United States Gypsum Asbestos Trust Annual Reports, 2010–2025

USG’s net assets increased by $13.6 million in 2025 to $830.2 million. Net interest and dividends of $19.9 million, investment-securities appreciation of $54.0 million and alternative-investment gains of $17.9 million supplied nearly all of the $91.9 million in additions. Personal injury claim expense was $59.7 million, operating and claims-processing costs totaled $8.6 million, and income tax expense was $9.9 million. Investment additions exceeded the year’s recorded claims and expenses.

The narrative reports approximately $62.01 million paid on unliquidated claims plus $12,747 on pre-petition liquidated claims. These cash distributions exceed claims expense as previously accrued obligations were paid; settled but unpaid claims decreased by $2.3 million. Operating activities used $57.0 million in cash, largely replenished by $55.0 million in net investing inflows, leaving cash and cash equivalents of $31.0 million. The increase in net assets did not represent an operating cash surplus.

USG ended 2024 with $816.5 million in net assets, down $37.4 million. Net interest and dividends of $21.4 million, investment-securities appreciation of $24.8 million and alternative-investment gains of $7.5 million provided most of the $53.8 million in additions. Personal injury claim expense totaled $80.6 million, operating and claims-processing expenses were $8.4 million, and income tax expense was $2.1 million. Positive investment results did not fully cover claims and costs.

Operating activities used $63.7 million in cash, while net investing inflows of $72.6 million raised cash and cash equivalents to $32.9 million. Settled but unpaid claims changed only modestly, declining by approximately $178,000. The larger cash balance resulted from investment transactions even as total net assets declined.

USG’s net assets increased modestly by $2.4 million in 2023, ending the year at $853.9 million. Net interest and dividends of $21.1 million, investment-securities appreciation of $47.6 million and alternative-investment gains of $10.0 million supplied almost all of the $78.7 million in additions. Personal injury claim expense was $67.6 million, operating and claims-processing costs were $8.0 million, and income tax expense was $780,000. Investment additions slightly exceeded the year’s claims and costs.

Despite that increase in net assets, operating activities used $49.8 million in cash. Net investing inflows of $46.3 million left cash and cash equivalents at $24.0 million, down $3.6 million. The positive accounting result therefore reflected investment gains alongside continued cash use for claims and administration.

USG ended 2022 with $851.5 million in net assets, a decline of $201.3 million. Losses of $84.7 million on investment securities and $25.0 million on alternative investments were the largest combined reduction, alongside $96.7 million in personal injury claim expense. Net interest and dividends contributed $16.3 million. Operating and claims-processing expenses totaled $8.2 million, with $3.0 million in income tax expense. Market losses compounded the continuing use of resources for claims.

Settled but unpaid claims decreased by $19.4 million, so cash distributions also paid down previously recognized obligations. Operating activities used $101.4 million in cash, and net investing inflows of $63.4 million left cash and cash equivalents at $27.5 million. The decline in net assets was substantially larger than the cash decrease because investment valuation changes also affected the result.

USG’s net assets available for claims fell by $82.2 million in 2021 to $1.05 billion. Net interest and dividends of $17.9 million, investment-securities appreciation of $31.4 million and alternative-investment gains of $9.1 million produced most of the $58.4 million in additions. Personal injury claim expense was $116.2 million, operating and claims-processing expenses were $8.5 million, and income tax expense reached $15.8 million. Claims and taxes outweighed the year’s positive investment results.

Settled but unpaid claims rose by $10.7 million to $23.2 million. Operating activities used $100.8 million in cash, while net investing inflows supplied $115.9 million, leaving cash and cash equivalents of $65.6 million. The higher cash balance coexisted with lower total net assets and increased unpaid claims obligations.

USG ended 2020 with $1.14 billion in net assets available for claims, down $65.3 million. Additions of $80.1 million were principally $21.4 million in net interest and dividends, $38.4 million in investment-securities appreciation and $20.2 million in alternative-investment gains. Personal injury claim expense was $130.9 million, with $8.1 million in operating and claims-processing costs and $6.5 million in income tax expense. Investment gains did not fully replenish the resources used for claims and expenses.

Settled but unpaid claims increased by $10.5 million to $12.5 million, so claims expense exceeded the corresponding cash outflow. Operating activities used $102.3 million in cash, while net investing inflows of $120.0 million increased cash and cash equivalents to $50.5 million.

USG’s net assets available for claims decreased by $49.4 million in 2019 to $1.20 billion. Interest and dividends of $25.5 million, investment-securities appreciation of $71.2 million and alternative-investment gains of $24.3 million supplied almost all of the $121.1 million in additions. Personal injury claim expense was $155.8 million, operating and claims-processing expenses were $10.5 million, and income tax expense was $4.2 million. Investment gains offset a substantial share of claims and costs.

Operating activities used $136.2 million in cash, and net investing inflows of $126.0 million left cash and cash equivalents at $32.7 million. Settled but unpaid claims decreased by $5.4 million, meaning cash distributions also discharged obligations recognized before the current year.

USG ended 2018 with $1.25 billion in net assets available for claims, a decrease of $185.5 million. Investment-securities losses of $28.5 million and alternative-investment losses of $10.3 million outweighed $29.3 million in interest and dividends. Personal injury claim expense totaled $160.4 million, operating and claims-processing expenses were $11.9 million, and income tax expense was $3.9 million. Both investment losses and claims obligations reduced the Trust’s resources.

Operating activities used $126.9 million in cash, while net investing inflows provided $89.5 million. Cash and cash equivalents declined to $42.9 million. Settled but unpaid claims increased by $3.9 million, distinguishing claims recognized in the financial statements from amounts actually distributed during the year.

USG’s net assets available for claims declined by $57.4 million in 2017 to $1.44 billion. Additions of $103.4 million included $30.7 million in interest and dividends, $48.7 million in investment-securities appreciation, $20.6 million in alternative-investment gains and a $3.4 million net income tax refund. Personal injury claim expense was $152.0 million, with another $8.8 million in operating and claims-processing costs. Stronger investment additions softened the reduction in resources but did not eliminate it.

Operating activities used $109.3 million in cash. Net investing cash inflows of $142.0 million raised cash and cash equivalents to $80.3 million at year-end. That cash increase reflects investment transactions supporting the Trust’s distributions, while total net assets still declined.

USG ended 2016 with $1.49 billion in net assets available for claims, down $147.8 million. Interest and dividends of $32.4 million were partly offset by $6.7 million in losses on investment securities, while hedge funds and international equity funds together added approximately $3.5 million. Total additions were $29.2 million. Personal injury claim expense was $164.0 million, operating and claims-processing expenses totaled $11.9 million, and the tax provision was approximately $1.0 million.

Operating activities used $123.8 million in cash, and net investing inflows of $105.3 million did not fully replace that use. Cash and cash equivalents declined to $47.6 million. The year’s limited net investment contribution left most claims and costs to be funded from existing resources.

USG’s net assets available for claims fell by $254.3 million in 2015 to $1.64 billion. Interest and dividends of $39.4 million were partly offset by approximately $14.2 million in combined losses on investment securities, international equity funds and hedge funds. Personal injury claim expense reached $260.6 million, while operating and claims-processing expenses totaled $12.0 million and the tax provision was $7.2 million. The large claims obligation was the principal cause of the decline.

The narrative reports approximately $255.9 million paid on unliquidated claims and $0.8 million on pre-petition liquidated claims. These distributions differ from claims expense because of settlement and payment timing. Operating activities used $211.5 million in cash; net investing inflows provided $197.7 million, leaving year-end cash and cash equivalents of $66.1 million.

USG ended 2012 with $1.98 billion in net assets available for claims, a decline of $32.7 million. Interest and dividends of $45.7 million and investment appreciation of $63.8 million generated $109.5 million in additions. Personal injury claim expense was $117.1 million, with $13.1 million in operating and claims-processing expenses and a $12.0 million income tax provision. Investment results offset much of the year’s obligations but did not fully cover them.

Operating activities used $75.9 million in cash, while net investing cash inflows of $77.6 million left year-end cash and cash equivalents at $148.9 million. Settled but unpaid claims decreased by approximately $1.0 million, so cash payments included obligations recognized in an earlier period as well as current-year claims.

USG’s net assets available for claims decreased by $190.3 million in 2011 to $2.01 billion. Interest and dividends of $55.8 million and investment appreciation of $51.2 million generated $107.0 million in additions. Personal injury claim expense totaled $281.0 million, operating and claims-processing expenses were $12.5 million, and the income tax provision was $3.8 million. Positive investment results covered only part of the year’s claims and costs.

Operating activities used $214.8 million in cash, while investing activities provided $262.5 million, leaving cash and cash equivalents of $147.2 million at year-end. The increase in cash therefore occurred alongside a reduction in total net assets, as investment sales and maturities supplied funds for distributions and expenses.

USG ended 2010 with $2.20 billion in net assets available for claims, down $568.3 million from $2.77 billion. Interest and dividends of $66.5 million and investment appreciation of $22.5 million provided $89.1 million in additions. Personal injury claim expense was $645.0 million, with another $12.3 million in operating and claims-processing expenses. Claims obligations substantially exceeded the year’s investment additions.

The narrative reports approximately $650.13 million paid on unliquidated claims and $0.32 million on pre-petition liquidated claims, distinct from the accounting expense for claims. The Trust used a 35% payment percentage while considering a reduction, then adopted 30% on November 23, 2010. The report thus describes a year of substantial distributions alongside a reassessment of the resources needed for future claimants.