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ACCRUED WORKERS' COMPENSATION COSTS (Tables)

12 Months Ended

Dec. 31, 2021

Insurance [Abstract]

Summary of Activities for Unpaid Claims, Claims Adjustment Expenses and Workers' Compensation Liabilities

The following table summarizes the accrued workers’ compensation cost activity for the years ended December 31, 2021, 2020 and 2019:

			Year Ended December 31,
(in millions)			2021			2020			2019
Total accrued costs, beginning of year			$	205		$	214		$	238
Incurred
Current year			66			64			72
Prior years			(23)			(20)			(31)
Total incurred			43			44			41
Paid
Current year			(10)			(8)			(14)
Prior years			(40)			(45)			(51)
Total paid			(50)			(53)			(65)
Total accrued costs, end of year			$	198		$	205		$	214

The following tables summarize workers' compensation liabilities on the consolidated balance sheets:

(in millions)						December 31, 2021			December 31, 2020
Total accrued costs, end of year						$	198		$	205
Collateral paid to carriers and offset against accrued costs						(8)			(8)
Total accrued costs, net of carrier collateral offset						$	190		$	197
Payable in less than 1 year (net of collateral paid to carriers of $2 and $3 as of December 31, 2021 and 2020, respectively)						$	55		59
Payable in more than 1 year (net of collateral paid to carriers of $6 and $5 as of December 31, 2021 and 2020, respectively)						135			138
Total accrued costs, net of carrier collateral offset						$	190		$	197

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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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