ASARCO Asbestos Trust Annual Reports, 2010–2025

ASARCO's net claimants' equity declined by $33.64 million in 2025 to $625.81 million. Investment and other additions totaled $52.42 million, including $10.35 million in unrealized gains and $1.85 million in gains on alternative investments. These were exceeded by $73.97 million in recognized claims-settlement expense, $4.89 million in investment-advisory, administrative, and professional costs, $144,311 in investment cost adjustments, and $7.05 million in federal income tax expense.

The trust reported 30,529 unliquidated claims submitted and $72.04 million paid on that category. Adding $26,750 in prepetition payments brought reported cash payments to $72.06 million, distinct from the $73.97 million settlement expense. Settled claims payable rose to $5.01 million and cash to $22.77 million. The payment percentage remained 35%, while positive investment results only partly offset claim costs and other expenses.

ASARCO ended 2024 with $659.45 million in net claimants' equity, down $60.43 million. Investment and other additions of $41.76 million were outweighed by $81.96 million in recognized claims-settlement expense, $6.62 million in unrealized investment losses, $5.11 million in investment-advisory, administrative, and professional costs, and $8.50 million in federal income tax expense.

The trust reported 25,923 unliquidated claims submitted and $80.17 million paid on that category. Including $242,153 in prepetition payments, reported cash distributions totaled $80.41 million, distinct from recognized settlement expense. Settled claims payable increased to $3.10 million and cash ended at $18.10 million. Following its review, the trustee maintained the payment percentage at 35%; claim costs remained the principal deduction from the trust's resources.

ASARCO's net claimants' equity declined by $15.99 million in 2023 to $719.87 million. Investment and other additions totaled $59.11 million, including $24.63 million in unrealized securities gains and $3.39 million in gains on alternative investments. These additions were exceeded by $65.52 million in recognized claims-settlement expense, $4.79 million in investment-advisory, administrative, and professional costs, and $4.78 million in federal income tax expense.

The trust reported 28,773 unliquidated claims submitted and $69.80 million paid on that category, excluding refunds of prior-year payments, plus $147,704 paid on prepetition liquidated claims. Settled claims payable declined from $5.98 million to $1.57 million, providing context for cash payments exceeding recognized settlement expense. Cash ended at $13.27 million. Investment gains substantially offset, but did not fully cover, the year's deductions.

ASARCO ended 2022 with $735.87 million in net claimants' equity, a decrease of $152.44 million. Unrealized securities losses of $105.85 million and a $1.98 million decline in alternative-investment values were major contributors. Interest, dividends, realized gains, and other income supplied $33.53 million in additions, while recognized claims-settlement expense was $66.80 million. Investment-advisory, administrative, and professional costs totaled $5.37 million, with federal income tax expense of $5.88 million.

The trust reported 21,930 unliquidated claims submitted and $66.46 million paid on that category, plus $87,128 on prepetition liquidated claims. The payment percentage remained 35%. Settled claims payable ended at $5.98 million and cash at $15.04 million. Investment losses compounded the continuing cost of claim distributions and administration.

ASARCO's net claimants' equity decreased by $3.77 million in 2021 to $888.30 million. Insurance settlements of $6.88 million and $56.94 million in investment and other additions supplied $63.82 million in total additions. Deductions consisted of $54.52 million in recognized claims-settlement expense, $5.82 million in investment-advisory, administrative, and professional costs, and $7.25 million in federal income tax expense.

The trust reported 15,781 unliquidated claims submitted and $51.57 million paid on that category, plus $16,487 on six prepetition liquidated claims. Those payments were below recognized settlement expense, while settled claims payable increased from $2.78 million to $5.72 million. Year-end cash rose to $25.20 million. Insurance recoveries and positive investment results limited the decline in equity after claim costs and other expenses.

ASARCO ended 2020 with $892.08 million in net claimants' equity, down $10.72 million. Investment income, gains, and other income provided $64.41 million in additions, almost matching $64.42 million in recognized claims-settlement expense before other costs. Investment-advisory, administrative, and professional expenses totaled $6.38 million, and federal income tax expense was $4.34 million.

The trust reported 20,266 unliquidated claims submitted and $64.32 million paid on that category. Prepetition payments and supplements added $661,506, bringing reported payments across those categories to approximately $64.98 million. Settled claims payable declined from $3.34 million to $2.78 million, while cash fell to $17.74 million. Positive investment results largely funded recognized claim costs but did not cover the additional cost of administering the trust and paying taxes.

ASARCO's net claimants' equity declined by $8.04 million in 2019 to $902.80 million. Investment income, gains, and other income supplied $97.56 million in additions, nearly covering $92.93 million in recognized claims-settlement expense, $8.68 million in investment-advisory, administrative, and professional costs, and $4.00 million in federal income tax expense. These financial figures come from the audited 2019 comparative statements included with the 2020 annual report.

The 2019 narrative reports 24,916 unliquidated claims submitted and $90.65 million paid on that category, including $23.98 million in supplemental payments. Prepetition payments and supplements added approximately $9.00 million. The payment percentage remained 35%, and settled claims payable declined to $3.34 million. Supplemental distributions following the prior year's rate increase remained a significant component of cash payments.

ASARCO ended 2018 with $910.84 million in net claimants' equity, a decline of $175.59 million. Recognized claims-settlement expense increased to $151.26 million, while unrealized securities losses and declines in alternative-investment values totaled $51.29 million. Interest, realized gains, capital-gain distributions, and other income supplied $42.89 million in additions. Investment-advisory, administrative, and professional costs were $7.63 million, and federal income tax expense was $8.30 million.

Effective September 25, the payment percentage increased from 22% to 35%. The trust paid $143.15 million on unliquidated claims, including approximately $89.22 million in supplemental payments resulting from that increase, plus $140,615 in prepetition payments and supplements. Settled claims payable rose to $10.05 million. The supplemental distributions and investment losses explain the unusually large reduction in equity.

ASARCO's net claimants' equity increased by $25.73 million in 2017 to $1.09 billion. Net investment income of $80.45 million, supported by $42.70 million in unrealized gains, exceeded $49.70 million in recognized claims-settlement expense, $3.96 million in administrative and professional costs, and $1.07 million in federal income tax expense.

The trust reported 18,058 unliquidated claims submitted and $49.77 million paid on that category, including a $3.84 million sequencing adjustment. It separately paid $35,703 on 16 prepetition liquidated claims. The payment percentage remained 22%. Settled claims payable was $2.07 million and cash $66.84 million at year-end. Strong investment results increased equity after funding distributions, while the cash-payment figures remained distinct from settlement expense recognized in the accounts.

ASARCO ended 2016 with $1.06 billion in net claimants' equity, down $27.96 million. Net investment income of $24.21 million and small insurance and other receipts provided $24.28 million in additions. These were exceeded by $43.78 million in recognized claims-settlement expense, $3.65 million in administrative and professional costs, and $4.80 million in federal income tax expense. The financial figures are reported in the audited 2016 comparative statements included with the 2017 annual report.

The 2016 narrative reports 20,643 unliquidated claims submitted and $42.91 million paid on that category, plus $46,734 paid on 24 prepetition liquidated claims. The payment percentage was 22%. Settled claims payable ended at $2.18 million, and cash totaled $69.84 million. Claim costs were the principal reason distributions and expenses exceeded investment returns.

ASARCO's net claimants' equity decreased by $20.09 million in 2015 to $1.09 billion. Unrealized investment losses of $18.76 million and losses on hedge funds reduced net investment income to $14.87 million despite positive interest, dividends, and realized gains. Insurance settlements added $341,561. Deductions included $25.33 million in recognized claims-settlement expense, $3.57 million in administrative and professional costs, and $6.40 million in federal income tax expense.

The trust reported 14,694 unliquidated claims submitted and $26.18 million paid on that category during the year. It separately paid $340,517 on 17 prepetition liquidated claims. Settled claims payable declined to $1.35 million and cash ended at $62.96 million. Investment income remained positive but was insufficient to cover claim costs, administration, and taxes.

ASARCO ended 2014 with $1.11 billion in net claimants' equity, an increase of $21.41 million. Net investment income of $58.60 million and insurance settlements of $3.70 million supplied nearly all of the year's $62.31 million in additions. These exceeded $29.29 million in recognized claims-settlement expense, $4.25 million in administrative and professional costs, and $7.35 million in federal income tax expense.

The annual report lists 35,341 unliquidated claims submitted during the year and $36.95 million paid on unliquidated claims, alongside $1.40 million paid on 495 prepetition liquidated claims. Settled claims payable declined from $11.60 million to $2.54 million, providing context for payments exceeding the year's recognized claim expense. Cash ended the year at $67.96 million, while investment returns more than offset the year's deductions.

ASARCO's net claimants' equity rose by $53.68 million in 2013 to $1.09 billion. Insurance settlements of $36.80 million, together with $48.88 million in net investment income, supplied $85.68 million in additions. Recognized claims-settlement expense was $18.68 million, with a further $4.23 million in administrative and professional costs and $9.10 million in federal income tax expense.

The trust received 135,637 unliquidated claims and began paying that category during the year, reporting $8.27 million paid by year-end. It separately reported $4.91 million paid on 308 prepetition liquidated claims. Settled claims payable increased to $11.60 million, so cash distributions were materially below recognized settlement expense. Insurance recoveries and investment returns supported growth in equity as the trust expanded its claims-payment operations.

ASARCO ended 2012 with $1.03 billion in net claimants' equity, up $41.70 million. Net investment income of $49.75 million and insurance settlements of $1.72 million supplied $51.47 million in additions. These exceeded $1.59 million in recognized claims-settlement expense, $3.99 million in administrative and professional costs, and $4.18 million in federal income tax expense.

The trust received 26,095 unliquidated claims and began processing them on August 22, but made no payments on those claims during 2012 while awaiting executed releases; payments began in January 2013. The annual report separately records $669,443 paid on 144 prepetition liquidated claims. Settled claims payable increased to $1.21 million, illustrating why recognized settlement expense exceeded cash paid. Year-end cash was $84.76 million.

ASARCO's net claimants' equity increased by $33.01 million in 2011 to $991.97 million. Net investment income of $43.59 million and $452,787 in insurance settlements provided $44.04 million in additions. Deductions included $1.28 million in claims-settlement expense, $4.24 million in administrative and professional costs, and $5.52 million in federal income tax expense. The audited equity figure is lower than total assets of $992.51 million because it deducts liabilities.

The annual report describes $1.28 million paid on 359 prepetition liquidated claims. By year-end, 116,784 unliquidated claims had been filed cumulatively, but payments on those claims had not begun while the trust developed exposure guidelines and liquidation standards. Cash totaled $57.68 million. Investment returns, combined with limited claim distributions during this development period, drove the increase in equity.

ASARCO ended its first full operating year with $958.96 million in net claimants' equity, an increase of $13.04 million. Net investment income of $33.36 million and $399,563 in insurance and settlement contributions exceeded $15.04 million in claims-settlement expense, $3.14 million in administrative and professional costs, and $2.54 million in federal income tax expense. Reorganized ASARCO also repaid the outstanding balance on its $280 million note, converting that funding obligation into cash during the year.

The trust paid $15.04 million on 450 prepetition liquidated claims. It received 70,145 unliquidated claims but deferred processing and payment while investigating CAPCO and LAQ sales records and developing claim procedures. Year-end cash was $74.96 million. The growth in equity therefore occurred during an early operational period in which payments on unliquidated claims had not yet begun.