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Cash, Cash Equivalents and Marketable Securities | 12 Months Ended
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Dec. 31, 2014
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,
|  | 2014 |  | 2013
|  | (in thousands)
Overnight holdings: |  |  |  |
Money market funds (cash equivalents) |  | $ | 271,840 |  |  | $ | 192,040 |
Investment holdings: |  |  |  |  |  |
Money market funds (cash equivalents) |  | 14,125 |  |  | 42,913 |
Marketable securities |  | 28,631 |  |  | 46,340 |
|  | 314,596 |  |  | 281,293 |
Cash held in demand accounts |  | 20,369 |  |  | 23,054 |
Outstanding checks |  | (29,878 | ) |  | (32,252 | )
Total cash, cash equivalents and marketable securities |  | $ | 305,087 |  |  | $ | 272,095 |
Cash and cash equivalents |  | $ | 276,456 |  |  | $ | 225,755 |
Marketable securities |  | 28,631 |  |  | 46,340 |
|  | $ | 305,087 |  |  | $ | 272,095 |
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, 2014 and December 31, 2013, are $152.1 million and $143.0 million, respectively, in withholdings associated with federal and state income taxes, employment taxes and other payroll deductions, as well as $87.9 million and $24.5 million, respectively, in client prepayments. We account for our financial assets in accordance with ASC 820, Fair Value Measurement. This standard defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The fair value measurement disclosures are grouped into three levels based on valuation factors:
• | Level 1 - quoted prices in active markets using identical assets
• | Level 2 - significant other observable inputs, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other observable inputs
• | Level 3 - significant unobservable inputs
The following tables summarize the levels of fair value measurements of our financial assets:
|  | Fair Value Measurements
|  |  |  | (in thousands) |  |
|  | December 31, 2014 |  | Level 1 |  | Level 2 |  | Level 3
Money market funds |  | $ | 285,965 |  |  | $ | 285,965 |  |  | $ | — |  |  | $ | — |
Municipal bonds |  | 28,631 |  |  | — |  |  | 28,631 |  |  | — |
Total |  | $ | 314,596 |  |  | $ | 285,965 |  |  | $ | 28,631 |  |  | $ | — |
|  | Fair Value Measurements
|  |  |  | (in thousands) |  |
|  | December 31, 2013 |  | Level 1 |  | Level 2 |  | Level 3
Money market funds |  | $ | 234,953 |  |  | $ | 234,953 |  |  | $ | — |  |  | $ | — |
Municipal bonds |  | 46,340 |  |  | — |  |  | 46,340 |  |  | — |
Total |  | $ | 281,293 |  |  | $ | 234,953 |  |  | $ | 46,340 |  |  | $ | — |
The municipal bond securities valued as Level 2 investments are primarily pre-refunded municipal bonds that are secured by escrow funds containing U.S. Government securities. Our valuation techniques used to measure fair value for these securities during the period consisted primarily of third party pricing services that utilized actual market data such as trades of comparable bond issues, broker/dealer quotations for the same or similar investments in active markets and other observable inputs. The following is a summary of our available-for-sale marketable securities:
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
|  |  |  | (in thousands) |  |
December 31, 2014 |  |  |  |  |  |  |  |
Municipal bonds |  | $ | 28,626 |  |  | $ | 16 |  |  | $ | (11 | ) |  | $ | 28,631 |
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds |  | $ | 46,290 |  |  | $ | 51 |  |  | $ | (1 | ) |  | $ | 46,340 |
As of December 31, 2014, the contractual maturities of our marketable securities were as follows:
|  | Amortized Cost |  | Estimated Fair Value
|  | (in thousands)
Less than one year |  | $ | 12,728 |  |  | $ | 12,737 |
One to five years |  | 15,898 |  |  | 15,894 |
Total |  | $ | 28,626 |  |  | $ | 28,631 |

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- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References No definition available. + Details
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