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Other Balance Sheet Information (Notes)
 12 Months Ended
Dec. 31, 2022
Disclosure Text Block Supplement [Abstract]  
Supplemental Balance Sheet Disclosures [Text Block]
2.Other Balance Sheet Information
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,
20222021
(in thousands)Cash & Cash EquivalentsMarketable SecuritiesTotalCash & Cash EquivalentsMarketable SecuritiesTotal
Overnight holdings$678,512 $— $678,512 $490,154 $— $490,154 
Investments holdings56,963 33,068 90,031 88,951 31,791 120,742 
Total financial assets735,475 33,068 768,543 579,105 31,791 610,896 
Cash in demand accounts41,047 — 41,047 47,331 — 47,331 
Outstanding checks(43,694)— (43,694)(50,624)— (50,624)
Total$732,828 $33,068 $765,896 $575,812 $31,791 $607,603 

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, 2022 and December 31, 2021, are $504.8 million and $424.8 million, respectively, in withholdings associated with federal and state income taxes, employment taxes and other payroll deductions, as well as $36.8 million and $20.1 million, respectively, in client prepayments.
Cash, Cash Equivalents, Restricted Cash and Funds Held for Clients
The following table summarizes our cash, cash equivalents, restricted cash and funds held for clients as reported in our Consolidated Statements of Cash Flows:
Year ended December 31,
(in thousands)202220212020
Supplemental schedule of cash, cash equivalents, restricted cash and funds held for clients
Cash and cash equivalents$575,812 $554,846 $367,342 
Restricted cash46,929 45,522 49,295 
Other current assets - funds held for clients(1)
31,732 
(2)
— 
(2)
— 
(2)
Deposits — workers’ compensation185,027 186,331 175,913 
Cash, cash equivalents, restricted cash and funds held for clients beginning of year$839,500 $786,699 $592,550 
Supplemental schedule of cash, cash equivalents, restricted cash and funds held for clients
Cash and cash equivalents$732,828 $575,812 $554,846 
Restricted cash49,779 46,929 45,522 
Other current assets - funds held for clients(1)
34,942 
(2)
— 
(2)
— 
(2)
Deposits — workers’ compensation196,370 185,027 186,331 
Cash, cash equivalents, restricted cash end of year and funds held for clients$1,013,919 $807,768 $786,699 
 ____________________________________
(1)Funds held for clients represent amounts held in trust for the benefit of our customers of Workforce Acceleration, our traditional payroll solution, that are restricted for the purpose of satisfying obligations to remit funds to client’s employees and various tax authorities.
(2)Beginning in the third quarter of 2022, we adjusted the presentation of our Consolidated Statements of Cash Flows to include changes in funds held for clients as a financing activity and to include funds held for clients in both the beginning and ending period amounts in our totals of cash, cash equivalents, restricted cash and funds held for clients. Prior period amounts have not been adjusted to this presentation as the amounts are immaterial to our consolidated financial statements. Previously, the changes in funds held for clients and the related client fund liabilities were presented within operating activities in our Consolidated Statements of Cash Flows. Funds held for clients are held in a trust separate from our company funds and we do not use these funds held for clients for any corporate activity.

Please read Note 1. “Accounting Policies,” for a discussion of our accounting policies for deposits — workers’ compensation and restricted cash.