Owens Corning Asbestos Trust Annual Reports, 2010–2025

The Owens Corning schedule of changes in net assets reports a $6.18 million decline in 2025, ending at $474.43 million. Interest and dividends of $13.98 million, securities appreciation of $24.77 million, and alternative-investment appreciation of $0.20 million generated $38.95 million in additions. These nearly covered $39.32 million in recognized claims expense, $3.38 million in operating expense, and $2.43 million in claims-processing expense. The narrative reports approximately $40.74 million paid on unliquidated claims and $0.154 million on pre-petition liquidated claims.

Two source discrepancies affect interpretation. The changes schedule gives Owens Corning closing net assets of $474,433,623, while the assets-and-liabilities schedule gives $475,144,506, a $710,883 difference offset in Fibreboard’s figures; the combined total reconciles. The narrative’s stated 19,821 unliquidated claims paid also differs from the sum of its malignant and non-malignant components, 19,875. The financial summary uses the changes schedule and does not resolve either inconsistency by assumption. On that basis, lower recognized claims expense and positive investment results substantially slowed the annual drawdown.

The Owens Corning schedule of changes in net assets reports a $31.54 million decline in 2024, ending at $480.62 million. Interest and dividends of $14.52 million, securities appreciation of $13.00 million, and alternative-investment appreciation of $4.20 million generated $31.75 million in total additions. Recognized claims expense was $57.16 million, operating expense was $3.29 million, and claims-processing expense was $2.85 million. Positive investment results therefore covered only part of the year’s claims and costs.

The narrative reports approximately $57.00 million paid on 22,336 unliquidated claims and $0.115 million on 138 pre-petition liquidated claims. The report contains a small inconsistency between its separate financial schedules: Owens Corning’s closing net assets are $480,615,029 in the changes schedule and $480,627,438 in the assets-and-liabilities schedule, a $12,409 difference. The annual decline and closing amount above follow the changes schedule; the discrepancy has not been silently corrected.

The Owens Corning sub-account ended 2023 with $512.16 million in net assets, down $7.05 million. Securities appreciation of $28.81 million, alternative-investment appreciation of $4.85 million, and interest and dividends of $13.83 million generated $47.50 million in total additions. These nearly covered $49.08 million in recognized claims expense, $3.11 million in operating expense, and $2.37 million in claims-processing expense.

The narrative reports approximately $47.80 million paid on 17,395 unliquidated claims and $0.145 million on 13 pre-petition liquidated claims. The recovery in investment performance substantially slowed the drawdown after 2022’s losses, although claims and costs still exceeded the year’s additions. These are Owens Corning sub-account figures; the combined Owens Corning/Fibreboard totals are larger.

The Owens Corning sub-account’s net assets fell by $113.81 million in 2022 to $519.21 million. Securities depreciation of $52.69 million and alternative-investment depreciation of $17.19 million were the largest drivers. Interest and dividends of $11.83 million and other income of $0.15 million provided only a partial offset. Recognized claims expense was $49.60 million, with operating expense of $3.68 million and claims-processing expense of $2.64 million.

The narrative reports approximately $51.00 million paid on 16,318 unliquidated claims and $0.224 million on 66 pre-petition liquidated claims. Although recognized claims expense was lower than in 2021, investment losses substantially increased the reduction in net assets. The financial figures use the separate Owens Corning schedule in the combined report, avoiding inclusion of Fibreboard’s losses and claim costs.

The Owens Corning sub-account ended 2021 with $633.02 million in net assets available for claims, a decline of $27.26 million. Interest and dividends of $11.66 million, securities appreciation of $17.31 million, and alternative-investment appreciation of $7.16 million generated $36.15 million in total additions. Recognized claims expense was $56.91 million, with operating expense of $4.48 million and claims-processing expense of $2.01 million.

The narrative reports approximately $58.40 million paid on 15,652 unliquidated claims and $0.119 million on 86 pre-petition liquidated claims. Investment results remained positive, but the amount added to assets was below claims and administrative costs, producing another drawdown. These figures concern Owens Corning’s sub-account only, and the payment totals should be distinguished from current-year claims expense.

The Owens Corning sub-account’s net assets available for claims decreased by $23.14 million in 2020 to $660.28 million. Interest and dividends contributed $9.94 million, securities appreciation added $28.65 million, and alternative-investment appreciation added $9.16 million. Total additions were $47.76 million, compared with $64.15 million in recognized claims expense, $3.90 million in operating expense, and $2.85 million in claims-processing expense.

The narrative reports approximately $62.40 million paid on 19,195 unliquidated claims and $0.624 million on 34 pre-petition liquidated claims. Positive investment performance replenished a substantial portion of distributions and costs, but did not fully offset them. Claims expense and payments are reported separately because they reflect different settlement and disbursement timing. The amounts here are taken from the Owens Corning sub-account within the combined Owens Corning/Fibreboard report.

The Owens Corning sub-account ended 2019 with $683.42 million in net assets available for claims, down $14.22 million. Investment results rebounded: securities appreciated by $39.22 million and alternative investments by $15.28 million, while interest and dividends contributed $16.70 million. Total additions of $71.31 million covered most of $78.54 million in recognized claims expense, $4.56 million in operating expense, and $2.43 million in claims-processing expense.

The narrative reports 17,187 unliquidated claims paid for approximately $80.00 million, in addition to payments on pre-petition liquidated claims. Positive investment results substantially reduced the annual drawdown relative to the investment-loss year of 2018, although claims and expenses still exceeded additions. The financial figures describe Owens Corning’s sub-account specifically; Fibreboard’s assets and results are reported separately in the same filing.

The Owens Corning sub-account’s net assets available for claims fell by $103.54 million in 2018, from $801.18 million to $697.64 million. Investment securities lost $17.21 million in value and alternative investments lost $11.85 million, more than offsetting $18.34 million in interest and dividends. Recognized claims expense was $84.21 million, with operating expense of $6.24 million and claims-processing expense of $2.42 million.

The narrative reports approximately $83.80 million paid on 16,193 unliquidated claims and $1.19 million on 384 pre-petition liquidated claims. The year’s decline reflected both continuing distributions and adverse investment performance: the investment losses increased the amount of assets consumed beyond claims and operating costs alone. These figures use the Owens Corning sub-account’s separate schedules, rather than the larger totals for the combined Owens Corning/Fibreboard Trust.

The Owens Corning sub-account ended 2016 with $815.46 million in net assets available for claims, down $78.97 million. Interest and dividends contributed $20.08 million, but a $4.87 million decline in securities values exceeded gains of $0.77 million in international equity funds and $0.60 million in hedge funds. Total additions were $16.61 million, with no insurance recoveries reported. Recognized claims expense was $87.22 million, operating expense was $5.08 million, and claims-processing expense was $3.28 million.

The claims narrative reports approximately $79.31 million paid on 17,093 unliquidated claims and $0.56 million on 97 pre-petition liquidated claims. These payment figures differ from claims expense because of settlement and payment timing. Although recognized claims expense was lower than in 2015, limited investment results and the absence of insurance recoveries left a substantial shortfall against claims and administrative costs. All financial amounts here refer to the Owens Corning sub-account within the combined report.

The Owens Corning sub-account’s net assets available for claims declined by $127.86 million in 2015 to $894.42 million. Recognized claims expense reached $162.47 million, alongside $4.73 million in operating expense and $4.29 million in claims-processing expense. Interest and dividends of $21.26 million and insurance recoveries of $22.65 million provided most of the $43.64 million in additions; securities appreciation was slightly more than offset by declines in international equity and hedge-fund investments.

The narrative reports approximately $156.40 million paid on 16,673 unliquidated claims and $2.90 million on 271 pre-petition liquidated claims. Claims obligations far exceeded the year’s income and recoveries. The combined report also describes the January sale of the Trust’s remaining 4.6 million Owens Corning common shares for $173.80 million in gross proceeds. Those proceeds converted an existing investment into cash and should not be treated as an equivalent amount of new income.

The Owens Corning sub-account ended 2014 with $1.022 billion in net assets available for claims, down $35.64 million. Its separate schedule reports $22.86 million in interest and dividends and $19.81 million in insurance recoveries. Securities appreciation of $7.10 million was partly offset by a $3.75 million decline in international equity funds; hedge-fund appreciation and a realized call-option gain supplied approximately $1.02 million more. Total additions of $47.05 million fell short of $73.17 million in claims expense, $5.88 million in operating expense, and $3.64 million in claims-processing expense.

The narrative reports approximately $72.80 million paid on 14,534 unliquidated claims and $4.50 million on 311 pre-petition liquidated claims. Settled but unpaid Owens Corning claims declined to $9.98 million from $14.32 million. Insurance recoveries and positive net investment results supported payments, but the year still required a drawdown of the assets available for remaining claims.

The Owens Corning sub-account’s net assets available for claims were nearly stable in 2013, declining $2.73 million to $1.058 billion. As presented in the 2013 report, interest and dividends were $20.92 million, securities appreciation was $26.38 million, international equity and hedge-fund gains totaled $18.67 million, and an unrealized call-option gain added $2.56 million. Insurance recoveries contributed another $11.67 million. Recognized claims expense was $72.29 million, with operating expense of $6.79 million and claims-processing expense of $3.85 million.

The narrative reports payments of approximately $116.90 million on 13,047 unliquidated claims and $6.80 million on 500 pre-petition liquidated claims. Settled but unpaid Owens Corning claims fell from $65.72 million to $14.32 million, explaining why cash payments substantially exceeded current-year claims expense. Investment gains and insurance receipts nearly covered the year’s recognized claims and costs, while the Trust continued paying settlements recorded in earlier periods.

The Owens Corning sub-account ended 2012 with $1.061 billion in net assets available for claims, an increase of $53.14 million. Investment appreciation of $91.98 million, interest and dividends of $24.17 million, and insurance recoveries of $10.62 million generated total additions of $126.76 million. These exceeded recognized claims settlements of $62.71 million, operating expense of $6.79 million, and claims-processing expense of $4.13 million.

The narrative reports approximately $159.50 million paid on 14,452 unliquidated claims and $6.30 million on 2,284 pre-petition liquidated claims. These payments were substantially higher than the year’s settlement expense as previously recorded obligations were discharged; settled but unpaid Owens Corning claims declined from $168.74 million to $65.72 million. Strong investment gains improved net assets even while the Trust paid down this backlog. The figures are from the Owens Corning schedules within the combined Owens Corning/Fibreboard report.

The Owens Corning sub-account’s net assets available for claims fell by $319.90 million in 2011, ending at $1.008 billion. Interest and dividends of $27.17 million, investment appreciation of $31.72 million, and $4.00 million in insurance recoveries provided $62.90 million in total additions. The separate Owens Corning schedule recorded $369.54 million in claims settlements, $8.49 million in operating expense, and $4.77 million in claims-processing expense.

The narrative reports 37,101 unliquidated claims paid for approximately $247.06 million and 1,586 pre-petition liquidated claims paid for approximately $5.61 million. The substantially larger settlement expense includes obligations recognized before payment; settled but unpaid Owens Corning claims stood at $168.74 million at year end. The decline in net assets therefore reflects both cash distributions and an accumulation of unpaid settlements, while investment gains and insurance receipts replenished only part of the assets committed to claims.

The Owens Corning sub-account ended 2010 with $1.327 billion in net assets available for claims, down $263.97 million from the beginning of the year. Its separate financial schedule reports $32.30 million in interest and dividend income, $51.51 million in investment appreciation, and $4.00 million in insurance recoveries. These additions were substantially below $338.24 million in recognized claims settlements, $8.45 million in operating expense, and $5.11 million in claims-processing expense. These figures concern Owens Corning specifically within the combined Owens Corning/Fibreboard report.

The claims narrative reports payments of approximately $345.55 million on 79,737 unliquidated claims and $5.79 million on 4,206 pre-petition liquidated claims. Payments and recognized settlements are different measures because of the timing of settlement and disbursement. Positive investment results helped fund distributions, but claims activity remained the dominant use of assets. The report also records final consent during 2010 to the historical 10% payment percentage that had applied provisionally following the 2009 reduction proposal.