Cash, Cash Equivalents and Marketable Securities (Notes)

6 Months Ended

Jun. 30, 2021

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, 2021						December 31, 2020
(in thousands)	Cash & Cash Equivalents		Marketable Securities		Total		Cash & Cash Equivalents		Marketable Securities		Total
Overnight holdings	$	387,027	$	—	$	387,027	$	503,221	$	—	$	503,221
Investment holdings	47,987		34,597		82,584		47,992		34,529		82,521
Cash in demand accounts	31,931		—		31,931		33,692		—		33,692
Outstanding checks	(11,558)		—		(11,558)		(30,059)		—		(30,059)
Total	$	455,387	$	34,597	$	489,984	$	554,846	$	34,529	$	589,375

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, 2021 and December 31, 2020 included $226.7 million and $342.0 million, respectively, of funds associated with federal and state income tax withholdings, employment taxes and other payroll deductions, as well as $50.4 million and $35.3 million, respectively, in client prepayments.