Check out the following doc for how to set up a auto-updating company holiday calendar!
For the only use workdays setting
A Holidays table can be used to create a list of additional days to exclude as non-working days when the Only use workdays toggle is enabled. In this case, the date used will bump to the next working day. If you have an event that repeats on Monday, but an upcoming Monday is a holiday, that event will be scheduled for Tuesday.