Cash, Cash Equivalents and Marketable Securities (Notes)

9 Months Ended

Sep. 30, 2019

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:

	September 30, 2019								December 31, 2018
(in thousands)	Cash & Cash Equivalents			Marketable Securities		Total			Cash & Cash Equivalents			Marketable Securities		Total
Overnight holdings	$	217,270		$	—	$	217,270		$	311,158		$	—	$	311,158
Investment holdings	16,156			60,880		77,036			16,711			60,781		77,492
Cash in demand accounts	24,465			—		24,465			33,207			—		33,207
Outstanding checks	(14,452		)	—		(14,452		)	(34,303		)	—		(34,303		)
Total	$	243,439		$	60,880	$	304,319		$	326,773		$	60,781	$	387,554

Our cash and overnight holdings fluctuate based on the timing of clients’ payroll processing cycles. Our cash, cash equivalents and marketable securities at September 30, 2019 and December 31, 2018 included $153.8 million and $224.5 million, respectively, of funds associated with federal and state income tax withholdings, employment taxes and other payroll deductions, as well as $19.7 million and $34.2 million, respectively, in client prepayments.