The double-cued task switching procedure has recently been introduced as a new way to measure externally cued switch costs. In the present individual differences study, two hundred fifty young adults completed measures of task switching, inhibition, and long-term memory. A latent variable approach was taken to examine the relationships among these cognitive measures. Decomposing the externally cued task switching costs into a cue switch component and a task switch component indicated that individual differences in these costs could be explained by benefits of repeated cues rather than by changes in tasks. Individual differences in the cue switch component were predicted by long-term memory scores.