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Cash, Cash Equivalents and Marketable Securities (Tables)
 12 Months Ended
Dec. 31, 2016
Cash, Cash Equivalents and Marketable Securities [Abstract]  
Summary of investments in 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,
 
 
2016
 
2015
 
 
(in thousands)
Overnight holdings:
 
 
 
 
Money market funds (cash equivalents)
 
$
255,091

 
$
247,720

Investment holdings:
 
 
 
 
Money market funds (cash equivalents)
 
28,231

 
26,048

Marketable securities
 
1,851

 
9,875

 
 
285,173

 
283,643

Cash held in demand accounts
 
25,758

 
19,377

Outstanding checks
 
(23,046
)
 
(23,607
)
Total cash, cash equivalents and marketable securities
 
$
287,885

 
$
279,413

 
 
 
 
 
Cash and cash equivalents
 
$
286,034

 
$
269,538

Marketable securities
 
1,851

 
9,875

 
 
$
287,885

 
$
279,413



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, 2016 and December 31, 2015, are $221.7 million and $185.7 million, respectively, in withholdings associated with federal and state income taxes, employment taxes and other payroll deductions, as well as $21.3 million and $17.0 million, respectively, in client prepayments.