professional service revenues
$381 $400 
Insurance service revenues
2,113 2,090 
Interest income36 35 
Total revenues
2,530 2,525 
Workers' compensation costs39 17 
Health insurance costs1,850 1,806 
Sales & marketing119 127 
Client support costs86 95 
Corporate administration73 75 
System support & development100 93 
Depreciation and amortization of intangible assets
34 37 
Stock based compensation31 38 
Other (1)
3 — 
Interest expense, bank fees and other29 32 
Income Taxes44 53 
Net Income122 152 
(1) Other includes certain costs that are considered non-recurring such as restructuring costs.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net income $ 37 $ 60 $ 122 $ 152
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
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
Sidney Majalya [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On May 23, 2025, Sidney Majalya, our Chief Legal Officer, adopted a new written trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (the “Majalya Plan”). The first possible trade date under the Majalya Plan is August 25, 2025, and the end date of the Majalya Plan is May 20, 2027 (subject to customary exceptions), for a duration of approximately two years. The aggregate number of shares currently expected to be sold pursuant to the Majalya Plan is 6,200.
Name Sidney Majalya
Title Chief Legal Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date May 23, 2025
Expiration Date May 20, 2027
Arrangement Duration 727 days
Aggregate Available 6,200
Anthony Shea Treadway [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On May 2, 2025, Anthony Shea Treadway, 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 “Treadway Plan”). The
first possible trade date under the Treadway Plan is August 19, 2025, and the end date of the Treadway Plan is May 19, 2026 (subject to customary exceptions), for a duration of approximately one year. The Treadway Plan calls for the sale of an amount of shares that Mr. Treadway 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 Treadway 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 Treadway Plan, among other factors. For purposes of this disclosure, without taking into account (i) any future equity awards account under the company’s equity-based incentive plans (ii) any new shares purchased under the company’s employee stock purchase plan or (iii) subtracting any shares to be withheld upon future vesting events, the aggregate number of shares currently expected to be sold pursuant to the Treadway Plan is 12,411.
Name Anthony Shea Treadway
Title Chief Revenue Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date May 2, 2025
Expiration Date May 19, 2026
Arrangement Duration 382 days
Aggregate Available 12,411
v3.25.2
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Segment Information 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 and Basis of Consolidation
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. The unaudited condensed consolidated financial statements include the accounts of the Company and an entity consolidated under the variable interest model. Intercompany balances and transactions have been eliminated. 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 six months ended June 30, 2025 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, 2024. Certain prior year amounts have been reclassified to conform to current period presentation.
When entering into contractual arrangements with other entities, we assess whether we have a variable interest. If we determine that we have a variable interest, we then determine whether the arrangement is with a variable interest entity ("VIE"). If the arrangement is with a VIE, we assess whether we are the primary beneficiary of the VIE by identifying the most significant activities and determining who has the power over those activities and who has the obligation to absorb the majority of the losses or benefits of the VIE. We consolidate a VIE when we have the power to direct activities that most significantly affect the economic performance of the VIE and have the obligation to absorb the majority of their losses or benefits, making us the primary beneficiary.
Periodically, we assess whether any changes in our interest or relationship with the entity affect our determination of whether the entity is a VIE and, if so, whether we are the primary beneficiary.
In December 2023, we created a trust ("TriNet Trust") for the purpose of holding ASO clients' payroll funds for the remittance to ASO Users, tax authorities and other recipients. TriNet Trust's assets are restricted and can only be used for payments on behalf of ASO clients, repayments of any advances from TriNet, or payments to TriNet of interest income earned on the balances of TriNet Trust. In the event of any losses, creditors to the Trust have
recourse to TriNet Trust's property and not that of TriNet overall. The risks associated with the Trust are similar to those that currently exist for the Company such as banking losses in excess of FDIC insurance levels, interest rate and market conditions.
We determined that TriNet Trust meets the definition of a variable interest entity and as the primary beneficiary we have both the power to direct TriNet Trust’s activities that most significantly affect its performance and we have the right to receive benefits from TriNet Trust, in the form of interest income. As a result, TriNet Trust is consolidated into our financial statements. During the first quarter of 2024, TriNet Trust assumed ownership and responsibility of certain bank accounts that hold HRIS client funds and assumed related liabilities.
Consolidation
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. The unaudited condensed consolidated financial statements include the accounts of the Company and an entity consolidated under the variable interest model. Intercompany balances and transactions have been eliminated. 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 six months ended June 30, 2025 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, 2024. Certain prior year amounts have been reclassified to conform to current period presentation.
When entering into contractual arrangements with other entities, we assess whether we have a variable interest. If we determine that we have a variable interest, we then determine whether the arrangement is with a variable interest entity ("VIE"). If the arrangement is with a VIE, we assess whether we are the primary beneficiary of the VIE by identifying the most significant activities and determining who has the power over those activities and who has the obligation to absorb the majority of the losses or benefits of the VIE. We consolidate a VIE when we have the power to direct activities that most significantly affect the economic performance of the VIE and have the obligation to absorb the majority of their losses or benefits, making us the primary beneficiary.
Periodically, we assess whether any changes in our interest or relationship with the entity affect our determination of whether the entity is a VIE and, if so, whether we are the primary beneficiary.
In December 2023, we created a trust ("TriNet Trust") for the purpose of holding ASO clients' payroll funds for the remittance to ASO Users, tax authorities and other recipients. TriNet Trust's assets are restricted and can only be used for payments on behalf of ASO clients, repayments of any advances from TriNet, or payments to TriNet of interest income earned on the balances of TriNet Trust. In the event of any losses, creditors to the Trust have
recourse to TriNet Trust's property and not that of TriNet overall. The risks associated with the Trust are similar to those that currently exist for the Company such as banking losses in excess of FDIC insurance levels, interest rate and market conditions.
We determined that TriNet Trust meets the definition of a variable interest entity and as the primary beneficiary we have both the power to direct TriNet Trust’s activities that most significantly affect its performance and we have the right to receive benefits from TriNet Trust, in the form of interest income. As a result, TriNet Trust is consolidated into our financial statements. During the first quarter of 2024, TriNet Trust assumed ownership and responsibility of certain bank accounts that hold HRIS client funds and assumed related liabilities.
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.
Accrued Health Insurance Costs In the six months ended June 30, 2025, the majority of our group health insurance costs were 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 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.
In certain carrier contracts we are required to prepay our obligations for the expected claims activity for subsequent periods. These prepaid balances by agreement permit net settlement of obligations and offset the accrued health insurance costs.
Revenue Recognition
Interest Income
We recognize interest income on cash and investments as revenue because the collection and processing of funds held for the benefit of our clients are critical components of providing these services. Interest income is recognized when earned. Our portion of any interest income received from tax jurisdictions related to tax refunds is recognized when the timing and amounts of the interest are determinable.
Recently Issued Accounting Pronouncements
Recently issued accounting guidance
Disaggregation of Income Statement Expenses
In December 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03, Disaggregation of Income Statement Expenses, is to enhance the transparency and decision-usefulness of financial reporting by requiring public business entities to provide more detailed disclosures about the components of certain expense captions in their income statements. The ASU is effective for TriNet on a prospective basis for annual periods beginning after December 15, 2026. The Company is currently evaluating the provisions of this ASU.
Income Taxes
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosure requirements. The ASU mandates additional details in the income tax rate reconciliation, including quantitative thresholds for reconciling items, and requires disaggregation of income taxes paid by federal, state, and foreign jurisdictions, with further breakdowns for significant individual jurisdictions. The ASU is effective for TriNet on a prospective basis for annual periods beginning after December 15, 2024. The Company is currently evaluating the provisions of this ASU.
v3.25.2
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Assets and Liabilities in our Consolidated Balance Sheet
The following table presents the assets and liabilities of TriNet Trust which are included in our consolidated balance sheet. These amounts on any particular date can vary due to timing of cash receipts and remittances.
June 30, 2025
(in millions)TriNet Trust
ASSETS
Current assets:
Cash and cash equivalents$2 
Restricted cash, cash equivalents and investments78 
Total current assets80 
Total assets$80 
LIABILITIES
Current liabilities:
Accounts payable and other current liabilities$1 
Accrued wages16 
Payroll tax liabilities and other payroll withholdings63 
Total current liabilities80 
Total liabilities$80 
Schedule of Worksite Employee Changes In particular, changes in WSE related assets and liabilities were previously reported within operating activities and are now reclassified into financing activities to better reflect operating activities excluding the impact of client cash flows.
 Six Months Ended June 30, 2024
(in millions)As previously reportedReclassified
amounts		As revised
Operating activities
Changes in operating assets and liabilities:
Accounts receivable, net3 (7)(4)
Payroll funds receivable(38)38 — 
Prepaid expenses, net(9)(9)(18)
Other assets(33)(2)(35)
Other payroll assets(419)421 2 
Accounts payable and other liabilities(11)3 (8)
Client deposits and other client liabilities5 (14)(9)
Accrued wages43 (63)(20)
Accrued health insurance costs, net7 (8)(1)
Accrued workers' compensation costs, net(21)7 (14)
Payroll taxes payable and other payroll withholdings(17)9 (8)
Net cash used in operating activities(490)375 (115)
Investing activities
Purchases of marketable securities(139)2 (137)
Net cash used in investing activities(139)2 (137)
Financing activities
Change in WSE and TriNet Trust related assets and liabilities, net— (377)(377)
Net cash used in financing activities— (377)(377)
v3.25.2
CASH, CASH EQUIVALENTS AND INVESTMENTS - UNRESTRICTED AND RESTRICTED (Tables)
 6 Months Ended
Jun. 30, 2025
Cash and Cash Equivalents [Abstract]  
Schedule of Cash, Cash Equivalents and Investments
Our total cash, cash equivalents and investments are summarized below:
June 30, 2025December 31, 2024
(in millions)Cash and cash equivalentsAvailable-for-sale marketable securitiesTotalCash and cash equivalentsAvailable-for-sale marketable securitiesTotal
Cash and cash equivalents$407 $— $407 $360 $— $360 
Restricted cash, cash equivalents and investments:
Payroll funds collected827 — 827 1,131 1,131 
Collateral for health benefits claims34 113 147 34 110 144 
Collateral for workers' compensation claims48 — 48 49 — 49 
Trust for our HRIS Users78 — 78 87 — 87 
Other security deposits1 — 1 2 — 2 
Total restricted cash, cash equivalents and investments988 113 1,101 1,303 110 1,413 
Restricted cash, cash equivalents and investments, noncurrent
Collateral for workers' compensation claims31 93 124 28 117 145 
Total$1,426 $206 $1,632 $1,691 $227 $1,918 
v3.25.2
INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
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 June 30, 2025 and December 31, 2024 and the amortized cost, gross unrealized gains, gross unrealized losses, fair value of our AFS investments:
(in millions)Fair Value LevelAmortized CostGross Unrealized GainsGross Unrealized LossesFair ValueCash and Cash EquivalentsInvestmentsRestricted Cash, Cash Equivalents and Investments
June 30, 2025
Cash equivalents:
Money market mutual fundsLevel 1$164 $— $— $164 $31 $— $133 
U.S. treasuriesLevel 27 — — 7 — — 7 
Total cash equivalents171 — — 17131 — 140 
AFS Investments:
Corporate bondsLevel 234 — — 34 — — 34 
Agency securitiesLevel 213 — — 13 — — 13 
U.S. treasuriesLevel 2158 1 — 159 — — 159 
Total AFS Investments$205 $1 $— $206 $— $— $206 
(in millions)Fair Value LevelAmortized CostGross Unrealized GainsGross Unrealized LossesFair ValueCash and Cash EquivalentsInvestmentsRestricted Cash, Cash Equivalents and Investments
December 31, 2024
Cash equivalents:
Money market mutual fundsLevel 1$570 $— $— $570 $257 $— $313 
U.S. treasuriesLevel 21 — — 1— — 1 
Total cash equivalents571 — — 571257 — 314 
AFS Investments:
Corporate bondsLevel 235 — 35 — 35 
Agency securitiesLevel 218 — (1)17 — 17 
U.S. treasuriesLevel 2176 (2)174 — 174 
Certificate of depositLevel 21 — — 1 — — 1 
Total AFS Investments$230 $— $(3)$227 $— $— $227 
Schedule of Fair value of Debt Investments by Contractual Maturity
The fair value of debt investments by contractual maturity are shown below:
(in millions)June 30, 2025
One year or less$14 
Over one year through five years185 
Over five years through ten years5 
Over ten years2 
Total fair value$206 
Schedule of Available-for-Sale Securities
The gross proceeds from sales and maturities of AFS securities and gross realized losses for the three and six months ended June 30, 2025 and 2024 are presented below. We had immaterial gross realized gains from sales of investments for the three and six months ended June 30, 2025 and 2024.
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2025202420252024
Gross proceeds from sales$31 $22 $62 $61 
Gross proceeds from maturities1 37 4 64 
v3.25.2
ACCRUED WORKERS' COMPENSATION COSTS (Tables)
 6 Months Ended
Jun. 30, 2025
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 six months ended June 30, 2025 and 2024:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2025202420252024
Total accrued costs, beginning of period$160 $175 $158 $175 
Incurred
Current year16 14 30 30 
Prior years(7)(26)(7)(30)
Total incurred9 (12)23 — 
Paid
Current year(2)(1)(2)(2)
Prior years(9)(8)(21)(19)
Total paid(11)(9)(23)(21)
Total accrued costs, end of period$158 $154 $158 $154 
The following summarizes workers' compensation liabilities on the condensed consolidated balance sheets:
(in millions)June 30, 2025December 31, 2024
Total accrued costs, end of period$158 $158 
Collateral paid to carriers and offset against accrued costs(3)(4)
Total accrued costs, net of carrier collateral offset$155 $154 
Payable in less than 1 year
(net of collateral paid to carriers of $1 at June 30, 2025 and December 31, 2024)
$46 $44 
Payable in more than 1 year
(net of collateral paid to carriers of $2 and $3 at June 30, 2025 and December 31, 2024, respectively)
109 110 
Total accrued costs, net of carrier collateral offset$155 $154 
v3.25.2
STOCK BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of RSU Activity under Equity-Based Plans
The following tables summarize RSU activity for the six months ended June 30, 2025:
Time-based RSUs
Total Number
of Shares
Weighted-Average
Grant Date
Fair Value
Nonvested at December 31, 20241,100,001 $97.21 
Granted728,093 76.92 
Vested(303,704)91.46 
Forfeited(133,128)73.03 
Nonvested at June 30, 2025
1,391,262 $88.91 
Performance-based RSUs
Total Number of Shares
Weighted-Average
Grant Date
Fair Value
Nonvested at December 31, 2024179,907 $106.50 
Granted74,840 76.69 
Forfeited(22,728)124.31 
Nonvested at June 30, 2025
232,019 $83.37 
Schedule of Stock Option Activity
The following table summarizes stock option activity for the six months ended June 30, 2025:
Number
of Shares		Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic
Value
(in millions)
Balance at December 31, 2024— $— — $— 
Granted270,144 76.69 9.73— 
Balance at June 30, 2025
270,144 $76.69 9.73$— 
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options
The fair value of stock options is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
Stock Option Assumptions
Expected Term (in Years)Expected VolatilityRisk-Free Interest RateExpected Dividend Yield
June 30, 2025
6.542.3 %4.09 %1.43 %
Schedule of Share-Based Payment Arrangement, Activity
Additional Disclosures for Stock Options (in millions)June 30, 2025
Weighted-average grant date fair value of stock options$31.65 
Total fair value of options granted $9 
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 June 30,Six Months Ended June 30,
(in millions)2025202420252024
Cost of providing services$4 $4 $8 $8 
Sales and marketing3 3 5 6 
General and administrative9 9 15 21 
Systems development and programming costs2 2 3 3 
Total stock based compensation expense$18 $18 $31 $38 
Total stock based compensation capitalized$1 $1 $1 $2 
The table below summarizes unrecognized compensation expense as of June 30, 2025 associated with the following:
Amount
(in millions)		Weighted-Average Period (in Years)
Nonvested stock options$8 2.72
Nonvested time based RSUs116 2.74
Nonvested performance based RSUs14 2.05
v3.25.2
STOCKHOLDERS' EQUITY (Tables)
 6 Months Ended
Jun. 30, 2025
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 six months ended June 30, 2025 and 2024:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Shares issued and outstanding, beginning balance48,397,519 50,573,176 49,527,506 50,664,471 
Issuance of common stock from vested restricted stock units
176,461 169,870 303,704 329,988 
Issuance of common stock from exercise of stock options
— — — 5,708 
Issuance of common stock for employee stock purchase plan
89,884 75,944 89,884 75,944 
Repurchase of common stock
(19,741)(1,056,446)(1,230,144)(1,254,318)
Awards effectively repurchased for required employee withholding taxes
(55,909)(52,149)(102,736)(111,398)
Shares issued and outstanding, ending balance
48,588,214 49,710,395 48,588,214 49,710,395 
v3.25.2
EARNINGS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2025
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
June 30,		Six Months Ended
June 30,
(in millions, except per share data)2025202420252024
Net income$37 $60 $122 $152 
Weighted average shares of common stock outstanding48 50 49 50 
Basic EPS$0.77 $1.21 $2.49 $3.01 
Net income$37 $60 $122 $152 
Weighted average shares of common stock outstanding49 50 49 50 
Dilutive effect of stock options and restricted stock units— 1 — 1 
Weighted average shares of common stock outstanding49 51 49 51 
Diluted EPS$0.77 $1.20 $2.48 $2.98 
Common stock equivalents excluded from income per diluted share because of their anti-dilutive effect
1 1 2 1 
v3.25.2
RESTRUCTURING (Tables)
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Changes in Accrued Severance and Exit and Disposal Costs The following table is a summary of accrued severance and exit and disposal costs included within accounts payable and other current liabilities and accrued wages:
(in millions)Accounts payable and other current liabilitiesAccrued wages
Balance at December 31, 2024$1 14
(+) Additions— 1 
(-) Payments— (6)
Balance at June 30, 2025
$1 $9 
v3.25.2
SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
The table below provides the primary measure of profitability and detail regarding the significant expenses reviewed by our CEO.
 Six Months Ended June 30,
(in millions)20252024
Professional service revenues
$381 $400 
Insurance service revenues
2,113 2,090 
Interest income36 35 
Total revenues
2,530 2,525 
Workers' compensation costs39 17 
Health insurance costs1,850 1,806 
Sales & marketing119 127 
Client support costs86 95 
Corporate administration73 75 
System support & development100 93 
Depreciation and amortization of intangible assets
34 37 
Stock based compensation31 38 
Other (1)
3 — 
Interest expense, bank fees and other29 32 
Income Taxes44 53 
Net Income122 152 
(1) Other includes certain costs that are considered non-recurring such as restructuring costs.
v3.25.2
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Product Information [Line Items]    
Number of reportable segments | segment 1  
Prepayments offsetting accrued health insurance costs $ 121 $ 60
ERTC receivables 572 831
ERTC distributed 39 72
Operating lease right-of-use asset 39 24
Atlanta Corporate Center    
Product Information [Line Items]    
Future minimum lease payments 40  
Operating lease right-of-use asset 19  
Operating lease liabilities 19  
Health Care    
Product Information [Line Items]    
Prepayments offsetting accrued health insurance costs $ 25 $ 90
Non-US | Revenue | Foreign Sales    
Product Information [Line Items]    
Percent of concentration risk (less than) 1.00%  
v3.25.2
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Assets and Liabilities of the Trust (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 407 $ 360
Restricted cash, cash equivalents and investments 1,101 1,413
Total current assets 2,762 3,180
Total assets 3,688 4,119
Current liabilities:    
Accounts payable and other current liabilities 85 89
Accrued wages 562 580
Payroll tax liabilities and other payroll withholdings 1,484 1,906
Total current liabilities 2,508 2,981
Total liabilities 3,581 $ 4,050
TriNet Trust    
Current assets:    
Cash and cash equivalents 2  
Restricted cash, cash equivalents and investments 78  
Total current assets 80  
Total assets 80  
Current liabilities:    
Accounts payable and other current liabilities 1  
Accrued wages 16  
Payroll tax liabilities and other payroll withholdings 63  
Total current liabilities 80  
Total liabilities $ 80  
v3.25.2
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Worksite Employee Changes (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Condensed Cash Flow Statements    
Accounts receivable, net $ 1 $ (4)
Payroll funds receivable   0
Prepaid expenses, net 9 (18)
Other assets (18) (35)
Other payroll assets 0 2
Accounts payable and other liabilities (5) (8)
Client deposits and other client liabilities (1) (9)
Accrued wages (10) (20)
Accrued health insurance costs, net 1 (1)
Accrued workers' compensation costs, net (1) (14)
Payroll taxes liabilities and other payroll withholdings (14) (8)
Net cash used in operating activities   (115)
Purchases of marketable securities (41) (137)
Net cash used in investing activities   (137)
Change in WSE and TriNet Trust related assets and liabilities, net $ 310 377
Net cash used in financing activities   (377)
As previously reported    
Condensed Cash Flow Statements    
Accounts receivable, net   3
Payroll funds receivable   (38)
Prepaid expenses, net   (9)
Other assets   (33)
Other payroll assets   (419)
Accounts payable and other liabilities   (11)
Client deposits and other client liabilities   5
Accrued wages   43
Accrued health insurance costs, net   7
Accrued workers' compensation costs, net   (21)
Payroll taxes liabilities and other payroll withholdings   (17)
Net cash used in operating activities   (490)
Purchases of marketable securities   (139)
Net cash used in investing activities   (139)
Change in WSE and TriNet Trust related assets and liabilities, net   0
Net cash used in financing activities   0
Reclassified amounts    
Condensed Cash Flow Statements    
Accounts receivable, net   (7)
Payroll funds receivable   38
Prepaid expenses, net   (9)
Other assets   (2)
Other payroll assets   421
Accounts payable and other liabilities   3
Client deposits and other client liabilities   (14)
Accrued wages   (63)
Accrued health insurance costs, net   (8)
Accrued workers' compensation costs, net   7
Payroll taxes liabilities and other payroll withholdings   9
Net cash used in operating activities   375
Purchases of marketable securities   2
Net cash used in investing activities   2
Change in WSE and TriNet Trust related assets and liabilities, net   377
Net cash used in financing activities   $ (377)
v3.25.2
CASH, CASH EQUIVALENTS AND INVESTMENTS - UNRESTRICTED AND RESTRICTED (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Restricted Cash and Cash Equivalent Item [Line Items]    
Cash and cash equivalents $ 407 $ 360
Total restricted cash, cash equivalents and investments 1,101 1,413
Collateral for workers' compensation claims 124 145
Total 1,632 1,918
Payroll funds collected    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total restricted cash, cash equivalents and investments 827 1,131
Collateral for health benefits claims    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total restricted cash, cash equivalents and investments 147 144
Collateral for workers' compensation claims    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total restricted cash, cash equivalents and investments 48 49
Collateral for workers' compensation claims 124 145
Trust for our HRIS Users    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total restricted cash, cash equivalents and investments 78 87
Other security deposits    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total restricted cash, cash equivalents and investments 1 2
Cash and cash equivalents    
Restricted Cash and Cash Equivalent Item [Line Items]    
Cash and cash equivalents 407 360
Total restricted cash, cash equivalents and investments 988 1,303
Total 1,426 1,691
Cash and cash equivalents | Payroll funds collected    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total restricted cash, cash equivalents and investments 827 1,131
Cash and cash equivalents | Collateral for health benefits claims    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total restricted cash, cash equivalents and investments 34 34
Cash and cash equivalents | Collateral for workers' compensation claims    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total restricted cash, cash equivalents and investments 48 49
Collateral for workers' compensation claims 31 28
Cash and cash equivalents | Trust for our HRIS Users    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total restricted cash, cash equivalents and investments 78 87
Cash and cash equivalents | Other security deposits    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total restricted cash, cash equivalents and investments 1 2
Available-for-sale marketable securities    
Restricted Cash and Cash Equivalent Item [Line Items]    
Cash and cash equivalents 0 0
Total restricted cash, cash equivalents and investments 113 110
Total 206 227
Available-for-sale marketable securities | Payroll funds collected    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total restricted cash, cash equivalents and investments 0
Available-for-sale marketable securities | Collateral for health benefits claims    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total restricted cash, cash equivalents and investments 113 110
Available-for-sale marketable securities | Collateral for workers' compensation claims    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total restricted cash, cash equivalents and investments 0 0
Collateral for workers' compensation claims 93 117
Available-for-sale marketable securities | Trust for our HRIS Users    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total restricted cash, cash equivalents and investments 0 0
Available-for-sale marketable securities | Other security deposits    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total restricted cash, cash equivalents and investments $ 0 $ 0
v3.25.2
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
Jun. 30, 2025
Dec. 31, 2024
Debt Securities    
Cash equivalents: $ 171 $ 571
Amortized Cost 205 230
Gross Unrealized Gains 1 0
Gross Unrealized Losses 0 (3)
Fair Value 206 227
Cash and Cash Equivalents    
Debt Securities    
Cash equivalents: 31 257
Fair Value 0 0
Investments    
Debt Securities    
Cash equivalents: 0 0
Fair Value 0 0
Restricted Cash, Cash Equivalents and Investments    
Debt Securities    
Cash equivalents: 140 314
Fair Value 206 227
Corporate bonds | Level 2    
Debt Securities    
Amortized Cost 34 35
Gross Unrealized Gains 0
Gross Unrealized Losses 0 0
Fair Value 34 35
Corporate bonds | Level 2 | Cash and Cash Equivalents    
Debt Securities    
Fair Value 0 0
Corporate bonds | Level 2 | Investments    
Debt Securities    
Fair Value 0
Corporate bonds | Level 2 | Restricted Cash, Cash Equivalents and Investments    
Debt Securities    
Fair Value 34 35
Agency securities | Level 2    
Debt Securities    
Amortized Cost 13 18
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 (1)
Fair Value 13 17
Agency securities | Level 2 | Cash and Cash Equivalents    
Debt Securities    
Fair Value 0 0
Agency securities | Level 2 | Investments    
Debt Securities    
Fair Value 0
Agency securities | Level 2 | Restricted Cash, Cash Equivalents and Investments    
Debt Securities    
Fair Value 13 17
U.S. treasuries | Level 2    
Debt Securities    
Amortized Cost 158 176
Gross Unrealized Gains 1
Gross Unrealized Losses 0 (2)
Fair Value 159 174
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 0
U.S. treasuries | Level 2 | Restricted Cash, Cash Equivalents and Investments    
Debt Securities    
Fair Value 159 174
Certificate of deposit | Level 2    
Debt Securities    
Amortized Cost   1
Gross Unrealized Gains   0
Gross Unrealized Losses   0
Fair Value   1
Certificate of deposit | Level 2 | Cash and Cash Equivalents    
Debt Securities    
Fair Value   0
Certificate of deposit | Level 2 | Investments    
Debt Securities    
Fair Value   0
Certificate of deposit | Level 2 | Restricted Cash, Cash Equivalents and Investments    
Debt Securities    
Fair Value   1
Money market mutual funds | Level 1    
Debt Securities    
Cash equivalents: 164 570
Money market mutual funds | Level 1 | Cash and Cash Equivalents    
Debt Securities    
Cash equivalents: 31 257
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: 133 313
U.S. treasuries | Level 2    
Debt Securities    
Cash equivalents: 7 1
U.S. treasuries | Level 2 | Cash and Cash Equivalents    
Debt Securities    
Cash equivalents: 0 0
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: $ 7 $ 1
v3.25.2
INVESTMENTS - Schedule of Fair value of Debt Investments by Contractual Maturity (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Investments, Debt and Equity Securities [Abstract]  
One year or less $ 14
Over one year through five years 185
Over five years through ten years 5
Over ten years 2
Total fair value $ 206
v3.25.2
INVESTMENTS - Schedule of Available-for-Sale Securities (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]        
AFS securities, gross realized gain (loss) $ 0 $ 0 $ 0 $ 0
Gross proceeds from sales 31 22 62 61
Gross proceeds from maturities $ 1 $ 37 $ 4 $ 64
v3.25.2
INVESTMENTS - Additional Information (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
2029 Notes    
Debt Securities, Available-for-sale [Line Items]    
Fair value of notes payable $ 470 $ 453
2031 Notes    
Debt Securities, Available-for-sale [Line Items]    
Fair value of notes payable 417 $ 408
2021 Revolver | Line of credit    
Debt Securities, Available-for-sale [Line Items]    
Debt instrument, face amount $ 90  
v3.25.2
ACCRUED WORKERS' COMPENSATION COSTS - Schedule of Workers' Compensation Loss Reserve Activity (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]        
Total accrued costs, beginning of period $ 160 $ 175 $ 158 $ 175
Incurred        
Current year 16 14 30 30
Prior years (7) (26) (7) (30)
Total incurred 9 (12) 23 0
Paid        
Current year (2) (1) (2) (2)
Prior years (9) (8) (21) (19)
Total paid (11) (9) (23) (21)
Total accrued costs, end of period $ 158 $ 154 $ 158 $ 154
v3.25.2
ACCRUED WORKERS' COMPENSATION COSTS - Schedule of Workers' Compensation Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Insurance [Abstract]            
Total accrued costs, end of period $ 158 $ 160 $ 158 $ 154 $ 175 $ 175
Collateral paid to carriers and offset against accrued costs (3)   (4)      
Total accrued costs, net of carrier collateral offset 155   154      
Payable in less than 1 year (net of collateral paid to carriers) 46   44      
Payable in more than 1 year (net of collateral paid to carriers) 109   110      
Total accrued costs, net of carrier collateral offset 155   154      
Collateral paid, current 1   1      
Collateral paid, noncurrent $ 2   $ 3      
v3.25.2
ACCRUED WORKERS' COMPENSATION COSTS - Additional Information (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Insurance [Abstract]    
Collateral held by insurance carriers $ 25 $ 26
Collateral paid to carriers and offset against loss reserves $ 3 $ 4
v3.25.2
STOCK BASED COMPENSATION - Additional Information (Details)
 6 Months Ended
Jun. 30, 2025
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 0.00%
Time-Based Restricted Stock Units | Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Percent of share value 200.00%
Performance-based RSUs and RSAs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Performance period for 2025 and 2024 awards 1 year
Performance-Based Restricted Stock Units | 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 50.00%
Employee Stock Option  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period 3 years
Employee Stock Option | Maximum | Common Class A  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Share-based payment award, expiration period 10 years
v3.25.2
STOCK BASED COMPENSATION - Schedule of RSU and RSA Activity under Equity-Based Plans (Details)
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Time-Based Restricted Stock Units  
Total Number of Shares  
Balance (in shares) | shares 1,100,001
Granted (in shares) | shares 728,093
Vested (in shares) | shares (303,704)
Forfeited (in shares) | shares (133,128)
Balance (in shares) | shares 1,391,262
Weighted-Average Grant Date Fair Value  
Balance (in dollars per share) | $ / shares $ 97.21
Granted (in dollars per share) | $ / shares 76.92
Vested (in dollars per share) | $ / shares 91.46
Forfeited (in dollars per share) | $ / shares 73.03
Balance (in dollars per share) | $ / shares $ 88.91
Performance-Based Restricted Stock Units  
Total Number of Shares  
Balance (in shares) | shares 179,907
Granted (in shares) | shares 74,840
Forfeited (in shares) | shares (22,728)
Balance (in shares) | shares 232,019
Weighted-Average Grant Date Fair Value  
Balance (in dollars per share) | $ / shares $ 106.50
Granted (in dollars per share) | $ / shares 76.69
Forfeited (in dollars per share) | $ / shares 124.31
Balance (in dollars per share) | $ / shares $ 83.37
v3.25.2
STOCK BASED COMPENSATION - Schedule of stock option activity (Details)
$ / shares in Units, $ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
$ / shares
shares
Number of Shares  
Beginning balance (in shares) | shares 0
Granted (in shares) | shares 270,144
Ending balance (in shares) | shares 270,144
Weighted Average Exercise Price  
Beginning balance (in dollars per share) | $ / shares $ 0
Granted (in dollars per share) | $ / shares 76.69
Ending balance (in dollars per share) | $ / shares $ 76.69
Weighted Average Remaining Contractual Term (in years)  
Granted, Weighted Average Remaining Contractual Term (in years) 9 years 8 months 23 days
Weighted Average Remaining Contractual Term (in years) 9 years 8 months 23 days
Aggregate Intrinsic Value  
Beginning balance, Aggregate Intrinsic Value | $ $ 0
Granted, Aggregate Intrinsic Value | $ 0
Ending balance, Aggregate Intrinsic Value | $ $ 0
v3.25.2
STOCK BASED COMPENSATION - Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options (Details)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Expected Term (in Years) 6 years 6 months
Expected Volatility 42.30%
Risk-Free Interest Rate 4.09%
Expected Dividend Yield 1.43%
v3.25.2
STOCK BASED COMPENSATION - Schedule of Share-Based Payment Arrangement, Activity (Details)
$ / shares in Units, $ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
$ / shares
Share-Based Payment Arrangement [Abstract]  
Weighted-average grant date fair value of stock options (in dollars per share) | $ / shares $ 31.65
Total fair value of options granted | $ $ 9
v3.25.2
STOCK BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock based compensation expense $ 18 $ 18 $ 31 $ 38
Total stock based compensation capitalized 1 1 1 2
Cost of providing services        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock based compensation expense 4 4 8 8
Sales and marketing        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock based compensation expense 3 3 5 6
General and administrative        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock based compensation expense 9 9 15 21
Systems development and programming costs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock based compensation expense $ 2 $ 2 $ 3 $ 3
v3.25.2
STOCK BASED COMPENSATION - Schedule of Unrecognized Compensation Expense (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Additional Disclosures for equity-based plans  
Unrecognized compensation expense of nonvested stock options, net of forfeitures $ 8
Unrecognized compensation expense, expected to be recognized over a weighted-average period (in years) 2 years 8 months 19 days
Time based RSUs  
Additional Disclosures for equity-based plans  
Unrecognized compensation expense of nonvested awards other than options, net of forfeitures $ 116
Unrecognized compensation expense, expected to be recognized over a weighted-average period (in years) 2 years 8 months 26 days
Performance based RSUs  
Additional Disclosures for equity-based plans  
Unrecognized compensation expense of nonvested awards other than options, net of forfeitures $ 14
Unrecognized compensation expense, expected to be recognized over a weighted-average period (in years) 2 years 18 days
v3.25.2
STOCKHOLDERS' EQUITY - Schedule of Common Stock (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Shares issued and outstanding, beginning balance (in shares) 48,397,519 50,573,176 49,527,506 50,664,471
Shares issued and outstanding, beginning balance (in shares) 48,397,519 50,573,176 49,527,506 50,664,471
Repurchase of common stock (in shares) (19,741) (1,056,446) (1,230,144) (1,254,318)
Awards effectively repurchased for required employee withholding taxes (in shares) (55,909) (52,149) (102,736) (111,398)
Shares issued and outstanding, ending balance (in shares) 48,588,214 49,710,395 48,588,214 49,710,395
Shares issued and outstanding, ending balance (in shares) 48,588,214 49,710,395 48,588,214 49,710,395
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) 176,461 169,870 303,704 329,988
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) 0 0 0 5,708
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) 89,884 75,944 89,884 75,944
v3.25.2
STOCKHOLDERS' EQUITY - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Equity [Abstract]    
Stock repurchase program, remaining authorized repurchase amount $ 160  
Stock repurchase program, authorized amount $ 2,715  
Dividends paid (in dollars per share) $ 0.275 $ 0.25
Dividends payable (in dollars per share) $ 0.275  
v3.25.2
INCOME TAXES (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Income Taxes Disclosure [Line Items]          
Effective income tax rate 28.00% 25.00% 26.00% 26.00%  
Capital loss carryforwards $ 12   $ 12    
Increase in valuation allowance     9    
Capital Loss Carryforward          
Income Taxes Disclosure [Line Items]          
Tax credit carryforward         $ 3
Capital loss carryforwards $ 9   $ 9    
v3.25.2
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 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share [Abstract]        
Net income $ 37 $ 60 $ 122 $ 152
Weighted average shares of common stock outstanding (in shares) 48 50 49 50
Basic EPS (in dollars per share) $ 0.77 $ 1.21 $ 2.49 $ 3.01
Net income $ 37 $ 60 $ 122 $ 152
Weighted average shares of common stock outstanding, including adjustments (in shares) 49      
Dilutive effect of stock options and restricted stock units (in shares) 0 1 0 1
Weighted average shares of common stock outstanding - diluted (in shares) 49 51 49 51
Diluted EPS (in dollars per share) $ 0.77 $ 1.20 $ 2.48 $ 2.98
Common stock equivalents excluded from income per diluted share because of their anti-dilutive effect (in shares) 1 1 2 1
v3.25.2
RESTRUCTURING - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Restructuring and Related Activities [Abstract]    
Restructuring costs $ 2 $ 3
v3.25.2
RESTRUCTURING - Schedule of Changes in Accrued Severance and Exit and Disposal Costs (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Accounts payable and other current liabilities    
Restructuring Reserve [Roll Forward]    
Restructuring balance $ 1 $ 1
(+) Additions 0  
(-) Payments 0  
Accrued wages    
Restructuring Reserve [Roll Forward]    
Restructuring balance 9 $ 14
(+) Additions 1  
(-) Payments $ (6)  
v3.25.2
SEGMENT INFORMATION - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
v3.25.2
SEGMENT INFORMATION - Schedule of Segment Reporting Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Interest income $ 18 $ 17 $ 36 $ 35
Total revenues 1,238 1,243 2,530 2,525
Depreciation and amortization of intangible assets 17 19 34 37
Stock based compensation 18 18 31 38
Interest expense, bank fees and other 15 16 29 32
Income Taxes 14 21 44 53
Net income 37 60 122 152
Reportable Segment        
Segment Reporting Information [Line Items]        
Interest income     36 35
Total revenues     2,530 2,525
Workers' compensation costs     39 17
Health insurance costs     1,850 1,806
Sales & marketing     119 127
Client support costs     86 95
Corporate administration     73 75
System support & development     100 93
Depreciation and amortization of intangible assets     34 37
Stock based compensation     31 38
Other     3 0
Interest expense, bank fees and other     29 32
Income Taxes     44 53
Net income     122 152
Professional service revenues        
Segment Reporting Information [Line Items]        
Service revenues 172 186 381 400
Professional service revenues | Reportable Segment        
Segment Reporting Information [Line Items]        
Service revenues     381 400
Insurance service revenues        
Segment Reporting Information [Line Items]        
Service revenues $ 1,048 $ 1,040 2,113 2,090
Insurance service revenues | Reportable Segment        
Segment Reporting Information [Line Items]        
Service revenues     $ 2,113 $ 2,090