Cash, Cash Equivalents and Marketable Securities

12 Months Ended

Dec. 31, 2019

Cash, Cash Equivalents and Marketable Securities [Abstract]

Cash, Cash Equivalents and Marketable Securities

2. Cash, Cash Equivalents and Marketable Securities

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

	December 31,
	2019								2018
(in thousands)	Cash & Cash Equivalents			Marketable Securities		Total			Cash & Cash Equivalents			Marketable Securities		Total
Overnight holdings	$	349,857		$	—	$	349,857		$	311,158		$	—	$	311,158
Investments holdings	13,218			34,728		47,946			16,711			60,781		77,492
Cash in demand accounts	36,521			—		36,521			33,207			—		33,207
Outstanding checks	(32,254		)	—		(32,254		)	(34,303		)	—		(34,303		)
Total	$	367,342		$	34,728	$	402,070		$	326,773		$	60,781	$	387,554

Our cash and overnight holdings fluctuate based on the timing of the client’s payroll processing cycle. Included in the cash balance as of December 31, 2019 and December 31, 2018, are $234.6 million and $224.5 million, respectively, in withholdings associated with federal and state income taxes, employment taxes and other payroll deductions, as well as $59.6 million and $34.2 million, respectively, in client prepayments.