Other Balance Sheet Information (Notes)

6 Months Ended

Jun. 30, 2023

Disclosure Text Block Supplement [Abstract]

Supplemental Balance Sheet Disclosures [Text Block]


3.			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:


	June 30, 2023						December 31, 2022
(in thousands)	Cash & Cash Equivalents		Marketable Securities		Total		Cash & Cash Equivalents		Marketable Securities		Total

Overnight holdings	$	471,916	$	—	$	471,916	$	678,512	$	—	$	678,512
Investment holdings	99,262		35,998		135,260		56,963		33,068		90,031
Total financial assets	571,178		35,998		607,176		735,475		33,068		768,543
Cash in demand accounts	24,219		—		24,219		41,047		—		41,047
Outstanding checks	(15,304)		—		(15,304)		(43,694)		—		(43,694)
Total	$	580,093	$	35,998	$	616,091	$	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 June 30, 2023 and December 31, 2022 included $365.9 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 $31.3 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:


	Six Months Ended June 30,
(in thousands)	2023			2022

Supplemental schedule of cash and cash equivalents, restricted cash and funds held for clients
Cash and cash equivalents	$	732,828		$	575,812
Restricted cash	49,779			46,929
Other current assets - funds held for clients(1)	34,942		(2)	—		(2)
Deposits – workers’ compensation	196,370			185,027
Cash, cash equivalents, restricted cash and funds held for clients beginning of period	$	1,013,919		$	807,768

Cash and cash equivalents	$	580,093		$	510,869
Restricted cash	48,002			53,329
Other current assets - funds held for clients(1)	33,924		(2)	—		(2)
Deposits – workers’ compensation	180,982			166,077
Cash, cash equivalents, restricted cash and funds held for clients end of period	$	843,001		$	730,275

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(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 2. “Accounting Policies,” for a discussion of our accounting policies for deposits – workers’ compensation and restricted cash.