Cash, Cash Equivalents and Marketable Securities (Notes)

3 Months Ended

Mar. 31, 2018

Cash, Cash Equivalents and Marketable Securities [Abstract]

Cash, Cash Equivalents and Marketable Securities

3. Cash, Cash Equivalents and Marketable Securities

The following table summarizes our cash and investments in cash equivalents and marketable securities held by investment managers and overnight investments:

	March 31, 2018			December 31, 2017
	(in thousands)
Overnight holdings
Money market funds (cash equivalents)	$	305,198		$	338,112
Investment holdings
Money market funds (cash equivalents)	22,618			22,634
Marketable securities	1,928			1,960
	329,744			362,706
Cash held in demand accounts	41,814			26,700
Outstanding checks	(14,989		)	(33,186		)
Total cash, cash equivalents and marketable securities	$	356,569		$	356,220
Cash and cash equivalents	$	354,641		$	354,260
Marketable securities	1,928			1,960
Total cash, cash equivalents and marketable securities	$	356,569		$	356,220

Our cash and overnight holdings fluctuate based on the timing of clients’ payroll processing cycles. Included in the cash, cash equivalents and marketable securities at March 31, 2018 and December 31, 2017 are $254.2 million and $271.5 million, respectively, of funds associated with federal and state income tax withholdings, employment taxes and other payroll deductions, as well as $14.9 million and $23.6 million in client prepayments, respectively.