Paycom Software (PAYC) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 26, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
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		60,026,348
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

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 279,039	$ 277,978
Accounts receivable	20,078	9,490
Prepaid expenses	37,779	23,729
Inventory	1,647	1,131
Income tax receivable	220	16,413
Deferred contract costs	86,048	76,724
Current assets before funds held for clients	424,811	405,465
Funds held for clients	3,423,181	1,846,573
Total current assets	3,847,992	2,252,038
Property and equipment, net	374,940	348,953
Intangible assets, net	55,969	58,028
Goodwill	51,889	51,889
Long-term deferred contract costs	511,957	461,852
Other assets	48,956	42,385
Total assets	4,891,703	3,215,145
Current liabilities:
Accounts payable	13,475	5,772
Accrued commissions and bonuses	14,798	22,357
Accrued payroll and vacation	41,802	34,259
Deferred revenue	17,920	16,277
Current portion of long-term debt		1,775
Accrued expenses and other current liabilities	54,904	63,397
Current liabilities before client funds obligation	142,899	143,837
Client funds obligation	3,425,573	1,846,573
Total current liabilities	3,568,472	1,990,410
Deferred income tax liabilities, net	135,282	145,504
Long-term deferred revenue	90,960	85,149
Net long-term debt, less current portion	29,000	27,380
Other long-term liabilities	73,850	72,988
Total long-term liabilities	329,092	331,021
Total liabilities	3,897,564	2,321,431
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value (100,000 shares authorized, 62,514 and 62,298 shares issued at June 30, 2022 and December 31, 2021, respectively; 57,864 and 58,012 shares outstanding at June 30, 2022 and December 31, 2021, respectively)	625	623
Additional paid-in capital	517,777	465,594
Retained earnings	1,064,864	915,579
Accumulated other comprehensive earnings (loss)	(1,600)
Treasury stock, at cost 4,650 and 4,286 shares at June 30, 2022 and December 31, 2021, respectively)	(587,527)	(488,082)
Total stockholders’ equity	994,139	893,714
Total liabilities and stockholders’ equity	$ 4,891,703	$ 3,215,145

Unaudited Consolidated Balanc_2

Unaudited Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
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	62,514,000	62,298,000
Common stock, shares outstanding	57,864,000	58,012,000
Treasury stock, shares	4,650,000	4,286,000

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Total revenues	$ 316,924	$ 242,146	$ 670,443	$ 514,344
Cost of revenues
Operating expenses	39,604	28,773	78,096	57,846
Depreciation and amortization	10,478	7,637	20,470	14,837
Total cost of revenues	50,082	36,410	98,566	72,683
Administrative expenses
Sales and marketing	87,724	67,979	162,720	130,740
Research and development	36,803	28,224	68,408	52,935
General and administrative	57,912	54,063	118,416	100,254
Depreciation and amortization	12,090	8,380	23,753	16,096
Total administrative expenses	194,529	158,646	373,297	300,025
Total operating expenses	244,611	195,056	471,863	372,708
Operating income	72,313	47,090	198,580	141,636
Interest expense	(354)		(569)
Other income (expense), net	878	146	2,290	775
Income before income taxes	72,837	47,236	200,301	142,411
Provision for income taxes	15,482	(5,042)	51,016	25,517
Net income	$ 57,355	$ 52,278	$ 149,285	$ 116,894
Earnings per share, basic	$ 0.99	$ 0.90	$ 2.57	$ 2.02
Earnings per share, diluted	$ 0.99	$ 0.90	$ 2.57	$ 2.01
Weighted average shares outstanding:
Basic	57,969	57,853	57,992	57,797
Diluted	58,067	58,092	58,186	58,135
Comprehensive earnings (loss):
Net income	$ 57,355	$ 52,278	$ 149,285	$ 116,894
Unrealized net gains (losses) on available-for-sale securities	(654)		(2,176)
Tax effect	173		576
Other comprehensive income (loss), net of tax	(481)		(1,600)
Comprehensive earnings (loss)	56,874	52,278	147,685	116,894
Recurring [Member]
Revenues
Total revenues	311,534	237,585	659,698	505,359
Implementation and Other [Member]
Revenues
Total revenues	$ 5,390	$ 4,561	$ 10,745	$ 8,985

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury Stock [Member]
Beginning balance, value at Dec. 31, 2020	$ 655,643	$ 618	$ 357,908	$ 719,619		$ (422,502)
Beginning balance, shares at Dec. 31, 2020		61,861				4,122
Vesting of restricted stock, shares		3
Stock-based compensation	25,594		25,594
Repurchases of common stock, shares						1
Repurchases of common stock	(377)					$ (377)
Net income	64,616			64,616
Ending balance, value at Mar. 31, 2021	745,476	$ 618	383,502	784,235		$ (422,879)
Ending balance, shares at Mar. 31, 2021		61,864				4,123
Beginning balance, value at Dec. 31, 2020	655,643	$ 618	357,908	719,619		$ (422,502)
Beginning balance, shares at Dec. 31, 2020		61,861				4,122
Net income	116,894
Ending balance, value at Jun. 30, 2021	792,256	$ 621	409,979	836,513		$ (454,857)
Ending balance, shares at Jun. 30, 2021		62,135				4,217
Beginning balance, value at Mar. 31, 2021	745,476	$ 618	383,502	784,235		$ (422,879)
Beginning balance, shares at Mar. 31, 2021		61,864				4,123
Vesting of restricted stock		$ 3	(3)
Vesting of restricted stock, shares		271
Stock-based compensation	26,480		26,480
Repurchases of common stock, shares						94
Repurchases of common stock	(31,978)					$ (31,978)
Net income	52,278			52,278
Ending balance, value at Jun. 30, 2021	792,256	$ 621	409,979	836,513		$ (454,857)
Ending balance, shares at Jun. 30, 2021		62,135				4,217
Beginning balance, value at Dec. 31, 2021	893,714	$ 623	465,594	915,579		$ (488,082)
Beginning balance, shares at Dec. 31, 2021		62,298				4,286
Vesting of restricted stock, shares		4
Stock-based compensation	24,713		24,713
Repurchases of common stock, shares						1
Repurchases of common stock	(218)					$ (218)
Net income	91,930			91,930
Other comprehensive earnings (loss), net of tax	(1,119)				$ (1,119)
Ending balance, value at Mar. 31, 2022	1,009,020	$ 623	490,307	1,007,509	(1,119)	$ (488,300)
Ending balance, shares at Mar. 31, 2022		62,302				4,287
Beginning balance, value at Dec. 31, 2021	893,714	$ 623	465,594	915,579		$ (488,082)
Beginning balance, shares at Dec. 31, 2021		62,298				4,286
Net income	149,285
Ending balance, value at Jun. 30, 2022	994,139	$ 625	517,777	1,064,864	(1,600)	$ (587,527)
Ending balance, shares at Jun. 30, 2022		62,514				4,650
Beginning balance, value at Mar. 31, 2022	1,009,020	$ 623	490,307	1,007,509	(1,119)	$ (488,300)
Beginning balance, shares at Mar. 31, 2022		62,302				4,287
Vesting of restricted stock		$ 2	(2)
Vesting of restricted stock, shares		212
Stock-based compensation	27,472		27,472
Repurchases of common stock, shares						363
Repurchases of common stock	(99,227)					$ (99,227)
Net income	57,355			57,355
Other comprehensive earnings (loss), net of tax	(481)				(481)
Ending balance, value at Jun. 30, 2022	$ 994,139	$ 625	$ 517,777	$ 1,064,864	$ (1,600)	$ (587,527)
Ending balance, shares at Jun. 30, 2022		62,514				4,650

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net income	$ 149,285	$ 116,894
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	44,223	30,933
Accretion of discount on available-for-sale securities	(637)	(183)
Non-cash marketing expense	876	157
Loss on disposition of property and equipment		132
Amortization of debt issuance costs	167	18
Stock-based compensation expense	46,323	47,373
Cash paid for derivative settlement	(300)	(418)
Gain on derivative	(1,368)	(287)
Deferred income taxes, net	(9,646)	6,485
Changes in operating assets and liabilities:
Accounts receivable	(10,588)	(10,775)
Prepaid expenses	(14,050)	(14,430)
Inventory	(1,166)	80
Other assets	(5,308)	1,631
Deferred contract costs	(57,746)	(44,893)
Accounts payable	7,655	2,267
Income taxes, net	16,193	2,450
Accrued commissions and bonuses	(7,559)	(3,785)
Accrued payroll and vacation	7,543	4,111
Deferred revenue	7,454	5,632
Accrued expenses and other current liabilities	(2,393)	3,051
Net cash provided by operating activities	168,958	146,443
Cash flows from investing activities
Purchases of investments from funds held for clients	(233,789)	(142,051)
Proceeds from investments from funds held for clients	279,000	155,000
Purchases of property and equipment	(67,721)	(62,732)
Net cash used in investing activities	(22,510)	(49,783)
Cash flows from financing activities
Proceeds from issuance of debt	29,000
Repurchases of common stock	(94,652)
Withholding taxes paid related to net share settlements	(4,793)	(32,355)
Payments on long-term debt	(29,287)	(888)
Net change in client funds obligation	1,579,000	411,878
Payment of debt issuance costs	(1,297)
Net cash provided by financing activities	1,477,971	378,635
Increase in cash, cash equivalents, restricted cash and restricted cash equivalents	1,624,419	475,295
Cash, cash equivalents, restricted cash and restricted cash equivalents
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period	1,812,691	1,585,275
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period	3,437,110	2,060,570
Cash and cash equivalents	279,039	202,362
Restricted cash included in funds held for clients	3,158,071	1,858,208
Non-cash investing and financing activities:
Purchases of property and equipment, accrued but not paid	3,831	7,131
Stock-based compensation for capitalized software	4,180	3,351
Right of use assets obtained in exchange for operating lease liabilities	$ 7,940	$ 1,572

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2022
Organization And Description Of Business 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 a comprehensive, cloud-based human capital management (“HCM”) solution 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	6 Months Ended
	Jun. 30, 2022
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, 2021 (the “Form 10-K”) filed with the Securities and Exchange Commission (“SEC”) on February 17, 2022. 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 SEC regarding interim financial statements that permit reduced disclosure for interim periods. In the opinion of management, the unaudited consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes presented in the Form 10-K. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results expected for the full year. Recently Adopted Accounting Pronouncements In January 2021, we adopted Accounting Standards Update (“ASU”) No. 2019-12, “Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes” (“ASU 2019-12”) utilizing the prospective transition method. 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. The adoption of this guidance did not have a material impact on our unaudited interim 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 and generally we expect our first and fourth quarter recurring revenues to be higher than other quarters during the year. Recurring revenues include revenues relating to the annual processing of payroll tax filing forms and ACA form filing requirements, such as Form W-2, Form 1099, and Form 1095 and revenues from processing unscheduled payroll runs (such as ) for our clients. As payroll tax forms are typically processed in the first quarter of the year, first quarter recurring revenues and margins are positively impacted. In addition, unscheduled payroll runs at the end of the year often result in increased recurring revenues in the fourth quarter. 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 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 associated 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 June 30, 2022 and December 31, 2021, the funds held for clients were invested in money market funds, demand deposit accounts, commercial paper and certificates of deposit. Additionally, as of June 30, 2022, the funds held for clients were invested in U.S. treasury securities with an original maturity duration of greater than one year. 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. U.S. treasury securities with an original maturity duration of greater than one year are also classified as available-for-sale securities and 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, with the difference between the amortized cost and fair value of these available-for-sale securities recorded as unrealized net gains (losses) on available-for-sale securities and are included within comprehensive earnings (loss) in the consolidated statements of comprehensive income. 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. Additionally, the funds held for clients is classified as restricted cash and restricted cash equivalents and presented within the reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents on the consolidated statements of cash flows. 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 June 2022, our Board of Directors authorized the repurchase of up to $550.0 million of our common stock. As of June 30, 2022, there was $550.0 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 June 7, 2024. During the six months ended June 30, 2022, we repurchased an aggregate of 363,569 shares of our common stock at an average cost of $273.52 per share, including 16,257 shares withheld to satisfy tax withholding obligations for certain employees upon the vesting of restricted stock. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, “Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides temporary optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform. As of June 30 2022, our floating-to-fixed interest rate swap remains outstanding to offset the rate variability associated with outstanding borrowings under the 2022 Facility (as defined in Note 6). As further discussed in Note 7, under the terms of the interest rate swap agreement, we receive quarterly variable interest payments based on the LIBOR rate and pay interest at a fixed rate. When the one-month USD LIBOR rate ceases to exist, we will have to renegotiate our interest rate swap agreement. ASU 2020-04 is currently effective and we plan to adopt and apply ASU 2020-04 prospectively to contract modifications made on or before December 31, 2022. As of June 30, 2022, there were no contract modifications that would have been impacted by ASU 2020-04. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848) Scope” (“ASU 2021-01”), which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that are affected by the discounting transition. ASU 2021-01 amends the expedients and exceptions in Topic 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. ASU 2021-01 is currently effective and upon adoption may be applied to contract modifications that change the interest rate used for margining, discounting, or contract price alignment retrospectively as of any date from the beginning of the interim period that includes March 12, 2020, or prospectively to new modifications from any date within the interim period that includes or is subsequent to January 7, 2021, up to the date that financial statements are available to be issued. As of June 3 0 , 2022, there were no contract modifications that would have been impacted by ASU 2021-01 .

Revenue

Revenue	6 Months Ended
	Jun. 30, 2022
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, Enhanced Background Checks®, Onboarding, 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®, Geofencing/Geotracking and Microfence™ tools and applications. Payroll includes Beti®, Payroll and Tax Management, Paycom Pay®, Expense Management, Mileage Tracker/FAVR, Garnishment Administration and GL Concierge applications. Talent management includes our Employee Self-Service®, Compensation Budgeting, Performance Management, Position Management, My Analytics and Paycom Learning and Content Subscriptions applications. HR management includes our Manager on-the-Go®, Direct Data Exchange®, Ask Here, Documents and Checklists, Government and Compliance, Benefits Administration/Benefits to Carrier, Benefit Enrollment Service, COBRA Administration, Personnel Action Forms and Performance Discussion Forms, Surveys, Enhanced ACA and Clue™ 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, which we periodically assess for price adjustments. 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 June 30, 2022 and 2021 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Balance, beginning of period $ 104,816 $ 88,993 $ 101,426 $ 86,826 Deferral of revenue 15,426 8,536 24,614 15,498 Recognition of unearned revenue (11,362 ) (5,071 ) (17,160 ) (9,866 ) Balance, end of period $ 108,880 $ 92,458 $ 108,880 $ 92,458 We expect to recognize $10.2 million of deferred revenue related to material right performance obligations in the remainder of 2022, $17.1 million of such deferred revenue in 2023, and $81.6 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 ratably 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 comprehensive income. The following tables present the asset balances and related amortization expense for these contract costs: As of and for the Three Months Ended June 30, 2022 Beginning Capitalization Ending Balance of Costs Amortization Balance Costs to obtain a contract $ 290,523 $ 16,595 $ (11,132 ) $ 295,986 Costs to fulfill a contract $ 285,081 $ 26,819 $ (9,881 ) $ 302,019 As of and for the Three Months Ended June 30, 2021 Beginning Capitalization Ending Balance of Costs Amortization Balance Costs to obtain a contract $ 244,339 $ 13,701 $ (9,132 ) $ 248,908 Costs to fulfill a contract $ 214,969 $ 21,934 $ (7,391 ) $ 229,512 As of and for the Six Months Ended June 30, 2022 Beginning Capitalization Ending Balance of Costs Amortization Balance Costs to obtain a contract $ 272,919 $ 44,881 $ (21,814 ) $ 295,986 Costs to fulfill a contract $ 265,657 $ 55,449 $ (19,087 ) $ 302,019 As of and for the Six Months Ended June 30, 2021 Beginning Capitalization Ending Balance of Costs Amortization Balance Costs to obtain a contract $ 232,583 $ 34,242 $ (17,917 ) $ 248,908 Costs to fulfill a contract $ 199,593 $ 44,112 $ (14,193 ) $ 229,512

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2022
Property Plant And Equipment [Abstract]
Property and Equipment	4. PROPERTY AND EQUIPMENT Property and equipment and accumulated depreciation and amortization were as follows: June 30, 2022 December 31, 2021 Property and equipment Software and capitalized software costs $ 235,312 $ 199,470 Buildings 177,044 172,807 Computer equipment 116,553 102,509 Rental clocks 33,001 30,313 Furniture, fixtures and equipment 27,488 24,971 Other 16,789 16,397 606,187 546,467 Less: accumulated depreciation and amortization (284,816 ) (242,652 ) 321,371 303,815 Construction in progress 19,773 11,342 Land 33,796 33,796 Property and equipment, net $ 374,940 $ 348,953 We capitalize computer software development costs related to software developed for internal use in accordance with ASC 350-40. For the three and six months ended June 30, 2022, we capitalized $16.4 million and $31.8 million, respectively, of computer software development costs related to software developed for internal use. For the three and six months ended June 30, 2021, we capitalized $13.7 million and $26.0 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 the three and six months ended June 30, 2022, we incurred interest costs of $0.6 million and $0.9 million, respectively, of which we capitalized $0.2 million and $0.3 million, respectively. For the three and six months ended June 30, 2021, we incurred interest costs of $0.3 million and $0.7 million, respectively, of which we capitalized $0.3 million and $0.7 million, respectively. Included in the construction in progress balance at June 30, 2022 and December 31, 2021 is $0.7 million and $0.1 million in retainage, respectively. Depreciation and amortization expense for property and equipment was $21.6 million and $42.2 million, respectively, for the three and six months ended June 30, 2022. Depreciation and amortization expense for property and equipment was $15.6 million and $30.5 million, respectively, for the three and six months ended June 30, 2021.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	6 Months Ended
	Jun. 30, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	5. GOODWILL AND INTANGIBLE ASSETS, NET As of both June 30, 2022 and December 31, 2021, goodwill was $51.9 million. We have selected June 30 as our annual goodwill impairment testing date. We performed a qualitative analysis of the fair value of our goodwill and determined there was no impairment as of June 30, 2022. As of June 30, 2022 and December 31, 2021, there were no indicators of impairment. In connection with our marketing initiatives, we have purchased the naming rights to the downtown Oklahoma City arena that is home to the Oklahoma City Thunder National Basketball Association franchise. Under the terms of the naming rights agreement, we have committed to make payments escalating annually from $4.0 million in 2021 to $6.1 million in 2035. We also made a $1.5 million one-time payment in July 2021 to cover sponsorship rights leading up to the 2021-2022 season. Upon the conclusion of the initial term, the agreement may be extended upon the mutual agreement of both parties for an additional five-year period. The cost of the naming rights has been recorded as an intangible asset with an offsetting liability as of the date of the contract. The intangible asset is being amortized over the life of the agreement on a straight line basis that commenced in June 2021. The difference between the present value of the offsetting liability and actual cash payments is being relieved through sales and marketing expense using the effective interest method over the life of the agreement. All of our intangible assets other than goodwill are considered to have definite lives and, as such, are subject to amortization. The following table presents the components of intangible assets within our consolidated balance sheets: June 30, 2022 Weighted Average Remaining Accumulated Useful Life Gross Amortization Net (Years) Intangibles: Naming rights 14.3 $ 60,199 $ (4,230 ) $ 55,969 Trade name — 3,194 (3,194 ) — Total $ 63,393 $ (7,424 ) $ 55,969 December 31, 2021 Weighted Average Remaining Accumulated Useful Life Gross Amortization Net (Years) Intangibles: Naming rights 14.8 $ 60,199 $ (2,278 ) $ 57,921 Trade name 0.5 3,194 (3,087 ) 107 Total $ 63,393 $ (5,365 ) $ 58,028 Amortization of intangible assets for the three and six months ended June 30, 2022 was $1.1 million and $2.1 million, respectively. Amortization of intangible assets for the three and six months ended June 30, 2021 was $0.4 million and $0.4 million, respectively. We estimate the aggregate amortization expense will be $2.0 million for the remainder of 2022 and $3.9 million for each of 2023, 2024, 2025, 2026 and 2027.

Long-Term Debt, Net

Long-Term Debt, Net	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Long-Term Debt, Net	6. LONG-TERM DEBT, NET Long-term debt consisted of the following: June 30, 2022 December 31, 2021 2022 Revolving Credit Agreement due May 4, 2027 $ 29,000 — Net term note to bank due September 7, 2025 — $ 29,155 Total long-term debt, net (including current portion) 29,000 29,155 Less: Current portion — (1,775 ) Total long-term debt, net $ 29,000 $ 27,380 On December 7, 2017, we entered into a senior secured term credit agreement (as amended from time to time, the “2017 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 “2017 Term Loans”). Our obligations under the 2017 Term Loans were secured by a mortgage and first priority security interest in our corporate headquarters property. The 2017 Term Loans were due to mature on September 7, 2025 and bore 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 2017 Term Loan plus 1.5%. As discussed below, the 2017 Term Loans were repaid in full on May 4, 2022 and the 2017 Term Credit Agreement was terminated. At the time of payoff, unamortized debt issuance costs totaling $0.1 million were written off. On February 12, 2018, we entered into a senior secured revolving credit agreement (the “2018 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 “2018 Facility”) in the aggregate principal amount of $50.0 million (the “2018 Revolving Commitment”), which could have been increased to up to $100.0 million, subject to obtaining additional lender commitments and certain approvals and satisfying certain other conditions. The 2018 Facility included a $5.0 million sublimit for swingline loans and a $2.5 million sublimit for letters of credit. The 2018 Facility was scheduled to mature on February 12, 2020. On April 15, 2019, we entered into the First Amendment to Revolving Credit Agreement, pursuant to which (i) Wells Fargo Bank, N.A., was added as a lender, (ii) the 2018 Revolving Commitment was increased to $75.0 million, which could have been further increased to $125.0 million subject to obtaining additional lender commitments and certain approvals and satisfying other conditions, and (iii) the scheduled maturity date of the 2018 Facility was extended to April 15, 2022. Pursuant to its terms, the 2018 Facility matured on April 15, 2022. At maturity, we did not have any borrowings outstanding under the 2018 Facility. On May 4, 2022 (the “May 2022 Facility Closing Date”), Paycom Payroll, LLC (the “Borrower”), Software, and certain other subsidiaries of Software (collectively, the “Guarantors,” and collectively with the Borrower, the “Loan Parties”), entered into a new credit agreement (as amended from time to time, the “May 2022 Revolving Credit Agreement”) with Bank of America, N.A., as a lender, swingline lender and letters of credit issuer, the lenders from time to time party thereto (collectively with Bank of America, N.A., the “May 2022 Lenders”), and Bank of America, N.A., as the administrative agent. The May 2022 Revolving Credit Agreement provided for a senior secured revolving credit facility (the “May 2022 Facility”) in the initial aggregate principal amount of up to $250.0 million, and the ability to request an incremental facility of up to an additional $100.0 million, subject to obtaining additional lender commitments and certain approvals and satisfying certain other conditions. The May 2022 Facility included a $25.0 million sublimit for swingline loans and a $2.5 million sublimit for letters of credit. On June 7, 2022, the aggregate commitments under the May 2022 Revolving Credit Agreement were increased from $250.0 million to $350.0 million. The May 2022 Facility was scheduled to mature on May 4, 2027. We had the option to borrow under the May 2022 Facility in the form of either base rate loans or Bloomberg Short-Term Bank Yield Index (“BSBY”) rate loans. Each BSBY rate loan would bear interest at a rate per annum equal to the BSBY rate plus (i) 1.125% if the Company’s consolidated leverage ratio was less than 1.0 to 1.0 or (ii) 1.375% if the Company’s consolidated leverage ratio was greater than or equal to 1.0 to 1.0. Each base rate loan would bear interest at a rate per annum equal to (x) a fluctuating rate of interest per annum equal to the highest of (i) the federal funds rate plus 0.50%, (ii) the prime rate and (iii) the BSBY rate plus 1.0%, subject to the interest rate floors set forth therein, plus (y) 0.125% if the Company’s consolidated leverage ratio was less than 1.0 to 1.0, or (ii) 0.375% if the Company’s consolidated leverage ratio was greater than or equal to 1.0 to 1.0. We were required to pay a quarterly commitment fee at a rate of 0.20% per annum on the daily amount of the undrawn portion of the revolving commitments under the May 2022 Facility. We were also required to pay customary letter of credit fees upon drawing any letter of credit. The May 2022 Facility provided for no scheduled principal amortization prior to the scheduled maturity date. Subject to certain conditions set forth in the May 2022 Revolving Credit Agreement, we could borrow, prepay and reborrow under the May 2022 Facility and terminate or reduce the May 2022 Lenders’ commitments at any time prior to the scheduled maturity date. The proceeds of the loans and letters of credit under the May 2022 Facility were to be used for ongoing working capital and general corporate purposes and refinancing the 2017 Term Loans. On the May 2022 Closing Date, we borrowed $ 29.0 million under the May 2022 Facility to repay the 2017 Term Loans, along with accrued interest, expenses and fees. The loan on the May 2022 Facility Closing Date bore interest at the BSBY rate plus 1.125 %. In connection with the repayment of the 2017 Term Loans, the 2017 Term Credit Agreement was terminated on May 4, 2022 . Under the May 2022 Revolving Credit Agreement, we were required to maintain as of the end of each fiscal quarter a consolidated fixed charge coverage ratio of not less than 1.25 to 1.0 and a consolidated leverage ratio of not greater than 2.25 to 1.0. Additionally, the May 2022 Revolving Credit Agreement contained customary affirmative and negative covenants, including covenants limiting our ability to, among other things, grant liens, incur debt, effect certain mergers, make 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 May 2022 Facility. Our obligations under the May 2022 Facility were secured by a senior security interest in all personal property of the Loan Parties. The events of default under the May 2022 Revolving Credit Agreement included, among others, payment defaults, breaches of covenants, defaults under the related loan documents, material misrepresentations, cross defaults with certain other material indebtedness, bankruptcy and insolvency events, judgment defaults and change in control events. The occurrence of an event of default could have resulted in the acceleration of our obligations under the May 2022 Revolving Credit Agreement, the requirement to post cash collateral with respect to letters of credit, the termination of the May 2022 Lenders’ commitments and a 2.0% increase in the rate of interest. As of June 30, 2022, we had $29.0 million outstanding under the May 2022 Facility. On July 29, 2022, we entered into the July 2022 Credit Agreement (as defined in Note 15) and borrowed $29.0 million under the July 2022 Term Loan Facility (as defined in Note 15) to repay the outstanding borrowings of $29.0 million under the May 2022 Facility along with accrued interest, expenses and fees. In connection with the repayment, the May 2022 Revolving Credit Agreement was terminated on July 29, 2022. See Note 15 for additional information regarding the July 2022 Credit Agreement. As of June 30, 2022 and December 31, 2021, 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	6 Months Ended
	Jun. 30, 2022
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 converted 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 9, “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 comprehensive income within Other income (expense), net. The objective of the interest rate swap was to reduce the variability in the forecasted interest payments of the Term Loans, which was based on a one-month USD 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 receive quarterly variable interest payments based on the LIBOR rate and pay interest at a fixed rate. As further discussed in Note 6, on May 4, 2022, we repaid the Term Loans and terminated the Term Credit Agreement. In connection with the repayment of the Term Loans, we borrowed funds under the 2022 Facility. The interest rate swap remains outstanding to offset the interest rate variability associated with the outstanding borrowings under the 2022 Facility. The interest rate swap agreement has a maturity date of September 7, 2025. For the three and six months ended June 30, 2022, we recorded gains of $0.4 million and $1.7 million, respectively, for the change in fair value of the interest rate swap, and for the three and six months ended June 30, 2021, we recorded gains of less than $0.1 million and $0.7 million, respectively, for the change in fair value of the interest rate swap. The change in the fair value of the interest rate swap is included in Other income (expense), net in the consolidated statements of comprehensive income.

Corporate Investments and Funds

Corporate Investments and Funds Held For Clients	6 Months Ended
	Jun. 30, 2022
Investments Debt And Equity Securities [Abstract]
Corporate Investments and Funds Held For Clients	8. CORPORATE INVESTMENTS AND FUNDS HELD FOR CLIENTS The tables below present our cash and cash equivalents, the funds held for clients’ cash and cash equivalents as well as the investments that were included within funds held for clients on the consolidated balance sheets: June 30, 2022 Type of issue Amortized cost Gross unrealized gains Gross unrealized losses (1) Fair value Cash and cash equivalents $ 279,039 $ — $ — $ 279,039 Funds held for clients' cash and cash equivalents 3,158,071 — — 3,158,071 Available-for-sale securities (2) Commercial paper 103,094 — (517 ) 102,577 Certificates of deposit 25,000 — — 25,000 U.S. treasury securities 139,192 — (1,659 ) 137,533 Total investments $ 3,704,396 $ — $ (2,176 ) $ 3,702,220 December 31, 2021 Type of issue Amortized cost Gross unrealized gains Gross unrealized losses Fair value Cash and cash equivalents $ 277,978 $ — $ — $ 277,978 Funds held for clients' cash and cash equivalents 1,534,894 — — 1,534,894 Available-for-sale securities (2) Commercial paper 311,679 — — 311,679 Certificates of deposit — — — — Total investments $ 2,124,551 $ — $ — $ 2,124,551 (1) These securities have been in an unrealized loss position for a period of less than 12 months. (2) All available-for-sale securities were included within funds held for clients. We did not make any reclassification adjustments out of accumulated other comprehensive income for realized gains or losses on the sale or maturity of available-for-sale securities for six months ended June 30, 2022 or 2021. There were no realized gains or losses on the sale of available-for-sale securities for the six months ended June 30, 2022 or 2021. We regularly review the composition of our investment portfolio and did not recognize any credit impairment losses during the six months ended June 30, 2022 or during the six months ended June 30, 2021. All of our commercial paper securities held an A-2 rating or better as of June 30, 2022 and the U.S. treasury securities held a rating of AAA as of June 30, 2022. Expected maturities of available-for-sale securities at June 30, 2022 are as follows: Expected maturity Amortized cost Fair value One year or less $ 128,094 $ 127,577 One year to five years $ 139,192 $ 137,533 Total available-for-sale securities $ 267,286 $ 265,110

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	9 . 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 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 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, with the difference between the amortized cost and fair value of these available-for-sale securities recorded as unrealized net gains (losses) within comprehensive earnings (loss) in our consolidated statements of comprehensive income. See Note 8 for additional information. We also invest funds held for clients in U.S. treasury securities with initial maturity durations greater than one year. These U.S. treasury securities are classified as available-for-sale securities and included within the funds held for clients line item. The unrealized gains and losses associated with these available-for-sale securities are included within comprehensive earnings (loss) in our consolidated statements of comprehensive income. See Note 8 for additional information. 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 June 30, 2022 and December 31, 2021: June 30, 2022 Level 1 Level 2 Level 3 Total Assets: Commercial paper $ — $ 102,577 $ — $ 102,577 Certificates of deposit $ — $ 25,000 $ — $ 25,000 U.S. treasury securities $ — $ 137,533 $ — $ 137,533 Interest rate swap $ — $ 334 $ — $ 334 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Commercial paper $ — $ 311,679 $ — $ 311,679 Certificates of deposit $ — $ — $ — $ — Liabilities: Interest rate swap $ — $ 1,335 $ — $ 1,335

Employee Savings Plan and Emplo

Employee Savings Plan and Employee Stock Purchase Plan	6 Months Ended
	Jun. 30, 2022
Compensation Related Costs [Abstract]
Employee Savings Plan and Employee Stock Purchase Plan	10 . 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 $3.1 million and $6.6 million for the three and six months ended June 30, 2022, respectively. Matching contributions were $2.6 million and $5.9 million for the three and six months ended June 30, 2021, 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 31,350 and 24,717 shares of the Company’s common stock under the ESPP during the six months ended June 30, 2022 and 2021, 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 $0.8 million and $1.4 million for the three and six months ended June 30, 2022, respectively. Our compensation expense related to the ESPP was $0.7 million and $1.4 million for the three and six months ended June 30, 2021, respectively.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	1 1 . 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. For the time periods in the table below, we did not have any 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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator: Net income $ 57,355 $ 52,278 $ 149,285 $ 116,894 Denominator: Basic weighted average shares outstanding 57,969 57,853 57,992 57,797 Dilutive effect of unvested restricted stock 98 239 194 338 Diluted weighted average shares outstanding 58,067 58,092 58,186 58,135 Earnings per share: Basic $ 0.99 $ 0.90 $ 2.57 $ 2.02 Diluted $ 0.99 $ 0.90 $ 2.57 $ 2.01

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	12. STOCK-BASED COMPENSATION Restricted Stock Awards During the six months ended June 30, 2022, we issued an aggregate of 404,250 restricted shares of common stock under the Paycom Software, Inc. 2014 Long-Term Incentive Plan (as amended, the “LTIP”), consisting of 59,503 shares subject to market-based vesting conditions (“Market-Based Shares”) and 344,747 shares subject to time-based or no vesting conditions (“Time-Based Shares”). Market-Based Shares will vest 50% on the first date, if any, that the arithmetic average of the Company’s volume weighted average price on each of the twenty consecutive trading days immediately preceding such date (the “VWAP Value”) equals or exceeds $484 per share and 50% on the first date, if any, that the Company’s VWAP Value equals or exceeds $559 per share, in each case provided that (i) such date occurs on or before the eighth anniversary of the grant date and (ii) the recipient is employed by, or providing services to, the Company on the applicable vesting date, and subject to the terms and conditions of the LTIP and the applicable restricted stock award agreement. The 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, and subject to the terms and conditions of the LTIP and the applicable restricted stock award agreement. The 344,747 Time-Based Shares mentioned above include an aggregate of 5,210 Time-Based Shares issued to the non-employee members of our Board of Directors in May 2022, all of which will cliff-vest on May 9, 2023, provided that such director is providing services to the Company through the applicable vesting date, and subject to the terms and conditions of the LTIP and the applicable restricted stock award agreement. The following table summarizes restricted stock awards activity for the six months ended June 30, 2022: Time-Based Market-Based Restricted Stock Awards Restricted Stock Awards Shares Weighted Average Grant Date Fair Value Per Share Shares Weighted Average Grant Date Fair Value Per Share Unvested shares of restricted stock outstanding at December 31, 2021 369.6 $ 259.94 1,628.3 111.87 Granted 344.7 $ 285.89 59.5 268.93 Vested (215.3 ) $ 174.98 — 278.24 Forfeited (31.5 ) $ 317.45 (5.7 ) 279.88 Unvested shares of restricted stock outstanding at June 30, 2022 467.5 $ 314.35 1,682.1 $ 116.85 Performance-Based Restricted Stock Units In February 2022, the Compensation Committee of the Board of Directors authorized the granting of performance-based restricted stock units (“PSUs”) to certain executive officers pursuant to the LTIP (the “2022 PSU Awards”). Each PSU granted under the LTIP represents a notional share of the Company’s common stock. The 2022 PSU Awards represented an aggregate of 51,494 target units that may increase to an aggregate of 128,735 awarded units based upon the Company’s performance over two separate performance periods: (i) a two-year performance period commencing on January 1, 2022 and ending on December 31, 2023 (the “Two-Year Performance Period”); and (ii) a three-year performance period commencing on January 1, 2022 and ending on December 31, 2024 (the “Three-Year Performance Period”). Up to 25% of the PSUs will be eligible to vest no later than February 29, 2024, for the Two-Year Performance Period, and up to 75% of the PSUs will be eligible to vest no later than March 1, 2025, for the Three-Year Performance Period, provided that the grantee remains employed by or providing services to the Company on the applicable vesting date, and subject to the terms and conditions of the LTIP and the Restricted Stock Unit Award Agreement – Performance Based Vesting (the “PSU Award Agreement”). The number of PSUs that will vest and be converted into shares of common stock will depend on the Company’s relative total stockholder return (“Relative TSR”), expressed as a percentile ranking of the Company’s total stockholder return (“TSR”) as compared to the Company’s peer group set forth in the PSU Award Agreement. For purposes of the 2022 PSU Awards, TSR is determined by dividing (i) the sum of (A) the average daily volume weighted average price (or “VWAP” as defined in the PSU Award Agreement) of a share of the Company’s common stock or the common stock of a peer company, as applicable, during the final 60 trading day period of the applicable performance period, less (B) the average VWAP of a share of the Company’s common stock or the common stock of a peer company, as applicable, during the 60 trading day period ending on December 31, 2021, plus (C) the sum of all dividends which are paid by the Company (or the member of the peer group) to its stockholders, assuming such dividends are reinvested in the applicable company through the applicable performance period, by (ii) the average VWAP of a share of the Company’s common stock or the common stock of a peer company, as applicable, during the 60 trading day period ending on December 31, 2021. The Company’s peer group includes 35 publicly traded companies, which were reflective of the S&P 500 Software & Services index on the grant date. On April 14, 2022, the Company announced the departure of Jon Evans from the position of Chief Operating Officer of the Company, effective April 14, 2022. Justin Long, the Company’s Executive Vice President of Operations, will assume Mr. Evans’s responsibilities. In connection with Mr. Evans’s departure, 5,663 of the Time-Based Shares previously granted to Mr. Evans accelerated in vesting. The PSUs granted to Mr. Evans in 2021 and 2022 will remain eligible for vesting based on the Company’s actual performance, but pro-rated for the number of days Mr. Evans was employed during the applicable two-year performance periods and three-year performance periods. The following table summarizes PSU activity for the six months ended June 30, 2022: PSUs Units Weighted Average Grant Date Fair Value Per Unit Unvested PSUs outstanding at December 31, 2021 37.1 $ 556.50 Granted 51.5 $ 296.07 Forfeited (10.8 ) $ 376.69 Unvested PSUs outstanding at June 30, 2022 (1) 77.8 $ 409.13 (1) A maximum of 194,478 units could be awarded based upon Paycom’s Relative TSR over the applicable performance periods. For the three and six months ended June 30, 2022, our total compensation expense related to restricted stock awards and PSU awards, in the aggregate, was $24.2 million and $46.3 million, respectively. For the three and six months ended June 30, 2021, our total compensation expense related to restricted stock awards and PSU awards, in aggregate, was $23.8 million and $47.4 million, respectively. The following table presents the unrecognized compensation cost and the related weighted average recognition period associated with unvested restricted stock awards and unvested PSU awards as of June 30, 2022. Restricted Stock Awards PSUs Unrecognized compensation cost $ 260,132 $ 18,977 Weighted average period for recognition (years) 3.5 1.8 We capitalized stock-based compensation costs related to software developed for internal use of $2.3 million and $4.2 million for the three and six months ended June 30, 2022, respectively. We capitalized stock-based compensation costs related to software developed for internal use of $1.9 million and $3.4 million for the three and six months ended June 30, 2021, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	1 3 . COMMITMENTS AND CONTINGENCIES 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	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	1 4 . INCOME TAXES The Company’s effective income tax rate was 25.5% and 17.9% for the six months ended June 30, 2022 and 2021, respectively. The increase in effective tax rate for the six months ended June 30, 2022 is primarily related to a decrease of excess tax benefits from stock-based compensation.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	15. SUBSEQUENT EVENTS Restricted Stock Awards On July 22, 2022, we issued an aggregate of 16,287 restricted shares of common stock to certain non-executive employees under the LTIP consisting of Time-Based Shares that will vest in three or four tranches annually, beginning on the first anniversary of such initial vesting date, provided that the recipient is employed by, or providing services to, the Company on the applicable vesting date, and subject to the terms and conditions of the LTIP and the applicable restricted stock award agreement. Debt Agreements On July 29, 2022 (the “July 2022 Facility Closing Date”), the Borrower, Software, and certain other subsidiaries of Software entered into a new credit agreement (the “July 2022 Credit Agreement”) with JPMorgan Chase Bank, N.A., as a lender, swingline lender and issuing bank, the lenders from time to time party thereto (collectively with JPMorgan Chase Bank, N.A., the “July 2022 Lenders”), and JPMorgan Chase Bank, N.A., as the administrative agent. The July 2022 Credit Agreement provides for a senior secured revolving credit facility (the “July 2022 Revolving Credit Facility”) in the aggregate principal amount of up to $650.0 million, and the ability to request an incremental facility of up to an additional $500.0 million, subject to obtaining additional lender commitments and certain approvals and satisfying certain other conditions. The July 2022 Credit Agreement includes a $ 25.0 million sublimit for swingline loans and a $ 6.5 million sublimit for letters of credit. The July 2022 Credit Agreement also provides for a senior secured delayed draw term loan (the “July 2022 Term Loan Facility”) in the aggregate amount of up to $ 750.0 million. All loans under the July 2022 Credit Agreement will mature on July 29, 2027 (the “Scheduled Maturity Date”). The borrowings under the July 2022 Credit Agreement will bear interest at a rate per annum equal to (i) the Alternate Base Rate (“ABR”) plus an applicable margin (“ABR Loans”) or (ii) (x) the term Secured Overnight Financing Rate (“SOFR”) plus 0.10% (the “Adjusted Term SOFR Rate”) or (y) the daily SOFR plus 0.10%, in each case plus an applicable margin (“SOFR Rate Loans”). ABR is calculated as the highest of (i) the rate of interest last quoted by The Wall Street Journal in the United States as the prime rate in effect, (ii) the federal funds rate plus 0.5% and (iii) the Adjusted Term SOFR Rate for a one-month interest period plus 1.00%; provided that, if the ABR as determined pursuant to the foregoing would be less than 1.00%, such rate shall be deemed to be 1.00%. The applicable margin for ABR Loans is (i) 0.25% if the Company’s consolidated leverage ratio is less than 1.0 to 1.0; (ii) 0.50% if the Company’s consolidated leverage ratio is greater than or equal to 1.0 to 1.0 but less than 2.0 to 1.0; (iii) 0.75% if the Company’s consolidated leverage ratio is greater than or equal to 2.0 to 1.0 but less than 3.0 to 1.0; or (iv) 1.00% if the Company’s consolidated leverage ratio is greater than or equal to 3.0 to 1.0. The applicable margin for SOFR Rate Loans is (i) 1.25% if the Company’s consolidated leverage ratio is less than 1.0 to 1.0; (ii) 1.5% if the Company’s consolidated leverage ratio is greater than or equal to 1.0 to 1.0 but less than 2.0 to 1.0; (iii) 1.75% if the Company’s consolidated leverage ratio is greater than 2.0 to 1.0 but less than 3.0 to 1.0; or (iv) 2.00% if the Company’s consolidated leverage ratio is greater than or equal to 3.0 to 1.0. We are required to pay a quarterly commitment fee on the daily amount of the undrawn portion of the revolving commitments under the July 2022 Revolving Credit Facility and a quarterly ticking fee on the daily amount of the undrawn portion of the July 2022 Term Loan Facility, in each case at a rate per annum of (i) 0.20% if the Company’s consolidated leverage ratio is less than 1.0 to 1.0; (ii) 0.225% if the Company’s consolidated leverage ratio is greater than or equal to 1.0 to 1.0 but less than 2.0 to 1.0; (iii) 0.25% if the Company’s consolidated leverage ratio is greater than or equal to 2.0 to 1.0 but less than 3.0 to 1.0; or (iv) 0.275% if the Company’s consolidated leverage ratio is greater than or equal to 3.0 to 1.0. We are also required to pay customary letter of credit fees upon drawing any letter of credit. The July 2022 Revolving Credit Facility provides for no scheduled principal amortization prior to the Scheduled Maturity Date. Subject to certain conditions set forth in the July 2022 Credit Agreement, we may borrow, prepay and reborrow under the July 2022 Revolving Credit Facility and terminate or reduce the July 2022 Lenders’ commitments at any time prior to the Scheduled Maturity Date. We may make up to ten draws under the July 2022 Term Loan Facility at any time during the period from and after the July 2022 Facility Closing Date through twelve months after the July 2022 Facility Closing Date. Loans under the July 2022 Term Loan Facility will amortize in equal quarterly installments commencing with the first full fiscal quarter after the earlier of (x) the date on which the July 2022 Term Loan Facility has been fully drawn and (y) the expiration of the draw period, in an aggregate annual amount equal to 7.5% in year one (if applicable) and year two, and 10% thereafter. The proceeds of the loans and letters of credit under the July 2022 Credit Agreement are to be used for ongoing working capital and general corporate purposes, permitted acquisitions, share repurchases and refinancing the May 2022 Facility. On the July 2022 Facility Closing Date, we borrowed $29.0 million under the July 2022 Term Loan Facility to repay the outstanding indebtedness under the May 2022 Facility, along with accrued interest, expenses and fees. The loan on the July 2022 Facility Closing Date will bear interest at the Adjusted Term SOFR Rate plus 1.25%. In connection with the repayment of the May 2022 Facility, the May 2022 Revolving Credit Agreement was terminated on July 29, 2022. Under the July 2022 Credit Agreement, we are required to maintain as of the end of each fiscal quarter a consolidated interest ratio of not less than 3.0 to 1.0 and a consolidated leverage ratio of not greater than 3.75 to 1.0, stepping down to 3.0 to 1.0 at intervals thereafter. Additionally, the July 2022 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 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. Our obligations under the July 2022 Credit Agreement are secured by a senior security interest in all personal property of the Loan Parties. The events of default under the July 2022 Credit Agreement include, among others, payment defaults, breaches of covenants, defaults under the related loan documents, material misrepresentations, cross defaults with certain other material indebtedness, bankruptcy and insolvency events, judgment defaults, certain events related to plans subject to the Employee Retirement Income Security Act of 1974, as amended, invalidity of the July 2022 Credit Agreement or the related loan documents and change in control events. The occurrence of an event of default could result in the acceleration of our obligations under the July 2022 Credit Agreement, the requirement to post cash collateral with respect to letters of credit, the termination of the July 2022 Lenders’ commitments and a 2.0% increase in the rate of interest.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
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 SEC regarding interim financial statements that permit reduced disclosure for interim periods. In the opinion of management, the unaudited consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes presented in the Form 10-K. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results expected for the full year.
Recently Adopted / Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In January 2021, we adopted Accounting Standards Update (“ASU”) No. 2019-12, “Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes” (“ASU 2019-12”) utilizing the prospective transition method. 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. The adoption of this guidance did not have a material impact on our unaudited interim consolidated financial statements. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, “Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides temporary optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform. As of June 30 2022, our floating-to-fixed interest rate swap remains outstanding to offset the rate variability associated with outstanding borrowings under the 2022 Facility (as defined in Note 6). As further discussed in Note 7, under the terms of the interest rate swap agreement, we receive quarterly variable interest payments based on the LIBOR rate and pay interest at a fixed rate. When the one-month USD LIBOR rate ceases to exist, we will have to renegotiate our interest rate swap agreement. ASU 2020-04 is currently effective and we plan to adopt and apply ASU 2020-04 prospectively to contract modifications made on or before December 31, 2022. As of June 30, 2022, there were no contract modifications that would have been impacted by ASU 2020-04. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848) Scope” (“ASU 2021-01”), which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that are affected by the discounting transition. ASU 2021-01 amends the expedients and exceptions in Topic 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. ASU 2021-01 is currently effective and upon adoption may be applied to contract modifications that change the interest rate used for margining, discounting, or contract price alignment retrospectively as of any date from the beginning of the interim period that includes March 12, 2020, or prospectively to new modifications from any date within the interim period that includes or is subsequent to January 7, 2021, up to the date that financial statements are available to be issued. As of June 3 0 , 2022, there were no contract modifications that would have been impacted by ASU 2021-01 .
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 and generally we expect our first and fourth quarter recurring revenues to be higher than other quarters during the year. Recurring revenues include revenues relating to the annual processing of payroll tax filing forms and ACA form filing requirements, such as Form W-2, Form 1099, and Form 1095 and revenues from processing unscheduled payroll runs (such as ) for our clients. As payroll tax forms are typically processed in the first quarter of the year, first quarter recurring revenues and margins are positively impacted. In addition, unscheduled payroll runs at the end of the year often result in increased recurring revenues in the fourth quarter. 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
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 associated 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 June 30, 2022 and December 31, 2021, the funds held for clients were invested in money market funds, demand deposit accounts, commercial paper and certificates of deposit. Additionally, as of June 30, 2022, the funds held for clients were invested in U.S. treasury securities with an original maturity duration of greater than one year. 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. U.S. treasury securities with an original maturity duration of greater than one year are also classified as available-for-sale securities and 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, with the difference between the amortized cost and fair value of these available-for-sale securities recorded as unrealized net gains (losses) on available-for-sale securities and are included within comprehensive earnings (loss) in the consolidated statements of comprehensive income. 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. Additionally, the funds held for clients is classified as restricted cash and restricted cash equivalents and presented within the reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents on the consolidated statements of cash flows.
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 June 2022, our Board of Directors authorized the repurchase of up to $550.0 million of our common stock. As of June 30, 2022, there was $550.0 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 June 7, 2024. During the six months ended June 30, 2022, we repurchased an aggregate of 363,569 shares of our common stock at an average cost of $273.52 per share, including 16,257 shares withheld to satisfy tax withholding obligations for certain employees upon the vesting of restricted stock.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and 2021 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Balance, beginning of period $ 104,816 $ 88,993 $ 101,426 $ 86,826 Deferral of revenue 15,426 8,536 24,614 15,498 Recognition of unearned revenue (11,362 ) (5,071 ) (17,160 ) (9,866 ) Balance, end of period $ 108,880 $ 92,458 $ 108,880 $ 92,458
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 June 30, 2022 Beginning Capitalization Ending Balance of Costs Amortization Balance Costs to obtain a contract $ 290,523 $ 16,595 $ (11,132 ) $ 295,986 Costs to fulfill a contract $ 285,081 $ 26,819 $ (9,881 ) $ 302,019 As of and for the Three Months Ended June 30, 2021 Beginning Capitalization Ending Balance of Costs Amortization Balance Costs to obtain a contract $ 244,339 $ 13,701 $ (9,132 ) $ 248,908 Costs to fulfill a contract $ 214,969 $ 21,934 $ (7,391 ) $ 229,512 As of and for the Six Months Ended June 30, 2022 Beginning Capitalization Ending Balance of Costs Amortization Balance Costs to obtain a contract $ 272,919 $ 44,881 $ (21,814 ) $ 295,986 Costs to fulfill a contract $ 265,657 $ 55,449 $ (19,087 ) $ 302,019 As of and for the Six Months Ended June 30, 2021 Beginning Capitalization Ending Balance of Costs Amortization Balance Costs to obtain a contract $ 232,583 $ 34,242 $ (17,917 ) $ 248,908 Costs to fulfill a contract $ 199,593 $ 44,112 $ (14,193 ) $ 229,512

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2022
Property Plant And Equipment [Abstract]
Schedule of Property and Equipment and Accumulated Depreciation and Amortization	Property and equipment and accumulated depreciation and amortization were as follows: June 30, 2022 December 31, 2021 Property and equipment Software and capitalized software costs $ 235,312 $ 199,470 Buildings 177,044 172,807 Computer equipment 116,553 102,509 Rental clocks 33,001 30,313 Furniture, fixtures and equipment 27,488 24,971 Other 16,789 16,397 606,187 546,467 Less: accumulated depreciation and amortization (284,816 ) (242,652 ) 321,371 303,815 Construction in progress 19,773 11,342 Land 33,796 33,796 Property and equipment, net $ 374,940 $ 348,953

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule 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 table presents the components of intangible assets within our consolidated balance sheets: June 30, 2022 Weighted Average Remaining Accumulated Useful Life Gross Amortization Net (Years) Intangibles: Naming rights 14.3 $ 60,199 $ (4,230 ) $ 55,969 Trade name — 3,194 (3,194 ) — Total $ 63,393 $ (7,424 ) $ 55,969 December 31, 2021 Weighted Average Remaining Accumulated Useful Life Gross Amortization Net (Years) Intangibles: Naming rights 14.8 $ 60,199 $ (2,278 ) $ 57,921 Trade name 0.5 3,194 (3,087 ) 107 Total $ 63,393 $ (5,365 ) $ 58,028

Long-Term Debt, Net (Tables)

Long-Term Debt, Net (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consisted of the following: June 30, 2022 December 31, 2021 2022 Revolving Credit Agreement due May 4, 2027 $ 29,000 — Net term note to bank due September 7, 2025 — $ 29,155 Total long-term debt, net (including current portion) 29,000 29,155 Less: Current portion — (1,775 ) Total long-term debt, net $ 29,000 $ 27,380

Corporate Investments and Fun_2

Corporate Investments and Funds Held For Clients (Tables)	6 Months Ended
	Jun. 30, 2022
Investments Debt And Equity Securities [Abstract]
Cash and Cash Equivalents and Investments	The tables below present our cash and cash equivalents, the funds held for clients’ cash and cash equivalents as well as the investments that were included within funds held for clients on the consolidated balance sheets: June 30, 2022 Type of issue Amortized cost Gross unrealized gains Gross unrealized losses (1) Fair value Cash and cash equivalents $ 279,039 $ — $ — $ 279,039 Funds held for clients' cash and cash equivalents 3,158,071 — — 3,158,071 Available-for-sale securities (2) Commercial paper 103,094 — (517 ) 102,577 Certificates of deposit 25,000 — — 25,000 U.S. treasury securities 139,192 — (1,659 ) 137,533 Total investments $ 3,704,396 $ — $ (2,176 ) $ 3,702,220 December 31, 2021 Type of issue Amortized cost Gross unrealized gains Gross unrealized losses Fair value Cash and cash equivalents $ 277,978 $ — $ — $ 277,978 Funds held for clients' cash and cash equivalents 1,534,894 — — 1,534,894 Available-for-sale securities (2) Commercial paper 311,679 — — 311,679 Certificates of deposit — — — — Total investments $ 2,124,551 $ — $ — $ 2,124,551 (1) These securities have been in an unrealized loss position for a period of less than 12 months. (2) All available-for-sale securities were included within funds held for clients.
Summary of Expected Maturities of Available for Sale Securities	Expected maturities of available-for-sale securities at June 30, 2022 are as follows: Expected maturity Amortized cost Fair value One year or less $ 128,094 $ 127,577 One year to five years $ 139,192 $ 137,533 Total available-for-sale securities $ 267,286 $ 265,110

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and December 31, 2021: June 30, 2022 Level 1 Level 2 Level 3 Total Assets: Commercial paper $ — $ 102,577 $ — $ 102,577 Certificates of deposit $ — $ 25,000 $ — $ 25,000 U.S. treasury securities $ — $ 137,533 $ — $ 137,533 Interest rate swap $ — $ 334 $ — $ 334 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Commercial paper $ — $ 311,679 $ — $ 311,679 Certificates of deposit $ — $ — $ — $ — Liabilities: Interest rate swap $ — $ 1,335 $ — $ 1,335

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator: Net income $ 57,355 $ 52,278 $ 149,285 $ 116,894 Denominator: Basic weighted average shares outstanding 57,969 57,853 57,992 57,797 Dilutive effect of unvested restricted stock 98 239 194 338 Diluted weighted average shares outstanding 58,067 58,092 58,186 58,135 Earnings per share: Basic $ 0.99 $ 0.90 $ 2.57 $ 2.02 Diluted $ 0.99 $ 0.90 $ 2.57 $ 2.01

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Summary of Nonvested Restricted Stock Awards and PSU Activity	The following table summarizes restricted stock awards activity for the six months ended June 30, 2022: Time-Based Market-Based Restricted Stock Awards Restricted Stock Awards Shares Weighted Average Grant Date Fair Value Per Share Shares Weighted Average Grant Date Fair Value Per Share Unvested shares of restricted stock outstanding at December 31, 2021 369.6 $ 259.94 1,628.3 111.87 Granted 344.7 $ 285.89 59.5 268.93 Vested (215.3 ) $ 174.98 — 278.24 Forfeited (31.5 ) $ 317.45 (5.7 ) 279.88 Unvested shares of restricted stock outstanding at June 30, 2022 467.5 $ 314.35 1,682.1 $ 116.85
Summary of Unrecognized Compensation Cost and Related Weighted Average Recognition Period Associated with Unvested restricted Stock Awards and Unvested PSU Awards	The following table presents the unrecognized compensation cost and the related weighted average recognition period associated with unvested restricted stock awards and unvested PSU awards as of June 30, 2022. Restricted Stock Awards PSUs Unrecognized compensation cost $ 260,132 $ 18,977 Weighted average period for recognition (years) 3.5 1.8
Performance-Based Restricted Stock Units [Member]
Summary of Nonvested Restricted Stock Awards and PSU Activity	The following table summarizes PSU activity for the six months ended June 30, 2022: PSUs Units Weighted Average Grant Date Fair Value Per Unit Unvested PSUs outstanding at December 31, 2021 37.1 $ 556.50 Granted 51.5 $ 296.07 Forfeited (10.8 ) $ 376.69 Unvested PSUs outstanding at June 30, 2022 (1) 77.8 $ 409.13 (1) A maximum of 194,478 units could be awarded based upon Paycom’s Relative TSR over the applicable performance periods.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
Stock Repurchase Plan [Member]
Summary Of Significant Accounting Policy [Line Items]
Available authorized repurchase amount | $	$ 550,000,000
Stock repurchase plan expiration date	Jun. 07, 2024
Stock repurchased, average costs per share | $ / shares	$ 273.52
Shares withheld to satisfy tax withholding obligations | shares	363,569
Stock Repurchase Plan [Member] | Certain Employees [Member]
Summary Of Significant Accounting Policy [Line Items]
Shares withheld to satisfy tax withholding obligations | shares	16,257
Maximum [Member] | Stock Repurchase Plan [Member]
Summary Of Significant Accounting Policy [Line Items]
Stock repurchase plan, authorized amount | $	$ 550,000,000
Accounting Standards Update 2019-12 [Member]
Summary Of Significant Accounting Policy [Line Items]
Accounting standards update, adoption date	Jan. 01, 2021
Accounting standards update, adopted	true
Accounting standards update, immaterial effect	true

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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue From Contract With Customer [Abstract]
Balance, beginning of period	$ 104,816	$ 88,993	$ 101,426	$ 86,826
Deferral of revenue	15,426	8,536	24,614	15,498
Recognition of unearned revenue	(11,362)	(5,071)	(17,160)	(9,866)
Balance, end of period	$ 108,880	$ 92,458	$ 108,880	$ 92,458

Revenue - Additional Informatio

Revenue - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2022
Revenue From Contract With Customer [Abstract]
Deferred revenue expect to recognize description	We expect to recognize $10.2 million of deferred revenue related to material right performance obligations in the remainder of 2022, $17.1 million of such deferred revenue in 2023, and $81.6 million of such deferred revenue thereafter.

Revenue - Additional Informat_2

Revenue - Additional Information (Detail 1) $ in Millions	Jun. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Deferred revenue expect to recognize amount	$ 10.2
Deferred revenue expect to recognize period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Deferred revenue expect to recognize amount	$ 17.1
Deferred revenue expect to recognize period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Deferred revenue expect to recognize amount	$ 81.6
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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Costs to Obtain a Contract [Member]
Capitalized Contract Cost [Line Items]
Beginning Balance	$ 290,523	$ 244,339	$ 272,919	$ 232,583
Capitalization of Costs	16,595	13,701	44,881	34,242
Amortization	(11,132)	(9,132)	(21,814)	(17,917)
Ending Balance	295,986	248,908	295,986	248,908
Costs to Fulfill a Contract [Member]
Capitalized Contract Cost [Line Items]
Beginning Balance	285,081	214,969	265,657	199,593
Capitalization of Costs	26,819	21,934	55,449	44,112
Amortization	(9,881)	(7,391)	(19,087)	(14,193)
Ending Balance	$ 302,019	$ 229,512	$ 302,019	$ 229,512

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment and Accumulated Depreciation and Amortization (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property and Equipment [Line Items]
Property and equipment, gross	$ 606,187	$ 546,467
Less: accumulated depreciation and amortization	(284,816)	(242,652)
Property and equipment, net	374,940	348,953
Software and Capitalized Software Costs [Member]
Property and Equipment [Line Items]
Property and equipment, gross	235,312	199,470
Buildings [Member]
Property and Equipment [Line Items]
Property and equipment, gross	177,044	172,807
Computer Equipment [Member]
Property and Equipment [Line Items]
Property and equipment, gross	116,553	102,509
Rental Clocks [Member]
Property and Equipment [Line Items]
Property and equipment, gross	33,001	30,313
Furniture, Fixtures and Equipment [Member]
Property and Equipment [Line Items]
Property and equipment, gross	27,488	24,971
Other [Member]
Property and Equipment [Line Items]
Property and equipment, gross	16,789	16,397
Property and Equipment, net, Excluding Land and Construction in Progress [Member]
Property and Equipment [Line Items]
Property and equipment, net	321,371	303,815
Construction in Progress [Member]
Property and Equipment [Line Items]
Property and equipment, net	19,773	11,342
Land [Member]
Property and Equipment [Line Items]
Property and equipment, net	$ 33,796	$ 33,796

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Property and Equipment [Line Items]
Computer software development costs capitalized	$ 16,400	$ 13,700	$ 31,800	$ 26,000
Interest costs incurred	600	300	900	700
Interest costs capitalized	200	300	300	700
Retainage amount included in construction in progress	700		700		$ 100
Depreciation and amortization	12,090	8,380	23,753	16,096
Property and Equipment [Member]
Property and Equipment [Line Items]
Depreciation and amortization	$ 21,600	$ 15,600	$ 42,200	$ 30,500

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill		$ 51,889,000		$ 51,889,000		$ 51,889,000
Goodwill impairment amount				0
Amortization of intangible assets		1,100,000	$ 400,000	2,100,000	$ 400,000
Estimated remaining amortization expense for remainder of 2022		2,000,000		2,000,000
Estimated remaining amortization expense in 2023		3,900,000		3,900,000
Estimated remaining amortization expense in 2024		3,900,000		3,900,000
Estimated remaining amortization expense in 2025		3,900,000		3,900,000
Estimated remaining amortization expense in 2026		3,900,000		3,900,000
Estimated remaining amortization expense in 2027		3,900,000		3,900,000
Sponsorship Rights [Member]
Goodwill and Intangible Assets Disclosure [Line Items]
One-time payment for intangible asset agreement	$ 1,500,000
Naming Rights [Member] | Minimum [Member]
Goodwill and Intangible Assets Disclosure [Line Items]
Annual payments for intangible asset agreement				4,000,000
Naming Rights [Member] | Maximum [Member]
Goodwill and Intangible Assets Disclosure [Line Items]
Annual payments for intangible asset agreement				6,100,000
Goodwill [Member]
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill		$ 51,900,000		$ 51,900,000		$ 51,900,000

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Gross	$ 63,393	$ 63,393
Accumulated Amortization	(7,424)	(5,365)
Net	55,969	58,028
Naming Rights [Member]
Finite Lived Intangible Assets [Line Items]
Gross	60,199	60,199
Accumulated Amortization	(4,230)	(2,278)
Net	$ 55,969	$ 57,921
Weighted average remaining useful life	14 years 3 months 18 days	14 years 9 months 18 days
Trade Name [Member]
Finite Lived Intangible Assets [Line Items]
Gross	$ 3,194	$ 3,194
Accumulated Amortization	$ (3,194)	(3,087)
Net		$ 107
Weighted average remaining useful life		6 months

Long-Term Debt, Net - Schedule

Long-Term Debt, Net - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	May 04, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total long-term debt, net (including current portion)	$ 29,000		$ 29,155
Less: Current portion			(1,775)
Total long-term debt, net	29,000		27,380
2022 Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Line of credit	$ 29,000	$ 29,000
Net Term Note to Bank Due September 7, 2025 [Member]
Debt Instrument [Line Items]
Term note to bank			$ 29,155

Long-Term Debt, Net - Schedul_2

Long-Term Debt, Net - Schedule of Long-Term Debt (Parenthetical) (Detail)		6 Months Ended
	May 04, 2022	Jun. 30, 2022
2022 Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Line of credit facility, maturity date	May 04, 2027	May 04, 2027
Net Term Note to Bank Due September 7, 2025 [Member]
Debt Instrument [Line Items]
Debt instrument maturity date		Sep. 07, 2025

Long-Term Debt, Net - Additiona

Long-Term Debt, Net - Additional Information (Detail) - USD ($)		6 Months Ended
	May 04, 2022	Jun. 30, 2022	Jun. 07, 2022	Apr. 15, 2022
2018 Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Line of credit facility agreement date		Feb. 12, 2018
Line of credit facility, maximum borrowing capacity		$ 50,000,000
Line of credit facility maximum borrowing capacity subject to certain conditions		$ 100,000,000
Line of credit facility, maturity date		Feb. 12, 2020
Line of credit				$ 0
Line of credit facility, borrowings outstanding				$ 0
2018 Revolving Credit Agreement [Member] | First Amendment to the Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 75,000,000
Line of credit facility maximum borrowing capacity subject to certain conditions		$ 125,000,000
Line of credit facility, maturity date		Apr. 15, 2022
2018 Revolving Credit Agreement [Member] | Swingline Loans [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 5,000,000
2018 Revolving Credit Agreement [Member] | Letters of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 2,500,000
2022 Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Agreement termination date	Jul. 29, 2022
Line of credit facility, maximum borrowing capacity	$ 250,000,000
Line of credit facility, maturity date	May 04, 2027	May 04, 2027
Line of credit	$ 29,000,000	$ 29,000,000
Additional credit facility capacity, subject to certain conditions	$ 100,000,000
Quarterly commitment fee	0.20%
Line of credit facility increase in rate of interest in event of default	2%
Line of credit facility, borrowings outstanding	$ 29,000,000	$ 29,000,000
2022 Revolving Credit Agreement [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 250,000,000
Fixed charge coverage ratio	1.25
2022 Revolving Credit Agreement [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 350,000,000
Leverage ratio	2.25
2022 Revolving Credit Agreement [Member] | Swingline Loans [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 25,000,000
2022 Revolving Credit Agreement [Member] | Letters of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 2,500,000
2022 Revolving Credit Agreement [Member] | Federal Funds Rate Plus [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	0.50%
2022 Revolving Credit Agreement [Member] | BSBY Rate Plus [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	1%
2017 Term Credit Agreement [Member]
Debt Instrument [Line Items]
Line of credit facility agreement date		Dec. 07, 2017
Agreement termination date		May 04, 2022
2017 Term Credit Agreement [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs written off		$ 100,000
2017 Term Credit Agreement [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument maturity date		Sep. 07, 2025
2017 Term Credit Agreement [Member] | Term Loan [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		1%
2017 Term 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%
Leverage Ratio Is Less Than 1.0 To 1.0 [Member] | 2022 Revolving Credit Agreement [Member] | Bloomberg Short-Term Bank Yield Index [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	1.125%
Leverage Ratio Is Less Than 1.0 To 1.0 [Member] | 2022 Revolving Credit Agreement [Member] | Interest Rate Floors
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	0.125%
Leverage Ratio Is Greater Than Or Equal To 1.0 To 1.0 [Member] | 2022 Revolving Credit Agreement [Member] | Bloomberg Short-Term Bank Yield Index [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	1.375%
Leverage Ratio Is Greater Than Or Equal To 1.0 To 1.0 [Member] | 2022 Revolving Credit Agreement [Member] | Interest Rate Floors
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	0.375%
Term Loan [Member] | 2022 Revolving Credit Agreement [Member] | BSBY Rate Plus [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	1.125%

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) - Interest Rate Swap [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative [Line Items]
Derivative maturity date			Sep. 07, 2025
Derivative rate received			one-month USD LIBOR
Derivative rate paid, percent			2.54%
Derivative Instrument, notional value	$ 35,500,000		$ 35,500,000
Derivative instrument gain (loss) under fair value	$ 400,000		$ 1,700,000	$ 700,000
Maximum [Member]
Derivative [Line Items]
Derivative instrument gain (loss) under fair value		$ 100,000

Corporate Investments and Fun_3

Corporate Investments and Funds Held For Clients - Cash and Cash Equivalents and Investments (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Corporate Investments and Funds Held for Clients [Line Items]
Cash and cash equivalents, amortized cost		$ 279,039	$ 277,978
Funds held for clients cash and cash equivalents, amortized cost		3,158,071	1,534,894
Amortized cost		267,286
Total investments, amortized cost		3,704,396	2,124,551
Gross unrealized losses	[1]	(2,176)
Cash and cash equivalents, fair value		279,039	277,978	$ 202,362
Funds held for clients cash and cash equivalents, fair value		3,158,071	1,534,894
Fair value		265,110
Total investments, fair value		3,702,220	2,124,551
Available-for-sale Securities [Member] | Commercial Paper [Member]
Corporate Investments and Funds Held for Clients [Line Items]
Amortized cost	[2]	103,094	311,679
Gross unrealized losses	[1],[2]	(517)
Fair value	[2]	102,577	$ 311,679
Available-for-sale Securities [Member] | U.S. Treasury Securities [Member]
Corporate Investments and Funds Held for Clients [Line Items]
Amortized cost	[2]	139,192
Gross unrealized losses	[1],[2]	(1,659)
Fair value	[2]	137,533
Available-for-sale Securities [Member] | Certificates of Deposit [Member]
Corporate Investments and Funds Held for Clients [Line Items]
Amortized cost	[2]	25,000
Fair value	[2]	$ 25,000
[1] These securities have been in an unrealized loss position for a period of less than 12 months. All available-for-sale securities were included within funds held for clients.

Corporate Investments and Fun_4

Corporate Investments and Funds Held For Clients - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Investments Debt And Equity Securities [Abstract]
Debt securities, Available-for-sale, Realized Gain (Loss)	$ 0	$ 0
Credit impairment losses	$ 0	$ 0

Corporate Investments and Fun_5

Corporate Investments and Funds Held For Clients - Summary of Expected Maturities of Available for Sale Securities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Available For Sale Securities Debt Maturities Amortized Cost [Abstract]
Amortized cost, One year or less	$ 128,094
One year to five years	139,192
Amortized cost	267,286
Fair value, One year or less	127,577
Fair value, One year to five years	137,533
Fair value,Total available-for-sale securities	$ 265,110

Fair Value of Financial Instr_3

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	Jun. 30, 2022	Dec. 31, 2021
Commercial Paper [Member]
Assets:
Assets	$ 102,577	$ 311,679
Certificates of Deposit [Member]
Assets:
Assets	25,000
U.S. Treasury Securities [Member]
Assets:
Assets	137,533
Level 2 [Member] | Commercial Paper [Member]
Assets:
Assets	102,577	311,679
Level 2 [Member] | Certificates of Deposit [Member]
Assets:
Assets	25,000
Level 2 [Member] | U.S. Treasury Securities [Member]
Assets:
Assets	137,533
Interest Rate Swap [Member]
Assets:
Assets	334
Liabilities:
Liabilities		1,335
Interest Rate Swap [Member] | Level 2 [Member]
Assets:
Assets	$ 334
Liabilities:
Liabilities		$ 1,335

Employee Savings Plan and Emp_2

Employee Savings Plan and Employee Stock Purchase Plan - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Defined Contribution Plan Disclosure [Line Items]
401(k) minimum age of eligibility for participation			18 years
401(k) eligibility minimum service period			90 days
Employee vested percentage in salary deferrals and roll over contributions			100%
Minimum period for vesting 100% contributions			2 years
Minimum period for vesting of discretionary contributions			2 years
Matching contribution	$ 3,100,000	$ 2,600,000	$ 6,600,000	$ 5,900,000
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%		10%
Employees Company's common stock shares purchase limit amount			$ 25,000
Purchase price of common stock expressed as a percentage of its fair market value			85%
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			31,350	24,717
Compensation expense related to ESPP	$ 800,000	$ 700,000	$ 1,400,000	$ 1,400,000
After Two Years Of Employment [Member]
Defined Contribution Plan Disclosure [Line Items]
Matching contributions, vesting percentage			100%
One Hundred Percent Match For Percent Of Participants Contribution [Member]
Defined Contribution Plan Disclosure [Line Items]
Employer contribution percentage			100%
Percentage of salary deferrals			1%
50% Matching Contribution [Member]
Defined Contribution Plan Disclosure [Line Items]
Employer contribution percentage			50%
Minimum [Member] | 50% Matching Contribution [Member]
Defined Contribution Plan Disclosure [Line Items]
Percentage of salary deferrals			2%
Maximum [Member]
Defined Contribution Plan Disclosure [Line Items]
Percentage of salary deferrals			3.50%
Maximum [Member] | 50% Matching Contribution [Member]
Defined Contribution Plan Disclosure [Line Items]
Percentage of salary deferrals			6%

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				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net income	$ 57,355	$ 91,930	$ 52,278	$ 64,616	$ 149,285	$ 116,894
Denominator:
Basic weighted average shares outstanding	57,969		57,853		57,992	57,797
Dilutive effect of unvested restricted stock	98		239		194	338
Diluted weighted average shares outstanding	58,067		58,092		58,186	58,135
Earnings per share:
Earnings per share, basic	$ 0.99		$ 0.90		$ 2.57	$ 2.02
Earnings per share, diluted	$ 0.99		$ 0.90		$ 2.57	$ 2.01

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands		1 Months Ended		3 Months Ended		6 Months Ended
	Apr. 14, 2022 shares	May 31, 2022 shares	Feb. 28, 2022 Company TradingDay shares	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Capitalized compensation cost | $						$ 4,180	$ 3,351
Software and Capitalized Software Costs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Capitalized compensation cost | $				$ 2,300	$ 1,900	$ 4,200	3,400
Time-Based Shares [Member] | Chief Operating Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Number of shares vested in period	5,663
Restricted Stock [Member] | Time-Based Shares [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] | Time-Based Shares [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] | LTIP [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Restricted shares of common stock issued						404,250
Restricted Stock [Member] | LTIP [Member] | Market-Based Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Restricted shares of common stock issued						59,503
Restricted Stock [Member] | LTIP [Member] | VWAP Value Equals or Exceeds $484 Per Share [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Vesting percentage, restricted shares						50%
VWAP Share Price | $ / shares						$ 484
Restricted Stock [Member] | LTIP [Member] | Time-Based Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Restricted shares of common stock issued						344,747
Restricted Stock [Member] | LTIP [Member] | Time-Based Shares [Member] | Non Employee Members[Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Restricted shares of common stock issued		5,210
Share-based compensation arrangement by share-based payment award, award vesting rights						will cliff-vest on May 9, 2023, provided that such director is providing services to the Company through the applicable vesting date, and subject to the terms and conditions of the LTIP and the applicable restricted stock award agreement.
Restricted Stock [Member] | LTIP [Member] | VWAP Value Equals or Exceeds $559 Per Share [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Vesting percentage, restricted shares						50%
VWAP Share Price | $ / shares						$ 559
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Restricted shares of common stock issued						51,500
Performance Shares | LTIP [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Number of publicly traded companies | Company			35
Number of trading day | TradingDay			60
Performance Shares | LTIP [Member] | Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Performance share units			51,494
Performance Shares | LTIP [Member] | Executive Officers | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Performance share units			128,735
Performance Shares | LTIP [Member] | Two Year Performance Period
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Performance period commencement date			Jan. 01, 2022
Performance period maturity date			Dec. 31, 2023
Percentage of PSUs eligible to vest			25%
Deadline for vesting of shares			Feb. 29, 2024
Performance Shares | LTIP [Member] | Three Year Performance Period
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Performance period commencement date			Jan. 01, 2022
Performance period maturity date			Dec. 31, 2024
Percentage of PSUs eligible to vest			75%
Deadline for vesting of shares			Mar. 01, 2025
Restricted Stock Awards and PSU Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense | $				$ 24,200	$ 23,800	$ 46,300	$ 47,400

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Nonvested Restricted Stock Awards and PSU Activity (Detail)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Time-Based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Unvested shares of restricted stock and PSUs outstanding at beginning of period | shares	369,600
Restricted Stock Awards and PSUs, Granted | shares	344,700
Restricted Stock Awards and PSUs, Vested | shares	(215,300)
Restricted Stock Awards and PSUs, Forfeited | shares	(31,500)
Unvested shares of restricted stock and PSUs outstanding at end of period | shares	467,500
Unvested shares of restricted stock and PSUs outstanding, Weighted Average Grant Date Fair Value Per Share, at beginning of period	$ 259.94
Granted, Weighted Average Grant Date Fair Value Per Share	285.89
Vested, Weighted Average Grant Date Fair Value Per Share	174.98
Forfeited, Weighted Average Grant Date Fair Value Per Share	317.45
Unvested shares of restricted stock and PSUs outstanding, Weighted Average Grant Date Fair Value Per Share, at end of period	$ 314.35
Market-Based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Unvested shares of restricted stock and PSUs outstanding at beginning of period | shares	1,628,300
Restricted Stock Awards and PSUs, Granted | shares	59,500
Restricted Stock Awards and PSUs, Forfeited | shares	(5,700)
Unvested shares of restricted stock and PSUs outstanding at end of period | shares	1,682,100
Unvested shares of restricted stock and PSUs outstanding, Weighted Average Grant Date Fair Value Per Share, at beginning of period	$ 111.87
Granted, Weighted Average Grant Date Fair Value Per Share	268.93
Vested, Weighted Average Grant Date Fair Value Per Share	278.24
Forfeited, Weighted Average Grant Date Fair Value Per Share	279.88
Unvested shares of restricted stock and PSUs outstanding, Weighted Average Grant Date Fair Value Per Share, at end of period	$ 116.85
Performance-Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Unvested shares of restricted stock and PSUs outstanding at beginning of period | shares	37,100
Restricted Stock Awards and PSUs, Granted | shares	51,500
Restricted Stock Awards and PSUs, Forfeited | shares	(10,800)
Unvested shares of restricted stock and PSUs outstanding at end of period | shares	77,800	[1]
Unvested shares of restricted stock and PSUs outstanding, Weighted Average Grant Date Fair Value Per Share, at beginning of period	$ 556.50
Granted, Weighted Average Grant Date Fair Value Per Share	296.07
Forfeited, Weighted Average Grant Date Fair Value Per Share	376.69
Unvested shares of restricted stock and PSUs outstanding, Weighted Average Grant Date Fair Value Per Share, at end of period	$ 409.13	[1]
[1] A maximum of 194,478 units could be awarded based upon Paycom’s Relative TSR over the applicable performance periods.

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Nonvested Restricted Stock Awards and PSU Activity (Parenthetical) (Detail)	6 Months Ended
	Jun. 30, 2022 shares
Performance-Based Restricted Stock Units [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Units that could be awarded based upon relative TSR over applicable performance periods.	194,478

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Unrecognized Compensation Cost and Related Weighted Average Recognition Period Associated with Unvested restricted Stock Awards and Unvested PSU Awards (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Unrecognized compensation cost	$ 260,132
Weighted average period for recognition (years)	3 years 6 months
Performance-Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Unrecognized compensation cost	$ 18,977
Weighted average period for recognition (years)	1 year 9 months 18 days

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	25.50%	17.90%

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)			1 Months Ended	6 Months Ended
	Jul. 22, 2022	May 04, 2022	May 31, 2022	Jun. 30, 2022
2017 Term Credit Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Agreement termination date				May 04, 2022
2022 Revolving Credit Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Line of credit facility, maximum borrowing capacity		$ 250,000,000
Additional credit facility capacity, subject to certain conditions		$ 100,000,000
Line of credit facility, maturity date		May 04, 2027		May 04, 2027
Quarterly commitment fee		0.20%
Line of credit		$ 29,000,000		$ 29,000,000
Agreement termination date		Jul. 29, 2022
Line of credit facility increase in rate of interest in event of default		2%
2022 Revolving Credit Agreement [Member] | Federal Funds Rate Plus [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Debt instrument basis spread on variable rate		0.50%
2022 Revolving Credit Agreement [Member] | Swingline Loans [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Line of credit facility, maximum borrowing capacity		$ 25,000,000
2022 Revolving Credit Agreement [Member] | Letters of Credit [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Line of credit facility, maximum borrowing capacity		$ 2,500,000
Restricted Stock [Member] | LTIP [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Restricted shares of common stock issued				404,250
Restricted Stock [Member] | LTIP [Member] | Time-Based Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Restricted shares of common stock issued				344,747
Restricted Stock [Member] | LTIP [Member] | Non Employee Members[Member] | Time-Based Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Restricted shares of common stock issued			5,210
Subsequent Event [Member] | 2022 Term Loan Facility [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Number of draws made	ten
Subsequent Event [Member] | 2022 Term Loan Facility [Member] | Year One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Percentage of aggregate annual amount	7.50%
Subsequent Event [Member] | 2022 Term Loan Facility [Member] | Year Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Percentage of aggregate annual amount	7.50%
Subsequent Event [Member] | 2022 Term Loan Facility [Member] | Thereafter [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Percentage of aggregate annual amount	10%
Subsequent Event [Member] | 2022 Revolving Credit Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Line of credit facility, maximum borrowing capacity	$ 650,000,000
Additional credit facility capacity, subject to certain conditions	$ 500,000,000
Line of credit facility, maturity date	Jul. 29, 2027
Debt instrument basis spread on variable rate	1.25%
Line of credit	$ 29,000,000
Line of credit facility increase in rate of interest in event of default	2%
Subsequent Event [Member] | 2022 Revolving Credit Agreement [Member] | Leverage Ratio Is Less Than 1.0 To 1.0 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Quarterly commitment fee	0.20%
Subsequent Event [Member] | 2022 Revolving Credit Agreement [Member] | Leverage Ratio Is Greater Than Or Equal to 1.0 To 1.0 But Less Than 2.0 to 1.0 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Quarterly commitment fee	0.225%
Subsequent Event [Member] | 2022 Revolving Credit Agreement [Member] | Leverage Ratio Is Greater Than Or Equal to 2.0 To 1.0 But Less Than 3.0 to 1.0 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Quarterly commitment fee	0.25%
Subsequent Event [Member] | 2022 Revolving Credit Agreement [Member] | Leverage Ratio Is Greater Than Or Equal to 3.0 To 1.0 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Quarterly commitment fee	0.275%
Subsequent Event [Member] | 2022 Revolving Credit Agreement [Member] | 2017 Term Credit Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Agreement termination date	Jul. 29, 2022
Subsequent Event [Member] | 2022 Revolving Credit Agreement [Member] | SOFR Rate Plus [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Debt instrument basis spread on variable rate	0.10%
Subsequent Event [Member] | 2022 Revolving Credit Agreement [Member] | SOFR Rate Plus [Member] | Leverage Ratio Is Less Than 1.0 To 1.0 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Borrowings basis spread on variable rate	1.25%
Subsequent Event [Member] | 2022 Revolving Credit Agreement [Member] | SOFR Rate Plus [Member] | Leverage Ratio Is Greater Than Or Equal to 1.0 To 1.0 But Less Than 2.0 to 1.0 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Borrowings basis spread on variable rate	1.50%
Subsequent Event [Member] | 2022 Revolving Credit Agreement [Member] | SOFR Rate Plus [Member] | Leverage Ratio Is Greater Than Or Equal to 2.0 To 1.0 But Less Than 3.0 to 1.0 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Borrowings basis spread on variable rate	1.75%
Subsequent Event [Member] | 2022 Revolving Credit Agreement [Member] | SOFR Rate Plus [Member] | Leverage Ratio Is Greater Than Or Equal to 3.0 To 1.0 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Borrowings basis spread on variable rate	2%
Subsequent Event [Member] | 2022 Revolving Credit Agreement [Member] | Federal Funds Rate Plus [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Debt instrument basis spread on variable rate	0.50%
Subsequent Event [Member] | 2022 Revolving Credit Agreement [Member] | SOFR Rate Plus One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Debt instrument basis spread on variable rate	1%
Subsequent Event [Member] | 2022 Revolving Credit Agreement [Member] | ABR Loans [Member] | Leverage Ratio Is Less Than 1.0 To 1.0 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Debt instrument basis spread on variable rate	0.25%
Subsequent Event [Member] | 2022 Revolving Credit Agreement [Member] | ABR Loans [Member] | Leverage Ratio Is Greater Than Or Equal to 1.0 To 1.0 But Less Than 2.0 to 1.0 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Debt instrument basis spread on variable rate	0.50%
Subsequent Event [Member] | 2022 Revolving Credit Agreement [Member] | ABR Loans [Member] | Leverage Ratio Is Greater Than Or Equal to 2.0 To 1.0 But Less Than 3.0 to 1.0 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Debt instrument basis spread on variable rate	0.75%
Subsequent Event [Member] | 2022 Revolving Credit Agreement [Member] | ABR Loans [Member] | Leverage Ratio Is Greater Than Or Equal to 3.0 To 1.0 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Debt instrument basis spread on variable rate	1%
Subsequent Event [Member] | 2022 Revolving Credit Agreement [Member] | Swingline Loans [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Line of credit facility, maximum borrowing capacity	$ 25,000,000
Subsequent Event [Member] | 2022 Revolving Credit Agreement [Member] | Letters of Credit [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Line of credit facility, maximum borrowing capacity	6,500,000
Subsequent Event [Member] | 2022 Revolving Credit Agreement [Member] | 2022 Term Loan Facility [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Line of credit facility, maximum borrowing capacity	$ 750,000,000
Subsequent Event [Member] | Restricted Stock [Member] | LTIP [Member] | Non Employee Members[Member] | Time-Based Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Restricted shares of common stock issued	16,287