Litigation (Tables)
 12 Months Ended
Dec. 31, 2022
Loss Contingency [Abstract]  
Schedule of Loss Contingencies by Contingency

The following table reflects approximate information about the claims for the Asbestos Liability against Air & Liquid and the Corporation for the years ended December 31, 2022 and 2021. The majority of the settlement and defense costs were reported and paid by insurer 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.

 

 

2022

 

 

2021

 

Total claims pending at the beginning of the period

 

 

6,097

 

 

 

5,891

 

New claims served

 

 

1,200

 

 

 

1,233

 

Claims dismissed

 

 

(634

)

 

 

(605

)

Claims settled

 

 

(404

)

 

 

(422

)

Total claims pending at the end of the period(1)

 

 

6,259

 

 

 

6,097

 

Administrative closures(2)

 

 

(3,109

)

 

 

(2,941

)

Total active claims pending at the end of the period(2)

 

 

3,150

 

 

 

3,156

 

Gross settlement and defense costs paid (in 000’s)

 

$

19,834

 

 

$

23,215

 

Average gross settlement and defense costs per claim resolved (in 000’s) (3)

 

$

19.11

 

 

$

22.60

 
(1)
Included as “open claims” are approximately 655 and 661 claims in 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-related liabilities for the years ended December 31, 2022 and 2021.

 

 

2022

 

 

2021

 

Asbestos liability, beginning of the year

 

$

180,314

 

 

$

180,196

 

Settlement and defense costs paid

 

 

(19,834

)

 

 

(23,215

)

Change in estimated liability

 

 

(6,905

)

 

 

23,333

 

Asbestos liability, end of the year

 

$

153,575

 

 

$

180,314

 
Summary of Activity in Asbestos Insurance Recoveries

The following table summarizes activity relating to insurance recoveries for the years ended December 31, 2022 and 2021.

 

 

2022

 

 

2021

 

Insurance receivable – asbestos, beginning of the year

 

$

121,297

 

 

$

117,937

 

Settlement and defense costs paid by insurance carriers

 

 

(10,708

)

 

 

(13,312

)

Change in estimated coverage

 

 

(4,679

)

 

 

16,672

 

Insurance receivable – asbestos, end of the year

 

$

105,910

 

 

$

121,297