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Accrued Workers' Compensation Costs | 3 Months Ended
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Mar. 31, 2021
Insurance [Abstract] |
ACCRUED WORKERS' COMPENSATION COSTS | ACCRUED WORKERS' COMPENSATION COSTS The following table summarizes the accrued workers’ compensation cost activity for the three months ended March 31, 2021 and 2020:
|  |  | Three Months Ended March 31,
(in millions) |  |  |  | 2021 | 2020
Total accrued costs, beginning of period |  |  |  | $ | 205 |  | $ | 214 |
Incurred |  |  |  |  |
Current year |  |  |  | 16 |  | 20 |
Prior years |  |  |  | (4) |  | (3) |
Total incurred |  |  |  | 12 |  | 17 |
Paid |  |  |  |  |
Current year |  |  |  | (1) |  | (1) |
Prior years |  |  |  | (11) |  | (13) |
Total paid |  |  |  | (12) |  | (14) |
Total accrued costs, end of period |  |  |  | $ | 205 |  | $ | 217 |
The following summarizes workers' compensation liabilities on the condensed consolidated balance sheets:
(in millions) | March 31, 2021 | December 31, 2020
Total accrued costs, end of period | $ | 205 |  | $ | 205 |
Collateral paid to carriers and offset against accrued costs | (8) |  | (8) |
Total accrued costs, net of carrier collateral offset | $ | 197 |  | $ | 197 |
Payable in less than 1 year (net of collateral paid to carriers of $2 and $3 at March 31, 2021 and December 31, 2020, respectively) | $ | 59 |  | $ | 59 |
Payable in more than 1 year (net of collateral paid to carriers of $6 and $5 at March 31, 2021 and December 31, 2020, respectively) | 138 |  | 138 |
Total accrued costs, net of carrier collateral offset | $ | 197 |  | $ | 197 |
Incurred claims related to prior years represent changes in estimates for ultimate losses on workers' compensation claims. As of March 31, 2021 and December 31, 2020, we had $44 million and $45 million, respectively, of collateral held by insurance carriers of which $8 million for both periods was offset against accrued workers' compensation costs as the agreements permit and are net settled of insurance obligations against collateral held.

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- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -URI http://asc.fasb.org/subtopic&trid=2560295 + Details
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