Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 02, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | AMPCO PITTSBURGH CORP | |
Entity Central Index Key | 0000006176 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 19,093,782 | |
Entity File Number | 1-898 | |
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 Incorporation, State or Country Code | PA | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | AP | |
Title of 12(b) Security | Common Stock, $1 par value | |
Security Exchange Name | NYSE | |
Series A Warrants [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | AP WS | |
Title of 12(b) Security | Series A Warrants to purchase shares of Common Stock | |
Security Exchange Name | NYSEAMER |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 12,251 | $ 16,842 |
Receivables, less allowance for doubtful accounts of $964 as of September 30, 2021 and $1,131 as of December 31, 2020 | 67,388 | 60,366 |
Inventories | 82,390 | 73,243 |
Insurance receivable – asbestos | 16,000 | 16,000 |
Other current assets | 4,799 | 5,381 |
Total current assets | 182,828 | 171,832 |
Property, plant and equipment, net | 159,792 | 162,098 |
Operating lease right-of-use assets | 4,020 | 4,344 |
Insurance receivable – asbestos | 93,713 | 101,937 |
Deferred income tax assets | 2,163 | 2,493 |
Intangible assets, net | 6,437 | 7,217 |
Investments in joint ventures | 2,175 | 2,175 |
Other noncurrent assets | 12,746 | 11,112 |
Total assets | 463,874 | 463,208 |
Current liabilities: | ||
Accounts payable | 38,922 | 26,678 |
Accrued payrolls and employee benefits | 16,356 | 19,304 |
Debt – current portion | 18,849 | 12,436 |
Operating lease liabilities – current portion | 634 | 674 |
Asbestos liability – current portion | 22,000 | 22,000 |
Other current liabilities | 22,971 | 24,240 |
Total current liabilities | 119,732 | 105,332 |
Employee benefit obligations | 75,068 | 81,832 |
Asbestos liability | 143,867 | 158,196 |
Long-term debt | 29,051 | 24,807 |
Noncurrent operating lease liabilities | 3,387 | 3,670 |
Deferred income tax liabilities | 1,773 | 1,403 |
Other noncurrent liabilities | 2,335 | 2,969 |
Total liabilities | 375,213 | 378,209 |
Commitments and contingent liabilities (Note 8) | ||
Shareholders’ equity: | ||
Common stock – par value $1; authorized 40,000 shares; issued and outstanding 19,094 shares as of September 30, 2021 and 18,312 shares as of December 31, 2020 | 19,094 | 18,312 |
Additional paid-in capital | 174,026 | 170,318 |
Retained deficit | (43,730) | (43,371) |
Accumulated other comprehensive loss | (69,698) | (68,695) |
Total Ampco-Pittsburgh shareholders’ equity | 79,692 | 76,564 |
Noncontrolling interest | 8,969 | 8,435 |
Total shareholders’ equity | 88,661 | 84,999 |
Total liabilities and shareholders’ equity | $ 463,874 | $ 463,208 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $ 964 | $ 1,131 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 19,094,000 | 18,312,000 |
Common stock, shares outstanding | 19,094,000 | 18,312,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 81,185 | $ 75,674 | $ 260,413 | $ 241,515 |
Operating costs and expenses: | ||||
Costs of products sold (excluding depreciation and amortization) | 67,990 | 59,461 | 213,011 | 189,604 |
Selling and administrative | 10,910 | 11,445 | 34,538 | 33,474 |
Depreciation and amortization | 4,279 | 4,511 | 13,515 | 13,863 |
Loss on disposal of assets | 367 | 79 | 334 | 131 |
Total operating costs and expenses | 83,546 | 75,496 | 261,398 | 237,072 |
(Loss) income from operations | (2,361) | 178 | (985) | 4,443 |
Other income: | ||||
Investment-related income | 14 | 1,215 | 1,079 | 1,327 |
Interest expense | (834) | (1,018) | (2,672) | (3,228) |
Other income – net | 2,006 | 1,493 | 4,694 | 2,510 |
Total other income | 1,186 | 1,690 | 3,101 | 609 |
(Loss) income before income taxes | (1,175) | 1,868 | 2,116 | 5,052 |
Income tax (provision) benefit | (291) | (630) | (2,044) | 1,649 |
Net (loss) income | (1,466) | 1,238 | 72 | 6,701 |
Less: Net income attributable to noncontrolling interest | 123 | 270 | 431 | 923 |
Net (loss) income attributable to Ampco-Pittsburgh | $ (1,589) | $ 968 | $ (359) | $ 5,778 |
Net (loss) income per share attributable to Ampco-Pittsburgh common shareholders: | ||||
Basic | $ (0.08) | $ 0.07 | $ (0.02) | $ 0.45 |
Diluted | $ (0.08) | $ 0.07 | $ (0.02) | $ 0.43 |
Weighted average number of common shares outstanding: | ||||
Basic | 19,093 | 13,343 | 18,905 | 12,915 |
Diluted | 19,093 | 14,454 | 18,905 | 13,585 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (1,466) | $ 1,238 | $ 72 | $ 6,701 |
Adjustments for changes in: | ||||
Foreign currency translation | (2,499) | 4,708 | (2,041) | 2,750 |
Unrecognized employee benefit costs (including effects of foreign currency translation) | 275 | (451) | 247 | 147 |
Fair value of cash flow hedges | (8) | 227 | 547 | 27 |
Reclassification adjustments for items included in net (loss) income: | ||||
Amortization of unrecognized employee benefit costs | 457 | 281 | 1,371 | 1,044 |
Settlements of cash flow hedges | (304) | 10 | (1,024) | 167 |
Other comprehensive (loss) income | (2,079) | 4,775 | (900) | 4,135 |
Comprehensive (loss) income | (3,545) | 6,013 | (828) | 10,836 |
Less: Comprehensive income attributable to noncontrolling interest | 124 | 561 | 534 | 1,114 |
Comprehensive (loss) income attributable to Ampco-Pittsburgh | $ (3,669) | $ 5,452 | $ (1,362) | $ 9,722 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2019 | $ 55,616 | $ 12,652 | $ 156,251 | $ (51,341) | $ (68,662) | $ 6,716 |
Stock-based compensation | 913 | 913 | ||||
Comprehensive income (loss): | ||||||
Net (loss) income | 6,701 | 5,778 | 923 | |||
Other comprehensive (loss) income | 4,135 | 3,944 | 191 | |||
Comprehensive (loss) income | 10,836 | 1,114 | ||||
Equity rights offering (Note 9) | 18,150 | 5,508 | 12,642 | |||
Issuance of common stock excluding excess tax benefits | 259 | 152 | 107 | |||
Ending Balance at Sep. 30, 2020 | 85,774 | 18,312 | 169,913 | (45,563) | (64,718) | 7,830 |
Beginning Balance at Jun. 30, 2020 | 61,185 | 12,794 | 156,855 | (46,531) | (69,202) | 7,269 |
Stock-based compensation | 436 | 436 | ||||
Comprehensive income (loss): | ||||||
Net (loss) income | 1,238 | 968 | 270 | |||
Other comprehensive (loss) income | 4,775 | 4,484 | 291 | |||
Comprehensive (loss) income | 6,013 | 561 | ||||
Equity rights offering (Note 9) | 18,150 | 5,508 | 12,642 | |||
Issuance of common stock excluding excess tax benefits | (10) | 10 | (20) | |||
Ending Balance at Sep. 30, 2020 | 85,774 | 18,312 | 169,913 | (45,563) | (64,718) | 7,830 |
Beginning Balance at Dec. 31, 2020 | 84,999 | 18,312 | 170,318 | (43,371) | (68,695) | 8,435 |
Stock-based compensation | 1,543 | 1,543 | ||||
Comprehensive income (loss): | ||||||
Net (loss) income | 72 | (359) | 431 | |||
Other comprehensive (loss) income | (900) | (1,003) | 103 | |||
Comprehensive (loss) income | (828) | 534 | ||||
Shareholder exercise of warrants (Note 9) | 3,308 | 575 | 2,733 | |||
Issuance of common stock excluding excess tax benefits | (361) | 207 | (568) | |||
Ending Balance at Sep. 30, 2021 | 88,661 | 19,094 | 174,026 | (43,730) | (69,698) | 8,969 |
Beginning Balance at Jun. 30, 2021 | 91,608 | 19,076 | 173,446 | (42,141) | (67,618) | 8,845 |
Stock-based compensation | 515 | 515 | ||||
Comprehensive income (loss): | ||||||
Net (loss) income | (1,466) | (1,589) | 123 | |||
Other comprehensive (loss) income | (2,079) | (2,080) | 1 | |||
Comprehensive (loss) income | (3,545) | 124 | ||||
Shareholder exercise of warrants (Note 9) | 91 | 16 | 75 | |||
Issuance of common stock excluding excess tax benefits | (8) | 2 | (10) | |||
Ending Balance at Sep. 30, 2021 | $ 88,661 | $ 19,094 | $ 174,026 | $ (43,730) | $ (69,698) | $ 8,969 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Common Stock [Member] | ||||
Issuance of common stock tax benefits | $ 0 | $ 0 | $ 0 | $ 0 |
Additional Paid-in Capital [Member] | ||||
Issuance of common stock tax benefits | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Cash Flows [Abstract] | ||
Net cash flows (used in) provided by operating activities | $ (4,398) | $ 33,944 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (11,982) | (6,015) |
Proceeds from sale of property, plant and equipment | 249 | 30 |
Purchases of long-term marketable securities | (31) | (146) |
Proceeds from sale of long-term marketable securities | 243 | 349 |
Net cash flows used in investing activities | (11,521) | (5,782) |
Cash flows from financing activities: | ||
Repayment of debt | (1,730) | (976) |
Proceeds from revolving credit facility | 19,016 | 0 |
Payments on revolving credit facility | (8,500) | (34,273) |
Proceeds from shareholder exercise of warrants (Note 9) | 3,308 | 0 |
Proceeds from equity rights offering, net of issuance costs (Note 9) | 0 | 18,150 |
Debt issuance costs | (485) | (329) |
Net cash flows provided by (used in) financing activities | 11,609 | (17,428) |
Effect of exchange rate changes on cash and cash equivalents | (281) | 586 |
Net (decrease) increase in cash and cash equivalents | (4,591) | 11,320 |
Cash and cash equivalents at beginning of period | 16,842 | 6,960 |
Cash and cash equivalents at end of period | 12,251 | 18,280 |
Supplemental information: | ||
Income tax payments | 1,344 | 1,597 |
Interest payments | 1,810 | 2,287 |
Non-cash investing and financing activities: | ||
Purchases of property, plant and equipment in current liabilities | 1,339 | 945 |
Finance lease right-of-use assets exchanged for lease liabilities | 1,250 | 423 |
Operating lease right-of-use assets exchanged for lease liabilities | $ 53 | $ 691 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Unaudited Condensed Consolidated Financial Statements | 1. Unaudited Condensed Consolidated Financial Statements The condensed consolidated balance sheet as of September 30, 2021, the condensed consolidated statements of operations, comprehensive income (loss) and shareholders’ equity for the three and nine months ended September 30, 2021, and 2020, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2021, and 2020, have been prepared by the Corporation without audit. In the opinion of management, all adjustments, consisting of only normal and recurring adjustments necessary to present fairly the financial position, results of operations and cash flows for the periods presented, have been made. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. Recently Implemented Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Income Taxes (Topic 740). Recently Issued Accounting Pronouncements In August 2020, the 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 September 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses on assets that have a low risk of loss. The guidance originally became effective for the Corporation on January 1, 2020 ; however, since the Corporation me t the definition of a Smaller Reporting Company, as defined by the Securities Exchange Commission, the effective date was subsequently revised to fiscal years beginning after December 15, 2022. The Corporation is currently evaluating the impact the guidance will have on its consolidated financial position and operating results. It will not, however, affect the Corporation’s liquidity. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | 2 . Inventories At September 30, 2021, and December 31, 2020, 35% of the inventories were valued on the LIFO method with the remaining inventories valued on the FIFO method. Inventories were comprised of the following: September 30, 2021 December 31, 2020 Raw materials $ 21,225 $ 17,893 Work-in-process 36,901 31,568 Finished goods 12,480 12,466 Supplies 11,784 11,316 Inventories $ 82,390 $ 73,243 |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 3 . Property, Plant and Equipment Property, plant and equipment were comprised of the following: September 30, 2021 December 31, 2020 Land and land improvements $ 10,252 $ 10,473 Buildings 63,249 63,765 Machinery and equipment 343,416 339,203 Construction-in-process 10,057 4,896 Other 6,787 6,870 433,761 425,207 Accumulated depreciation and amortization (273,969 ) (263,109 ) Property, plant and equipment, net $ 159,792 $ 162,098 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 ( Note 6 ). Land and buildings of UES-UK, equal to $2,856 (£2,122) at September 30, 2021, are held as collateral by the trustees of the UES-UK defined benefit pension plan ( Note 7 ). The gross value of finance lease right-of-use assets and the related accumulated amortization equaled $3,906 and $1,164, respectively, as of September 30, 2021, and $3,430 and $1,222, respectively, at December 31, 2020. Amortization on assets under finance leases equaled $124 and $107 for the three months ended September 30, 2021, and 2020, and $342 and $245 for the nine months ended September 30, 2021, and 2020, respectively. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 4 . Intangible Assets Intangible assets were comprised of the following: September 30, 2021 December 31, 2020 Customer relationships $ 5,951 $ 6,191 Developed technology 4,271 4,457 Trade name 2,498 2,646 12,720 13,294 Accumulated amortization (6,283 ) (6,077 ) Intangible assets, net $ 6,437 $ 7,217 Changes in intangible assets consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Balance at beginning of the period $ 6,654 $ 7,050 $ 7,217 $ 7,625 Amortization of intangible assets (69 ) (295 ) (444 ) (852 ) Other, primarily impact from changes in foreign currency exchange rates (148 ) 260 (336 ) 242 Balance at end of the period $ 6,437 $ 7,015 $ 6,437 $ 7,015 |
Other Current Liabilities
Other Current Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | 5 . Other Current Liabilities Other current liabilities were comprised of the following: September 30, 2021 December 31, 2020 Customer-related liabilities $ 12,204 $ 16,144 Accrued interest payable 2,199 2,131 Accrued sales commissions 1,934 1,419 Other 6,634 4,546 Other current liabilities $ 22,971 $ 24,240 Included in customer-related liabilities are costs expected to be incurred with respect to product warranties and customer deposits. The Corporation provides a limited warranty on its products, known as assurance type warranties, and may issue credit notes or replace products free of charge for valid claims. A warranty is considered an assurance type warranty if it provides the customer with assurance that the product will function as intended. Historically, warranty claims have been insignificant. The Corporation records a provision for product warranties 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. Changes in the liability for product warranty claims consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Balance at beginning of the period $ 7,840 $ 8,695 $ 8,105 $ 9,065 Satisfaction of warranty claims (923 ) (921 ) (2,668 ) (2,776 ) Provision for warranty claims 632 183 2,141 1,822 Other, primarily impact from changes in foreign currency exchange rates (135 ) 160 (164 ) 6 Balance at end of the period $ 7,414 $ 8,117 $ 7,414 $ 8,117 Customer deposits represent amounts collected from, or invoiced to, a customer in advance of revenue recognition and are recorded as other current liabilities on the condensed 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: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Balance at beginning of the period $ 6,068 $ 8,551 $ 6,507 $ 4,895 Satisfaction of performance obligations (3,601 ) (5,276 ) (10,360 ) (12,268 ) Receipt of additional deposits 1,622 5,428 7,956 16,032 Other, primarily impact from changes in foreign currency exchange rates (23 ) (21 ) (37 ) 23 Balance at end of the period $ 4,066 $ 8,682 $ 4,066 $ 8,682 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 6 . Debt Borrowings consisted of the following: September 30, 2021 December 31, 2020 Revolving credit facility $ 16,516 $ 6,000 Sale and leaseback financing obligation 20,400 19,931 Industrial Revenue Bonds 9,191 9,191 Minority shareholder loan 0 1,056 Finance lease liabilities 1,793 1,065 Outstanding borrowings 47,900 37,243 Debt – current portion (18,849 ) (12,436 ) Long-term debt $ 29,051 $ 24,807 Revolving Credit Facility On May 20, 2016, the Corporation became a party to a Revolving Credit and Security Agreement, which had been amended periodically. On June 29, 2021, the Corporation entered into an amended and restated credit agreement (the “Restated Credit Agreement”) with a syndicate of banks that provides for a senior secured asset-based revolving credit facility of $100,000, which can be increased up to $130,000 at the option of the Corporation and with the approval of the lenders. The Restated Credit Agreement includes sublimits for letters of credit not to exceed $40,000 and European borrowings not to exceed $30,000. The maturity date for the Restated Credit Agreement is June 29, 2026, and, subject to other terms and conditions of the Restated Credit Agreement, would become due on that date. Availability under the Restated 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 2.00% to 2.50% based on the quarterly average excess availability or (ii) the alternate base rate plus an applicable margin ranging between 1.00% to 1.50% based on the quarterly average excess availability. Additionally, the Corporation is required to pay a commitment fee of 0.25% based on the daily unused portion of the credit facility. As of September 30, 2021, the Corporation had outstanding borrowings under the Restated Credit Agreement of $16,516. The average interest rate was approximately 4% for each of the nine months ended September 30, 2021, and 2020. Additionally, the Corporation utilizes a portion of the credit facility for letters of credit ( Note 8 ). As of September 30, 2021, remaining availability under the Restated Credit Agreement approximated $42,000, net of standard availability reserves. Deferred financing fees of $485 have been incurred related to the Restated Credit Agreement and are being amortized over the remaining term of the agreement. Borrowings outstanding under the Restated Credit Agreement are collateralized by a first priority perfected security interest in substantially all assets of the Corporation and its subsidiaries (other than real property). Additionally, the Restated 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 guaranties, and acquisitions and divestures. In addition, the Corporation must maintain a certain level of excess availability or otherwise maintain a minimum fixed charge coverage ratio of not less than 1.05 to 1.00. The Corporation was in compliance with the applicable covenants under the Restated Credit Agreement as of September 30, 2021. Sale and Leaseback Financing Obligation In September 2018, Union Electric Steel Corporation (“UES”), an indirect subsidiary of the Corporation, completed a sale and leaseback financing transaction for certain of its real property, including 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 leased 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 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 in 2025, for a price equal to the greater of (i) their Fair Market Value, or (ii) 115% of Lessor’s Total Investment for the Facilities, with such terms defined in the lease agreement. The effective interest rate approximated 8% for each of the nine months ended September 30, 2021, and 2020. Industrial Revenue Bonds (“IRBs”) The Corporation has two IRBs outstanding: (i) $7,116 taxable IRB maturing in 2027 and (ii) $2,075 tax-exempt IRB maturing in 2029. The IRBs are remarketed periodically. If the IRBs are not able to be remarketed, although considered a remote possibility 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. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits | 7 . Pension and Other Postretirement Benefits Contributions to the Corporation’s employee benefit plans were as follows: Nine Months Ended September 30, 2021 2020 U.S. defined benefit pension plans $ 0 $ 281 Foreign defined benefit pension plans 483 332 Other postretirement benefits (e.g., net payments) 469 966 U.K. defined contribution pension plan 248 222 U.S. defined contribution plan 2,320 2,296 Net periodic pension and other postretirement benefit costs included the following components: Three Months Ended September 30, Nine Months Ended September 30, U.S. Defined Benefit Pension Plans 2021 2020 2021 2020 Service cost $ 60 $ 37 $ 182 $ 167 Interest cost 1,337 1,776 4,012 5,381 Expected return on plan assets (3,248 ) (3,232 ) (9,746 ) (9,621 ) Amortization of prior service cost 6 10 17 31 Amortization of actuarial loss 658 455 1,974 1,570 Net benefit income $ (1,187 ) $ (954 ) $ (3,561 ) $ (2,472 ) Three Months Ended September 30, Nine Months Ended September 30, Foreign Defined Benefit Pension Plans 2021 2020 2021 2020 Service cost $ 111 $ 127 $ 285 $ 332 Interest cost 207 265 626 781 Expected return on plan assets (485 ) (496 ) (1,461 ) (1,465 ) Amortization of prior service credit (77 ) (72 ) (231 ) (212 ) Amortization of actuarial loss 162 177 489 522 Net benefit (income) expense $ (82 ) $ 1 $ (292 ) $ (42 ) Three Months Ended September 30, Nine Months Ended September 30, Other Postretirement Benefit Plans 2021 2020 2021 2020 Service cost $ 61 $ 56 $ 183 $ 169 Interest cost 45 71 136 211 Amortization of prior service credit (258 ) (255 ) (773 ) (763 ) Amortization of actuarial gain (19 ) (34 ) (58 ) (104 ) Net benefit income $ (171 ) $ (162 ) $ (512 ) $ (487 ) |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | 8 . Commitments and Contingent Liabilities Outstanding standby and commercial letters of credit as of September 30, 2021, equaled $14,126, the majority of which serves as collateral for the IRB debt. Outstanding surety bonds as of September 30, 2021, approximated $4,000 (SEK 33,900), which guarantee certain obligations under a credit insurance arrangement for certain of the Corporation’s foreign pension commitments. The Corporation has undertaken a significant capital program to upgrade existing equipment at certain of its FCEP locations which is anticipated to occur over the next two to three years and cost approximately $25,000 to $30,000. At September 30, 2021, commitments for future capital expenditures, including those associated with the FCEP capital program, approximated $20,000. See Note 11 for derivative instruments, Note 15 for litigation and Note 16 for environmental matters. |
Equity Rights Offering
Equity Rights Offering | 9 Months Ended |
Sep. 30, 2021 | |
Warrants And Rights Note Disclosure [Abstract] | |
Equity Rights Offering | 9 . 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 condensed consolidated statements of shareholders’ equity. 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. Stock issuance costs equaled $1,129 through September 30, 2020, and were recorded against the proceeds in additional paid in capital. In 2021, the Corporation received proceeds of $3,308 from shareholders who exercised 1,288,910 Series A warrants, equating to the issuance of 575,361 common shares. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 1 0 . Accumulated Other Comprehensive Loss Net change and ending balances for the various components of accumulated other comprehensive loss as of and for the nine months ended September 30, 2021, and 2020, are summarized below. All amounts are net of tax where applicable. Foreign Currency Translation Unrecognized Employee Benefit Costs Cash Flow Hedges Total Accumulated Other Comprehensive Loss Less: Noncontrolling Interest Accumulated Other Comprehensive Loss Attributable to Ampco-Pittsburgh Balance at January 1, 2021 $ (11,371 ) $ (57,652 ) $ 589 $ (68,434 ) $ 261 $ (68,695 ) Net change (2,041 ) 1,618 (477 ) (900 ) 103 (1,003 ) Balance at September 30, 2021 $ (13,412 ) $ (56,034 ) $ 112 $ (69,334 ) $ 364 $ (69,698 ) Balance at January 1, 2020 $ (18,352 ) $ (50,859 ) $ 291 $ (68,920 ) $ (258 ) $ (68,662 ) Net change 2,750 1,191 194 4,135 191 3,944 Balance at September 30, 2020 $ (15,602 ) $ (49,668 ) $ 485 $ (64,785 ) $ (67 ) $ (64,718 ) The following summarizes the line items affected on the condensed consolidated statements of operations for components reclassified from accumulated other comprehensive loss. Amounts in parentheses represent credits to net income (loss). Amounts are after tax where applicable. Certain amounts have no tax effect due to the Corporation having a valuation allowance recorded against the deferred income tax assets for the jurisdiction where the income or 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. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Amortization of unrecognized employee benefit costs: Other income – net $ 472 $ 281 $ 1,418 $ 1,044 Income tax (provision) benefit (15 ) 0 (47 ) 0 Net of tax $ 457 $ 281 $ 1,371 $ 1,044 Settlements of cash flow hedges: Depreciation and amortization (foreign currency purchase contracts) $ (6 ) $ (7 ) $ (20 ) $ (20 ) Costs of products sold (excluding depreciation and amortization) (futures contracts – copper and aluminum) (298 ) 17 (1,004 ) 187 Total before income tax (304 ) 10 (1,024 ) 167 Income tax (provision) benefit 0 0 0 0 Net of tax $ (304 ) $ 10 $ (1,024 ) $ 167 |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 1 1 . Derivative Instruments Certain of the Corporation’s operations are subject to risk from exchange rate fluctuations in connection with sales in foreign currencies. To minimize this risk, foreign currency sales contracts are periodically entered into which would be designated as cash flow or fair value hedges. As of September 30, 2021, no anticipated foreign-denominated sales have been hedged. Additionally, certain divisions of the ALP 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 September 30, 2021, approximately 43%, or $2,593, of anticipated copper purchases over the next eight months and 56%, or $637, of anticipated aluminum purchases over the next six months are hedged. 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. The change in fair value of the foreign currency purchase contract, at the time of settlement, is included in accumulated other comprehensive loss and is being reclassified to earnings (depreciation and amortization expense) over the life of the underlying assets. 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 periodically enters into purchase commitments to cover a portion of its anticipated natural gas usage for one of its subsidiaries. The commitments qualify as normal purchases and, accordingly, are not reflected on the condensed consolidated balance sheet. Purchases of natural gas under previously existing commitments equaled $313 and $1,028, respectively, for the three and nine months ended September 30, 2020. There were no purchases of natural gas under purchase commitments for the three and nine months ended September 30, 2021, and as of September 30, 2021, no purchase commitments for anticipated natural gas usage are outstanding. The Corporation does not enter into derivative transactions for speculative purposes and, therefore, holds no derivative instruments for trading purposes. Gains (losses) on foreign exchange transactions included in other income – net equaled $369 and $(58) for the three months ended September 30, 2021, and 2020, respectively, and $(705) and $(1,156) for the nine months ended September 30, 2021, and 2020, respectively. The location and fair value of the foreign currency sales contracts recorded on the condensed consolidated balance sheets were as follows: Location September 30, 2021 December 31, 2020 Fair value hedge contracts Other current assets $ 293 $ 1,123 Other noncurrent assets 0 332 Other current liabilities 0 12 Fair value hedged items Receivables (293 ) (960 ) Other current liabilities 0 201 Other noncurrent liabilities 0 327 The change in the fair value of the cash flow contracts is recorded as a component of accumulated other comprehensive loss. The balances as of September 30, 2021, and 2020, and the amount recognized as and reclassified from accumulated other comprehensive loss for each of the periods are summarized below. Amounts are after tax where applicable. Certain amounts recognized as comprehensive income (loss) or reclassified from accumulated other comprehensive loss have no tax effect due to the Corporation having a valuation allowance recorded against the deferred income tax assets for the jurisdiction where the income or expense is recognized. Three Months Ended September 30, 2021 Beginning of the Period Recognized Reclassified End of the Period Foreign currency purchase contracts $ 148 $ 0 $ 6 $ 142 Futures contracts – copper and aluminum 276 (8 ) 298 (30 ) $ 424 $ (8 ) $ 304 $ 112 Three Months Ended September 30, 2020 Foreign currency purchase contracts $ 176 $ 0 $ 7 $ 169 Futures contracts – copper and aluminum 72 227 (17 ) 316 $ 248 $ 227 $ (10 ) $ 485 Nine Months Ended September 30, 2021 Foreign currency purchase contracts $ 162 $ 0 $ 20 $ 142 Futures contracts – copper and aluminum 427 547 1,004 (30 ) $ 589 $ 547 $ 1,024 $ 112 Nine Months Ended September 30, 2020 Foreign currency purchase contracts $ 189 $ 0 $ 20 $ 169 Futures contracts – copper and aluminum 102 27 (187 ) 316 $ 291 $ 27 $ (167 ) $ 485 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) in Statements Estimated to be Reclassified in the Next Three Months Ended September 30, Nine Months Ended September 30, of Operations 12 Months 2021 2020 2021 2020 Foreign currency purchase contracts Depreciation and amortization $ 28 $ 6 $ 7 $ 20 $ 20 Futures contracts – copper and aluminum Costs of products sold (excluding depreciation and amortization) $ (30 ) $ 298 $ (17 ) $ 1,004 $ (187 ) |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 1 2 . Fair Value The Corporation’s financial assets and liabilities that are reported at fair value in the condensed consolidated balance sheets as of September 30, 2021, and December 31, 2020, were as follows: Quoted Prices in Active Markets for Identical Inputs (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total As of September 30, 2021 Investments Other noncurrent assets $ 4,618 $ 0 $ 0 $ 4,618 Foreign currency exchange contracts Accounts receivable 0 (293 ) 0 (293 ) Other current assets 0 293 0 293 As of December 31, 2020 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 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 Restated Credit Agreement approximate their carrying values. Additionally, the fair values of trade receivables and trade payables approximate their carrying values. |
Revenue and (Loss) Income Befor
Revenue and (Loss) Income Before Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Revenue And Income Loss Before Income Taxes [Abstract] | |
Revenue and (Loss) Income Before Income Taxes | 1 3 . Revenue and (Loss) Income Before Income Taxes Net sales and (loss) income before income taxes by geographic area for the three and nine months ended September 30, 2021, and 2020, are outlined below. When disaggregating revenue, consideration is given to information regularly reviewed by the chief operating decision maker to evaluate the financial performance of the operating segments and make resource allocation decisions. Substantially all foreign net sales for each of the periods is attributable to the FCEP segment. Three Months Ended September 30, Nine Months Ended September 30, Net Sales 2021 2020 2021 2020 United States $ 44,859 $ 38,525 $ 133,233 $ 118,312 Foreign 36,326 37,149 127,180 123,203 $ 81,185 $ 75,674 $ 260,413 $ 241,515 Three Months Ended September 30, Nine Months Ended September 30, (Loss) Income Before Income Taxes 2021 2020 2021 2020 United States (1) $ (2,201 ) $ (331 ) $ (3,472 ) $ (1,762 ) Foreign 1,026 2,199 5,588 6,814 $ (1,175 ) $ 1,868 $ 2,116 $ 5,052 (1) Includes Corporate costs of $2,420 and $3,384 for the three months ended September 30, 2021, and 2020, respectively, and $8,938 and $8,682 for the nine months ended September 30, 2021, and 2020, respectively, which represent operating costs of the corporate office not allocated to the segments. Net sales by product line for the three and nine months ended September 30, 2021, and 2020, were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Forged and cast mill rolls $ 53,778 $ 52,080 $ 177,918 $ 165,502 Forged engineered products 7,401 2,419 17,640 8,221 Heat exchange coils 6,527 6,499 18,482 19,879 Centrifugal pumps 7,096 8,580 25,138 26,888 Air handling systems 6,383 6,096 21,235 21,025 $ 81,185 $ 75,674 $ 260,413 $ 241,515 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 1 4 . Stock-Based Compensation The Ampco-Pittsburgh Corporation 2016 Omnibus Incentive Plan (the “Incentive Plan”) originally authorized the issuance of up to 1,100,000 shares of the Corporation’s common stock for awards under the Incentive Plan. In May 2021, the shareholders of the Corporation approved an amendment and restatement of the Incentive Plan for an additional 1,600,000 shares that could be issued under the Incentive Plan. At that time, there were only 165,179 shares remaining to be issued under the original 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. Stock-based compensation expense, including expense associated with equity-based awards granted to non-employee members of the Board of Directors, for the three months ended September 30, 2021, and 2020, equaled $515 and $436, respectively, and for the nine months ended September 30, 2021, and 2020, equaled $1,543 and $913, respectively. The income tax benefit recognized in the condensed consolidated statements of operations was not significant due to the Corporation having a valuation allowance recorded against its deferred income tax assets for the majority of the jurisdictions where the expense was recognized. |
Litigation
Litigation | 9 Months Ended |
Sep. 30, 2021 | |
Loss Contingency [Abstract] | |
Litigation | 1 5 . Litigation The Corporation and its subsidiaries are involved in various claims and lawsuits incidental to their businesses from time to time 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 Asbestos Liability against Air & Liquid and the Corporation for the nine months ended September 30, 2021, and 2020 (claims not in thousands): Nine Months Ended September 30, 2021 2020 Total claims pending at the beginning of the period 5,891 6,102 New claims served 943 769 Claims dismissed (525 ) (725 ) Claims settled (301 ) (278 ) Total claims pending at the end of period (1) 6,008 5,868 Administrative closures (2) (2,914 ) Total active claims at the end of the period (2) 3,094 Gross settlement and defense costs paid in period (in 000’s) $ 14,329 $ 21,699 Avg. gross settlement and defense costs per claim resolved (in 000’s) (3) $ 17.35 $ 21.63 (1) Included as “total claims pending” are approximately 661 and 711 claims in 2021 and 2020, respectively, classified in various jurisdictions as “inactive” or transferred to a state or federal judicial panel on multi-district litigation. (2) In 2021, the Corporation adopted the same methodology used by Nathan Associates, Inc. (“Nathan”), the liability expert who values the Corporation’s asbestos claims, in order to better align the Corporation’s data with Nathan’s liability valuation. Nathan’s methodology treats all claims filed six or more years ago as “administratively closed.” Therefore, the Corporation changed its prior practice of reporting “Total claims pending at the end of the period” into two categories – “Administrative closures” and “Total active claims at the end of the period.” Administrative closures now include (i) those claims that were filed six or more years ago; (ii) claims that were previously classified in various jurisdictions as “inactive;” and (iii) claims that were transferred to a state or federal judicial panel on multi-district litigation. Collectively, these claims are unlikely to result in any liability to the Corporation. Accordingly, the Corporation believes that presentation of “Total active claims at the end of the period” is a better indicator of total claims which may result in future payment. (3) Claims resolved do not include claims that were administratively closed. The 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 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, 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 were 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 Asbestos Liability claims pending or projected to be asserted through 2052, was $227,922. Defense costs were estimated at 80% of settlement costs. 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. At September 30, 2021, the Asbestos Liability was $165,867, and the related receivable for insurance recoveries was $109,713. The following table summarizes activity relating to insurance recoveries for the nine months ended September 30, 2021, and 2020: Nine Months Ended September 30, 2021 2020 Insurance receivable – asbestos, beginning of the year $ 117,937 $ 136,932 Settlement and defense costs paid by insurance carriers (8,224 ) (15,348 ) Insurance receivable – asbestos, end of the period $ 109,713 $ 121,584 The insurance receivable recorded by the Corporation 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 insolvencies among the relevant insurance carriers, or that the assumed percentage recoveries for certain carriers will prove correct. 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. |
Environmental Matters
Environmental Matters | 9 Months Ended |
Sep. 30, 2021 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Matters | 1 6 . 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 September 30, 2021, is considered adequate based on information known to date. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Business Segments | 1 7 . Business Segments Presented below are the net sales and (loss) income before income taxes for the Corporation’s two business segments: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net sales: Forged and Cast Engineered Products $ 61,179 $ 54,499 $ 195,558 $ 173,723 Air and Liquid Processing 20,006 21,175 64,855 67,792 Total Reportable Segments $ 81,185 $ 75,674 $ 260,413 $ 241,515 (Loss) income before income taxes: Forged and Cast Engineered Products $ (2,832 ) $ 1,301 $ 688 $ 5,434 Air and Liquid Processing 2,891 2,261 7,265 7,691 Total Reportable Segments 59 3,562 7,953 13,125 Other expense, including corporate costs (1,234 ) (1,694 ) (5,837 ) (8,073 ) Total $ (1,175 ) $ 1,868 $ 2,116 $ 5,052 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Financial Statements (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Unaudited Condensed Consolidated Financial Statements | The condensed consolidated balance sheet as of September 30, 2021, the condensed consolidated statements of operations, comprehensive income (loss) and shareholders’ equity for the three and nine months ended September 30, 2021, and 2020, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2021, and 2020, have been prepared by the Corporation without audit. In the opinion of management, all adjustments, consisting of only normal and recurring adjustments necessary to present fairly the financial position, results of operations and cash flows for the periods presented, have been made. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. |
Recently Implemented Accounting Pronouncements | Recently Implemented Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Income Taxes (Topic 740). |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In August 2020, the 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 September 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses on assets that have a low risk of loss. The guidance originally became effective for the Corporation on January 1, 2020 ; however, since the Corporation me t the definition of a Smaller Reporting Company, as defined by the Securities Exchange Commission, the effective date was subsequently revised to fiscal years beginning after December 15, 2022. The Corporation is currently evaluating the impact the guidance will have on its consolidated financial position and operating results. It will not, however, affect the Corporation’s liquidity. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories were comprised of the following September 30, 2021 December 31, 2020 Raw materials $ 21,225 $ 17,893 Work-in-process 36,901 31,568 Finished goods 12,480 12,466 Supplies 11,784 11,316 Inventories $ 82,390 $ 73,243 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment were comprised of the following: September 30, 2021 December 31, 2020 Land and land improvements $ 10,252 $ 10,473 Buildings 63,249 63,765 Machinery and equipment 343,416 339,203 Construction-in-process 10,057 4,896 Other 6,787 6,870 433,761 425,207 Accumulated depreciation and amortization (273,969 ) (263,109 ) Property, plant and equipment, net $ 159,792 $ 162,098 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets were comprised of the following: September 30, 2021 December 31, 2020 Customer relationships $ 5,951 $ 6,191 Developed technology 4,271 4,457 Trade name 2,498 2,646 12,720 13,294 Accumulated amortization (6,283 ) (6,077 ) Intangible assets, net $ 6,437 $ 7,217 |
Summary of Changes in Intangible Assets | Changes in intangible assets consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Balance at beginning of the period $ 6,654 $ 7,050 $ 7,217 $ 7,625 Amortization of intangible assets (69 ) (295 ) (444 ) (852 ) Other, primarily impact from changes in foreign currency exchange rates (148 ) 260 (336 ) 242 Balance at end of the period $ 6,437 $ 7,015 $ 6,437 $ 7,015 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities were comprised of the following: September 30, 2021 December 31, 2020 Customer-related liabilities $ 12,204 $ 16,144 Accrued interest payable 2,199 2,131 Accrued sales commissions 1,934 1,419 Other 6,634 4,546 Other current liabilities $ 22,971 $ 24,240 |
Schedule of Changes in Liability for Product Warranty Claims | Changes in the liability for product warranty claims consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Balance at beginning of the period $ 7,840 $ 8,695 $ 8,105 $ 9,065 Satisfaction of warranty claims (923 ) (921 ) (2,668 ) (2,776 ) Provision for warranty claims 632 183 2,141 1,822 Other, primarily impact from changes in foreign currency exchange rates (135 ) 160 (164 ) 6 Balance at end of the period $ 7,414 $ 8,117 $ 7,414 $ 8,117 |
Schedule of Changes in Customer Deposits | Changes in customer deposits consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Balance at beginning of the period $ 6,068 $ 8,551 $ 6,507 $ 4,895 Satisfaction of performance obligations (3,601 ) (5,276 ) (10,360 ) (12,268 ) Receipt of additional deposits 1,622 5,428 7,956 16,032 Other, primarily impact from changes in foreign currency exchange rates (23 ) (21 ) (37 ) 23 Balance at end of the period $ 4,066 $ 8,682 $ 4,066 $ 8,682 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Borrowings | Borrowings consisted of the following: September 30, 2021 December 31, 2020 Revolving credit facility $ 16,516 $ 6,000 Sale and leaseback financing obligation 20,400 19,931 Industrial Revenue Bonds 9,191 9,191 Minority shareholder loan 0 1,056 Finance lease liabilities 1,793 1,065 Outstanding borrowings 47,900 37,243 Debt – current portion (18,849 ) (12,436 ) Long-term debt $ 29,051 $ 24,807 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Contributions for Pension and Other Postretirement Benefits | Contributions to the Corporation’s employee benefit plans were as follows: Nine Months Ended September 30, 2021 2020 U.S. defined benefit pension plans $ 0 $ 281 Foreign defined benefit pension plans 483 332 Other postretirement benefits (e.g., net payments) 469 966 U.K. defined contribution pension plan 248 222 U.S. defined contribution plan 2,320 2,296 |
Net Periodic Pension and Other Postretirement Benefit Costs | Net periodic pension and other postretirement benefit costs included the following components: Three Months Ended September 30, Nine Months Ended September 30, U.S. Defined Benefit Pension Plans 2021 2020 2021 2020 Service cost $ 60 $ 37 $ 182 $ 167 Interest cost 1,337 1,776 4,012 5,381 Expected return on plan assets (3,248 ) (3,232 ) (9,746 ) (9,621 ) Amortization of prior service cost 6 10 17 31 Amortization of actuarial loss 658 455 1,974 1,570 Net benefit income $ (1,187 ) $ (954 ) $ (3,561 ) $ (2,472 ) Three Months Ended September 30, Nine Months Ended September 30, Foreign Defined Benefit Pension Plans 2021 2020 2021 2020 Service cost $ 111 $ 127 $ 285 $ 332 Interest cost 207 265 626 781 Expected return on plan assets (485 ) (496 ) (1,461 ) (1,465 ) Amortization of prior service credit (77 ) (72 ) (231 ) (212 ) Amortization of actuarial loss 162 177 489 522 Net benefit (income) expense $ (82 ) $ 1 $ (292 ) $ (42 ) Three Months Ended September 30, Nine Months Ended September 30, Other Postretirement Benefit Plans 2021 2020 2021 2020 Service cost $ 61 $ 56 $ 183 $ 169 Interest cost 45 71 136 211 Amortization of prior service credit (258 ) (255 ) (773 ) (763 ) Amortization of actuarial gain (19 ) (34 ) (58 ) (104 ) Net benefit income $ (171 ) $ (162 ) $ (512 ) $ (487 ) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Net Change and Ending Balances for Various Components of Accumulated Other Comprehensive Loss | Net change and ending balances for the various components of accumulated other comprehensive loss as of and for the nine months ended September 30, 2021, and 2020, are summarized below. All amounts are net of tax where applicable. Foreign Currency Translation Unrecognized Employee Benefit Costs Cash Flow Hedges Total Accumulated Other Comprehensive Loss Less: Noncontrolling Interest Accumulated Other Comprehensive Loss Attributable to Ampco-Pittsburgh Balance at January 1, 2021 $ (11,371 ) $ (57,652 ) $ 589 $ (68,434 ) $ 261 $ (68,695 ) Net change (2,041 ) 1,618 (477 ) (900 ) 103 (1,003 ) Balance at September 30, 2021 $ (13,412 ) $ (56,034 ) $ 112 $ (69,334 ) $ 364 $ (69,698 ) Balance at January 1, 2020 $ (18,352 ) $ (50,859 ) $ 291 $ (68,920 ) $ (258 ) $ (68,662 ) Net change 2,750 1,191 194 4,135 191 3,944 Balance at September 30, 2020 $ (15,602 ) $ (49,668 ) $ 485 $ (64,785 ) $ (67 ) $ (64,718 ) |
Line Items Affected on Condensed Consolidated Statements of Operations for Components Reclassified from Accumulated Other Comprehensive Loss | The following summarizes the line items affected on the condensed consolidated statements of operations for components reclassified from accumulated other comprehensive loss. Amounts in parentheses represent credits to net income (loss). Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Amortization of unrecognized employee benefit costs: Other income – net $ 472 $ 281 $ 1,418 $ 1,044 Income tax (provision) benefit (15 ) 0 (47 ) 0 Net of tax $ 457 $ 281 $ 1,371 $ 1,044 Settlements of cash flow hedges: Depreciation and amortization (foreign currency purchase contracts) $ (6 ) $ (7 ) $ (20 ) $ (20 ) Costs of products sold (excluding depreciation and amortization) (futures contracts – copper and aluminum) (298 ) 17 (1,004 ) 187 Total before income tax (304 ) 10 (1,024 ) 167 Income tax (provision) benefit 0 0 0 0 Net of tax $ (304 ) $ 10 $ (1,024 ) $ 167 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Location and Fair Value of Foreign Currency Sales Contracts Recorded on Condensed Consolidated Balance Sheets | The location and fair value of the foreign currency sales contracts recorded on the condensed consolidated balance sheets were as follows: Location September 30, 2021 December 31, 2020 Fair value hedge contracts Other current assets $ 293 $ 1,123 Other noncurrent assets 0 332 Other current liabilities 0 12 Fair value hedged items Receivables (293 ) (960 ) Other current liabilities 0 201 Other noncurrent liabilities 0 327 |
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. The balances as of September 30, 2021, and 2020, and the amount recognized as and reclassified from accumulated other comprehensive loss for each of the periods are summarized below. Amounts are after tax where applicable. Certain amounts recognized as comprehensive income (loss) or reclassified from accumulated other comprehensive loss have no tax effect due to the Corporation having a valuation allowance recorded against the deferred income tax assets for the jurisdiction where the income or expense is recognized. Three Months Ended September 30, 2021 Beginning of the Period Recognized Reclassified End of the Period Foreign currency purchase contracts $ 148 $ 0 $ 6 $ 142 Futures contracts – copper and aluminum 276 (8 ) 298 (30 ) $ 424 $ (8 ) $ 304 $ 112 Three Months Ended September 30, 2020 Foreign currency purchase contracts $ 176 $ 0 $ 7 $ 169 Futures contracts – copper and aluminum 72 227 (17 ) 316 $ 248 $ 227 $ (10 ) $ 485 Nine Months Ended September 30, 2021 Foreign currency purchase contracts $ 162 $ 0 $ 20 $ 142 Futures contracts – copper and aluminum 427 547 1,004 (30 ) $ 589 $ 547 $ 1,024 $ 112 Nine Months Ended September 30, 2020 Foreign currency purchase contracts $ 189 $ 0 $ 20 $ 169 Futures contracts – copper and aluminum 102 27 (187 ) 316 $ 291 $ 27 $ (167 ) $ 485 |
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) in Statements Estimated to be Reclassified in the Next Three Months Ended September 30, Nine Months Ended September 30, of Operations 12 Months 2021 2020 2021 2020 Foreign currency purchase contracts Depreciation and amortization $ 28 $ 6 $ 7 $ 20 $ 20 Futures contracts – copper and aluminum Costs of products sold (excluding depreciation and amortization) $ (30 ) $ 298 $ (17 ) $ 1,004 $ (187 ) |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | The Corporation’s financial assets and liabilities that are reported at fair value in the condensed consolidated balance sheets as of September 30, 2021, and December 31, 2020, were as follows: Quoted Prices in Active Markets for Identical Inputs (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total As of September 30, 2021 Investments Other noncurrent assets $ 4,618 $ 0 $ 0 $ 4,618 Foreign currency exchange contracts Accounts receivable 0 (293 ) 0 (293 ) Other current assets 0 293 0 293 As of December 31, 2020 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 |
Revenue and (Loss) Income Bef_2
Revenue and (Loss) Income Before Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue And Income Loss Before Income Taxes [Abstract] | |
Net Sales and (Loss) Income Before Income Taxes | Net sales and (loss) income before income taxes by geographic area for the three and nine months ended September 30, 2021, and 2020, are outlined below. When disaggregating revenue, consideration is given to information regularly reviewed by the chief operating decision maker to evaluate the financial performance of the operating segments and make resource allocation decisions. Substantially all foreign net sales for each of the periods is attributable to the FCEP segment. Three Months Ended September 30, Nine Months Ended September 30, Net Sales 2021 2020 2021 2020 United States $ 44,859 $ 38,525 $ 133,233 $ 118,312 Foreign 36,326 37,149 127,180 123,203 $ 81,185 $ 75,674 $ 260,413 $ 241,515 Three Months Ended September 30, Nine Months Ended September 30, (Loss) Income Before Income Taxes 2021 2020 2021 2020 United States (1) $ (2,201 ) $ (331 ) $ (3,472 ) $ (1,762 ) Foreign 1,026 2,199 5,588 6,814 $ (1,175 ) $ 1,868 $ 2,116 $ 5,052 (1) Includes Corporate costs of $2,420 and $3,384 for the three months ended September 30, 2021, and 2020, respectively, and $8,938 and $8,682 for the nine months ended September 30, 2021, and 2020, respectively, which represent operating costs of the corporate office not allocated to the segments. Net sales by product line for the three and nine months ended September 30, 2021, and 2020, were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Forged and cast mill rolls $ 53,778 $ 52,080 $ 177,918 $ 165,502 Forged engineered products 7,401 2,419 17,640 8,221 Heat exchange coils 6,527 6,499 18,482 19,879 Centrifugal pumps 7,096 8,580 25,138 26,888 Air handling systems 6,383 6,096 21,235 21,025 $ 81,185 $ 75,674 $ 260,413 $ 241,515 |
Litigation (Tables)
Litigation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Loss Contingency [Abstract] | |
Schedule of Loss Contingencies by Contingency | The following table reflects approximate information about the claims for Asbestos Liability against Air & Liquid and the Corporation for the nine months ended September 30, 2021, and 2020 (claims not in thousands): Nine Months Ended September 30, 2021 2020 Total claims pending at the beginning of the period 5,891 6,102 New claims served 943 769 Claims dismissed (525 ) (725 ) Claims settled (301 ) (278 ) Total claims pending at the end of period (1) 6,008 5,868 Administrative closures (2) (2,914 ) Total active claims at the end of the period (2) 3,094 Gross settlement and defense costs paid in period (in 000’s) $ 14,329 $ 21,699 Avg. gross settlement and defense costs per claim resolved (in 000’s) (3) $ 17.35 $ 21.63 (1) Included as “total claims pending” are approximately 661 and 711 claims in 2021 and 2020, respectively, classified in various jurisdictions as “inactive” or transferred to a state or federal judicial panel on multi-district litigation. (2) In 2021, the Corporation adopted the same methodology used by Nathan Associates, Inc. (“Nathan”), the liability expert who values the Corporation’s asbestos claims, in order to better align the Corporation’s data with Nathan’s liability valuation. Nathan’s methodology treats all claims filed six or more years ago as “administratively closed.” Therefore, the Corporation changed its prior practice of reporting “Total claims pending at the end of the period” into two categories – “Administrative closures” and “Total active claims at the end of the period.” Administrative closures now include (i) those claims that were filed six or more years ago; (ii) claims that were previously classified in various jurisdictions as “inactive;” and (iii) claims that were transferred to a state or federal judicial panel on multi-district litigation. Collectively, these claims are unlikely to result in any liability to the Corporation. Accordingly, the Corporation believes that presentation of “Total active claims at the end of the period” is a better indicator of total claims which may result in future payment. (3) Claims resolved do not include claims that were administratively closed. |
Summary of Activity in Asbestos Insurance Recoveries | The following table summarizes activity relating to insurance recoveries for the nine months ended September 30, 2021, and 2020: Nine Months Ended September 30, 2021 2020 Insurance receivable – asbestos, beginning of the year $ 117,937 $ 136,932 Settlement and defense costs paid by insurance carriers (8,224 ) (15,348 ) Insurance receivable – asbestos, end of the period $ 109,713 $ 121,584 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Business Segment Net Sales and (Loss) Income before Income Taxes | Presented below are the net sales and (loss) income before income taxes for the Corporation’s two business segments: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net sales: Forged and Cast Engineered Products $ 61,179 $ 54,499 $ 195,558 $ 173,723 Air and Liquid Processing 20,006 21,175 64,855 67,792 Total Reportable Segments $ 81,185 $ 75,674 $ 260,413 $ 241,515 (Loss) income before income taxes: Forged and Cast Engineered Products $ (2,832 ) $ 1,301 $ 688 $ 5,434 Air and Liquid Processing 2,891 2,261 7,265 7,691 Total Reportable Segments 59 3,562 7,953 13,125 Other expense, including corporate costs (1,234 ) (1,694 ) (5,837 ) (8,073 ) Total $ (1,175 ) $ 1,868 $ 2,116 $ 5,052 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Financial Statements - Additional Information (Detail) - ASU 2019-12 [Member] | Sep. 30, 2021 |
Condensed Financial Statements Captions [Line Items] | |
Change in accounting principle, accounting standards update, adopted | true |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2021 |
Change in accounting principle, accounting standards update, immaterial effect | true |
Inventories - Additional Inform
Inventories - Additional Information (Detail) | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Percentage of inventories valued on the LIFO method | 35.00% | 35.00% |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 21,225 | $ 17,893 |
Work-in-process | 36,901 | 31,568 |
Finished goods | 12,480 | 12,466 |
Supplies | 11,784 | 11,316 |
Inventories | $ 82,390 | $ 73,243 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 433,761 | $ 425,207 |
Accumulated depreciation and amortization | (273,969) | (263,109) |
Property, plant and equipment, net | 159,792 | 162,098 |
Land and Land Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 10,252 | 10,473 |
Buildings [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 63,249 | 63,765 |
Machinery and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 343,416 | 339,203 |
Construction-in-Process [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 10,057 | 4,896 |
Other [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 6,787 | $ 6,870 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) £ in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021GBP (£) | Dec. 31, 2020USD ($) | |
Property Plant And Equipment [Line Items] | ||||||
Finance lease assets gross value | $ 3,906 | $ 3,906 | $ 3,430 | |||
Finance lease, lease related accumulated amortization | 1,164 | 1,164 | $ 1,222 | |||
Amortization on assets under finance leases | 124 | $ 107 | 342 | $ 245 | ||
Union Electric Steel UK Limited [Member] | ||||||
Property Plant And Equipment [Line Items] | ||||||
Land and buildings held as collateral | $ 2,856 | $ 2,856 | £ 2,122 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Finite and Indefinite Lived Intangible Assets [Line Items] | ||||||
Intangible assets, Trade name | $ 2,498 | $ 2,646 | ||||
Intangible assets, gross | 12,720 | 13,294 | ||||
Accumulated amortization | (6,283) | (6,077) | ||||
Intangible assets, net | 6,437 | $ 6,654 | 7,217 | $ 7,015 | $ 7,050 | $ 7,625 |
Customer Relationships [Member] | ||||||
Finite and Indefinite Lived Intangible Assets [Line Items] | ||||||
Intangible assets, gross | 5,951 | 6,191 | ||||
Developed Technology [Member] | ||||||
Finite and Indefinite Lived Intangible Assets [Line Items] | ||||||
Intangible assets, gross | $ 4,271 | $ 4,457 |
Intangible Assets - Summary of
Intangible Assets - Summary of Changes in Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Intangible Assets Net Excluding Goodwill [Abstract] | ||||
Balance at beginning of the period | $ 6,654 | $ 7,050 | $ 7,217 | $ 7,625 |
Amortization of intangible assets | (69) | (295) | (444) | (852) |
Other, primarily impact from changes in foreign currency exchange rates | (148) | 260 | (336) | 242 |
Balance at end of the period | $ 6,437 | $ 7,015 | $ 6,437 | $ 7,015 |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Customer-related liabilities | $ 12,204 | $ 16,144 |
Accrued interest payable | 2,199 | 2,131 |
Accrued sales commissions | 1,934 | 1,419 |
Other | 6,634 | 4,546 |
Other current liabilities | $ 22,971 | $ 24,240 |
Other Current Liabilities - S_2
Other Current Liabilities - Schedule of Changes in Liability for Product Warranty Claims (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Liabilities Disclosure [Abstract] | ||||
Balance at beginning of the period | $ 7,840 | $ 8,695 | $ 8,105 | $ 9,065 |
Satisfaction of warranty claims | (923) | (921) | (2,668) | (2,776) |
Provision for warranty claims | 632 | 183 | 2,141 | 1,822 |
Other, primarily impact from changes in foreign currency exchange rates | (135) | 160 | (164) | 6 |
Balance at end of the period | $ 7,414 | $ 8,117 | $ 7,414 | $ 8,117 |
Other Current Liabilities - Add
Other Current Liabilities - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021 | |
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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Contract With Customer Liability [Abstract] | ||||
Balance at beginning of the period | $ 6,068 | $ 8,551 | $ 6,507 | $ 4,895 |
Satisfaction of performance obligations | (3,601) | (5,276) | (10,360) | (12,268) |
Receipt of additional deposits | 1,622 | 5,428 | 7,956 | 16,032 |
Other, primarily impact from changes in foreign currency exchange rates | (23) | (21) | (37) | 23 |
Balance at end of the period | $ 4,066 | $ 8,682 | $ 4,066 | $ 8,682 |
Debt - Schedule of Outstanding
Debt - Schedule of Outstanding Borrowings (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Sale and leaseback financing obligation | $ 20,400 | $ 19,931 |
Finance lease liabilities | 1,793 | 1,065 |
Outstanding borrowings | 47,900 | 37,243 |
Debt – current portion | (18,849) | (12,436) |
Long-term debt | 29,051 | 24,807 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | 16,516 | 6,000 |
Industrial Revenue Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | 9,191 | 9,191 |
Minority Shareholder Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | $ 0 | $ 1,056 |
Debt - Additional Information (
Debt - Additional Information (Detail) | 1 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2021USD ($)Bond | Sep. 30, 2020 | Jun. 29, 2021USD ($) | Dec. 31, 2020USD ($) | |
Line Of Credit Facility [Line Items] | |||||
Lessee lease term | 20 years | ||||
Lessee, operating lease, option to extend | UES may extend the lease for four successive periods of 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% | ||||
Effective interest rate | 8.00% | 8.00% | |||
Number of industrial revenue bonds | Bond | 2 | ||||
Industrial Revenue Bonds ("IRB") [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Long term debt | $ 9,191,000 | $ 9,191,000 | |||
Restated Credit Agreement [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Agreement borrowing capacity | $ 130,000,000 | ||||
Maturity date | Jun. 29, 2026 | ||||
Commitment fee payable percentage | 0.25% | ||||
Interest on outstanding balance | 4.00% | 4.00% | |||
Long term debt | $ 16,516,000 | ||||
Line of credit, remaining borrowing capacity | 42,000,000 | ||||
Deferred financing fees | $ 485,000 | ||||
Restated 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 2.00% to 2.50% based on the quarterly average excess availability | ||||
Restated Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Debt instrument basis spread | 2.00% | ||||
Restated Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Debt instrument basis spread | 2.50% | ||||
Restated Credit Agreement [Member] | Base Rate [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Debt instrument description of interest rate | the alternate base rate plus an applicable margin ranging between 1.00% to 1.50% | ||||
Restated Credit Agreement [Member] | Base Rate [Member] | Minimum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Debt instrument basis spread | 1.00% | ||||
Restated Credit Agreement [Member] | Base Rate [Member] | Maximum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Debt instrument basis spread | 1.50% | ||||
Restated Credit Agreement [Member] | Senior Secured Asset-Based Revolving Credit Facility [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Agreement borrowing capacity | 100,000,000 | ||||
Restated Credit Agreement [Member] | Letter of Credit [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Agreement borrowing capacity | 40,000,000 | ||||
Restated Credit Agreement [Member] | European Credit Facility [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Agreement borrowing capacity | $ 30,000,000 | ||||
Revolving Credit Facility [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Long term debt | $ 16,516,000 | $ 6,000,000 | |||
Revolving Credit Facility [Member] | Minimum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Fixed charge coverage ratio | 1.05 | ||||
Taxable Industrial Revenue Bond [Member] | Industrial Revenue Bonds ("IRB") [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Tax-exempt IRB maturing in 2027/2029 | $ 7,116,000 | ||||
Tax Exempt Industrial Revenue Bond Two [Member] | Industrial Revenue Bonds ("IRB") [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Tax-exempt IRB maturing in 2027/2029 | $ 2,075,000 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits - Contributions for Pension and Other Postretirement Benefits (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Other Postretirement Benefit Plans [Member] | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Contribution | $ 469 | $ 966 |
U.S. [Member] | Defined Benefit Pension Plan [Member] | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Contribution | 0 | 281 |
U.S. [Member] | Defined Contribution Plan [Member] | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Contribution | 2,320 | 2,296 |
Foreign Defined Benefits Pension Plans [Member] | Defined Benefit Pension Plan [Member] | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Contribution | 483 | 332 |
U.K. [Member] | Defined Benefit Pension Plan [Member] | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Contribution | $ 248 | $ 222 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits - Net Periodic Pension and Other Postretirement Benefit Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Defined Benefit Pension Plan [Member] | U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 60 | $ 37 | $ 182 | $ 167 |
Interest cost | 1,337 | 1,776 | 4,012 | 5,381 |
Expected return on plan assets | (3,248) | (3,232) | (9,746) | (9,621) |
Amortization of prior service cost | 6 | 10 | 17 | 31 |
Amortization of actuarial (gain) loss | 658 | 455 | 1,974 | 1,570 |
Net benefit (income) expense | (1,187) | (954) | (3,561) | (2,472) |
Defined Benefit Pension Plan [Member] | Foreign Defined Benefits Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 111 | 127 | 285 | 332 |
Interest cost | 207 | 265 | 626 | 781 |
Expected return on plan assets | (485) | (496) | (1,461) | (1,465) |
Amortization of prior service cost | (77) | (72) | (231) | (212) |
Amortization of actuarial (gain) loss | 162 | 177 | 489 | 522 |
Net benefit (income) expense | (82) | 1 | (292) | (42) |
Other Postretirement Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 61 | 56 | 183 | 169 |
Interest cost | 45 | 71 | 136 | 211 |
Amortization of prior service cost | (258) | (255) | (773) | (763) |
Amortization of actuarial (gain) loss | (19) | (34) | (58) | (104) |
Net benefit (income) expense | $ (171) | $ (162) | $ (512) | $ (487) |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities - Additional Information (Detail) - 9 months ended Sep. 30, 2021 kr in Thousands | USD ($) | SEK (kr) |
Commitments And Contingent Liabilities [Line Items] | ||
Outstanding standby and commercial letters of credit | $ 14,126,000 | |
Surety bonds issued to guarantee obligations | 4,000,000 | kr 33,900 |
Capital Expenditures [Member] | ||
Commitments And Contingent Liabilities [Line Items] | ||
Purchase commitments | $ 20,000,000 | |
Capital Expenditures [Member] | Minimum [Member] | ||
Commitments And Contingent Liabilities [Line Items] | ||
Purchase commitments, period | 2 years | |
Estimated cost on upgrading existing equipment | $ 25,000,000 | |
Capital Expenditures [Member] | Maximum [Member] | ||
Commitments And Contingent Liabilities [Line Items] | ||
Purchase commitments, period | 3 years | |
Estimated cost on upgrading existing equipment | $ 30,000,000 |
Equity Rights Offering - Additi
Equity Rights Offering - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2021 | |
Class Of Warrant Or Right [Line Items] | ||
Warrants to purchase common stock | 1,288,910 | |
Proceeds from issuance of common stock and warrants | $ 19,279 | $ 3,308 |
Stock issuance costs | $ 1,129 | |
Common Stock [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Common stock issued | 5,507,889 | 575,361 |
Series A Warrants [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Warrants to purchase common stock | 12,339,256 | |
Exercise price per warrants | $ 2.5668 | |
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 | $ 5.75 | |
Class of warrant or right, expiration date | Aug. 1, 2025 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Net Change and Ending Balances for Various Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 91,608 | $ 61,185 | $ 84,999 | $ 55,616 |
Net change | (2,079) | 4,775 | (900) | 4,135 |
Ending Balance | 88,661 | 85,774 | 88,661 | 85,774 |
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (11,371) | (18,352) | ||
Net change | (2,041) | 2,750 | ||
Ending Balance | (13,412) | (15,602) | (13,412) | (15,602) |
Unrecognized Employee Benefit Costs [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (57,652) | (50,859) | ||
Net change | 1,618 | 1,191 | ||
Ending Balance | (56,034) | (49,668) | (56,034) | (49,668) |
Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 589 | 291 | ||
Net change | (477) | 194 | ||
Ending Balance | 112 | 485 | 112 | 485 |
Total Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (68,434) | (68,920) | ||
Ending Balance | (69,334) | (64,785) | (69,334) | (64,785) |
Less: Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 261 | (258) | ||
Net change | 103 | 191 | ||
Ending Balance | 364 | (67) | 364 | (67) |
Accumulated Other Comprehensive Loss Attributable to Ampco-Pittsburgh [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (68,695) | (68,662) | ||
Net change | (1,003) | 3,944 | ||
Ending Balance | $ (69,698) | $ (64,718) | $ (69,698) | $ (64,718) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Valuation Allowance Against Gross Deferred Income Tax Assets [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Tax effect due to certain amounts | $ 0 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss - Line Items Affected on Condensed Consolidated Statements of Operations for Components Reclassified from Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Depreciation and amortization (foreign currency purchase contracts) | $ (4,279) | $ (4,511) | $ (13,515) | $ (13,863) |
Costs of products sold (excluding depreciation and amortization) (futures contracts - copper and aluminum) | (67,990) | (59,461) | (213,011) | (189,604) |
Other income – net | 2,006 | 1,493 | 4,694 | 2,510 |
Income tax (provision) benefit | (291) | (630) | (2,044) | 1,649 |
Net (loss) income attributable to Ampco-Pittsburgh | (1,589) | 968 | (359) | 5,778 |
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 income – net | 472 | 281 | 1,418 | 1,044 |
Income tax (provision) benefit | (15) | 0 | (47) | 0 |
Net (loss) income attributable to Ampco-Pittsburgh | 457 | 281 | 1,371 | 1,044 |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Settlements of Cash Flow Hedges [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Depreciation and amortization (foreign currency purchase contracts) | (6) | (7) | (20) | (20) |
Costs of products sold (excluding depreciation and amortization) (futures contracts - copper and aluminum) | (298) | 17 | (1,004) | 187 |
Total before income tax | (304) | 10 | (1,024) | 167 |
Income tax (provision) benefit | 0 | 0 | 0 | 0 |
Net (loss) income attributable to Ampco-Pittsburgh | $ (304) | $ 10 | $ (1,024) | $ 167 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)CustomerDerivative | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)CustomerDerivative | Sep. 30, 2020USD ($) | |
Derivative [Line Items] | ||||
Anticipated foreign-denominated sales hedge | $ 0 | $ 0 | ||
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 | |||
Purchase commitment amount of anticipated natural gas usage | $ 0 | $ 0 | ||
Number of derivative instruments holds for trading purposes | Derivative | 0 | 0 | ||
Gains (losses) on foreign exchange transactions included in other income net | $ 369,000 | $ (58,000) | $ (705,000) | $ (1,156,000) |
Natural Gas Purchases [Member] | ||||
Derivative [Line Items] | ||||
Purchase of natural gas | $ 0 | $ 313,000 | $ 0 | $ 1,028,000 |
Copper Purchases [Member] | ||||
Derivative [Line Items] | ||||
Percentage of anticipated purchases hedged | 43.00% | 43.00% | ||
Time period for hedged purchases | 8 months | |||
Copper Purchases [Member] | Cash Flow Hedges [Member] | ||||
Derivative [Line Items] | ||||
Anticipated purchases, hedged | $ 2,593,000 | $ 2,593,000 | ||
Aluminum Purchases [Member] | ||||
Derivative [Line Items] | ||||
Percentage of anticipated purchases hedged | 56.00% | 56.00% | ||
Time period for hedged purchases | 6 months | |||
Aluminum Purchases [Member] | Cash Flow Hedges [Member] | ||||
Derivative [Line Items] | ||||
Anticipated purchases, hedged | $ 637,000 | $ 637,000 |
Derivative Instruments - Locati
Derivative Instruments - Location and Fair Value of Foreign Currency Sales Contracts Recorded on Condensed Consolidated Balance Sheets (Detail) - Foreign Currency Sales Contracts [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | $ 293 | $ 1,123 |
Other Noncurrent Assets [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 0 | 332 |
Other Current Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 0 | 12 |
Fair value hedged items | 0 | 201 |
Other Noncurrent Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair value hedged items | 0 | 327 |
Receivables [Member] | ||
Derivative [Line Items] | ||
Fair value hedged items | $ (293) | $ (960) |
Derivative Instruments - Summar
Derivative Instruments - Summary of Amount Recognized as and Reclassified from Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative [Line Items] | ||||
Beginning of the Period | $ 424 | $ 248 | $ 589 | $ 291 |
Recognized | (8) | 227 | 547 | 27 |
Reclassified | 304 | (10) | 1,024 | (167) |
End of the Period | 112 | 485 | 112 | 485 |
Foreign Currency Purchase Contracts [Member] | ||||
Derivative [Line Items] | ||||
Beginning of the Period | 148 | 176 | 162 | 189 |
Recognized | 0 | 0 | 0 | 0 |
Reclassified | 6 | 7 | 20 | 20 |
End of the Period | 142 | 169 | 142 | 169 |
Futures Contracts - Copper and Aluminum [Member] | ||||
Derivative [Line Items] | ||||
Beginning of the Period | 276 | 72 | 427 | 102 |
Recognized | (8) | 227 | 547 | 27 |
Reclassified | 298 | (17) | 1,004 | (187) |
End of the Period | $ (30) | $ 316 | $ (30) | $ 316 |
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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative [Line Items] | ||||
Amount released to pre - tax earnings | $ 4,279 | $ 4,511 | $ 13,515 | $ 13,863 |
Amount released to pre - tax earnings | 67,990 | 59,461 | 213,011 | 189,604 |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Settlements of Cash Flow Hedges [Member] | ||||
Derivative [Line Items] | ||||
Amount released to pre - tax earnings | 6 | 7 | 20 | 20 |
Amount released to pre - tax earnings | 298 | (17) | 1,004 | (187) |
Foreign Currency Purchase Contracts [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Settlements of Cash Flow Hedges [Member] | ||||
Derivative [Line Items] | ||||
Estimated to be Reclassified in the Next 12 Months | 28 | 28 | ||
Amount released to pre - tax earnings | 6 | 7 | 20 | 20 |
Futures Contracts - Copper and Aluminum [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Settlements of Cash Flow Hedges [Member] | ||||
Derivative [Line Items] | ||||
Estimated to be Reclassified in the Next 12 Months | (30) | (30) | ||
Amount released to pre - tax earnings | $ 298 | $ (17) | $ 1,004 | $ (187) |
Fair Value - Fair Value of Fina
Fair Value - Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
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 | |
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 | $ 293 | 1,123 |
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 | |
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 | |
Investments [Member] | Other Noncurrent Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 4,618 | 4,402 |
Accounts Receivable [Member] | Foreign Currency Exchange Contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | (293) | (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 | |
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 | |
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 | |
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 | 4,618 | 4,402 |
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 | 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 | |
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 | 293 | 1,123 |
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 | |
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 | |
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 | (293) | (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 | |
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 | |
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 | |
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 | $ 0 |
Revenue and (Loss) Income Bef_3
Revenue and (Loss) Income Before Income Taxes - Net Sales and (Loss) Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 81,185 | $ 75,674 | $ 260,413 | $ 241,515 |
(Loss) income before income taxes | (1,175) | 1,868 | 2,116 | 5,052 |
Forged and Cast Mill Rolls [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 53,778 | 52,080 | 177,918 | 165,502 |
Forged Engineered Products [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 7,401 | 2,419 | 17,640 | 8,221 |
Heat Exchange Coils [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 6,527 | 6,499 | 18,482 | 19,879 |
Centrifugal Pumps [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 7,096 | 8,580 | 25,138 | 26,888 |
Air Handling Systems [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 6,383 | 6,096 | 21,235 | 21,025 |
U.S. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 44,859 | 38,525 | 133,233 | 118,312 |
(Loss) income before income taxes | (2,201) | (331) | (3,472) | (1,762) |
Foreign [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 36,326 | 37,149 | 127,180 | 123,203 |
(Loss) income before income taxes | $ 1,026 | $ 2,199 | $ 5,588 | $ 6,814 |
Revenue and (Loss) Income Bef_4
Revenue and (Loss) Income Before Income Taxes - Net Sales and (Loss) Income Before Income Taxes (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue And Income Loss Before Income Taxes [Abstract] | ||||
Corporate costs | $ 2,420 | $ 3,384 | $ 8,938 | $ 8,682 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | May 31, 2021 | Apr. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 515 | $ 436 | $ 1,543 | $ 913 | ||
Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of additional shares authorized under Omnibus Incentive Plan | 1,600,000 | |||||
Shares reserved for future issuance | 165,179 | |||||
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 |
Litigation - Schedule of Loss C
Litigation - Schedule of Loss Contingencies by Contingency (Detail) - Asbestos Claims [Member] | 9 Months Ended | |
Sep. 30, 2021USD ($)Claim | Sep. 30, 2020USD ($)Claim | |
Loss Contingencies [Line Items] | ||
Total claims pending at the beginning of the period | 5,891 | 6,102 |
New claims served | 943 | 769 |
Claims dismissed | (525) | (725) |
Claims settled | (301) | (278) |
Total claims pending at the end of period | 6,008 | 5,868 |
Administrative closures | (2,914) | |
Total active claims at the end of the period | 3,094 | |
Gross settlement and defense costs paid in period | $ | $ 14,329,000 | $ 21,699,000 |
Avg. gross settlement and defense costs per claim resolved | $ | $ 17,350 | $ 21,630 |
Litigation - Schedule of Loss_2
Litigation - Schedule of Loss Contingencies by Contingency (Parenthetical) (Detail) | 9 Months Ended | |
Sep. 30, 2021ClaimCategory | Sep. 30, 2020Claim | |
Loss Contingencies [Line Items] | ||
Number of claims inactive or transferred to MDL panel | Claim | 661 | 711 |
Number of categories | Category | 2 | |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Administrative closures claims period | 6 years |
Litigation - Additional Informa
Litigation - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Reserves for total costs for asbestos liability claims pending or projected | $ 165,867 | $ 227,922 |
Percentage of defense costs estimated of settlement costs | 80.00% | |
Insurance recoveries receivable | $ 109,713 | $ 152,508 |
Litigation - Summary of Activit
Litigation - Summary of Activity in Asbestos Insurance Recoveries (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Loss Contingencies [Line Items] | ||
Insurance receivable – asbestos, end of the period | $ 109,713 | |
Asbestos Claims [Member] | ||
Loss Contingencies [Line Items] | ||
Insurance receivable – asbestos, beginning of the year | 117,937 | $ 136,932 |
Settlement and defense costs paid by insurance carriers | (8,224) | (15,348) |
Insurance receivable – asbestos, end of the period | $ 109,713 | $ 121,584 |
Environmental Matters - Additio
Environmental Matters - Additional Information (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Environmental Remediation Obligations [Abstract] | |
Potential liability for all environmental compliance | $ 100 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021Segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 2 |
Business Segments - Business Se
Business Segments - Business Segment Net Sales and (Loss) Income before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue from External Customer [Line Items] | ||||
Net sales | $ 81,185 | $ 75,674 | $ 260,413 | $ 241,515 |
(Loss) income before income taxes | (1,175) | 1,868 | 2,116 | 5,052 |
Operating Segments [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 81,185 | 75,674 | 260,413 | 241,515 |
(Loss) income before income taxes | 59 | 3,562 | 7,953 | 13,125 |
Operating Segments [Member] | Forged and Cast Engineered Products [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 61,179 | 54,499 | 195,558 | 173,723 |
(Loss) income before income taxes | (2,832) | 1,301 | 688 | 5,434 |
Operating Segments [Member] | Air and Liquid Processing [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 20,006 | 21,175 | 64,855 | 67,792 |
(Loss) income before income taxes | 2,891 | 2,261 | 7,265 | 7,691 |
Other Expense, Including Corporate Costs - Net [Member] | ||||
Revenue from External Customer [Line Items] | ||||
(Loss) income before income taxes | $ (1,234) | $ (1,694) | $ (5,837) | $ (8,073) |