Cash Overdrafts and Cash Equivalents

9 Months Ended

Sep. 30, 2023

Cash Overdrafts and Cash Equivalents [Abstract]

Cash Overdrafts and Cash Equivalents

12.    Cash Overdrafts and Cash Equivalents

There are $16.2 million in cash overdrafts payable included in accounts payable at September 30, 2023. There were no cash overdrafts payable included in accounts payable at December 31, 2022.

From time to time throughout the year, we invest excess cash in money market funds with major commercial banks. We closely monitor the creditworthiness of the institutions with which we invest our overnight funds. In the third quarter of 2023, Chemed began investing excess cash in a money market fund holding US Treasuries. Deposits and withdrawals are made daily, based on the Company’s excess cash balance. There are no penalties associated with withdrawals. The accounts bear interest at a normal market rate.