WORKSITE EMPLOYEE RELATED ASSETS AND LIABILITIES

WSE related assets and WSE related liabilities are intended to be reviewed together when considering the financial position of the Company. Our clients direct the price and service specifications for payroll and payroll taxes and as a result, we are not the primary obligor for payroll and payroll tax payments and therefore record these amounts net in our statements of income and comprehensive income. However, we record without offset, accrued wages and payroll tax liabilities for WSEs in WSE related liabilities with the related payroll funds collected and unbilled revenues in WSE related assets. We have classified these assets and liabilities and other service related amounts collectively as WSE related, to present a clearer picture of the inter-relationship of the balances and distinguish these from our other corporate assets and liabilities.

In addition to unbilled revenues, accrued wages and payroll tax liabilities, other significant balances included in the WSE related assets and liabilities include:


•	Payroll funds collected represents cash collected from clients in advance to fund payroll and payroll taxes, and other payroll related liabilities;


•	Other payroll assets primarily include payroll tax receivables;


•	Client deposits represent indemnity guarantee payments received from clients and collections from clients in excess of payroll and other payroll related liabilities;


•	Other payroll withholdings primarily include withholdings under 401(k) plans and flexible benefit plans.



(in thousands)	March 31, 2017		December 31, 2016
Worksite employee related assets:
Restricted cash, cash equivalents and investments	$	139,175	$	132,115
Payroll funds collected	580,515		825,958
Unbilled revenue (net of advance collections of $8,232 and $8,602 at March 31, 2017 and December 31, 2016, respectively)	279,753		293,192
Accounts receivable (net of allowance for doubtful accounts of $316 and $292 at March 31, 2017 and December 31, 2016, respectively)	11,478		4,854
Prepaid insurance premiums	14,013		12,805
Workers' compensation collateral receivable	4,106		2,136
Other payroll assets	10,309		10,411
Total worksite employee related assets	$	1,039,349	$	1,281,471

Worksite employee related liabilities:
Accrued wages	$	265,515	$	272,966
Client deposits	67,350		56,182
Payroll tax liabilities	449,005		692,460
Unpaid losses and loss adjustment expenses (less than 1 year):
Health benefits loss reserves	126,960		129,430
Workers' compensation loss reserves (net of collateral paid of $5,831 and $9,234 at March 31, 2017 and December 31, 2016, respectively)	69,167		63,702
Insurance premiums and other payables	10,812		14,223
Other payroll withholdings	45,284		47,032
Total worksite employee related liabilities	$	1,034,093	$	1,275,995

Included in the payroll tax liabilities and insurance premiums and other payables were amounts relating to approximately 2,600 corporate employees at March 31, 2017 and December 31, 2016.