Company: NSP
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0001000753-25-000008
Chunk: 111

Company: INSPERITY, INC.
Filing Date: 2025-02-11
Form: 10-K
Item: Item 16
Chunk 111
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 in client prepayments. At December 31, 2024 included in our $830 million of funds associated with federal and state income tax withholdings was $440 million of funds we received in late December 2024 from the Internal Revenue Service related to employee retention tax credits claimed by our PEO clients under the COVID relief programs, that are expected to be distributed to clients in early 2025.

 F-182024   Form 10-K

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Cash, Cash Equivalents, Restricted Cash, Funds Held for Clients, and Deposits – Workers’ CompensationThe following table summarizes our cash, cash equivalents, restricted cash, funds held for clients, and deposits – workers’ compensation as reported in our Consolidated Statements of Cash Flows:Year Ended December 31,(in millions)202420232022Supplemental schedule of cash and cash equivalents, restricted cash, funds held for clients, and deposits – workers’ compensationCash and cash equivalents$693 $733 $576 Restricted cash57 50 47 Other current assets - funds held for clients(1)87 35 32 Deposits – workers’ compensation198 196 185 Cash, cash equivalents, restricted cash, funds held for clients, and deposits – workers’ compensation beginning of year$1,035 $1,014 $840 Cash and cash equivalents$1,039 $693 $733 Restricted cash69 57 50 Other current assets - funds held for clients(1)58 87 35 Deposits – workers’ compensation178 198 196 Cash, cash equivalents, restricted cash, funds held for clients, and , and deposits – workers’ compensation end of year$1,344 $1,035 $1,014  ____________________________________(1)Funds held for clients represent amounts held on behalf of our Traditional Payroll Solution customers that are restricted for the purpose of satisfying obligations to remit funds to clients’ employees and various tax authorities.

Please read Note 1. “Accounting Policies,” for a discussion of our accounting policies for deposits — workers’ compensation and restricted cash.  

Payroll Taxes and Other Payroll Deductions Payable

As a co-employer, we generally assume responsibility for the withholding and remittance of federal and state payroll taxes and other payroll deductions with respect to wages and salaries paid to our WSEEs. As of December 31, 2024