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Litigation (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Loss Contingencies by Contingency

The following table reflects approximate information about the number of claims for the Asbestos Liability against Air & Liquid and the Corporation for the nine months ended September 30, 2025 and 2024 (number of claims not in thousands). The majority of the settlement and defense costs were reported and paid by insurance carriers. Because claims are often filed and can be settled or dismissed in large groups, the amount and timing of settlements, as well as the number of open claims, can fluctuate significantly from period to period.


	Nine Months Ended September 30,
	2025			2024
Total claims pending at the beginning of the period		6,363			6,310
New claims served		998			950
Claims dismissed		(1,189	)		(517	)
Claims settled		(489	)		(419	)
Total claims pending at the end of period (1)		5,683			6,324
Administrative closures (2)		(2,889	)		(3,117	)
Total active claims at the end of the period		2,794			3,207
Gross settlement and defense costs paid in period (in 000’s)	$	20,859		$	18,610
Average gross settlement and defense costs per claim resolved (in 000’s) (3)	$	12.43		$	19.88

(1)

Included as “total claims pending” are approximately 1,637 and 1,638 claims at September 30, 2025 and 2024, respectively, classified in various jurisdictions as “inactive” or transferred to a state or federal judicial panel on multi-district litigation.

(2)

Administrative closures include (i) mesothelioma claims filed five or more years ago; (ii) non-mesothelioma claims filed six or more years ago; (iii) claims previously classified in various jurisdictions as “inactive;” and (iv) claims transferred to a state or federal judicial panel on multi-district litigation.

(3)

Claims resolved do not include claims administratively closed.

Summary of Activity Relating to Asbestos Liability

The following table summarizes activity relating to the Asbestos Liability for the nine months ended September 30, 2025 and 2024.


	Nine Months Ended September 30,
	2025			2024
Asbestos liability, beginning of the year	$	207,092		$	238,679
Settlement and defense costs paid		(20,859	)		(18,610	)
Asbestos liability, end of the period	$	186,233		$	220,069

Summary of Activity in Asbestos Insurance Recoveries

The following table summarizes activity relating to insurance recoveries for the nine months ended September 30, 2025 and 2024, including the $1,756 reimbursement in 2024 of prior years' costs.


	Nine Months Ended September 30,
	2025			2024
Insurance receivable – asbestos, beginning of the year	$	139,295		$	160,245
Settlement and defense costs paid by insurance carriers		(14,348	)		(13,841	)
Insurance receivable – asbestos, end of the period	$	124,947		$	146,404