DII Industries Asbestos Trust Annual Reports, 2010–2025

DII’s net claimants’ equity declined by $27.83 million in 2025 to $1.150 billion. Investment income and gains totaled $147.44 million, including $91.55 million in unrealized gains and $30.16 million in realized gains. These results exceeded $121.06 million in asbestos claims payment expense and $7.85 million in operating and legal expenses, producing an $18.53 million surplus before taxes. Income-tax expense of $46.37 million turned that surplus into a net decrease in equity; the audited statement reports $16.60 million in cash taxes paid.

The audited statements report $118.80 million in cash claim payments. The claims schedule separately lists 4,646 Halliburton claims and 2,949 Harbison-Walker claims paid. Cash payments were below recognized claims expense, reflecting an increase in settled but unpaid obligations. The report does not state a numeric payment percentage; the preceding 2024 report expressly maintained 60%. Stronger investment results limited the decline in equity despite higher claims expense than in 2024.

DII ended 2024 with net claimants’ equity of $1.178 billion, down $49.55 million. Investment income and gains totaled $104.13 million, including $72.76 million in unrealized gains, partly offset by $2.43 million in realized losses. These results were outweighed by $114.15 million in asbestos claims payment expense, $8.02 million in operating and legal expenses, and $31.50 million in income-tax expense. Positive investment performance softened the reduction in equity but did not cover the year’s expenses.

The audited statements report $115.00 million in cash claim payments, while the claims schedule separately lists 4,951 Halliburton claims and 3,287 Harbison-Walker claims paid. After completing an updated asset and liability forecast, the trustees maintained the 60% payment percentage. The trust also reported resolving more than 850 claim audits. Cash distributions modestly exceeded current-year claims expense as settled but unpaid claims declined to $2.17 million at year-end.

DII’s net claimants’ equity declined by $12.99 million in 2023 to $1.227 billion. Investment income and gains recovered to $150.12 million, including $95.61 million in unrealized gains and $20.86 million in realized gains. Those results exceeded $115.69 million in asbestos claims payment expense and $8.20 million in operating and legal expenses, producing a $26.22 million surplus before taxes. Income-tax expense of $39.22 million turned that surplus into a net decrease in equity; cash taxes paid were much lower at $850,000.

The audited statements report $116.34 million in cash claim payments. The claims schedule lists 4,493 Halliburton claims and 3,185 Harbison-Walker claims paid. It also explains that 15,111 claims were moved from deemed-withdrawn to disallowed status under an agreement with the filing firm, so the disallowance counts should not all be read as newly rejected claims. The report does not state a numeric payment percentage.

DII ended 2022 with net claimants’ equity of $1.240 billion, down $223.02 million from the restated opening balance. The combined investment loss was $139.89 million, driven by $164.83 million in unrealized losses. Asbestos claims payment expense of $117.61 million and operating and legal expenses of $7.42 million added to the decline, partly offset by a $41.89 million income-tax benefit. The report corrected an error originating in 2015 that overstated deferred taxes, raising the comparative 2021 ending equity by $34.40 million to $1.463 billion.

The audited statements report $117.49 million in cash claim payments, including approximately $2.17 million in supplemental payments. The claims schedule lists 4,762 Halliburton claims and 2,615 Harbison-Walker claims paid, excluding supplemental payments on earlier disposed claims. The report describes the 60% payment percentage. Investment losses were the principal reason the annual decline was much larger than in 2021; the restatement itself was an accounting correction rather than new funding.

DII’s 2021 report originally showed net claimants’ equity of $1.429 billion and a $55.68 million annual decrease. Investment income and gains totaled $93.87 million, compared with $118.38 million in asbestos claims payment expense, $7.59 million in operating and legal expenses, and $23.58 million in income-tax expense as originally reported. The 2022 report subsequently corrected an investment tax-cost-basis error, increasing 2021 ending equity by $34.40 million to $1.463 billion and revising the annual decrease to $51.78 million.

The audited statements report $115.98 million in cash claim payments, including approximately $3.35 million in supplemental payments. The claims schedule lists 3,905 Halliburton claims and 2,434 Harbison-Walker claims paid, excluding supplemental payments on claims disposed of before 2021. Following an updated asset and liability forecast, the trustees maintained the 60% payment percentage. The later accounting correction changed reported equity and tax expense, rather than representing additional money received by the trust.

DII’s net claimants’ equity declined by $49.21 million in 2020 to $1.485 billion. Investment income and gains totaled $124.14 million, including $71.24 million in unrealized gains and $21.37 million in realized gains. Against these results, the trust recognized $134.66 million in asbestos claims payment expense, $7.43 million in operating and legal expenses, and $31.26 million in income-tax expense. Claims expense and operating costs were lower than in 2019, but investment results also declined.

The audited statements report $136.21 million in cash claim payments. The claims schedule lists 4,996 Halliburton claims and 2,595 Harbison-Walker claims paid, excluding supplemental payments on earlier disposed claims. The report describes the 60% payment percentage and approximately $6.47 million in supplemental payments during 2020. Its $31.26 million tax expense is an accounting charge, not a cash-tax outflow: the statement of changes in investments reports no income taxes paid that year.

DII ended 2019 with net claimants’ equity of approximately $1.534 billion, down $91.21 million. Investment income and gains rebounded to $167.60 million, including $120.98 million in unrealized gains. Those results were insufficient to cover $194.90 million in asbestos claims payment expense, $8.14 million in operating and legal expenses, and $55.77 million in income-tax expense. Positive investment performance therefore reduced, but did not eliminate, the drawdown in equity.

The audited statements report $201.37 million in cash claim payments. The claims schedule separately lists 7,782 Halliburton claims and 3,067 Harbison-Walker claims paid, excluding supplemental distributions on claims disposed of before 2019. Cash payments exceeded current-year claims expense as settled but unpaid obligations decreased. The filing contains a $100 discrepancy between ending equity on the balance sheet and the statement of changes; that discrepancy does not affect the rounded figures presented here.

DII’s net claimants’ equity fell by $262.81 million in 2018 to $1.625 billion. The combined investment result was a loss of $30.85 million: $41.66 million in interest and dividends and $38.31 million in realized gains were outweighed by $110.82 million in unrealized losses. The trust also recognized $252.66 million in asbestos claims payment expense and $9.01 million in operating and legal expenses, partly offset by a $29.71 million income-tax benefit.

The trust raised its payment percentage from 50% to 60% and paid approximately $156 million in supplemental distributions to eligible previously paid claimants. Total cash claim payments in the audited statements were $249.45 million. The claims schedule lists 6,407 Halliburton claims and 2,620 Harbison-Walker claims paid, excluding supplemental payments on claims disposed of before 2018. Large supplemental distributions and investment losses together explain the substantial reduction in equity.

DII ended 2017 with net claimants’ equity of $1.888 billion, an increase of $31.44 million. Investment income and gains totaled $152.15 million, including $93.88 million in unrealized gains and $15.44 million in realized gains. These results exceeded $74.02 million in asbestos claims payment expense, $8.21 million in operating and legal expenses, and $38.48 million in income-tax expense.

The audited statements report $70.70 million in cash claim payments, substantially below the $170.67 million paid in 2016, when the payment-percentage increase generated large catch-up distributions. The claims schedule lists 5,604 Halliburton claims and 2,753 Harbison-Walker claims paid. The report describes the 50% payment percentage established in 2016. Stronger investment results and lower claim-payment activity allowed equity to recover modestly, although much of the investment gain remained unrealized at year-end.

DII’s net claimants’ equity declined by $135.85 million in 2016 to $1.856 billion. The combined investment result was positive at $40.52 million after $4.46 million in unrealized losses, and the trust recognized an approximately $961,000 income-tax benefit. These amounts were outweighed by $169.13 million in asbestos claims payment expense and $8.21 million in operating and legal expenses.

The trust increased its payment percentage from 35.6% to 50% late in the year and paid approximately $103 million in additional payments to previously paid claimants. Total cash claim payments in the audited statements were $170.67 million. The claims schedule lists 5,812 Halliburton claims and 3,437 Harbison-Walker claims paid and excludes additional payments on claims disposed of before 2016. The percentage increase and associated catch-up distributions were central to the year’s higher payment activity and decline in equity.

DII ended 2015 with net claimants’ equity of $1.992 billion, down $51.32 million. Interest and dividends of $51.56 million and realized gains of $5.11 million were partly offset by $33.17 million in unrealized losses, leaving a combined investment result of $23.50 million. A $1.30 million income-tax benefit also helped offset $67.84 million in asbestos claims payment expense and $8.28 million in operating and legal expenses.

The audited statements report $68.65 million in cash claim payments, compared with $105.60 million in 2014. The claims schedule separately lists 5,780 Halliburton claims and 3,191 Harbison-Walker claims paid. Although both claims expense and cash distributions were lower than in 2014, weaker investment results left the annual decline in equity at a similar level. The report does not state a numeric payment percentage.

DII’s net claimants’ equity declined by $50.61 million in 2014 to $2.044 billion. Investment income and gains of $92.94 million, including $33.19 million in unrealized gains net of investment fees and expenses, were insufficient to cover $109.63 million in asbestos claims payment expense, $8.46 million in operating and legal expenses, and $25.46 million in income-tax expense. Claims expense increased substantially from $59.13 million in 2013.

The audited statements report $105.60 million in cash claim payments, while the claims schedule lists 5,290 Halliburton claims and 2,891 Harbison-Walker claims paid. Cash payments were below recognized claims expense, reflecting an increase in settled but unpaid obligations. The report also reclassified investment fees in its 2013 comparative figures; its lower operating-expense presentation should therefore not be compared directly with the unreclassified amount in the original 2013 filing. This report does not state a numeric payment percentage.

DII ended 2013 with net claimants’ equity of $2.094 billion, a modest increase of $2.82 million. As presented in this report, investment income and gains totaled $114.69 million, including $65.67 million in unrealized gains. Deductions comprised $59.13 million in asbestos claims payment expense, $14.87 million in operating and legal expenses, and $37.86 million in income-tax expense. Investment results narrowly exceeded those costs. The following year’s report reclassified investment fees between investment results and operating expenses without changing ending equity.

The audited statements report $59.88 million in cash claim payments. The claims schedule lists 10,644 Halliburton claims and 9,773 Harbison-Walker claims paid. The trustees proposed reducing the payment percentage from 52.5% to 35.6% after updating their asset and liability forecast, but the report describes that proposal as contested and pending, rather than an implemented reduction. Claims auditing and refinement of individual-review valuation practices were also significant activities.

DII Industries, LLC Asbestos PI Trust ended 2010 with net claimants’ equity of $2.184 billion, down $261.11 million. Investment income and gains totaled $109.25 million, and a $3.80 million income-tax benefit provided additional support. These amounts were outweighed by $363.83 million in asbestos claims payment expense and $10.32 million in operating and legal expenses. The decline therefore primarily reflected claimant obligations exceeding the year’s investment results.

The audited cash-flow statement reports $386.33 million in asbestos claim payments, exceeding current-year claims expense as settled but unpaid claims declined from $24.13 million to $1.63 million. The claims schedule separately reports 14,519 Halliburton claims and 12,011 Harbison-Walker claims paid during the year. These are counts within the two claim categories, not a combined count of unique people. Cash and cash equivalents ended the year at $197.20 million, alongside $1.992 billion in investments.