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Cash, Cash Equivalents and Marketable Securities (Notes)

12 Months Ended

Dec. 31, 2020

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,
	2020						2019
(in thousands)	Cash & Cash Equivalents		Marketable Securities		Total		Cash & Cash Equivalents		Marketable Securities		Total

Overnight holdings	$	503,221	$	—	$	503,221	$	349,857	$	—	$	349,857
Investments holdings	47,992		34,529		82,521		13,218		34,728		47,946
Cash in demand accounts	33,692		—		33,692		36,521		—		36,521
Outstanding checks	(30,059)		—		(30,059)		(32,254)		—		(32,254)
Total	$	554,846	$	34,529	$	589,375	$	367,342	$	34,728	$	402,070

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, 2020 and December 31, 2019, are $342.0 million and $234.6 million, respectively, in withholdings associated with federal and state income taxes, employment taxes and other payroll deductions, as well as $35.3 million and $59.6 million, respectively, in client prepayments.