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ACCRUED WORKERS' COMPENSATION COSTS
 6 Months Ended
Jun. 30, 2025
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, 2025 and 2024:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2025202420252024
Total accrued costs, beginning of period$160 $175 $158 $175 
Incurred
Current year16 14 30 30 
Prior years(7)(26)(7)(30)
Total incurred9 (12)23 — 
Paid
Current year(2)(1)(2)(2)
Prior years(9)(8)(21)(19)
Total paid(11)(9)(23)(21)
Total accrued costs, end of period$158 $154 $158 $154 
The following summarizes workers' compensation liabilities on the condensed consolidated balance sheets:
(in millions)June 30, 2025December 31, 2024
Total accrued costs, end of period$158 $158 
Collateral paid to carriers and offset against accrued costs(3)(4)
Total accrued costs, net of carrier collateral offset$155 $154 
Payable in less than 1 year
(net of collateral paid to carriers of $1 at June 30, 2025 and December 31, 2024)
$46 $44 
Payable in more than 1 year
(net of collateral paid to carriers of $2 and $3 at June 30, 2025 and December 31, 2024, respectively)
109 110 
Total accrued costs, net of carrier collateral offset$155 $154 
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, 2025, the favorable development is due to lower than expected reported claim frequency and severity for the more recent years.
As of June 30, 2025 and December 31, 2024, we had $25 million and $26 million of collateral held by insurance carriers, respectively, of which $3 million and $4 million, respectively, was offset against accrued workers' compensation costs as the agreements permit and are net settled of insurance obligations against collateral held.