INSPERITY INC
For the period ended Dec 31, 2024. Filed Feb 11, 2025.
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FY2024 · Filed Feb 11, 2025
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“Leases,”
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
| 11. | Leases |
We have operating leases for office space, other operating facilities, vehicles and office equipment. Our fixed operating lease costs for 2024, 2023 and 2022 were $20 million, $19 million, and $19 million, respectively, and are included in general and administrative expenses on our Consolidated Statements of Income. During 2024, cash paid for amounts included in the measurement of operating lease liabilities was $24 million.
The following table presents the lease balances within our Consolidated Balance Sheets, weighted average lease term and weighted average discount rates related to our operating leases:
| (dollars in millions) | Classification in Consolidated Balance Sheets | December 31, 2024 |
|---|---|---|
| Lease liabilities: | ||
| Current operating lease liabilities | Other accrued liabilities | $19 |
| Long-term operating lease liabilities | Operating lease liabilities, net of current | 66 |
| Total operating lease liabilities | 85 | |
| Less: | ||
| Landlord funded tenant improvements | 13 | |
| Deferred rent | 7 | |
| Operating lease ROU assets | Right-of-use leased assets | $65 |
| Weighted average remaining lease term | 5 years | |
| Weighted average discount rate | 5% | |
The following presents the maturity of our operating lease liabilities as of December 31,2024:
| (in millions) | Operating Leases |
|---|---|
| 2025 | $23 |
| 2026 | 20 |
| 2027 | 18 |
| 2028 | 13 |
| 2029 | 8 |
| Thereafter | 16 |
| Total remaining obligation | 98 |
| Less imputed interest | 13 |
| Present value of lease liabilities | $85 |
As of December 31,2024, we have additional operating leases that have not yet commenced of $22 million with lease terms betweentwo andeight years.
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