Paycom Software (PAYC) 10-Q 30 Apr 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 21, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Trading Symbol	PAYC
Entity Registrant Name	Paycom Software, Inc.
Entity Central Index Key	0001590955
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		58,566,076
Title of 12(b) Security	Common Stock, $0.01 par value
Security Exchange Name	NYSE
Entity File Number	001-36393
Entity Tax Identification Number	80-0957485
Entity Address, Address Line One	7501 W. Memorial Road
Entity Address, City or Town	Oklahoma City
Entity Address, State or Province	OK
Entity Incorporation, State or Country Code	DE
Entity Address, Postal Zip Code	73142
City Area Code	405
Local Phone Number	722-6900
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 181,827	$ 133,667
Accounts receivable	8,059	9,298
Prepaid expenses	17,853	13,561
Inventory	930	1,158
Income tax receivable		4,020
Deferred contract costs	50,513	46,618
Current assets before funds held for clients	259,182	208,322
Funds held for clients	1,392,379	1,662,778
Total current assets	1,651,561	1,871,100
Property and equipment, net	254,423	238,458
Goodwill	51,889	51,889
Long-term deferred contract costs	316,768	292,134
Other assets	35,084	33,336
Total assets	2,309,725	2,486,917
Current liabilities:
Accounts payable	5,694	5,051
Income tax payable	15,953
Accrued commissions and bonuses	5,662	12,343
Accrued payroll and vacation	21,159	14,870
Deferred revenue	11,660	11,105
Current portion of long-term debt	1,775	1,775
Accrued expenses and other current liabilities	43,633	45,600
Current liabilities before client funds obligation	105,536	90,744
Client funds obligation	1,392,379	1,662,778
Total current liabilities	1,497,915	1,753,522
Deferred income tax liabilities, net	92,609	91,217
Long-term deferred revenue	66,795	65,139
Net long-term debt, less current portion	30,423	30,858
Other long-term liabilities	22,195	19,553
Total long-term liabilities	212,022	206,767
Total liabilities	1,709,937	1,960,289
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value (100,000 shares authorized, 61,352 and 61,350 shares issued at March 31, 2020 and December 31, 2019, respectively; 57,622 and 57,660 shares outstanding at March 31, 2020 and December 31, 2019, respectively)	614	613
Additional paid-in capital	275,813	257,501
Retained earnings	639,181	576,166
Treasury stock, at cost (3,730 and 3,689 shares at March 31, 2020 and December 31, 2019, respectively)	(315,820)	(307,652)
Total stockholders' equity	599,788	526,628
Total liabilities and stockholders' equity	$ 2,309,725	$ 2,486,917

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	61,352,000	61,350,000
Common stock, shares outstanding	57,622,000	57,660,000
Treasury stock, shares	3,730,000	3,689,000

Consolidated Statements of Inco

Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Total revenues	$ 242,368	$ 199,943
Cost of revenues
Operating expenses	24,116	24,776
Depreciation and amortization	5,930	4,542
Total cost of revenues	30,046	29,318
Administrative expenses
Sales and marketing	55,018	39,645
Research and development	21,621	18,489
General and administrative	40,134	45,198
Depreciation and amortization	6,285	4,805
Total administrative expenses	123,058	108,137
Total operating expenses	153,104	137,455
Operating income	89,264	62,488
Interest expense	(16)	(276)
Other income (expense), net	(930)	(100)
Income before income taxes	88,318	62,112
Provision for income taxes	25,303	14,830
Net income	$ 63,015	$ 47,282
Earnings per share, basic	$ 1.09	$ 0.82
Earnings per share, diluted	$ 1.08	$ 0.81
Weighted average shares outstanding:
Basic	57,655	57,357
Diluted	58,440	58,316
Recurring [Member]
Revenues
Total revenues	$ 238,495	$ 196,864
Implementation and Other [Member]
Revenues
Total revenues	$ 3,873	$ 3,079

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]
Beginning balance, value at Dec. 31, 2018	$ 334,753	$ 607	$ 203,680	$ 395,590	$ (265,124)
Beginning balance, shares at Dec. 31, 2018		60,747,000			3,470,000
Vesting of restricted stock		$ 2	(2)
Vesting of restricted stock, shares		280,000
Stock-based compensation	36,187		36,187
Repurchases of common stock	(19,669)				$ (19,669)
Repurchases of common stock, shares					110,000
Net income	47,282			47,282
Ending balance, value at Mar. 31, 2019	398,553	$ 609	239,865	442,872	$ (284,793)
Ending balance, shares at Mar. 31, 2019		61,027,000			3,580,000
Beginning balance, value at Dec. 31, 2019	526,628	$ 613	257,501	576,166	$ (307,652)
Beginning balance, shares at Dec. 31, 2019		61,350,000			3,689,000
Vesting of restricted stock		$ 1	(1)
Vesting of restricted stock, shares		2,000
Stock-based compensation	18,313		18,313
Repurchases of common stock	(8,168)				$ (8,168)
Repurchases of common stock, shares					41,000
Net income	63,015			63,015
Ending balance, value at Mar. 31, 2020	$ 599,788	$ 614	$ 275,813	$ 639,181	$ (315,820)
Ending balance, shares at Mar. 31, 2020		61,352,000			3,730,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net income	$ 63,015	$ 47,282
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,215	9,347
Accretion of discount on available-for-sale securities	(467)	(165)
Amortization of debt issuance costs	9	9
Stock-based compensation expense	15,811	31,071
Cash paid for derivative settlement	(69)	(1)
Loss on derivative	1,644	540
Deferred income taxes, net	1,392	3,722
Changes in operating assets and liabilities:
Accounts receivable	1,239	(421)
Prepaid expenses	(4,292)	(1,498)
Inventory	254	(11)
Other assets	(1,801)	(702)
Deferred contract costs	(27,630)	(23,414)
Accounts payable	408	(1,251)
Income taxes, net	19,973	7,488
Accrued commissions and bonuses	(6,681)	(6,118)
Accrued payroll and vacation	6,289	3,765
Deferred revenue	2,211	2,860
Accrued expenses and other current liabilities	(1,490)	7,923
Net cash provided by operating activities	82,030	80,426
Cash flows from investing activities
Purchase of short-term investments from funds held for clients	(177,903)	(16,800)
Proceeds from maturities of short-term investments from funds held for clients	20,000	14,500
Purchases of property and equipment	(25,726)	(14,889)
Net cash used in investing activities	(183,629)	(17,189)
Cash flows from financing activities
Repurchases of common stock	(7,998)
Withholding taxes paid related to net share settlements	(170)	(19,669)
Payments on long-term debt	(444)	(444)
Net change in client funds obligation	(270,399)	437,678
Net cash (used in) provided by financing activities	(279,011)	417,565
(Decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents	(380,610)	480,802
Cash, cash equivalents, restricted cash and restricted cash equivalents
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period	1,641,854	986,464
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period	1,261,244	1,467,266
Cash and cash equivalents	181,827	91,307
Restricted cash included in funds held for clients	1,079,417	1,375,959
Non-cash investing and financing activities:
Purchases of property and equipment, accrued but not paid	8,251	3,384
Stock-based compensation for capitalized software	$ 1,601	$ 3,329

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Organization and Description of Business	1. ORGANIZATION AND DESCRIPTION OF BUSINESS Paycom Software, Inc. (“Software”) and its wholly-owned subsidiaries (collectively, the “Company”) is a leading provider of comprehensive, cloud-based human capital management (“HCM”) software delivered as Software-as-a-Service. Unless we state otherwise or the context otherwise requires, the terms “we,” “our,” “us” and the “Company” refer to Software and its consolidated subsidiaries. We provide functionality and data analytics that businesses need to manage the complete employment lifecycle, from recruitment to retirement. Our solution requires virtually no customization and is based on a core system of record maintained in a single database for all HCM functions, including talent acquisition, time and labor management, payroll, talent management and human resources (“HR”) management applications.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Our significant accounting policies are discussed in “Note 2. Summary of Significant Accounting Policies” in the notes to our audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2019 (the “Form 10-K”). Basis of Presentation The accompanying unaudited interim consolidated financial statements and notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial statements that permit reduced disclosure for interim periods. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary for the fair presentation of our consolidated balance sheets as of March 31, 2020 and our consolidated statements of income, stockholders’ equity and cash flows for the three months ended March 31, 2020 and 2019. Such adjustments are of a normal recurring nature. The information in this Quarterly Report on Form 10-Q (this “Form 10-Q”) should be read in conjunction with the Form 10-K. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results expected for the full year. Recently Adopted Accounting Pronouncements In January 2020, we adopted Accounting Standards Update (“ASU”) No. 2018-15, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)” (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The adoption of this guidance did not have a material impact on our consolidated financial statements. In January 2020, we adopted ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU No. 2018-13 modifies the disclosure requirements in Topic 820, “Fair Value Measurement,” based on the FASB Concepts Statement, “Conceptual Framework for Financial Reporting – Chapter 8: Notes to Financial Statements,” including consideration of costs and benefits. The adoption of this guidance did not have a material impact on our consolidated financial statements. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates include income taxes, loss contingencies, the useful life of property and equipment and intangible assets, the life of our client relationships, the fair value of our stock-based awards and the fair value of our financial instruments, intangible assets and goodwill. These estimates are based on historical experience where applicable and other assumptions that management believes are reasonable under the circumstances. Actual results could materially differ from these estimates. Seasonality Our revenues are seasonal in nature. Recurring revenues include revenues relating to the annual processing of payroll forms, such as Form W-2, Form 1099, and Form 1095 and revenues from processing unscheduled payroll runs (such as bonuses) for our clients. As payroll forms are typically processed in the first quarter of the year, first quarter revenues and margins are generally higher than in subsequent quarters. These seasonal fluctuations in revenues can also have an impact on gross profits. Historical results impacted by these seasonal trends should not be considered a reliable indicator of our future results of operations. Employee Stock Purchase Plan An award issued under the Paycom Software, Inc. Employee Stock Purchase Plan (the “ESPP”) is classified as a share-based liability and recognized at the fair value of the award. Expense is recognized, net of estimated forfeitures, on a straight-line basis over the requisite service period. Funds Held for Clients and Client Funds Obligation As part of our payroll and tax filing application, we (i) collect client funds to satisfy their respective federal, state and local employment tax obligations, (ii) remit such funds to the appropriate taxing authorities and accounts designated by our clients, and (iii) manage client tax filings and any related correspondence with taxing authorities. Amounts collected by us from clients for their federal, state and local employment taxes are invested by us, and we earn interest on these funds during the interval between receipt and disbursement. These investments are shown in our consolidated balance sheets as funds held for clients, and the offsetting liability for the tax filings is shown as client funds obligation. The liability is recorded in the accompanying consolidated balance sheets at the time we obtain the funds from clients. The client funds obligation represents liabilities that will be repaid within one year of the consolidated balance sheet date. As of March 31, 2020 and December 31, 2019, the funds held for clients were invested in money market funds, demand deposit accounts, commercial paper with a maturity duration less than three months and certificates of deposit. Short-term investments in commercial paper and certificates of deposit with an original maturity duration greater than three months are classified as available-for-sale securities, and are also included within the funds held for clients line item in the consolidated balance sheets. These available-for-sale securities are recorded in the consolidated balance sheets at fair value, which approximates the amortized cost of the securities. Funds held for clients are classified as a current asset in the consolidated balance sheets because the funds are held solely to satisfy the client funds obligation. Stock Repurchase Plan In May 2016, our Board of Directors authorized a stock repurchase plan allowing for the repurchase of shares of our common stock in open market transactions at prevailing market prices, in privately negotiated transactions or by other means in accordance with federal securities laws, including Rule 10b5-1 programs. Since the initial authorization of the stock repurchase plan, our Board of Directors has amended and extended and authorized new stock repurchase plans from time to time. Most recently, in March 2020, our Board of Directors authorized the repurchase of up to $250.0 million of our common stock. As of March 31, 2020, there was $242.0 million available for repurchases under our stock repurchase plan. Our stock repurchase plan may be suspended or discontinued at any time. The actual timing, number and value of shares repurchased depends on a number of factors, including the market price of our common stock, general market and economic conditions, shares withheld for taxes associated with the vesting of restricted stock and other corporate considerations. The current stock repurchase plan will expire on March 12, 2022. During the three months ended March 31, 2020, we repurchased an aggregate of 40,032 shares of our common stock at an average cost of $204.04 per share, including 671 shares withheld to satisfy tax withholding obligations for certain employees upon the vesting of restricted stock. Recently Issued Accounting Pronouncements In December 2019, the Financial Accounting Standards Board issued ASU No. 2019-12, “Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). The amendments in ASU 2019-12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income tax in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also clarifies and simplifies other aspects of the accounting for income taxes. This guidance is effective for fiscal years beginning after December 15, 2020, and for interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the impact that this guidance will have on our financial position and results of operations, if any.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2020
Revenue From Contract With Customer [Abstract]
Revenue	3. REVENUE Revenues are recognized when control of the promised goods or services is transferred to our clients in an amount that reflects the consideration we expect to be entitled to for those goods or services. Substantially all of our revenues are comprised of revenue from contracts with clients. Sales taxes and other applicable taxes are excluded from revenues. Recurring Revenues Recurring revenues are derived primarily from our talent acquisition, time and labor management, payroll, talent management and HR management applications as well as fees charged for form filings and delivery of client payroll checks and reports. Talent acquisition includes our applicant tracking, candidate tracker, background check, on-boarding, e-verify and tax credit services applications. Time and labor management includes time and attendance, scheduling/schedule exchange, time-off requests, labor allocation, labor management reports/push reporting and geofencing/geotracking. Payroll includes our payroll and tax management, Paycom Pay, expense management, garnishment management and GL Concierge applications. Talent management includes our employee self-service, compensation budgeting, performance management, executive dashboard and Paycom learning and course content applications. HR management includes our document and task management, government and compliance, benefits administration, COBRA administration, personnel action forms, surveys and enhanced Affordable Care Act applications. The performance obligations related to recurring revenues are satisfied during each client’s payroll period, with the agreed-upon fee being charged and collected as part of our processing of the client’s payroll. Recurring revenues are recognized at the conclusion of processing of each client’s payroll period, when each respective payroll client is billed. Collectability is reasonably assured as the fees are collected through an automated clearing house as part of the client’s payroll cycle or through direct wire transfer, which minimizes the default risk. The contract period for substantially all contracts associated with these revenues is one month due to the fact that both we and the client have the unilateral right to terminate a wholly unperformed contract without compensating the other party by providing 30 days’ notice of termination. Our payroll application is the foundation of our solution, and all of our clients are required to utilize this application in order to access our other applications. For clients who purchase multiple applications, due to the short-term nature of our contracts, we do not believe it is meaningful to separately assess and identify whether or not each application potentially represents its own, individual, performance obligation as the revenue generated from each application is recognized within the same month as the revenue from the core payroll application. Similarly, we do not believe it is meaningful to individually determine the standalone selling price for each application. We consider the total price charged to a client in a given period to be indicative of the standalone selling price, as the total amount charged is within a reasonable range of prices typically charged for our goods and services for comparable classes of client groups. Implementation and Other Revenues Implementation and other revenues consist of nonrefundable upfront conversion fees which are charged to new clients to offset the expense of new client set-up as well as revenues from the sale of time clocks as part of our employee time and attendance services. Although these revenues are related to our recurring revenues, they represent distinct performance obligations. Implementation activities primarily represent administrative activities that allow us to fulfill future performance obligations for our clients and do not represent services transferred to the client. However, the nonrefundable upfront fee charged to our clients results in an implied performance obligation in the form of a material right to the client related to the client’s option to renew at the end of each 30-day contract period. Further, given that all other services within the contract are sold at a total price indicative of the standalone selling price, coupled with the fact that the upfront fees are consistent with upfront fees charged in similar contracts that we have with clients, the standalone selling price of the client’s option to renew the contract approximates the dollar amount of the nonrefundable upfront fee. The nonrefundable upfront fee is typically included on the client’s first invoice, and is deferred and recognized ratably over the estimated renewal period ( i.e. Revenues from the sale of time clocks are recognized when control is transferred to the client upon delivery of the product. We estimate the standalone selling price for the time clocks by maximizing the use of observable inputs such as our specific pricing practices for time clocks. Contract Balances The timing of revenue recognition for recurring services is consistent with the invoicing of clients as they both occur during the respective client payroll period for which the services are provided. Therefore, we do not recognize a contract asset or liability resulting from the timing of revenue recognition and invoicing. Changes in deferred revenue related to material right performance obligations as of March 31, 2020 and 2019 were as follows: Three Months Ended March 31, 2020 2019 Balance, beginning of period $ 76,244 $ 64,651 Deferral of revenue 5,885 5,561 Recognition of unearned revenue (3,674 ) (2,701 ) Balance, end of period $ 78,455 $ 67,511 We expect to recognize $8.8 million of deferred revenue related to material right performance obligations in the remainder of 2020, $11.5 million of such deferred revenue in 2021, and $58.2 million of such deferred revenue thereafter Assets Recognized from the Costs to Obtain and Costs to Fulfill Revenue Contracts We recognize an asset for the incremental costs of obtaining a contract with a client if we expect the amortization period to be longer than one year. We also recognize an asset for the costs to fulfill a contract with a client if such costs are specifically identifiable, generate or enhance resources used to satisfy future performance obligations, and are expected to be recovered. We have determined that substantially all costs related to implementation activities are administrative in nature and also meet the capitalization criteria under ASC 340-40. These capitalized costs to fulfill principally relate to upfront direct costs that are expected to be recovered through margin and that enhance our ability to satisfy future performance obligations. The assets related to both costs to obtain, and costs to fulfill, contracts with clients are accounted for utilizing a portfolio approach, and are capitalized and amortized over the expected period of benefit, which we have determined to be the estimated client relationship of ten years. The expected period of benefit has been determined to be the estimated life of the client relationship primarily because we incur no new costs to obtain, or costs to fulfill, a contract upon renewal of such contract. Additional commission costs may be incurred when an existing client purchases additional applications; however, these commission costs relate solely to the additional applications purchased and are not related to contract renewal. Furthermore, additional fulfillment costs associated with existing clients purchasing additional applications are minimized by our seamless single-database platform. These assets are presented as deferred contract costs in the accompanying consolidated balance sheets. Amortization expense related to costs to obtain and costs to fulfill a contract are included in the “sales and marketing” and “general and administrative” line items in the accompanying consolidated statements of income. The following tables present the asset balances and related amortization expense for these contract costs: As of and for the Three Months Ended March 31, 2020 Beginning Capitalization Ending Balance of Costs Amortization Balance Costs to obtain a contract $ 194,964 $ 21,184 $ (7,188 ) $ 208,960 Costs to fulfill a contract $ 143,788 $ 19,509 $ (4,976 ) $ 158,321 As of and for the Three Months Ended March 31, 2019 Beginning Capitalization Ending Balance of Costs Amortization Balance Costs to obtain a contract $ 158,989 $ 19,387 $ (5,721 ) $ 172,655 Costs to fulfill a contract $ 101,756 $ 15,005 $ (3,470 ) $ 113,291

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Property and Equipment	4. PROPERTY AND EQUIPMENT Property and equipment and accumulated depreciation and amortization were as follows: March 31, 2020 December 31, 2019 Property and equipment Software and capitalized software costs $ 109,275 $ 99,125 Buildings 101,707 101,707 Computer equipment 60,673 56,879 Rental clocks 21,906 20,836 Furniture, fixtures and equipment 18,809 18,311 Other 6,853 6,242 319,223 303,100 Less: accumulated depreciation and amortization (137,114 ) (124,950 ) 182,109 178,150 Construction in progress 43,280 31,274 Land 29,034 29,034 Property and equipment, net $ 254,423 $ 238,458 We capitalize computer software development costs related to software developed for internal use in accordance with ASC 350-40. For the three months ended March 31, 2020 and 2019, we capitalized $9.7 million and $8.9 million, respectively, of computer software development costs related to software developed for internal use. Rental clocks included in property and equipment, net represent time clocks issued to clients under month-to-month operating leases. As such, these items are transferred from inventory to property and equipment and depreciated over their estimated useful lives. We capitalize interest incurred for indebtedness related to construction in progress. For both the three months ended March 31, 2020 and 2019, we incurred interest costs of Depreciation and amortization expense for property and equipment was $12.2 million and $9.3 million, respectively, for the three months ended March 31, 2020 and 2019.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	5. GOODWILL AND INTANGIBLE ASSETS, NET As of both March 31, 2020 and December 31, 2019, goodwill was $51.9 million. We have selected June 30 as our annual goodwill impairment testing date. We have elected to perform a qualitative analysis of the fair value of our goodwill and determined there was no impairment as of June 30, 2019. As of March 31, 2020 and December 31, 2019, there were no indicators of impairment. All of our intangible assets other than goodwill are considered to have definite lives and, as such, are subject to amortization. The following tables provide the components of intangible assets, which are included in Other assets in our consolidated balance sheets: March 31, 2020 Weighted Average Remaining Accumulated Useful Life Gross Amortization Net (Years) Intangibles: Trade name 2.3 $ 3,194 $ (2,715 ) $ 479 Total $ 3,194 $ (2,715 ) $ 479 December 31, 2019 Weighted Average Remaining Accumulated Useful Life Gross Amortization Net (Years) Intangibles: Trade name 2.5 $ 3,194 $ (2,662 ) $ 532 Total $ 3,194 $ (2,662 ) $ 532 The weighted average remaining useful life of our intangible assets was 2.3 years as of March 31, 2020. Amortization of intangible assets for both the three months ended March 31, 2020 and 2019 was $0.1 million.

Long-Term Debt, Net

Long-Term Debt, Net	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Long-Term Debt, Net	6 . LONG-TERM DEBT, NET Long-term debt consisted of the following: March 31, 2020 December 31, 2019 Net term note to bank due September 7, 2025 $ 32,198 $ 32,633 Total long-term debt, net (including current portion) 32,198 32,633 Less: Current portion (1,775 ) (1,775 ) Total long-term debt, net $ 30,423 $ 30,858 On December 7, 2017, we entered into a senior secured term credit agreement (as amended from time to time, the “Term Credit Agreement”), pursuant to which JPMorgan Chase Bank, N.A., Bank of America, N.A. and Kirkpatrick Bank made certain term loans to us (the “Term Loans”). Our obligations under the Term Loans are secured by a mortgage and first priority security interest in our corporate headquarters property. The Term Loans mature on September 7, 2025 and bear interest, at our option, at either (a) a prime rate plus 1.0% or (b) an adjusted LIBOR rate for the interest period in effect for such Term Loan plus 1.5%. As of March 31, 2020, our indebtedness of $30.4 million consisted solely of Term Loans made under the Term Credit Agreement. Unamortized debt issuance costs of $0.2 million as of both March 31, 2020 and December 31, 2019 are presented as a direct deduction from the carrying amount of the debt liability. Under the Term Credit Agreement, we are subject to two material financial covenants, which require us to maintain a fixed charge coverage ratio of not less than 1.25 to 1.0 and a funded indebtedness to EBITDA ratio of not greater than 2.0 to 1.0. As of March 31, 2020, we were in compliance with these covenants. On February 12, 2018, we entered into a senior secured revolving credit agreement (the “Revolving Credit Agreement”) with JPMorgan Chase Bank, N.A. and Bank of America, N.A. that provided for a senior secured revolving credit facility (the “Facility”) in the aggregate principal amount of $50.0 million (the “Revolving Commitment”), which could be increased to up to $100.0 million, subject to obtaining additional lender commitments and certain approvals and satisfying certain other conditions. The Facility includes a $5.0 million sublimit for swingline loans and a $2.5 million sublimit for letters of credit. The Facility was scheduled to mature on February 12, 2020. On April 15, 2019, we entered into the First Amendment to Revolving Credit Agreement (the “First Amendment”). Pursuant to the First Amendment, Wells Fargo Bank, N.A., was added as a lender and the Revolving Commitment was increased to $75.0 million, which may be further increased to $125.0 million subject to obtaining additional lender commitments and certain approvals and satisfying other conditions. The scheduled maturity date of the Facility was extended to April 15, 2022. Borrowings under the Facility will generally bear interest at a prime rate plus 1.0% or, at our option, an adjusted LIBOR rate for the interest period in effect for such borrowing plus 1.5%. The proceeds of the loans and letters of credit under the Facility are to be used only for our general business purposes and working capital. Letters of credit are to be issued only to support our business operations. As of March 31, 2020, we did not have any borrowings outstanding under the Facility. Under the Revolving Credit Agreement, we are required to maintain a fixed charge coverage ratio of not less than 1.25 to 1.0 and a funded indebtedness to EBITDA ratio of not greater than 2.0 to 1.0. Additionally, the Revolving Credit Agreement contains customary affirmative and negative covenants, including covenants limiting our ability to, among other things, grant liens, incur debt, effect certain mergers, make certain investments, dispose of assets, enter into certain transactions, including swap agreements and sale and leaseback transactions, pay dividends or distributions on our capital stock, and enter into transactions with affiliates, in each case subject to customary exceptions for a facility of the size and type of the Facility. As of March 31 , 20 20 , we were in compliance with all covenants related to the Revolving Credit Agreement. As of March 31, 2020 and December 31, 2019, the carrying value of our total long-term debt approximated its fair value as of such date. The fair value of our long-term debt is estimated based on the borrowing rates currently available to us for bank loans with similar terms and maturities.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments	7 . DERIVATIVE INSTRUMENTS In December 2017, we entered into a floating-to-fixed interest rate swap agreement to limit the exposure to floating interest rate risk related to the Term Loans. We do not hold derivative instruments for trading or speculative purposes. The interest rate swap agreement effectively converts a portion of the variable interest rate payments to fixed interest rate payments. We account for our derivatives under ASC Topic 815, “Derivatives and Hedging,” and recognize all derivative instruments in the consolidated balance sheets at fair value as either short-term or long-term assets or liabilities based on their anticipated settlement date. See Note 8, “Fair Value of Financial Instruments”. We have elected not to designate our interest rate swap as a hedge; therefore, changes in the fair value of the derivative instrument are recognized in our consolidated statements of income within Other income (expense), net. The objective of the interest rate swap is to reduce the variability in the forecasted interest payments of the Term Loans, which is based on a one-month LIBOR rate versus a fixed interest rate of 2.54% on a notional value of $35.5 million. Under the terms of the interest rate swap agreement, we will receive quarterly variable interest payments based on the LIBOR rate and will pay interest at a fixed rate. The interest rate swap agreement has a maturity date of September 7, 2025. For the three months ended March 31, 2020 and 2019, we recorded losses of $1.6 million and $0.5 million, respectively, for the change in fair value of the interest rate swap, which is included in Other income (expense), net in the consolidated statements of income.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	8 . FAIR VALUE OF FINANCIAL INSTRUMENTS Our financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, funds held for clients, client funds obligation and long-term debt. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable, funds held for clients and client funds obligation approximates fair value due to the short-term nature of the instruments. See Note 6 for discussion of the fair value of our debt. As discussed in Note 2, we invest the funds held for clients in money market funds, demand deposit accounts, commercial paper with a maturity duration less than three months and certificates of deposit, and classify these items as cash and cash equivalents within the funds held for clients line item in the consolidated balance sheets. Short-term investments in commercial paper and certificates of deposit with an original maturity duration greater than three months are classified as available-for-sale securities, and are also included within the funds held for clients line item. These available-for-sale securities are recognized in the consolidated balance sheets at fair value, which approximates the amortized cost of the securities. As of March 31, 2020 and December 31, 2019, all available-for-sale securities and certificates of deposit were due in thirteen months or less. As discussed in Note 7, during the year ended December 31, 2017, we entered into an interest rate swap. The interest rate swap is measured on a recurring basis based on quoted prices for similar financial instruments and other observable inputs recognized at fair value. The accounting standard for fair value measurements establishes a three-level fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: • Level 1 – Observable inputs such as quoted prices in active markets • Level 2 – Inputs other than quoted prices in active markets for identical assets or liabilities that are observable either directly or indirectly or quoted prices that are not active • Level 3 – Unobservable inputs in which there is little or no market data Included in the following tables are the Company’s major categories of assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019: March 31, 2020 Level 1 Level 2 Level 3 Total Assets: Commercial paper $ — $ 142,574 $ — $ 142,574 Certificates of deposit $ — $ 170,388 $ 170,388 Liabilities: Interest rate swap $ — $ 2,933 $ — $ 2,933 December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Commercial paper $ — $ 79,591 $ — $ 79,591 Certificates of deposit $ — $ 75,000 $ — $ 75,000 Liabilities: Interest rate swap $ — $ 1,358 $ — $ 1,358

Employee Savings Plan and Emplo

Employee Savings Plan and Employee Stock Purchase Plan	3 Months Ended
	Mar. 31, 2020
Compensation Related Costs [Abstract]
Employee Savings Plan and Employee Stock Purchase Plan	9 . EMPLOYEE SAVINGS PLAN AND EMPLOYEE STOCK PURCHASE PLAN Employees over the age of 18 who have completed ninety days of service are eligible to participate in our 401(k) plan. We have made a Qualified Automatic Contribution Arrangement (“QACA”) election, whereby the Company matches the contribution of our employees equal to 100% of the first 1% of salary deferrals and 50% of salary deferrals between 2% and 6%, up to a maximum matching contribution of 3.5% of an employee’s salary each plan year. We are allowed to make additional discretionary matching contributions and discretionary profit sharing contributions. Employees are 100% vested in amounts attributable to salary deferrals and rollover contributions. The QACA matching contributions as well as the discretionary matching and profit sharing contributions vest 100% after two years of employment from the date of hire. Matching contributions were $2.2 million and $1.6 million for the three months ended March 31, 2020 and 2019, respectively. The ESPP has overlapping offering periods, with each offering period lasting approximately 24 months. At the beginning of each offering period, eligible employees may elect to contribute, through payroll deductions, up to 10% of their compensation, subject to an annual per-employee maximum of $25,000. Eligible employees purchase shares of the Company’s common stock at a price equal to 85% of the fair market value of the shares on the exercise date. The maximum number of shares that may be purchased by a participant during each offering period is 2,000 shares, subject to limits specified by the Internal Revenue Service. The shares reserved for purposes of the ESPP are shares we purchase in the open market. The maximum aggregate number of shares of the Company’s common stock that may be purchased by all participants under the ESPP is 2.0 million shares. Eligible employees purchased 25,564 and 22,330 shares of the Company’s common stock under the ESPP during the three months ended March 31, 2020 and 2019, respectively. Compensation expense related to the ESPP is recognized on a straight-line basis over the requisite service period. Our compensation expense related to the ESPP was $0.4 million and $0.6 million for the three months ended March 31, 2020 and 2019, respectively.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	1 0 . EARNINGS PER SHARE Basic earnings per share is based on the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share is computed in a similar manner to basic earnings per share after assuming the issuance of shares of common stock for all potentially dilutive shares of restricted stock whether or not they are vested. In accordance with ASC Topic 260, “Earnings Per Share,” the two-class method determines earnings for each class of common stock and participating securities according to an earnings allocation formula that adjusts the income available to common stockholders for dividends or dividend equivalents and participation rights in undistributed earnings. Certain unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing earnings per share pursuant to the two-class method. The unvested shares of restricted stock granted in 2015 are considered participating securities, while all other unvested shares of restricted stock are not considered participating securities. The following is a reconciliation of net income and the shares of common stock used in the computation of basic and diluted earnings per share: Three Months Ended March 31, 2020 2019 Numerator: Net income $ 63,015 $ 47,282 Less: income allocable to participating securities (27 ) (55 ) Income allocable to common shares $ 62,988 $ 47,227 Add back: undistributed earnings allocable to participating securities $ 27 $ 55 Less: undistributed earnings reallocated to participating securities (27 ) (54 ) Numerator for diluted earnings per share $ 62,988 $ 47,228 Denominator: Basic weighted average shares outstanding 57,655 57,357 Dilutive effect of unvested restricted stock 785 959 Diluted weighted average shares outstanding 58,440 58,316 Earnings per share: Basic $ 1.09 $ 0.82 Diluted $ 1.08 $ 0.81

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	1 1 . STOCK-BASED COMPENSATION The following table summarizes restricted stock awards activity for the three months ended March 31, 2020: Time-Based Market-Based Restricted Stock Awards Restricted Stock Awards Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested shares of restricted stock outstanding at December 31, 2019 742.6 $ 107.93 — $ — Granted 85.1 $ 323.94 360.9 $ 216.69 Vested (2.0 ) $ 155.81 — $ — Forfeited (16.3 ) $ 117.73 (1.0 ) $ 251.33 Unvested shares of restricted stock outstanding at March 31, 2020 809.4 $ 130.34 359.9 $ 216.59 During the three months ended March 31, 2020, we issued an aggregate of 446,096 restricted shares of common stock to our executive officers and certain non-executive employees under the Paycom Software, Inc. 2014 Long-Term Incentive Plan (the “LTIP”), consisting of 360,948 shares subject to market-based vesting conditions (“Market-Based Shares”) and 85,148 shares subject to time-based vesting conditions (“Time-Based Shares”). Market-Based Shares for executive officers will vest 50% on the first date, if any, that the Company’s total enterprise value (calculated as defined in the applicable restricted stock award agreement) (“TEV”) equals or exceeds $23.75 billion and 50% on the first date, if any, that the Company’s TEV equals or exceeds $27.7 billion, in each case provided that (i) such date occurs on or before the sixth anniversary of the grant date and (ii) the recipient is employed by, or providing services to, the Company on the applicable vesting date. Market-Based Shares for non-executive employees will vest 50% on the first date, if any, that the Company’s TEV equals or exceeds $19.8 billion and 50% on the first date, if any, that the Company’s TEV equals or exceeds $22.15 billion, in each case provided that (i) such date occurs on or before the sixth anniversary of the grant date and (ii) the recipient is employed by, or providing services to, the Company on the applicable vesting date. Time-Based Shares granted to non-executive employees will vest over periods ranging from three to four years, provided that the recipient is employed by, or providing services to, the Company on the applicable vesting date. For the three months ended March 31, 2020 and 2019, our total compensation expense related to restricted stock was $15.8 million and $31.1 million, respectively. There was $143.0 million of unrecognized compensation cost, net of estimated forfeitures, related to unvested shares of restricted stock outstanding as of March 31, 2020. The unrecognized compensation cost for the unvested shares is expected to be recognized over a weighted average period of 1.9 years as of March 31, 2020. We capitalized stock-based compensation costs related to software developed for internal use of $1.6 million and $3.3 million for the three months ended March 31, 2020 and 2019, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	1 2 . COMMITMENTS AND CONTINGENCIES As previously disclosed, since February 2019, we have received subpoenas and requests from the SEC focused on whether certain of our clients were charged, and paid, an additional amount for one or more applications for which the clients were already being charged. In connection with this matter, we identified less than 250 affected clients, representing approximately 0.5% of our client base as of December 31, 2019. Since December 2019, we have been notifying clients affected by such charges between approximately 2011 and 2019 and have refunded approximately $2.5 million, in the aggregate, to such clients. This issue did not have a material impact on our financial results for any prior period. The SEC staff has informed our legal counsel that its inquiry concerns our books and records and internal controls. We cannot predict the timing, scope or outcome of this matter. We are involved in various legal proceedings in the ordinary course of business. Although we cannot predict the outcome of these proceedings, legal matters are subject to inherent uncertainties and there exists the possibility that the ultimate resolution of these matters could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	1 3 . INCOME TAXES The Company’s effective income tax rate was 28.7% and 23.9% for the three months ended March 31, 2020 and 2019, respectively. The higher effective tax rate for the three months ended March 31, 2020 is primarily related to a decrease in excess tax benefits from stock-based compensation related to vesting events as compared to the three months ended March 31, 2019.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Event	14. SUBSEQUENT EVENTS On April 27, 2020, we issued an aggregate of 60,348 restricted shares of common stock to certain non-executive employees under the LTIP consisting of Time-Based Shares that will vest in three equal tranches annually, beginning on the first anniversary of the grant date, provided that the recipient is employed by, or providing services to, the Company on the applicable vesting date. On April 27, 2020, we issued an aggregate of 5,970 restricted shares of common stock under the LTIP to the non-employee members of our board of directors. Such shares of restricted stock will cliff-vest on the seventh day following the first anniversary of the date of grant, provided that such director is providing services to the Company through the applicable vesting date.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements and notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial statements that permit reduced disclosure for interim periods. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary for the fair presentation of our consolidated balance sheets as of March 31, 2020 and our consolidated statements of income, stockholders’ equity and cash flows for the three months ended March 31, 2020 and 2019. Such adjustments are of a normal recurring nature. The information in this Quarterly Report on Form 10-Q (this “Form 10-Q”) should be read in conjunction with the Form 10-K. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results expected for the full year.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In January 2020, we adopted Accounting Standards Update (“ASU”) No. 2018-15, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)” (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The adoption of this guidance did not have a material impact on our consolidated financial statements. In January 2020, we adopted ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU No. 2018-13 modifies the disclosure requirements in Topic 820, “Fair Value Measurement,” based on the FASB Concepts Statement, “Conceptual Framework for Financial Reporting – Chapter 8: Notes to Financial Statements,” including consideration of costs and benefits. The adoption of this guidance did not have a material impact on our consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates include income taxes, loss contingencies, the useful life of property and equipment and intangible assets, the life of our client relationships, the fair value of our stock-based awards and the fair value of our financial instruments, intangible assets and goodwill. These estimates are based on historical experience where applicable and other assumptions that management believes are reasonable under the circumstances. Actual results could materially differ from these estimates.
Seasonality	Seasonality Our revenues are seasonal in nature. Recurring revenues include revenues relating to the annual processing of payroll forms, such as Form W-2, Form 1099, and Form 1095 and revenues from processing unscheduled payroll runs (such as bonuses) for our clients. As payroll forms are typically processed in the first quarter of the year, first quarter revenues and margins are generally higher than in subsequent quarters. These seasonal fluctuations in revenues can also have an impact on gross profits. Historical results impacted by these seasonal trends should not be considered a reliable indicator of our future results of operations.
Employee Stock Purchase Plan	Employee Stock Purchase Plan An award issued under the Paycom Software, Inc. Employee Stock Purchase Plan (the “ESPP”) is classified as a share-based liability and recognized at the fair value of the award. Expense is recognized, net of estimated forfeitures, on a straight-line basis over the requisite service period.
Funds Held for Clients and Client Funds Obligation	Funds Held for Clients and Client Funds Obligation As part of our payroll and tax filing application, we (i) collect client funds to satisfy their respective federal, state and local employment tax obligations, (ii) remit such funds to the appropriate taxing authorities and accounts designated by our clients, and (iii) manage client tax filings and any related correspondence with taxing authorities. Amounts collected by us from clients for their federal, state and local employment taxes are invested by us, and we earn interest on these funds during the interval between receipt and disbursement. These investments are shown in our consolidated balance sheets as funds held for clients, and the offsetting liability for the tax filings is shown as client funds obligation. The liability is recorded in the accompanying consolidated balance sheets at the time we obtain the funds from clients. The client funds obligation represents liabilities that will be repaid within one year of the consolidated balance sheet date. As of March 31, 2020 and December 31, 2019, the funds held for clients were invested in money market funds, demand deposit accounts, commercial paper with a maturity duration less than three months and certificates of deposit. Short-term investments in commercial paper and certificates of deposit with an original maturity duration greater than three months are classified as available-for-sale securities, and are also included within the funds held for clients line item in the consolidated balance sheets. These available-for-sale securities are recorded in the consolidated balance sheets at fair value, which approximates the amortized cost of the securities. Funds held for clients are classified as a current asset in the consolidated balance sheets because the funds are held solely to satisfy the client funds obligation.
Stock Repurchase Plan	Stock Repurchase Plan In May 2016, our Board of Directors authorized a stock repurchase plan allowing for the repurchase of shares of our common stock in open market transactions at prevailing market prices, in privately negotiated transactions or by other means in accordance with federal securities laws, including Rule 10b5-1 programs. Since the initial authorization of the stock repurchase plan, our Board of Directors has amended and extended and authorized new stock repurchase plans from time to time. Most recently, in March 2020, our Board of Directors authorized the repurchase of up to $250.0 million of our common stock. As of March 31, 2020, there was $242.0 million available for repurchases under our stock repurchase plan. Our stock repurchase plan may be suspended or discontinued at any time. The actual timing, number and value of shares repurchased depends on a number of factors, including the market price of our common stock, general market and economic conditions, shares withheld for taxes associated with the vesting of restricted stock and other corporate considerations. The current stock repurchase plan will expire on March 12, 2022. During the three months ended March 31, 2020, we repurchased an aggregate of 40,032 shares of our common stock at an average cost of $204.04 per share, including 671 shares withheld to satisfy tax withholding obligations for certain employees upon the vesting of restricted stock.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In December 2019, the Financial Accounting Standards Board issued ASU No. 2019-12, “Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). The amendments in ASU 2019-12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income tax in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also clarifies and simplifies other aspects of the accounting for income taxes. This guidance is effective for fiscal years beginning after December 15, 2020, and for interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the impact that this guidance will have on our financial position and results of operations, if any.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue From Contract With Customer [Abstract]
Summary of Changes in Deferred Revenue Related to Material Right Performance Obligations	Changes in deferred revenue related to material right performance obligations as of March 31, 2020 and 2019 were as follows: Three Months Ended March 31, 2020 2019 Balance, beginning of period $ 76,244 $ 64,651 Deferral of revenue 5,885 5,561 Recognition of unearned revenue (3,674 ) (2,701 ) Balance, end of period $ 78,455 $ 67,511
Summary of Asset Balances and Related Amortization Expense For Contract Costs	The following tables present the asset balances and related amortization expense for these contract costs: As of and for the Three Months Ended March 31, 2020 Beginning Capitalization Ending Balance of Costs Amortization Balance Costs to obtain a contract $ 194,964 $ 21,184 $ (7,188 ) $ 208,960 Costs to fulfill a contract $ 143,788 $ 19,509 $ (4,976 ) $ 158,321 As of and for the Three Months Ended March 31, 2019 Beginning Capitalization Ending Balance of Costs Amortization Balance Costs to obtain a contract $ 158,989 $ 19,387 $ (5,721 ) $ 172,655 Costs to fulfill a contract $ 101,756 $ 15,005 $ (3,470 ) $ 113,291

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Schedule of Property and Equipment and Associated Accumulated Depreciation and Amortization	Property and equipment and accumulated depreciation and amortization were as follows: March 31, 2020 December 31, 2019 Property and equipment Software and capitalized software costs $ 109,275 $ 99,125 Buildings 101,707 101,707 Computer equipment 60,673 56,879 Rental clocks 21,906 20,836 Furniture, fixtures and equipment 18,809 18,311 Other 6,853 6,242 319,223 303,100 Less: accumulated depreciation and amortization (137,114 ) (124,950 ) 182,109 178,150 Construction in progress 43,280 31,274 Land 29,034 29,034 Property and equipment, net $ 254,423 $ 238,458

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Components of Intangible Assets	All of our intangible assets other than goodwill are considered to have definite lives and, as such, are subject to amortization. The following tables provide the components of intangible assets, which are included in Other assets in our consolidated balance sheets: March 31, 2020 Weighted Average Remaining Accumulated Useful Life Gross Amortization Net (Years) Intangibles: Trade name 2.3 $ 3,194 $ (2,715 ) $ 479 Total $ 3,194 $ (2,715 ) $ 479 December 31, 2019 Weighted Average Remaining Accumulated Useful Life Gross Amortization Net (Years) Intangibles: Trade name 2.5 $ 3,194 $ (2,662 ) $ 532 Total $ 3,194 $ (2,662 ) $ 532

Long-Term Debt, Net (Tables)

Long-Term Debt, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consisted of the following: March 31, 2020 December 31, 2019 Net term note to bank due September 7, 2025 $ 32,198 $ 32,633 Total long-term debt, net (including current portion) 32,198 32,633 Less: Current portion (1,775 ) (1,775 ) Total long-term debt, net $ 30,423 $ 30,858

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Major Categories of Assets and Liabilities Measured at Fair Value on Recurring Basis	Included in the following tables are the Company’s major categories of assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019: March 31, 2020 Level 1 Level 2 Level 3 Total Assets: Commercial paper $ — $ 142,574 $ — $ 142,574 Certificates of deposit $ — $ 170,388 $ 170,388 Liabilities: Interest rate swap $ — $ 2,933 $ — $ 2,933 December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Commercial paper $ — $ 79,591 $ — $ 79,591 Certificates of deposit $ — $ 75,000 $ — $ 75,000 Liabilities: Interest rate swap $ — $ 1,358 $ — $ 1,358

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Earnings Per Share	The following is a reconciliation of net income and the shares of common stock used in the computation of basic and diluted earnings per share: Three Months Ended March 31, 2020 2019 Numerator: Net income $ 63,015 $ 47,282 Less: income allocable to participating securities (27 ) (55 ) Income allocable to common shares $ 62,988 $ 47,227 Add back: undistributed earnings allocable to participating securities $ 27 $ 55 Less: undistributed earnings reallocated to participating securities (27 ) (54 ) Numerator for diluted earnings per share $ 62,988 $ 47,228 Denominator: Basic weighted average shares outstanding 57,655 57,357 Dilutive effect of unvested restricted stock 785 959 Diluted weighted average shares outstanding 58,440 58,316 Earnings per share: Basic $ 1.09 $ 0.82 Diluted $ 1.08 $ 0.81

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Nonvested Restricted Stock Awards Activity	The following table summarizes restricted stock awards activity for the three months ended March 31, 2020: Time-Based Market-Based Restricted Stock Awards Restricted Stock Awards Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested shares of restricted stock outstanding at December 31, 2019 742.6 $ 107.93 — $ — Granted 85.1 $ 323.94 360.9 $ 216.69 Vested (2.0 ) $ 155.81 — $ — Forfeited (16.3 ) $ 117.73 (1.0 ) $ 251.33 Unvested shares of restricted stock outstanding at March 31, 2020 809.4 $ 130.34 359.9 $ 216.59

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020USD ($)$ / sharesshares
Restricted Stock [Member]
Summary Of Significant Accounting Policy [Line Items]
Shares withheld to satisfy tax withholding obligations | shares	671
Stock Repurchase Plan [Member]
Summary Of Significant Accounting Policy [Line Items]
Available authorized repurchase amount | $	$ 242,000,000
Stock repurchase plan expiration date	Mar. 12, 2022
Number of common stocks repurchased during the period | shares	40,032,000
Stock repurchased, average costs per share | $ / shares	$ 204.04
Maximum [Member] | Stock Repurchase Plan [Member]
Summary Of Significant Accounting Policy [Line Items]
Stock repurchase plan, authorized amount | $	$ 250,000,000

Revenue - Summary of Changes in

Revenue - Summary of Changes in Deferred Revenue Related to Material Right Performance Obligations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue From Contract With Customer [Abstract]
Balance, beginning of period	$ 76,244	$ 64,651
Deferral of revenue	5,885	5,561
Recognition of unearned revenue	(3,674)	(2,701)
Balance, end of period	$ 78,455	$ 67,511

Revenue - Additional Informatio

Revenue - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020
Revenue From Contract With Customer [Abstract]
Deferred revenue expect to recognize description	We expect to recognize $8.8 million of deferred revenue related to material right performance obligations in the remainder of 2020, $11.5 million of such deferred revenue in 2021, and $58.2 million of such deferred revenue thereafter.

Revenue - Additional Informat_2

Revenue - Additional Information (Detail 1) $ in Millions	Mar. 31, 2020USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Deferred revenue expect to recognize amount	$ 8.8
Deferred revenue expect to recognize period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Deferred revenue expect to recognize amount	$ 11.5
Deferred revenue expect to recognize period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Deferred revenue expect to recognize amount	$ 58.2
Deferred revenue expect to recognize period

Revenue - Summary of Asset Bala

Revenue - Summary of Asset Balances and Related Amortization Expense For Contract Costs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Costs to Obtain a Contract [Member]
Capitalized Contract Cost [Line Items]
Beginning Balance	$ 194,964	$ 158,989
Capitalization of Costs	21,184	19,387
Amortization	(7,188)	(5,721)
Ending Balance	208,960	172,655
Costs to Fulfill a Contract [Member]
Capitalized Contract Cost [Line Items]
Beginning Balance	143,788	101,756
Capitalization of Costs	19,509	15,005
Amortization	(4,976)	(3,470)
Ending Balance	$ 158,321	$ 113,291

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment and Associated Accumulated Depreciation and Amortization (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Property and Equipment [Line Items]
Property and equipment, gross	$ 319,223	$ 303,100
Less: accumulated depreciation and amortization	(137,114)	(124,950)
Property and equipment, net	254,423	238,458
Buildings [Member]
Property and Equipment [Line Items]
Property and equipment, gross	101,707	101,707
Software and Capitalized Software Costs [Member]
Property and Equipment [Line Items]
Property and equipment, gross	109,275	99,125
Computer Equipment [Member]
Property and Equipment [Line Items]
Property and equipment, gross	60,673	56,879
Rental Clocks [Member]
Property and Equipment [Line Items]
Property and equipment, gross	21,906	20,836
Furniture, Fixtures and Equipment [Member]
Property and Equipment [Line Items]
Property and equipment, gross	18,809	18,311
Other [Member]
Property and Equipment [Line Items]
Property and equipment, gross	6,853	6,242
Excluded Land and Construction in Process [Member]
Property and Equipment [Line Items]
Property and equipment, net	182,109	178,150
Land [Member]
Property and Equipment [Line Items]
Property and equipment, net	29,034	29,034
Construction in Progress [Member]
Property and Equipment [Line Items]
Property and equipment, net	$ 43,280	$ 31,274

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Property and Equipment [Line Items]
Computer software development costs capitalized	$ 9,700	$ 8,900
Interest cost paid	400	400
Interest costs capitalized	400	100
Retainage amount included in construction in progress	2,500	2,200
Depreciation and amortization	6,285	4,805
Property and Equipment [Member]
Property and Equipment [Line Items]
Depreciation and amortization	$ 12,200	$ 9,300

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Jun. 30, 2019	Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	$ 51,889,000			$ 51,889,000
Goodwill impairment amount	$ 0		$ 0	$ 0
Weighted average remaining useful life	2 years 3 months 18 days
Amortization of intangible assets	$ 100,000	$ 100,000

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Components of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Gross	$ 3,194	$ 3,194
Accumulated Amortization	(2,715)	(2,662)
Net	$ 479	532
Weighted average remaining useful life	2 years 3 months 18 days
Trade Name [Member]
Finite Lived Intangible Assets [Line Items]
Gross	$ 3,194	3,194
Accumulated Amortization	(2,715)	(2,662)
Net	$ 479	$ 532
Weighted average remaining useful life	2 years 3 months 18 days	2 years 6 months

Long-Term Debt, Net - Schedule

Long-Term Debt, Net - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule Of Capitalization Longterm Debt [Line Items]
Total long-term debt, net (including current portion)	$ 32,198	$ 32,633
Less: Current portion	(1,775)	(1,775)
Total long-term debt, net	30,423	30,858
2025 Consolidated Loan [Member]
Schedule Of Capitalization Longterm Debt [Line Items]
Term note to bank	$ 32,198	$ 32,633

Long-Term Debt, Net - Additiona

Long-Term Debt, Net - Additional Information (Detail) - USD ($)	Apr. 15, 2019	Feb. 12, 2018	Dec. 07, 2017	Mar. 31, 2020	Dec. 31, 2019
Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Debt instrument, restrictive covenants				maintain a fixed charge coverage ratio of not less than 1.25 to 1.0 and a funded indebtedness to EBITDA ratio of not greater than 2.0 to 1.0
Line of credit facility agreement date		Feb. 12, 2018
Line of credit facility, maximum borrowing capacity		$ 50,000,000
Line of credit facility, maximum borrwoing capacity may increased subject to obtaining additional lender commitments and certain approvals and other conditions		$ 100,000,000
Line of credit facility, maturity date		Feb. 12, 2020
Line of credit facility, interest rate description				Borrowings under the Facility will generally bear interest at a prime rate plus 1.0% or, at our option, an adjusted LIBOR rate for the interest period in effect for such borrowing plus 1.5%.
Line of credit facility, borrowings outstanding				$ 0
Revolving Credit Agreement [Member] | Wells Fargo Bank, N.A. [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 75,000,000
Line of credit facility, maximum borrwoing capacity may increased subject to obtaining additional lender commitments and certain approvals and other conditions	$ 125,000,000
Line of credit facility, maturity date	Apr. 15, 2022
Revolving Credit Agreement [Member] | Swingline Loans [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 5,000,000
Revolving Credit Agreement [Member] | Letters of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 2,500,000
Revolving Credit Agreement [Member] | Maximum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio required by covenants				125.00%
Revolving Credit Agreement [Member] | Minimum [Member]
Debt Instrument [Line Items]
Funded indebtedness to EBITDA ratio required by covenants				100.00%
Revolving Credit Agreement [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Line of credit facility, outstanding borrowings interest				1.00%
Revolving Credit Agreement [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Line of credit facility, outstanding borrowings interest				1.50%
New Credit Agreement [Member]
Debt Instrument [Line Items]
Debt instrument, restrictive covenants				maintain a fixed charge coverage ratio of not less than 1.25 to 1.0 and a funded indebtedness to EBITDA ratio of not greater than 2.0 to 1.0.
New Credit Agreement [Member] | Maximum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio required by covenants				125.00%
New Credit Agreement [Member] | Minimum [Member]
Debt Instrument [Line Items]
Funded indebtedness to EBITDA ratio required by covenants				100.00%
New Credit Agreement [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument maturity date			Sep. 7, 2025
Term loan, maturity date description				The Term Loans mature on September 7, 2025 and bear interest, at our option, at either (a) a prime rate plus 1.0% or (b) an adjusted LIBOR rate for the interest period in effect for such Term Loan plus 1.5%.
New Credit Agreement [Member] | Term Loan [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate			1.00%
New Credit Agreement [Member] | Term Loan [Member] | Adjusted London Interbank Offered Rate LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate			1.50%
New Credit Agreement [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Indebtedness, term loans				$ 30,400,000
Unamortized debt issuance cost				$ 200,000	$ 200,000

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) - Term Loan [Member] - Interest Rate Swap [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative [Line Items]
Debt instrument maturity date	Sep. 7, 2025
Description of variable rate basis	one-month LIBOR
Debt Instrument, Interest Rate, Stated Percentage	2.54%
Derivative Instrument, notional value	$ 35.5
Interest rate payment description	The objective of the interest rate swap is to reduce the variability in the forecasted interest payments of the Term Loans, which is based on a one-month LIBOR rate versus a fixed interest rate of 2.54% on a notional value of $35.5 million.  Under the terms of the interest rate swap agreement, we will receive quarterly variable interest payments based on the LIBOR rate and will pay interest at a fixed rate
Derivative instrument gain (loss) under fair value	$ (1.6)	$ (0.5)

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Additional Information (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Available-for-sale Securities [Member] | Certificates of Deposit [Member] | Maximum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Financial instruments maturity period	13 months	13 months

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Schedule of Major Categories of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Commercial Paper [Member]
Assets:
Assets	$ 142,574	$ 79,591
Certificates of Deposit [Member]
Assets:
Assets	170,388	75,000
Level 2 [Member] | Commercial Paper [Member]
Assets:
Assets	142,574	79,591
Level 2 [Member] | Certificates of Deposit [Member]
Assets:
Assets	170,388	75,000
Interest Rate Swap [Member]
Liabilities:
Liabilities	2,933	1,358
Interest Rate Swap [Member] | Level 2 [Member]
Liabilities:
Liabilities	$ 2,933	$ 1,358

Employee Savings Plan and Emp_2

Employee Savings Plan and Employee Stock Purchase Plan - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Defined Contribution Plan Disclosure [Line Items]
401(k) eligibility minimum service period	90 days
401(k) description of plan contributions	contribution of our employees equal to 100% of the first 1% of salary deferrals and 50% of salary deferrals between 2% and 6%, up to a maximum matching contribution of 3.5% of an employee’s salary each plan year.
Employee vested percentage in salary deferrals and roll over contributions	100.00%
Minimum period for vesting 100% contributions	2 years
Minimum period for vesting of discretionary contributions	2 years
Matching contribution	$ 2,200,000	$ 1,600,000
Employee stock purchase plan overlapping offering period	24 months
Employee Stock Purchase Plan [Member]
Defined Contribution Plan Disclosure [Line Items]
Employees Company's common stock shares purchase limit percentage	10.00%
Employees Company's common stock shares purchase limit amount	$ 25,000
Maximum number of shares that may be purchased by a participant	2,000
Share of common stock purchase maximum	2,000,000
Purchase of shares of common stock	25,564	22,330
Compensation expense related to ESPP	$ 400,000	$ 600,000
After Two Years Of Employment [Member]
Defined Contribution Plan Disclosure [Line Items]
Matching contributions, vesting percentage	100.00%
One Hundred Percent Match For Percent Of Participants Contribution [Member]
Defined Contribution Plan Disclosure [Line Items]
Employer contribution percentage	100.00%
Percentage of salary deferrals	1.00%
50% Matching Contribution [Member]
Defined Contribution Plan Disclosure [Line Items]
Employer contribution percentage	50.00%
Minimum [Member]
Defined Contribution Plan Disclosure [Line Items]
401(k) eligible age of employee	18 years
Minimum [Member] | 50% Matching Contribution [Member]
Defined Contribution Plan Disclosure [Line Items]
Percentage of salary deferrals	2.00%
Maximum [Member]
Defined Contribution Plan Disclosure [Line Items]
Percentage of salary deferrals	3.50%
Maximum [Member] | Employee Stock Purchase Plan [Member]
Defined Contribution Plan Disclosure [Line Items]
Purchase price of common stock expressed as a percentage of its fair market value	85.00%
Maximum [Member] | 50% Matching Contribution [Member]
Defined Contribution Plan Disclosure [Line Items]
Percentage of salary deferrals	6.00%

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Net Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net income	$ 63,015	$ 47,282
Less: income allocable to participating securities	(27)	(55)
Income allocable to common shares	62,988	47,227
Add back: undistributed earnings allocable to participating securities	27	55
Less: undistributed earnings reallocated to participating securities	(27)	(54)
Numerator for diluted earnings per share	$ 62,988	$ 47,228
Denominator:
Basic weighted average shares outstanding	57,655	57,357
Dilutive effect of unvested restricted stock	785	959
Diluted weighted average shares outstanding	58,440	58,316
Earnings per share:
Earnings per share, basic	$ 1.09	$ 0.82
Earnings per share, diluted	$ 1.08	$ 0.81

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Nonvested Restricted Stock Awards Activity (Detail)	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Time-Based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Unvested shares of restricted stock outstanding at beginning of period | shares	742,600
Restricted Stock Awards, Granted | shares	85,100
Restricted Stock Awards, Vested | shares	(2,000)
Restricted Stock Awards, Forfeited | shares	(16,300)
Unvested shares of restricted stock outstanding at end of period | shares	809,400
Unvested shares of restricted stock outstanding, Weighted Average Grant Date Fair Value, at beginning of period | $ / shares	$ 107.93
Granted, Weighted Average Grant Date Fair Value | $ / shares	323.94
Vested, Weighted Average Grant Date Fair Value | $ / shares	155.81
Forfeited, Weighted Average Grant Date Fair Value | $ / shares	117.73
Unvested shares of restricted stock outstanding, Weighted Average Grant Date Fair Value, at end of period | $ / shares	$ 130.34
Market-Based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Restricted Stock Awards, Granted | shares	360,900
Restricted Stock Awards, Forfeited | shares	(1,000)
Unvested shares of restricted stock outstanding at end of period | shares	359,900
Granted, Weighted Average Grant Date Fair Value | $ / shares	$ 216.69
Forfeited, Weighted Average Grant Date Fair Value | $ / shares	251.33
Unvested shares of restricted stock outstanding, Weighted Average Grant Date Fair Value, at end of period | $ / shares	$ 216.59

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Software and Capitalized Software Costs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Capitalized compensation cost	$ 1.6	$ 3.3
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Compensation expense related to ESPP	15.8	$ 31.1
Total unrecognized compensation cost related to unvested restricted stock	$ 143
Unrecognized compensation expected for unvested shares to be recognized	1 year 10 months 24 days
Restricted Stock [Member] | Market-Based Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Number of shares vested	360,948
Restricted Stock [Member] | Time-Based Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Number of shares vested	85,148
Restricted Stock [Member] | LTIP [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Restricted shares of common stock issued	446,096
Restricted Stock [Member] | Executive Officers [Member] | Vest 50% on the first date, if any, that the Company’s TEV (calculated as defined in the applicable restricted stock award agreement) equals or exceeds $23.75 billion [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Market-based vesting percentage, restricted shares	50.00%
Total enterprise value	$ 23,750
Restricted Stock [Member] | Executive Officers [Member] | Vest 50% on the first date, if any, that the Company’s TEV equals or exceeds $27.7 billion [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Market-based vesting percentage, restricted shares	50.00%
Total enterprise value	$ 27,700
Restricted Stock [Member] | Non Executive Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights	over periods ranging from three to four years
Restricted Stock [Member] | Non Executive Employees [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Restricted Stock [Member] | Non Executive Employees [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Restricted Stock [Member] | Non Executive Employees [Member] | Vest 50% on the first date, if any, that the Company’s TEV equals or exceeds $19.8 billion [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Market-based vesting percentage, restricted shares	50.00%
Total enterprise value	$ 19,800
Restricted Stock [Member] | Non Executive Employees [Member] | Vest 50% on the first date, if any, that the Company’s TEV equals or exceeds $22.15 billion [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Market-based vesting percentage, restricted shares	50.00%
Total enterprise value	$ 22,150

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)Client
Other Commitments [Line Items]
Percentage of identified clients	0.50%
Refund of additional amount charged to clients | $	$ 2.5
Maximum [Member]
Other Commitments [Line Items]
Number of identified clients | Client	250

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	28.70%	23.90%

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Restricted Stock [Member] - shares	Apr. 27, 2020	Mar. 31, 2020
Non Executive Employees [Member]
Subsequent Event [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights		over periods ranging from three to four years
LTIP [Member]
Subsequent Event [Line Items]
Restricted shares of common stock issued		446,096
Subsequent Event [Member] | LTIP [Member] | Non Executive Employees [Member]
Subsequent Event [Line Items]
Restricted shares of common stock issued	60,348
Share-based compensation arrangement by share-based payment award, award vesting rights	Time-Based Shares that will vest in three equal tranches annually, beginning on the first anniversary of the grant date, provided that the recipient is employed by, or providing services to, the Company on the applicable vesting date.
Subsequent Event [Member] | LTIP [Member] | Non Employee Members [Member]
Subsequent Event [Line Items]
Restricted shares of common stock issued	5,970
Share-based compensation arrangement by share-based payment award, award vesting rights	shares of restricted stock will cliff-vest on the seventh day following the first anniversary of the date of grant, provided that such director is providing services to the Company through the applicable vesting date.