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ACCRUED WORKERS' COMPENSATION COSTS (Tables)

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

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

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

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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
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480081/944-40-50-3

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