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FINANCIAL INSTRUMENTS
 9 Months Ended
Sep. 30, 2024
Investments, All Other Investments [Abstract]  
FINANCIAL INSTRUMENTS FINANCIAL INSTRUMENTS
Available-For-Sale Debt Securities - In connection with certain services provided by our payroll operations, we collect funds from our clients’ accounts in advance of paying client obligations. These funds held for clients are segregated and invested in accordance with our investment policy, which requires all investments carry an investment grade rating at the time of initial investment. These investments, primarily consisting of corporate and municipal bonds, are classified as available-for-sale and are included in the “Funds held for clients” line item on the accompanying unaudited Condensed Consolidated Balance Sheets. The par value of these investments totaled $41.0 million and $40.0 million at September 30, 2024 and December 31, 2023, respectively, and these investments have maturity or callable dates ranging from October 2024 through March 2027.
At September 30, 2024, unrealized losses on the securities were not material and have not been recognized as a credit loss because the bonds are investment grade quality and management is not required or does not intend to sell prior to an expected recovery in value. The bond issuers continue to make timely principal and interest payments.
The following table summarizes activities related to these investments for the nine months ended September 30, 2024 and the year ended December 31, 2023 (in thousands):
Nine Months Ended September 30, 2024Year Ended December 31, 2023
Fair value at beginning of period$39,459 $43,485 
Purchases16,100 14,122 
Redemptions(500)(3,310)
Maturities (14,656)(15,155)
Change in bond premium(216)(1,099)
Fair market value adjustment612 1,416 
Fair value at end of period$40,799 $39,459 
In addition to the available-for-sale debt securities discussed above, we also held other depository assets in the amount of $0.3 million and $1.0 million at September 30, 2024 and December 31, 2023, respectively. Those depository assets are classified as Level 1 in the fair value hierarchy.
Interest Rate Swaps - We utilize interest rate swaps to manage interest rate risk exposure associated with our floating-rate debt under the 2022 credit facility, or the forecasted acquisition of such liability. We do not purchase or hold any derivative instruments for trading or speculative purposes. Refer to the Annual Report on Form 10-K for the year ended December 31, 2023 for further discussion on our interest rate swaps.
The following table summarizes our outstanding interest rate swaps and their classification in the accompanying unaudited Condensed Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 (amounts in thousands):
September 30, 2024
Notional
Amount		Fixed RateExpirationFair
Value		Balance Sheet Location
Interest rate swap$50,000 0.834 %4/14/2025$916 Other current asset
Interest rate swap$30,000 1.186 %12/14/2026$1,402 Other non-current asset
Interest rate swap$20,000 2.450 %8/14/2027$468 Other non-current asset
Interest rate swap $25,000 3.669 %4/14/2028$(338)Other non-current asset
Interest rate swap$25,000 4.488 %10/14/2028$(1,169)Other non-current liability
December 31, 2023
Notional
Amount		Fixed RateExpirationFair
Value		Balance Sheet Location
Interest rate swap $50,000 0.834 %4/14/2025$2,282 Other non-current asset
Interest rate swap$30,000 1.186 %12/14/2026$2,125 Other non-current asset
Interest rate swap$20,000 2.450 %8/14/2027$784 Other non-current asset
Interest rate swap$25,000 3.669 %4/14/2028$(129)Other non-current liability
Interest rate swap$25,000 4.488 %10/14/2028$(1,063)Other non-current liability
Refer to Note 7, Fair Value Measurements, for additional disclosures regarding fair value measurements.
The following table summarizes the effects of the interest rate swaps on the accompanying unaudited Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 (in thousands):
Gain (Loss) Recognized
in AOCI, net of tax		Gain Reclassified
from AOCI into Expense
Three Months Ended
September 30,		Three Months Ended
September 30,
2024202320242023
Interest rate swaps$(1,818)$1,163 $1,186 $1,122 
Gain Recognized
in AOCI, net of tax		Gain Reclassified
from AOCI into Expense
Nine Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Interest rate swaps$623 $2,635 $3,551 $3,092