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


•	Other payroll assets, which primarily include payroll tax receivables;


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


•	Other payroll withholdings, which primarily includes withholdings under 401(k) plans and flexible benefit plans.



(in thousands)	June 30, 2017		December 31, 2016
Worksite employee related assets:
Restricted cash, cash equivalents and investments	$	155,291	$	132,115
Payroll funds collected	462,902		825,958
Unbilled revenue (net of advance collections of $17,420 and $8,602 at June 30, 2017 and December 31, 2016, respectively)	247,751		293,192
Accounts receivable (net of allowance for doubtful accounts of $160 and $292 at June 30, 2017 and December 31, 2016, respectively)	7,644		4,854
Prepaid insurance premiums	15,253		12,805
Workers' compensation collateral receivable	190		2,136
Other payroll assets	9,565		10,411
Total worksite employee related assets	$	898,596	$	1,281,471

Worksite employee related liabilities:
Accrued wages	$	246,802	$	272,966
Client deposits	35,147		56,182
Payroll tax liabilities	352,184		692,460
Unpaid losses and loss adjustment expenses (less than 1 year):
Health benefits loss reserves	125,241		129,430
Workers' compensation loss reserves (net of collateral paid of $9,124 and $9,234 at June 30, 2017 and December 31, 2016, respectively)	70,812		63,702
Insurance premiums and other payables	17,264		14,223
Other payroll withholdings	45,660		47,032
Total worksite employee related liabilities	$	893,110	$	1,275,995

Included in the payroll tax liabilities and insurance premiums and other payables were amounts relating to approximately 2,700 and 2,600 corporate employees at June 30, 2017 and December 31, 2016, respectively.