Cash, Cash Equivalents and Marketable Securities (Notes)

6 Months Ended

Jun. 30, 2022

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, 2022						December 31, 2021
(in thousands)	Cash & Cash Equivalents		Marketable Securities		Total		Cash & Cash Equivalents		Marketable Securities		Total
Overnight holdings	$	443,760	$	—	$	443,760	$	490,154	$	—	$	490,154
Investment holdings	44,929		30,781		75,710		88,951		31,791		120,742
Cash in demand accounts	37,004		—		37,004		47,331		—		47,331
Outstanding checks	(14,824)		—		(14,824)		(50,624)		—		(50,624)
Total	$	510,869	$	30,781	$	541,650	$	575,812	$	31,791	$	607,603

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, 2022 and December 31, 2021 included $258.2 million and $424.8 million, respectively, of funds associated with federal and state income tax withholdings, employment taxes, and other payroll deductions, as well as $116.6 million and $20.1 million, respectively, in client prepayments.