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Accrued Workers' Compensation Cost - (Tables)

6 Months Ended

Jun. 30, 2020

Insurance [Abstract]

Summary of Activities in Liability for Unpaid Claims and Claims Adjustment Expenses

The following table summarizes the accrued workers’ compensation cost activity for the three and six months ended June 30, 2020 and 2019:

	Three Months Ended June 30,							Six Months Ended June 30,
(in millions)	2020			2019				2020			2019
Total accrued costs, beginning of period	$	217		$	236			$	214		$	238
Incurred
Current year	13			16				33			35
Prior years	(6		)	(11		)		(9		)	(16		)
Total incurred	7			5				24			19
Paid
Current year	(2		)	(2		)		(3		)	(3		)
Prior years	(11		)	(15		)		(24		)	(30		)
Total paid	(13		)	(17		)		(27		)	(33		)
Total accrued costs, end of period	$	211		$	224			$	211		$	224

The following summarizes workers' compensation liabilities on the condensed consolidated balance sheets:

(in millions)	June 30, 2020			December 31, 2019
Total accrued costs, end of period	$	211		$	214
Collateral paid to carriers and offset against accrued costs	(8		)	(9		)
Total accrued costs, net of carrier collateral offset	$	203		$	205
Payable in less than 1 year (net of collateral paid to carriers of $2 and $3 at June 30, 2020 and December 31, 2019, respectively.)	$	62		$	61
Payable in more than 1 year (net of collateral paid to carriers of $6 at June 30, 2020 and December 31, 2019.)	141			144
Total accrued costs, net of carrier collateral offset	$	203		$	205

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- References

No definition available.

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- Definition

Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437

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