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Other Balance Sheet Information (Notes)
 12 Months Ended
Dec. 31, 2023
OtherBalanceSheetDisclosuresAbstract [Abstract]  
Other Balance Sheet Disclosures [Text Block]
2.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:
December 31, 2023December 31, 2022
(in thousands)Cash & Cash EquivalentsMarketable SecuritiesTotalCash & Cash EquivalentsMarketable SecuritiesTotal
Overnight holdings$611,100 $— $611,100 $678,512 $— $678,512 
Investment holdings119,408 15,905 135,313 56,963 33,068 90,031 
730,508 15,905 746,413 735,475 33,068 768,543 
Cash in demand accounts26,931 — 26,931 41,047 — 41,047 
Outstanding checks(64,566)— (64,566)(43,694)— (43,694)
Total$692,873 $15,905 $708,778 $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 December 31, 2023 and December 31, 2022 included $510.1 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 $27.6 million and $36.8 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)202320222021
Supplemental schedule of cash and 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)
31,732 
(2)
— 
(2)
Deposits – workers’ compensation196,370 185,027 186,331 
Cash, cash equivalents, restricted cash and funds held for clients beginning of year
$1,013,919 $839,500 $786,699 
Cash and cash equivalents$692,873 $732,828 $575,812 
Restricted cash57,403 49,779 46,929 
Other current assets - funds held for clients(1)
87,219 
(2)
34,942 
(2)
— 
(2)
Deposits – workers’ compensation198,170 196,370 185,027 
Cash, cash equivalents, restricted cash and funds held for clients end of year
$1,035,665 $1,013,919 $807,768 
 ____________________________________
(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.
(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.