T H Agriculture & Nutrition (THAN) Asbestos Trust Annual Reports, 2009–2025

TH Agriculture & Nutrition’s net claimants’ equity increased by $6.6 million in 2025, ending the year at $240.2 million. Additions totaled $19.1 million, including $7.6 million in interest and dividends, $5.3 million in realized gains and $5.7 million in unrealized gains. Claims-settled expense was $8.5 million, and other deductions totaled $4.0 million, including advisory fees and taxes. Investment additions exceeded the year’s claims and costs, although part of the increase reflected unrealized gains.

The financial statements report approximately $8.75 million in total cash claim payments and $808,000 in settled claims unpaid at year-end. The narrative separately identifies $8.66 million in regular-claim payments and $86,400 in Qualified Asbestos PI Claim payments. Operating activities used $4.4 million in cash, while investing cash inflows helped raise year-end cash and cash equivalents to $11.5 million. A payment-percentage study commenced in 2025, and the percentage remained 15% while the study was underway.

TH Agriculture & Nutrition ended 2024 with $233.6 million in net claimants’ equity, a decline of $5.6 million. Additions totaled $12.8 million, principally interest, dividends and realized investment gains. Deductions included $13.4 million in claims-settled expense, approximately $592,000 in unrealized investment losses, $729,000 in advisory fees, $2.1 million in federal income tax and $1.7 million in other operating expenses. Investment additions were insufficient to cover the year’s claims and costs.

The financial statements report $13.1 million paid on 880 claims, with approximately $1.0 million in settled claims unpaid at year-end. The payment percentage stayed at 15%, and the narrative reports plans to begin a new payment-percentage study in 2025. Operating activities used $6.8 million in cash, while net investing cash inflows of $10.0 million increased cash and cash equivalents to $7.0 million. This cash increase occurred alongside a reduction in total net claimants’ equity.

TH Agriculture & Nutrition’s net claimants’ equity was nearly unchanged in 2023, increasing by approximately $274,000 to $239.2 million. Total additions of $20.0 million included $6.7 million in interest and dividends and $10.4 million in unrealized investment gains. Claims-settled expense totaled $16.6 million, and other deductions were $3.1 million, including advisory fees and taxes. Investment gains, especially the unrealized component, were essential to offsetting claims and operating costs.

The financial statements report $16.0 million in cash payments on 1,248 claims and approximately $766,000 in settled claims still unpaid at year-end. The payment percentage remained 15%. Despite the small increase in equity, operating activities used $9.5 million in cash; net investing cash inflows largely replenished that amount, leaving cash and cash equivalents of $3.8 million. The year’s stable equity therefore reflected investment gains alongside continued use of cash for claims and expenses.

TH Agriculture & Nutrition ended 2022 with $239.0 million in net claimants’ equity, down $40.9 million from $279.9 million. The financial statements recorded $33.0 million in unrealized investment losses and approximately $675,000 in losses on alternative investments, against $9.4 million in interest, dividends and realized gains. Claims-settled expense was $12.7 million, with approximately $3.6 million in remaining deductions, including advisory fees, taxes and operating costs. Investment valuation losses were the largest single component of the decline in resources.

The narrative reports $16.3 million paid on 1,646 regular asbestos claims at a 15% payment percentage and 8,231 new claims submitted. Cash payments exceeded claims-settled expense as the Trust also paid previously accrued obligations. Operating activities used $13.4 million in cash, and year-end cash and cash equivalents were $4.1 million. The market losses reduced reported equity but were not themselves equivalent cash outflows.

TH Agriculture & Nutrition’s net claimants’ equity decreased by $15.8 million in 2021, ending the year at $279.9 million. Additions totaled $19.1 million, principally investment income and gains, including $9.7 million in realized gains and $2.3 million in unrealized gains. Claims-settled expense of $28.8 million and other deductions of $6.1 million, including $3.0 million in federal income tax and approximately $941,000 in advisory fees, exceeded those additions. No parent-trust distribution was recorded for the year.

At a 15% payment percentage, the Trust paid $29.3 million on 2,996 regular asbestos claims, according to the narrative, while receiving 6,999 new claims. It paid no Qualified Asbestos PI Claims. The cash-payment amount and claims-settled expense measure different stages of claims resolution; both indicate substantial claims activity that outpaced the year’s investment additions.

TH Agriculture & Nutrition ended 2020 with $295.7 million in net claimants’ equity, an increase of $1.1 million. Total additions of $22.6 million included $1.5 million distributed by the parent trust and approximately $21.1 million in investment income and gains before separately reported advisory fees. Unrealized gains accounted for $10.9 million of those additions. Claims-settled expense was $17.6 million, and other deductions totaled $3.9 million, including advisory fees and taxes. Investment performance and the parent-trust distribution together slightly exceeded the year’s recorded obligations.

The Trust reduced its payment percentage to 15%, effective with the April 2020 payment of claims in the payment queue. The narrative reports $14.8 million paid on 1,574 regular claims and 10,376 new claims submitted during the year; no Qualified Asbestos PI Claims were paid. The cash-payment figure is distinct from the $17.6 million accounting expense for settled claims.

TH Agriculture & Nutrition’s 2019 narrative reports $29.5 million paid on 2,093 regular asbestos claims at a 23% payment percentage. It separately reports a $150,000 payment on one Qualified Asbestos PI Claim. The Trust received 11,977 new claims during the year, of which 7,791 were reported as deferred. These figures show continued claims intake alongside substantial payments, without treating new submissions and paid claims as the same cohort.

The available 2019 attachment contains the narrative report but omits the referenced financial exhibit. Accordingly, this summary is limited to reported claims activity and does not assess year-end net claimants’ equity, investment results or total expenses. The missing exhibit is needed to complete the year’s financial analysis.

TH Agriculture & Nutrition’s 2018 narrative reports 13,083 new asbestos claims and $33.7 million paid on 1,488 regular claims. A further $3,800 was paid on one Qualified Asbestos PI Claim. The report also announces the trustees’ decision, with the consent of the Trust Advisory Committee and Future Claimants’ Representative, to reduce the payment percentage from 30% to 23%; the narrative does not specify an effective date for that adjustment.

The available attachment includes the narrative annual report but omits the referenced financial statements. It therefore permits a review of claims activity and the reported payment-percentage decision, but not a reliable assessment of year-end net claimants’ equity, investment performance or total expenses. The reduction in cash payments alone does not establish whether the Trust’s financial position improved.

TH Agriculture & Nutrition’s 2017 narrative reports $41.8 million paid on 1,941 regular asbestos claims at a 30% payment percentage, with no payments under the separate Qualified Asbestos PI Claims program. It reports 7,999 claims received and logged by the claims administrator. A footnote distinguishes that figure from the 8,393 claims described as received in the financial statements, explaining differences in receipt and logging timing. The Trust planned a further payment-percentage review in 2018.

The available attachment contains the narrative annual report but omits the referenced financial exhibit. The claims figures document payment activity, but the attachment does not support conclusions about year-end net claimants’ equity, investment returns or the overall cost of operations. Those financial measures remain unverified pending the complete report.

TH Agriculture & Nutrition’s 2016 narrative reports 15,283 new asbestos claims and $43.5 million in payments on 2,959 regular claims after application of the 30% payment percentage. The Trust also paid one Qualified Asbestos PI Claim under the separate program for previously qualified claims. Of the claims submitted during the year, 7,675 were reported as deferred; the figures for newly submitted claims and claims paid describe different groups and do not constitute a same-year approval rate.

The available attachment contains the narrative annual report but omits the financial statements referenced as an exhibit. It supports a summary of claims activity, but does not establish year-end net claimants’ equity, investment performance or total annual expenses. A complete financial assessment for 2016 requires the missing financial exhibit.

TH Agriculture & Nutrition’s net claimants’ equity fell by $37.3 million in 2015, ending the year at $394.7 million. Net investment additions after advisory fees were $5.6 million: interest, dividends and realized gains were partly offset by $8.0 million in unrealized investment losses. Claims-settled expense totaled $37.3 million, and other deductions were $5.7 million, including $1.9 million in federal income tax. The limited net investment contribution left most of the year’s claims and expenses to be funded from existing resources.

The narrative reports $37.1 million in cash payments on 1,546 regular asbestos claims and no payments under the separate Qualified Asbestos PI Claims program. Operating activities used $29.7 million in cash. Net investing cash inflows of $31.5 million, including collection of a $1.0 million note receivable, left cash and cash equivalents at $30.1 million at year-end. Cash increased even though total net claimants’ equity declined.

TH Agriculture & Nutrition ended 2014 with $432.0 million in net claimants’ equity, a decrease of $17.0 million. Additions, principally investment income and gains net of advisory fees, totaled $22.9 million. Claims-settled expense was $32.4 million, while other deductions totaled $7.5 million, including $3.8 million in federal income tax. Investment results softened the impact of claims and expenses but did not fully replenish the resources used during the year.

The narrative reports 74,683 claims submitted during a year that included the October 3 deadline for certain claims, and $41.0 million paid on 1,570 regular claims at a 30% payment percentage. It also reports $215,000 paid on two Qualified Asbestos PI Claims. Cash payments exceeded the year’s claims-settled expense as previously accrued obligations were paid. Operating activities used $36.5 million in cash, while net investing cash inflows helped raise year-end cash and cash equivalents to $28.3 million.

TH Agriculture & Nutrition’s net claimants’ equity declined by $52.4 million in 2013, from $501.4 million to $449.0 million. Net investment income after advisory fees was $22.0 million, supported by interest and dividends, realized gains and gains on hedge fund investments; unrealized gains contributed only about $185,000. Claims-settled expense was $67.2 million, and other deductions totaled $7.3 million, including $4.2 million in federal income tax. The size of claims expense relative to investment income was the principal reason resources fell.

The narrative reports $60.0 million paid on 5,039 regular asbestos claims and separately reports $99,600 paid on nine Qualified Asbestos PI Claims. These reported cash payments are distinct from claims-settled expense. Operating activities used $51.8 million in cash, and year-end cash and cash equivalents were $18.8 million. The year illustrates how positive investment performance can coexist with a substantial reduction in resources as claims are resolved.

TH Agriculture & Nutrition ended 2012 with $501.4 million in net claimants’ equity, down $22.3 million from $523.7 million at the beginning of the year. Net investment income after advisory fees totaled $27.2 million, including $9.4 million in unrealized gains. Claims-settled expense reached $43.2 million, and other deductions were $6.3 million, including $2.9 million in federal income tax. Positive investment results covered a substantial part of the year’s obligations, but claims and expenses still reduced the Trust’s resources.

The narrative reports $46.6 million in cash payments on 1,210 claims under the regular claims program, with a 30% payment percentage. That figure is distinct from the accounting expense for settled claims and excludes the separately reported Qualified Asbestos PI Claims program. Operating activities used $38.8 million in cash, while cash and cash equivalents at year-end were $30.2 million.

TH Agriculture & Nutrition’s net claimants’ equity increased by $1.6 million in 2011, ending the year at $523.7 million. Net investment income after advisory fees totaled $26.6 million, including $9.7 million in unrealized gains, while insurance settlements contributed approximately $81,000. Claims-settled expense was $18.8 million and other deductions totaled $6.3 million, including $3.4 million in federal income tax. Investment results therefore more than offset the year’s recorded claims and expenses, producing a modest increase in available resources.

The Trust began accepting unliquidated claims in 2011 and established a 30% payment percentage following a review of projected claims and assets. The narrative reports $10.4 million paid on 494 claims under that payment-percentage program, separately from the Qualified Asbestos PI Claims program. This cash-payment measure should be distinguished from the financial statements’ broader claims-settled expense.

TH Agriculture & Nutrition ended 2010 with $522.0 million in Trust corpus, a decline of $49.7 million from the beginning of the year. Net investment income after advisory fees was $17.3 million, including $10.2 million in unrealized gains, and insurance and settlement contributions added approximately $54,000. These additions were outweighed by $64.1 million in claims-settled expense and $2.9 million in other expenses, including taxes.

The narrative reports cash payments of $58.3 million on 2,993 Qualified Asbestos PI Claims, a different measure from the claims-settled expense recorded in the financial statements. The Trust developed its general claims submission materials but deferred accepting unliquidated asbestos claims while its advisers evaluated claims forecasts and the payment percentage. This was consequently still a transitional year, combining payment of previously qualified claims with preparation for the broader claims program.

TH Agriculture & Nutrition’s first report covers the period from the Trust’s formation on November 30 through December 31, 2009. It recorded $901.0 million in insurance and settlement contributions, $328.6 million in asbestos settlement claims, and approximately $752,000 in legal, trustee and insurance expenses. Net investment income after advisory fees was only about $3,800 during this short initial period, leaving $571.7 million in Trust corpus at year-end.

The balance sheet consisted principally of $570.6 million in cash and cash equivalents and a $1.0 million note receivable, with approximately $91,000 in accounts payable. The year therefore reflects the initial funding and substantial early claims distributions rather than a full year of ongoing investment and claims operations. The accompanying special-purpose financial statements received an accountant’s review, which provides a lower level of assurance than an audit.