Cash, Cash Equivalents and Marketable Securities (Notes)

12 Months Ended

Dec. 31, 2021

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,
	2021						2020
(in thousands)	Cash & Cash Equivalents		Marketable Securities		Total		Cash & Cash Equivalents		Marketable Securities		Total
Overnight holdings	$	490,154	$	—	$	490,154	$	503,221	$	—	$	503,221
Investments holdings	88,951		31,791		120,742		47,992		34,529		82,521
Cash in demand accounts	47,331		—		47,331		33,692		—		33,692
Outstanding checks	(50,624)		—		(50,624)		(30,059)		—		(30,059)
Total	$	575,812	$	31,791	$	607,603	$	554,846	$	34,529	$	589,375

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, 2021 and December 31, 2020, are $424.8 million and $342.0 million, respectively, in withholdings associated with federal and state income taxes, employment taxes and other payroll deductions, as well as $20.1 million and $35.3 million, respectively, in client prepayments.