Cash, Cash Equivalents and Marketable Securities (Notes)

6 Months Ended

Jun. 30, 2020

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:

	June 30, 2020						December 31, 2019
(in thousands)	Cash & Cash Equivalents		Marketable Securities		Total		Cash & Cash Equivalents		Marketable Securities		Total
Overnight holdings	$	398,668	$	—	$	398,668	$	349,857	$	—	$	349,857
Investment holdings	43,278		31,952		75,230		13,218		34,728		47,946
Cash in demand accounts	29,378		—		29,378		36,521		—		36,521
Outstanding checks	(11,925)		—		(11,925)		(32,254)		—		(32,254)
Total	$	459,399	$	31,952	$	491,351	$	367,342	$	34,728	$	402,070

Our cash and overnight holdings fluctuate based on the timing of clients’ payroll processing cycles. Our cash, cash equivalents and marketable securities at June 30, 2020 and December 31, 2019 included $190.9 million and $234.6 million, respectively, of funds associated with federal and state income tax withholdings, employment taxes and other payroll deductions, as well as $31.5 million and $59.6 million, respectively, in client prepayments.