AppleCare Replacement Deposit Refund Delayed Over 30 Days After Return

I am trying to understand why it is taking so long to receive a refund of my AppleCare replacement deposit for an Apple Watch Ultra.

I was issued a replacement under AppleCare and paid the required temporary deposit. The original Apple Watch Ultra was returned to Apple, and tracking confirms it was received over a month ago. The deposit has still not been refunded.

I have contacted Apple Support multiple times. Initially, I was told the refund would take 10 to 12 days. That timeframe passed with no refund. I then followed up and was told it would take an additional 3 to 5 days, which has also passed.

Support has confirmed that Apple received the returned device, but no one has been able to explain why the refund is delayed or provide a reliable timeline for resolution.

Is this type of delay normal for AppleCare replacement deposits? If not, what should be checked or escalated to get this resolved? I am looking for a clear explanation of why a refund would take more than 30 days after Apple has possession of the returned device.