Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 19, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | AMPCO PITTSBURGH CORP | ||
Entity Central Index Key | 0000006176 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 18,847,828 | ||
Entity Public Float | $ 16 | ||
Entity Incorporation, State or Country Code | PA | ||
Entity Tax Identification Number | 25-1117717 | ||
Entity Address, Address Line One | 726 Bell Avenue | ||
Entity Address, Address Line Two | Suite 301 | ||
Entity Address, City or Town | Carnegie | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 15106 | ||
City Area Code | 412 | ||
Local Phone Number | 456-4400 | ||
Entity Interactive Data Current | Yes | ||
Entity File Number | 1-898 | ||
Documents Incorporated by Reference | Documents Incorporated by Reference: Part III of this report incorporates by reference certain information from the Proxy Statement for the 2021 Annual Meeting of Shareholders. | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | AP | ||
Title of 12(b) Security | Common Stock, $1 par value | ||
Security Exchange Name | NYSE | ||
Series A Warrants [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | AP WS | ||
Title of 12(b) Security | Series A Warrants to purchase shares of Common Stock | ||
Security Exchange Name | NYSEAMER |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 16,842 | $ 6,960 |
Receivables, less allowance for doubtful accounts of $1,131 in 2020 and $3,041 in 2019 | 60,366 | 81,783 |
Inventories | 73,243 | 82,289 |
Insurance receivable – asbestos | 16,000 | 16,000 |
Other current assets | 5,381 | 6,380 |
Total current assets | 171,832 | 193,412 |
Property, plant and equipment, net | 162,098 | 166,392 |
Operating lease right-of-use assets, net | 4,344 | 4,263 |
Insurance receivable – asbestos | 101,937 | 120,932 |
Deferred income tax assets | 2,493 | 2,997 |
Intangible assets, net | 7,217 | 7,625 |
Investments in joint ventures | 2,175 | 2,175 |
Other noncurrent assets | 11,112 | 8,764 |
Total assets | 463,208 | 506,560 |
Current liabilities: | ||
Accounts payable | 26,678 | 33,271 |
Accrued payrolls and employee benefits | 19,304 | 22,266 |
Debt – current portion | 12,436 | 20,363 |
Operating lease liabilities – current portion | 674 | 612 |
Asbestos liability – current portion | 22,000 | 21,000 |
Other current liabilities | 24,240 | 26,720 |
Total current liabilities | 105,332 | 124,232 |
Employee benefit obligations | 81,832 | 83,936 |
Asbestos liability | 158,196 | 186,633 |
Long-term debt | 24,807 | 50,494 |
Noncurrent operating lease liabilities | 3,670 | 3,651 |
Deferred income tax liabilities | 1,403 | 543 |
Other noncurrent liabilities | 2,969 | 1,455 |
Total liabilities | 378,209 | 450,944 |
Commitments and contingent liabilities (Note 12) | ||
Shareholders’ equity: | ||
Common stock – par value $1; authorized 40,000 shares; issued and outstanding 18,312 shares in 2020 and 12,652 shares in 2019 | 18,312 | 12,652 |
Additional paid-in capital | 170,318 | 156,251 |
Retained deficit | (43,371) | (51,341) |
Accumulated other comprehensive loss | (68,695) | (68,662) |
Total Ampco-Pittsburgh shareholders’ equity | 76,564 | 48,900 |
Noncontrolling interest | 8,435 | 6,716 |
Total shareholders’ equity | 84,999 | 55,616 |
Total liabilities and shareholders’ equity | $ 463,208 | $ 506,560 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $ 1,131 | $ 3,041 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 18,312,000 | 12,652,000 |
Common stock, shares outstanding | 18,312,000 | 12,652,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
Net sales | $ 328,544 | $ 397,904 |
Operating costs and expenses: | ||
Costs of products sold (excluding depreciation and amortization) | 257,513 | 326,157 |
Selling and administrative | 45,542 | 53,643 |
Depreciation and amortization | 18,575 | 18,967 |
Impairment charge | 0 | 10,082 |
Charge for asbestos litigation | 283 | 0 |
Loss (gain) on disposal of assets | 185 | (37) |
Total operating expenses | 322,098 | 408,812 |
Income (loss) from continuing operations | 6,446 | (10,908) |
Other income (expense): | ||
Investment-related income | 1,396 | 1,417 |
Interest expense | (4,114) | (5,342) |
Other – net | 4,972 | 6,466 |
Total other income (expense) | 2,254 | 2,541 |
Income (loss) from continuing operations before income taxes | 8,700 | (8,367) |
Income tax benefit (provision) | 470 | (2,108) |
Net income (loss) from continuing operations | 9,170 | (10,475) |
Loss from discontinued operations, net of tax | 0 | (9,085) |
Net income (loss) | 9,170 | (19,560) |
Less: Net income attributable to noncontrolling interest | 1,200 | 1,426 |
Net income (loss) attributable to Ampco-Pittsburgh | $ 7,970 | $ (20,986) |
Net income (loss) from continuing operations per share attributable to Ampco-Pittsburgh common shareholders: | ||
Basic | $ 0.56 | $ (0.95) |
Diluted | 0.54 | (0.95) |
Loss from discontinued operations, net of tax, per share attributable to Ampco-Pittsburgh common shareholders: | ||
Basic | 0 | (0.72) |
Diluted | 0 | (0.72) |
Net income (loss) per share attributable to Ampco-Pittsburgh common shareholders: | ||
Basic | 0.56 | (1.67) |
Diluted | $ 0.54 | $ (1.67) |
Weighted average number of common shares outstanding: | ||
Basic | 14,272 | 12,590 |
Diluted | 14,636 | 12,590 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income (loss) | $ 9,170 | $ (19,560) |
Adjustments for changes in: | ||
Foreign currency translation | 6,981 | 290 |
Unrecognized employee benefit costs (including effects of foreign currency translation) | (8,188) | (19,655) |
Fair value of cash flow hedges | 390 | 97 |
Reclassification adjustments for items included in net income (loss): | ||
Amortization of unrecognized employee benefit costs | 1,395 | (302) |
Realized (gains) losses from settlement of cash flow hedges | (92) | 258 |
Other comprehensive income (loss) | 486 | (19,312) |
Comprehensive income (loss) | 9,656 | (38,872) |
Less: Comprehensive income attributable to noncontrolling interest | 1,719 | 1,342 |
Comprehensive income (loss) attributable to Ampco-Pittsburgh | $ 7,937 | $ (40,214) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Deficit) [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2018 | $ 92,969 | $ 12,495 | $ 154,889 | $ (30,355) | $ (49,434) | $ 5,374 |
Stock-based compensation | 1,293 | 1,293 | ||||
Comprehensive income (loss): | ||||||
Net (loss) income | (19,560) | (20,986) | 1,426 | |||
Other comprehensive (loss) income | (19,312) | (19,228) | (84) | |||
Comprehensive income (loss) | (38,872) | 1,342 | ||||
Issuance of common stock including excess tax benefits of $0 | 226 | 157 | 69 | |||
Ending Balance at Dec. 31, 2019 | 55,616 | 12,652 | 156,251 | (51,341) | (68,662) | 6,716 |
Stock-based compensation | 1,329 | 1,329 | ||||
Comprehensive income (loss): | ||||||
Net (loss) income | 9,170 | 7,970 | 1,200 | |||
Other comprehensive (loss) income | 486 | (33) | 519 | |||
Comprehensive income (loss) | 9,656 | 1,719 | ||||
Equity rights offering | 18,139 | 5,508 | 12,631 | |||
Issuance of common stock including excess tax benefits of $0 | 259 | 152 | 107 | |||
Ending Balance at Dec. 31, 2020 | $ 84,999 | $ 18,312 | $ 170,318 | $ (43,371) | $ (68,695) | $ 8,435 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Common Stock [Member] | ||
Issuance of common stock tax benefits | $ 0 | $ 0 |
Additional Paid-in Capital [Member] | ||
Issuance of common stock tax benefits | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 9,170 | $ (19,560) |
Loss from discontinued operations, net of tax | 0 | (9,085) |
Net income (loss) from continuing operations | 9,170 | (10,475) |
Adjustments to reconcile net income (loss) from continuing operations to net cash flows from operating activities: | ||
Depreciation and amortization | 18,575 | 18,967 |
Impairment charge | 0 | 10,082 |
Charge for asbestos litigation | 283 | 0 |
Deferred income tax expense | 958 | 559 |
Difference between pension and other postretirement expense and contributions | (11,844) | (8,939) |
Stock-based compensation | 1,329 | 1,422 |
Non-cash provisions – net | 2,006 | 1,488 |
Other – net | 413 | 152 |
Changes in assets/liabilities: | ||
Receivables | 20,866 | (15,040) |
Inventories | 10,219 | 10,797 |
Other assets, including insurance receivable – asbestos | 20,640 | 16,652 |
Accounts payable | (7,778) | (5,292) |
Accrued payrolls and employee benefits | (2,753) | 3,887 |
Other liabilities, including asbestos liability | (28,449) | (27,554) |
Net cash flows provided by (used in) operating activities - continuing operations | 33,635 | (3,294) |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (8,466) | (10,964) |
Proceeds from sale of property, plant and equipment | 271 | 67 |
Proceeds from sale of ASW | 0 | 4,292 |
Proceeds from sale of Avonmore Plant | 0 | 3,700 |
Other – net | 266 | 243 |
Net cash flows used in investing activities - continuing operations | (7,929) | (2,662) |
Cash flows from financing activities: | ||
Proceeds from Revolving Credit and Security Agreement | 6,000 | 36,136 |
Payments on Revolving Credit and Security Agreement | (34,273) | (16,183) |
Repayment of debt | (6,757) | (28,226) |
Debt issuance costs | (329) | 0 |
Proceeds from equity rights offering, net of issuance costs | 18,139 | 0 |
Other | 0 | (7) |
Funding of discontinued operations | 0 | 1,663 |
Net cash flows used in financing activities - continuing operations | (17,220) | (6,617) |
Effect of exchange rate changes on cash and cash equivalents | 1,396 | (180) |
Cash flows from discontinued operations: | ||
Net cash flows used in operating activities - discontinued operations | 0 | (3,803) |
Net cash flows used in investing activities - discontinued operations | 0 | (158) |
Net cash flows provided by financing activities - discontinued operations | 0 | 2,837 |
Net cash flows used in discontinued operations | 0 | (1,124) |
Net increase (decrease) in cash and cash equivalents | 9,882 | (13,877) |
Cash and cash equivalents at beginning of year | 6,960 | 20,837 |
Cash and cash equivalents at end of year | 16,842 | 6,960 |
Supplemental disclosures of cash flow information: | ||
Income tax payments | 2,174 | 1,761 |
Interest payments | 2,978 | 4,247 |
Non-cash investing and financing activities: | ||
Purchases of property, plant and equipment in accounts payable | 981 | 772 |
Finance lease right-of-use assets exchanged for lease liabilities | 430 | 429 |
Operating lease right-of-use assets exchanged for lease liabilities | $ 701 | $ 278 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business Ampco-Pittsburgh Corporation and its subsidiaries (collectively, the “Corporation”) manufacture and sell highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. It operates in two business segments, the Forged and Cast Engineered Products Air and Liquid Processing The Segments The FCEP segment produces forged hardened steel rolls, cast rolls and open-die forged products. Forged hardened steel rolls are used primarily in cold rolling mills by producers of steel, aluminum and other metals. Cast rolls, which are produced in a variety of iron and steel qualities, are used mainly in hot and cold strip mills, medium/heavy section mills and plate mills. Forged engineered products are principally sold to customers in the steel distribution market, oil and gas industry and the aluminum and plastic extrusion industries. The segment has operations in the United States, England, Sweden and Slovenia and equity interests in three joint venture companies in China. Collectively, the segment primarily competes with European, Asian and North American and South American companies in both domestic and foreign markets and distributes a significant portion of its products through sales offices located throughout the world. The Air and Liquid Processing segment includes Aerofin, Buffalo Air Handling and Buffalo Pumps, all divisions of Air & Liquid Systems Corporation (“Air & Liquid”), a wholly owned subsidiary of the Corporation. Aerofin produces custom-engineered finned tube heat exchange coils and related heat transfer products for a variety of industries including OEM/commercial, nuclear power generation and industrial manufacturing. Buffalo Air Handling produces large custom-designed air handling systems for institutional (e.g., hospital, university), pharmaceutical and general industrial building markets. Buffalo Pumps manufactures centrifugal pumps for the fossil fueled power generation, marine defense and industrial refrigeration industries. The segment has operations in Virginia and New York with headquarters in Carnegie, Pennsylvania. The segment distributes a significant portion of its products through a common independent group of sales offices located throughout the United States and Canada. COVID-19 On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency caused by a new strain of the coronavirus (“COVID-19”) and advised of the risks to the international community as the virus spread globally. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic based on the rapid increase in exposure globally. In response, many state and local governments required the closure of various businesses. The U.S. Department of Homeland Security, however, provided guidance identifying the Corporation’s domestic businesses as critical infrastructure industries, essential to the economic prosperity, security and continuity of the United States, which provides exceptions to certain closures mandated by state and local governments and permits businesses to continue operations during such an order. Despite the designation, the Corporation has periodically and temporarily idled certain operations of its FCEP segment and, consequently, furloughed certain of its employees in response to market conditions. It also has experienced, and may continue to experience, customer-requested delays of deliveries or, eventually, potential cancellation of orders. To date, the Air and Liquid Processing segment has successfully mitigated the negative impact on sales and operating income resulting from the pandemic. On March 27, 2020, former President Trump signed into law the “Coronavirus Aid, Relief, and Economic Security (CARES) Act.” The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferral of employer-side social security payments and contributions to employee benefit plans, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. Similar programs have been offered in certain of the foreign jurisdictions in which the Corporation operates, including subsidies and reimbursement of certain employee-related costs. While the Corporation has taken, and intends to continue to take, advantage of various provisions of the CARES Act and other similar programs offered domestically and in foreign jurisdictions in which the Corporation operates, where possible, it is unable to determine what impact those provisions may have on its consolidated financial statements in the future. To date, in response to the pandemic, the Corporation has: • Periodically and temporarily idled certain of its forged and cast roll manufacturing facilities due to market conditions resulting in unabsorbed costs; • Furloughed employees, particularly within the FCEP segment; • Received approximately $4,200 in the form of subsidies and reimbursements for a portion of furloughed employee costs from certain foreign jurisdictions in which the Corporation operates; • Recognized approximately $1,000 of anticipated bad debts and slow-moving inventory reserves in the first quarter of 2020 for customers expected to be more severely impacted by the pandemic; • Deferred contributions to employee benefits plans until the end of 2020, and employer-side social security payments of $2,163 to the end of 2021 and 2022; and • Recognized a discrete income tax benefit of $3,502, upon enactment of the CARES Act, for the carryback of net operating losses to an earlier period, at a higher tax rate, thereby releasing a portion of the valuation allowance the Corporation had previously established against its deferred income tax assets. The carryback of net operating losses resulted in a refund of income taxes previously paid of $3,502. It is difficult to isolate the impact of the pandemic on the Corporation’s operating results, particularly in relation to the unabsorbed costs resulting from the periodic and temporary idling of certain of the Corporation’s forged and cast roll operations, furloughing of certain of its employees and movements in the global foreign exchange and equity markets. Additionally, the Corporation is uncertain of the full effect the pandemic will have on it for the longer term. The Corporation may experience long-term disruptions to its operations resulting from changes in government policy or guidance; quarantines of employees, customers and suppliers in areas affected by the pandemic; and closures of businesses or manufacturing facilities critical to its business or supply chains. It may also incur higher write-offs of accounts receivables and impairment charges on its asset values, including property, plant and equipment and intangible assets. The Corporation is actively monitoring, and will continue to actively monitor, the pandemic and the potential impact on its operations, financial condition, liquidity, suppliers, industry, and workforce. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: The Corporation’s accounting policies conform to accounting principles generally accepted in the United States of America. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to estimates and assumptions include assessing the carrying value of long-lived assets, valuing the assets and obligations related to employee benefit plans, accounting for loss contingencies associated with claims and lawsuits, and accounting for income taxes. Actual results could differ from those estimates. A summary of the significant accounting policies followed by the Corporation is presented below. Basis of Presentation The financial information included herein reflects the consolidated financial position of the Corporation as of December 31, 2020, and 2019, and the consolidated results of its operations and cash flows for the years then ended. Consolidation The accompanying consolidated financial statements include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries and joint ventures over which the Corporation exercises control and, when applicable, entities for which the Corporation has a controlling financial interest or is the primary beneficiary. Investments in joint ventures where the Corporation owns 20% to 50% of the voting stock and has the ability to exercise significant influence over the operating and financial policies of the joint venture are accounted for using the equity method of accounting. Investments in joint ventures where the Corporation does not have the ability to exercise significant influence over the operating and financial policies of the joint venture are accounted for using the cost method of accounting. Investments in joint ventures are reviewed for impairment whenever events or circumstances indicate the carrying amount of the investment may not be recoverable. If the estimated fair value of the investment is less than the carrying amount and such decline is determined to be “other than temporary,” then the investment may not be fully recoverable potentially resulting in a write-down of the investment value. Intercompany accounts and transactions are eliminated. Cash and Cash Equivalents Securities with purchased original maturities of three months or less are considered to be cash equivalents. The Corporation maintains cash and cash equivalents at various financial institutions which may exceed federally insured amounts. Inventories Inventories are valued at the lower of cost and net realizable value, which is defined as the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. Cost includes the cost of raw materials, direct labor and overhead for those items manufactured but not yet sold or for which control has not yet transferred to the customer. Fixed production overhead is allocated to inventories based on normal capacity of the production facilities. In periods of abnormally high production, the amount of fixed overhead allocated to each unit of production is decreased so that inventories are not measured above cost. The amount of fixed overhead allocated to inventories is not increased as a consequence of abnormally low production or plant idling. Costs for abnormal amounts of spoilage, handling costs and freight costs are charged to expense when incurred. Cost of domestic raw materials, work-in-process and finished goods inventories is primarily determined by the last-in, first-out (LIFO) method. Cost of domestic supplies and foreign inventories is determined primarily by the first-in, first-out (FIFO) method. Property, Plant and Equipment Property, plant and equipment purchased new is recorded at cost with depreciation computed using the straight-line method over the following estimated useful lives: land improvements – 15 to 20 years, buildings – 25 to 50 years and machinery and equipment – 3 to 25 years. Assets under finance leases are depreciated on a straight-line basis over the shorter of the estimated useful life of the asset or the lease term. Property, plant and equipment acquired as part of a business combination is recorded at its estimated fair value with depreciation computed using the straight-line method over the estimated remaining useful lives based in part on third-party valuations. Expenditures that extend economic useful lives are capitalized. Routine maintenance is charged to expense. Gains or losses are recognized on retirements or disposals. Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. If the undiscounted cash flows generated from the use and eventual disposition of the assets are less than their carrying value, then the asset value may not be fully recoverable potentially resulting in a write-down of the asset value. Estimates of future cash flows are based on expected market conditions over the remaining useful life of the primary asset(s). In addition, the remaining depreciation period for the impaired asset would be reassessed and, if necessary, revised. Proceeds from government grants are recorded as a reduction in the purchase price of the underlying assets and amortized against depreciation over the lives of the related assets. Right-of-Use Assets A right-of-use (“ROU”) asset represents the right to use an underlying asset for the term of the lease and the corresponding liability represents an obligation to make periodic payments arising from the lease. A determination of whether an arrangement includes a lease is made at the inception of the arrangement. ROU assets and liabilities are recognized on the consolidated balance sheet, at the commencement date of the lease, in an amount equal to the present value of the lease payments over the term of the lease calculated using the interest rate implicit in the lease arrangement or, if not known, the Corporation’s incremental borrowing rate. The present value of a ROU asset also includes any lease payments made prior to commencement of the lease and excludes any lease incentives received or to be received under the arrangement. The lease term includes options to extend or terminate the lease when it is reasonably certain that such options will be exercised. Operating leases that are for a period less than 12 months, inclusive of options to extend that are reasonably certain to be exercised, are classified as short-term and are not recognized on the consolidated balance sheet. ROU assets are recorded as a noncurrent asset on the consolidated balance sheet. The corresponding liabilities are recorded as an operating lease liability, either current or noncurrent, as applicable, on the consolidated balance sheet. Operating lease costs are recognized on a straight-line basis over the lease term within costs of products sold (excluding depreciation and amortization) or selling and administrative expenses based on the use of the related ROU asset. Intangible Assets Intangible assets primarily consist of developed technology, customer relationships and trade name. Intangible assets with finite lives are amortized using the straight-line method over their estimated useful life, which is determined by identifying the period over which most of the cash flows are expected to be generated. Intangible assets with indefinite lives are not amortized but reviewed for impairment at least annually, as of October 1. Additionally, intangible assets, both finite and indefinite lived, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. For finite-lived intangible assets, if the undiscounted cash flows attributable to the assets are less than their carrying value, then the asset value may not be fully recoverable, potentially resulting in a write-down of the asset value. For indefinite-lived intangible assets, if the discounted cash flows attributable to the assets are less than their carrying value, then the asset value may not be fully recoverable, potentially resulting in a write-down of the asset value. Also, if the estimate of an intangible asset’s remaining useful life changes, the remaining carrying value of the intangible asset will be amortized prospectively over the revised remaining useful life. Assets of Discontinued Operations Held for Sale Assets are classified as “held for sale” when all of the following criteria for a plan of sale have been met: (i) management, having the authority to approve the action, commits to a plan to sell the assets; (ii) the assets are available for immediate sale, in their present condition, subject only to terms that are usual and customary for sales of such assets; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the assets have been initiated; (iv) the sale of the assets is probable and is expected to be completed within one year; (v) the assets are being actively marketed for a price that is reasonable in relation to their current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or the plan will be withdrawn. When all of these criteria have been met, the assets are classified as “held for sale” in the consolidated balance sheet. Assets classified as “held for sale” are reported at the lower of their carrying value or fair value less costs to sell. Depreciation of assets ceases upon designation as “held for sale”. If the “held for sale” criteria have been met and the sale represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results, the assets and liabilities of the discontinued operation are classified separately as “discontinued operations” in the consolidated balance sheet and the operating results and cash flows of the discontinued operation are presented as “discontinued operations” in the consolidated statements of operations and cash flows. Debt Issuance Costs Debt issuance costs are amortized as interest expense over the scheduled maturity period of the debt. The costs related to a line-of-credit arrangement are amortized over the term of the arrangement, regardless of whether there are any outstanding borrowings. Unamortized debt issuance costs are either recognized as a direct deduction from the carrying amount of the related debt or, if related to a line-of-credit facility, as an other noncurrent asset on the consolidated balance sheet. Product Warranty A warranty that ensures basic functionality is an assurance type warranty. A warranty that goes beyond ensuring basic functionality is considered a service type warranty. The Corporation provides assurance type warranties; it does not provide service type warranties. Provisions for assurance type warranties are recognized at the time the underlying sale is recorded. The provision is based on historical experience as a percentage of sales adjusted for potential claims when a liability is probable and for known claims. Employee Benefit Plans Funded Status If the fair value of the plan assets exceeds the projected benefit obligation, the over-funded projected benefit obligation is recognized as an asset (prepaid pensions within other noncurrent assets) on the consolidated balance sheet. Conversely, if the projected benefit obligation exceeds the fair value of the plan assets, the under-funded projected benefit obligation is recognized as a liability (employee benefit obligations) on the consolidated balance sheet. Gains and losses arising from the difference between actuarial assumptions and actual experience and unamortized prior service costs are recorded as a separate component of accumulated other comprehensive loss. Net Periodic Pension and Other Postretirement Benefit Costs Net periodic pension and other postretirement benefit costs includes service cost, interest cost, expected rate of return on the market-related value of plan assets, amortization of prior service costs, and recognized actuarial gains or losses. When actuarial gains or losses exceed 10% of the greater of the projected benefit obligation or the market-related value of plan assets, they are amortized to net periodic pension and other postretirement benefit costs over the average remaining service period of the employees expected to receive benefits under the plan or over the remaining life expectancy of the employees expected to receive benefits if “all or almost all” of the plan’s participants are inactive. When actuarial gains or losses are less than 10% of the greater of the projected benefit obligation or the market-related value of plan assets, they are included in net periodic pension and other postretirement benefit costs indirectly as a result of lower/higher interest costs arising from a decrease/increase in the projected benefit obligation. The market-related value of plan assets is determined using a five-year moving average which recognizes gains or losses in the fair market value of assets at the rate of 20% per year. Warrants Accounting for warrants includes an initial assessment of whether the warrants qualify as debt or equity. The Corporation’s warrants meet the definition of equity instruments and, accordingly, are recorded within shareholders’ equity on the consolidated balance sheet. The fair value of the warrants is determined as of the measurement date. Incremental costs directly attributable to the offering of the securities are deferred and charged against the proceeds of the offering. Other Comprehensive Income (Loss) Other comprehensive income (loss) includes changes in assets and liabilities from non-owner sources including foreign currency translation adjustments, unamortized prior service costs and unrecognized actuarial gains and losses associated with employee benefit plans, and changes in the fair value of derivatives designated and effective as cash flow hedges. Certain components of other comprehensive income (loss) are presented net of income tax. Foreign currency translation adjustments exclude the effect of income tax since earnings of non-U.S. subsidiaries are deemed to be reinvested for an indefinite period of time. Reclassification adjustments are amounts which are realized during the year and, accordingly, are deducted from other comprehensive income (loss) in the period in which they are included in net income (loss) or when a transaction no longer qualifies as a cash flow hedge. Foreign currency translation adjustments are included in net income (loss) upon sale or upon complete or substantially complete liquidation of an investment in a foreign entity. With respect to employee benefit plans, unamortized prior service costs are included in net income (loss), either immediately upon curtailment of the employee benefit plan or over the average remaining service period or life expectancy of the employees expected to receive benefits, and unrecognized actuarial gains and losses are included in net income (loss) indirectly as a result of lower/higher interest costs arising from a decrease/increase in the projected benefit obligation. Changes in the fair value of derivatives are included in net income (loss) when the projected sale occurs or, if a foreign currency purchase contract, over the estimated useful life of the underlying asset. Foreign Currency Translation Assets and liabilities of the Corporation’s foreign operations are translated at year-end exchange rates and the statements of operations are translated at the average exchange rates for the year. Gains or losses resulting from translating foreign currency financial statements are accumulated as a separate component of accumulated other comprehensive loss until the entity is sold or substantially liquidated. Revenue Recognition Revenue from sales is recognized when obligations under the terms of the contract with the customer are satisfied. Generally, this occurs when control of the product transfers to the customer. A contract with a customer is deemed to exist when there is persuasive evidence of an arrangement, the sales price is fixed or determinable and collectability is reasonably assured. Persuasive evidence of an arrangement identifies the final understanding between the parties as to the specific nature and terms of the agreed-upon transaction that creates enforceable obligations. It can be in the form of an executed purchase order from the customer, combined with an order acknowledgment from the Corporation, a sales agreement or longer-term supply agreement between the customer and the Corporation, or a similar arrangement deemed to be a normal and customary business practice for that particular customer or class of customer (collectively, a sales agreement). Sales agreements typically include a single performance obligation for the manufacturing of product which is satisfied upon transfer of control of the product to the customer. The sales price required to be paid by the customer is fixed or determinable from the sales agreement. It is not subject to refund or adjustment, except for a variable-index surcharge provision which is known at the time of shipment and increases or decreases, as applicable, the selling price of a mill roll for corresponding changes in the published index cost of certain raw materials. The variable-index surcharge is recognized as revenue when the corresponding revenue for the inventory is recognized. Likelihood of collectability is assessed prior to acceptance of an order. In certain circumstances, the Corporation may require a deposit from the customer, a letter of credit, or another form of assurance for payment. An allowance for doubtful accounts is maintained based on historical experience. Payment terms are standard to the industry and generally require payment 30 days after control transfers to the customer. Transfer of control is assessed based on alternative use of the product manufactured and, under the terms of the sales agreement, an enforceable right to payment for performance to date. Transfer of control, and therefore revenue recognition, occurs when title, ownership and risk of loss pass to the customer. Typically, this occurs when the product is shipped to the customer (i.e., FOB shipping point), delivered to the customer (i.e., FOB destination), or, for foreign sales, in accordance with trading guidelines known as Incoterms. Incoterms are standard trade definitions used in international contracts and are developed, maintained and promoted by the ICC Commission on Commercial Law and Practice. Shipping terms vary across the businesses and typically depend on the product, country of origin and type of transportation (truck or vessel). There are no customer-acceptance provisions other than, perhaps, customer inspection and testing prior to shipment. Post-shipment obligations are insignificant. Amounts billed to the customer for shipping and handling are recorded within net sales and the related costs are recorded within costs of products sold (excluding depreciation and amortization). Amounts billed for taxes assessed by various government authorities (e.g., sales tax, value-added tax, etc.) are excluded from the determination of net income (loss) and, instead, are recorded as a liability until remitted to the government authority. Stock-Based Compensation Stock-based compensation, such as stock options, restricted stock units and performance shares, is recognized over the vesting period based upon the fair value of the award at the date of grant. For stock options, the fair value is determined by the Black Scholes option pricing model and is expensed over the vesting period of three years. For restricted stock units, the fair value is equal to the closing price of the Corporation’s common stock on the New York Stock Exchange (“NYSE”) on the date of grant and is expensed over the vesting period, typically three years. For performance share awards that vest subject to a performance condition, the fair value is equal to the closing price of the Corporation’s stock on the NYSE on the date of grant. For performance share awards that vest subject to a market condition, the fair value is determined using a Monte Carlo simulation model. The fair value of performance share awards is expensed over the performance period when it is probable that the performance condition will be achieved. Asbestos-Related Costs The amounts recorded for asbestos-related liabilities and insurances receivables for asbestos-related matters rely on assumptions that are based on currently known facts and strategies. Asbestos-related liabilities are recognized when a liability is probable of occurrence and can be reasonably estimated. The liability includes an estimate of future claims as well as settlement or indemnity costs that would be incurred to resolve both pending and future unasserted claims over the period which such claims can be reasonably estimated. Insurance receivables for asbestos-related matters are recognized for the estimated amount of probable insurance recoveries attributable to the claims for which an asbestos-related liability has been recognized, including the portion of incurred defense costs expected to be reimbursed. Neither the asbestos-related liabilities nor the insurance receivables for asbestos-related matters are discounted to their present values due to the inability to reliably forecast the timing of future cash flows. The asbestos-related liabilities and insurance receivables for asbestos-related matters as well as the underlying assumptions are reviewed on a regular basis to determine whether any adjustments to the estimates are required. If it is determined that there is an increase in asbestos-related liabilities net of insurance recoveries, then a charge to earnings would be recorded. Similarly, if it is determined that there is a decrease in asbestos-related liabilities net of insurance recoveries, then a credit to earnings would be recorded. Derivative Instruments Derivative instruments which include forward exchange (for foreign currency sales and purchases) and futures contracts are recorded on the consolidated balance sheet as either an asset or a liability measured at their fair value. The accounting for changes in the fair value of a derivative depends on the use of the derivative. To the extent that a derivative is designated and effective as a cash flow hedge of an exposure to future changes in value, the change in the fair value of the derivative is deferred in accumulated other comprehensive loss. Any portion considered to be ineffective, including that arising from the unlikelihood of an anticipated transaction to occur, is reported as a component of earnings (other income/expense) immediately. Upon occurrence of the anticipated sale, the foreign currency sales contract designated and effective as a cash flow hedge is de-designated as a fair value hedge and the change in fair value previously deferred in accumulated other comprehensive loss is reclassified to earnings (net sales) with subsequent changes in fair value recorded as a component of earnings (other income/expense). Upon occurrence of the anticipated purchase, the foreign currency purchase contract is settled and the change in fair value deferred in accumulated other comprehensive loss is reclassified to earnings (depreciation and amortization expense) over the life of the underlying asset. Upon settlement of a futures contract, the change in fair value deferred in accumulated other comprehensive loss is reclassified to earnings (costs of products sold, excluding depreciation and amortization) when the corresponding inventory is sold and revenue is recognized. To the extent that a derivative is designated and effective as a hedge of an exposure to changes in fair value, the change in the derivative’s fair value will be offset in the consolidated statement of operations by the change in the fair value of the item being hedged and is recorded as a component of earnings (other income/expense). Cash flows associated with the derivative instruments are recorded as a component of operating activities on the consolidated statement of cash flows. The Corporation does not enter into derivative transactions for speculative purposes and, therefore, holds no derivative instruments for trading purposes. Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. A hierarchy of inputs is used to determine fair value measurements with three levels. Level 1 inputs are quoted prices in active markets for identical assets or liabilities and are considered the most reliable evidence of fair value. Level 2 inputs are observable prices that are not quoted on active exchanges. Level 3 inputs are unobservable inputs used for measuring the fair value of assets or liabilities. Legal Costs Legal costs expected to be incurred in connection with loss contingencies are accrued when such costs are probable and estimable. Income Taxes Income taxes are recognized during the year in which transactions enter into the determination of financial statement income. Any taxes on foreign income in excess of a deemed return on tangible assets of foreign corporations are accounted for as period costs. Deferred income tax assets and liabilities are recognized for the future tax consequences of temporary differences between the book carrying amount and the tax basis of assets and liabilities including net operating loss carryforwards. A valuation allowance is provided against a deferred income tax asset when it is “more likely than not” the asset will not be realized. Similarly, if a determination is made that it is “more likely than not” the deferred income tax asset will be realized, the related valuation allowance would be reduced and a benefit to earnings would be recorded. Penalties and interest are recognized as a component of the income tax provision. Tax benefits are recognized in the financial statements for tax positions taken or expected to be taken in a tax return when it is “more likely than not” that the tax authorities will sustain the tax position solely on the basis of the position’s technical merits. Consideration is given primarily to legislation and statutes, legislative intent, regulations, rulings and case law as well as their applicability to the facts and circumstances of the tax position when assessing the sustainability of the tax position. In the event a tax position no longer meets the “more likely than not” criteria, the tax benefit is reversed by recognizing a liability and recording a charge to earnings. Conversely, if a tax position subsequently meets the “more likely than not” criteria, a tax benefit would be recognized by reducing the liability and recording a credit to earnings. Earnings Per Common Share Basic earnings per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. The computation of diluted earnings per common share is similar to basic earnings per common share except that the denominator is increased to include the dilutive effect of the net additional common shares that would have been outstanding assuming exercise of outstanding stock awards and warrants, calculated using the treasury stock method. The computation of diluted earnings per share would not assume the exercise of an outstanding stock award or warrant if the effect on earnings per common share would be antidilutive. Similarly, the computation of diluted earnings per share would not assume the exercise of outstanding stock awards and warrants if the Corporation incurred a net loss since the effect on earnings per common share would be antidilutive. The weighted average number of common shares outstanding assuming exercise of dilutive stock awards and warrants was 14,636,022 for 2020 and 12,590,230 for 2019. Weighted-average outstanding stock awards and warrants excluded from the diluted earnings per common share calculation, since the effect would have been antidilutive, were 1,809,432 for 2020 and 671,886 for 2019. With respect to amounts attributable to Ampco-Pittsburgh common shareholders, net income (loss) from continuing operations attributable to Ampco-Pittsburgh common shareholders excludes net income attributable to noncontrolling interest. Recently Implemented Accounting Pronouncements No significant accounting pronouncements became effective for the Corporation in 2020. Recently Issued Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity Earnings per Share In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740). The guidance becomes effective for the Corporation on January 1, 2021, and is not expected to impact the Corporation’s financial position, operating results or liquidity. In September 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses |
Discontinued Operations and Dis
Discontinued Operations and Dispositions | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations and Dispositions | NOTE 2 – DISCONTINUED OPERATIONS AND DISPOSITIONS: ASW Steel Inc. (“ASW”) On September 30, 2019, the Corporation, Ampco UES Sub, Inc., an indirect subsidiary of the Corporation, and ASW entered into a Share Purchase Agreement (the “Purchase Agreement”) with Valbruna Canada Ltd., a company organized and existing under the laws of the Province of New Brunswick, Canada (the “Purchaser”). The Purchaser acquired all issued and outstanding shares of ASW for a cash purchase price of $8,000, subject to normal and customary adjustments including a net working capital adjustment. Net proceeds received at closing, after such normal and customary adjustments including a preliminary net working capital adjustment, equaled $4,292. Subsequent post-closing adjustments were not significant. In conjunction with the sale, Union Electric Steel Corporation (“UES”), an indirect subsidiary of the Corporation, entered into a long-term supply agreement with ASW for the supply of stainless steel ingots. Purchases to date have been insignificant. The sale of ASW represented a strategic shift that would have a major favorable impact on the Corporation’s operations and financial results. The “discontinued operations” criteria set forth in ASC 205, Presentation of Financial Statements The following table presents the major classes of ASW’s line items constituting the “loss from discontinued operations, net of tax” in the consolidated statements of operations: Year Ended December 31, 2019 Net sales $ 35,045 Operating costs and expenses: Costs of products sold (excluding depreciation and amortization) 42,407 Selling and administrative 1,741 Loss on disposal of assets 55 Total operating expenses 44,203 Loss from discontinued operations (9,158 ) Other income 73 Loss from discontinued operations before income taxes (9,085 ) Income tax provision 0 Loss from discontinued operations, net of tax $ (9,085 ) Net sales include $4,381 of product sold by ASW to UES for the nine months ended September 30, 2019. Costs of products sold (excluding depreciation and amortization) approximated the same. Akers National Roll Company In March 2019, the Board of Directors of the Corporation approved a plan to sell certain assets of Akers National Roll Company (“ANR”), an indirect subsidiary of UES, located in Avonmore, Pennsylvania (the “Avonmore Plant”). In connection with the anticipated sale, the Corporation recognized an impairment charge of $10,082 in the first quarter of 2019 to record the assets at their estimated net realizable value. In May 2019, ANR entered into a definitive agreement to sell the Avonmore Plant, including its real estate and certain personal property, to an affiliate of WHEMCO, Inc. for $3,700. On September 30, 2019, following completion of customer orders in backlog, the transaction closed and all operations at ANR ceased. Although the sale of the Avonmore Plant was expected to help mitigate the excess capacity and high operating costs of the cast roll operations, thereby having a positive impact on the operating and financial results of the Corporation, the sale of the Avonmore Plant was not considered a strategic shift per the requirements of ASC 205; accordingly, the operating results and cash flows of ANR through the date of sale are included within continuing operations, versus discontinued operations, of the Corporation. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 3 – INVENTORIES: 2020 2019 Raw materials $ 17,893 $ 18,011 Work-in-progress 31,568 35,942 Finished goods 12,466 17,159 Supplies 11,316 11,177 Inventories $ 73,243 $ 82,289 At December 31, 2020, and 2019, approximately 35% of the inventories were valued using the LIFO method. The LIFO reserve approximated $(12,256) and $(17,321) at December 31, 2020, and 2019, respectively. During each of the years, inventory quantities decreased for certain locations resulting in a liquidation of LIFO layers which were at lower costs. The effect of the liquidations was to decrease costs of products sold (excluding depreciation and amortization) by approximately $3,262 and $467 for 2020 and 2019, respectively. There was no income tax expense recognized in the consolidated statements of operations due to the Corporation having a valuation allowance recorded against its deferred income tax assets for the jurisdiction where the income was recognized (see Note 21 ). Accordingly, the effect of the liquidations increased net income by approximately $3,262, or $0.23 per common share, for 2020 and reduced net loss by approximately $467, or $0.04 per common share, for 2019. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | NOTE 4 – PROPERTY, PLANT AND EQUIPMENT: 2020 2019 Land and land improvements $ 10,473 $ 9,556 Buildings 63,765 61,866 Machinery and equipment 339,203 325,941 Construction-in-process 4,896 5,251 Other 6,870 6,872 425,207 409,486 Accumulated depreciation (263,109 ) (243,094 ) Property, plant and equipment, net $ 162,098 $ 166,392 The majority of the assets of the Corporation, except real property including the land and building of Union Electric Steel UK Limited, an indirect subsidiary of the Corporation (“UES-UK”), is pledged as collateral for the Corporation’s revolving credit facility (see Note 9 ). Land and buildings of UES-UK, equal to approximately $2,896 (£2,122) at December 31, 2020, are held as collateral by the trustees of the UES-UK defined benefit pension plan (see Note 11 ). The gross value of assets under finance leases and the related accumulated amortization approximated $3,430 and $1,222 as of December 31, 2020, and $3,204 and $903 as of December 31, 2019. Amortization on assets under finance leases approximated $415 for the year ended December 31, 2020. At March 31, 2020, the significant change potentially brought about by COVID-19 to macroeconomic conditions and to industry and market conditions in which the FCEP segment operates, was deemed to be a triggering event under ASC 360, Property, Plant and Equipment |
Operating Lease Right of Use As
Operating Lease Right of Use Assets | 12 Months Ended |
Dec. 31, 2020 | |
Operating Lease Right Of Use Asset [Abstract] | |
Operating Lease Right of Use Assets | NOTE 5 – OPERATING LEASE RIGHT-OF-USE ASSETS: The Corporation leases certain factory and office space and equipment. Additionally, the manufacturing facilities of one of our cast roll joint ventures in China are located on land leased by the joint venture from the other partner. The land lease commenced in 2007, the date the joint venture was formed, and continues through 2054, the expected end date of the joint, and includes variable lease payment provisions based on the land standard price prevailing in Taiyuan, China, where the joint venture is located. Right-of-use assets associated with operating leases as of December 31, 2020, and 2019, were comprised of the following: 2020 2019 Land $ 2,850 $ 2,700 Buildings 1,825 1,506 Machinery and equipment 495 329 Other 404 487 5,574 5,022 Accumulated amortization (1,230 ) (759 ) Operating lease right-of-use assets, net $ 4,344 $ 4,263 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 6 – INTANGIBLE ASSETS: 2020 2019 Customer relationships $ 6,191 $ 5,995 Developed technology 4,457 4,157 Trade name 2,646 2,355 13,294 12,507 Accumulated amortization (6,077 ) (4,882 ) Intangible assets, net $ 7,217 $ 7,625 The trade name is an indefinite-lived asset and, accordingly, is not subject to amortization. The fluctuation between the years is due to changes in foreign currency exchange rates. The following summarizes changes in intangible assets for the years ended December 31: 2020 2019 Balance at the beginning of the year $ 7,625 $ 9,225 Changes in intangible assets 0 (292 ) Amortization of intangible assets (1,155 ) (1,144 ) Other, primarily impact from changes in foreign currency exchange rates 747 (164 ) Balance at the end of the year $ 7,217 $ 7,625 Identifiable intangible assets are reviewed for impairment whenever events or circumstances indicate that the carrying values may not be recoverable. At March 31, 2020, the uncertainty brought about by COVID-19 was considered a triggering event for the FCEP segment, causing the Corporation to evaluate whether the identifiable intangible assets of the asset groupings within the FCEP segment were deemed to be impaired. Accordingly, as of March 31, 2020, the Corporation completed a quantitative analysis and determined that the intangible assets for these asset groups were not impaired. The Corporation continues to evaluate the uncertainty associated with COVID-19, and, at December 31, 2020, there were no additional triggering events identified for these asset groups. For 2019, in connection with the anticipated sale of the Avonmore Plant, the Corporation recognized an impairment charge on the intangible assets of ANR of $292. Identifiable intangible assets are expected to be amortized over a weighted average period of approximately 13 years or $542 for 2021, $399 for 2022, $399 for 2023, $399 for 2024, $345 for 2025 and $2,487 thereafter. |
Investments in Joint Ventures
Investments in Joint Ventures | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Joint Ventures | NOTE 7 – INVESTMENTS IN JOINT VENTURES: The Corporation has interests in three joint ventures: • Shanxi Åkers TISCO Roll Co., Ltd. (“ATR”) – a cast roll joint venture in China for which the Corporation accounts using the consolidated method of accounting. ATR principally manufactures and sells cast rolls for hot strip mills, steckel mills and medium plate mills. • Masteel Gongchang Roll Co., Ltd. (“MG”) – a forged roll joint venture in China for which the Corporation accounts using the cost method of accounting. MG principally manufactures and sells large forged backup rolls for hot and cold strip mills. • Jiangsu Gongchang Roll Joint-Stock Co., Ltd (“Gongchang”) – a cast roll joint venture in China for which the Corporation accounts using the cost method of accounting. Gongchang principally manufactures and sells cast rolls for hot and cold strip mills, medium/heavy section mills and plate mills. ATR In 2007, Åkers AB, a subsidiary of UES, entered into an agreement with Taiyuan Iron & Steel Co., Ltd. (“TISCO”) to form ATR, with Åkers AB owning 59.88% and TISCO owning 40.12%. Since Åkers AB is the majority shareholder, has voting rights proportional to its ownership interest and exercises control over TISCO, Åkers AB is considered the primary beneficiary and, accordingly, accounts for its investment in ATR on the consolidated method of accounting. The net assets and net income (loss) attributable to TISCO is reflected as non-controlling interest in the accompanying consolidated financial statements. MG The Corporation has a 33% interest in MG which is recorded at cost, or $835. The Corporation does not participate in the management or daily operation of MG, has not guaranteed any of its obligations and has no ongoing responsibilities to it. Dividends may be declared by the Board of Directors of the joint venture after allocation of after-tax profits to various “funds” equal to the minimum amount required under Chinese law. No dividends were declared or received in 2020 or 2019. Gongchang The Corporation has a 24.03% interest in Gongchang which is recorded at cost, or $1,340. The Corporation does not participate in the management or daily operation of Gongchang, has not guaranteed any of its obligations and has no ongoing responsibilities to it. Dividends may be declared by the Board of Directors of the joint venture after allocation of after-tax profits to various “funds” equal to the minimum amount required under Chinese law. Dividends of $1,203 and $1,364 were declared and received in 2020 and 2019, respectively. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | NOTE 8 – OTHER CURRENT LIABILITIES: 2020 2019 Customer-related liabilities $ 16,144 $ 16,194 Accrued interest payable 2,131 2,225 Accrued sales commissions 1,419 1,607 Other 4,546 6,694 Other current liabilities $ 24,240 $ 26,720 Customer-related liabilities include liabilities for product warranty claims and deposits received on future orders. The following summarizes changes in the liability for product warranty claims for the years ended December 31: 2020 2019 Balance at the beginning of the year $ 9,065 $ 9,447 Satisfaction of warranty claims (3,854 ) (5,467 ) Provision for warranty claims 2,737 5,050 Other, primarily impact from changes in foreign currency exchange rates 157 35 Balance at the end of the year $ 8,105 $ 9,065 Customer deposits represent amounts collected from, or invoiced to, a customer in advance of revenue recognition, and are recorded as an other current liability on the consolidated balance sheet. The liability for customer deposits is reversed when the Corporation satisfies its performance obligations and control of the inventory transfers to the customer, typically when title transfers. Performance obligations related to customer deposits are expected to be satisfied in less than one year. Changes in customer deposits consisted of the following: 2020 2019 Balance at the beginning of the year $ 4,895 $ 4,304 Satisfaction of performance obligations (13,915 ) (11,627 ) Receipt of additional deposits 15,458 12,189 Other, primarily changes in foreign currency exchange rates 69 29 Balance at the end of the year $ 6,507 $ 4,895 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 9 – DEBT: 2020 2019 Revolving Credit and Security Agreement $ 6,000 $ 34,273 Sale and leaseback financing obligation 19,931 19,303 Industrial Revenue Bonds 9,191 13,311 Minority shareholder loan 1,056 2,856 Finance leases 1,065 1,114 Outstanding borrowings 37,243 70,857 Debt – current portion (12,436 ) (20,363 ) Long-term debt $ 24,807 $ 50,494 Future principal payments, assuming demand loans are called in 2021, are $12,436 for 2021, $8,080 for 2022, $1,941 for 2023, $1,950 for 2024, $12,836 for 2025, and $0 thereafter. Revolving Credit and Security Agreement The Corporation was party to a five-year Revolving Credit and Security Agreement (the “Credit Agreement”) with a syndicate of banks. The Credit Agreement provided for initial borrowings not to exceed $100,000, with an option to increase the credit facility by an additional $50,000 at the request of the Corporation and with the approval of the banks. The Credit Agreement included sublimits for letters of credit not to exceed $40,000 and European borrowings not to exceed $15,000. The maturity date for the Credit Agreement was May 20, 2021, and, subject to other terms and conditions of the Credit Agreement, would become due on that date. On June 23, 2020, the Corporation and the banks amended the Credit Agreement (collectively, with the Credit Agreement, the “Amended Credit Agreement”) to, among other things, extend the maturity date to May 20, 2022. The Amended Credit Agreement provides for borrowings not to exceed $92,500 with the sublimits for letters of credit and European borrowings continuing. The reduction in the maximum borrowing capacity was, in part, due to the sales of ASW and the Avonmore Plant which eliminated collateral and enabled the reduction. Availability under the Amended Credit Agreement is based on eligible accounts receivable, inventory and fixed assets. Amounts outstanding under the credit facility bear interest, at the Corporation’s option, at either (i) LIBOR plus an applicable margin ranging between 2.75% to 3.25% based on the quarterly average excess availability with LIBOR set at a minimum of 0.75% or (ii) the base rate plus an applicable margin ranging between 1.75% to 2.25% based on the quarterly average excess availability. Additionally, the Corporation is required to pay a commitment fee ranging between 0.25% and 0.375% based on the daily unused portion of the credit facility. As of December 31, 2020, the Corporation had outstanding borrowings under the Amended Credit Agreement of $6,000. The effective interest rate approximated 4% for 2020 and 2019. Additionally, the Corporation had utilized a portion of the credit facility for letters of credit (see Note 12 Borrowings outstanding under the Amended Credit Agreement are collateralized by a first priority perfected security interest in substantially all of the assets of the Corporation and its subsidiaries (other than real property). Additionally, the Amended Credit Agreement contains customary affirmative and negative covenants and limitations, including, but not limited to, investments in certain of its subsidiaries, payment of dividends, incurrence of additional indebtedness, and acquisitions and divestures. The Corporation must also maintain a certain level of excess availability. The Corporation was in compliance with the applicable bank covenants as of December 31, 2020. Sale and Leaseback Financing Obligation In September 2018, UES completed a sale and leaseback financing transaction for certain of its real property, including the land and buildings of its manufacturing facilities in Valparaiso, Indiana and Burgettstown, Pennsylvania, and its manufacturing facility and corporate headquarters located in Carnegie, Pennsylvania (the “Properties”). Simultaneously with the sale, UES entered into a lease agreement pursuant to which UES would lease the Properties from the buyer. The lease provides for an initial term of 20 years; however, UES may extend the lease for four successive periods of approximately five years each. If fully extended, the lease would expire in September 2058. UES also has the option to repurchase the Properties, which it may exercise, and currently intends to exercise, in 2025, for a price equal to the greater of (i) the Fair Market Value of the Properties, or (ii) 115% of Lessor’s Total Investment for the Facilities, with such terms defined in the lease agreement. Annual payments will increase each anniversary date by an amount equal to the lesser of 2% or 1.25% of the change in the consumer price index, as defined in the lease agreement. The effective interest rate approximated 7.98% and 8.21% for 2020 and 2019, respectively. Industrial Revenue Bonds During 2020, at maturity, the Corporation repaid its $4,120 tax-exempt Industrial Revenue Bond (“IRB”). At December 31, 2020, the Corporation had the following IRBs outstanding: (i) $7,116 taxable IRB maturing in 2027, interest at a floating rate which averaged 0.83% and 2.25% for 2020 and 2019, respectively; and (ii) $2,075 tax-exempt IRB maturing in 2029, interest at a floating rate which averaged 0.85% and 1.66% for 2020 and 2019, respectively. The IRBs are secured by letters of credit of equivalent amounts and are remarketed periodically at which time interest rates are reset. If the IRBs are not able to remarketed, although considered remote by the Corporation and its bankers, the bondholders can seek reimbursement immediately from the letters of credit which serve as collateral for the bonds. Accordingly, the IRBs are recorded as current debt. Minority Shareholder Loan ATR has a loan outstanding with its minority shareholder. The loan originally matured in 2008 but has been renewed continually for one-year periods. Interest does not compound and has accrued on the outstanding balance, since inception, at the three-to-five-year loan interest rate set by the People’s Bank of China in effect at the time of renewal. The loan balance approximated $1,056 (RMB 6,901) at December 31, 2020, and $2,856 (RMB 19,901) at December 31, 2019. ATR repaid $1,882 (RMB 13,000) in principal and $290 (RMB 2,000) in accrued interest in 2020 and $1,148 (RMB 8,000) in principal and $287 (RMB 2,000) in accrued interest in 2019. The interest rate for 2020 and 2019 approximated 5%. Accrued interest as of December 31, 2020, and 2019, approximated $2,117 (RMB 13,842) and $2,152 (RMB 14,999), which is recorded in other current liabilities. Finance Leases The Corporation leases equipment under various noncancelable lease agreements ending 2021 to 2024. Effective interest rates ranged between approximately 1% and 3% for 2020 and 2019. The weighted average remaining lease term approximated 2 years at December 31, 2020, and 3 years at December 31, 2019. Cash paid for amounts included in the measurement of finance lease liabilities totaled $570 and $203 for the year ended December 31, 2020, and 2019, respectively, of which $18 and $22 were classified as operating cash flows and $552 and $181 were classified as financing cash flows in the consolidated statement of cash flows for each of the respective years. Finance lease costs for interest on finance lease liabilities were insignificant for both years. |
Operating Lease Liabilities
Operating Lease Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Operating Lease Liabilities | NOTE 10 – OPERATING LEASE LIABILITIES: The current and noncurrent portion of the Corporation’s operating lease arrangements as of December 31, 2020, and 2019, were as follows: 2020 2019 Operating lease liabilities - current portion $ 674 $ 612 Noncurrent operating lease liabilities 3,670 3,651 Total operating lease liabilities $ 4,344 $ 4,263 Future operating lease payments as of December 31, 2020, were as follows: 2021 $ 690 2022 598 2023 535 2024 487 2025 291 2026 and thereafter 3,910 Total undiscounted payments 6,511 Less: amount representing interest (2,167 ) Present value of net minimum lease payments $ 4,344 At December 31, 2020, and 2019, the weighted average remaining lease term approximated 8.71 years and 8 years, respectively, and the weighted average discount rate approximated 3.95% and 3.98%, respectively. The components of lease cost for the year ended December 31, 2020, and 2019, were as follows: 2020 2019 Short-term operating lease costs $ 30 $ 93 Long-term operating lease costs 697 682 Total operating lease costs $ 727 $ 775 Cash paid for amounts included in the measurement of operating lease liabilities totaled $727 and $775 for the year ended December 31, 2020, and 2019, respectively, and was classified as operating cash flows in the consolidated statement of cash flows. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits | NOTE 11 – PENSION AND OTHER POSTRETIREMENT BENEFITS: U.S. Pension Benefits The Corporation has two qualified domestic defined benefit pension plans that cover substantially all of its U.S. employees. Benefit accruals and participation in the plans have been curtailed for all locations except one. The defined benefit pension plans are covered by the Employee Retirement Income Security Act of 1974 (“ERISA”); accordingly, the Corporation’s policy is to fund at least the minimum actuarially computed annual contribution required under ERISA. Minimum contributions for 2020 and 2019 approximated $5,562 and $1,257, respectively. The increase in minimum contributions in 2020 from 2019 is principally due to amortization of pension funding credit balances created in earlier years from voluntary contributions previously made and expiration of legislation which reduced funding requirements for single employer plans. No contributions are expected in 2021 due to relief provided by the American Rescue Plan Act of 2021 (“ARPA”) which was signed into law by President Biden in March 2021. The fair value of the plan assets as of December 31, 2020, and 2019, approximated $210,880 and $195,667, respectively, in comparison to accumulated benefit obligations of $264,750 and $252,808 for the same periods. Employer contributions to the defined contribution plans totaled $2,796 and $3,140 for 2020 and 2019, respectively, and are expected to approximate $2,903 in 2021. The Corporation also maintains nonqualified defined benefit pension plans for selected executives in addition to the benefits provided under one of the Corporation’s qualified defined benefit pension plans. The objectives of the nonqualified plans are to provide supplemental retirement benefits or restore benefits lost due to limitations set by the Internal Revenue Service. The assets of the nonqualified plans are held in a grantor tax trust known as a “Rabbi” trust and are subject to claims of the Corporation’s creditors, but otherwise must be used only for purposes of providing benefits under the plans. The fair market value of the trust at December 31, 2020, and 2019, which is included in other noncurrent assets, was $4,402 and $4,183, respectively. The plan is treated as a non-funded pension plan for financial reporting purposes. Accordingly, benefit payments would represent employer contributions. Accumulated benefit obligations approximated $8,813 and $8,481 at December 31, 2020, and 2019, respectively. Employees at one location participate in a multi-employer plan, I.A.M. National Pension Fund I.A.M. National Pension Fund • Approximately 1,700 employer locations contribute to the plan; • Approximately 100,000 active employees participate in the plan; and • Assets of approximately $12.3 billion and a funded status of approximately 87%. Less than 100 of the Corporation’s employees participate in the plan and contributions are based on a rate per hour. The Corporation’s contributions to the plan were less than $250 for 2020 and 2019 and represent less than five percent of total contributions to the plan by all contributing employers. Contributions are expected to approximate $250 in 2021. Foreign Pension Benefits Employees of UES-UK participated in a defined benefit pension plan that was curtailed effective December 31, 2004, and replaced with a defined contribution pension plan. The plans are non-U.S. plans and therefore are not covered by ERISA. Employer contributions to the defined benefit pension plan, when necessary, are agreed to by the Trustees and UES-UK, based on U.K. regulations, with the objective of eliminating any funding deficit of the plan. Such estimated contributions are subject to change based on the future investment performance of the plan’s assets. Currently, the plan is fully funded and no The Corporation has two additional foreign defined benefit pension plans, which are not funded. Accordingly, benefit payments would represent employer contributions. Projected and accumulated benefit obligations approximated $8,294 and $7,501 at December 31, 2020, and 2019, respectively. Other Postretirement Benefits The Corporation provides a monthly reimbursement of postretirement health care benefits for up to a 6-year period principally to the bargaining groups of two subsidiaries. The plans cover participants and their spouses who retire under an existing pension plan on other than a deferred vested basis and at the time of retirement have also rendered 10 or more years of continuous service irrespective of age. Retiree life insurance is provided to substantially all retirees. The Corporation’s postretirement health care and life insurance plans are not funded or subject to any minimum regulatory funding requirements. Instead, benefit payments are made from the general assets of the Corporation at the time they are due. Significant Activity In 2019, the Corporation: • Amended the defined benefit pension plan for the hourly employees of the Avonmore Plant to provide for an early retirement option and incentive. Participants selecting the early retirement incentive received an enhanced benefit multiplier, which increased employee benefit obligations by $472 and expense of $236. • Recognized special termination benefits expense of $3,694 and a curtailment loss of $1,641 for shutdown benefits provided by the defined benefit pension plan document covering the hourly employees of ANR and as a result of negotiations. The special termination benefits expense and curtailment loss increased employee benefit obligations by similar amounts. • Recognized a curtailment gain of $7,639, principally resulting from the accelerated amortization of prior service credits, and reduced employee benefit obligations by $478 for the other postretirement benefit plan in connection with the sale of the Avonmore Plant and the completion of manufacturing activities at ANR. • Amended retiree health benefits provided by one of its other postretirement benefit plans to a stipend and reimbursement plan reducing employee benefit obligations by $4,632 and resulting in a curtailment gain of $15. Actuarial losses were comprised of the following components: U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2020 2019 2020 2019 2020 2019 Changes in assumptions $ 21,494 $ 27,380 $ 5,674 $ 6,277 $ 811 $ 1,116 Other (1,851 ) 295 (333 ) 831 (85 ) 134 Total actuarial losses $ 19,643 $ 27,675 $ 5,341 $ 7,108 $ 726 $ 1,250 Changes in actuarial assumptions principally include the effect of changes in discount rates and mortality tables which are used to estimate plan liabilities. A 1/4 percentage point decrease in the discount rate would increase projected and accumulated benefit obligations by approximately $10,900. Conversely, a 1/4 percentage point increase in the discount rate would decrease projected and accumulated benefit obligations by approximately $10,900. It is not possible to quantify the effects of future changes to mortality tables. Reconciliations The following table provides a reconciliation of projected benefit obligations (“PBO”), plan assets and the funded status of the plans for the Corporation’s defined benefit plans calculated using a measurement date as of the end of the respective years. U.S. Pension Benefits (a) Foreign Pension Benefits (b) Other Postretirement Benefits 2020 2019 2020 2019 2020 2019 Change in projected benefit obligations: PBO at January 1 $ 261,902 $ 233,790 $ 62,339 $ 54,337 $ 11,398 $ 15,810 Service cost 223 633 444 444 225 286 Interest cost 7,175 9,018 1,058 1,399 281 390 Plan amendments 0 472 0 0 0 (4,632 ) Special termination benefits 12 3,694 0 0 0 (478 ) Plan curtailments 0 1,458 0 0 0 0 Foreign currency exchange rate changes 0 0 3,209 1,586 0 0 Actuarial losses 19,643 27,675 5,341 7,108 726 1,250 Participant contributions 0 0 0 0 274 99 Benefits paid from plan assets (14,776 ) (14,435 ) (1,796 ) (1,879 ) 0 0 Benefits paid by the Corporation (403 ) (403 ) (672 ) (656 ) (1,494 ) (1,327 ) PBO at December 31 $ 273,776 $ 261,902 $ 69,923 $ 62,339 $ 11,410 $ 11,398 Change in plan assets: Fair value of plan assets at January 1 $ 195,667 $ 182,541 $ 57,900 $ 49,651 $ 0 $ 0 Actual return on plan assets 24,427 26,304 8,396 8,164 0 0 Foreign currency exchange rate changes 0 0 2,457 1,964 0 0 Corporate contributions 5,965 1,660 672 656 1,220 1,228 Participant contributions 0 0 0 0 274 99 Gross benefits paid (15,179 ) (14,838 ) (2,468 ) (2,535 ) (1,494 ) (1,327 ) Fair value of plan assets at December 31 $ 210,880 $ 195,667 $ 66,957 $ 57,900 $ 0 $ 0 Funded status of the plans: Fair value of plan assets $ 210,880 $ 195,667 $ 66,957 $ 57,900 $ 0 $ 0 Less benefit obligations 273,776 261,902 69,923 62,339 11,410 11,398 Funded status at December 31 $ (62,896 ) $ (66,235 ) $ (2,966 ) $ (4,439 ) $ (11,410 ) $ (11,398 ) (a) Includes the nonqualified defined benefit pension plan. (b) Includes the overfunded U.K. defined benefit pension plan and two smaller unfunded defined benefit pension plans. The following table provides a summary of amounts recognized in the consolidated balance sheets at December 31, 2020, and 2019. U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2020 2019 2020 2019 2020 2019 Employee benefit obligations: Prepaid pensions (a) $ 0 $ 0 $ 5,327 $ 3,062 $ 0 $ 0 Accrued payrolls and employee benefits (b) (477 ) (464 ) 0 0 (1,028 ) (1,305 ) Employee benefit obligations (c) (62,419 ) (65,771 ) (8,293 ) (7,501 ) (10,382 ) (10,093 ) Total employee benefit obligations $ (62,896 ) $ (66,235 ) $ (2,966 ) $ (4,439 ) $ (11,410 ) $ (11,398 ) Accumulated other comprehensive loss: (d) Net actuarial loss (gain) $ 63,834 $ 57,883 $ 18,341 $ 19,673 $ 324 $ (538 ) Prior service cost (credit) 38 79 (7,327 ) (7,371 ) (6,833 ) (7,850 ) Total accumulated other comprehensive loss $ 63,872 $ 57,962 $ 11,014 $ 12,302 $ (6,509 ) $ (8,388 ) (a) Represents the overfunded U.K. defined benefit pension plan which is recorded as a noncurrent asset in the consolidated balance sheets. ( b ) Recorded as a current liability in the consolidated balance sheets. ( c ) Recorded as a noncurrent liability in the consolidated balance sheets. ( d ) Amounts are pre-tax. As of December 31, 2020, estimated benefit payments for subsequent years are as follows: U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2021 $ 15,758 $ 1,965 $ 1,041 2022 15,821 2,003 1,004 2023 15,840 1,832 993 2024 15,753 2,568 989 2025 15,607 2,400 923 2026-2030 74,313 12,667 2,762 Total benefit payments $ 153,092 $ 23,435 $ 7,712 Investment Policies and Strategies The investment policies and strategies are determined and monitored by the Board of Directors for the U.S. pension plans and by the Trustees (as appointed by UES-UK and the employees of UES-UK) for the UES-UK pension plan, each of whom employ their own investment managers to manage the plan’s assets in accordance with the policy guidelines. The U.S defined benefit pension plans follow a glide-path strategy whereby target asset allocations are rebalanced based on projected payment obligations and the funded status of the plans. In 2020, the U.K. defined benefit pension plan adopted a liability-matching portfolio whereby a higher percentage of plan assets are invested in fixed income securities. Pension assets of the UES-UK plan are invested with the objective of the plan reaching self-sufficiency in a three-to-five-year period, without additional corporate contributions. Attempts to minimize risk include allowing temporary changes to the allocation mix in response to market conditions, diversifying investments among asset categories (e.g., equity securities, fixed-income securities, alternative investments, cash and cash equivalents) and within these asset categories (e.g., economic sector, industry, geographic distribution, size) and consulting with independent financial and legal counsels to assure that the investments and their expected returns and risks are consistent with the goals of the Board of Directors or Trustees. Investments in equity securities are primarily in common stocks of publicly traded U.S. and international companies across a broad spectrum of industry sectors. Investments in fixed-income securities are principally A-rated or better bonds with maturities of less than ten years, preferred stocks and convertible bonds. Investments in equity and fixed-income securities are either direct or through designated mutual funds. The Corporation believes there are no significant concentrations of risk associated with the plans’ assets. With respect to the U.S. pension plans, the following investments are prohibited unless otherwise approved by the Board of Directors: stock of the Corporation, futures and options except for hedging purposes, unregistered or restricted stock, warrants, margin trading, short-selling, real estate excluding public or real estate partnerships, and commodities including art, jewelry and gold. The UES-UK pension plan invests in specific funds. Any investments other than those specifically identified would be considered prohibited. The following table summarizes target asset allocations (within +/-5% considered acceptable) and major asset categories. Certain investments are classified differently for target asset allocation purposes and external reporting purposes. The Corporation intends to continue to liquidate the alternative investments of the U.S. plans to provide additional flexibility with investment allocation. U.S. Pension Benefits Foreign Pension Benefits Target Allocation Percentage of Plan Assets Target Allocation Percentage of Plan Assets Dec. 31, 2020 2020 2019 Dec. 31, 2020 2020 2019 Equity Securities 54 % 52 % 45 % 31 % 34 % 14 % Fixed-Income Securities 43 % 40 % 42 % 55 % 48 % 75 % Alternative Investments 0 % 5 % 10 % 14 % 11 % 11 % Other (primarily cash and cash equivalents) 3 % 3 % 3 % 0 % 7 % 0 % Fair Value Measurement of Plan Assets Equity securities, exchange-traded funds (“ETFs”), mutual funds and treasury bonds are actively traded on exchanges or broker networks and price quotes for these investments are readily available. While not quoted on active exchanges, price quotes for corporate and agency bonds are readily available. Similarly, certain commingled funds are not traded publicly, but the underlying assets (such as stocks and bonds) held in the funds are traded on active markets and the prices for the underlying assets are readily observable. For securities not actively traded, the fair value may be based on third-party appraisals, discounted cash flow analysis, benchmark yields and inputs that are currently observable in markets for similar securities. Investment Strategies The significant investment strategies of the various funds are summarized below. Fund Investment Strategy Primary Investment Objective Temporary Investment Funds Invests primarily in a diversified portfolio of investment grade money market instruments. Achieve a market level of current income while maintaining stability of principal and liquidity. Various Equity Funds Each fund maintains a diversified holding in common stock of applicable companies (e.g., common stock of small capitalization companies if a small-cap fund, common stock of medium capitalization companies if a mid-cap fund, common stock of foreign corporations if an international fund, etc.). Outperform the fund’s related index. Various Fixed Income Funds Invests primarily in a diversified portfolio of fixed-income securities of varying maturities or in commingled funds which invest in a diversified portfolio of fixed-income securities of varying maturities. To achieve a rate of return that matches or exceeds the expected growth in plan liabilities. Alternative Investments – Managed Funds Invests in equities and equity-like asset classes and strategies (such as public equities, venture capital, private equity, real estate, natural resources and Generate a minimum annual inflation adjusted return of 5% and outperform a traditional 70/30 equities/bond portfolio. Alternative Investments –Absolute Return Funds Invests in a diversified portfolio of alternative investment styles and strategies approved by the Trustees of the UES-UK defined benefit pension plan. Generate long-term capital appreciation while maintaining a low correlation with the traditional global financial markets. Categories of Plan Assets Asset categories based on the nature and risks of the U.S. pension benefit plans’ assets as of December 31, 2020, are summarized below. Quoted Prices in Active Markets for Identical Inputs (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity Securities: U.S. Consumer discretionary $ 6,012 $ 0 $ 0 $ 6,012 Consumer staples 2,591 0 0 2,591 Energy 569 0 0 569 Financial 3,199 0 0 3,199 Healthcare 9,831 0 0 9,831 Industrials 7,026 0 0 7,026 Information technology 11,450 0 0 11,450 Materials 736 0 0 736 Mutual funds and ETFs 52,101 0 0 52,101 Real estate 1,180 0 0 1,180 Telecommunications 2,343 0 0 2,343 Utilities 325 0 0 325 International Consumer discretionary 1,070 0 0 1,070 Consumer staples 2,478 0 0 2,478 Energy 419 0 0 419 Financial 2,252 0 0 2,252 Healthcare 1,107 0 0 1,107 Industrials 2,113 0 0 2,113 Information technology 1,743 0 0 1,743 Materials 987 0 0 987 Total Equity Securities 109,532 0 0 109,532 Fixed-Income Securities: U.S. Corporate bonds 0 45,567 0 45,567 Treasury bonds 24,967 0 0 24,967 Agency bonds 0 624 0 624 Mutual funds and ETFs 7,794 0 0 7,794 International Corporate bonds 0 2,699 0 2,699 Total Fixed-Income Securities 32,761 48,890 0 81,651 Alternative Investments: Managed funds (a) 0 0 7,557 7,557 Total Alternative Investments 0 0 7,557 7,557 Other: Cash and cash equivalents (b) 12,142 0 0 12,142 Other (c) 88 0 (90 ) (2 ) Total Other 12,230 0 (90 ) 12,140 Total assets $ 154,523 $ 48,890 $ 7,467 $ 210,880 (a) Includes approximately 82.8% in alternative investments (real assets, commodities and resources, absolute return funds) and 17.2% in cash and cash equivalents. (b) Includes investments in temporary funds. (c) Includes accrued receivables and pending broker settlements. Asset categories based on the nature and risks of the U.S. pension benefit plans’ assets as of December 31, 2019, are summarized below. Quoted Prices in Active Markets for Identical Inputs (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity Securities: U.S. Consumer discretionary $ 4,054 $ 0 $ 0 $ 4,054 Consumer staples 3,368 0 0 3,368 Energy 1,405 0 0 1,405 Financial 3,612 0 0 3,612 Healthcare 6,952 0 0 6,952 Industrials 6,941 0 0 6,941 Information technology 7,443 0 0 7,443 Materials 844 0 0 844 Mutual funds and ETFs 51,259 0 0 51,259 Real estate 272 0 0 272 Telecommunications 2,994 0 0 2,994 Utilities 516 0 0 516 Total Equity Securities 89,660 0 0 89,660 Fixed-Income Securities: Corporate bonds 0 45,289 0 45,289 Treasury bonds 15,751 0 0 15,751 Agency bonds 0 10,752 0 10,752 Mutual funds and ETFs 7,802 0 0 7,802 Total Fixed-Income Securities 23,553 56,041 0 79,594 Alternative Investments: Managed funds (a) 0 0 19,341 19,341 Total Alternative Investments 0 0 19,341 19,341 Other: Cash and cash equivalents (b) 7,038 0 0 7,038 Other (c) 100 0 (66 ) 34 Total Other 7,138 0 (66 ) 7,072 Total assets $ 120,351 $ 56,041 $ 19,275 $ 195,667 (a) Includes approximately 81.0% in alternative investments (real assets, commodities and resources, absolute return funds) and 19.0% in cash and cash equivalents. (b) Includes investments in temporary funds. (c) Includes accrued receivables and pending broker settlements. Asset categories based on the nature and risks of the foreign pension benefit plan’s assets as of December 31, 2020, are summarized below. Quoted Prices in Active Markets for Identical Inputs (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity Securities: Commingled funds (U.K.) $ 0 $ 0 $ 2,925 $ 2,925 Commingled funds (International) 0 2,343 17,746 20,089 Total Equity Securities 0 2,343 20,671 23,014 Fixed-Income Securities: Commingled funds (U.K.) 0 17,883 0 17,883 Commingled funds (International) 0 14,118 0 14,118 Total Fixed-Income Securities 0 32,001 0 32,001 Multi-Asset Commingled Funds (International) 0 4,381 0 4,381 Alternative Investments: Absolute return funds 0 0 3,094 3,094 Cash and cash equivalents 73 4,394 0 4,467 Total assets $ 73 $ 43,119 $ 23,765 $ 66,957 Asset categories based on the nature and risks of the foreign pension benefit plan’s assets as of December 31, 2019, are summarized below. Quoted Prices in Active Markets for Identical Inputs (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity Securities: Commingled funds (U.K.) $ 0 $ 4,874 $ 0 $ 4,874 Commingled funds (International) 0 3,291 0 3,291 Total Equity Securities 0 8,165 0 8,165 Fixed-Income Securities: Commingled funds (U.K.) 0 43,168 0 43,168 Alternative Investments: Absolute return funds 0 0 6,495 6,495 Cash and cash equivalents 72 0 0 72 Total assets $ 72 $ 51,333 $ 6,495 $ 57,900 The table below sets forth a summary of changes in the fair value of the Level 3 plan assets for the U.S. and foreign pension benefits plans for the year ended December 31, 2020, and 2019. U.S. Pension Benefits Foreign Pension Benefits 2020 2019 2020 2019 Fair value as of January 1 $ 19,341 $ 23,673 $ 6,495 $ 7,569 Contributions 0 0 16,418 0 Withdrawals (10,784 ) (4,921 ) (7,066 ) (1,791 ) Realized gains (losses) 1,706 1,445 (197 ) (701 ) Change in net unrealized (losses) gains (2,706 ) (856 ) 6,024 1,189 Other, primarily impact from changes in foreign currency exchange rates 0 0 2,091 229 Fair value as of December 31 $ 7,557 $ 19,341 $ 23,765 $ 6,495 Net Periodic Pension and Other Postretirement Benefit Costs The actual return on the fair value of plan assets is included in determining the funded status of the plans. In determining net periodic pension benefit costs, the expected long-term rate of return on the market-related value of plan assets is used. Differences between the actual return on plan assets and the expected long-term rate of return on plan assets are classified as part of unrecognized actuarial gains or losses and are recorded as a component of accumulated other comprehensive loss on the consolidated balance sheet. When these gains or losses exceed 10% of the greater of the projected benefit obligation or the market-related value of plan assets, they are amortized to net periodic pension and other postretirement benefit costs over the average remaining service period or life expectancy of the employees expected to receive benefits under the plans. When the gains or losses are less than 10% of the greater of the projected benefit obligation or the market-related value of plan assets, they are included in net periodic pension and other postretirement benefit costs indirectly as a result of lower/higher interest costs arising from a decrease/increase in the projected benefit obligation. Net periodic pension and other postretirement benefit costs include the following components for each of the years. U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2020 2019 2020 2019 2020 2019 Service cost $ 223 $ 633 $ 444 $ 444 $ 225 $ 286 Interest cost 7,175 9,018 1,058 1,399 281 390 Expected return on plan assets (12,828 ) (12,623 ) (1,972 ) (2,321 ) 0 0 Amortization of: Prior service cost (credit) 41 64 (285 ) (284 ) (1,017 ) (1,804 ) Actuarial loss (gain) 2,094 1,153 701 669 (139 ) (336 ) Effect of plan amendment 0 236 0 0 0 0 Special termination benefits 12 3,694 0 0 0 0 Curtailment loss (gain) 0 1,641 0 0 0 (7,654 ) Total net periodic pension and other postretirement benefit costs $ (3,283 ) $ 3,816 $ (54 ) $ (93 ) $ (650 ) $ (9,118 ) Assumptions Assumptions are reviewed on an annual basis. The expected long-term rate of return on plan assets is an estimate of average rates of earnings expected to be earned on funds invested or to be invested to provide for the benefits included in the projected benefit obligation. Since these benefits will be paid over many years, the expected long-term rate of return is reflective of current investment returns and investment returns over a longer period. Consideration is also given to target and actual asset allocations, inflation and real risk-free return. A percentage point decrease in the expected long-term rate of return would increase annual pension expense by approximately $2,350. Conversely, a percentage point increase in the expected long-term rate of return would decrease annual pension expense by approximately $2,350. The discount rates used in determining future pension obligations and other postretirement benefits for each of the plans are based on rates of return on high-quality fixed-income investments currently available and expected to be available during the period to maturity of the pension and other postretirement benefits. High-quality fixed-income investments are defined as those investments which have received one of the two highest ratings given by a recognized rating agency with maturities of 10+ years. Assumptions about wage increases are not relevant since substantially all the benefits available under the defined benefit pension plans are either frozen or based on a multiplier, versus wages. The discount rates used to determine the benefit obligations as of December 31, 2020, and 2019, are summarized below. U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2020 2019 2020 2019 2020 2019 Discount rate 2.50-2.63% 3.25-3.31% 1.45% 2.05% 2.61% 2.98-3.35% In addition, the assumed health care cost trend rate at December 31, 2020, for other postretirement benefits is 5.40% for 2021 gradually decreasing to 4.75% in 2025. In selecting rates for current and long-term health care assumptions, the Corporation considers known health care cost increases, the design of the benefit programs, the demographics of its active and retiree populations and expectations of inflation rates in the future. The following assumptions were used to determine net periodic pension and other postretirement benefit costs for the year ended December 31, 2020, and 2019. U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2020 2019 2020 2019 2020 2019 Discount rate 3.25-3.31% 3.19-4.34% 2.05% 3.00% 2.98-3.35% 2.97-4.33% Expected long-term rate of return 6.60-7.25% 6.60-7.25% 3.55% 3.55% n/a n/a |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | NOTE 12 – COMMITMENTS AND CONTINGENT LIABILITIES: Outstanding standby and commercial letters of credit as of December 31, 2020, approximated $14,735, the majority of which serves as collateral for the IRB debt. In addition, outstanding surety bonds guaranteeing certain obligations of the two unfunded foreign defined benefit pension plans approximated $4,000 (SEK 33,900) as of December 31, 2020. At December 31, 2020, the Corporation had purchase commitments for expected future capital expenditures of approximately $3,300, which are anticipated to be spent over the next 12-18 months. Approximately 36% of the Corporation’s employees are covered by collective bargaining agreements that have expiration dates ranging from March 2021 to October 2023. Collective bargaining agreements expiring in 2021 (representing approximately 65% of the covered employees) will be negotiated with the intent to secure mutually beneficial, long-term arrangements. In March 2021, the collective bargaining agreement set to expire during the month, representing 25% of the covered employees, was extended to March 2025 (see Note 25 ). See Note 15 regarding derivative instruments, Note 20 regarding litigation and Note 22 for environmental matters. |
Equity Rights Offering
Equity Rights Offering | 12 Months Ended |
Dec. 31, 2020 | |
Warrants And Rights Note Disclosure [Abstract] | |
Equity Rights Offering | NOTE 13 – EQUITY RIGHTS OFFERING: In September 2020, the Corporation completed an equity rights offering, issuing 5,507,889 shares of its common stock and 12,339,256 Series A warrants to existing shareholders for total gross proceeds of $19,279. The shares of common stock and warrants are classified as equity instruments in the consolidated statement of shareholders’ equity. Additional proceeds may be received from the future exercise of the Series A warrants. Each Series A warrant provides the holder with the right to purchase 0.4464 shares of common stock at an exercise price of $2.5668, or $5.75 per whole share of common stock, and expires on August 1, 2025. All Series A warrants remain outstanding and exercisable at December 31, 2020. See Note 25 , Subsequent Events |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | NOTE 14 – ACCUMULATED OTHER COMPREHENSIVE LOSS: Net changes and ending balances for the various components of other comprehensive income (loss) and for accumulated other comprehensive loss as of and for the year ended December 31, 2019, and 2020, are summarized below. Foreign Currency Translation Adjustments Unrecognized Components of Employee Benefit Plans Derivatives Total Accumulated Other Comprehensive Loss Noncontrolling Interest Accumulated Other Comprehensive Loss Attributable to Ampco-Pittsburgh January 1, 2019 $ (18,642 ) $ (30,902 ) $ (64 ) $ (49,608 ) $ (174 ) $ (49,434 ) Net Change 290 (19,957 ) 355 (19,312 ) (84 ) (19,228 ) December 31, 2019 (18,352 ) (50,859 ) 291 (68,920 ) (258 ) (68,662 ) Net Change 6,981 (6,793 ) 298 486 519 (33 ) December 31, 2020 $ (11,371 ) $ (57,652 ) $ 589 $ (68,434 ) $ 261 $ (68,695 ) The following summarizes the line items affected on the consolidated statements of operations for components reclassified from accumulated other comprehensive loss for the year ended December 31, 2020, and 2019. Amounts in parentheses represent credits to net income (loss). 2020 2019 Amortization of unrecognized employee benefit costs: Other expense $ 1,395 $ (302 ) Income tax provision 0 0 Net of income tax $ 1,395 $ (302 ) Realized (gains) losses from settlement of cash flow hedges: Depreciation and amortization (foreign currency purchase contracts) $ (27 ) $ (27 ) Costs of products sold (excluding depreciation and amortization) (futures contracts – copper and aluminum) (65 ) 285 Total before income tax (92 ) 258 Income tax provision 0 0 Net of income tax $ (92 ) $ 258 There was no income tax expense or benefit associated with the various components of other comprehensive income (loss) for either year due to the Corporation having a valuation allowance recorded against its deferred income tax assets for the jurisdiction where the expense is recognized. Foreign currency translation adjustments exclude the effect of income taxes since earnings of non-U.S. subsidiaries are deemed to be reinvested for an indefinite period of time. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | NOTE 15 – DERIVATIVE INSTRUMENTS: Certain operations of the Corporation are subject to risk from exchange rate fluctuations in connection with sales in foreign currencies. To minimize this risk, foreign currency sales contracts are entered into which are designated as cash flow or fair value hedges. As of December 31, 2020, approximately $4,370 of anticipated foreign-denominated sales has been hedged which are covered by fair value contracts settling at various dates through January 2022. Additionally, certain divisions of the Air and Liquid Processing segment are subject to risk from increases in the price of commodities (copper and aluminum) used in the production of inventory. To minimize this risk, futures contracts are entered into which are designated as cash flow hedges. At December 31, 2020, approximately 39% or $2,138 of anticipated copper purchases over the next eight months and 56% or $470 of anticipated aluminum purchases over the next six months are hedged. The Corporation had purchases of natural gas under previously existing commitments of approximately $1,368 and $682 for one of its subsidiaries for 2020 and 2019, respectively. No purchase commitments for anticipated natural gas usage are outstanding as of December 31, 2020. The Corporation previously entered into foreign currency purchase contracts to manage the volatility associated with euro-denominated progress payments to be made for certain machinery and equipment. As of December 31, 2010, all contracts had been settled and the underlying fixed assets were placed in service. No portion of the existing cash flow or fair value hedges is considered to be ineffective, including any ineffectiveness arising from the unlikelihood of an anticipated transaction to occur. Additionally, no amounts have been excluded from assessing the effectiveness of a hedge. The Corporation does not enter into derivative transactions for speculative purposes and, therefore, holds no derivative instruments for trading purposes. The following summarizes location and fair value of the foreign currency sales contracts recorded on the consolidated balance sheets as of December 31: Location 2020 2019 Fair value hedge contracts Other current assets $ 1,123 $ 677 Other noncurrent assets 332 153 Other current liabilities 12 0 Fair value hedged item Receivables (960 ) (260 ) Other current liabilities 201 323 Other noncurrent liabilities 327 95 The change in the fair value of the cash flow contracts is recorded as a component of accumulated other comprehensive loss. Amounts recognized as and reclassified from accumulated other comprehensive loss are recorded as a component of other comprehensive income (loss) and are summarized below. Amounts are after-tax, where applicable. Certain amounts recognized as or reclassified from comprehensive income (loss) for 2020 and 2019 have no tax effect due to the Corporation recording a valuation allowance against its deferred income tax assets in the related jurisdictions. For the Year Ended December 31, 2020 Beginning of the Year Recognized Reclassified End of the Year Foreign currency purchase contracts $ 189 $ 0 $ 27 $ 162 Future contracts – copper and aluminum 102 390 65 427 Change in fair value $ 291 $ 390 $ 92 $ 589 For the Year Ended December 31, 2019 Foreign currency purchase contracts $ 216 $ 0 $ 27 $ 189 Future contracts – copper and aluminum (280 ) 97 (285 ) 102 Change in fair value $ (64 ) $ 97 $ (258 ) $ 291 The change in fair value reclassified or expected to be reclassified from accumulated other comprehensive loss to earnings is summarized below. All amounts are pre-tax. Location of Gain (Loss) Estimated to be Reclassified in the Next Year Ended December 31, in Statements of Operations 12 Months 2020 2019 Foreign currency purchase contracts Depreciation and amortization $ 27 $ 27 $ 27 Futures contracts – copper and aluminum Costs of products sold (excluding depreciation and amortization) 427 65 (285 ) Losses on foreign exchange transactions included in other expense approximated $(97) and $(1,081) for 2020 and 2019, respectively. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 16 – FAIR VALUE: The following summarizes financial assets and liabilities reported at fair value on a recurring basis in the consolidated balance sheets at December 31: 2020 Quoted Prices in Active Markets for Identical Inputs (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Investments Other noncurrent assets $ 4,402 $ 0 $ 0 $ 4,402 Foreign currency exchange contracts Accounts receivable 0 (960 ) 0 (960 ) Other current assets 0 1,123 0 1,123 Other noncurrent assets 0 332 0 332 Other current liabilities 0 213 0 213 Other noncurrent liabilities 0 327 0 327 2019 Investments Other noncurrent assets $ 4,183 $ 0 $ 0 $ 4,183 Foreign currency exchange contracts Other current assets 0 677 0 677 Other noncurrent assets 0 153 0 153 Other current liabilities 0 323 0 323 Other noncurrent liabilities 0 95 0 95 The investments held as other noncurrent assets represent assets held in the “Rabbi” trust for the purpose of providing benefits under the non-qualified defined benefit pension plan. The fair value of the investments is based on quoted prices of the investments in active markets. The fair value of foreign currency exchange contracts is determined based on the fair value of similar contracts with similar terms and remaining maturities. The fair value of futures contracts is based on market quotations. The fair values of the variable-rate IRB debt and borrowings under the Amended Credit Agreement approximate their carrying values. Additionally, the fair values of trade receivables and trade payables approximate their carrying values. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | NOTE 17 – REVENUE: Net sales by geographic area and product line for the year ended December 31, 2020, and 2019, are outlined below. Net sales are attributed to the geographic areas based on the location of the customer. Sales to individual countries were less than 10% of consolidated net sales for each of the years. Net Sales by Geographic Area 2020 2019 United States $ 159,908 $ 192,845 Foreign 168,636 205,059 Consolidated total $ 328,544 $ 397,904 Net Sales by Product Line 2020 2019 Forged and cast mill rolls $ 228,219 $ 286,036 Forged engineered products 9,670 19,594 Heat exchange coils 25,249 27,973 Centrifugal pumps 36,911 36,001 Air handling systems 28,495 28,300 Consolidated total $ 328,544 $ 397,904 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | NOTE 18 – STOCK-BASED COMPENSATION: In May 2016, the shareholders of the Corporation approved the adoption of the Ampco-Pittsburgh Corporation 2016 Omnibus Incentive Plan (the “Incentive Plan”), which authorizes the issuance of up to 1,100,000 shares of the Corporation’s common stock for awards under the Incentive Plan. The Incentive Plan replaced the 2011 Omnibus Incentive Plan (the “Predecessor Plan”). No new awards will be granted under the Predecessor Plan. Any awards outstanding under the Predecessor Plan will remain subject to, and be paid under, the Predecessor Plan, and any shares subject to outstanding awards under the Predecessor Plan that subsequently expire, terminate, or are surrendered or forfeited for any reason without issuance of shares will automatically become available for issuance under the Incentive Plan. Awards under the Incentive Plan may include incentive stock options and non-qualified stock options, stock appreciation rights, restricted shares and restricted stock units, performance awards, other stock-based awards or short-term cash incentive awards. If any award is canceled, terminates, expires or lapses for any reason prior to the issuance of the shares, or if the shares are issued under the Incentive Plan and thereafter are forfeited to the Corporation, the shares subject to such awards and the forfeited shares will not count against the aggregate number of shares available under the Incentive Plan. Shares tendered or withheld to pay the option exercise price or tax withholding will continue to count against the aggregate number of shares of common stock available for grant under the Incentive Plan. Any shares repurchased by the Corporation with cash proceeds from the exercise of options will not be added back to the pool of shares available for grant under the Incentive Plan. The Incentive Plan may be administered by the Board of Directors or the Compensation Committee of the Board of Directors. The Compensation Committee has the authority to determine, within the limits of the express provisions of the Incentive Plan, the individuals to whom the awards will be granted and the nature, amount and terms of such awards. The Incentive Plan also provides for equity-based awards during any one year to non-employee members of the Board of Directors, based on the grant date fair value, not to exceed $200. The limit does not apply to shares received by a non-employee director at his or her election in lieu of all or a portion of the director’s retainer for board service. The number of shares of common stock issued to non-employee directors was 70,000 in each of 2020 and 2019. The Compensation Committee has granted time-vesting restricted stock units (RSUs) and performance-vesting restricted stock units (PSUs) to select individuals. Each RSU represents the right to receive one share of common stock of the Corporation at a future date after the RSU has become earned and vested, subject to the terms and conditions of the RSU award agreement. The RSUs typically vest over a three-year period. The PSUs can be earned depending upon the achievement of a performance or market condition and a time-vesting condition as follows: (i) achievement of a targeted return on invested capital or a basic earnings per share during the performance period beginning in the year of grant and continuing for two subsequent years; (ii) achievement of a three-year cumulative relative total shareholder return as ranked against other companies included in the Corporation’s peer group; and (iii) remaining continuously employed with the Corporation through the end of the year following three years from the date of grant. Earlier vesting of the stock units is permitted under certain conditions, such as upon a change of control of the Corporation, or as approved by the Board of Directors. The grant date fair value for the RSUs equals the closing price of the Corporation’s common stock on the NYSE on the date of grant. The grant date fair value for PSUs subject to a market condition is determined using a Monte Carlo simulation model and the grant date fair value for PSUs that vest subject to a performance condition is equal to the closing price of the Corporation’s stock on the NYSE on the date of grant. The determination of the fair value of these awards takes into consideration the likelihood of achievement of the market or performance condition and is adjusted for subsequent changes in the estimated or actual outcome of the condition. Unrecognized compensation expense associated with the RSUs and PSUs equaled $1,519 at December 31, 2020, and is expected to be recognized over a weighted average period of approximately 2 years. Outstanding RSUs and PSUs, which would represent non-vested awards, as of December 31, 2020, and 2019, and activity for the years then ended, are as follows: Number of RSUs Weighted Average Fair Value Number of PSUs Weighted Average Fair Value Outstanding at January 1, 2019 172,705 $ 11.77 126,587 $ 11.19 Granted 164,382 3.23 164,442 3.60 Converted to common stock (89,339 ) 12.03 0 N/A Forfeited/cancelled (27,897 ) 10.48 (76,838 ) 10.15 Outstanding at December 31, 2019 219,851 5.45 214,191 5.74 Granted 162,503 3.22 169,178 4.19 Converted to common stock (95,391 ) 6.81 (5,793 ) 14.00 Forfeited/cancelled (8,305 ) 5.59 (29,380 ) 10.46 Outstanding at December 31, 2020 278,658 $ 3.68 348,196 $ 4.45 Outstanding stock options, all of which are fully vested, as of December 31, 2020, and 2019, and activity for the years then ended, are as follows: Number of Shares Under Options Weighted Average Exercise Price Remaining Contractual Life In Years Intrinsic Value Outstanding at January 1, 2019 605,585 $ 20.54 2.8 $ 0 Granted 0 N/A Exercised 0 N/A Forfeited/cancelled (196,835 ) 18.25 Outstanding at December 31, 2019 408,750 21.64 2.1 0 Granted 0 N/A Exercised 0 N/A Forfeited/cancelled (139,500 ) 25.10 Outstanding at December 31, 2020 269,250 $ 19.85 2.0 $ 0 Exercisable at December 31, 2020 269,250 $ 19.85 2.0 $ 0 Vested or expected to vest at December 31, 2020 269,250 $ 19.85 2.0 $ 0 Stock-based compensation expense for all awards, including expense for shares to be issued to non-employee directors, approximated $1,329 and $1,422 for 2020 and 2019, respectively. The income tax benefit recognized in the consolidated statements of operations was not significant due to the Corporation having a valuation allowance recorded against its deferred income tax assets for the jurisdiction where the expense was recognized (see Note 21 ). |
Research and Development Costs
Research and Development Costs | 12 Months Ended |
Dec. 31, 2020 | |
Research And Development [Abstract] | |
Research and Development Costs | NOTE 19 – RESEARCH AND DEVELOPMENT COSTS: Expenditures relating to the development of new products, identification of products or process alternatives and modifications and improvements to existing products and processes are expensed as incurred. These expenses approximated $2,047 for 2020 and $2,523 for 2019. |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Litigation | NOTE 20 – LITIGATION: The Corporation and its subsidiaries are involved in various claims and lawsuits incidental to their businesses and are also subject to asbestos litigation as described below. Asbestos Litigation Claims have been asserted alleging personal injury from exposure to asbestos-containing components historically used in some products manufactured by predecessors of Air & Liquid (the “Asbestos Liability”). Air & Liquid, and in some cases the Corporation, are defendants (among a number of defendants, often in excess of 50) in cases filed in various state and federal courts. Asbestos Claims The following table reflects approximate information about the claims for the Asbestos Liability against Air & Liquid and the Corporation for the year ended December 31, 2020, and 2019: 2020 2019 Total claims pending at the beginning of the period 6,102 6,772 New claims served 1,016 1,370 Claims dismissed (855 ) (1,663 ) Claims settled (372 ) (377 ) Total claims pending at the end of the period (1) 5,891 6,102 Gross settlement and defense costs (in 000’s) $ 27,437 $ 20,289 Average gross settlement and defense costs per claim resolved (in 000’s) $ 22.36 $ 9.95 (1) Included as “open claims” are approximately 688 and 749 claims in 2020 and 2019, respectively, classified in various jurisdictions as “inactive” or transferred to a state or federal judicial panel on multi-district litigation, commonly referred to as the MDL. A substantial majority of the settlement and defense costs reflected in the above table was 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. Asbestos Insurance The Corporation and Air & Liquid are parties to a series of settlement agreements (“Settlement Agreements”) with insurers that have coverage obligations for the Asbestos Liability (the “Settling Insurers”). Under the Settlement Agreements, the Settling Insurers accept financial responsibility, subject to the terms and conditions of the respective agreements, including overall coverage limits, for pending and future claims for the Asbestos Liability. The Settlement Agreements encompass the substantial majority of insurance policies that provide coverage for claims for the Asbestos Liability. The Settlement Agreements include acknowledgements that Howden North America, Inc. (“Howden”) is entitled to coverage under policies covering the Asbestos Liability for claims arising out of the historical products manufactured or distributed by Buffalo Forge, a former subsidiary of the Corporation (the “Products”), which was acquired by Howden. The Settlement Agreements do not provide for any prioritization on access to the applicable policies or any sublimits of liability as to Howden or the Corporation and Air & Liquid, and, accordingly, Howden may access the coverage afforded by the Settling Insurers for any covered claim arising out of the Products. In general, access by Howden to the coverage afforded by the Settling Insurers for the Products will erode coverage under the Settlement Agreements available to the Corporation and Air & Liquid for the Asbestos Liability. Asbestos Valuations At December 31, 2006, with the assistance of a nationally recognized expert in the valuation of asbestos liabilities, the Corporation recorded its initial reserve for the Asbestos Liability. With the assistance of the nationally recognized expert, the reserve for the Asbestos Liability had been periodically updated since that time. In 2018, the Corporation engaged Nathan Associates Inc. (“Nathan”) to update the liability valuation, and additional reserves were established by the Corporation for the Asbestos Liability claims pending or projected to be asserted through 2052, the estimated final date by which the Corporation expects to have settled all asbestos-related claims. The methodology used by Nathan in its projection was substantially the same methodology employed by the previous expert and included the following factors: • interpretation of a widely accepted forecast of the population likely to have been exposed to asbestos; • epidemiological studies estimating the number of people likely to develop asbestos-related diseases; • analysis of the number of people likely to file an asbestos-related injury claim against the subsidiaries and the Corporation based on such epidemiological data and relevant claims history from January 1, 2016, to August 19, 2018; • an analysis of pending cases, by type of injury claimed and jurisdiction where the claim is filed; • an analysis of claims resolution history from January 1, 2016, to August 19, 2018, to determine the average settlement value of claims, by type of injury claimed and jurisdiction of filing; and • an adjustment for inflation in the future average settlement value of claims, at an annual inflation rate based on the Congressional Budget Office’s forecast of inflation. Using this information, Nathan estimated the number of future claims for the Asbestos Liability that would be filed through the year 2052, as well as the settlement or indemnity costs that would be incurred to resolve both pending and future unasserted claims through 2052. This methodology has been accepted by numerous courts. In conjunction with developing the Asbestos Liability through 2052, the Corporation also developed an estimate of probable insurance recoveries for the Asbestos Liability. In developing the estimate, the Corporation considered Nathan’s projection for settlement or indemnity costs for the Asbestos Liability and management’s projection of associated defense costs (based on the current defense to indemnity cost ratio), as well as a number of additional factors. These additional factors included the Settlement Agreements in effect, policy exclusions, policy limits, policy provisions regarding coverage for defense costs, attachment points, prior impairment of policies and gaps in the coverage, policy exhaustions, insolvencies among certain of the insurance carriers, and the nature of the underlying claims for the Asbestos Liability asserted against the subsidiaries and the Corporation as reflected in the Corporation’s asbestos claims database, as well as estimated erosion of insurance limits on account of claims against Howden arising out of the Products. In addition to consulting with the Corporation’s outside legal counsel on these insurance matters, the Corporation consulted with a nationally recognized insurance consulting firm it retained to assist the Corporation with certain policy allocation matters that also are among the several factors considered by the Corporation when analyzing potential recoveries from relevant historical insurance for the Asbestos Liability. Based upon all of the factors considered by the Corporation, and considering the Corporation’s analysis of publicly available information regarding the credit-worthiness of various insurers, the Corporation estimated the probable insurance recoveries for the Asbestos Liability and defense costs through 2052. Based on the analysis described above, the Corporation’s reserve at December 31, 2018, for the total costs, including defense costs, for the Asbestos Liability claims pending or projected to be asserted through 2052, was $227,922. Defense costs are estimated at 80% of settlement costs. The reserve at December 31, 2020, was $180,196. The Corporation’s receivable at December 31, 2018, for insurance recoveries attributable to the claims for which the Corporation’s Asbestos Liability reserve has been established, including the portion of incurred defense costs covered by the Settlement Agreements in effect through December 31, 2018, and the probable payments and reimbursements relating to the estimated indemnity and defense costs for pending and unasserted future Asbestos Liability claims, was $152,508 ($117,937 at December 31, 2020). The following table summarizes activity relating to insurance recoveries for the year ended December 31, 2020, and 2019. 2020 2019 Insurance receivable – asbestos, beginning of the year $ 136,932 $ 152,508 Settlement and defense costs paid by insurance carriers (18,712 ) (15,576 ) Change in estimated coverage (283 ) 0 Insurance receivable – asbestos, end of the year $ 117,937 $ 136,932 In 2020, the Corporation recognized a reserve equaling $283 for the potential insolvency of an insurance carrier. The balance of the insurance receivable does not assume any recovery from insolvent carriers. In addition, a substantial majority of the insurance recoveries deemed probable is from insurance companies rated A – (excellent) or better by A.M. Best Corporation. There can be no assurance, however, that there will not be further insolvencies among the relevant insurance carriers, or that the assumed percentage recoveries for certain carriers will prove correct. The difference between insurance recoveries and projected costs is not due to exhaustion of all insurance coverage for the Asbestos Liability. The amounts recorded for the Asbestos Liability and insurance receivable rely on assumptions that are based on currently known facts and strategy. The Corporation’s actual expenses or insurance recoveries could be significantly higher or lower than those recorded if assumptions used in the Corporation’s or Nathan’s calculations vary significantly from actual results. Key variables in these assumptions are identified above and include the number and type of new claims to be filed each year, the average cost of disposing of each such new claim, average annual defense costs, compliance by relevant parties with the terms of the Settlement Agreements, and the solvency risk with respect to the relevant insurance carriers. Other factors that may affect the Asbestos Liability and ability to recover under the Corporation’s insurance policies include uncertainties surrounding the litigation process from jurisdiction to jurisdiction and from case to case, reforms that may be made by state and federal courts, and the passage of state or federal tort reform legislation. The Corporation intends to evaluate the Asbestos Liability and related insurance receivable as well as the underlying assumptions on a regular basis to determine whether any adjustments to the estimates are required. Due to the uncertainties surrounding asbestos litigation and insurance, these regular reviews may result in the Corporation adjusting its current reserve; however, the Corporation is currently unable to estimate such future adjustments. Adjustments, if any, to the Corporation’s estimate of the Asbestos Liability and/or insurance receivable could be material to operating results for the periods in which the adjustments to the liability or receivable are recorded, and to the Corporation’s liquidity and consolidated financial position. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 21 – INCOME TAXES: Income (loss) income from continuing operations before income taxes is summarized below. Income (loss) from continuing operations before income taxes for certain foreign entities is classified differently for book reporting and income tax reporting purposes. 2020 2019 Domestic $ (1,587 ) $ (14,335 ) Foreign 10,287 5,968 Income (loss) from continuing operations before income taxes $ 8,700 $ (8,367 ) The income tax (benefit) provision for continuing operations consisted of the following: 2020 2019 Current: Federal $ (3,614 ) $ (118 ) State 107 56 Foreign 2,079 1,611 Current income tax (benefit) provision (1,428 ) 1,549 Deferred: Federal 2,485 2,244 State 1,329 (217 ) Foreign (178 ) (422 ) Decrease in valuation allowance (2,678 ) (1,046 ) Deferred income tax provision 958 559 Total income tax (benefit) provision $ (470 ) $ 2,108 The income tax benefit recorded in 2020 includes a benefit of $3,502 for the carryback of net operating losses, as enabled by the CARES Act, to an earlier period, at a higher tax rate, resulting in the release of a portion of the valuation allowance previously established against the deferred income tax assets of the Corporation. The difference between statutory U.S. federal income tax and the Corporation’s effective income tax was as follows: 2020 2019 Computed at statutory rate $ 1,827 $ (1,757 ) Tax differential on non-U.S. earnings (44 ) 44 State income taxes 1,413 (172 ) Meals and entertainment 32 83 Alternative minimum tax credits 0 (13 ) GILTI inclusion 1,586 4,859 Net operating loss carryback (3,502 ) 0 Decrease in valuation allowance (2,678 ) (1,046 ) Adjustments to net operating losses 53 4 Other – net 843 106 Total income tax provision $ (470 ) $ 2,108 Deferred income tax assets and liabilities as of December 31, 2020, and 2019, are summarized below. Unremitted earnings of the Corporation’s non-U.S. subsidiaries and affiliates are deemed to be permanently reinvested and, accordingly, no deferred income tax liability has been recorded. If the Corporation were to remit any foreign earnings to the U.S., the estimated tax impact would be insignificant. 2020 2019 Assets: Employment – related liabilities $ 8,709 $ 8,643 Pension liability – foreign 688 958 Pension liability – domestic 11,991 11,605 Capital loss carryforwards 157 316 Asbestos-related liability 15,521 17,963 Net operating loss – domestic 8,735 8,929 Net operating loss – state 4,711 4,014 Net operating loss – foreign 10,940 10,256 Inventory related 2,056 2,100 Impairment charge associated with investment in MG 949 1,043 Operating lease right-of-use assets 1,026 1,388 Other 2,568 3,476 Gross deferred income tax assets 68,051 70,691 Valuation allowance (42,454 ) (43,671 ) 25,597 27,020 Liabilities: Depreciation (22,165 ) (21,741 ) Intangible assets – finite life (707 ) (830 ) Intangible assets – indefinite life (552 ) (492 ) Operating lease liabilities (1,026 ) (1,388 ) Other (57 ) (115 ) Gross deferred income tax liabilities (24,507 ) (24,566 ) Net deferred income tax assets $ 1,090 $ 2,454 At December 31, 2020, the Corporation has U.S. federal net operating loss carryforwards of $41,596, which $34,862 can be carried forward indefinitely but will be limited to 80 percent of taxable income in any given year. The balance of $6,734 will begin to expire in 2035 and can be used without taxable income limitation. Additionally, at December 31, 2020, the Corporation had state net operating loss carryforwards of $71,281, which begin to expire in 2021, and foreign net operating loss carryforwards from continuing operations of $53,209 and capital loss carryforwards of $824 which do not expire. Unrecognized tax benefits and changes in unrecognized tax benefits for the year ended December 31, 2020, and 2019, are insignificant. If the unrecognized tax benefits were recognized, the effect on the Corporation’s effective income tax rate would also be insignificant. The amount of penalties and interest recognized in the consolidated balance sheets as of December 31, 2020, and 2019, and in the consolidated statements of operations for 2020 and 2019 is insignificant. The Corporation is subject to taxation in the United States, various states and foreign jurisdictions, and remains subject to examination by tax authorities for 2013, due to the carryback of net operating losses enabled by the CARES Act, and for tax years 2017 – 2020. |
Environmental Matters
Environmental Matters | 12 Months Ended |
Dec. 31, 2020 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Matters | NOTE 22 – ENVIRONMENTAL MATTERS: The Corporation is currently performing certain remedial actions in connection with the sale of real estate previously owned and periodically incurs costs to maintain compliance with environmental laws and regulations. Environmental exposures are difficult to assess and estimate for numerous reasons, including lack of reliable data, the multiplicity of possible solutions, the years of remedial and monitoring activity required, and identification of new sites. In the opinion of management, the potential liability for remedial actions and environmental compliance measures of approximately $100 at December 31, 2020, is considered adequate based on information known to date. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Parties | NOTE 23 – RELATED PARTIES: ATR has a loan outstanding with its minority shareholder. The loan originally matured in 2008 but has been renewed continually for one-year periods. Interest does not compound and has accrued on the outstanding balance, since inception, at the three-to-five-year loan interest rate set by the People’s Bank of China in effect at the time of renewal. The loan balance approximated $1,056 (RMB 6,901) at December 31, 2020, and $2,856 (RMB 19,901) at December 31, 2019. During 2020, ATR repaid $1,882 (RMB 13,000) in principal and $290 (RMB 2,000) in accrued interest. The interest rate for 2020 approximated 5%, and accrued interest approximated $2,117 (RMB 13,842) and $2,152 (RMB 14,999) as of December 31, 2020, and 2019, which is recorded in other current liabilities. Purchases from ATR’s minority shareholder and its affiliates, which were in the ordinary course of business, approximated $7,566 (RMB 52,255) and $14,166 (RMB 97,763) in 2020 and 2019, respectively. Excluding the loan and interest outstanding, the amount payable to ATR’s minority shareholder and its affiliates approximated $344 (RMB 2,249) and $408 (RMB 2,841) at December 31, 2020, and 2019, respectively. Additionally, customer deposits from ATR’s minority shareholder and its affiliates approximated $456 (RMB 2,984) at December 31, 2020. Sales to ATR’s minority shareholder and its affiliates, which were in the ordinary course of business, approximated $9,154 (RMB 63,222) and $11,200 (RMB 77,303) for 2020 and 2019, respectively. No amounts were due from ATR’s minority shareholder or its affiliates as of December 31, 2020, or 2019. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Business Segments | NOTE 24 – BUSINESS SEGMENTS: The Corporation organizes its business into two operating segments – Forged and Cast Engineered Products Air and Liquid Processing Note 1 Summary of Significant Accounting Policies Net Sales (1) Income (Loss) from Continuing Operations Before Income Taxes 2020 2019 2020 2019 Forged and Cast Engineered Products (2) $ 237,889 $ 305,630 $ 8,621 $ (6,130 ) Air and Liquid Processing 90,655 92,274 10,133 10,002 Total Reportable Segments 328,544 397,904 18,754 3,872 Corporate costs, including other income (expense) (3) 0 0 (10,054 ) (12,239 ) Consolidated total $ 328,544 $ 397,904 $ 8,700 $ (8,367 ) Capital Expenditures Depreciation and Amortization Expense Identifiable Assets (4) 2020 2019 2020 2019 2020 2019 Forged and Cast Engineered Products $ 7,972 $ 10,586 $ 17,583 $ 17,818 $ 297,552 $ 325,584 Air and Liquid Processing 494 378 824 963 156,322 172,992 Corporate 0 0 168 186 9,334 7,984 Consolidated total $ 8,466 $ 10,964 $ 18,575 $ 18,967 $ 463,208 $ 506,560 Long-Lived Assets (5) Income (Loss) from Continuing Operations Before Income Taxes Geographic Areas: 2020 2019 2020 2019 United States $ 220,372 $ 235,778 $ (1,706 ) $ (13,996 ) Foreign 68,511 74,373 10,406 5,629 Consolidated total $ 288,883 $ 310,151 $ 8,700 $ (8,367 ) (1) For the Forged and Cast Engineered Products segment, one customer accounted for 11% of its net sales in 2020 and 12% of its net sales for 2019. For the Air and Liquid Processing segment, no customers exceeded 10% of its net sales in 2020, and one customer accounted for 12% of its net sales in 2019. (2) Loss from continuing operations before income taxes for the Forged and Cast Engineered Products segment for 2019 includes an impairment charge of $10,082 to record the Avonmore Plant to its estimated net realizable value less costs to sell in anticipation of its sale, which was completed in September 2019. (3) Corporate costs, including other income (expense), for 2020 decreased from 2019 principally due to lower employee-related costs and professional fees and restructuring-related costs in 2019 that did not recur in 2020. (4) Identifiable assets for the Forged and Cast Engineered Products segment include investments in joint ventures of $2,175 at December 31, 2020, and 2019. The change in the identifiable assets of the Air and Liquid Processing segment relates primarily to the movement in asbestos-related insurance receivables, the balances of which equaled $117,937 and $136,932 at December 31, 2020, and 2019, respectively. (5) Foreign long-lived assets represent primarily assets of the foreign operations. Long-lived assets of the U.S. include noncurrent asbestos-related insurance receivables of $101,937 and $120,932 for 2020 and 2019, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 25 – SUBSEQUENT EVENTS: The following events have occurred subsequent to December 31, 2020: • To date, the Corporation has received proceeds of approximately $3,050 from shareholders who exercised 1,188,231 Series A warrants, equating to an increase in the number of common shares outstanding for the Corporation of 530,422 common shares. • The collective bargaining agreement set to expire in March 2021 was successfully negotiated and subsequently extended to March 2025. • ARPA was signed into law by President Biden in March 2021, which will defer certain employer contributions otherwise due to the Corporation’s domestic defined benefit pension plans. The Corporation is currently evaluating other provisions of the relief package that may be available to it. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The financial information included herein reflects the consolidated financial position of the Corporation as of December 31, 2020, and 2019, and the consolidated results of its operations and cash flows for the years then ended. |
Consolidation | Consolidation The accompanying consolidated financial statements include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries and joint ventures over which the Corporation exercises control and, when applicable, entities for which the Corporation has a controlling financial interest or is the primary beneficiary. Investments in joint ventures where the Corporation owns 20% to 50% of the voting stock and has the ability to exercise significant influence over the operating and financial policies of the joint venture are accounted for using the equity method of accounting. Investments in joint ventures where the Corporation does not have the ability to exercise significant influence over the operating and financial policies of the joint venture are accounted for using the cost method of accounting. Investments in joint ventures are reviewed for impairment whenever events or circumstances indicate the carrying amount of the investment may not be recoverable. If the estimated fair value of the investment is less than the carrying amount and such decline is determined to be “other than temporary,” then the investment may not be fully recoverable potentially resulting in a write-down of the investment value. Intercompany accounts and transactions are eliminated. |
Cash and Cash Equivalents | Cash and Cash Equivalents Securities with purchased original maturities of three months or less are considered to be cash equivalents. The Corporation maintains cash and cash equivalents at various financial institutions which may exceed federally insured amounts. |
Inventories | Inventories Inventories are valued at the lower of cost and net realizable value, which is defined as the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. Cost includes the cost of raw materials, direct labor and overhead for those items manufactured but not yet sold or for which control has not yet transferred to the customer. Fixed production overhead is allocated to inventories based on normal capacity of the production facilities. In periods of abnormally high production, the amount of fixed overhead allocated to each unit of production is decreased so that inventories are not measured above cost. The amount of fixed overhead allocated to inventories is not increased as a consequence of abnormally low production or plant idling. Costs for abnormal amounts of spoilage, handling costs and freight costs are charged to expense when incurred. Cost of domestic raw materials, work-in-process and finished goods inventories is primarily determined by the last-in, first-out (LIFO) method. Cost of domestic supplies and foreign inventories is determined primarily by the first-in, first-out (FIFO) method. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment purchased new is recorded at cost with depreciation computed using the straight-line method over the following estimated useful lives: land improvements – 15 to 20 years, buildings – 25 to 50 years and machinery and equipment – 3 to 25 years. Assets under finance leases are depreciated on a straight-line basis over the shorter of the estimated useful life of the asset or the lease term. Property, plant and equipment acquired as part of a business combination is recorded at its estimated fair value with depreciation computed using the straight-line method over the estimated remaining useful lives based in part on third-party valuations. Expenditures that extend economic useful lives are capitalized. Routine maintenance is charged to expense. Gains or losses are recognized on retirements or disposals. Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. If the undiscounted cash flows generated from the use and eventual disposition of the assets are less than their carrying value, then the asset value may not be fully recoverable potentially resulting in a write-down of the asset value. Estimates of future cash flows are based on expected market conditions over the remaining useful life of the primary asset(s). In addition, the remaining depreciation period for the impaired asset would be reassessed and, if necessary, revised. Proceeds from government grants are recorded as a reduction in the purchase price of the underlying assets and amortized against depreciation over the lives of the related assets. |
Right-of-Use Assets | Right-of-Use Assets A right-of-use (“ROU”) asset represents the right to use an underlying asset for the term of the lease and the corresponding liability represents an obligation to make periodic payments arising from the lease. A determination of whether an arrangement includes a lease is made at the inception of the arrangement. ROU assets and liabilities are recognized on the consolidated balance sheet, at the commencement date of the lease, in an amount equal to the present value of the lease payments over the term of the lease calculated using the interest rate implicit in the lease arrangement or, if not known, the Corporation’s incremental borrowing rate. The present value of a ROU asset also includes any lease payments made prior to commencement of the lease and excludes any lease incentives received or to be received under the arrangement. The lease term includes options to extend or terminate the lease when it is reasonably certain that such options will be exercised. Operating leases that are for a period less than 12 months, inclusive of options to extend that are reasonably certain to be exercised, are classified as short-term and are not recognized on the consolidated balance sheet. ROU assets are recorded as a noncurrent asset on the consolidated balance sheet. The corresponding liabilities are recorded as an operating lease liability, either current or noncurrent, as applicable, on the consolidated balance sheet. Operating lease costs are recognized on a straight-line basis over the lease term within costs of products sold (excluding depreciation and amortization) or selling and administrative expenses based on the use of the related ROU asset. |
Intangible Assets | Intangible Assets Intangible assets primarily consist of developed technology, customer relationships and trade name. Intangible assets with finite lives are amortized using the straight-line method over their estimated useful life, which is determined by identifying the period over which most of the cash flows are expected to be generated. Intangible assets with indefinite lives are not amortized but reviewed for impairment at least annually, as of October 1. Additionally, intangible assets, both finite and indefinite lived, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. For finite-lived intangible assets, if the undiscounted cash flows attributable to the assets are less than their carrying value, then the asset value may not be fully recoverable, potentially resulting in a write-down of the asset value. For indefinite-lived intangible assets, if the discounted cash flows attributable to the assets are less than their carrying value, then the asset value may not be fully recoverable, potentially resulting in a write-down of the asset value. Also, if the estimate of an intangible asset’s remaining useful life changes, the remaining carrying value of the intangible asset will be amortized prospectively over the revised remaining useful life. |
Assets of Discontinued Operations Held for Sale | Assets of Discontinued Operations Held for Sale Assets are classified as “held for sale” when all of the following criteria for a plan of sale have been met: (i) management, having the authority to approve the action, commits to a plan to sell the assets; (ii) the assets are available for immediate sale, in their present condition, subject only to terms that are usual and customary for sales of such assets; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the assets have been initiated; (iv) the sale of the assets is probable and is expected to be completed within one year; (v) the assets are being actively marketed for a price that is reasonable in relation to their current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or the plan will be withdrawn. When all of these criteria have been met, the assets are classified as “held for sale” in the consolidated balance sheet. Assets classified as “held for sale” are reported at the lower of their carrying value or fair value less costs to sell. Depreciation of assets ceases upon designation as “held for sale”. If the “held for sale” criteria have been met and the sale represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results, the assets and liabilities of the discontinued operation are classified separately as “discontinued operations” in the consolidated balance sheet and the operating results and cash flows of the discontinued operation are presented as “discontinued operations” in the consolidated statements of operations and cash flows. |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs are amortized as interest expense over the scheduled maturity period of the debt. The costs related to a line-of-credit arrangement are amortized over the term of the arrangement, regardless of whether there are any outstanding borrowings. Unamortized debt issuance costs are either recognized as a direct deduction from the carrying amount of the related debt or, if related to a line-of-credit facility, as an other noncurrent asset on the consolidated balance sheet. |
Product Warranty | Product Warranty A warranty that ensures basic functionality is an assurance type warranty. A warranty that goes beyond ensuring basic functionality is considered a service type warranty. The Corporation provides assurance type warranties; it does not provide service type warranties. Provisions for assurance type warranties are recognized at the time the underlying sale is recorded. The provision is based on historical experience as a percentage of sales adjusted for potential claims when a liability is probable and for known claims. |
Employee Benefit Plans | Employee Benefit Plans Funded Status If the fair value of the plan assets exceeds the projected benefit obligation, the over-funded projected benefit obligation is recognized as an asset (prepaid pensions within other noncurrent assets) on the consolidated balance sheet. Conversely, if the projected benefit obligation exceeds the fair value of the plan assets, the under-funded projected benefit obligation is recognized as a liability (employee benefit obligations) on the consolidated balance sheet. Gains and losses arising from the difference between actuarial assumptions and actual experience and unamortized prior service costs are recorded as a separate component of accumulated other comprehensive loss. Net Periodic Pension and Other Postretirement Benefit Costs Net periodic pension and other postretirement benefit costs includes service cost, interest cost, expected rate of return on the market-related value of plan assets, amortization of prior service costs, and recognized actuarial gains or losses. When actuarial gains or losses exceed 10% of the greater of the projected benefit obligation or the market-related value of plan assets, they are amortized to net periodic pension and other postretirement benefit costs over the average remaining service period of the employees expected to receive benefits under the plan or over the remaining life expectancy of the employees expected to receive benefits if “all or almost all” of the plan’s participants are inactive. When actuarial gains or losses are less than 10% of the greater of the projected benefit obligation or the market-related value of plan assets, they are included in net periodic pension and other postretirement benefit costs indirectly as a result of lower/higher interest costs arising from a decrease/increase in the projected benefit obligation. The market-related value of plan assets is determined using a five-year moving average which recognizes gains or losses in the fair market value of assets at the rate of 20% per year. |
Warrants | Warrants Accounting for warrants includes an initial assessment of whether the warrants qualify as debt or equity. The Corporation’s warrants meet the definition of equity instruments and, accordingly, are recorded within shareholders’ equity on the consolidated balance sheet. The fair value of the warrants is determined as of the measurement date. Incremental costs directly attributable to the offering of the securities are deferred and charged against the proceeds of the offering. |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) Other comprehensive income (loss) includes changes in assets and liabilities from non-owner sources including foreign currency translation adjustments, unamortized prior service costs and unrecognized actuarial gains and losses associated with employee benefit plans, and changes in the fair value of derivatives designated and effective as cash flow hedges. Certain components of other comprehensive income (loss) are presented net of income tax. Foreign currency translation adjustments exclude the effect of income tax since earnings of non-U.S. subsidiaries are deemed to be reinvested for an indefinite period of time. Reclassification adjustments are amounts which are realized during the year and, accordingly, are deducted from other comprehensive income (loss) in the period in which they are included in net income (loss) or when a transaction no longer qualifies as a cash flow hedge. Foreign currency translation adjustments are included in net income (loss) upon sale or upon complete or substantially complete liquidation of an investment in a foreign entity. With respect to employee benefit plans, unamortized prior service costs are included in net income (loss), either immediately upon curtailment of the employee benefit plan or over the average remaining service period or life expectancy of the employees expected to receive benefits, and unrecognized actuarial gains and losses are included in net income (loss) indirectly as a result of lower/higher interest costs arising from a decrease/increase in the projected benefit obligation. Changes in the fair value of derivatives are included in net income (loss) when the projected sale occurs or, if a foreign currency purchase contract, over the estimated useful life of the underlying asset. |
Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of the Corporation’s foreign operations are translated at year-end exchange rates and the statements of operations are translated at the average exchange rates for the year. Gains or losses resulting from translating foreign currency financial statements are accumulated as a separate component of accumulated other comprehensive loss until the entity is sold or substantially liquidated. |
Revenue Recognition | Revenue Recognition Revenue from sales is recognized when obligations under the terms of the contract with the customer are satisfied. Generally, this occurs when control of the product transfers to the customer. A contract with a customer is deemed to exist when there is persuasive evidence of an arrangement, the sales price is fixed or determinable and collectability is reasonably assured. Persuasive evidence of an arrangement identifies the final understanding between the parties as to the specific nature and terms of the agreed-upon transaction that creates enforceable obligations. It can be in the form of an executed purchase order from the customer, combined with an order acknowledgment from the Corporation, a sales agreement or longer-term supply agreement between the customer and the Corporation, or a similar arrangement deemed to be a normal and customary business practice for that particular customer or class of customer (collectively, a sales agreement). Sales agreements typically include a single performance obligation for the manufacturing of product which is satisfied upon transfer of control of the product to the customer. The sales price required to be paid by the customer is fixed or determinable from the sales agreement. It is not subject to refund or adjustment, except for a variable-index surcharge provision which is known at the time of shipment and increases or decreases, as applicable, the selling price of a mill roll for corresponding changes in the published index cost of certain raw materials. The variable-index surcharge is recognized as revenue when the corresponding revenue for the inventory is recognized. Likelihood of collectability is assessed prior to acceptance of an order. In certain circumstances, the Corporation may require a deposit from the customer, a letter of credit, or another form of assurance for payment. An allowance for doubtful accounts is maintained based on historical experience. Payment terms are standard to the industry and generally require payment 30 days after control transfers to the customer. Transfer of control is assessed based on alternative use of the product manufactured and, under the terms of the sales agreement, an enforceable right to payment for performance to date. Transfer of control, and therefore revenue recognition, occurs when title, ownership and risk of loss pass to the customer. Typically, this occurs when the product is shipped to the customer (i.e., FOB shipping point), delivered to the customer (i.e., FOB destination), or, for foreign sales, in accordance with trading guidelines known as Incoterms. Incoterms are standard trade definitions used in international contracts and are developed, maintained and promoted by the ICC Commission on Commercial Law and Practice. Shipping terms vary across the businesses and typically depend on the product, country of origin and type of transportation (truck or vessel). There are no customer-acceptance provisions other than, perhaps, customer inspection and testing prior to shipment. Post-shipment obligations are insignificant. Amounts billed to the customer for shipping and handling are recorded within net sales and the related costs are recorded within costs of products sold (excluding depreciation and amortization). Amounts billed for taxes assessed by various government authorities (e.g., sales tax, value-added tax, etc.) are excluded from the determination of net income (loss) and, instead, are recorded as a liability until remitted to the government authority. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation, such as stock options, restricted stock units and performance shares, is recognized over the vesting period based upon the fair value of the award at the date of grant. For stock options, the fair value is determined by the Black Scholes option pricing model and is expensed over the vesting period of three years. For restricted stock units, the fair value is equal to the closing price of the Corporation’s common stock on the New York Stock Exchange (“NYSE”) on the date of grant and is expensed over the vesting period, typically three years. For performance share awards that vest subject to a performance condition, the fair value is equal to the closing price of the Corporation’s stock on the NYSE on the date of grant. For performance share awards that vest subject to a market condition, the fair value is determined using a Monte Carlo simulation model. The fair value of performance share awards is expensed over the performance period when it is probable that the performance condition will be achieved. Asbestos-Related Costs The amounts recorded for asbestos-related liabilities and insurances receivables for asbestos-related matters rely on assumptions that are based on currently known facts and strategies. Asbestos-related liabilities are recognized when a liability is probable of occurrence and can be reasonably estimated. The liability includes an estimate of future claims as well as settlement or indemnity costs that would be incurred to resolve both pending and future unasserted claims over the period which such claims can be reasonably estimated. Insurance receivables for asbestos-related matters are recognized for the estimated amount of probable insurance recoveries attributable to the claims for which an asbestos-related liability has been recognized, including the portion of incurred defense costs expected to be reimbursed. Neither the asbestos-related liabilities nor the insurance receivables for asbestos-related matters are discounted to their present values due to the inability to reliably forecast the timing of future cash flows. The asbestos-related liabilities and insurance receivables for asbestos-related matters as well as the underlying assumptions are reviewed on a regular basis to determine whether any adjustments to the estimates are required. If it is determined that there is an increase in asbestos-related liabilities net of insurance recoveries, then a charge to earnings would be recorded. Similarly, if it is determined that there is a decrease in asbestos-related liabilities net of insurance recoveries, then a credit to earnings would be recorded. |
Asbestos-Related Costs | Asbestos-Related Costs The amounts recorded for asbestos-related liabilities and insurances receivables for asbestos-related matters rely on assumptions that are based on currently known facts and strategies. Asbestos-related liabilities are recognized when a liability is probable of occurrence and can be reasonably estimated. The liability includes an estimate of future claims as well as settlement or indemnity costs that would be incurred to resolve both pending and future unasserted claims over the period which such claims can be reasonably estimated. Insurance receivables for asbestos-related matters are recognized for the estimated amount of probable insurance recoveries attributable to the claims for which an asbestos-related liability has been recognized, including the portion of incurred defense costs expected to be reimbursed. Neither the asbestos-related liabilities nor the insurance receivables for asbestos-related matters are discounted to their present values due to the inability to reliably forecast the timing of future cash flows. The asbestos-related liabilities and insurance receivables for asbestos-related matters as well as the underlying assumptions are reviewed on a regular basis to determine whether any adjustments to the estimates are required. If it is determined that there is an increase in asbestos-related liabilities net of insurance recoveries, then a charge to earnings would be recorded. Similarly, if it is determined that there is a decrease in asbestos-related liabilities net of insurance recoveries, then a credit to earnings would be recorded. |
Derivative Instruments | Derivative Instruments Derivative instruments which include forward exchange (for foreign currency sales and purchases) and futures contracts are recorded on the consolidated balance sheet as either an asset or a liability measured at their fair value. The accounting for changes in the fair value of a derivative depends on the use of the derivative. To the extent that a derivative is designated and effective as a cash flow hedge of an exposure to future changes in value, the change in the fair value of the derivative is deferred in accumulated other comprehensive loss. Any portion considered to be ineffective, including that arising from the unlikelihood of an anticipated transaction to occur, is reported as a component of earnings (other income/expense) immediately. Upon occurrence of the anticipated sale, the foreign currency sales contract designated and effective as a cash flow hedge is de-designated as a fair value hedge and the change in fair value previously deferred in accumulated other comprehensive loss is reclassified to earnings (net sales) with subsequent changes in fair value recorded as a component of earnings (other income/expense). Upon occurrence of the anticipated purchase, the foreign currency purchase contract is settled and the change in fair value deferred in accumulated other comprehensive loss is reclassified to earnings (depreciation and amortization expense) over the life of the underlying asset. Upon settlement of a futures contract, the change in fair value deferred in accumulated other comprehensive loss is reclassified to earnings (costs of products sold, excluding depreciation and amortization) when the corresponding inventory is sold and revenue is recognized. To the extent that a derivative is designated and effective as a hedge of an exposure to changes in fair value, the change in the derivative’s fair value will be offset in the consolidated statement of operations by the change in the fair value of the item being hedged and is recorded as a component of earnings (other income/expense). Cash flows associated with the derivative instruments are recorded as a component of operating activities on the consolidated statement of cash flows. The Corporation does not enter into derivative transactions for speculative purposes and, therefore, holds no derivative instruments for trading purposes. |
Fair Value | Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. A hierarchy of inputs is used to determine fair value measurements with three levels. Level 1 inputs are quoted prices in active markets for identical assets or liabilities and are considered the most reliable evidence of fair value. Level 2 inputs are observable prices that are not quoted on active exchanges. Level 3 inputs are unobservable inputs used for measuring the fair value of assets or liabilities. |
Legal Costs | Legal Costs Legal costs expected to be incurred in connection with loss contingencies are accrued when such costs are probable and estimable. |
Income Taxes | Income Taxes Income taxes are recognized during the year in which transactions enter into the determination of financial statement income. Any taxes on foreign income in excess of a deemed return on tangible assets of foreign corporations are accounted for as period costs. Deferred income tax assets and liabilities are recognized for the future tax consequences of temporary differences between the book carrying amount and the tax basis of assets and liabilities including net operating loss carryforwards. A valuation allowance is provided against a deferred income tax asset when it is “more likely than not” the asset will not be realized. Similarly, if a determination is made that it is “more likely than not” the deferred income tax asset will be realized, the related valuation allowance would be reduced and a benefit to earnings would be recorded. Penalties and interest are recognized as a component of the income tax provision. Tax benefits are recognized in the financial statements for tax positions taken or expected to be taken in a tax return when it is “more likely than not” that the tax authorities will sustain the tax position solely on the basis of the position’s technical merits. Consideration is given primarily to legislation and statutes, legislative intent, regulations, rulings and case law as well as their applicability to the facts and circumstances of the tax position when assessing the sustainability of the tax position. In the event a tax position no longer meets the “more likely than not” criteria, the tax benefit is reversed by recognizing a liability and recording a charge to earnings. Conversely, if a tax position subsequently meets the “more likely than not” criteria, a tax benefit would be recognized by reducing the liability and recording a credit to earnings. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. The computation of diluted earnings per common share is similar to basic earnings per common share except that the denominator is increased to include the dilutive effect of the net additional common shares that would have been outstanding assuming exercise of outstanding stock awards and warrants, calculated using the treasury stock method. The computation of diluted earnings per share would not assume the exercise of an outstanding stock award or warrant if the effect on earnings per common share would be antidilutive. Similarly, the computation of diluted earnings per share would not assume the exercise of outstanding stock awards and warrants if the Corporation incurred a net loss since the effect on earnings per common share would be antidilutive. The weighted average number of common shares outstanding assuming exercise of dilutive stock awards and warrants was 14,636,022 for 2020 and 12,590,230 for 2019. Weighted-average outstanding stock awards and warrants excluded from the diluted earnings per common share calculation, since the effect would have been antidilutive, were 1,809,432 for 2020 and 671,886 for 2019. With respect to amounts attributable to Ampco-Pittsburgh common shareholders, net income (loss) from continuing operations attributable to Ampco-Pittsburgh common shareholders excludes net income attributable to noncontrolling interest. |
Recently Implemented Accounting Pronouncements | Recently Implemented Accounting Pronouncements No significant accounting pronouncements became effective for the Corporation in 2020. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity Earnings per Share In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740). The guidance becomes effective for the Corporation on January 1, 2021, and is not expected to impact the Corporation’s financial position, operating results or liquidity. In September 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses |
Discontinued Operations and D_2
Discontinued Operations and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Summary of Major Classes of ASW's Loss from Discontinued Operations, Net of Tax in the Consolidated Statements of Operations | The following table presents the major classes of ASW’s line items constituting the “loss from discontinued operations, net of tax” in the consolidated statements of operations: Year Ended December 31, 2019 Net sales $ 35,045 Operating costs and expenses: Costs of products sold (excluding depreciation and amortization) 42,407 Selling and administrative 1,741 Loss on disposal of assets 55 Total operating expenses 44,203 Loss from discontinued operations (9,158 ) Other income 73 Loss from discontinued operations before income taxes (9,085 ) Income tax provision 0 Loss from discontinued operations, net of tax $ (9,085 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | 2020 2019 Raw materials $ 17,893 $ 18,011 Work-in-progress 31,568 35,942 Finished goods 12,466 17,159 Supplies 11,316 11,177 Inventories $ 73,243 $ 82,289 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | 2020 2019 Land and land improvements $ 10,473 $ 9,556 Buildings 63,765 61,866 Machinery and equipment 339,203 325,941 Construction-in-process 4,896 5,251 Other 6,870 6,872 425,207 409,486 Accumulated depreciation (263,109 ) (243,094 ) Property, plant and equipment, net $ 162,098 $ 166,392 |
Operating Lease Right of Use _2
Operating Lease Right of Use Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Operating Lease Right Of Use Asset [Abstract] | |
Schedule of Right-of-Use Assets Associated with Operating Leases | Right-of-use assets associated with operating leases as of December 31, 2020, and 2019, were comprised of the following: 2020 2019 Land $ 2,850 $ 2,700 Buildings 1,825 1,506 Machinery and equipment 495 329 Other 404 487 5,574 5,022 Accumulated amortization (1,230 ) (759 ) Operating lease right-of-use assets, net $ 4,344 $ 4,263 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | 2020 2019 Customer relationships $ 6,191 $ 5,995 Developed technology 4,457 4,157 Trade name 2,646 2,355 13,294 12,507 Accumulated amortization (6,077 ) (4,882 ) Intangible assets, net $ 7,217 $ 7,625 |
Summary of Changes in Intangible Assets | The following summarizes changes in intangible assets for the years ended December 31: 2020 2019 Balance at the beginning of the year $ 7,625 $ 9,225 Changes in intangible assets 0 (292 ) Amortization of intangible assets (1,155 ) (1,144 ) Other, primarily impact from changes in foreign currency exchange rates 747 (164 ) Balance at the end of the year $ 7,217 $ 7,625 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | 2020 2019 Customer-related liabilities $ 16,144 $ 16,194 Accrued interest payable 2,131 2,225 Accrued sales commissions 1,419 1,607 Other 4,546 6,694 Other current liabilities $ 24,240 $ 26,720 |
Schedule of Changes in Liability for Product Warranty Claims | The following summarizes changes in the liability for product warranty claims for the years ended December 31: 2020 2019 Balance at the beginning of the year $ 9,065 $ 9,447 Satisfaction of warranty claims (3,854 ) (5,467 ) Provision for warranty claims 2,737 5,050 Other, primarily impact from changes in foreign currency exchange rates 157 35 Balance at the end of the year $ 8,105 $ 9,065 |
Schedule of Changes in Customer Deposits | Changes in customer deposits consisted of the following: 2020 2019 Balance at the beginning of the year $ 4,895 $ 4,304 Satisfaction of performance obligations (13,915 ) (11,627 ) Receipt of additional deposits 15,458 12,189 Other, primarily changes in foreign currency exchange rates 69 29 Balance at the end of the year $ 6,507 $ 4,895 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Borrowings | 2020 2019 Revolving Credit and Security Agreement $ 6,000 $ 34,273 Sale and leaseback financing obligation 19,931 19,303 Industrial Revenue Bonds 9,191 13,311 Minority shareholder loan 1,056 2,856 Finance leases 1,065 1,114 Outstanding borrowings 37,243 70,857 Debt – current portion (12,436 ) (20,363 ) Long-term debt $ 24,807 $ 50,494 |
Operating Lease Liabilities (Ta
Operating Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Summary of Current and Non Current Portion of Operating Lease Arrangements | The current and noncurrent portion of the Corporation’s operating lease arrangements as of December 31, 2020, and 2019, were as follows: 2020 2019 Operating lease liabilities - current portion $ 674 $ 612 Noncurrent operating lease liabilities 3,670 3,651 Total operating lease liabilities $ 4,344 $ 4,263 |
Summary of Future Operating Lease Payments | Future operating lease payments as of December 31, 2020, were as follows: 2021 $ 690 2022 598 2023 535 2024 487 2025 291 2026 and thereafter 3,910 Total undiscounted payments 6,511 Less: amount representing interest (2,167 ) Present value of net minimum lease payments $ 4,344 |
Components of Lease Cost | The components of lease cost for the year ended December 31, 2020, and 2019, were as follows: 2020 2019 Short-term operating lease costs $ 30 $ 93 Long-term operating lease costs 697 682 Total operating lease costs $ 727 $ 775 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Actuarial Losses (Gains) | Actuarial losses were comprised of the following components: U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2020 2019 2020 2019 2020 2019 Changes in assumptions $ 21,494 $ 27,380 $ 5,674 $ 6,277 $ 811 $ 1,116 Other (1,851 ) 295 (333 ) 831 (85 ) 134 Total actuarial losses $ 19,643 $ 27,675 $ 5,341 $ 7,108 $ 726 $ 1,250 |
Reconciliation of Projected Benefit Obligations (PBO), Plan Assets, the Funded Status of the Plans and the Amounts Recognized in the Consolidated Balance Sheets | The following table provides a reconciliation of projected benefit obligations (“PBO”), plan assets and the funded status of the plans for the Corporation’s defined benefit plans calculated using a measurement date as of the end of the respective years. U.S. Pension Benefits (a) Foreign Pension Benefits (b) Other Postretirement Benefits 2020 2019 2020 2019 2020 2019 Change in projected benefit obligations: PBO at January 1 $ 261,902 $ 233,790 $ 62,339 $ 54,337 $ 11,398 $ 15,810 Service cost 223 633 444 444 225 286 Interest cost 7,175 9,018 1,058 1,399 281 390 Plan amendments 0 472 0 0 0 (4,632 ) Special termination benefits 12 3,694 0 0 0 (478 ) Plan curtailments 0 1,458 0 0 0 0 Foreign currency exchange rate changes 0 0 3,209 1,586 0 0 Actuarial losses 19,643 27,675 5,341 7,108 726 1,250 Participant contributions 0 0 0 0 274 99 Benefits paid from plan assets (14,776 ) (14,435 ) (1,796 ) (1,879 ) 0 0 Benefits paid by the Corporation (403 ) (403 ) (672 ) (656 ) (1,494 ) (1,327 ) PBO at December 31 $ 273,776 $ 261,902 $ 69,923 $ 62,339 $ 11,410 $ 11,398 Change in plan assets: Fair value of plan assets at January 1 $ 195,667 $ 182,541 $ 57,900 $ 49,651 $ 0 $ 0 Actual return on plan assets 24,427 26,304 8,396 8,164 0 0 Foreign currency exchange rate changes 0 0 2,457 1,964 0 0 Corporate contributions 5,965 1,660 672 656 1,220 1,228 Participant contributions 0 0 0 0 274 99 Gross benefits paid (15,179 ) (14,838 ) (2,468 ) (2,535 ) (1,494 ) (1,327 ) Fair value of plan assets at December 31 $ 210,880 $ 195,667 $ 66,957 $ 57,900 $ 0 $ 0 Funded status of the plans: Fair value of plan assets $ 210,880 $ 195,667 $ 66,957 $ 57,900 $ 0 $ 0 Less benefit obligations 273,776 261,902 69,923 62,339 11,410 11,398 Funded status at December 31 $ (62,896 ) $ (66,235 ) $ (2,966 ) $ (4,439 ) $ (11,410 ) $ (11,398 ) (a) Includes the nonqualified defined benefit pension plan. (b) Includes the overfunded U.K. defined benefit pension plan and two smaller unfunded defined benefit pension plans. The following table provides a summary of amounts recognized in the consolidated balance sheets at December 31, 2020, and 2019. U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2020 2019 2020 2019 2020 2019 Employee benefit obligations: Prepaid pensions (a) $ 0 $ 0 $ 5,327 $ 3,062 $ 0 $ 0 Accrued payrolls and employee benefits (b) (477 ) (464 ) 0 0 (1,028 ) (1,305 ) Employee benefit obligations (c) (62,419 ) (65,771 ) (8,293 ) (7,501 ) (10,382 ) (10,093 ) Total employee benefit obligations $ (62,896 ) $ (66,235 ) $ (2,966 ) $ (4,439 ) $ (11,410 ) $ (11,398 ) Accumulated other comprehensive loss: (d) Net actuarial loss (gain) $ 63,834 $ 57,883 $ 18,341 $ 19,673 $ 324 $ (538 ) Prior service cost (credit) 38 79 (7,327 ) (7,371 ) (6,833 ) (7,850 ) Total accumulated other comprehensive loss $ 63,872 $ 57,962 $ 11,014 $ 12,302 $ (6,509 ) $ (8,388 ) (a) Represents the overfunded U.K. defined benefit pension plan which is recorded as a noncurrent asset in the consolidated balance sheets. ( b ) Recorded as a current liability in the consolidated balance sheets. ( c ) Recorded as a noncurrent liability in the consolidated balance sheets. ( d ) Amounts are pre-tax. |
Schedule of Estimated Benefit Payments | As of December 31, 2020, estimated benefit payments for subsequent years are as follows: U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2021 $ 15,758 $ 1,965 $ 1,041 2022 15,821 2,003 1,004 2023 15,840 1,832 993 2024 15,753 2,568 989 2025 15,607 2,400 923 2026-2030 74,313 12,667 2,762 Total benefit payments $ 153,092 $ 23,435 $ 7,712 |
Summary of Target Asset Allocations and Major Asset Categories | The following table summarizes target asset allocations (within +/-5% considered acceptable) and major asset categories. Certain investments are classified differently for target asset allocation purposes and external reporting purposes. The Corporation intends to continue to liquidate the alternative investments of the U.S. plans to provide additional flexibility with investment allocation. U.S. Pension Benefits Foreign Pension Benefits Target Allocation Percentage of Plan Assets Target Allocation Percentage of Plan Assets Dec. 31, 2020 2020 2019 Dec. 31, 2020 2020 2019 Equity Securities 54 % 52 % 45 % 31 % 34 % 14 % Fixed-Income Securities 43 % 40 % 42 % 55 % 48 % 75 % Alternative Investments 0 % 5 % 10 % 14 % 11 % 11 % Other (primarily cash and cash equivalents) 3 % 3 % 3 % 0 % 7 % 0 % |
Asset Categories Based on the Nature and Risks of the Plans Assets | Asset categories based on the nature and risks of the U.S. pension benefit plans’ assets as of December 31, 2020, are summarized below. Quoted Prices in Active Markets for Identical Inputs (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity Securities: U.S. Consumer discretionary $ 6,012 $ 0 $ 0 $ 6,012 Consumer staples 2,591 0 0 2,591 Energy 569 0 0 569 Financial 3,199 0 0 3,199 Healthcare 9,831 0 0 9,831 Industrials 7,026 0 0 7,026 Information technology 11,450 0 0 11,450 Materials 736 0 0 736 Mutual funds and ETFs 52,101 0 0 52,101 Real estate 1,180 0 0 1,180 Telecommunications 2,343 0 0 2,343 Utilities 325 0 0 325 International Consumer discretionary 1,070 0 0 1,070 Consumer staples 2,478 0 0 2,478 Energy 419 0 0 419 Financial 2,252 0 0 2,252 Healthcare 1,107 0 0 1,107 Industrials 2,113 0 0 2,113 Information technology 1,743 0 0 1,743 Materials 987 0 0 987 Total Equity Securities 109,532 0 0 109,532 Fixed-Income Securities: U.S. Corporate bonds 0 45,567 0 45,567 Treasury bonds 24,967 0 0 24,967 Agency bonds 0 624 0 624 Mutual funds and ETFs 7,794 0 0 7,794 International Corporate bonds 0 2,699 0 2,699 Total Fixed-Income Securities 32,761 48,890 0 81,651 Alternative Investments: Managed funds (a) 0 0 7,557 7,557 Total Alternative Investments 0 0 7,557 7,557 Other: Cash and cash equivalents (b) 12,142 0 0 12,142 Other (c) 88 0 (90 ) (2 ) Total Other 12,230 0 (90 ) 12,140 Total assets $ 154,523 $ 48,890 $ 7,467 $ 210,880 (a) Includes approximately 82.8% in alternative investments (real assets, commodities and resources, absolute return funds) and 17.2% in cash and cash equivalents. (b) Includes investments in temporary funds. (c) Includes accrued receivables and pending broker settlements. Asset categories based on the nature and risks of the U.S. pension benefit plans’ assets as of December 31, 2019, are summarized below. Quoted Prices in Active Markets for Identical Inputs (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity Securities: U.S. Consumer discretionary $ 4,054 $ 0 $ 0 $ 4,054 Consumer staples 3,368 0 0 3,368 Energy 1,405 0 0 1,405 Financial 3,612 0 0 3,612 Healthcare 6,952 0 0 6,952 Industrials 6,941 0 0 6,941 Information technology 7,443 0 0 7,443 Materials 844 0 0 844 Mutual funds and ETFs 51,259 0 0 51,259 Real estate 272 0 0 272 Telecommunications 2,994 0 0 2,994 Utilities 516 0 0 516 Total Equity Securities 89,660 0 0 89,660 Fixed-Income Securities: Corporate bonds 0 45,289 0 45,289 Treasury bonds 15,751 0 0 15,751 Agency bonds 0 10,752 0 10,752 Mutual funds and ETFs 7,802 0 0 7,802 Total Fixed-Income Securities 23,553 56,041 0 79,594 Alternative Investments: Managed funds (a) 0 0 19,341 19,341 Total Alternative Investments 0 0 19,341 19,341 Other: Cash and cash equivalents (b) 7,038 0 0 7,038 Other (c) 100 0 (66 ) 34 Total Other 7,138 0 (66 ) 7,072 Total assets $ 120,351 $ 56,041 $ 19,275 $ 195,667 (a) Includes approximately 81.0% in alternative investments (real assets, commodities and resources, absolute return funds) and 19.0% in cash and cash equivalents. (b) Includes investments in temporary funds. (c) Includes accrued receivables and pending broker settlements. Asset categories based on the nature and risks of the foreign pension benefit plan’s assets as of December 31, 2020, are summarized below. Quoted Prices in Active Markets for Identical Inputs (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity Securities: Commingled funds (U.K.) $ 0 $ 0 $ 2,925 $ 2,925 Commingled funds (International) 0 2,343 17,746 20,089 Total Equity Securities 0 2,343 20,671 23,014 Fixed-Income Securities: Commingled funds (U.K.) 0 17,883 0 17,883 Commingled funds (International) 0 14,118 0 14,118 Total Fixed-Income Securities 0 32,001 0 32,001 Multi-Asset Commingled Funds (International) 0 4,381 0 4,381 Alternative Investments: Absolute return funds 0 0 3,094 3,094 Cash and cash equivalents 73 4,394 0 4,467 Total assets $ 73 $ 43,119 $ 23,765 $ 66,957 Asset categories based on the nature and risks of the foreign pension benefit plan’s assets as of December 31, 2019, are summarized below. Quoted Prices in Active Markets for Identical Inputs (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity Securities: Commingled funds (U.K.) $ 0 $ 4,874 $ 0 $ 4,874 Commingled funds (International) 0 3,291 0 3,291 Total Equity Securities 0 8,165 0 8,165 Fixed-Income Securities: Commingled funds (U.K.) 0 43,168 0 43,168 Alternative Investments: Absolute return funds 0 0 6,495 6,495 Cash and cash equivalents 72 0 0 72 Total assets $ 72 $ 51,333 $ 6,495 $ 57,900 |
Summary of Changes in the Fair Value of the Level 3 Plan Assets for U.S. and Foreign Pension Plans | The table below sets forth a summary of changes in the fair value of the Level 3 plan assets for the U.S. and foreign pension benefits plans for the year ended December 31, 2020, and 2019. U.S. Pension Benefits Foreign Pension Benefits 2020 2019 2020 2019 Fair value as of January 1 $ 19,341 $ 23,673 $ 6,495 $ 7,569 Contributions 0 0 16,418 0 Withdrawals (10,784 ) (4,921 ) (7,066 ) (1,791 ) Realized gains (losses) 1,706 1,445 (197 ) (701 ) Change in net unrealized (losses) gains (2,706 ) (856 ) 6,024 1,189 Other, primarily impact from changes in foreign currency exchange rates 0 0 2,091 229 Fair value as of December 31 $ 7,557 $ 19,341 $ 23,765 $ 6,495 |
Net Periodic Pension and Other Postretirement Benefit Costs | Net periodic pension and other postretirement benefit costs include the following components for each of the years. U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2020 2019 2020 2019 2020 2019 Service cost $ 223 $ 633 $ 444 $ 444 $ 225 $ 286 Interest cost 7,175 9,018 1,058 1,399 281 390 Expected return on plan assets (12,828 ) (12,623 ) (1,972 ) (2,321 ) 0 0 Amortization of: Prior service cost (credit) 41 64 (285 ) (284 ) (1,017 ) (1,804 ) Actuarial loss (gain) 2,094 1,153 701 669 (139 ) (336 ) Effect of plan amendment 0 236 0 0 0 0 Special termination benefits 12 3,694 0 0 0 0 Curtailment loss (gain) 0 1,641 0 0 0 (7,654 ) Total net periodic pension and other postretirement benefit costs $ (3,283 ) $ 3,816 $ (54 ) $ (93 ) $ (650 ) $ (9,118 ) |
Discount Rates Used to Determine the Benefit Obligations | The discount rates used to determine the benefit obligations as of December 31, 2020, and 2019, are summarized below. U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2020 2019 2020 2019 2020 2019 Discount rate 2.50-2.63% 3.25-3.31% 1.45% 2.05% 2.61% 2.98-3.35% |
Assumptions Regarding Net Periodic Pension and Other Postretirement Benefit Costs | The following assumptions were used to determine net periodic pension and other postretirement benefit costs for the year ended December 31, 2020, and 2019. U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2020 2019 2020 2019 2020 2019 Discount rate 3.25-3.31% 3.19-4.34% 2.05% 3.00% 2.98-3.35% 2.97-4.33% Expected long-term rate of return 6.60-7.25% 6.60-7.25% 3.55% 3.55% n/a n/a |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Net Changes and Ending Balances for Various Components of Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | Net changes and ending balances for the various components of other comprehensive income (loss) and for accumulated other comprehensive loss as of and for the year ended December 31, 2019, and 2020, are summarized below. Foreign Currency Translation Adjustments Unrecognized Components of Employee Benefit Plans Derivatives Total Accumulated Other Comprehensive Loss Noncontrolling Interest Accumulated Other Comprehensive Loss Attributable to Ampco-Pittsburgh January 1, 2019 $ (18,642 ) $ (30,902 ) $ (64 ) $ (49,608 ) $ (174 ) $ (49,434 ) Net Change 290 (19,957 ) 355 (19,312 ) (84 ) (19,228 ) December 31, 2019 (18,352 ) (50,859 ) 291 (68,920 ) (258 ) (68,662 ) Net Change 6,981 (6,793 ) 298 486 519 (33 ) December 31, 2020 $ (11,371 ) $ (57,652 ) $ 589 $ (68,434 ) $ 261 $ (68,695 ) |
Line Items Affected on Consolidated Statements of Operations for Components Reclassified from Accumulated Other Comprehensive Loss | The following summarizes the line items affected on the consolidated statements of operations for components reclassified from accumulated other comprehensive loss for the year ended December 31, 2020, and 2019. Amounts in parentheses represent credits to net income (loss). 2020 2019 Amortization of unrecognized employee benefit costs: Other expense $ 1,395 $ (302 ) Income tax provision 0 0 Net of income tax $ 1,395 $ (302 ) Realized (gains) losses from settlement of cash flow hedges: Depreciation and amortization (foreign currency purchase contracts) $ (27 ) $ (27 ) Costs of products sold (excluding depreciation and amortization) (futures contracts – copper and aluminum) (65 ) 285 Total before income tax (92 ) 258 Income tax provision 0 0 Net of income tax $ (92 ) $ 258 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Location and Fair Value of Foreign Currency Sales Contracts Recorded on Consolidated Balance Sheets | The following summarizes location and fair value of the foreign currency sales contracts recorded on the consolidated balance sheets as of December 31: Location 2020 2019 Fair value hedge contracts Other current assets $ 1,123 $ 677 Other noncurrent assets 332 153 Other current liabilities 12 0 Fair value hedged item Receivables (960 ) (260 ) Other current liabilities 201 323 Other noncurrent liabilities 327 95 |
Summary of Amount Recognized as and Reclassified from Accumulated Other Comprehensive Income (Loss) | The change in the fair value of the cash flow contracts is recorded as a component of accumulated other comprehensive loss. Amounts recognized as and reclassified from accumulated other comprehensive loss are recorded as a component of other comprehensive income (loss) and are summarized below. Amounts are after-tax, where applicable. Certain amounts recognized as or reclassified from comprehensive income (loss) for 2020 and 2019 have no tax effect due to the Corporation recording a valuation allowance against its deferred income tax assets in the related jurisdictions. For the Year Ended December 31, 2020 Beginning of the Year Recognized Reclassified End of the Year Foreign currency purchase contracts $ 189 $ 0 $ 27 $ 162 Future contracts – copper and aluminum 102 390 65 427 Change in fair value $ 291 $ 390 $ 92 $ 589 For the Year Ended December 31, 2019 Foreign currency purchase contracts $ 216 $ 0 $ 27 $ 189 Future contracts – copper and aluminum (280 ) 97 (285 ) 102 Change in fair value $ (64 ) $ 97 $ (258 ) $ 291 |
Summary of Change in Fair Value Reclassified or Expected to be Reclassified from Accumulated Other Comprehensive Loss to Earnings | The change in fair value reclassified or expected to be reclassified from accumulated other comprehensive loss to earnings is summarized below. All amounts are pre-tax. Location of Gain (Loss) Estimated to be Reclassified in the Next Year Ended December 31, in Statements of Operations 12 Months 2020 2019 Foreign currency purchase contracts Depreciation and amortization $ 27 $ 27 $ 27 Futures contracts – copper and aluminum Costs of products sold (excluding depreciation and amortization) 427 65 (285 ) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | The following summarizes financial assets and liabilities reported at fair value on a recurring basis in the consolidated balance sheets at December 31: 2020 Quoted Prices in Active Markets for Identical Inputs (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Investments Other noncurrent assets $ 4,402 $ 0 $ 0 $ 4,402 Foreign currency exchange contracts Accounts receivable 0 (960 ) 0 (960 ) Other current assets 0 1,123 0 1,123 Other noncurrent assets 0 332 0 332 Other current liabilities 0 213 0 213 Other noncurrent liabilities 0 327 0 327 2019 Investments Other noncurrent assets $ 4,183 $ 0 $ 0 $ 4,183 Foreign currency exchange contracts Other current assets 0 677 0 677 Other noncurrent assets 0 153 0 153 Other current liabilities 0 323 0 323 Other noncurrent liabilities 0 95 0 95 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Net Sales | Net sales by geographic area and product line for the year ended December 31, 2020, and 2019, are outlined below. Net sales are attributed to the geographic areas based on the location of the customer. Sales to individual countries were less than 10% of consolidated net sales for each of the years. Net Sales by Geographic Area 2020 2019 United States $ 159,908 $ 192,845 Foreign 168,636 205,059 Consolidated total $ 328,544 $ 397,904 Net Sales by Product Line 2020 2019 Forged and cast mill rolls $ 228,219 $ 286,036 Forged engineered products 9,670 19,594 Heat exchange coils 25,249 27,973 Centrifugal pumps 36,911 36,001 Air handling systems 28,495 28,300 Consolidated total $ 328,544 $ 397,904 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Outstanding Restricted Stock Units ("RSU") and Performance Share Awards ("PSU") | Outstanding RSUs and PSUs, which would represent non-vested awards, as of December 31, 2020, and 2019, and activity for the years then ended, are as follows: Number of RSUs Weighted Average Fair Value Number of PSUs Weighted Average Fair Value Outstanding at January 1, 2019 172,705 $ 11.77 126,587 $ 11.19 Granted 164,382 3.23 164,442 3.60 Converted to common stock (89,339 ) 12.03 0 N/A Forfeited/cancelled (27,897 ) 10.48 (76,838 ) 10.15 Outstanding at December 31, 2019 219,851 5.45 214,191 5.74 Granted 162,503 3.22 169,178 4.19 Converted to common stock (95,391 ) 6.81 (5,793 ) 14.00 Forfeited/cancelled (8,305 ) 5.59 (29,380 ) 10.46 Outstanding at December 31, 2020 278,658 $ 3.68 348,196 $ 4.45 |
Summary of Outstanding Stock Options | Outstanding stock options, all of which are fully vested, as of December 31, 2020, and 2019, and activity for the years then ended, are as follows: Number of Shares Under Options Weighted Average Exercise Price Remaining Contractual Life In Years Intrinsic Value Outstanding at January 1, 2019 605,585 $ 20.54 2.8 $ 0 Granted 0 N/A Exercised 0 N/A Forfeited/cancelled (196,835 ) 18.25 Outstanding at December 31, 2019 408,750 21.64 2.1 0 Granted 0 N/A Exercised 0 N/A Forfeited/cancelled (139,500 ) 25.10 Outstanding at December 31, 2020 269,250 $ 19.85 2.0 $ 0 Exercisable at December 31, 2020 269,250 $ 19.85 2.0 $ 0 Vested or expected to vest at December 31, 2020 269,250 $ 19.85 2.0 $ 0 |
Litigation (Tables)
Litigation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [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 year ended December 31, 2020, and 2019: 2020 2019 Total claims pending at the beginning of the period 6,102 6,772 New claims served 1,016 1,370 Claims dismissed (855 ) (1,663 ) Claims settled (372 ) (377 ) Total claims pending at the end of the period (1) 5,891 6,102 Gross settlement and defense costs (in 000’s) $ 27,437 $ 20,289 Average gross settlement and defense costs per claim resolved (in 000’s) $ 22.36 $ 9.95 (1) Included as “open claims” are approximately 688 and 749 claims in 2020 and 2019, respectively, classified in various jurisdictions as “inactive” or transferred to a state or federal judicial panel on multi-district litigation, commonly referred to as the MDL. |
Summary of Activity in Asbestos Insurance Recoveries | The following table summarizes activity relating to insurance recoveries for the year ended December 31, 2020, and 2019. 2020 2019 Insurance receivable – asbestos, beginning of the year $ 136,932 $ 152,508 Settlement and defense costs paid by insurance carriers (18,712 ) (15,576 ) Change in estimated coverage (283 ) 0 Insurance receivable – asbestos, end of the year $ 117,937 $ 136,932 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income (Loss) Before Income Taxes | Income (loss) income from continuing operations before income taxes is summarized below. Income (loss) from continuing operations before income taxes for certain foreign entities is classified differently for book reporting and income tax reporting purposes. 2020 2019 Domestic $ (1,587 ) $ (14,335 ) Foreign 10,287 5,968 Income (loss) from continuing operations before income taxes $ 8,700 $ (8,367 ) |
Income Tax Provision for Continuing Operations | The income tax (benefit) provision for continuing operations consisted of the following: 2020 2019 Current: Federal $ (3,614 ) $ (118 ) State 107 56 Foreign 2,079 1,611 Current income tax (benefit) provision (1,428 ) 1,549 Deferred: Federal 2,485 2,244 State 1,329 (217 ) Foreign (178 ) (422 ) Decrease in valuation allowance (2,678 ) (1,046 ) Deferred income tax provision 958 559 Total income tax (benefit) provision $ (470 ) $ 2,108 |
Difference Between Statutory U.S. Federal Income Tax and the Corporation's Effective Income Tax | The difference between statutory U.S. federal income tax and the Corporation’s effective income tax was as follows: 2020 2019 Computed at statutory rate $ 1,827 $ (1,757 ) Tax differential on non-U.S. earnings (44 ) 44 State income taxes 1,413 (172 ) Meals and entertainment 32 83 Alternative minimum tax credits 0 (13 ) GILTI inclusion 1,586 4,859 Net operating loss carryback (3,502 ) 0 Decrease in valuation allowance (2,678 ) (1,046 ) Adjustments to net operating losses 53 4 Other – net 843 106 Total income tax provision $ (470 ) $ 2,108 |
Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities as of December 31, 2020, and 2019, are summarized below. 2020 2019 Assets: Employment – related liabilities $ 8,709 $ 8,643 Pension liability – foreign 688 958 Pension liability – domestic 11,991 11,605 Capital loss carryforwards 157 316 Asbestos-related liability 15,521 17,963 Net operating loss – domestic 8,735 8,929 Net operating loss – state 4,711 4,014 Net operating loss – foreign 10,940 10,256 Inventory related 2,056 2,100 Impairment charge associated with investment in MG 949 1,043 Operating lease right-of-use assets 1,026 1,388 Other 2,568 3,476 Gross deferred income tax assets 68,051 70,691 Valuation allowance (42,454 ) (43,671 ) 25,597 27,020 Liabilities: Depreciation (22,165 ) (21,741 ) Intangible assets – finite life (707 ) (830 ) Intangible assets – indefinite life (552 ) (492 ) Operating lease liabilities (1,026 ) (1,388 ) Other (57 ) (115 ) Gross deferred income tax liabilities (24,507 ) (24,566 ) Net deferred income tax assets $ 1,090 $ 2,454 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Business Segment Net Sales and Income (Loss) from Continuing Operations Before Income Taxes | The accounting policies are the same as those described in Note 1 Summary of Significant Accounting Policies Net Sales (1) Income (Loss) from Continuing Operations Before Income Taxes 2020 2019 2020 2019 Forged and Cast Engineered Products (2) $ 237,889 $ 305,630 $ 8,621 $ (6,130 ) Air and Liquid Processing 90,655 92,274 10,133 10,002 Total Reportable Segments 328,544 397,904 18,754 3,872 Corporate costs, including other income (expense) (3) 0 0 (10,054 ) (12,239 ) Consolidated total $ 328,544 $ 397,904 $ 8,700 $ (8,367 ) Capital Expenditures Depreciation and Amortization Expense Identifiable Assets (4) 2020 2019 2020 2019 2020 2019 Forged and Cast Engineered Products $ 7,972 $ 10,586 $ 17,583 $ 17,818 $ 297,552 $ 325,584 Air and Liquid Processing 494 378 824 963 156,322 172,992 Corporate 0 0 168 186 9,334 7,984 Consolidated total $ 8,466 $ 10,964 $ 18,575 $ 18,967 $ 463,208 $ 506,560 Long-Lived Assets (5) Income (Loss) from Continuing Operations Before Income Taxes Geographic Areas: 2020 2019 2020 2019 United States $ 220,372 $ 235,778 $ (1,706 ) $ (13,996 ) Foreign 68,511 74,373 10,406 5,629 Consolidated total $ 288,883 $ 310,151 $ 8,700 $ (8,367 ) (1) For the Forged and Cast Engineered Products segment, one customer accounted for 11% of its net sales in 2020 and 12% of its net sales for 2019. For the Air and Liquid Processing segment, no customers exceeded 10% of its net sales in 2020, and one customer accounted for 12% of its net sales in 2019. (2) Loss from continuing operations before income taxes for the Forged and Cast Engineered Products segment for 2019 includes an impairment charge of $10,082 to record the Avonmore Plant to its estimated net realizable value less costs to sell in anticipation of its sale, which was completed in September 2019. (3) Corporate costs, including other income (expense), for 2020 decreased from 2019 principally due to lower employee-related costs and professional fees and restructuring-related costs in 2019 that did not recur in 2020. (4) Identifiable assets for the Forged and Cast Engineered Products segment include investments in joint ventures of $2,175 at December 31, 2020, and 2019. The change in the identifiable assets of the Air and Liquid Processing segment relates primarily to the movement in asbestos-related insurance receivables, the balances of which equaled $117,937 and $136,932 at December 31, 2020, and 2019, respectively. (5) Foreign long-lived assets represent primarily assets of the foreign operations. Long-lived assets of the U.S. include noncurrent asbestos-related insurance receivables of $101,937 and $120,932 for 2020 and 2019, respectively. |
Description of Business - Addit
Description of Business - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)SegmentCompany | |
Schedule Of Description Of Business [Line Items] | ||
Number of business segments | Segment | 2 | |
COVID-19 [Member] | ||
Schedule Of Description Of Business [Line Items] | ||
Received from form of subsidies and reimbursements | $ 4,200 | |
Anticipated bad debts and slow-moving inventory reserves | $ 1,000 | |
Deferred payments for employer-side social security in 2021 | 2,163 | |
Deferred payments for employer-side social security in 2022 | 2,163 | |
Income tax benefit enactment of net operating loss related to CARES Act | 3,502 | |
Carryback of net operating losses resulted in refund of income taxes | $ 3,502 | |
Chinese Joint Venture Company [Member] | ||
Schedule Of Description Of Business [Line Items] | ||
Equity interest in number of joint venture | Company | 3 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Significant Accounting Policies [Line Items] | ||
Moving average period to determine market value of plan assets | 5 years | |
Percentage rate of gains or losses recognizes in fair market value of assets | 20.00% | |
Diluted | 14,636,000 | 12,590,000 |
Warrants [Member] | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Diluted | 14,636,022 | 12,590,230 |
Stock Option [Member] | Warrants [Member] | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Weighted average outstanding stock options | 1,809,432 | 671,886 |
Restricted Stock Units (RSUs) [Member] | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Vesting period, years | 3 years | |
Stock Option [Member] | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Vesting period, years | 3 years | |
Minimum [Member] | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Investments in joint ventures | 20.00% | |
Defined benefit plan actuarial gain loss percentage | 10.00% | |
Minimum [Member] | Land Improvements [Member] | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Property, plant and equipment, estimated useful life | 15 years | |
Minimum [Member] | Buildings [Member] | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Property, plant and equipment, estimated useful life | 25 years | |
Minimum [Member] | Machinery and Equipment [Member] | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Property, plant and equipment, estimated useful life | 3 years | |
Maximum [Member] | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Investments in joint ventures | 50.00% | |
Expected disposal period of assets held for sale | 1 year | |
Defined benefit plan actuarial gain loss percentage | 10.00% | |
Maximum [Member] | Land Improvements [Member] | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Property, plant and equipment, estimated useful life | 20 years | |
Maximum [Member] | Buildings [Member] | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Property, plant and equipment, estimated useful life | 50 years | |
Maximum [Member] | Machinery and Equipment [Member] | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Property, plant and equipment, estimated useful life | 25 years |
Discontinued Operations and D_3
Discontinued Operations and Dispositions - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | May 31, 2019 | Mar. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of Avonmore Plant | $ 0 | $ 3,700 | ||||
ASW Steel Inc [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Proceeds from purchase agreement | $ 8,000 | |||||
Purchase price, after estimated purchase price adjustments | $ 4,292 | $ 4,292 | ||||
Net sales | $ 35,045 | |||||
ASW Steel Inc [Member] | Union Electric Steel Corporation [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Net sales | $ 4,381 | |||||
Akers National Roll Company [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Impairment loss | $ 10,082 | |||||
Proceeds from sale of Avonmore Plant | $ 3,700 |
Discontinued Operations and D_4
Discontinued Operations and Dispositions - Summary of Major Classes of ASW's Loss from Discontinued Operations, Net of Tax in the Consolidated Statements of Operations (Detail) - ASW Steel Inc [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Net sales | $ 35,045 |
Costs of products sold (excluding depreciation and amortization) | 42,407 |
Selling and administrative | 1,741 |
Loss on disposal of assets | 55 |
Total operating expenses | 44,203 |
Loss from discontinued operations | (9,158) |
Other income | 73 |
Loss from discontinued operations before income taxes | (9,085) |
Income tax provision | 0 |
Loss from discontinued operations, net of tax | $ (9,085) |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 17,893 | $ 18,011 |
Work-in-progress | 31,568 | 35,942 |
Finished goods | 12,466 | 17,159 |
Supplies | 11,316 | 11,177 |
Inventories | $ 73,243 | $ 82,289 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | ||
Percentage of inventories valued on the LIFO method | 35.00% | 35.00% |
The LIFO reserve approximated | $ (12,256) | $ (17,321) |
Income tax expense recognized related to liquidation | 0 | 0 |
Decrease in costs of products sold | 3,262 | 467 |
Net income (loss) | $ 3,262 | $ (467) |
Common per share | $ 0.23 | $ 0.04 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 425,207 | $ 409,486 |
Accumulated depreciation | (263,109) | (243,094) |
Property, plant and equipment, net | 162,098 | 166,392 |
Land and Land Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 10,473 | 9,556 |
Buildings [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 63,765 | 61,866 |
Machinery and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 339,203 | 325,941 |
Construction-in-Process [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 4,896 | 5,251 |
Other [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 6,870 | $ 6,872 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) £ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2020GBP (£) | Dec. 31, 2019USD ($) | |
Property Plant And Equipment [Line Items] | |||
Finance lease assets gross value | $ 3,430 | $ 3,204 | |
Finance lease, lease related accumulated amortization | 1,222 | $ 903 | |
Amortization on assets under finance leases | 415 | ||
Union Electric Steel UK Limited [Member] | |||
Property Plant And Equipment [Line Items] | |||
Land and buildings held as collateral | $ 2,896 | £ 2,122 |
Operating Lease Right-of-Use As
Operating Lease Right-of-Use Assets - Schedule of Right-of-Use Assets Associated with Operating Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Operating lease right-of-use asset, gross | $ 5,574 | $ 5,022 |
Accumulated amortization | (1,230) | (759) |
Operating lease right-of-use assets, net | 4,344 | 4,263 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Operating lease right-of-use asset, gross | 2,850 | 2,700 |
Buildings [Member] | ||
Property Plant And Equipment [Line Items] | ||
Operating lease right-of-use asset, gross | 1,825 | 1,506 |
Machinery and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Operating lease right-of-use asset, gross | 495 | 329 |
Other [Member] | ||
Property Plant And Equipment [Line Items] | ||
Operating lease right-of-use asset, gross | $ 404 | $ 487 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Finite and Indefinite Lived Intangible Assets [Line Items] | |||
Intangible assets, Trade name | $ 2,646 | $ 2,355 | |
Intangible assets, gross | 13,294 | 12,507 | |
Accumulated amortization | (6,077) | (4,882) | |
Intangible assets, net | 7,217 | 7,625 | $ 9,225 |
Customer Relationships [Member] | |||
Finite and Indefinite Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 6,191 | 5,995 | |
Developed Technology [Member] | |||
Finite and Indefinite Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | $ 4,457 | $ 4,157 |
Intangible Assets - Summary of
Intangible Assets - Summary of Changes in Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible Assets Net Excluding Goodwill [Abstract] | ||
Balance at the beginning of the year | $ 7,625 | $ 9,225 |
Changes in intangible assets | 0 | (292) |
Amortization of intangible assets | (1,155) | (1,144) |
Other, primarily impact from changes in foreign currency exchange rates | 747 | (164) |
Balance at the end of the year | $ 7,217 | $ 7,625 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finite and Indefinite Lived Intangible Assets [Line Items] | ||
Identifiable intangible assets, weighted average amortization period | 13 years | |
Identifiable intangible assets expected amortization in 2021 | $ 542 | |
Identifiable intangible assets expected amortization in 2022 | 399 | |
Identifiable intangible assets expected amortization in 2023 | 399 | |
Identifiable intangible assets expected amortization in 2024 | 399 | |
Identifiable intangible assets expected amortization in 2025 | 345 | |
Identifiable intangible assets expected amortization, thereafter | $ 2,487 | |
Akers National Roll Company [Member] | ||
Finite and Indefinite Lived Intangible Assets [Line Items] | ||
Impairment charge on intangible assets recognized | $ 292 |
Investments in Joint Ventures -
Investments in Joint Ventures - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
MG [Member] | ||
Schedule of Investments [Line Items] | ||
Percentage of ownership | 33.00% | |
Recorded cost | $ 835,000 | |
Dividends declared | $ 0 | $ 0 |
Gongchang [Member] | ||
Schedule of Investments [Line Items] | ||
Percentage of ownership | 24.03% | |
Recorded cost | $ 1,340,000 | |
Dividends declared | $ 1,203,000 | $ 1,364,000 |
ATR [Member] | Akers AB [Member] | ||
Schedule of Investments [Line Items] | ||
Ownership interest percentage | 59.88% | |
ATR [Member] | TISCO [Member] | ||
Schedule of Investments [Line Items] | ||
Ownership interest by minority holder | 40.12% |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Liabilities Disclosure [Abstract] | ||
Customer-related liabilities | $ 16,144 | $ 16,194 |
Accrued interest payable | 2,131 | 2,225 |
Accrued sales commissions | 1,419 | 1,607 |
Other | 4,546 | 6,694 |
Other current liabilities | $ 24,240 | $ 26,720 |
Other Current Liabilities - S_2
Other Current Liabilities - Schedule of Changes in Liability for Product Warranty Claims (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | ||
Balance at the beginning of the year | $ 9,065 | $ 9,447 |
Satisfaction of warranty claims | (3,854) | (5,467) |
Provision for warranty claims | 2,737 | 5,050 |
Other, primarily impact from changes in foreign currency exchange rates | 157 | 35 |
Balance at the end of the year | $ 8,105 | $ 9,065 |
Other Current Liabilities - Add
Other Current Liabilities - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Maximum [Member] | |
Other Liabilities Disclosure [Line Items] | |
Performance obligation related to customer deposits expected satisfaction period | 1 year |
Other Current Liabilities - S_3
Other Current Liabilities - Schedule of Change in Customer Deposits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Contract With Customer Liability [Abstract] | ||
Balance at the beginning of the year | $ 4,895 | $ 4,304 |
Satisfaction of performance obligations | (13,915) | (11,627) |
Receipt of additional deposits | 15,458 | 12,189 |
Other, primarily changes in foreign currency exchange rates | 69 | 29 |
Balance at the end of the year | $ 6,507 | $ 4,895 |
Debt - Schedule of Outstanding
Debt - Schedule of Outstanding Borrowings (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) |
Debt Instrument [Line Items] | ||||
Sale and leaseback financing obligation | $ 19,931 | $ 19,303 | ||
Finance leases | 1,065 | 1,114 | ||
Outstanding borrowings | 37,243 | 70,857 | ||
Debt – current portion | (12,436) | (20,363) | ||
Long-term debt | 24,807 | 50,494 | ||
Revolving Credit and Security Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Long term debt | 6,000 | 34,273 | ||
Industrial Revenue Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Long term debt | 9,191 | 13,311 | ||
Minority Shareholder Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Long term debt | $ 1,056 | ¥ 6,901 | $ 2,856 | ¥ 19,901 |
Debt - Additional Information (
Debt - Additional Information (Detail) ¥ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Sep. 30, 2018 | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Line Of Credit Facility [Line Items] | |||||||
Future principal payments, next twelve months | $ 12,436,000 | ||||||
Future principal payments, in year two | 8,080,000 | ||||||
Future principal payments, in year three | 1,941,000 | ||||||
Future principal payments, in year four | 1,950,000 | ||||||
Future principal payments, in year five | 12,836,000 | ||||||
Future principal payments, thereafter | $ 0 | ||||||
Effective interest rate | 7.98% | 8.21% | 7.98% | 8.21% | |||
Lessee lease term | 20 years | ||||||
Lessee, operating lease, option to extend | UES may extend the lease for four successive periods of approximately five years each. If fully extended, the lease would expire in September 2058. | ||||||
Lessee, operating term period | 5 years | ||||||
Extended lease expiration date | 2058-09 | ||||||
Lease repurchase percentage on lessor investment for properties | 115.00% | ||||||
Accrued interest | $ 2,131,000 | $ 2,225,000 | |||||
Weighted average remaining lease term | 2 years | 3 years | 2 years | 3 years | |||
Cash paid for finance lease liabilities | $ 570,000 | $ 203,000 | |||||
Cash outflow from operating lease | 18,000 | 22,000 | |||||
Cash outflow from financing lease | 552,000 | 181,000 | |||||
Industrial Revenue Bonds ("IRB") [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Long term debt | $ 9,191,000 | 13,311,000 | |||||
Minority Shareholder Loan [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Effective interest rate | 5.00% | 5.00% | |||||
Long term debt | $ 1,056,000 | 2,856,000 | ¥ 6,901 | ¥ 19,901 | |||
Accrued interest | 2,117,000 | 2,152,000 | ¥ 13,842 | ¥ 14,999 | |||
Repayment, principal amount | 1,882,000 | ¥ 13,000 | 1,148,000 | ¥ 8,000 | |||
Repayment, interest amount | $ 290,000 | ¥ 2,000 | $ 287,000 | ¥ 2,000 | |||
Minimum [Member] | Capital Leases [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Effective interest rate | 1.00% | 1.00% | 1.00% | 1.00% | |||
Maximum [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Incremental Percentage On Annual Lease Payment | 2.00% | ||||||
Change In Consumer Price Index Percentage | 1.25% | ||||||
Maximum [Member] | Capital Leases [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Effective interest rate | 3.00% | 3.00% | 3.00% | 3.00% | |||
Credit Agreement [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Initial term of credit facility | 5 years | 5 years | |||||
Agreement borrowing capacity | $ 100,000,000 | ||||||
Additional borrowing capacity | $ 50,000,000 | ||||||
Maturity date | May 20, 2021 | May 20, 2021 | |||||
Credit Agreement [Member] | Letter of Credit [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Agreement borrowing capacity | $ 40,000,000 | ||||||
Credit Agreement [Member] | European Credit Facility [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Agreement borrowing capacity | 15,000,000 | ||||||
Amended Credit Agreement [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Agreement borrowing capacity | $ 92,500,000 | ||||||
Maturity date | May 20, 2022 | May 20, 2022 | |||||
Effective interest rate | 4.00% | 4.00% | 4.00% | 4.00% | |||
Long term debt | $ 6,000,000 | ||||||
Line of credit, remaining borrowing capacity | 48,300,000 | ||||||
Deferred financing fees | $ 329,000 | ||||||
Amended Credit Agreement [Member] | Minimum [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Commitment fee payable percentage | 0.25% | 0.25% | |||||
Amended Credit Agreement [Member] | Maximum [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Commitment fee payable percentage | 0.375% | 0.375% | |||||
Amended Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument description of interest rate | LIBOR plus an applicable margin ranging between 2.75% to 3.25% based on the quarterly average excess availability with LIBOR set at a minimum of 0.75% | LIBOR plus an applicable margin ranging between 2.75% to 3.25% based on the quarterly average excess availability with LIBOR set at a minimum of 0.75% | |||||
Amended Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument basis spread | 2.75% | 2.75% | |||||
Amended Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument basis spread | 3.25% | 3.25% | |||||
Amended Credit Agreement [Member] | Base Rate [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument description of interest rate | the base rate plus an applicable margin ranging between 1.75% to 2.25% | the base rate plus an applicable margin ranging between 1.75% to 2.25% | |||||
Amended Credit Agreement [Member] | Base Rate [Member] | Minimum [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument basis spread | 1.75% | 1.75% | |||||
Amended Credit Agreement [Member] | Base Rate [Member] | Maximum [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument basis spread | 2.25% | 2.25% | |||||
Tax Exempt Industrial Revenue Bond One [Member] | Industrial Revenue Bonds ("IRB") [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Tax-exempt IRB maturing in 2020/2027/2029 | $ 4,120,000 | ||||||
Taxable Industrial Revenue Bond [Member] | Industrial Revenue Bonds ("IRB") [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Tax-exempt IRB maturing in 2020/2027/2029 | $ 7,116,000 | ||||||
Interest at a floating rate on tax-exempt IRB maturing in 2020/2027/2029 | 0.83% | 2.25% | 0.83% | 2.25% | |||
Tax Exempt Industrial Revenue Bond Two [Member] | Industrial Revenue Bonds ("IRB") [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Tax-exempt IRB maturing in 2020/2027/2029 | $ 2,075,000 | ||||||
Interest at a floating rate on tax-exempt IRB maturing in 2020/2027/2029 | 0.85% | 1.66% | 0.85% | 1.66% |
Operating Lease Liabilities - S
Operating Lease Liabilities - Summary of Current and Non Current Portion of Operating Lease Arrangements (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating lease liabilities - current portion | $ 674 | $ 612 |
Noncurrent operating lease liabilities | 3,670 | 3,651 |
Total operating lease liabilities | $ 4,344 | $ 4,263 |
Operating Lease Liabilities -_2
Operating Lease Liabilities - Summary of Future Operating Lease Payments (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 690 | |
2022 | 598 | |
2023 | 535 | |
2024 | 487 | |
2025 | 291 | |
2026 and thereafter | 3,910 | |
Total undiscounted payments | 6,511 | |
Less: amount representing interest | (2,167) | |
Present value of net minimum lease payments | $ 4,344 | $ 4,263 |
Operating Lease Liabilities - A
Operating Lease Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease, weighted average remaining lease term | 8 years 8 months 15 days | 8 years |
Operating lease, weighted average discount rate | 3.95% | 3.98% |
Operating lease liabilities | $ 727 | $ 775 |
Operating Lease Liabilities - C
Operating Lease Liabilities - Components of Lease Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Short-term operating lease costs | $ 30 | $ 93 |
Long-term operating lease costs | 697 | 682 |
Total operating lease costs | $ 727 | $ 775 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits - Additional Information (Detail) £ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2020USD ($)Pension_PlanLocationEmployeeCustomer | Dec. 31, 2019USD ($) | Dec. 31, 2020GBP (£)Pension_Plan | Dec. 31, 2019GBP (£) | Dec. 31, 2018USD ($) | |
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||||
Number of employer locations contributed to the plan | Location | 1,700 | ||||||
Number of employees participate in the plan | Employee | 100,000 | ||||||
Multiemployer plan number of employees description | Approximately 100,000 | ||||||
Total amount of assets collected | $ 12,300,000,000 | ||||||
Percentage of funded status in excess | 87.00% | ||||||
Participation of corporation's employees in the plan | Less than 100 | ||||||
Participation of number of corporation's employees in the plan | Employee | 100 | ||||||
Corporation's contributions | $ 250,000 | $ 250,000 | |||||
Percentage of employers contributions | 5.00% | ||||||
Contributions expected in 2021 | $ 250,000 | ||||||
Service period to avail existing pension plan | 10 years | ||||||
Increase in projected and accumulated benefit obligations due to 1/4 percentage point decrease in discount rate | $ 10,900,000 | ||||||
Decrease in projected and accumulated benefit obligations due to 1/4 percentage point increase in discount rate | $ 10,900,000 | ||||||
Maximum maturity period of fixed income investments | 10 years | ||||||
Investments in diversified portfolio | Invests primarily in a diversified portfolio of fixed-income securities of varying maturities or in commingled funds which invest in a diversified portfolio of fixed-income securities of varying maturities. | ||||||
Target allocation | Generate a minimum annual inflation adjusted return of 5% and outperform a traditional 70/30 equities/bond portfolio. | ||||||
Percentage point decrease in the expected long-term rate of return would increase annual pension expense | $ 2,350,000 | ||||||
Percentage point increase in the expected long-term rate of return would decrease annual pension expense | $ 2,350,000 | ||||||
Assumed health care cost trend rate for 2021 | 5.40% | 5.40% | |||||
Maximum [Member] | |||||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||||
Self-sufficiency reaching period | 5 years | ||||||
Defined benefit plan actuarial gain loss percentage | 10.00% | 10.00% | |||||
Minimum [Member] | |||||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||||
Self-sufficiency reaching period | 3 years | ||||||
Defined benefit plan actuarial gain loss percentage | 10.00% | 10.00% | |||||
High-quality fixed-income investments maturity | 10 years | ||||||
Foreign Defined Benefits Pension Plans [Member] | |||||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||||
Fair value of plan assets | $ 66,957,000 | 57,900,000 | £ 49,056 | £ 43,913 | |||
Accumulated benefit obligations | 61,629,000 | 54,838,000 | £ 45,153 | £ 41,591 | |||
Defined contribution plan contribution required in current year | 0 | 0 | |||||
Defined contribution plan expected contribution required in 2021 to be fully funded | 0 | ||||||
Contributions to defined contribution pension plan | 292,000 | 355,000 | |||||
Contributions to the defined contribution pension plan expected in 2021 | $ 299,000 | ||||||
Number of additional defined benefit pension plans | Pension_Plan | 2 | 2 | |||||
Foreign Defined Benefits Pension Plans [Member] | Unfunded Plan [Member] | |||||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||||
Accumulated benefit obligations | $ 8,294,000 | 7,501,000 | |||||
Projected benefit obligations | $ 8,294,000 | 7,501,000 | |||||
Defined Benefit Pension Plan [Member] | |||||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||||
Employee benefit obligations | 472,000 | ||||||
Defined benefit pension plan expense | 236,000 | ||||||
Special termination benefits expense | $ 3,694,000 | ||||||
Curtailment gain (loss) | (1,641,000) | ||||||
Defined Benefit Pension Plan [Member] | U.S. [Member] | |||||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||||
Number of defined benefit pension plans | Pension_Plan | 2 | 2 | |||||
Minimum contributions required | $ 5,562 | 1,257 | |||||
Minimum contributions expected in 2021 | 0 | ||||||
Fair value of plan assets | 210,880,000 | 195,667,000 | $ 182,541,000 | ||||
Accumulated benefit obligations | 264,750,000 | 252,808,000 | |||||
Voluntary contributions made | 5,965,000 | 1,660,000 | |||||
Employee benefit obligations | 0 | 472,000 | |||||
Defined benefit pension plan expense | 0 | 236,000 | |||||
Special termination benefits expense | 12,000 | 3,694,000 | |||||
Curtailment gain (loss) | 0 | (1,641,000) | |||||
Defined Benefit Pension Plan [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||||
Fair value of plan assets | 66,957,000 | 57,900,000 | 49,651,000 | ||||
Voluntary contributions made | 672,000 | 656,000 | |||||
Employee benefit obligations | 0 | 0 | |||||
Defined benefit pension plan expense | 0 | 0 | |||||
Special termination benefits expense | 0 | 0 | |||||
Curtailment gain (loss) | 0 | 0 | |||||
Defined Benefit Pension Plan [Member] | Ampco Pittsburgh [Member] | U.S. [Member] | |||||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||||
Minimum contributions expected in 2021 | 2,903,000 | ||||||
Voluntary contributions made | 2,796,000 | 3,140,000 | |||||
Nonqualified Defined Benefit Pension Plan [Member] | |||||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||||
Accumulated benefit obligations | 8,813,000 | 8,481,000 | |||||
Fair market value included in other noncurrent assets | 4,402,000 | 4,183,000 | |||||
Other Postretirement Benefit Plans [Member] | |||||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||||
Fair value of plan assets | 0 | 0 | $ 0 | ||||
Voluntary contributions made | $ 1,220,000 | 1,228,000 | |||||
Number of subsidiaries having postretirement health care benefits | Customer | 2 | ||||||
Employee benefit obligations | $ 0 | (4,632,000) | |||||
Defined benefit pension plan expense | 0 | 0 | |||||
Special termination benefits expense | 478,000 | 0 | (478,000) | ||||
Curtailment gain (loss) | $ 7,639,000 | $ 15,000 | $ 0 | 7,654,000 | |||
Decrease in liability due to remeasurement | $ 4,632,000 | ||||||
Percentage decrease in other postretirement benefits in 2025 | 4.75% | 4.75% | |||||
Year related to decrease in health care cost trend rate | 2025 | ||||||
Other Postretirement Benefit Plans [Member] | Maximum [Member] | |||||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||||
Monthly reimbursement period | 6 years |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits - Components of Actuarial Losses (Gains) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Pension Plan [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Changes in assumptions | $ 21,494 | $ 27,380 |
Other | (1,851) | 295 |
Total actuarial losses | 19,643 | 27,675 |
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Changes in assumptions | 5,674 | 6,277 |
Other | (333) | 831 |
Total actuarial losses | 5,341 | 7,108 |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Changes in assumptions | 811 | 1,116 |
Other | (85) | 134 |
Total actuarial losses | $ 726 | $ 1,250 |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefits - Schedule of Changes in Projected Benefit Obligations (PBO) (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Pension Plan [Member] | |||
Change in projected benefit obligations: | |||
Plan amendments | $ 472 | ||
Special termination benefits | $ 3,694 | ||
Defined Benefit Pension Plan [Member] | U.S. [Member] | |||
Change in projected benefit obligations: | |||
PBO, beginning balance | $ 261,902 | 233,790 | |
Service cost | 223 | 633 | |
Interest cost | 7,175 | 9,018 | |
Plan amendments | 0 | 472 | |
Special termination benefits | 12 | 3,694 | |
Plan curtailments | 0 | 1,458 | |
Foreign currency exchange rate changes | 0 | 0 | |
Actuarial losses | 19,643 | 27,675 | |
Participant contributions | 0 | 0 | |
Benefits paid from plan assets | (14,776) | (14,435) | |
Benefits paid by the Corporation | (403) | (403) | |
PBO, Ending balance | 273,776 | 261,902 | |
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | |||
Change in projected benefit obligations: | |||
PBO, beginning balance | 62,339 | 54,337 | |
Service cost | 444 | 444 | |
Interest cost | 1,058 | 1,399 | |
Plan amendments | 0 | 0 | |
Special termination benefits | 0 | 0 | |
Plan curtailments | 0 | 0 | |
Foreign currency exchange rate changes | 3,209 | 1,586 | |
Actuarial losses | 5,341 | 7,108 | |
Participant contributions | 0 | 0 | |
Benefits paid from plan assets | (1,796) | (1,879) | |
Benefits paid by the Corporation | (672) | (656) | |
PBO, Ending balance | 69,923 | 62,339 | |
Other Postretirement Benefit Plans [Member] | |||
Change in projected benefit obligations: | |||
PBO, beginning balance | 11,398 | 15,810 | |
Service cost | 225 | 286 | |
Interest cost | 281 | 390 | |
Plan amendments | 0 | (4,632) | |
Special termination benefits | $ 478 | 0 | (478) |
Plan curtailments | 0 | 0 | |
Foreign currency exchange rate changes | 0 | 0 | |
Actuarial losses | 726 | 1,250 | |
Participant contributions | 274 | 99 | |
Benefits paid from plan assets | 0 | 0 | |
Benefits paid by the Corporation | (1,494) | (1,327) | |
PBO, Ending balance | $ 11,410 | $ 11,398 |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefits - Schedule of Changes in Plan Assets (Detail) £ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2020GBP (£) | Dec. 31, 2019USD ($) | |
Foreign Pension Benefits [Member] | |||
Change in plan assets: | |||
Fair value of plan assets, Beginning balance | $ 57,900 | £ 43,913 | |
Fair value of plan assets, Ending balance | 66,957 | £ 49,056 | $ 57,900 |
Defined Benefit Pension Plan [Member] | U.S. [Member] | |||
Change in plan assets: | |||
Fair value of plan assets, Beginning balance | 195,667 | 182,541 | |
Actual return on plan assets | 24,427 | 26,304 | |
Foreign currency exchange rate changes | 0 | 0 | |
Corporate contributions | 5,965 | 1,660 | |
Participant contributions | 0 | 0 | |
Gross benefits paid | (15,179) | (14,838) | |
Fair value of plan assets, Ending balance | 210,880 | 195,667 | |
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | |||
Change in plan assets: | |||
Fair value of plan assets, Beginning balance | 57,900 | 49,651 | |
Actual return on plan assets | 8,396 | 8,164 | |
Foreign currency exchange rate changes | 2,457 | 1,964 | |
Corporate contributions | 672 | 656 | |
Participant contributions | 0 | 0 | |
Gross benefits paid | (2,468) | (2,535) | |
Fair value of plan assets, Ending balance | 66,957 | 57,900 | |
Other Postretirement Benefit Plans [Member] | |||
Change in plan assets: | |||
Fair value of plan assets, Beginning balance | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Foreign currency exchange rate changes | 0 | 0 | |
Corporate contributions | 1,220 | 1,228 | |
Participant contributions | 274 | 99 | |
Gross benefits paid | (1,494) | (1,327) | |
Fair value of plan assets, Ending balance | $ 0 | $ 0 |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefits - Schedule of Funded Status of the Plans (Detail) £ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020GBP (£) | Dec. 31, 2019USD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2018USD ($) |
Foreign Pension Benefits [Member] | |||||
Funded status of the plans: | |||||
Fair value of plan assets | $ 66,957 | £ 49,056 | $ 57,900 | £ 43,913 | |
Defined Benefit Pension Plan [Member] | U.S. [Member] | |||||
Funded status of the plans: | |||||
Fair value of plan assets | 210,880 | 195,667 | $ 182,541 | ||
Less benefit obligations | 273,776 | 261,902 | 233,790 | ||
Funded status at December 31 | (62,896) | (66,235) | |||
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | |||||
Funded status of the plans: | |||||
Fair value of plan assets | 66,957 | 57,900 | 49,651 | ||
Less benefit obligations | 69,923 | 62,339 | 54,337 | ||
Funded status at December 31 | (2,966) | (4,439) | |||
Other Postretirement Benefit Plans [Member] | |||||
Funded status of the plans: | |||||
Fair value of plan assets | 0 | 0 | 0 | ||
Less benefit obligations | 11,410 | 11,398 | $ 15,810 | ||
Funded status at December 31 | $ (11,410) | $ (11,398) |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefits - Summary of Amounts Recognized in the Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Employee benefit obligations: | ||
Employee benefit obligations | $ (81,832) | $ (83,936) |
Defined Benefit Pension Plan [Member] | U.S. [Member] | ||
Employee benefit obligations: | ||
Prepaid pensions | 0 | 0 |
Accrued payrolls and employee benefits | (477) | (464) |
Employee benefit obligations | (62,419) | (65,771) |
Total employee benefit obligations | (62,896) | (66,235) |
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | ||
Employee benefit obligations: | ||
Prepaid pensions | 5,327 | 3,062 |
Accrued payrolls and employee benefits | 0 | 0 |
Employee benefit obligations | (8,293) | (7,501) |
Total employee benefit obligations | (2,966) | (4,439) |
Other Postretirement Benefit Plans [Member] | ||
Employee benefit obligations: | ||
Prepaid pensions | 0 | 0 |
Accrued payrolls and employee benefits | (1,028) | (1,305) |
Employee benefit obligations | (10,382) | (10,093) |
Total employee benefit obligations | $ (11,410) | $ (11,398) |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefits - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Pension Plan [Member] | U.S. [Member] | ||
Accumulated other comprehensive loss: | ||
Net actuarial loss (gain) | $ 63,834 | $ 57,883 |
Prior service cost (credit) | 38 | 79 |
Total accumulated other comprehensive loss | 63,872 | 57,962 |
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | ||
Accumulated other comprehensive loss: | ||
Net actuarial loss (gain) | 18,341 | 19,673 |
Prior service cost (credit) | (7,327) | (7,371) |
Total accumulated other comprehensive loss | 11,014 | 12,302 |
Other Postretirement Benefit Plans [Member] | ||
Accumulated other comprehensive loss: | ||
Net actuarial loss (gain) | 324 | (538) |
Prior service cost (credit) | (6,833) | (7,850) |
Total accumulated other comprehensive loss | $ (6,509) | $ (8,388) |
Pension and Other Postretire_10
Pension and Other Postretirement Benefits - Schedule of Estimated Benefit Payments (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Defined Benefit Pension Plan [Member] | U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | $ 15,758 |
2022 | 15,821 |
2023 | 15,840 |
2024 | 15,753 |
2025 | 15,607 |
2026-2030 | 74,313 |
Total benefit payments | 153,092 |
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 1,965 |
2022 | 2,003 |
2023 | 1,832 |
2024 | 2,568 |
2025 | 2,400 |
2026-2030 | 12,667 |
Total benefit payments | 23,435 |
Other Postretirement Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 1,041 |
2022 | 1,004 |
2023 | 993 |
2024 | 989 |
2025 | 923 |
2026-2030 | 2,762 |
Total benefit payments | $ 7,712 |
Pension and Other Postretire_11
Pension and Other Postretirement Benefits - Summary of Target Asset Allocations and Major Asset Categories (Detail) - Defined Benefit Pension Plan [Member] | Dec. 31, 2020 | Dec. 31, 2019 |
Equity Securities [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 54.00% | |
Percentage of Plan Assets | 52.00% | 45.00% |
Equity Securities [Member] | Foreign Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 31.00% | |
Percentage of Plan Assets | 34.00% | 14.00% |
Fixed Income Securities [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 43.00% | |
Percentage of Plan Assets | 40.00% | 42.00% |
Fixed Income Securities [Member] | Foreign Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 55.00% | |
Percentage of Plan Assets | 48.00% | 75.00% |
Alternative Investments [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0.00% | |
Percentage of Plan Assets | 5.00% | 10.00% |
Alternative Investments [Member] | Foreign Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 14.00% | |
Percentage of Plan Assets | 11.00% | 11.00% |
Other (Primarily Cash and Cash Equivalents) [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 3.00% | |
Percentage of Plan Assets | 3.00% | 3.00% |
Other (Primarily Cash and Cash Equivalents) [Member] | Foreign Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0.00% | |
Percentage of Plan Assets | 7.00% | 0.00% |
Pension and Other Postretire_12
Pension and Other Postretirement Benefits - Asset Categories Based on the Nature and Risks of the Plan Assets (Detail) £ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020GBP (£) | Dec. 31, 2019USD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2018USD ($) |
Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | $ 66,957 | £ 49,056 | $ 57,900 | £ 43,913 | |
Defined Benefit Pension Plan [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 210,880 | 195,667 | $ 182,541 | ||
Defined Benefit Pension Plan [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 66,957 | 57,900 | 49,651 | ||
Defined Benefit Pension Plan [Member] | Equity Securities [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 109,532 | 89,660 | |||
Defined Benefit Pension Plan [Member] | Equity Securities, U.S., Consumer Discretionary [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 6,012 | 4,054 | |||
Defined Benefit Pension Plan [Member] | Equity Securities, U.S., Consumer Staples [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 2,591 | 3,368 | |||
Defined Benefit Pension Plan [Member] | Equity Securities, U.S., Energy [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 569 | 1,405 | |||
Defined Benefit Pension Plan [Member] | Equity Securities, U.S., Financial [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 3,199 | 3,612 | |||
Defined Benefit Pension Plan [Member] | Equity Securities, U.S., Healthcare [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 9,831 | 6,952 | |||
Defined Benefit Pension Plan [Member] | Equity Securities, U.S., Industrials [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 7,026 | 6,941 | |||
Defined Benefit Pension Plan [Member] | Equity Securities, U.S., Information Technology [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 11,450 | 7,443 | |||
Defined Benefit Pension Plan [Member] | Equity Securities, U.S., Materials [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 736 | 844 | |||
Defined Benefit Pension Plan [Member] | Equity Securities, U.S., Mutual Funds and ETFs [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 52,101 | 51,259 | |||
Defined Benefit Pension Plan [Member] | Equity Securities, U.S., Real Estate [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 1,180 | 272 | |||
Defined Benefit Pension Plan [Member] | Equity Securities, U.S., Telecommunications [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 2,343 | 2,994 | |||
Defined Benefit Pension Plan [Member] | Equity Securities, U.S., Utilities [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 325 | 516 | |||
Defined Benefit Pension Plan [Member] | Equity Securities, International, Consumer Discretionary [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 1,070 | ||||
Defined Benefit Pension Plan [Member] | Equity Securities, International, Consumer Staples [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 2,478 | ||||
Defined Benefit Pension Plan [Member] | Equity Securities, International, Energy [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 419 | ||||
Defined Benefit Pension Plan [Member] | Equity Securities, International, Financial [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 2,252 | ||||
Defined Benefit Pension Plan [Member] | Equity Securities, International, Healthcare [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 1,107 | ||||
Defined Benefit Pension Plan [Member] | Equity Securities, International, Industrials [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 2,113 | ||||
Defined Benefit Pension Plan [Member] | Equity Securities, International, Information Technology [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 1,743 | ||||
Defined Benefit Pension Plan [Member] | Equity Securities, International, Materials [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 987 | ||||
Defined Benefit Pension Plan [Member] | Fixed Income Securities [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 81,651 | 79,594 | |||
Defined Benefit Pension Plan [Member] | Fixed Income Securities [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 32,001 | ||||
Defined Benefit Pension Plan [Member] | Fixed Income Securities, Corporate Bonds [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 45,567 | ||||
Defined Benefit Pension Plan [Member] | Fixed Income Securities, Treasury Bonds [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 24,967 | 15,751 | |||
Defined Benefit Pension Plan [Member] | Fixed Income Securities, Agency Bonds [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 624 | 10,752 | |||
Defined Benefit Pension Plan [Member] | Fixed Income Securities, Mutual Funds and ETFs [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 7,794 | 7,802 | |||
Defined Benefit Pension Plan [Member] | Fixed Income Securities, Corporate Bonds [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 2,699 | ||||
Defined Benefit Pension Plan [Member] | Fixed Income Securities Corporate Bonds | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 45,289 | ||||
Defined Benefit Pension Plan [Member] | Fixed-Income Securities, Commingled Funds (U.K.) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 17,883 | 43,168 | |||
Defined Benefit Pension Plan [Member] | Fixed-Income Securities, Commingled Funds (International) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 14,118 | ||||
Defined Benefit Pension Plan [Member] | Alternative Investments [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 7,557 | 19,341 | |||
Defined Benefit Pension Plan [Member] | Alternative Investments, Managed Funds [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 7,557 | 19,341 | |||
Defined Benefit Pension Plan [Member] | Other [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 12,140 | 7,072 | |||
Defined Benefit Pension Plan [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 12,142 | 7,038 | |||
Defined Benefit Pension Plan [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 4,467 | 72 | |||
Defined Benefit Pension Plan [Member] | Other, Other [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | (2) | 34 | |||
Defined Benefit Pension Plan [Member] | Equity Securities [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 23,014 | 8,165 | |||
Defined Benefit Pension Plan [Member] | Equity Securities, Commingled Funds (U.K.) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 2,925 | 4,874 | |||
Defined Benefit Pension Plan [Member] | Equity Securities, Commingled Funds (International) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 20,089 | 3,291 | |||
Defined Benefit Pension Plan [Member] | Alternative Investments, Absolute Return Funds [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 3,094 | 6,495 | |||
Defined Benefit Pension Plan [Member] | Multi Asset Commingled Funds (International) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 4,381 | ||||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 154,523 | 120,351 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 73 | 72 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Equity Securities [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 109,532 | 89,660 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Equity Securities, U.S., Consumer Discretionary [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 6,012 | 4,054 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Equity Securities, U.S., Consumer Staples [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 2,591 | 3,368 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Equity Securities, U.S., Energy [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 569 | 1,405 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Equity Securities, U.S., Financial [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 3,199 | 3,612 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Equity Securities, U.S., Healthcare [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 9,831 | 6,952 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Equity Securities, U.S., Industrials [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 7,026 | 6,941 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Equity Securities, U.S., Information Technology [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 11,450 | 7,443 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Equity Securities, U.S., Materials [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 736 | 844 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Equity Securities, U.S., Mutual Funds and ETFs [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 52,101 | 51,259 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Equity Securities, U.S., Real Estate [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 1,180 | 272 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Equity Securities, U.S., Telecommunications [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 2,343 | 2,994 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Equity Securities, U.S., Utilities [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 325 | 516 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Equity Securities, International, Consumer Discretionary [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 1,070 | ||||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Equity Securities, International, Consumer Staples [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 2,478 | ||||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Equity Securities, International, Energy [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 419 | ||||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Equity Securities, International, Financial [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 2,252 | ||||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Equity Securities, International, Healthcare [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 1,107 | ||||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Equity Securities, International, Industrials [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 2,113 | ||||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Equity Securities, International, Information Technology [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 1,743 | ||||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Equity Securities, International, Materials [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 987 | ||||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Fixed Income Securities [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 32,761 | 23,553 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Fixed Income Securities [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Fixed Income Securities, Corporate Bonds [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Fixed Income Securities, Treasury Bonds [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 24,967 | 15,751 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Fixed Income Securities, Agency Bonds [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Fixed Income Securities, Mutual Funds and ETFs [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 7,794 | 7,802 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Fixed Income Securities, Corporate Bonds [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Fixed Income Securities Corporate Bonds | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Fixed-Income Securities, Commingled Funds (U.K.) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Fixed-Income Securities, Commingled Funds (International) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Alternative Investments [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Alternative Investments, Managed Funds [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Other [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 12,230 | 7,138 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 12,142 | 7,038 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 73 | 72 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Other, Other [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 88 | 100 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Equity Securities [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Equity Securities, Commingled Funds (U.K.) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Equity Securities, Commingled Funds (International) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Alternative Investments, Absolute Return Funds [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Multi Asset Commingled Funds (International) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 48,890 | 56,041 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 43,119 | 51,333 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities, U.S., Consumer Discretionary [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities, U.S., Consumer Staples [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities, U.S., Energy [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities, U.S., Financial [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities, U.S., Healthcare [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities, U.S., Industrials [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities, U.S., Information Technology [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities, U.S., Materials [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities, U.S., Mutual Funds and ETFs [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities, U.S., Real Estate [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities, U.S., Telecommunications [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities, U.S., Utilities [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities, International, Consumer Discretionary [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities, International, Consumer Staples [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities, International, Energy [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities, International, Financial [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities, International, Healthcare [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities, International, Industrials [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities, International, Information Technology [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities, International, Materials [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Securities [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 48,890 | 56,041 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Securities [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 32,001 | ||||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Securities, Corporate Bonds [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 45,567 | ||||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Securities, Treasury Bonds [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Securities, Agency Bonds [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 624 | 10,752 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Securities, Mutual Funds and ETFs [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Securities, Corporate Bonds [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 2,699 | ||||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Securities Corporate Bonds | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 45,289 | ||||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fixed-Income Securities, Commingled Funds (U.K.) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 17,883 | 43,168 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fixed-Income Securities, Commingled Funds (International) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 14,118 | ||||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Alternative Investments [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Alternative Investments, Managed Funds [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 4,394 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other, Other [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 2,343 | 8,165 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities, Commingled Funds (U.K.) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 4,874 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities, Commingled Funds (International) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 2,343 | 3,291 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Alternative Investments, Absolute Return Funds [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | Multi Asset Commingled Funds (International) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 4,381 | ||||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 7,467 | 19,275 | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 23,765 | 6,495 | 7,569 | ||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities, U.S., Consumer Discretionary [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities, U.S., Consumer Staples [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities, U.S., Energy [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities, U.S., Financial [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities, U.S., Healthcare [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities, U.S., Industrials [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities, U.S., Information Technology [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities, U.S., Materials [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities, U.S., Mutual Funds and ETFs [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities, U.S., Real Estate [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities, U.S., Telecommunications [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities, U.S., Utilities [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities, International, Consumer Discretionary [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities, International, Consumer Staples [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities, International, Energy [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities, International, Financial [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities, International, Healthcare [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities, International, Industrials [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities, International, Information Technology [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities, International, Materials [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Securities [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Securities [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Securities, Corporate Bonds [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Securities, Treasury Bonds [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Securities, Agency Bonds [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Securities, Mutual Funds and ETFs [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Securities, Corporate Bonds [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Securities Corporate Bonds | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed-Income Securities, Commingled Funds (U.K.) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed-Income Securities, Commingled Funds (International) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Alternative Investments [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 7,557 | 19,341 | $ 23,673 | ||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Alternative Investments, Managed Funds [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 7,557 | 19,341 | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | (90) | (66) | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other, Other [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | (90) | (66) | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 20,671 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities, Commingled Funds (U.K.) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 2,925 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities, Commingled Funds (International) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 17,746 | 0 | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Alternative Investments, Absolute Return Funds [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 3,094 | $ 6,495 | |||
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Multi Asset Commingled Funds (International) [Member] | Foreign Defined Benefits Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | $ 0 |
Pension and Other Postretire_13
Pension and Other Postretirement Benefits - Asset Categories Based on the Nature and Risks of the Plan Assets (Parenthetical) (Detail) - Defined Benefit Pension Plan [Member] - U.S. [Member] | Dec. 31, 2020 | Dec. 31, 2019 |
Alternative Investments, Managed Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Target Allocation | 82.80% | 81.00% |
Alternative Investments, Cash and Cash Equivalents [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Target Allocation | 17.20% | 19.00% |
Pension and Other Postretire_14
Pension and Other Postretirement Benefits - Summary of Changes in the Fair Value of the Level 3 Plan Assets for the U.S. and Foreign Pension Benefits Plans (Detail) £ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2020GBP (£) | Dec. 31, 2019USD ($) | |
Foreign Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, Beginning balance | $ 57,900 | £ 43,913 | |
Fair value of plan assets, Ending balance | 66,957 | £ 49,056 | $ 57,900 |
Defined Benefit Pension Plan [Member] | U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, Beginning balance | 195,667 | 182,541 | |
Fair value of plan assets, Ending balance | 210,880 | 195,667 | |
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, Beginning balance | 57,900 | 49,651 | |
Fair value of plan assets, Ending balance | 66,957 | 57,900 | |
Defined Benefit Pension Plan [Member] | Alternative Investments [Member] | U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, Beginning balance | 19,341 | ||
Fair value of plan assets, Ending balance | 7,557 | 19,341 | |
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, Beginning balance | 19,275 | ||
Fair value of plan assets, Ending balance | 7,467 | 19,275 | |
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Foreign Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, Beginning balance | 6,495 | 7,569 | |
Contributions | 16,418 | 0 | |
Withdrawals | (7,066) | (1,791) | |
Realized gains (losses) | (197) | (701) | |
Change in net unrealized (losses) gains | 6,024 | 1,189 | |
Other, primarily impact from changes in foreign currency exchange rates | 2,091 | 229 | |
Fair value of plan assets, Ending balance | 23,765 | 6,495 | |
Defined Benefit Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Alternative Investments [Member] | U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, Beginning balance | 19,341 | 23,673 | |
Contributions | 0 | 0 | |
Withdrawals | (10,784) | (4,921) | |
Realized gains (losses) | 1,706 | 1,445 | |
Change in net unrealized (losses) gains | (2,706) | (856) | |
Other, primarily impact from changes in foreign currency exchange rates | 0 | 0 | |
Fair value of plan assets, Ending balance | $ 7,557 | $ 19,341 |
Pension and Other Postretire_15
Pension and Other Postretirement Benefits - Net Periodic Pension and Other Postretirement Benefit Costs (Detail) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Effect of plan amendment | $ 236 | |||
Curtailment loss (gain) | $ 1,641 | |||
Defined Benefit Pension Plan [Member] | U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 223 | 633 | ||
Interest cost | 7,175 | 9,018 | ||
Expected return on plan assets | (12,828) | (12,623) | ||
Amortization of prior service cost (credit) | 41 | 64 | ||
Actuarial loss (gain) | 2,094 | 1,153 | ||
Effect of plan amendment | 0 | 236 | ||
Special termination benefits | 12 | 3,694 | ||
Curtailment loss (gain) | 0 | 1,641 | ||
Total net periodic pension and other postretirement benefit costs | (3,283) | 3,816 | ||
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 444 | 444 | ||
Interest cost | 1,058 | 1,399 | ||
Expected return on plan assets | (1,972) | (2,321) | ||
Amortization of prior service cost (credit) | (285) | (284) | ||
Actuarial loss (gain) | 701 | 669 | ||
Effect of plan amendment | 0 | 0 | ||
Special termination benefits | 0 | 0 | ||
Curtailment loss (gain) | 0 | 0 | ||
Total net periodic pension and other postretirement benefit costs | (54) | (93) | ||
Other Postretirement Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 225 | 286 | ||
Interest cost | 281 | 390 | ||
Expected return on plan assets | 0 | 0 | ||
Amortization of prior service cost (credit) | (1,017) | (1,804) | ||
Actuarial loss (gain) | (139) | (336) | ||
Effect of plan amendment | 0 | 0 | ||
Special termination benefits | 0 | 0 | ||
Curtailment loss (gain) | $ (7,639) | $ (15) | 0 | (7,654) |
Total net periodic pension and other postretirement benefit costs | $ (650) | $ (9,118) |
Pension and Other Postretire_16
Pension and Other Postretirement Benefits - Discount Rates Used to Determine the Benefit Obligations (Detail) | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 1.45% | 2.05% |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.61% | |
Minimum [Member] | Defined Benefit Pension Plan [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.50% | 3.25% |
Minimum [Member] | Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.98% | |
Maximum [Member] | Defined Benefit Pension Plan [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.63% | 3.31% |
Maximum [Member] | Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.35% |
Pension and Other Postretire_17
Pension and Other Postretirement Benefits - Assumptions Regarding Net Periodic Pension and Other Postretirement Benefit Costs (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.05% | 3.00% |
Expected long-term rate of return | 3.55% | 3.55% |
Minimum [Member] | Defined Benefit Pension Plan [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.25% | 3.19% |
Expected long-term rate of return | 6.60% | 6.60% |
Minimum [Member] | Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.98% | 2.97% |
Maximum [Member] | Defined Benefit Pension Plan [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.31% | 4.34% |
Expected long-term rate of return | 7.25% | 7.25% |
Maximum [Member] | Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.35% | 4.33% |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities - Additional Information (Detail) kr in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |
Mar. 26, 2021 | Dec. 31, 2020USD ($)Bond | Dec. 31, 2020SEK (kr) | |
Commitments And Contingent Liabilities [Line Items] | |||
Outstanding standby and commercial letters of credit | $ 14,735 | ||
Number of surety bonds issued | Bond | 2 | ||
Surety bonds issued to guarantee obligations | $ 4,000 | kr 33,900 | |
Percentage of employees, including ASW, covered by collective bargaining agreements | 36.00% | ||
Bargaining agreement beginning expiration year | 2021-03 | ||
Bargaining agreement ending expiration year | 2023-10 | ||
Subsequent Event [Member] | |||
Commitments And Contingent Liabilities [Line Items] | |||
Collective bargaining agreement extended expiration, month and year | 2025-03 | ||
Collective Bargaining Agreement [Member] | |||
Commitments And Contingent Liabilities [Line Items] | |||
Percentage of covered employees | 65.00% | ||
Collective Bargaining Agreement [Member] | Subsequent Event [Member] | |||
Commitments And Contingent Liabilities [Line Items] | |||
Percentage of covered employees | 25.00% | ||
Capital Expenditures [Member] | |||
Commitments And Contingent Liabilities [Line Items] | |||
Purchase commitments | $ 3,300 | ||
Capital Expenditures [Member] | Minimum [Member] | |||
Commitments And Contingent Liabilities [Line Items] | |||
Purchase commitments, period | 12 months | ||
Capital Expenditures [Member] | Maximum [Member] | |||
Commitments And Contingent Liabilities [Line Items] | |||
Purchase commitments, period | 18 months |
Equity Rights Offering - Additi
Equity Rights Offering - Additional Information (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended |
Sep. 30, 2020USD ($)$ / sharesshares | |
Class Of Warrant Or Right [Line Items] | |
Proceeds from issuance of common stock and warrants | $ | $ 19,279 |
Stock issuance costs | $ | $ 1,140 |
Common Stock [Member] | |
Class Of Warrant Or Right [Line Items] | |
Common stock issued | 5,507,889 |
Series A Warrants [Member] | |
Class Of Warrant Or Right [Line Items] | |
Warrants to purchase common stock | 12,339,256 |
Exercise price per warrants | $ / shares | $ 2.5668 |
Class of warrant or right, exercisable date | Dec. 31, 2020 |
Series A Warrants [Member] | Common Stock [Member] | |
Class Of Warrant Or Right [Line Items] | |
Number of shares can purchase for each warrant | 0.4464 |
Exercise price per share of warrants | $ / shares | $ 5.75 |
Class of warrant or right, expiration date | Aug. 1, 2025 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Net Changes and Ending Balances for Various Components of Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 55,616 | $ 92,969 |
Net Change | 486 | (19,312) |
Ending Balance | 84,999 | 55,616 |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (18,352) | (18,642) |
Net Change | 6,981 | 290 |
Ending Balance | (11,371) | (18,352) |
Unrecognized Components of Employee Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (50,859) | (30,902) |
Net Change | (6,793) | (19,957) |
Ending Balance | (57,652) | (50,859) |
Derivatives [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 291 | (64) |
Net Change | 298 | 355 |
Ending Balance | 589 | 291 |
Noncontrolling Interest [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (258) | (174) |
Net Change | 519 | (84) |
Ending Balance | 261 | (258) |
Accumulated Other Comprehensive Loss Attributable to Ampco-Pittsburgh [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (68,662) | (49,434) |
Net Change | (33) | (19,228) |
Ending Balance | (68,695) | (68,662) |
Total Accumulated Other Comprehensive Loss [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (68,920) | (49,608) |
Ending Balance | $ (68,434) | $ (68,920) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Line Items Affected on Consolidated Statements of Operations for Components Reclassified from Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Depreciation and amortization (foreign currency purchase contracts) | $ (18,575) | $ (18,967) |
Costs of products sold (excluding depreciation and amortization) (futures contracts – copper and aluminum) | (257,513) | (326,157) |
Other expense | 4,972 | 6,466 |
Income tax provision | 470 | (2,108) |
Net income (loss) attributable to Ampco-Pittsburgh | 7,970 | (20,986) |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Amortization of Unrecognized Employee Benefit Costs [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other expense | 1,395 | (302) |
Income tax provision | 0 | 0 |
Net income (loss) attributable to Ampco-Pittsburgh | 1,395 | (302) |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Realized (Gains) Losses from Settlement of Cash Flow Hedges [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Depreciation and amortization (foreign currency purchase contracts) | (27) | (27) |
Costs of products sold (excluding depreciation and amortization) (futures contracts – copper and aluminum) | (65) | 285 |
Total before income tax | (92) | 258 |
Income tax provision | 0 | 0 |
Net income (loss) attributable to Ampco-Pittsburgh | $ (92) | $ 258 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Valuation Allowance Against Gross Deferred Income Tax Assets [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Income tax benefit for certain items | $ 0 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2020USD ($)CustomerDerivative | Dec. 31, 2019USD ($)Customer | |
Derivative [Line Items] | ||
Anticipated foreign-denominated sales hedge | $ 4,370,000 | |
Number of subsidiaries for purchases of natural gas under existing commitments | Customer | 1 | 1 |
Purchases of natural gas under existing commitments description | for one of its subsidiaries | for one of its subsidiaries |
Purchase commitment amount of anticipated natural gas usage | $ 0 | |
Number of derivative instruments holds for trading purposes | Derivative | 0 | |
(Losses) gains on foreign exchange transactions included in other income (expense) | $ (97,000) | $ (1,081,000) |
Natural Gas Purchases [Member] | ||
Derivative [Line Items] | ||
Purchase of natural gas | $ 1,368,000 | $ 682,000 |
Copper Purchases [Member] | ||
Derivative [Line Items] | ||
Percentage of anticipated purchases hedged | 39.00% | |
Time period for hedged purchases | 8 months | |
Copper Purchases [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Anticipated purchases, hedged | $ 2,138,000 | |
Aluminum Purchases [Member] | ||
Derivative [Line Items] | ||
Percentage of anticipated purchases hedged | 56.00% | |
Time period for hedged purchases | 6 months | |
Aluminum Purchases [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Anticipated purchases, hedged | $ 470,000 |
Derivative Instruments - Locati
Derivative Instruments - Location and Fair Value of Foreign Currency Sales Contracts Recorded on Consolidated Balance Sheets (Detail) - Foreign Currency Sales Contracts [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Receivables [Member] | ||
Derivative [Line Items] | ||
Fair value hedged item | $ (960) | $ (260) |
Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 1,123 | 677 |
Other Noncurrent Assets [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 332 | 153 |
Other Current Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 12 | 0 |
Fair value hedged item | 201 | 323 |
Other Noncurrent Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair value hedged item | $ 327 | $ 95 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Amount Recognized as and Reclassified from Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Beginning of the Year | $ 291 | $ (64) |
Recognized | 390 | 97 |
Reclassified | 92 | (258) |
End of the Year | 589 | 291 |
Foreign Currency Purchase Contracts [Member] | ||
Derivative [Line Items] | ||
Beginning of the Year | 189 | 216 |
Recognized | 0 | 0 |
Reclassified | 27 | 27 |
End of the Year | 162 | 189 |
Futures Contracts - Copper and Aluminum [Member] | ||
Derivative [Line Items] | ||
Beginning of the Year | 102 | (280) |
Recognized | 390 | 97 |
Reclassified | 65 | (285) |
End of the Year | $ 427 | $ 102 |
Derivative Instruments - Summ_2
Derivative Instruments - Summary of Change in Fair Value Reclassified or Expected to be Reclassified from Accumulated Other Comprehensive Loss to Earnings (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Amount released to pre - tax earnings | $ 18,575 | $ 18,967 |
Amount released to pre - tax earnings | 257,513 | 326,157 |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Realized (Gains) Losses from Settlement of Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Amount released to pre - tax earnings | 27 | 27 |
Amount released to pre - tax earnings | 65 | (285) |
Foreign Currency Purchase Contracts [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Realized (Gains) Losses from Settlement of Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Estimated to be Reclassified in the Next 12 Months | 27 | |
Amount released to pre - tax earnings | 27 | 27 |
Futures Contracts - Copper and Aluminum [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Realized (Gains) Losses from Settlement of Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Estimated to be Reclassified in the Next 12 Months | 427 | |
Amount released to pre - tax earnings | $ 65 | $ (285) |
Fair Value - Fair Value of Fina
Fair Value - Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Foreign Currency Exchange Contracts [Member] | Other Noncurrent Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 332 | $ 153 |
Foreign Currency Exchange Contracts [Member] | Other Current Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 1,123 | 677 |
Foreign Currency Exchange Contracts [Member] | Other Current Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 213 | 323 |
Foreign Currency Exchange Contracts [Member] | Other Noncurrent Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 327 | 95 |
Investments [Member] | Other Noncurrent Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 4,402 | 4,183 |
Accounts Receivable [Member] | Foreign Currency Exchange Contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | (960) | |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Foreign Currency Exchange Contracts [Member] | Other Noncurrent Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Foreign Currency Exchange Contracts [Member] | Other Current Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Foreign Currency Exchange Contracts [Member] | Other Current Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Foreign Currency Exchange Contracts [Member] | Other Noncurrent Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Investments [Member] | Other Noncurrent Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 4,402 | 4,183 |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Accounts Receivable [Member] | Foreign Currency Exchange Contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Currency Exchange Contracts [Member] | Other Noncurrent Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 332 | 153 |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Currency Exchange Contracts [Member] | Other Current Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 1,123 | 677 |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Currency Exchange Contracts [Member] | Other Current Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 213 | 323 |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Currency Exchange Contracts [Member] | Other Noncurrent Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 327 | 95 |
Significant Other Observable Inputs (Level 2) [Member] | Investments [Member] | Other Noncurrent Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Accounts Receivable [Member] | Foreign Currency Exchange Contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | (960) | |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Currency Exchange Contracts [Member] | Other Noncurrent Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Currency Exchange Contracts [Member] | Other Current Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Currency Exchange Contracts [Member] | Other Current Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Currency Exchange Contracts [Member] | Other Noncurrent Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Investments [Member] | Other Noncurrent Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | $ 0 |
Significant Unobservable Inputs (Level 3) [Member] | Accounts Receivable [Member] | Foreign Currency Exchange Contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 0 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Sales Revenue, Net [Member] | Individual Countries [Member] | Maximum [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 10.00% | 10.00% |
Revenue - Net Sales (Detail)
Revenue - Net Sales (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 328,544 | $ 397,904 |
Forged and Cast Mill Rolls [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 228,219 | 286,036 |
Forged Engineered Products [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 9,670 | 19,594 |
Heat Exchange Coils [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 25,249 | 27,973 |
Centrifugal Pumps [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 36,911 | 36,001 |
Air Handling Systems [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 28,495 | 28,300 |
U.S. [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 159,908 | 192,845 |
Foreign [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 168,636 | $ 205,059 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | May 31, 2016 | May 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 1,329 | $ 1,422 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock units vesting period, years | 3 years | |||
Performance-based Restricted Stock Units (PSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cumulative earnings achievement period | 3 years | |||
PSUs earning conditions | (i) achievement of a targeted return on invested capital or a basic earnings per share during the performance period beginning in the year of grant and continuing for two subsequent years; (ii) achievement of a three-year cumulative relative total shareholder return as ranked against other companies included in the Corporation’s peer group; and (iii) remaining continuously employed with the Corporation through the end of the year following three years from the date of grant. | |||
Restricted Stock Units (RSUs) and Performance-based Restricted Stock Units (PSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized stock-based compensation expense | $ 1,519 | |||
Unrecognized stock-based compensation expense to be recognized in period, years | 2 years | |||
Predecessor Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted under Omnibus Incentive Plan | 0 | |||
Shares of common stock issued to non-employee directors | 70,000 | |||
Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares of common stock issued to non-employee directors | 70,000 | |||
Incentive Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized under Omnibus Incentive Plan | 1,100,000 | |||
Equity based awards grant date fair value | $ 200 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Outstanding Restricted Stock Units ("RSU") and Performance Share Awards ("PSU") (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of incentive options, Forfeited/cancelled | (139,500) | (196,835) |
Weighted Average Fair Value of incentive options, Forfeited/cancelled | $ 25.10 | $ 18.25 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of incentive options, Outstanding, Beginning balance | 219,851 | 172,705 |
Number of incentive options, Granted | 162,503 | 164,382 |
Number of incentive options, Converted to common stock | (95,391) | (89,339) |
Number of incentive options, Forfeited/cancelled | (8,305) | (27,897) |
Number of incentive options, Outstanding, Ending balance | 278,658 | 219,851 |
Weighted Average Fair Value of incentive options, Outstanding, Beginning balance | $ 5.45 | $ 11.77 |
Weighted Average Fair Value of incentive options, Granted | 3.22 | 3.23 |
Weighted Average Fair Value of incentive options, Converted to common stock | 6.81 | 12.03 |
Weighted Average Fair Value of incentive options, Forfeited/cancelled | 5.59 | 10.48 |
Weighted Average Fair Value of incentive options, Outstanding, Ending Balance | $ 3.68 | $ 5.45 |
Performance-based Restricted Stock Units (PSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of incentive options, Outstanding, Beginning balance | 214,191 | 126,587 |
Number of incentive options, Granted | 169,178 | 164,442 |
Number of incentive options, Converted to common stock | (5,793) | 0 |
Number of incentive options, Forfeited/cancelled | (29,380) | (76,838) |
Number of incentive options, Outstanding, Ending balance | 348,196 | 214,191 |
Weighted Average Fair Value of incentive options, Outstanding, Beginning balance | $ 5.74 | $ 11.19 |
Weighted Average Fair Value of incentive options, Granted | 4.19 | 3.60 |
Weighted Average Fair Value of incentive options, Converted to common stock | 14 | |
Weighted Average Fair Value of incentive options, Forfeited/cancelled | 10.46 | 10.15 |
Weighted Average Fair Value of incentive options, Outstanding, Ending Balance | $ 4.45 | $ 5.74 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Outstanding Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Number of Shares Under Options, Outstanding, Beginning balance | 408,750 | 605,585 | |
Number of Shares Under Options, Granted | 0 | 0 | |
Number of Shares Under Options, Exercised | 0 | 0 | |
Number of Shares Under Options, Forfeited/Cancelled | (139,500) | (196,835) | |
Number of Shares Under Options, Outstanding, Ending Balance | 269,250 | 408,750 | 605,585 |
Number of Shares Under Options, Exercisable | 269,250 | ||
Number of Shares Under Options, Vested or expected to vest | 269,250 | ||
Weighted Average Exercise Price, Outstanding, Beginning balance | $ 21.64 | $ 20.54 | |
Weighted Average Fair Value of incentive options, Forfeited/cancelled | 25.10 | 18.25 | |
Weighted Average Exercise Price, Outstanding, Ending balance | 19.85 | $ 21.64 | $ 20.54 |
Weighted Average Exercise Price, Exercisable | 19.85 | ||
Weighted Average Exercise Price, Vested or expected to vest | $ 19.85 | ||
Remaining Contractual Life In Years, Outstanding | 2 years | 2 years 1 month 6 days | 2 years 9 months 18 days |
Remaining Contractual Life In Years, Exercisable | 2 years | ||
Remaining Contractual Life In Years, Vested or expected to vest | 2 years | ||
Intrinsic Value, Outstanding, Beginning balance | $ 0 | $ 0 | $ 0 |
Intrinsic Value, Exercisable | 0 | ||
Intrinsic Value, Vested or expected to vest | $ 0 |
Research and Development Costs
Research and Development Costs - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Research And Development [Abstract] | ||
Expenses relating to product development | $ 2,047 | $ 2,523 |
Litigation - Schedule of Loss C
Litigation - Schedule of Loss Contingencies by Contingency (Detail) - Asbestos Claims [Member] | 12 Months Ended | |
Dec. 31, 2020USD ($)Claim | Dec. 31, 2019USD ($)Claim | |
Loss Contingencies [Line Items] | ||
Total claims pending at the beginning of the period | 6,102 | 6,772 |
New claims served | 1,016 | 1,370 |
Claims dismissed | (855) | (1,663) |
Claims settled | (372) | (377) |
Total claims pending at the end of the period | 5,891 | 6,102 |
Gross settlement and defense costs | $ | $ 27,437,000 | $ 20,289,000 |
Average gross settlement and defense costs per claim resolved | $ | $ 22,360 | $ 9,950 |
Litigation - Schedule of Loss_2
Litigation - Schedule of Loss Contingencies by Contingency (Parenthetical) (Detail) - Claim | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments And Contingencies Disclosure [Abstract] | ||
Number of claims inactive or transferred to MDL panel | 688 | 749 |
Litigation - Additional Informa
Litigation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Reserves for total costs for asbestos liability claims pending or projected | $ 180,196 | $ 227,922 |
Percentage of defense costs estimated of settlement costs | 80.00% | |
Insurance recoveries receivable | $ 117,937 | $ 152,508 |
Equalization reserve | $ 283 |
Litigation - Summary of Activit
Litigation - Summary of Activity in Asbestos Insurance Recoveries (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Loss Contingencies [Line Items] | ||
Insurance receivable - asbestos, beginning of the year | $ 152,508 | |
Insurance receivable - asbestos, end of the year | $ 117,937 | |
Asbestos Claims [Member] | ||
Loss Contingencies [Line Items] | ||
Insurance receivable - asbestos, beginning of the year | 136,932 | 152,508 |
Settlement and defense costs paid by insurance carriers | (18,712) | (15,576) |
Change in estimated coverage | (283) | 0 |
Insurance receivable - asbestos, end of the year | $ 117,937 | $ 136,932 |
Income Taxes - Income (Loss) Be
Income Taxes - Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Domestic | $ (1,587) | $ (14,335) |
Foreign | 10,287 | 5,968 |
Income (loss) from continuing operations before income taxes | $ 8,700 | $ (8,367) |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision for Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | ||
Federal | $ (3,614) | $ (118) |
State | 107 | 56 |
Foreign | 2,079 | 1,611 |
Current income tax (benefit) provision | (1,428) | 1,549 |
Deferred: | ||
Federal | 2,485 | 2,244 |
State | 1,329 | (217) |
Foreign | (178) | (422) |
Decrease in valuation allowance | (2,678) | (1,046) |
Deferred income tax provision | 958 | 559 |
Total income tax (benefit) provision | $ (470) | $ 2,108 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | ||
Income tax expense benefit carryback of net operating losses, CARES Act | $ 3,502,000 | $ 0 |
Deferred tax liability recorded | 0 | $ 0 |
2035 [Member] | ||
Income Tax Contingency [Line Items] | ||
Net operating loss carryforwards | 6,734,000 | |
Domestic Tax Authority [Member] | ||
Income Tax Contingency [Line Items] | ||
Net operating loss carryforwards | $ 41,596,000 | |
Operating loss carry forwards expiration period | 2035 | |
Operating loss carryforwards, limitations on use | the Corporation has U.S. federal net operating loss carryforwards of $41,596, which $34,862 can be carried forward indefinitely but will be limited to 80 percent of taxable income in any given year. | |
State [Member] | ||
Income Tax Contingency [Line Items] | ||
Net operating loss carryforwards | $ 71,281,000 | |
Operating loss carry forwards expiration period | 2021 | |
Foreign Tax Authority [Member] | ||
Income Tax Contingency [Line Items] | ||
Net operating loss carryforwards | $ 53,209,000 | |
Capital loss carryforwards | $ 824,000 | |
Capital loss carry forwards expiration period | Capital loss carryforwards of $824 which do not expire. | |
Carried Forward Indefinitely [Member] | ||
Income Tax Contingency [Line Items] | ||
Net operating loss carryforwards | $ 34,862,000 |
Income Taxes - Difference Betwe
Income Taxes - Difference Between Statutory U.S. Federal Income Tax and the Corporation's Effective Income Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Computed at statutory rate | $ 1,827 | $ (1,757) |
Tax differential on non-U.S. earnings | (44) | 44 |
State income taxes | 1,413 | (172) |
Meals and entertainment | 32 | 83 |
Alternative minimum tax credits | 0 | (13) |
GILTI inclusion | 1,586 | 4,859 |
Net operating loss carryback | (3,502) | 0 |
Decrease in valuation allowance | (2,678) | (1,046) |
Adjustments to net operating losses | 53 | 4 |
Other – net | 843 | 106 |
Total income tax (benefit) provision | $ (470) | $ 2,108 |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Employment – related liabilities | $ 8,709 | $ 8,643 |
Capital loss carryforwards | 157 | 316 |
Asbestos-related liability | 15,521 | 17,963 |
Net operating loss – domestic | 8,735 | 8,929 |
Net operating loss – state | 4,711 | 4,014 |
Net operating loss – foreign | 10,940 | 10,256 |
Inventory related | 2,056 | 2,100 |
Impairment charge associated with investment in MG | 949 | 1,043 |
Operating lease right-of-use assets | 1,026 | 1,388 |
Other | 2,568 | 3,476 |
Gross deferred income tax assets | 68,051 | 70,691 |
Valuation allowance | (42,454) | (43,671) |
Deferred tax assets, net, Total | 25,597 | 27,020 |
Liabilities: | ||
Depreciation | (22,165) | (21,741) |
Intangible assets – finite life | (707) | (830) |
Intangible assets – indefinite life | (552) | (492) |
Operating lease liabilities | (1,026) | (1,388) |
Other | (57) | (115) |
Gross deferred income tax liabilities | (24,507) | (24,566) |
Net deferred income tax assets | 1,090 | 2,454 |
Foreign Tax Authority [Member] | ||
Assets: | ||
Pension liability | 688 | 958 |
Domestic Tax Authority [Member] | ||
Assets: | ||
Pension liability | $ 11,991 | $ 11,605 |
Environmental Matters - Additio
Environmental Matters - Additional Information (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Environmental Remediation Obligations [Abstract] | |
Potential liability for all environmental compliance | $ 100 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) ¥ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Related Party Transaction [Line Items] | ||||||
Debt, interest rate | 7.98% | 8.21% | 7.98% | 8.21% | ||
Accrued interest | $ 2,131,000 | $ 2,225,000 | ||||
ATR [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Purchases | 7,566,000 | ¥ 52,255 | 14,166,000 | ¥ 97,763 | ||
LB Co paid Corporation for administrative services | 344,000 | ¥ 2,249 | 408,000 | 2,841 | ||
Customer deposits | 456,000 | ¥ 2,984 | ||||
Loan outstanding | $ 1,056,000 | 2,856,000 | ¥ 6,901 | ¥ 19,901 | ||
Debt, interest rate | 5.00% | 5.00% | ||||
Accrued interest | $ 2,117,000 | 2,152,000 | ¥ 13,842 | ¥ 14,999 | ||
Debt, maturity date | 2008 | 2008 | ||||
Debt, renewal period | 1 year | 1 year | ||||
Sales | $ 9,154,000 | ¥ 63,222 | 11,200,000 | ¥ 77,303 | ||
Due from related parties | 0 | $ 0 | ||||
Repayment, principal amount | 1,882,000 | 13,000 | ||||
Accrued interest paid | $ 290,000 | ¥ 2,000 | ||||
ATR [Member] | Minimum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Interest accrual period | 3 years | 3 years | ||||
ATR [Member] | Maximum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Interest accrual period | 5 years | 5 years |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020Segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 2 |
Business Segments - Business Se
Business Segments - Business Segment Net Sales and Income (Loss) from Continuing Operations Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from External Customer [Line Items] | ||
Net sales | $ 328,544 | $ 397,904 |
Income (Loss) from Continuing Operations Before Income Taxes | 8,700 | (8,367) |
Capital Expenditures | 8,466 | 10,964 |
Depreciation and amortization | 18,575 | 18,967 |
Identifiable Assets | 463,208 | 506,560 |
U.S. [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 159,908 | 192,845 |
Income (Loss) from Continuing Operations Before Income Taxes | (1,706) | (13,996) |
Foreign [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 168,636 | 205,059 |
Income (Loss) from Continuing Operations Before Income Taxes | 10,406 | 5,629 |
Continuing Operations [Member] | ||
Revenue from External Customer [Line Items] | ||
Identifiable Assets | 463,208 | 506,560 |
Long-Lived Assets | 288,883 | 310,151 |
Continuing Operations [Member] | U.S. [Member] | ||
Revenue from External Customer [Line Items] | ||
Long-Lived Assets | 220,372 | 235,778 |
Continuing Operations [Member] | Foreign [Member] | ||
Revenue from External Customer [Line Items] | ||
Long-Lived Assets | 68,511 | 74,373 |
Operating Segments [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 328,544 | 397,904 |
Income (Loss) from Continuing Operations Before Income Taxes | 18,754 | 3,872 |
Corporate Costs, Including Other Income (Expense) [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 0 | 0 |
Income (Loss) from Continuing Operations Before Income Taxes | (10,054) | (12,239) |
Capital Expenditures | 0 | 0 |
Depreciation and amortization | 168 | 186 |
Corporate Costs, Including Other Income (Expense) [Member] | Continuing Operations [Member] | ||
Revenue from External Customer [Line Items] | ||
Identifiable Assets | 9,334 | 7,984 |
Forged and Cast Engineered Products [Member] | Operating Segments [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 237,889 | 305,630 |
Income (Loss) from Continuing Operations Before Income Taxes | 8,621 | (6,130) |
Capital Expenditures | 7,972 | 10,586 |
Depreciation and amortization | 17,583 | 17,818 |
Forged and Cast Engineered Products [Member] | Operating Segments [Member] | Continuing Operations [Member] | ||
Revenue from External Customer [Line Items] | ||
Identifiable Assets | 297,552 | 325,584 |
Air and Liquid Processing [Member] | Operating Segments [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 90,655 | 92,274 |
Income (Loss) from Continuing Operations Before Income Taxes | 10,133 | 10,002 |
Capital Expenditures | 494 | 378 |
Depreciation and amortization | 824 | 963 |
Air and Liquid Processing [Member] | Operating Segments [Member] | Continuing Operations [Member] | ||
Revenue from External Customer [Line Items] | ||
Identifiable Assets | $ 156,322 | $ 172,992 |
Business Segments - Business _2
Business Segments - Business Segment Net Sales and Income (Loss) from Continuing Operations Before Income Taxes (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2020USD ($)Customer | Dec. 31, 2019USD ($)Customer | |
Revenue from External Customer [Line Items] | ||
Impairment charge | $ 0 | $ 10,082,000 |
Investments in joint ventures | 2,175,000 | 2,175,000 |
Noncurrent asbestos-related insurance receivables | $ 101,937,000 | $ 120,932,000 |
Forged and Cast Engineered Products [Member] | ||
Revenue from External Customer [Line Items] | ||
Number of customers accounted for net sales | Customer | 1 | 1 |
Investments in joint ventures | $ 2,175 | $ 2,175 |
Forged and Cast Engineered Products [Member] | Akers National Roll Company [Member] | ||
Revenue from External Customer [Line Items] | ||
Impairment charge | $ 10,082 | |
Forged and Cast Engineered Products [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 11.00% | 12.00% |
Air and Liquid Processing [Member] | ||
Revenue from External Customer [Line Items] | ||
Number of customers accounted for net sales | Customer | 0 | 1 |
Air and Liquid Processing [Member] | U.S. [Member] | ||
Revenue from External Customer [Line Items] | ||
Change in the identifiable assets of the Air and Liquid / Long-lived assets | $ 117,937 | $ 136,932 |
Air and Liquid Processing [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 10.00% | 12.00% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Mar. 26, 2021 | Mar. 26, 2021 | Sep. 30, 2020 | |
Series A Warrants [Member] | |||
Subsequent Event [Line Items] | |||
Warrants to purchase common stock | 12,339,256 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Collective bargaining agreement expiration, month and year | 2021-03 | ||
Collective bargaining agreement extended expiration, month and year | 2025-03 | ||
Subsequent Event [Member] | Series A Warrants [Member] | |||
Subsequent Event [Line Items] | |||
Proceeds from warrant exercise | $ 3,050 | ||
Number of warrants exercised | 1,188,231 | 1,188,231 | |
Subsequent Event [Member] | Series A Warrants [Member] | Common Stock [Member] | |||
Subsequent Event [Line Items] | |||
Warrants to purchase common stock | 530,422 | 530,422 |