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ACCRUED WORKERS' COMPENSATION COSTS | 3 Months Ended
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Mar. 31, 2024
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, 2024 and 2023:
| Three Months Ended March 31, |  |
(in millions) | 2024 | 2023 |  |  |
Total accrued costs, beginning of period | $ | 175 |  | $ | 189 |  |  |  |
Incurred |  |  |  |  |
Current year | 16 |  | 16 |  |  |  |
Prior years | (4) |  | (6) |  |  |  |
Total incurred | 12 |  | 10 |  |  |  |
Paid |  |  |  |  |
Current year | (1) |  | (1) |  |  |  |
Prior years | (11) |  | (11) |  |  |  |
Total paid | (12) |  | (12) |  |  |  |
Total accrued costs, end of period | $ | 175 |  | $ | 187 |  |  |  |
The following summarizes workers' compensation liabilities on the condensed consolidated balance sheets:
(in millions) | March 31, 2024 | December 31, 2023
Total accrued costs, end of period | $ | 175 |  | $ | 175 |
Collateral paid to carriers and offset against accrued costs | (4) |  | (5) |
Total accrued costs, net of carrier collateral offset | $ | 171 |  | $ | 170 |
Payable in less than 1 year (net of collateral paid to carriers of $1 and $1 at March 31, 2024 and December 31, 2023, respectively) | $ | 51 |  | $ | 50 |
Payable in more than 1 year (net of collateral paid to carriers of $3 and $4 at March 31, 2024 and December 31, 2023, respectively) | 120 |  | 120 |
Total accrued costs, net of carrier collateral offset | $ | 171 |  | $ | 170 |
Incurred claims related to prior years represent changes in estimates for ultimate losses on workers' compensation claims. For the three months ended March 31, 2024, the favorable development is due to lower than expected reported claim frequency and severity for the more recent years. As of March 31, 2024 and December 31, 2023, we had $31 million and $32 million of collateral held by insurance carriers of which $4 million and $5 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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