Litigation (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Loss Contingencies by Contingency

The following table reflects approximate information about the number of claims for Asbestos Liability against Air & Liquid and the Corporation for the nine months ended September 30, 2022, and 2021 (number of claims not in thousands). The majority of the settlement and defense costs were reported and paid by insurers. 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,
	2022			2021
Total claims pending at the beginning of the period		6,097			5,891
New claims served		978			943
Claims dismissed		(220	)		(525	)
Claims settled		(288	)		(301	)
Total claims pending at the end of period ⁽¹⁾		6,567			6,008
Administrative closures ⁽²⁾		(2,908	)		(2,914	)
Total active claims at the end of the period		3,659			3,094
Gross settlement and defense costs paid in period (in 000’s)	$	14,683		$	14,329
Avg. gross settlement and defense costs per claim resolved (in 000’s) ⁽³⁾	$	28.90		$	17.35

(1)	Included as “total claims pending” are approximately 658 and 661 claims at September 30, 2022, and 2021, 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) those claims that were filed six or more years ago, (ii) claims that were previously classified in various jurisdictions as “inactive,” and (iii) claims that were transferred to a state or federal judicial panel on multi-district litigation. Collectively, these claims are unlikely to result in any liability to the Corporation.

(3)	Claims resolved do not include claims that were administratively closed.

Summary of Activity Relating to Asbestos Liability

The following table summarizes activity relating to Asbestos Liability for the nine months ended September 30, 2022, and 2021.

	Nine Months Ended September 30,
	2022			2021
Asbestos liability, beginning of the year	$	180,314		$	180,196
Settlement and defense costs paid		(14,683	)		(14,329	)
Asbestos liability, end of the period	$	165,631		$	165,867

Summary of Activity in Asbestos Insurance Recoveries

The following table summarizes activity relating to insurance recoveries for the nine months ended September 30, 2022, and 2021.

	Nine Months Ended September 30,
	2022			2021
Insurance receivable – asbestos, beginning of the year	$	121,297		$	117,937
Settlement and defense costs paid by insurance carriers		(7,748	)		(8,224	)
Insurance receivable – asbestos, end of the period	$	113,549		$	109,713