Pittsburgh Corning Asbestos Trust Annual Reports, 2016–2025

Pittsburgh Corning ended 2025 with $1.140 billion in net assets, an increase of $32.5 million from $1.108 billion. Appreciation of $52.8 million in investment securities and $53.5 million in alternative investments, together with $26.1 million of net interest and dividend income, generated $132.4 million of total additions. No insurance recoveries were reported. Stronger investment gains and substantially lower claims expense allowed additions to exceed the year’s expenses.

Personal injury claims expense was $83.0 million, with $1.2 million of prepetition claims expense, compared with combined claims expense of $171.4 million in 2024. Actual claims payments were $88.8 million, exceeding recognized expense as settled but unpaid claims fell from $6.0 million to $1.4 million. Operating and claims-processing expenses totaled $8.9 million, and income tax expense rose to $6.8 million. Despite the increase in net assets, cash and cash equivalents decreased to $64.5 million; the investment appreciation reported in earnings did not translate entirely into cash available during the year.

Pittsburgh Corning’s net assets decreased by $107.6 million in 2024, ending the year at $1.108 billion. The Trust earned $28.5 million of net interest and dividend income and recorded appreciation of $16.7 million in investment securities and $27.3 million in alternative investments. Insurance recoveries contributed $1.8 million. Total additions were $74.4 million, lower than in 2023 principally because investment appreciation was smaller.

Recognized claims expense totaled $171.4 million, consisting of $170.3 million of personal injury claims and $1.1 million of prepetition claims. Cash claims payments were $172.1 million, and settled but unpaid claims declined to $6.0 million. Operating and claims-processing expenses totaled $10.3 million, with another $0.4 million of income tax expense. Although claims expense was slightly lower than in the preceding year, reduced investment gains meant a larger drawdown of net assets; cash and cash equivalents ended the year at $67.6 million.

Pittsburgh Corning ended 2023 with $1.216 billion in net assets, down $78.7 million from $1.294 billion. Investment performance improved substantially: $46.3 million of appreciation in investment securities and $31.6 million of appreciation in alternative investments supplemented $29.6 million of net interest and dividend income. Insurance recoveries added $2.0 million, bringing total additions to $109.6 million and substantially reducing the amount of claims expense that had to be absorbed by existing assets.

The Trust recognized $177.6 million of personal injury claims expense and $0.4 million of prepetition claims expense. Actual claims payments totaled $177.7 million, leaving $6.7 million of settled claims unpaid at year-end. Operating and claims-processing expenses totaled $10.1 million, with $0.1 million of income tax expense. The combination of stronger investment results and lower claims expense markedly narrowed the annual decline in net assets, although claims and other expenses still exceeded additions.

Pittsburgh Corning’s net assets declined by $376.0 million in 2022, from $1.670 billion to $1.294 billion. Investment losses compounded the cost of claims: the Trust recorded $108.5 million of depreciation in investment securities and $26.3 million of depreciation in alternative investments. Net interest and dividend income of $28.8 million and insurance recoveries of $1.5 million provided only a partial offset to these losses.

Personal injury claims expense was $259.1 million, with a further $1.1 million of prepetition claims expense. Operating and claims-processing expenses totaled $11.3 million. Although recognized claims expense was lower than in 2021, the reversal from investment appreciation to depreciation produced a larger overall decline in net assets. The year illustrates how market losses can accelerate depletion of a trust’s assets even when its annual claims expense is falling.

Pittsburgh Corning ended 2021 with $1.670 billion in net assets available for claims, a reduction of $312.2 million. The Trust reported $29.3 million of net interest and dividend income, $17.0 million of appreciation in investment securities and $23.6 million of appreciation in alternative investments. Insurance recoveries contributed $1.5 million, but no additional initial funding was reported. Total additions of $71.5 million were substantially below the year’s claims and other expenses.

Recognized claims and settlement expenses totaled $368.8 million, including $366.3 million of personal injury claims, $2.4 million of prepetition claims and $0.1 million of Cimino settlement expense. Cash claims payments were $365.5 million, while settled but unpaid claims increased to $7.5 million. Operating and claims-processing expenses totaled $12.6 million, and income tax expense was $2.2 million. Positive investment results offset only part of the claims burden, and cash and cash equivalents fell from $151.6 million to $81.6 million.

Pittsburgh Corning’s net assets available for claims declined by $334.0 million in 2020, ending the year at $1.982 billion. The Trust recorded $130.0 million of initial funding and $14.3 million of insurance recoveries, alongside $3.7 million of net interest and dividend income. Appreciation of $83.9 million in investment securities and $31.3 million in alternative investments brought total additions to $263.1 million, but these additions did not cover claims and administrative expenses.

The Trust recognized $573.3 million of personal injury claims expense, $8.0 million of prepetition claims expense and $0.4 million of Cimino settlement expense. Actual claims payments totaled $581.2 million, with $4.1 million of settled claims unpaid at year-end. Operating and claims-processing expenses totaled $15.3 million. Cash and cash equivalents decreased from $236.2 million to $151.6 million, reflecting the continuing need to use the Trust’s accumulated resources even in a year with substantial additional funding and positive investment appreciation.

Pittsburgh Corning ended 2019 with $2.316 billion in net assets available for claims, down $298.0 million from $2.614 billion. Positive investment results softened the reduction: the Trust reported $42.4 million of net interest and dividend income, $99.7 million of appreciation in investment securities and $32.2 million of appreciation in alternative investments. Additional support came from $50.0 million of initial funding and $52.8 million of insurance recoveries.

Recognized claims and settlement expenses totaled $559.6 million, comprising $553.0 million of personal injury claims, $5.0 million of prepetition claims and $1.5 million of Cimino settlement expense. Cash claims payments were considerably higher at $719.5 million as the Trust paid down settlements recognized previously; settled but unpaid claims fell from $163.6 million to $3.6 million. Operating and claims-processing expenses totaled $15.7 million. The year therefore combined favorable investment results with a substantial cash outflow for both current and previously accrued claims.

Pittsburgh Corning’s net assets available for claims fell by $1.089 billion during 2018, from $3.703 billion to $2.614 billion. The principal driver was $1.131 billion of recognized claims and settlement expense: $904.8 million of personal injury claims, $50.5 million of prepetition claims and $175.5 million for the separately reported Cimino settlement. Actual claims payments were $974.4 million; settled but unpaid claims increased from $7.2 million to $163.6 million, explaining why recognized claims expense substantially exceeded cash payments.

The original 2018 statements reported $94.0 million of interest and dividend income, offset by $68.8 million of depreciation in investment securities and $13.9 million of losses on alternative investments. The Trust also received $35.0 million of initial funding and $14.2 million of insurance recoveries, while operating and claims-processing expenses totaled $18.7 million. Those resources were far below the year’s claims burden. The following year’s comparative statements reclassified amounts between interest income and securities depreciation without changing 2018’s overall decline in net assets.

Pittsburgh Corning ended 2017 with $3.703 billion in net assets available for claims, an increase of $49.7 million. Additions included $70.0 million of initial funding, $32.7 million of insurance recoveries, $65.7 million of interest and dividend income, and $63.4 million of appreciation in investment securities and alternative investments. Sales of the Pittsburgh Corning Corporation and Pittsburgh Corning Europe holdings generated $32.2 million in recognized gains; the much larger sale proceeds included the recovery of the investments’ carrying value and should not be treated entirely as earnings.

The Trust recognized $176.9 million in claims expense and paid $169.7 million in claims, leaving $7.2 million of settled claims unpaid at year-end. Operating and claims-processing expenses totaled $20.8 million, with another $16.5 million of income tax expense. Funding receipts, investment results and the gains on the corporate holdings together exceeded claims and other expenses, allowing net assets to increase during the first year of claims payments.

Pittsburgh Corning’s first annual report covers April 27, 2016 (inception) through December 31, 2016. The Trust ended this partial year with $3.654 billion in net assets available for claims. Its establishment was supported by $1.258 billion of initial funding, contributed interests in Pittsburgh Corning Corporation and Pittsburgh Corning Europe valued at $890.2 million, and $1.586 billion of insurance recoveries. These contributions and recoveries established the Trust’s asset base; they were not investment earnings.

The Trust reported $13.3 million of interest and dividend income and $0.4 million of hedge-fund appreciation, offset by $75.7 million of depreciation in investment securities. Operating and claims-processing expenses totaled $7.5 million, and tax expense on the Pittsburgh Corning Europe dividend was $11.4 million. No claims were paid and no settled claims remained unpaid at year-end. Accordingly, this report principally describes the Trust’s formation and funding rather than an established year of claims-payment activity.