XML 30 R8.htm IDEA: XBRL DOCUMENT v3.23.3
Other Balance Sheet Information (Notes)
 9 Months Ended
Sep. 30, 2023
OtherBalanceSheetDisclosuresAbstract [Abstract]  
Other Balance Sheet Disclosures [Text Block]
3.Other Balance Sheet Information
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, 2023December 31, 2022
(in thousands)Cash & Cash EquivalentsMarketable SecuritiesTotalCash & Cash EquivalentsMarketable SecuritiesTotal
Overnight holdings$577,070 $— $577,070 $678,512 $— $678,512 
Investment holdings102,833 13,837 116,670 56,963 33,068 90,031 
Total financial assets679,903 13,837 693,740 735,475 33,068 768,543 
Cash in demand accounts14,523 — 14,523 41,047 — 41,047 
Outstanding checks(15,838)— (15,838)(43,694)— (43,694)
Total$678,588 $13,837 $692,425 $732,828 $33,068 $765,896 
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, 2023 and December 31, 2022 included $482.7 million and $504.8 million, respectively, of funds associated with federal and state income tax withholdings, employment taxes, and other payroll deductions, as well as $20.2 million and $36.8 million, respectively, in client prepayments. At September 30, 2023, our cash, cash equivalents and marketable securities included $149.3 million of funds we received in late September 2023 from the Internal Revenue Service for employee retention tax credits claimed by our PEO clients under the COVID relief programs, that were distributed to clients in early October 2023.
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:
Nine Months Ended September 30,
(in thousands)20232022
Supplemental schedule of cash and cash equivalents, restricted cash and funds held for clients
Cash and cash equivalents$732,828 $575,812 
Restricted cash49,779 46,929 
Other current assets - funds held for clients(1)
34,942 31,732 
Deposits – workers’ compensation196,370 185,027 
Cash, cash equivalents, restricted cash and funds held for clients beginning of period$1,013,919 $839,500 
Cash and cash equivalents$678,588 $562,143 
Restricted cash51,263 51,829 
Other current assets - funds held for clients(1)
29,835 25,277 
Deposits – workers’ compensation197,466 179,014 
Cash, cash equivalents, restricted cash and funds held for clients end of period$957,152 $818,263 
 ____________________________________
(1)Funds held for clients represent amounts held on behalf of our Traditional Payroll Solution customers that are restricted for the purpose of satisfying obligations to remit funds to clients’ employees and various tax authorities.

Please read Note 2. “Accounting Policies,” for a discussion of our accounting policies for deposits – workers’ compensation and restricted cash.
Payroll Taxes and Other Payroll Deductions Payable
As a co-employer, we generally assume responsibility for the withholding and remittance of federal and state payroll taxes and other payroll deductions with respect to wages and salaries paid to our WSEEs. As of September 30, 2023 and December 31, 2022, payroll taxes and other payroll deductions payable were $518.1 million and $556.1 million, respectively. The balance at September 30, 2023 includes $149.3 million of funds we received in late September 2023 from the Internal Revenue Service for employee retention tax credits claimed by our PEO clients under the COVID relief programs, that were distributed to clients in early October 2023.