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Workers' Compensation Claims (Tables) | 6 Months Ended
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Jun. 30, 2021
Text Block [Abstract] |
Summarizes Aggregate Workers' Compensation Reserve Activity | The following table summarizes the aggregate workers’ compensation reserve activity (in thousands):
| Three Months Ended |  |  | Six Months Ended |
| June 30, |  |  | June 30, |
| 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Beginning balance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Workers' compensation claims liabilities | $ | 362,663 |  |  | $ | 445,310 |  |  | $ | 357,746 |  |  | $ | 438,986 |
Add: claims expense accrual |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period |  | 35,743 |  |  |  | 32,729 |  |  |  | 69,013 |  |  |  | 71,221 |
Prior periods |  | (5,483 | ) |  |  | (1,373 | ) |  |  | (6,663 | ) |  |  | (2,186 | )
|  | 30,260 |  |  |  | 31,356 |  |  |  | 62,350 |  |  |  | 69,035 |
Less: claim payments related to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period |  | 3,927 |  |  |  | 4,527 |  |  |  | 4,979 |  |  |  | 6,077 |
Prior periods (1) |  | 73,240 |  |  |  | 135,853 |  |  |  | 99,005 |  |  |  | 165,530 |
|  | 77,167 |  |  |  | 140,380 |  |  |  | 103,984 |  |  |  | 171,607 |
Change in claims incurred in excess of retention limits |  | (23 | ) |  |  | 218 |  |  |  | (379 | ) |  |  | 90 |
Ending balance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Workers' compensation claims liabilities | $ | 315,733 |  |  | $ | 336,504 |  |  | $ | 315,733 |  |  | $ | 336,504 |
Incurred but not reported (IBNR) | $ | 190,818 |  |  | $ | 206,521 |  |  | $ | 190,818 |  |  | $ | 206,521 |
Ratio of IBNR to workers' compensation claims liabilities |  | 60 | % |  |  | 61 | % |  |  | 60 | % |  |  | 61 | %
(1) Claim payments related to prior periods includes an amount payable to a third-party insurance carrier of $47.4 million, which represents consideration for the loss portfolio transfer agreement entered into on June 30, 2021.
Summary of Risk Retained by Insured Program after Considering Loss Portfolio Transfers and Current Insurance Arrangements | The following is a summary of the risk retained by the Company under its insured program after considering the effects of the loss portfolio transfers and current insurance arrangements:
Year | Claims risk retained
2014 | No
2015 | No
2016 | No
2017 | No
2018 (1) | No
2019 (1) | Yes
2020 | Yes
2021 - Through June 30 | Yes
2021 - July 1 and after | No
(1) LPT 2 excluded approximately 10% of claims from 2018 and included an approximately offsetting amount of claims from 2019.

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- Definition Summary of risk retained by insured program after considering loss portfolio transfers and current insurance arrangements. + References No definition available. + Details
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- Definition Workers compensation reserve activity. + References No definition available. + Details
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