Utex Asbestos Trust Annual Reports, 2005–2025

Utex’s cash and investments increased by $66,323 in 2025, from $3.16 million to $3.23 million. Interest and dividends of $148,704 and unrealized gains of $24,271 produced total investment income of $172,975. Operating and legal expenses and corresponding cash outflows were $106,652, and no asbestos claim payments were reported. The claims summary recorded two new filings and no paid claims.

The reported fund deficit narrowed by the same $66,323 to $127.27 million. Unlike 2024, there was no adjustment to accrued asbestos injury claims, which remained $130.51 million, so the improvement came from investment income exceeding expenses. The report continued to state a 0.8% payment percentage. The large deficit reflects recorded unpaid and estimated future claim liabilities; the year’s actual financial activity was modest asset growth with no claimant distributions.

Utex ended 2024 with $3.16 million in cash and investments, up $95,667 from $3.06 million. Interest and dividends of $151,779 and unrealized gains of $49,974 generated total investment income of $201,753, exceeding operating and legal cash outflows of $106,086. No asbestos claim payments were reported. Operating and legal expense recognized for the year was $105,773, and the claims summary recorded one new filing and no paid claims.

The reported fund deficit narrowed by $688,472 to $127.34 million. Most of that improvement came from a $592,492 downward adjustment to accrued asbestos injury claims, with investment income exceeding expenses providing the remainder. The report retained a 0.8% payment percentage. The year combined growth in the investment pool with a reduced liability estimate and minimal claims activity.

Utex’s cash and investments increased by $110,300 in 2023, from $2.95 million to $3.06 million. Interest and dividends of $130,470 and unrealized gains of $88,210 produced total investment income of $218,680. This exceeded $108,140 in operating and legal cash outflows and the $240 asbestos-claim-payment line in the investment reconciliation. Operating and legal expense recognized for the year was $108,453.

The reported fund deficit widened from $127.64 million to $128.03 million because a $496,360 increase in accrued asbestos injury claims more than offset the investment surplus after expenses. The year therefore showed growth in available assets alongside an increase in estimated obligations. The separate claims summary reports two filings and no claims paid, so its activity count does not reconcile directly to the $240 payment line in the financial statements.

Utex’s investments fell by $130,683 in 2022, from $3.09 million to $2.95 million. Interest and dividends of $68,640 were outweighed by $96,517 in unrealized losses and $1,579 in realized losses, producing a net investment loss of $29,456. The Trust also paid $1,200 in asbestos claims and $100,027 in operating and legal cash outflows. Operating and legal expense recognized for the year was $99,800.

The reported fund deficit nevertheless improved from $130.16 million to $127.64 million because accrued asbestos injury claims were adjusted downward by $2.65 million. That accounting improvement should be distinguished from the reduction in invested resources: investment losses and administrative spending both depleted the fund available for future payments.

Utex ended 2021 with investments of $3.09 million, down $68,234 from $3.15 million. Interest and investment income of $45,352 was reduced by $8,862 in unrealized losses and an $87 realized loss, leaving net investment earnings of $36,403. The Trust paid $800 in asbestos claims and $103,837 in operating and legal cash outflows. Operating and legal expense recognized for the year was $103,156.

The reported fund deficit improved from $133.25 million to $130.16 million, driven by a $3.15 million reduction in accrued asbestos injury claims. The liability adjustment more than offset the annual operating shortfall in the accounting result, but did not add to the investment pool. Limited investment earnings and continuing administrative costs reduced invested resources despite very low claim payments.

Utex’s investments declined by $19,350 in 2020, from $3.17 million to $3.15 million. Investment income of $69,641 and unrealized gains of $20,950 generated net earnings of $90,591. The Trust paid $6,000 in asbestos claims and $103,941 in operating and legal cash outflows; operating and legal expense recognized for the year was $102,451. Investment earnings covered most, but not all, of the year’s cash requirements.

The reported fund deficit widened from $128.59 million to $133.25 million, principally because of a $4.65 million increase in accrued asbestos injury claims. The large change in the deficit reflected that liability adjustment, while actual investments declined by a much smaller amount. Claim payments remained modest relative to the cost of administering the Trust.

Utex ended 2019 with $3.17 million in investments, down $12,677 from $3.19 million. Investment income of $94,813 and unrealized gains of $40,175 produced net earnings of $134,988, covering most of the $141,665 in operating and legal cash outflows and $6,000 in asbestos claim payments. Operating and legal expense recognized for the year was $143,656, higher than the $92,946 reported for 2018.

The reported fund deficit widened from $126.53 million to $128.59 million, chiefly because accrued asbestos injury claims increased by $2.05 million in the annual results. The investment pool was relatively stable, but administrative and legal spending exceeded investment earnings before claim payments. The liability adjustment, rather than cash distributions, drove most of the deterioration in the reported deficit.

Utex’s investments declined by $102,098 in 2018, from $3.29 million to $3.19 million. Investment income of $83,815 was partly offset by an $18,543 unrealized loss, producing net earnings of $65,272. The Trust paid $77,734 in asbestos claims, up from $1,200 in 2017, and $89,636 in operating and legal cash outflows. Operating and legal expense recognized in the annual results was $92,946.

The reported fund deficit improved from $143.01 million to $126.53 million because the annual results included a $16.51 million reduction in accrued asbestos injury claims. The improvement in recorded liabilities occurred alongside a reduction in invested assets. Higher claim payments and administrative outflows exceeded investment earnings, so the smaller deficit did not indicate growth in the resources available for distributions.

Utex ended 2017 with investments of $3.29 million, down only $5,152 on the report’s comparative investment schedule. Investment income of $66,002 and unrealized gains of $12,362 produced net earnings of $78,364. The Trust paid $1,200 in asbestos claims and $82,316 in operating and legal cash outflows, while operating and legal expense recognized for the year was $88,741. Investment earnings thus nearly covered the year’s cash requirements.

The reported fund deficit narrowed sharply from $172.94 million to $143.01 million, driven by a $29.94 million reduction in accrued asbestos injury claims. This was a change in the recorded liability burden rather than a comparable increase in funding. The investment pool remained broadly unchanged despite the substantial improvement in the reported deficit.

Utex’s investments remained approximately $3.29 million at the end of 2016, a decline of about $15,000 from $3.31 million. Investment income of $69,825 and unrealized gains of $15,452 produced net investment earnings of $85,277, covering most of roughly $100,000 in operating, legal and claim cash outflows. Actual asbestos claim payments were $800. Operating and legal expense recognized in the annual results was $96,199.

The reported fund deficit improved from $186.47 million to $172.94 million, primarily because of a $13.55 million reduction in accrued asbestos injury claims. That liability adjustment explains the large improvement in the accounting result; the invested resources available to meet obligations were essentially stable but slightly lower. Claim payments remained very small relative to administrative and legal costs.

Utex ended 2015 with $3.31 million in investments, down $103,470 from $3.41 million. Investment income of $56,686 was largely offset by $45,798 in unrealized losses, leaving net investment earnings of $10,888. Operating and legal cash outflows were $114,398. The investment reconciliation reports a negative $40 asbestos-claim-payment line, a small net adjustment rather than a meaningful distribution to claimants. Operating and legal expense recognized for the year was $120,709.

The reported fund deficit widened from $184.82 million to $186.47 million, driven mainly by a $1.54 million increase in accrued asbestos injury claims. Despite minimal net claim-payment activity, administrative spending and weaker investment returns reduced the investment pool. The much larger deficit movement reflected the adjustment to recorded claim obligations.

Utex’s investments declined by $354,866 in 2014, from $3.77 million to $3.41 million. Asbestos claim payments rose to $245,150, compared with $26,160 in 2013, and operating and legal cash outflows were $134,601. Investment income of $43,743 was reduced by an $18,858 unrealized loss, leaving net investment earnings of $24,885. Operating and legal expense recognized in the annual results totaled $144,513.

The reported fund deficit widened from $178.66 million to $184.82 million, chiefly because the statements recorded a $6.04 million increase in accrued asbestos injury claims. Both the recorded liability burden and the use of invested assets increased during the year. The liability adjustment was much larger than actual claim payments, so the deficit change and the reduction in available investments measure different aspects of the year’s result.

Utex ended 2013 with investments of $3.77 million, down $87,786 from $3.85 million. Investment income of $45,581 was partly offset by a $21,548 unrealized loss, producing net investment earnings of $24,033. The Trust paid $26,160 in asbestos claims and $85,659 in operating and legal cash outflows; operating and legal expense recognized for the year was $105,209.

The reported fund deficit narrowed from $193.41 million to $178.66 million, primarily because accrued asbestos injury claims were reduced by $14.83 million in the annual results. The improvement in the deficit was therefore driven by the liability estimate, while the investment pool available to fund claims and expenses actually shrank. Investment earnings covered only part of the year’s cash requirements.

Utex’s cash and cash equivalents declined by $104,147 in 2012, from $3.96 million to $3.85 million. The Trust paid $20,730 in asbestos claims and $89,466 in operating and legal cash outflows, compared with $6,049 in interest receipts. Operating and legal expense recognized in the annual results was $143,920, illustrating the distinction between expenses incurred and cash paid.

The reported fund deficit improved from $208.82 million to $193.41 million, principally because of a $15.55 million reduction in accrued asbestos injury claims. That adjustment reduced recorded liabilities but did not replenish cash. The remaining cash fund continued to decline as interest income fell well short of claims and administrative requirements.

Utex ended 2011 with $3.96 million in cash and cash equivalents, down $381,713 from $4.34 million. The Trust paid $48,870 in asbestos claims and $334,864 in operating and legal cash outflows, while receiving just $2,021 in interest. Operating and legal expense recognized for the year was $242,255; its difference from cash outflows reflects accrual and prepayment timing.

The reported fund deficit narrowed from $296.46 million to $208.82 million, driven by an $87.87 million reduction in accrued injury claims recorded in the annual results. This large accounting improvement did not represent additional funding. The year instead combined a lower estimate of claim obligations with continued erosion of cash resources, with administrative and legal outflows substantially exceeding claimant payments.

The combined 2009–2010 statements show cash declining from $4.94 million at the start of 2009 to $4.75 million at that year-end and $4.34 million at the end of 2010. In 2009, the Trust paid $32,040 in asbestos claims and $158,570 in operating and legal cash outflows, against $5,331 in interest receipts. In 2010, claim payments rose to $226,500 and operating and legal cash outflows were $189,427, while interest receipts were $4,810. These outflows reduced cash by $185,279 and $411,117, respectively.

The reported fund deficit improved from $392.77 million at the start of 2009 to $336.30 million at the end of 2009 and $296.46 million at the end of 2010. Those improvements were driven by reductions of $56.60 million and $40.04 million in accrued injury claims recorded in the respective annual results. They were liability adjustments rather than additions to the cash available for distributions; cash resources declined in both years.

The combined report covers Utex’s initial operating period from August 6 through December 31, 2004 and the full 2005 year. At the end of 2004, cash was $1.65 million and total assets were $2.88 million, including a $1.17 million note receivable. The Trust received $4.08 million in insurance proceeds and paid $1.55 million in asbestos claims during that initial period. Operating and legal expenses were $1.02 million. Recognition of asbestos liabilities produced a reported fund deficit of $8.66 million.

In 2005, cash increased to $3.82 million following collection of the remaining note principal, $400,000 in trust funding, $1 million in insurance proceeds and investment income. Claim payments were $409,462, and operating and legal expenses were $146,672. Nevertheless, the reported deficit widened to $45.48 million, chiefly because the statements recorded $38.17 million in additional accrued injury claims. The larger deficit therefore accompanied an increase in cash resources and reflects the scale of recorded claim liabilities, including estimates for future claims.