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ACCRUED WORKERS' COMPENSATION COSTS
 6 Months Ended
Jun. 30, 2024
Insurance [Abstract]  
ACCRUED WORKERS' COMPENSATION COSTS ACCRUED WORKERS' COMPENSATION COSTS
The following table summarizes the accrued workers’ compensation cost activity for the three and six months ended June 30, 2024 and 2023:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2024202320242023
Total accrued costs, beginning of period$175 $187 $175 $189 
Incurred
Current year14 18 30 34 
Prior years(26)(17)(30)(23)
Total incurred(12)1 — 11 
Paid
Current year(1)(1)(2)(2)
Prior years(8)(9)(19)(20)
Total paid(9)(10)(21)(22)
Total accrued costs, end of period$154 $178 $154 $178 
The following summarizes workers' compensation liabilities on the condensed consolidated balance sheets:
(in millions)June 30, 2024December 31, 2023
Total accrued costs, end of period$154 $175 
Collateral paid to carriers and offset against accrued costs(4)(5)
Total accrued costs, net of carrier collateral offset$150 $170 
Payable in less than 1 year
(net of collateral paid to carriers of $1 and $1 at June 30, 2024 and December 31, 2023, respectively)
$43 $50 
Payable in more than 1 year
(net of collateral paid to carriers of $3 and $4 at June 30, 2024 and December 31, 2023, respectively)
107 120 
Total accrued costs, net of carrier collateral offset$150 $170 
Incurred claims related to prior years represent changes in estimates for ultimate losses on workers' compensation claims. For the three and six months ended June 30, 2024, the favorable development is due to lower than expected reported claim frequency and severity for the more recent years.
As of June 30, 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.