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Cash, Cash Equivalents and Marketable Securities (Notes)
 3 Months Ended
Mar. 31, 2020
Cash, Cash Equivalents and Marketable Securities [Abstract]  
Cash, Cash Equivalents and Marketable Securities
3.
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:
 
March 31, 2020
 
December 31, 2019
(in thousands)
Cash & Cash Equivalents
Marketable Securities
Total
 
Cash & Cash Equivalents
Marketable Securities
Total
 
 
 
 
 
 
 
 
Overnight holdings
$
372,469

$
—

$
372,469

 
$
349,857

$
—

$
349,857

Investment holdings
19,494

19,508

39,002

 
13,218

34,728

47,946

Cash in demand accounts
26,266

—

26,266

 
36,521

—

36,521

Outstanding checks
(13,501
)
—

(13,501
)
 
(32,254
)
—

(32,254
)
Total
$
404,728

$
19,508

$
424,236

 
$
367,342

$
34,728

$
402,070


Our cash and overnight holdings fluctuate based on the timing of clients’ payroll processing cycles. Our cash, cash equivalents and marketable securities at March 31, 2020 and December 31, 2019 included $235.2 million and $234.6 million, respectively, of funds associated with federal and state income tax withholdings, employment taxes and other payroll deductions, as well as $22.1 million and $59.6 million, respectively, in client prepayments.