Cash, Cash Equivalents and Marketable Securities (Notes)

9 Months Ended

Sep. 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:

	September 30, 2020						December 31, 2019
(in thousands)	Cash & Cash Equivalents		Marketable Securities		Total		Cash & Cash Equivalents		Marketable Securities		Total
Overnight holdings	$	314,952	$	—	$	314,952	$	349,857	$	—	$	349,857
Investment holdings	38,867		33,994		72,861		13,218		34,728		47,946
Cash in demand accounts	28,259		—		28,259		36,521		—		36,521
Outstanding checks	(9,722)		—		(9,722)		(32,254)		—		(32,254)
Total	$	372,356	$	33,994	$	406,350	$	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 September 30, 2020 and December 31, 2019 included $147.1 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 $46.5 million and $59.6 million, respectively, in client prepayments.