Litigation (Tables)

3 Months Ended

Mar. 31, 2026

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 three months ended March 31, 2026 and 2025 (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.


	Three Months Ended March 31,
	2026			2025
Total claims pending at the beginning of the period		5,523			6,363
New claims served		409			321
Claims dismissed		(24	)		(108	)
Claims settled		(84	)		(171	)
Total claims pending at the end of period (1)		5,824			6,405
Administrative closures (2)		(2,926	)		(3,320	)
Total active claims at the end of the period		2,898			3,085
Gross settlement and defense costs paid in period (in 000’s)	$	5,363		$	6,775
Average gross settlement and defense costs per claim resolved (in 000’s) (3)	$	49.66		$	24.28

(1)

Included as “total claims pending” are approximately 1,641 and 1,637 claims at March 31, 2026 and 2025, 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 three months ended March 31, 2026 and 2025.


	Three Months Ended March 31,
	2026			2025
Asbestos liability, beginning of the year	$	198,332		$	207,092
Settlement and defense costs paid		(5,363	)		(6,775	)
Asbestos liability, end of the period	$	192,969		$	200,317

Summary of Activity in Asbestos Insurance Recoveries

The following table summarizes activity relating to insurance recoveries for the three months ended March 31, 2026 and 2025.


	Three Months Ended March 31,
	2026			2025
Insurance receivable – asbestos, beginning of the year	$	126,838		$	139,295
Settlement and defense costs paid by insurance carriers		(4,267	)		(4,408	)
Insurance receivable – asbestos, end of the period	$	122,571		$	134,887