Litigation (Tables)

9 Months Ended

Sep. 30, 2021

Loss Contingency [Abstract]

Schedule of Loss Contingencies by Contingency

The following table reflects approximate information about the claims for Asbestos Liability against Air & Liquid and the Corporation for the nine months ended September 30, 2021, and 2020 (claims not in thousands):

	Nine Months Ended September 30,
	2021			2020
Total claims pending at the beginning of the period		5,891			6,102
New claims served		943			769
Claims dismissed		(525	)		(725	)
Claims settled		(301	)		(278	)
Total claims pending at the end of period (1)		6,008			5,868
Administrative closures (2)		(2,914	)
Total active claims at the end of the period (2)		3,094
Gross settlement and defense costs paid in period (in 000’s)	$	14,329		$	21,699
Avg. gross settlement and defense costs per claim resolved (in 000’s) (3)	$	17.35		$	21.63

(1) Included as “total claims pending” are approximately 661 and 711 claims in 2021 and 2020, respectively, classified in various jurisdictions as “inactive” or transferred to a state or federal judicial panel on multi-district litigation.

(2) In 2021, the Corporation adopted the same methodology used by Nathan Associates, Inc. (“Nathan”), the liability expert who values the Corporation’s asbestos claims, in order to better align the Corporation’s data with Nathan’s liability valuation. Nathan’s methodology treats all claims filed six or more years ago as “administratively closed.” Therefore, the Corporation changed its prior practice of reporting “Total claims pending at the end of the period” into two categories – “Administrative closures” and “Total active claims at the end of the period.” Administrative closures now 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. Accordingly, the Corporation believes that presentation of “Total active claims at the end of the period” is a better indicator of total claims which may result in future payment.

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

Summary of Activity in Asbestos Insurance Recoveries

The following table summarizes activity relating to insurance recoveries for the nine months ended September 30, 2021, and 2020:

	Nine Months Ended September 30,
	2021			2020
Insurance receivable – asbestos, beginning of the year	$	117,937		$	136,932
Settlement and defense costs paid by insurance carriers		(8,224	)		(15,348	)
Insurance receivable – asbestos, end of the period	$	109,713		$	121,584