Cash, Cash Equivalents and Marketable Securities (Notes)

9 Months Ended

Sep. 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:

	September 30, 2021						December 31, 2020
(in thousands)	Cash & Cash Equivalents		Marketable Securities		Total		Cash & Cash Equivalents		Marketable Securities		Total
Overnight holdings	$	404,564	$	—	$	404,564	$	503,221	$	—	$	503,221
Investment holdings	49,913		32,697		82,610		47,992		34,529		82,521
Cash in demand accounts	30,377		—		30,377		33,692		—		33,692
Outstanding checks	(16,933)		—		(16,933)		(30,059)		—		(30,059)
Total	$	467,921	$	32,697	$	500,618	$	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 September 30, 2021 and December 31, 2020 included $198.4 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 $74.6 million and $35.3 million, respectively, in client prepayments.