Eagle-Picher Asbestos Trust Annual Reports, 2010–2025

Eagle-Picher ended 2025 with net assets of $259.53 million, an increase of $5.34 million. Investment income and gains rose to $45.81 million, including $14.77 million in realized gains and $22.75 million in unrealized gains; filing-fee income added approximately $171,000. Operating expenses were $3.62 million and income-tax expense was $13.73 million, leaving $28.62 million from operations against $23.28 million in claims-settlement expense. Stronger investment results supported asset growth despite higher settlement and tax expenses.

The trust received 7,197 claims, processed 8,216 initial claims to allowance or disallowance, and reviewed 2,560 disallowance responses. Its narrative reports approximately $22 million in cash distributions, a separate measure from the $23.28 million settlement expense. The individualized-review payment percentage remained 35%. Filings declined from 2024, while initial processing increased; processing totals include disallowed claims and do not represent counts of claimants paid.

Eagle-Picher’s net assets declined by $5.43 million in 2024 to $254.19 million. Investment income and gains totaled $26.54 million, including $18.27 million in unrealized gains, supplemented by $122,000 in filing-fee income. After $3.60 million in operating expenses and $6.69 million in income-tax expense, operations contributed $16.37 million against $21.80 million in claims-settlement expense. Lower investment income and higher settlement expense than in 2023 outweighed the reduction in operating costs.

The trust received 8,047 claims, processed 6,591 initial claims to allowance or disallowance, and reviewed 1,776 disallowance responses. It reported approximately $22.2 million in cash distributions. The individualized-review payment percentage remained 35%, following the November 2023 increase. Claims-processing and administration expense fell to $2.00 million from $2.43 million, even as filings and cash distributions increased.

Eagle-Picher ended 2023 with net assets of $259.62 million, up $4.16 million. Investment income and gains recovered to $37.39 million, including $25.21 million in unrealized gains, and filing-fee income added $90,600. Operating expenses declined to $3.85 million, while income-tax expense was $10.71 million. The resulting $22.93 million contribution from operations exceeded $18.77 million in claims-settlement expense.

The trust received 5,519 claims, processed 5,126 initial claims to allowance or disallowance, and reviewed 1,088 disallowance responses. Cash distributions were approximately $17.6 million. Effective November 1, 2023, the trust increased its individualized-review payment percentage from 33% to 35% on a forward-looking basis. The percentage applies to individualized-review claims, while the discounted cash-payment option uses a separate fixed schedule. Recovering investment values and lower operating costs supported modest asset growth.

Eagle-Picher’s net assets declined by $39.65 million in 2022 to $255.46 million. The combined investment loss was $30.97 million, driven by $38.91 million in unrealized losses. Operating expenses totaled $4.48 million, while $75,300 in filing-fee income and a $14.62 million income-tax benefit partly offset the losses. Operations reduced net assets by $20.75 million before a further $18.90 million in claims-settlement expense.

The trust received 4,655 claims, processed 4,994 initial claims to allowance or disallowance, and reviewed 1,199 responses to disallowances. It reported approximately $19.6 million in cash distributions. This annual report covers the full year, including the period already covered by an interim report associated with a trustee’s retirement; those periods should not be added together. Investment losses were the principal driver of the year’s substantial reduction in net assets.

Eagle-Picher ended 2021 with net assets of $295.11 million, an increase of $1.45 million. Investment income and gains totaled $33.56 million, including $22.95 million in realized gains. Operating expenses of $4.37 million and income-tax expense of $9.15 million left $20.04 million from operations, slightly exceeding $18.59 million in claims-settlement expense. Claims-processing and administration costs rose to $2.96 million from $2.17 million in 2020.

The trust received 4,951 claims, processed 5,034 initial claims to allowance or disallowance, and reviewed 3,178 responses to disallowances. The narrative reports approximately $19.6 million in cash distributions. During February 2021, the trust introduced a $100 processing fee, exempting pro se claimants and refunding the fee for valid claims. Positive investment results supported a modest increase in net assets despite continued distributions and higher operating costs.

Eagle-Picher’s net assets decreased by $4.15 million in 2020 to $293.65 million. Investment income and gains totaled $26.21 million, including $8.98 million in realized gains and $9.01 million in unrealized gains. After $3.91 million in operating expenses and $6.19 million in income-tax expense, operations contributed $16.12 million against $20.27 million in claims-settlement expense.

The trust received 7,213 claims and processed 6,720 claims to allowance or disallowance, while reporting approximately $20.5 million in cash distributions. Filings declined by more than 25% from 2019. The report describes remote-work and other measures that allowed processing to continue during COVID-19 and attributes the filing decline tentatively to pandemic-related intake disruption. Lower claims expense and operating costs limited the financial drawdown despite weaker investment income.

Eagle-Picher ended 2019 with net assets of $297.81 million, an increase of $4.04 million. Investment income and gains rebounded to $45.37 million, driven primarily by $35.30 million in unrealized gains. Operating expenses of $3.99 million and income-tax expense of $13.19 million left $28.19 million from operations, exceeding $24.15 million in claims-settlement expense.

The trust received 9,923 claims and processed 10,050 claims to allowance or disallowance. Cash distributions reported in the narrative totaled approximately $22.6 million. The report also discusses the onset of COVID-19 after year-end and the trust’s move to remote operations; those subsequent developments should be distinguished from the 2019 financial results. The year’s increase in net assets was principally supported by the recovery in investment values.

Eagle-Picher’s net assets fell by $25.32 million in 2018 to $293.77 million. The combined investment result was a loss of $7.72 million, as $28.08 million in unrealized losses outweighed interest, dividends, and realized gains. Operating expenses of $4.29 million were partly offset by a $6.69 million income-tax benefit, leaving a $5.31 million loss from operations before $20.00 million in claims-settlement expense.

The trust received 9,325 claims, processed 9,019 claims to allowance or disallowance, and reported approximately $20.4 million in cash distributions. Although both operating costs and settlement expense were lower than in 2017, investment losses caused net assets to decline. The unrealized loss reflected changes in portfolio values, rather than a cash payment to claimants.

Eagle-Picher ended 2017 with net assets of $319.08 million, an increase of $3.39 million. Investment income and gains totaled $38.85 million, including $11.69 million in realized gains and $17.28 million in unrealized gains. After $4.69 million in operating expenses and $8.42 million in income-tax expense, operations contributed $25.74 million, exceeding $22.35 million in claims-settlement expense.

The trust received 10,496 claims and processed 11,131 claims to allowance or disallowance. It reported approximately $22.8 million in cash distributions, with malignant disease claims representing approximately 88% of paid claims. Stronger investment results and lower settlement expense than in 2016 allowed net assets to increase while the trust continued making claimant payments.

Eagle-Picher’s net assets declined by $16.98 million in 2016 to $315.69 million. Investment income and gains recovered to $13.63 million, including $3.38 million in unrealized gains. Operating expenses declined to $4.75 million, and income-tax expense was $1.00 million. The resulting $7.88 million contribution from operations offset part of $24.86 million in claims-settlement expense, producing a smaller decline than in 2015.

The trust received 16,958 claims and processed 16,328 claims to allowance or disallowance. The annual narrative reports approximately $28.3 million in cash payments, with malignant disease claims accounting for approximately 86.5% of paid claims. Cash distributions exceeded current-year settlement expense, illustrating the difference between paying claims and recognizing settlement obligations in the financial statements.

Eagle-Picher ended 2015 with net assets of $332.67 million, down $27.97 million. Investment income and gains fell to $1.83 million after $1.24 million in realized losses and $8.12 million in unrealized losses offset most interest and dividend income. Operating expenses were $5.04 million. A $4.01 million income-tax benefit left a modest $796,000 contribution from operations, far below $28.76 million in claims-settlement expense.

The trust received 8,258 claims, processed 8,740 claims to allowance or disallowance, and reported approximately $25.1 million in cash distributions. Following an updated actuarial forecast, the report states that the individualized-review payment percentage increased from 28% to 31%, effective November 1, 2015. That percentage applies to individualized-review settlements; the trust also offered a separate fixed-payment option.

Eagle-Picher’s net assets decreased by $18.88 million in 2014 to $360.63 million. Investment income and gains totaled $20.05 million, including $18.66 million in realized gains offset in part by $10.70 million in unrealized losses. After $5.24 million in operating expenses and $2.93 million in income-tax expense, operations contributed $11.88 million, compared with $30.76 million in claims-settlement expense.

The trust received 10,895 claims and processed 11,099 claims to allowance or disallowance. Its narrative reports approximately $31.3 million in cash distributions, with malignant disease claims representing approximately 80% of paid claims. The trust continued making distributions, but lower investment income than in 2013 left less earnings available to offset settlement expense and contributed to the decline in net assets.

Eagle-Picher ended 2012 with net assets of $393.17 million, a decrease of $11.47 million. Investment income and gains improved to $33.21 million, including $18.65 million in unrealized gains. Operating expenses totaled $4.76 million and income-tax expense was $9.60 million, leaving $18.85 million from operations against $30.32 million in claims-settlement expense. Stronger investment results and lower settlement expense reduced the annual drawdown compared with 2011.

The trust received 16,790 claims and processed 18,380 claims to allowance or disallowance. The annual narrative reports approximately $30.2 million in cash payments and states that malignant disease claims accounted for more than 80% of paid claims. The processing count includes both allowed and disallowed claims and should not be read as the number receiving payment.

Eagle-Picher’s net assets declined by $22.86 million in 2011 to $404.64 million. Investment income and gains totaled $17.84 million, down from $26.02 million in 2010. Operating expenses of $4.88 million and income-tax expense of $1.16 million left $11.80 million from operations, compared with $34.67 million in claims-settlement expense. Lower settlement expense and taxes partly offset weaker investment results.

The trust received 15,631 claims and processed 14,418 claims to allowance or disallowance. Cash distributions reported in the annual narrative totaled approximately $36.7 million. The trustees also worked with consultants to update forecasts of future claims and the assets available to pay them. The decline in net assets reflects the difference between earnings after costs and recognized settlement obligations, rather than cash distributions alone.

Eagle-Picher ended 2010 with net assets of $427.50 million, down $23.84 million. Investment income and gains totaled $26.02 million, including $17.53 million in unrealized gains partly offset by $5.45 million in realized losses. After $4.69 million in operating expenses and $3.79 million in income-tax expense, operations added $17.53 million to net assets. That amount was insufficient to cover $41.37 million in claims-settlement expense.

The trust received 11,499 claims and processed 12,154 claims to allowance or disallowance. Its annual narrative reports approximately $36.3 million in cash payments to asbestos victims or survivors, distinct from the larger settlement expense recognized in the financial statements. Positive investment results supported continued distributions, but recognized claim obligations exceeded the year’s earnings after costs and taxes.