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ACCRUED WORKERS' COMPENSATION COSTS | 12 Months Ended
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Dec. 31, 2023
Insurance [Abstract] |
ACCRUED WORKERS' COMPENSATION COSTS | ACCRUED WORKERS' COMPENSATION COSTS The following table summarizes the accrued workers’ compensation cost activity for the years ended December 31, 2023, 2022 and 2021:
| Year Ended December 31,
(in millions) | 2023 | 2022 | 2021
Total accrued costs, beginning of year | $ | 189 |  | $ | 198 |  | $ | 205 |
Incurred |  |  |
Current year | 66 |  | 68 |  | 66 |
Prior years | (36) |  | (32) |  | (23) |
Total incurred | 30 |  | 36 |  | 43 |
Paid |  |  |
Current year | (10) |  | (10) |  | (10) |
Prior years | (34) |  | (35) |  | (40) |
Total paid | (44) |  | (45) |  | (50) |
Total accrued costs, end of year | $ | 175 |  | $ | 189 |  | $ | 198 |
The following tables summarize workers' compensation liabilities on the consolidated balance sheets:
(in millions) |  | December 31, 2023 | December 31, 2022
Total accrued costs, end of year |  | $ | 175 |  | $ | 189 |
Collateral paid to carriers and offset against accrued costs |  | (5) |  | (7) |
Total accrued costs, net of carrier collateral offset |  | $ | 170 |  | $ | 182 |
Payable in less than 1 year (net of collateral paid to carriers of $1 and $2 as of December 31, 2023 and 2022, respectively) |  | $ | 50 |  | 54
Payable in more than 1 year (net of collateral paid to carriers of $4 and $5 as of December 31, 2023 and 2022, respectively) |  | 120 |  | 128 |
Total accrued costs, net of carrier collateral offset |  | $ | 170 |  | $ | 182 |
Incurred claims related to prior years represent changes in estimates for ultimate losses on workers' compensation claims. For the years ended December 31, 2023, 2022 and 2021, the favorable development is due to lower than expected reported claim frequency and severity for the more recent years. As of December 31, 2023 and 2022, we had $32 million and $43 million of collateral held by insurance carriers of which $5 million and $7 million, respectively, 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 -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//944-40/tableOfContent + Details
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