Company: NSP
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0001000753-25-000008
Chunk: 114

Company: INSPERITY, INC.
Filing Date: 2025-02-11
Form: 10-K
Item: Item 16
Chunk 114
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 offset for these amounts. Unbilled accounts receivable consisted of the following: December 31,(in millions)20242023Accrued worksite employee payroll cost$730 $559 Unbilled revenues171 138 Client prepayments(91)(28)Unbilled accounts receivable$810 $669 

5.Deposits and Prepaid Health InsuranceDeposits and prepaid health insurance consisted of the following:December 31,(in millions)20242023Prepaid health insurance$9 $9 Deposits — health insurance8 8 Deposits — workers’ compensation178 198 Deposits and prepaid health insurance$195 $215 The contractual arrangement with United for health insurance coverage requires us to maintain an accumulated cash surplus in the plan of $9 million, which is reported as deposits and prepaid health insurance in our Consolidated Balance Sheets. Please read Note 1, “Accounting Policies,” for a discussion of our accounting policies for health insurance costs and workers’ compensation costs.

 F-212024   Form 10-K

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6.Long-Term DebtWe have a revolving credit facility (the “Facility”) with a borrowing capacity of up to $650 million. The Facility may be further increased to $700 million based on the terms and subject to the conditions set forth in the agreement relating to the Facility (as amended, the “Credit Agreement”). The Facility is available for working capital and general corporate purposes, including acquisitions, stock repurchases and issuances of letters of credit. Our obligations under the Facility are secured by 100% of the stock of our captive insurance subsidiary and are guaranteed by all of our subsidiaries other than our captive insurance subsidiary and certain other excluded subsidiaries. At December 31, 2024, our outstanding balance on the Facility was $369 million, and we had an outstanding $1 million letter of credit issued under the Facility, resulting in an available borrowing capacity of $280 million.The Facility matures on June 30, 2027. Borrowings under the Facility bear interest at an annual rate equal to an alternate base rate or Adjusted Term SOFR for term SOFR loans, in either case plus an applicable margin. Adjusted Term SOFR is a forward-looking term rate based on the secured overnight financing rate plus a spread adjustment, which ranges from 0.10% to 0.25% depending on the interest period and type of loan. Depending on our