Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 09, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
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 | 19,403,519 | |
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, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 12,190 | $ 10,337 |
Receivables, less allowance for doubtful accounts of $906 as of September 30, 2022, and $1,240 as of December 31, 2021 | 76,341 | 68,829 |
Receivables from related parties (Note 17) | 1,881 | 0 |
Inventories | 92,511 | 88,198 |
Insurance receivable – asbestos | 16,000 | 16,000 |
Other current assets | 5,775 | 4,933 |
Total current assets | 204,698 | 188,297 |
Property, plant and equipment, net | 153,028 | 158,563 |
Operating lease right-of-use assets | 3,547 | 4,056 |
Insurance receivable – asbestos | 97,549 | 105,297 |
Deferred income tax assets | 2,622 | 2,176 |
Intangible assets, net | 4,970 | 6,204 |
Investments in joint ventures | 2,175 | 2,175 |
Prepaid pensions | 10,516 | 11,963 |
Other noncurrent assets | 5,260 | 6,901 |
Total assets | 484,365 | 485,632 |
Current liabilities: | ||
Accounts payable | 37,584 | 43,105 |
Accounts payable to related parties (Note 17) | 891 | 1,125 |
Accrued payrolls and employee benefits | 12,628 | 15,954 |
Debt – current portion | 15,376 | 20,007 |
Operating lease liabilities – current portion | 630 | 641 |
Asbestos liability – current portion | 23,000 | 23,000 |
Other current liabilities | 29,174 | 21,210 |
Total current liabilities | 119,283 | 125,042 |
Employee benefit obligations | 54,167 | 62,114 |
Asbestos liability | 142,631 | 157,314 |
Long-term debt | 82,914 | 40,912 |
Noncurrent operating lease liabilities | 2,917 | 3,415 |
Deferred income tax liabilities | 3,626 | 3,858 |
Other noncurrent liabilities | 808 | 1,171 |
Total liabilities | 406,346 | 393,826 |
Commitments and contingent liabilities (Note 8) | ||
Shareholders’ equity: | ||
Common stock – par value $1; authorized 40,000 shares; issued and outstanding 19,403 shares as of September 30, 2022, and 19,184 shares as of December 31, 2021 | 19,403 | 19,184 |
Additional paid-in capital | 175,504 | 174,561 |
Retained deficit | (53,172) | (56,066) |
Accumulated other comprehensive loss | (72,324) | (55,106) |
Total Ampco-Pittsburgh shareholders’ equity | 69,411 | 82,573 |
Noncontrolling interest | 8,608 | 9,233 |
Total shareholders’ equity | 78,019 | 91,806 |
Total liabilities and shareholders’ equity | $ 484,365 | $ 485,632 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $ 906 | $ 1,240 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 19,403,000 | 19,184,000 |
Common stock, shares outstanding | 19,403,000 | 19,184,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net sales: | ||||
Net sales | $ 97,228 | $ 78,624 | $ 289,696 | $ 253,727 |
Net sales to related parties (Note 17) | 2,419 | 2,561 | 6,959 | 6,686 |
Total net sales | 99,647 | 81,185 | 296,655 | 260,413 |
Operating costs and expenses: | ||||
Costs of products sold (excluding depreciation and amortization) | 84,378 | 67,990 | 250,685 | 213,011 |
Selling and administrative | 11,089 | 10,910 | 31,941 | 34,538 |
Depreciation and amortization | 4,206 | 4,279 | 13,133 | 13,515 |
Loss on disposal of assets | 48 | 367 | 47 | 334 |
Total operating costs and expenses | 99,721 | 83,546 | 295,806 | 261,398 |
(Loss) income from operations | (74) | (2,361) | 849 | (985) |
Other income (expense): | ||||
Investment-related income | 507 | 14 | 513 | 1,079 |
Interest expense | (1,486) | (834) | (3,684) | (2,672) |
Other income – net | 3,174 | 2,006 | 7,019 | 4,694 |
Total other income | 2,195 | 1,186 | 3,848 | 3,101 |
Income (loss) before income taxes | 2,121 | (1,175) | 4,697 | 2,116 |
Income tax provision | (987) | (291) | (1,432) | (2,044) |
Net income (loss) | 1,134 | (1,466) | 3,265 | 72 |
Less: Net income attributable to noncontrolling interest | 288 | 123 | 371 | 431 |
Net income (loss) attributable to Ampco-Pittsburgh | $ 846 | $ (1,589) | $ 2,894 | $ (359) |
Net income (loss) per share attributable to Ampco- Pittsburgh common shareholders: | ||||
Basic | $ 0.04 | $ (0.08) | $ 0.15 | $ (0.02) |
Diluted | $ 0.04 | $ (0.08) | $ 0.15 | $ (0.02) |
Weighted average number of common shares outstanding: | ||||
Basic | 19,396 | 19,093 | 19,291 | 18,905 |
Diluted | 19,522 | 19,093 | 19,473 | 18,905 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 1,134 | $ (1,466) | $ 3,265 | $ 72 |
Adjustments for changes in: | ||||
Foreign currency translation | (8,745) | (2,499) | (19,787) | (2,041) |
Unrecognized employee benefit costs (including effects of foreign currency translation) | 891 | 275 | 1,441 | 247 |
Fair value of cash flow hedges | (251) | (8) | (809) | 547 |
Reclassification adjustments for items included in net income (loss): | ||||
Amortization of unrecognized employee benefit costs | 281 | 457 | 833 | 1,371 |
Settlements of cash flow hedges | 367 | (304) | 108 | (1,024) |
Other comprehensive loss | (7,457) | (2,079) | (18,214) | (900) |
Comprehensive loss | (6,323) | (3,545) | (14,949) | (828) |
Less: Comprehensive (loss) income attributable to noncontrolling interest | (269) | 124 | (625) | 534 |
Comprehensive loss attributable to Ampco-Pittsburgh | $ (6,054) | $ (3,669) | $ (14,324) | $ (1,362) |
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, 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 income (loss) | (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 income (loss) | (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 |
Beginning Balance at Dec. 31, 2021 | 91,806 | 19,184 | 174,561 | (56,066) | (55,106) | 9,233 |
Stock-based compensation | 1,512 | 1,512 | ||||
Comprehensive income (loss): | ||||||
Net (loss) income | 3,265 | 2,894 | 371 | |||
Other comprehensive (loss) income | (18,214) | (17,218) | (996) | |||
Comprehensive income (loss) | (14,949) | (625) | ||||
Shareholder exercise of warrants (Note 9) | 0 | 48 | (48) | |||
Issuance of common stock excluding excess tax benefits | (350) | 171 | (521) | |||
Ending Balance at Sep. 30, 2022 | 78,019 | 19,403 | 175,504 | (53,172) | (72,324) | 8,608 |
Beginning Balance at Jun. 30, 2022 | 83,658 | 19,355 | 174,868 | (54,018) | (65,424) | 8,877 |
Stock-based compensation | 684 | 684 | ||||
Comprehensive income (loss): | ||||||
Net (loss) income | 1,134 | 846 | 288 | |||
Other comprehensive (loss) income | (7,457) | (6,900) | (557) | |||
Comprehensive income (loss) | (6,323) | (269) | ||||
Shareholder exercise of warrants (Note 9) | 0 | 48 | (48) | |||
Issuance of common stock excluding excess tax benefits | 0 | 0 | 0 | |||
Ending Balance at Sep. 30, 2022 | $ 78,019 | $ 19,403 | $ 175,504 | $ (53,172) | $ (72,324) | $ 8,608 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
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, 2022 | Sep. 30, 2021 | |
Statement Of Cash Flows [Abstract] | ||
Net cash flows used in operating activities | $ (20,405) | $ (4,398) |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (13,003) | (11,982) |
Proceeds from sale of property, plant and equipment | 3 | 249 |
Purchases of long-term marketable securities | (496) | (31) |
Proceeds from sale of long-term marketable securities | 980 | 243 |
Net cash flows used in investing activities | (12,516) | (11,521) |
Cash flows from financing activities: | ||
Proceeds from revolving credit facility | 43,000 | 19,016 |
Payments on revolving credit facility | (27,283) | (8,500) |
Proceeds from sale and leaseback financing arrangement | 15,500 | 0 |
Payments on sale and leaseback financing arrangements | (264) | (176) |
Proceeds from equipment financing facility | 4,014 | 0 |
Proceeds from related party debt (Note 17) | 5,776 | 0 |
Repayments of related party debt (Note 17) | (4,251) | (1,065) |
Repayments of debt | (480) | (489) |
Proceeds from shareholder exercise of warrants (Note 9) | 0 | 3,308 |
Debt issuance costs | (104) | (485) |
Net cash flows provided by financing activities | 35,908 | 11,609 |
Effect of exchange rate changes on cash and cash equivalents | (1,134) | (281) |
Net increase (decrease) in cash and cash equivalents | 1,853 | (4,591) |
Cash and cash equivalents at beginning of period | 10,337 | 16,842 |
Cash and cash equivalents at end of period | 12,190 | 12,251 |
Supplemental information: | ||
Income tax payments | 959 | 1,344 |
Interest payments | 3,896 | 1,810 |
Non-cash investing and financing activities: | ||
Purchases of property, plant and equipment in current liabilities | 1,009 | 1,339 |
Finance lease right-of-use assets exchanged for lease liabilities | 1,105 | 1,250 |
Operating lease right-of-use assets exchanged for lease liabilities | $ 191 | $ 53 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Unaudited Condensed Consolidated Financial Statements | Note 1 – Unaudited Condensed Consolidated Financial Statements The unaudited condensed consolidated balance sheet as of September 30, 2022, the unaudited condensed consolidated statements of operations, comprehensive loss and shareholders’ equity for the three and nine months ended September 30, 2022, and 2021, and cash flows for the nine months ended September 30, 2022, and 2021, have been prepared by the Corporation. 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 Issued Accounting Pronouncements In September 2022, the Financial Accounting Standards Board (the “FASB”) issued ASU 2022-04, Liabilities – Supplier Finance Programs In September 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 2 – Inventories At September 30, 2022, and December 31, 2021, approximately 39% and 35%, respectively, of the inventories were valued using the LIFO method with the remaining inventories valued using the FIFO method. Inventories were comprised of the following: September 30, 2022 December 31, 2021 Raw materials $ 30,720 $ 22,332 Work-in-process 37,946 37,447 Finished goods 16,591 18,093 Supplies 7,254 10,326 Inventories $ 92,511 $ 88,198 |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2022 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | Note 3 – Property, Plant and Equipment Property, plant and equipment were comprised of the following: September 30, 2022 December 31, 2021 Land and land improvements $ 9,687 $ 10,377 Buildings 60,635 63,166 Machinery and equipment 342,973 345,118 Construction-in-process 16,100 11,019 Other 6,763 6,798 436,158 436,478 Accumulated depreciation and amortization (283,130 ) (277,915 ) Property, plant and equipment, net $ 153,028 $ 158,563 The land and building of Union Electric Steel UK Limited, an indirect subsidiary of the Corporation (“UES-UK”), equal to $2,362 (£2,122) at September 30, 2022, are held as collateral by the trustees of the UES-UK defined benefit pension plan ( Note 7 ). Machinery and equipment purchased with proceeds from the equipment finance facility ( Note 6 ), equal to $4,014 at September 30, 2022, are included in construction-in-process and pledged as collateral for the facility. The remaining assets, other than real property, of the Corporation are pledged as collateral for the Corporation’s revolving credit facility ( Note 6 ). Certain land and land improvements and buildings were included sale and leaseback financing transactions ( Note 6 ). Title to these assets lie with the lender; however, since the transactions qualified as financing transactions, versus sales, the assets remain recorded on the Corporation’s consolidated balance sheet. The gross value of assets under finance leases and the related accumulated amortization approximated $4,188 and $1,287, respectively, as of September 30, 2022, and $3,882 and $1,263, respectively, at December 31, 2021. Depreciation expense approximated $4,117 and $4,210, including depreciation of assets under finance leases of approximately $77 and $124, for the three months ended September 30, 2022, and 2021, respectively. Depreciation expense approximated $12,854 and $13,071, including depreciation of assets under finance leases of approximately $337 and $342, for the nine months ended September 30, 2022, and 2021, respectively. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 4 – Intangible Assets Intangible assets were comprised of the following: September 30, 2022 December 31, 2021 Customer relationships $ 5,138 $ 5,850 Developed technology 3,662 4,201 Trade name 2,028 2,442 10,828 12,493 Accumulated amortization (5,858 ) (6,289 ) Intangible assets, net $ 4,970 $ 6,204 Changes in intangible assets consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Balance at beginning of the period $ 5,431 $ 6,654 $ 6,204 $ 7,217 Amortization of intangible assets (89 ) (69 ) (279 ) (444 ) Other, primarily impact from changes in foreign currency exchange rates (372 ) (148 ) (955 ) (336 ) Balance at end of the period $ 4,970 $ 6,437 $ 4,970 $ 6,437 |
Other Current Liabilities
Other Current Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | Note 5 – Other Current Liabilities Other current liabilities were comprised of the following: September 30, 2022 December 31, 2021 Customer-related liabilities $ 18,245 $ 12,548 Accrued interest payable 829 1,772 Accrued sales commissions 1,683 1,864 Other 8,417 5,026 Other current liabilities $ 29,174 $ 21,210 Customer-related liabilities primarily include liabilities for product warranty claims and deposits received on future orders. 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 probable known claims. Changes in the liability for product warranty claims consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Balance at beginning of the period $ 6,759 $ 7,840 $ 7,331 $ 8,105 Satisfaction of warranty claims (1,100 ) (923 ) (2,226 ) (2,668 ) Provision for warranty claims, net (22 ) 632 1,078 2,141 Other, primarily impact from changes in foreign currency exchange rates (357 ) (135 ) (903 ) (164 ) Balance at end of the period $ 5,280 $ 7,414 $ 5,280 $ 7,414 Customer deposits represent amounts collected from, or invoiced to, a customer in advance of revenue recognition. 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, 2022 2021 2022 2021 Balance at beginning of the period $ 11,626 $ 6,068 $ 4,328 $ 6,507 Satisfaction of performance obligations (673 ) (3,601 ) (6,375 ) (10,360 ) Receipt of additional deposits 602 1,622 13,831 7,956 Other, primarily impact from changes in foreign currency exchange rates (78 ) (23 ) (307 ) (37 ) Balance at end of the period $ 11,477 $ 4,066 $ 11,477 $ 4,066 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Note 6 – Debt Borrowings were comprised of the following: September 30, 2022 December 31, 2021 Revolving credit facility $ 45,461 $ 29,744 Sale and leaseback financing obligations 36,303 20,546 Industrial Revenue Bonds 9,191 9,191 Equipment financing facility 4,014 0 Minority shareholder loan (see Note 17 ) 1,525 0 Finance lease liabilities 1,796 1,438 Outstanding borrowings 98,290 60,919 Debt – current portion (15,376 ) (20,007 ) Long-term debt $ 82,914 $ 40,912 The current portion of debt includes primarily a swing loan under the revolving credit facility and the Industrial Revenue Bonds (“IRBs”). By definition, swing loans are temporary advances under the revolving credit facility and short term in nature. Accordingly, swing loans are classified as a current liability until the amount is either repaid, as customers remit payments, or, if elected by the Corporation, refinanced as a longer-term loan under the revolving credit facility. The swing loans equaled $1,461 and $8,744 at September 30, 2022, and December 31, 2021, respectively. Although the IRBs begin to become due in 2027, the bonds can be put back to the Corporation on short notice if they are not able to be remarketed, which is considered remote by the Corporation; accordingly, the IRBs are classified as a current liability. Revolving Credit Facility The Corporation is a party to a revolving credit security agreement with a syndicate of banks that was amended on June 29, 2021 (the “First Amended and Restated Security Agreement”), and subsequently amended on December 17, 2021, and May 26, 2022. The First Amended and Restated Security Agreement, as subsequently amended, provides for a senior secured asset-based revolving credit facility of $100,000, that can be increased to $130,000 at the option of the Corporation and with the approval of the lenders, and an allowance of $20,000 for new equipment financing but, otherwise, restricts the Corporation from incurring additional indebtedness outside of the agreement, unless approved by the banks. The revolving credit facility includes sub-limits for letters of credit not to exceed $40,000 and European borrowings not to exceed $30,000, of which up to $7,500 may be allocated for Swedish borrowings. The maturity date for the revolving credit facility is June 29, 2026, and, subject to other terms and conditions of the agreement, would become due on that date. Availability under the revolving credit facility is based on eligible accounts receivable, inventory and fixed assets. Domestic borrowings from 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. European borrowings denominated in euros, pound sterling or krona bear interest at the Successor Rate as defined in the First Amended and Restated Security Agreement. As of September 30, 2022, and December 31, 2021, there were no European borrowings outstanding. 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, 2022, the Corporation had outstanding borrowings under the credit facility of $45,461. The average interest rate approximated 4% for each of the three and nine months ended September 30, 2022, and 2021. The Corporation also utilizes a portion of the credit facility for letters of credit ( Note 8 ). As of September 30, 2022, remaining availability under the credit facility approximated $35,622, net of standard availability reserves. At September 30, 2021, deferred financing fees of $485 were incurred related to the First Amended and Restated Security Agreement and are being amortized over the remaining term of the agreement. Borrowings outstanding under revolving credit facility 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 revolving credit facility 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 bank covenants as of September 30, 2022. Sale and Leaseback Financing Obligations On August 30, 2022, Air & Liquid completed a sale and leaseback financing transaction with Store Capital Acquisitions, LLC (“STORE”), valued at approximately $15,500, for certain of its real property, including its manufacturing facilities in Lynchburg, Virginia and Amherst, Virginia (collectively, the “ALS Properties”). Previously, in September 2018, Union Electric Steel Corporation (“UES”), an indirect subsidiary of the Corporation, completed a sale and leaseback financing transaction with STORE 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 “UES Properties”). In connection with the August 2022 sale and leaseback financing transaction, UES and STORE entered into an Amended and Restated Master Lease Agreement (the “Restated Lease”), which amended and restated the existing lease agreement between UES and STORE. Pursuant to the Restated Lease, UES will lease the ALS Properties and the UES Properties (collectively, the Properties), subject to the terms and conditions of the Restated Lease , and will sublease the ALS Properties to Air & Liquid on the same terms as the Restated Lease . The Restated Lease provides for an initial term of 20 years ; however, UES may extend the lease for the Properties for four successive periods of five years each. If fully extended, the Restated Lease would expire in August 2062 . UES also has the option to repurchase the Properties, which it may , and intends to, exercise in 2032, for a price equal to the greater of ( i ) the Fair Market Value of the Properties , or (ii) 115% of Lessor’s Total Investment, with such terms defined in the Restated Lease. Annual payments for the Properties are equal to $2,939 (the “Base Annual Rent”), payable in equal monthly installments. On October 1, 2022, and each anniversary date through August 2052, the Base Annual Rent will increase each anniversary date by an amount equal to the lesser of 2.2% or 1.25% of the change in the consumer price index, as defined in the Restated Lease. The Base Annual Rent during the remaining ten years of the Restated Lease will be equal to the Fair Market Rent, as defined in the Restated Lease. In connection with the execution of the Restated Lease, UES and STORE entered into a Disbursement Agreement dated August 30, 2022 (the “Disbursement Agreement”), pursuant to which STORE agreed to provide up to $2,500 to UES towards certain improvements in the Carnegie, Pennsylvania manufacturing facility. As of September 30, 2022, no amounts were outstanding under the Disbursement Agreement. The Base Annual Rent under the Restated Lease will be adjusted to repay any amounts advanced under the Disbursement Agreement, at the time of the advance, with such advances to be repaid over the initial term of the Restated Lease of 20 years. Advances under the Disbursement Agreement will be secured by the capital improvements. The Restated Lease and the Disbursement Agreement contain certain representations, warranties, covenants, obligations, conditions, indemnification provisions and termination provisions customary for those types of agreements. The effective interest rate approximated 8% for each of the three and nine months ended September 30, 2022, and 2021. Deferred financing fees of $104 were incurred related to the sale and leaseback of the ALS Properties and are being amortized over the initial term of the Restated Lease of 20 years. See Note 19 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. Interest accrues on the IRBs at a floating rate which approximated 2.4% and 1.4% for the three and nine months ended September 30, 2022, and 1% for the three and nine months ended September 30, 2021. The IRBs are secured by letters of credit of equivalent amounts and are remarketed periodically at which time the interest rates are reset. If the IRBs are not able to be remarketed, although considered a remote possibility by the Corporation, the bondholders can seek reimbursement immediately from the letters of credit; accordingly, the IRBs are recorded as current debt on the condensed consolidated balance sheets. Equipment Financing Facility On September 29, 2022, UES and Clarus Capital Funding I, LLC (“Clarus”) entered into a Master Loan and Security Agreement, pursuant to which UES can borrow up to $20,000 to finance certain equipment purchases associated with the FCEP capital program, including progress payments and reimbursement of deposits made to date. Each borrowing will constitute a secured loan transaction (each, a “Term Loan”). Each Term Loan will convert to a Term Note on the earlier of (i) the date in which the associated equipment is placed in service or (ii) December 31, 2023. Each Term Note will have a term of 84 months in arrears fully amortizing and will commence on the date of the Term Note. Interest on each Term Loan will accrue at an annual fixed rate of 8%, payable monthly. Interest on each Term Note will accrue at a fixed rate to be calculated by Clarus as like-term swap rate, as reported in ICE Benchmark, or such other information service available to Clarus, for the week ending immediately prior to the commencement date for such Term Note, plus 4.5%. The Term Loans and Term Notes will be secured by a first priority security interest in and to all of UES’s rights, title and interests in the underlying equipment. At September 30, 2022, $4,014 was outstanding as Term Loans. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 2022 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits | Note 7 – Pension and Other Postretirement Benefits Contributions to the Corporation’s employee benefit plans were as follows: Nine Months Ended September 30, 2022 2021 U.S. defined benefit pension plans $ 236 $ 0 Foreign defined benefit pension plans 388 483 Other postretirement benefits (e.g., net payments) 359 469 U.K. defined contribution pension plan 193 248 U.S. defined contribution plan 2,778 2,320 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 2022 2021 2022 2021 Service cost $ 13 $ 60 $ 38 $ 182 Interest cost 1,546 1,337 4,639 4,012 Expected return on plan assets (3,302 ) (3,248 ) (9,905 ) (9,746 ) Amortization of prior service cost 2 6 5 17 Amortization of actuarial loss 558 658 1,674 1,974 Net benefit income $ (1,183 ) $ (1,187 ) $ (3,549 ) $ (3,561 ) Three Months Ended September 30, Nine Months Ended September 30, Foreign Defined Benefit Pension Plans 2022 2021 2022 2021 Service cost $ 85 $ 111 $ 223 $ 285 Interest cost 256 207 821 626 Expected return on plan assets (463 ) (485 ) (1,484 ) (1,461 ) Amortization of prior service credit (65 ) (77 ) (210 ) (231 ) Amortization of actuarial loss 75 162 242 489 Net benefit income $ (112 ) $ (82 ) $ (408 ) $ (292 ) Three Months Ended September 30, Nine Months Ended September 30, Other Postretirement Benefit Plans 2022 2021 2022 2021 Service cost $ 59 $ 61 $ 176 $ 183 Interest cost 55 45 165 136 Amortization of prior service credit (299 ) (258 ) (897 ) (773 ) Amortization of actuarial loss (gain) 6 (19 ) 19 (58 ) Net benefit income $ (179 ) $ (171 ) $ (537 ) $ (512 ) |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 8 – Commitments and Contingent Liabilities Outstanding standby and commercial letters of credit as of September 30, 2022, equaled $18,664, of which approximately one-half serves as collateral for the IRB debt. Outstanding surety bonds as of September 30, 2022, approximated $3,000 (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 $27,000 capital program to upgrade existing equipment at certain of its FCEP locations. The capital program is anticipated to be completed by December 31, 2023. At September 30, 2022, commitments for future capital expenditures, including those associated with the FCEP capital program, approximated $19,300. 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, 2022 | |
Warrants And Rights Note Disclosure [Abstract] | |
Equity Rights Offering | Note 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. 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. For the nine months ended September 30, 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. In May 2022, the Corporation filed a Tender Offer and Prospectus Supplement (the “Offer”) with |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 10 – 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, 2022, and 2021, 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, 2022 $ (14,322 ) $ (40,563 ) $ 277 $ (54,608 ) $ 498 $ (55,106 ) Net change (19,787 ) 2,274 (701 ) (18,214 ) (996 ) (17,218 ) Balance at September 30, 2022 $ (34,109 ) $ (38,289 ) $ (424 ) $ (72,822 ) $ (498 ) $ (72,324 ) 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 ) The following summarizes the line items affected on the condensed consolidated statements of operations for components reclassified from accumulated other comprehensive loss. Amounts in parenthesis represent credits to net income. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Amortization of unrecognized employee benefit costs: Other income – net $ 277 $ 472 $ 833 $ 1,418 Income tax provision 4 (15 ) 0 (47 ) Net of tax $ 281 $ 457 $ 833 $ 1,371 Settlements of cash flow hedges: Depreciation and amortization (foreign currency purchase contracts) $ (7 ) $ (6 ) $ (20 ) $ (20 ) Costs of products sold (excluding depreciation and amortization) (futures contracts – copper and aluminum) 386 (298 ) 132 (1,004 ) Total before income tax 379 (304 ) 112 (1,024 ) Income tax benefit (12 ) 0 (4 ) 0 Net of tax $ 367 $ (304 ) $ 108 $ (1,024 ) The income tax effect associated with the various components of other comprehensive loss for the three and nine months ended September 30, 2022, and 2021, is summarized below. Amounts in parentheses represent credits to net income when reclassified to earnings. 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, 2022 2021 2022 2021 Income tax effect associated with changes in: Unrecognized employee benefit costs $ 0 $ 0 $ 0 $ 0 Fair value of cash flow hedges $ (7 ) $ 0 $ (25 ) $ 0 Income tax effect associated with reclassification adjustments: Amortization of unrecognized employee benefit costs $ 4 $ (15 ) $ 0 $ (47 ) Settlement of cash flow hedges $ (12 ) $ 0 $ (4 ) $ 0 |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Note 11 – Derivative Instruments 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, 2022, approximately 33%, or $2,196, of anticipated copper purchases over the next 10 months and 40%, or $812, of anticipated aluminum purchases over the next 10 months are hedged. 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 were hedged. The Corporation periodically enters into purchase commitments to cover a portion of its anticipated natural gas and electricity usage. The commitments qualify as normal purchases and, accordingly, are not reflected on the condensed consolidated balance sheets. At September 30, 2022, the Corporation has purchase commitments covering approximately 25%, or $941, of anticipated natural gas usage through December 31, 2023, for one of its subsidiaries and approximately 28%, or $1,674, of anticipated electricity usage through December 31, 2025, for two of its subsidiaries. Purchases of natural gas and electricity under previously existing commitments equaled $438 and $2,676 for the three and nine months ended September 30, 2022, respectively. There were no purchases of natural gas or electricity under previously existing commitments for the three and nine months ended September 30, 2021. 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 were settled, the underlying fixed assets were placed in service and the change in fair value of the foreign currency purchase contract deferred in accumulated other comprehensive loss began being amortized to earnings (depreciation and amortization) 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 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 $1,809 and $3,368 for the three and nine months ended September 30, 2022, respectively, and $369 and $(705) for the three and nine months ended September 30, 2021, respectively. 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, 2022, and 2021, and the amounts 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, 2022 Beginning of the Period Recognized Reclassified End of the Period Foreign currency purchase contracts $ 122 $ 0 $ 7 $ 115 Futures contracts – copper and aluminum (662 ) (251 ) (374 ) (539 ) $ (540 ) $ (251 ) $ (367 ) $ (424 ) Three Months Ended September 30, 2021 Foreign currency purchase contracts $ 148 $ 0 $ 6 $ 142 Futures contracts – copper and aluminum 276 (8 ) 298 (30 ) $ 424 $ (8 ) $ 304 $ 112 Nine Months Ended September 30, 2022 Foreign currency purchase contracts $ 135 $ 0 $ 20 $ 115 Futures contracts – copper and aluminum 142 (809 ) (128 ) (539 ) $ 277 $ (809 ) $ (108 ) $ (424 ) 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 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 Twelve Months Three Months Ended September 30, Nine Months Ended September 30, of Operations 12 Months 2022 2021 2022 2021 Foreign currency purchase contracts Depreciation and amortization $ 28 $ 7 $ 6 $ 20 $ 20 Futures contracts – copper and aluminum Costs of products sold (excluding depreciation and amortization) $ (557 ) $ (386 ) $ 298 $ (132 ) $ 1,004 |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 12 – 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, 2022, and December 31, 2021, 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, 2022 Investments Other noncurrent assets $ 3,276 $ 0 $ 0 $ 3,276 As of December 31, 2021 Investments Other noncurrent assets $ 4,860 $ 0 $ 0 $ 4,860 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 futures contracts is based on market quotations. The fair values of the debt and borrowings approximate their carrying values. Additionally, the fair values of trade receivables and trade payables approximate their carrying values. |
Net Sales and Income (Loss) Bef
Net Sales and Income (Loss) Before Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Net Sales And Income Loss Before Income Taxes [Abstract] | |
Net Sales and Income (Loss) Before Income Taxes | Note 13 – Net Sales and Income (Loss) Before Income Taxes Net sales and income (loss) before income taxes by geographic area for the three and nine months ended September 30, 2022, and 2021, 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 2022 2021 2022 2021 United States $ 56,535 $ 44,859 $ 164,167 $ 133,233 Foreign 43,112 36,326 132,488 127,180 $ 99,647 $ 81,185 $ 296,655 $ 260,413 Three Months Ended September 30, Nine Months Ended September 30, Income (Loss) Before Income Taxes 2022 2021 2022 2021 United States (1) $ (1,134 ) $ (2,201 ) $ 437 $ (3,472 ) Foreign 3,255 1,026 4,260 5,588 $ 2,121 $ (1,175 ) $ 4,697 $ 2,116 (1) Includes Corporate costs of $2,929 and $2,420 for the three months ended September 30, 2022, and 2021, respectively, and $8,435 and $8,938 for the nine months ended September 30, 2022, and 2021, 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, 2022, and 2021, were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Forged and cast mill rolls $ 66,653 $ 53,778 $ 193,946 $ 177,918 FEP 8,858 7,401 35,902 17,640 Heat exchange coils 8,532 6,527 22,483 18,482 Air handling systems 8,457 6,383 22,133 21,235 Centrifugal pumps 7,147 7,096 22,191 25,138 $ 99,647 $ 81,185 $ 296,655 $ 260,413 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note 14 – Stock-Based Compensation The Ampco-Pittsburgh Corporation 2016 Omnibus Incentive Plan, as amended (the “Incentive Plan”), authorizes the issuance of up to 2,700,000 shares of the Corporation’s common stock for awards under the Incentive Plan. Awards under the Incentive Plan may include incentive stock options and non-qualified stock options, stock appreciation rights, restricted shares and restricted stock units, performance awards, other stock-based awards, or short-term cash incentive awards. If any award is canceled, terminates, expires, or lapses for any reason prior to the issuance of the shares, or if the shares are issued under the Incentive Plan and thereafter are forfeited to the Corporation, the shares subject to such awards and the forfeited shares will not count against the aggregate number of shares available under the Incentive Plan. Shares tendered or withheld to pay the option exercise price or tax withholding will continue to count against the aggregate number of shares of common stock available for grant under the Incentive Plan. Any shares repurchased by the Corporation with cash proceeds from the exercise of options will not be added back to the pool of shares available for grant under the Incentive Plan. The Incentive Plan may be administered by the Board of Directors or the Compensation Committee of the Board of Directors. The Compensation Committee has the authority to determine, within the limits of the express provisions of the Incentive Plan, the individuals to whom the awards will be granted and the nature, amount and terms of such awards. The Incentive Plan also provides for equity-based awards during any one year to non-employee members of the Board of Directors, based on the grant date fair value, not to exceed $200. The limit does not apply to shares received by a non-employee director at his or her election in lieu of 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 and nine months ended September 30, 2022, equaled $684 and $1,512, respectively, and for the three and nine months ended September 30, 2021, equaled $515 and $1,543, 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, 2022 | |
Loss Contingency [Abstract] | |
Litigation | Note 15 – 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 defendants) in claims filed in various state and federal courts. Asbestos Claims The following table reflects approximate information about the number of claims for Asbestos Liability against Air & Liquid and the Corporation for the nine months ended September 30, 2022, and 2021 (number of claims not in thousands). The majority of the settlement and defense costs were 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. Nine Months Ended September 30, 2022 2021 Total claims pending at the beginning of the period 6,097 5,891 New claims served 978 943 Claims dismissed (220 ) (525 ) Claims settled (288 ) (301 ) Total claims pending at the end of period (1) 6,567 6,008 Administrative closures (2) (2,908 ) (2,914 ) Total active claims at the end of the period 3,659 3,094 Gross settlement and defense costs paid in period (in 000’s) $ 14,683 $ 14,329 Avg. gross settlement and defense costs per claim resolved (in 000’s) (3) $ 28.90 $ 17.35 (1) Included as “total claims pending” are approximately 658 and 661 claims at September 30, 2022, and 2021, respectively, classified in various jurisdictions as “inactive” or transferred to a state or federal judicial panel on multi-district litigation. (2) Administrative closures include (i) those claims that were filed six or more years ago, (ii) claims that were previously classified in various jurisdictions as “inactive,” and (iii) claims that were transferred to a state or federal judicial panel on multi-district litigation. Collectively, these claims are unlikely to result in any liability to the Corporation. (3) Claims resolved do not include claims that were administratively closed. 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 sub-limits 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. Since then, the Corporation and the nationally recognized expert in the valuation of asbestos liabilities have reviewed the Asbestos Liability and the underlying assumptions on a regular basis to determine whether any adjustment to the Asbestos Liability or the underlying assumptions were necessary. When warranted, the Asbestos Liability was adjusted to consider the current trends and new information that became available and, if reasonably estimable, to extend the valuation of asbestos liabilities further into the future. In 2018, the valuation was extended to include claims projected to be asserted through 2052, the estimated final date by which the Corporation expects to have settled all asbestos-related claims. In conjunction with the regular updates of the estimated Asbestos Liability, the Corporation also develops an estimate of defense costs expected to be incurred with settling the Asbestos Liability and probable insurance recoveries for the Asbestos Liability and defense costs. In developing the estimate of probable defense costs, the Corporation considers several factors including, but not limited to, current and historical defense-to-indemnity cost ratios. In developing the estimate of probable insurance recoveries, the Corporation considers the expert’s projection of settlement costs for the Asbestos Liability and management’s projection of associated defense costs. In addition, the Corporation consults with its outside legal counsel on insurance matters and a nationally recognized insurance consulting firm that it retains to assist with certain policy allocation matters. The Corporation also considers a number of other factors including the Settlement Agreements in effect, policy exclusions, policy limits, policy provisions regarding coverage for defense costs, attachment points, gaps in the coverage, policy exhaustions, the nature of the underlying claims for the Asbestos Liability, estimated erosion of insurance limits on account of claims against Howden associated with the Products, prior impairment of policies, insolvencies among the insurance carriers, and creditworthiness of the remaining insurers based on publicly available information. Based on these factors, the Corporation estimates the probable insurance recoveries for the Asbestos Liability and defense costs for the corresponding timeframe of the Asbestos Liability. In the fourth quarter of 2021, primarily as a result of identified changes in claim data and availability of new information, the Corporation engaged GNARUS Advisors LLC (“GNARUS”) to update the estimated Asbestos Liability. The methodology used by GNARUS in its updated projection was substantially the same methodology employed previously, which has been accepted by numerous courts, 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, 2018, to July 31, 2021; • an analysis of pending cases, by type of injury claimed and jurisdiction where the claim is filed; and • an analysis of claims resolution history from January 1, 2018, to July 31, 2021, to determine the average settlement value of claims, by type of injury claimed and jurisdiction of filing. Based on this analysis, the Corporation recorded an increase to its estimated Asbestos Liability of $23,333 for claims pending or projected to be asserted through 2052 bringing the Corporation’s reserve for Asbestos Liability to $180,314 at December 31, 2021. The increase was primarily attributable to recent claim experience, including a higher expected proportion of mesothelioma claims which typically have a higher settlement value, offset by a lower defense-to-indemnity cost ratio (reduced to 70% from 80% based on experience over the past five years) and elimination of an inflationary factor based on historical experience over the past 10+ years which provided no evidence that inflationary pressures influenced settlement averages. In addition, the Corporation increased its estimated insurance receivable at December 31, 2021, by $16,672 for the estimated insurance recoveries attributable to the claims for which the Asbestos Liability reserve had been established and the portion of defense costs covered by the Settlement Agreements bringing the insurance receivable to $121,297 at December 31, 2021. The following table summarizes activity relating to Asbestos Liability for the nine months ended September 30, 2022, and 2021. Nine Months Ended September 30, 2022 2021 Asbestos liability, beginning of the year $ 180,314 $ 180,196 Settlement and defense costs paid (14,683 ) (14,329 ) Asbestos liability, end of the period $ 165,631 $ 165,867 The following table summarizes activity relating to insurance recoveries for the nine months ended September 30, 2022, and 2021. Nine Months Ended September 30, 2022 2021 Insurance receivable – asbestos, beginning of the year $ 121,297 $ 117,937 Settlement and defense costs paid by insurance carriers (7,748 ) (8,224 ) Insurance receivable – asbestos, end of the period $ 113,549 $ 109,713 The balance of the insurance receivable does not assume any recovery from insolvent carriers. 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 the experts’ calculations vary significantly from actual results. Key variables in these assumptions are identified above and also include the number and nature of new claims to be filed each year, the average cost of disposing of each 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 continue 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 the operating results for the periods in which the adjustments to the liability or receivable are recorded and to the Corporation’s consolidated financial position and liquidity. |
Environmental Matters
Environmental Matters | 9 Months Ended |
Sep. 30, 2022 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Matters | Note 16 – 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. The undiscounted potential liability for remedial actions and environmental compliance measures approximated $100 at September 30, 2022, and December 31, 2021. |
Related Parties
Related Parties | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Parties | Note 17 – Related Parties Shanxi Åkers TISCO Roll Co., Ltd. (“ATR”) periodically has loans outstanding with its minority shareholder. At September 30, 2022, ATR’s outstanding loan balance with its minority shareholder approximated $1,525 (RMB 10,852). At December 31, 2021, no loans were outstanding. For the nine months ended September 30, 2022, borrowings approximated $5,776 (RMB 38,470) and repayments approximate $4,251 (RMB 27,618). For the nine months ended September 30, 2021, no additional amounts were borrowed and repayments on previously existing loans approximated $1,065 (RMB 6,901). Interest on borrowings accrues at the three-to- five-year Purchases from ATR’s minority shareholder and its affiliates, which were in the ordinary course of business, approximated $1,020 (RMB 7,539) and $6,838 (RMB 45,251) for the three and nine months ended September 30, 2022, respectively, and $2,537 (RMB 16,394) and $8,794 (RMB 56,889) for the three and nine months ended September 30, 2021, respectively. The amount payable to ATR’s minority shareholder and its affiliates for purchases approximated $ (RMB ) and $1,125 (RMB 7,157 ) at September 30 , 2022, and December 31, 2021, respectively . Sales to ATR’s minority shareholder and its affiliates, which were in the ordinary course of business, approximated $2,419 (RMB 16,620) and $6,959 (RMB 46,049) for the three and nine months ended September 30, 2022, respectively, and $2,561 (RMB 16,553) and $6,686 (RMB 43,251) for the three and nine months ended September 30, 2021, respectively. The amount receivable from ATR’s minority shareholder and its affiliates for sales approximated $1,881 (RMB 13,387) at September 30, 2022. No amounts were receivable from ATR’s minority shareholder and its affiliates at December 31, 2021. Additionally, customer deposits received from ATR’s minority shareholder and its affiliates on future orders approximated $526 (RMB 3,746) and $616 (RMB 3,921) at September 30, 2022, and December 31, 2021, respectively, and are recorded in other current liabilities on the condensed consolidated balance sheets. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Business Segments | Note 18 – Business Segments Presented below are the net sales and income (loss) before income taxes for the Corporation’s two business segments. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net sales: Forged and Cast Engineered Products $ 75,511 $ 61,179 $ 229,848 $ 195,558 Air and Liquid Processing 24,136 20,006 66,807 64,855 Total Reportable Segments $ 99,647 $ 81,185 $ 296,655 $ 260,413 Income (loss) before income taxes: Forged and Cast Engineered Products $ (62 ) $ (2,832 ) $ 1,107 $ 688 Air and Liquid Processing 2,917 2,891 8,177 7,265 Total Reportable Segments 2,855 59 9,284 7,953 Other expense, including corporate costs (734 ) (1,234 ) (4,587 ) (5,837 ) Total $ 2,121 $ (1,175 ) $ 4,697 $ 2,116 |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 19 – Subsequent Event On October 14, 2022, Air & Liquid completed a sale and leaseback financing transaction with STORE, valued at $4,500 for its real property, including its manufacturing facility, located in North Tonawanda, New York. Net proceeds, after transaction-related costs, approximated $4,444. In connection with the sale and leaseback financing transaction, UES and STORE amended the Restated Lease. |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Financial Statements (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Unaudited Condensed Consolidated Financial Statements | The unaudited condensed consolidated balance sheet as of September 30, 2022, the unaudited condensed consolidated statements of operations, comprehensive loss and shareholders’ equity for the three and nine months ended September 30, 2022, and 2021, and cash flows for the nine months ended September 30, 2022, and 2021, have been prepared by the Corporation. 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 Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In September 2022, the Financial Accounting Standards Board (the “FASB”) issued ASU 2022-04, Liabilities – Supplier Finance Programs In September 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories were comprised of the following September 30, 2022 December 31, 2021 Raw materials $ 30,720 $ 22,332 Work-in-process 37,946 37,447 Finished goods 16,591 18,093 Supplies 7,254 10,326 Inventories $ 92,511 $ 88,198 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment were comprised of the following: September 30, 2022 December 31, 2021 Land and land improvements $ 9,687 $ 10,377 Buildings 60,635 63,166 Machinery and equipment 342,973 345,118 Construction-in-process 16,100 11,019 Other 6,763 6,798 436,158 436,478 Accumulated depreciation and amortization (283,130 ) (277,915 ) Property, plant and equipment, net $ 153,028 $ 158,563 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets were comprised of the following: September 30, 2022 December 31, 2021 Customer relationships $ 5,138 $ 5,850 Developed technology 3,662 4,201 Trade name 2,028 2,442 10,828 12,493 Accumulated amortization (5,858 ) (6,289 ) Intangible assets, net $ 4,970 $ 6,204 |
Summary of Changes in Intangible Assets | Changes in intangible assets consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Balance at beginning of the period $ 5,431 $ 6,654 $ 6,204 $ 7,217 Amortization of intangible assets (89 ) (69 ) (279 ) (444 ) Other, primarily impact from changes in foreign currency exchange rates (372 ) (148 ) (955 ) (336 ) Balance at end of the period $ 4,970 $ 6,437 $ 4,970 $ 6,437 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities were comprised of the following: September 30, 2022 December 31, 2021 Customer-related liabilities $ 18,245 $ 12,548 Accrued interest payable 829 1,772 Accrued sales commissions 1,683 1,864 Other 8,417 5,026 Other current liabilities $ 29,174 $ 21,210 |
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, 2022 2021 2022 2021 Balance at beginning of the period $ 6,759 $ 7,840 $ 7,331 $ 8,105 Satisfaction of warranty claims (1,100 ) (923 ) (2,226 ) (2,668 ) Provision for warranty claims, net (22 ) 632 1,078 2,141 Other, primarily impact from changes in foreign currency exchange rates (357 ) (135 ) (903 ) (164 ) Balance at end of the period $ 5,280 $ 7,414 $ 5,280 $ 7,414 |
Schedule of Changes in Customer Deposits | Changes in customer deposits consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Balance at beginning of the period $ 11,626 $ 6,068 $ 4,328 $ 6,507 Satisfaction of performance obligations (673 ) (3,601 ) (6,375 ) (10,360 ) Receipt of additional deposits 602 1,622 13,831 7,956 Other, primarily impact from changes in foreign currency exchange rates (78 ) (23 ) (307 ) (37 ) Balance at end of the period $ 11,477 $ 4,066 $ 11,477 $ 4,066 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Borrowings | Borrowings were comprised of the following: September 30, 2022 December 31, 2021 Revolving credit facility $ 45,461 $ 29,744 Sale and leaseback financing obligations 36,303 20,546 Industrial Revenue Bonds 9,191 9,191 Equipment financing facility 4,014 0 Minority shareholder loan (see Note 17 ) 1,525 0 Finance lease liabilities 1,796 1,438 Outstanding borrowings 98,290 60,919 Debt – current portion (15,376 ) (20,007 ) Long-term debt $ 82,914 $ 40,912 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 2021 U.S. defined benefit pension plans $ 236 $ 0 Foreign defined benefit pension plans 388 483 Other postretirement benefits (e.g., net payments) 359 469 U.K. defined contribution pension plan 193 248 U.S. defined contribution plan 2,778 2,320 |
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 2022 2021 2022 2021 Service cost $ 13 $ 60 $ 38 $ 182 Interest cost 1,546 1,337 4,639 4,012 Expected return on plan assets (3,302 ) (3,248 ) (9,905 ) (9,746 ) Amortization of prior service cost 2 6 5 17 Amortization of actuarial loss 558 658 1,674 1,974 Net benefit income $ (1,183 ) $ (1,187 ) $ (3,549 ) $ (3,561 ) Three Months Ended September 30, Nine Months Ended September 30, Foreign Defined Benefit Pension Plans 2022 2021 2022 2021 Service cost $ 85 $ 111 $ 223 $ 285 Interest cost 256 207 821 626 Expected return on plan assets (463 ) (485 ) (1,484 ) (1,461 ) Amortization of prior service credit (65 ) (77 ) (210 ) (231 ) Amortization of actuarial loss 75 162 242 489 Net benefit income $ (112 ) $ (82 ) $ (408 ) $ (292 ) Three Months Ended September 30, Nine Months Ended September 30, Other Postretirement Benefit Plans 2022 2021 2022 2021 Service cost $ 59 $ 61 $ 176 $ 183 Interest cost 55 45 165 136 Amortization of prior service credit (299 ) (258 ) (897 ) (773 ) Amortization of actuarial loss (gain) 6 (19 ) 19 (58 ) Net benefit income $ (179 ) $ (171 ) $ (537 ) $ (512 ) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022, and 2021, 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, 2022 $ (14,322 ) $ (40,563 ) $ 277 $ (54,608 ) $ 498 $ (55,106 ) Net change (19,787 ) 2,274 (701 ) (18,214 ) (996 ) (17,218 ) Balance at September 30, 2022 $ (34,109 ) $ (38,289 ) $ (424 ) $ (72,822 ) $ (498 ) $ (72,324 ) 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 ) |
Line Items Affected on Consolidated Statements of Operations for Components Reclassified from Accumulated Other Comprehensive Loss | The following summarizes the line items affected on the condensed consolidated statements of operations for components reclassified from accumulated other comprehensive loss. Amounts in parenthesis represent credits to net income. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Amortization of unrecognized employee benefit costs: Other income – net $ 277 $ 472 $ 833 $ 1,418 Income tax provision 4 (15 ) 0 (47 ) Net of tax $ 281 $ 457 $ 833 $ 1,371 Settlements of cash flow hedges: Depreciation and amortization (foreign currency purchase contracts) $ (7 ) $ (6 ) $ (20 ) $ (20 ) Costs of products sold (excluding depreciation and amortization) (futures contracts – copper and aluminum) 386 (298 ) 132 (1,004 ) Total before income tax 379 (304 ) 112 (1,024 ) Income tax benefit (12 ) 0 (4 ) 0 Net of tax $ 367 $ (304 ) $ 108 $ (1,024 ) |
Summary of Income Tax Effect Associated With Various Components of Other Comprehensive Income | The income tax effect associated with the various components of other comprehensive loss for the three and nine months ended September 30, 2022, and 2021, is summarized below. Amounts in parentheses represent credits to net income when reclassified to earnings. 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, 2022 2021 2022 2021 Income tax effect associated with changes in: Unrecognized employee benefit costs $ 0 $ 0 $ 0 $ 0 Fair value of cash flow hedges $ (7 ) $ 0 $ (25 ) $ 0 Income tax effect associated with reclassification adjustments: Amortization of unrecognized employee benefit costs $ 4 $ (15 ) $ 0 $ (47 ) Settlement of cash flow hedges $ (12 ) $ 0 $ (4 ) $ 0 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
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, 2022, and 2021, and the amounts 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, 2022 Beginning of the Period Recognized Reclassified End of the Period Foreign currency purchase contracts $ 122 $ 0 $ 7 $ 115 Futures contracts – copper and aluminum (662 ) (251 ) (374 ) (539 ) $ (540 ) $ (251 ) $ (367 ) $ (424 ) Three Months Ended September 30, 2021 Foreign currency purchase contracts $ 148 $ 0 $ 6 $ 142 Futures contracts – copper and aluminum 276 (8 ) 298 (30 ) $ 424 $ (8 ) $ 304 $ 112 Nine Months Ended September 30, 2022 Foreign currency purchase contracts $ 135 $ 0 $ 20 $ 115 Futures contracts – copper and aluminum 142 (809 ) (128 ) (539 ) $ 277 $ (809 ) $ (108 ) $ (424 ) 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 |
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 Twelve Months Three Months Ended September 30, Nine Months Ended September 30, of Operations 12 Months 2022 2021 2022 2021 Foreign currency purchase contracts Depreciation and amortization $ 28 $ 7 $ 6 $ 20 $ 20 Futures contracts – copper and aluminum Costs of products sold (excluding depreciation and amortization) $ (557 ) $ (386 ) $ 298 $ (132 ) $ 1,004 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022, and December 31, 2021, 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, 2022 Investments Other noncurrent assets $ 3,276 $ 0 $ 0 $ 3,276 As of December 31, 2021 Investments Other noncurrent assets $ 4,860 $ 0 $ 0 $ 4,860 |
Net Sales and Income (Loss) B_2
Net Sales and Income (Loss) Before Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Net Sales And Income Loss Before Income Taxes [Abstract] | |
Net Sales and Income (Loss) Before Income Taxes | Net sales and income (loss) before income taxes by geographic area for the three and nine months ended September 30, 2022, and 2021, 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 2022 2021 2022 2021 United States $ 56,535 $ 44,859 $ 164,167 $ 133,233 Foreign 43,112 36,326 132,488 127,180 $ 99,647 $ 81,185 $ 296,655 $ 260,413 Three Months Ended September 30, Nine Months Ended September 30, Income (Loss) Before Income Taxes 2022 2021 2022 2021 United States (1) $ (1,134 ) $ (2,201 ) $ 437 $ (3,472 ) Foreign 3,255 1,026 4,260 5,588 $ 2,121 $ (1,175 ) $ 4,697 $ 2,116 (1) Includes Corporate costs of $2,929 and $2,420 for the three months ended September 30, 2022, and 2021, respectively, and $8,435 and $8,938 for the nine months ended September 30, 2022, and 2021, 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, 2022, and 2021, were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Forged and cast mill rolls $ 66,653 $ 53,778 $ 193,946 $ 177,918 FEP 8,858 7,401 35,902 17,640 Heat exchange coils 8,532 6,527 22,483 18,482 Air handling systems 8,457 6,383 22,133 21,235 Centrifugal pumps 7,147 7,096 22,191 25,138 $ 99,647 $ 81,185 $ 296,655 $ 260,413 |
Litigation (Tables)
Litigation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Loss Contingency [Abstract] | |
Schedule of Loss Contingencies by Contingency | The following table reflects approximate information about the number of claims for Asbestos Liability against Air & Liquid and the Corporation for the nine months ended September 30, 2022, and 2021 (number of claims not in thousands). The majority of the settlement and defense costs were 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. Nine Months Ended September 30, 2022 2021 Total claims pending at the beginning of the period 6,097 5,891 New claims served 978 943 Claims dismissed (220 ) (525 ) Claims settled (288 ) (301 ) Total claims pending at the end of period (1) 6,567 6,008 Administrative closures (2) (2,908 ) (2,914 ) Total active claims at the end of the period 3,659 3,094 Gross settlement and defense costs paid in period (in 000’s) $ 14,683 $ 14,329 Avg. gross settlement and defense costs per claim resolved (in 000’s) (3) $ 28.90 $ 17.35 (1) Included as “total claims pending” are approximately 658 and 661 claims at September 30, 2022, and 2021, respectively, classified in various jurisdictions as “inactive” or transferred to a state or federal judicial panel on multi-district litigation. (2) Administrative closures include (i) those claims that were filed six or more years ago, (ii) claims that were previously classified in various jurisdictions as “inactive,” and (iii) claims that were transferred to a state or federal judicial panel on multi-district litigation. Collectively, these claims are unlikely to result in any liability to the Corporation. (3) Claims resolved do not include claims that were administratively closed. |
Summary of Activity Relating to Asbestos Liability | The following table summarizes activity relating to Asbestos Liability for the nine months ended September 30, 2022, and 2021. Nine Months Ended September 30, 2022 2021 Asbestos liability, beginning of the year $ 180,314 $ 180,196 Settlement and defense costs paid (14,683 ) (14,329 ) Asbestos liability, end of the period $ 165,631 $ 165,867 |
Summary of Activity in Asbestos Insurance Recoveries | The following table summarizes activity relating to insurance recoveries for the nine months ended September 30, 2022, and 2021. Nine Months Ended September 30, 2022 2021 Insurance receivable – asbestos, beginning of the year $ 121,297 $ 117,937 Settlement and defense costs paid by insurance carriers (7,748 ) (8,224 ) Insurance receivable – asbestos, end of the period $ 113,549 $ 109,713 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Business Segment Net Sales and Income (loss) before Income Taxes | Presented below are the net sales and income (loss) before income taxes for the Corporation’s two business segments. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net sales: Forged and Cast Engineered Products $ 75,511 $ 61,179 $ 229,848 $ 195,558 Air and Liquid Processing 24,136 20,006 66,807 64,855 Total Reportable Segments $ 99,647 $ 81,185 $ 296,655 $ 260,413 Income (loss) before income taxes: Forged and Cast Engineered Products $ (62 ) $ (2,832 ) $ 1,107 $ 688 Air and Liquid Processing 2,917 2,891 8,177 7,265 Total Reportable Segments 2,855 59 9,284 7,953 Other expense, including corporate costs (734 ) (1,234 ) (4,587 ) (5,837 ) Total $ 2,121 $ (1,175 ) $ 4,697 $ 2,116 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Percentage of inventories valued on the LIFO method | 39% | 35% |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 30,720 | $ 22,332 |
Work-in-process | 37,946 | 37,447 |
Finished goods | 16,591 | 18,093 |
Supplies | 7,254 | 10,326 |
Inventories | $ 92,511 | $ 88,198 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 436,158 | $ 436,478 |
Accumulated depreciation and amortization | (283,130) | (277,915) |
Property, plant and equipment, net | 153,028 | 158,563 |
Land and Land Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 9,687 | 10,377 |
Buildings [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 60,635 | 63,166 |
Machinery and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 342,973 | 345,118 |
Construction-in-Process [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 16,100 | 11,019 |
Other [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 6,763 | $ 6,798 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) £ in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 GBP (£) | Dec. 31, 2021 USD ($) | |
Property Plant And Equipment [Line Items] | ||||||
Finance lease assets gross value | $ 4,188 | $ 4,188 | $ 3,882 | |||
Finance lease, lease related accumulated amortization | 1,287 | 1,287 | $ 1,263 | |||
Depreciation expense | 4,117 | $ 4,210 | 12,854 | $ 13,071 | ||
Depreciation on assets under finance leases | 77 | $ 124 | 337 | $ 342 | ||
Union Electric Steel UK Limited [Member] | ||||||
Property Plant And Equipment [Line Items] | ||||||
Land and buildings held as collateral | $ 2,362 | 2,362 | £ 2,122 | |||
Union Electric Steel UK Limited [Member] | Construction-in-Process [Member] | ||||||
Property Plant And Equipment [Line Items] | ||||||
Machinery and equipment purchased | $ 4,014 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Finite and Indefinite Lived Intangible Assets [Line Items] | ||||||
Intangible assets, Trade name | $ 2,028 | $ 2,442 | ||||
Intangible assets, gross | 10,828 | 12,493 | ||||
Accumulated amortization | (5,858) | (6,289) | ||||
Intangible assets, net | 4,970 | $ 5,431 | 6,204 | $ 6,437 | $ 6,654 | $ 7,217 |
Customer Relationships [Member] | ||||||
Finite and Indefinite Lived Intangible Assets [Line Items] | ||||||
Intangible assets, gross | 5,138 | 5,850 | ||||
Developed Technology [Member] | ||||||
Finite and Indefinite Lived Intangible Assets [Line Items] | ||||||
Intangible assets, gross | $ 3,662 | $ 4,201 |
Intangible Assets - Summary of
Intangible Assets - Summary of Changes in Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Intangible Assets Net Excluding Goodwill [Abstract] | ||||
Balance at beginning of the period | $ 5,431 | $ 6,654 | $ 6,204 | $ 7,217 |
Amortization of intangible assets | (89) | (69) | (279) | (444) |
Other, primarily impact from changes in foreign currency exchange rates | (372) | (148) | (955) | (336) |
Balance at end of the period | $ 4,970 | $ 6,437 | $ 4,970 | $ 6,437 |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Other Liabilities Disclosure [Abstract] | ||
Customer-related liabilities | $ 18,245 | $ 12,548 |
Accrued interest payable | 829 | 1,772 |
Accrued sales commissions | 1,683 | 1,864 |
Other | 8,417 | 5,026 |
Other current liabilities | $ 29,174 | $ 21,210 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | ||||
Balance at beginning of the period | $ 6,759 | $ 7,840 | $ 7,331 | $ 8,105 |
Satisfaction of warranty claims | (1,100) | (923) | (2,226) | (2,668) |
Provision for warranty claims, net | (22) | 632 | 1,078 | 2,141 |
Other, primarily impact from changes in foreign currency exchange rates | (357) | (135) | (903) | (164) |
Balance at end of the period | $ 5,280 | $ 7,414 | $ 5,280 | $ 7,414 |
Other Current Liabilities - Add
Other Current Liabilities - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2022 | |
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 | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Dec. 31, 2023 | |
Contract With Customer Liability [Abstract] | ||||
Balance at beginning of the period | $ 11,626 | $ 6,068 | $ 4,328 | $ 6,507 |
Satisfaction of performance obligations | (673) | (3,601) | (6,375) | (10,360) |
Receipt of additional deposits | 602 | 1,622 | 13,831 | 7,956 |
Other, primarily impact from changes in foreign currency exchange rates | (78) | (23) | (307) | (37) |
Balance at end of the period | $ 11,477 | $ 4,066 | $ 11,477 | $ 4,066 |
Debt - Schedule of Outstanding
Debt - Schedule of Outstanding Borrowings (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Finance lease liabilities | $ 1,796 | $ 1,438 |
Outstanding borrowings | 98,290 | 60,919 |
Debt – current portion | (15,376) | (20,007) |
Long-term debt | 82,914 | 40,912 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | 45,461 | 29,744 |
Sale and Leaseback Financing Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | 36,303 | 20,546 |
Equipment Financing Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | 4,014 | 0 |
Minority Shareholder Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | 1,525 | 0 |
Industrial Revenue Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | $ 9,191 | $ 9,191 |
Debt - Additional Information (
Debt - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 29, 2022 USD ($) | Sep. 30, 2018 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 | Sep. 30, 2022 USD ($) Bond | Sep. 30, 2021 | Dec. 31, 2023 USD ($) | Oct. 01, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | |
Line Of Credit Facility [Line Items] | |||||||||||
Swing loans | $ 1,461,000 | $ 1,461,000 | $ 8,744,000 | ||||||||
Lessee lease term | 20 years | ||||||||||
Lessee, operating lease, option to extend | UES may extend the lease for the Properties for four successive periods of five years each. If fully extended, the Restated Lease would expire in August 2062. | ||||||||||
Lessee, operating term period | 5 years | ||||||||||
Extended lease expiration date | 2062-08 | ||||||||||
Lease repurchase percentage on lessor investment for properties | 115% | ||||||||||
Effective interest rate | 8% | 8% | 8% | 8% | |||||||
Rental properties | $ 2,939,000 | ||||||||||
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 | 9,191,000 | ||||||||
Capital Additions [Member] | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Estimated cost on upgrading existing equipment | $ 2,500,000 | $ 27,000,000 | |||||||||
Store Capital Acquisitions [Member] | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Proceeds from sale of land | $ 15,500,000 | ||||||||||
Maximum [Member] | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Incremental percentage on annual lease payment | 2.20% | ||||||||||
Change in consumer price index percentage | 1.25% | ||||||||||
Revolving Credit Facility [Member] | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Agreement borrowing capacity | $ 130,000,000 | ||||||||||
Allowance for new equipment financing | $ 20,000,000 | ||||||||||
Maturity date | Jun. 29, 2026 | ||||||||||
Commitment fee payable percentage | 0.25% | ||||||||||
Interest on outstanding balance | 4% | 4% | |||||||||
Long term debt | $ 45,461,000 | $ 45,461,000 | 29,744,000 | ||||||||
Line of credit, remaining borrowing capacity | $ 35,622,000 | $ 35,622,000 | |||||||||
Deferred financing fees | $ 485,000 | ||||||||||
Revolving Credit Facility [Member] | Minimum [Member] | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Fixed charge coverage ratio | 1.05 | 1.05 | |||||||||
Revolving Credit Facility [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 | ||||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Debt instrument basis spread | 2% | ||||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Debt instrument basis spread | 2.50% | ||||||||||
Revolving Credit Facility [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% | ||||||||||
Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Debt instrument basis spread | 1% | ||||||||||
Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Debt instrument basis spread | 1.50% | ||||||||||
Revolving Credit Facility [Member] | Senior Secured Asset-Based Revolving Credit Facility [Member] | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Agreement borrowing capacity | 100,000,000 | ||||||||||
Revolving Credit Facility [Member] | Letter of Credit [Member] | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Agreement borrowing capacity | 40,000,000 | ||||||||||
Revolving Credit Facility [Member] | European Credit Facility [Member] | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Agreement borrowing capacity | 30,000,000 | ||||||||||
Borrowings | $ 0 | $ 0 | 0 | ||||||||
Revolving Credit Facility [Member] | Swedish Credit Facility [Member] | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Agreement borrowing capacity | $ 7,500,000 | ||||||||||
Revolving Credit Facility [Member] | Credit Facility [Member] | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Long term debt | 45,461,000 | 45,461,000 | |||||||||
Sale and Leaseback Financing Obligations [Member] | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Long term debt | 36,303,000 | 36,303,000 | 20,546,000 | ||||||||
Deferred financing fees | $ 104,000 | $ 104,000 | |||||||||
Lessee lease term | 20 years | 20 years | |||||||||
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 | ||||||||||
Taxable Industrial Revenue Bond [Member] | Maximum [Member] | Industrial Revenue Bonds ("IRB") [Member] | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Interest at a floating rate on tax-exempt IRB maturing in 2027/2029 | 2.40% | 1% | 1.40% | 1% | |||||||
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 | ||||||||||
Tax Exempt Industrial Revenue Bond Two [Member] | Maximum [Member] | Industrial Revenue Bonds ("IRB") [Member] | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Interest at a floating rate on tax-exempt IRB maturing in 2027/2029 | 2.40% | 1% | 1.40% | 1% | |||||||
Equipment Financing Facility [Member] | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Agreement borrowing capacity | $ 20,000,000 | ||||||||||
Debt instrument basis spread | 4.50% | ||||||||||
Long term debt | $ 4,014,000 | $ 4,014,000 | $ 0 | ||||||||
Effective interest rate | 8% | ||||||||||
Debt Instrument, Term | 84 months |
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, 2022 | Sep. 30, 2021 | |
Other Postretirement Benefit Plans [Member] | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Contribution | $ 359 | $ 469 |
U.S. [Member] | Defined Benefit Pension Plan [Member] | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Contribution | 236 | 0 |
U.S. [Member] | Defined Contribution Plan [Member] | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Contribution | 2,778 | 2,320 |
Foreign Defined Benefits Pension Plans [Member] | Defined Benefit Pension Plan [Member] | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Contribution | 388 | 483 |
U.K. [Member] | Defined Benefit Pension Plan [Member] | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Contribution | $ 193 | $ 248 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Amortization of actuarial loss (gain) | $ (6) | $ 19 | $ (19) | $ 58 |
Amortization of actuarial loss (gain) | 6 | (19) | 19 | (58) |
Defined Benefit Pension Plan [Member] | U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 13 | 60 | 38 | 182 |
Interest cost | 1,546 | 1,337 | 4,639 | 4,012 |
Expected return on plan assets | (3,302) | (3,248) | (9,905) | (9,746) |
Amortization of prior service cost | 2 | 6 | 5 | 17 |
Amortization of actuarial loss (gain) | 558 | 658 | 1,674 | 1,974 |
Net benefit income | (1,183) | (1,187) | (3,549) | (3,561) |
Amortization of actuarial loss (gain) | (558) | (658) | (1,674) | (1,974) |
Defined Benefit Pension Plan [Member] | Foreign Defined Benefits Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 85 | 111 | 223 | 285 |
Interest cost | 256 | 207 | 821 | 626 |
Expected return on plan assets | (463) | (485) | (1,484) | (1,461) |
Amortization of prior service cost | (65) | (77) | (210) | (231) |
Amortization of actuarial loss (gain) | 75 | 162 | 242 | 489 |
Net benefit income | (112) | (82) | (408) | (292) |
Amortization of actuarial loss (gain) | (75) | (162) | (242) | (489) |
Other Postretirement Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 59 | 61 | 176 | 183 |
Interest cost | 55 | 45 | 165 | 136 |
Amortization of prior service cost | (299) | (258) | (897) | (773) |
Net benefit income | $ (179) | $ (171) | $ (537) | $ (512) |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities - Additional Information (Detail) kr in Thousands | 1 Months Ended | 9 Months Ended | |
Sep. 30, 2018 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 SEK (kr) | |
Commitments And Contingent Liabilities [Line Items] | |||
Outstanding standby and commercial letters of credit | $ 18,664,000 | ||
Surety bonds issued to guarantee obligations | 3,000,000 | kr 33,900 | |
Capital Additions [Member] | |||
Commitments And Contingent Liabilities [Line Items] | |||
Purchase commitments | 19,300,000 | ||
Estimated cost on upgrading existing equipment | $ 2,500,000 | $ 27,000,000 |
Equity Rights Offering - Additi
Equity Rights Offering - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | |
May 31, 2022 | Sep. 30, 2020 | Sep. 30, 2022 | |
Class Of Warrant Or Right [Line Items] | |||
Warrants to purchase common stock | 108,375 | 1,288,910 | |
Proceeds from issuance of common stock and warrants | $ 193 | $ 3,308 | |
Stock issuance costs | $ 193 | ||
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 | $ 1.7856 | $ 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 | $ 4 | $ 5.75 | |
Class of warrant or right, expiration date | Jul. 15, 2022 | Aug. 01, 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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 83,658 | $ 91,608 | $ 91,806 | $ 84,999 |
Net change | (7,457) | (2,079) | (18,214) | (900) |
Ending Balance | 78,019 | 88,661 | 78,019 | 88,661 |
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (14,322) | (11,371) | ||
Net change | (19,787) | (2,041) | ||
Ending Balance | (34,109) | (13,412) | (34,109) | (13,412) |
Unrecognized Employee Benefit Costs [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (40,563) | (57,652) | ||
Net change | 2,274 | 1,618 | ||
Ending Balance | (38,289) | (56,034) | (38,289) | (56,034) |
Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 277 | 589 | ||
Net change | (701) | (477) | ||
Ending Balance | (424) | 112 | (424) | 112 |
Less: Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 498 | 261 | ||
Net change | (996) | 103 | ||
Ending Balance | (498) | 364 | (498) | 364 |
Accumulated Other Comprehensive Loss Attributable to Ampco-Pittsburgh [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (55,106) | (68,695) | ||
Net change | (17,218) | (1,003) | ||
Ending Balance | (72,324) | (69,698) | (72,324) | (69,698) |
Total Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (54,608) | (68,434) | ||
Net change | (18,214) | (900) | ||
Ending Balance | $ (72,822) | $ (69,334) | $ (72,822) | $ (69,334) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Line Items Affected on Consolidated Statements of Operations for Components Reclassified from Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Depreciation and amortization (foreign currency purchase contracts) | $ (4,206) | $ (4,279) | $ (13,133) | $ (13,515) |
Costs of products sold (excluding depreciation and amortization)(futures contracts ? copper and aluminum) | (84,378) | (67,990) | (250,685) | (213,011) |
Income (loss) before income taxes | 2,121 | (1,175) | 4,697 | 2,116 |
Other income – net | 3,174 | 2,006 | 7,019 | 4,694 |
Income tax provision | (987) | (291) | (1,432) | (2,044) |
Net income (loss) attributable to Ampco-Pittsburgh | 846 | (1,589) | 2,894 | (359) |
Amortization of Unrecognized Employee Benefit Costs [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Other income – net | 277 | 472 | 833 | 1,418 |
Income tax provision | 4 | (15) | 0 | (47) |
Net income (loss) attributable to Ampco-Pittsburgh | 281 | 457 | 833 | 1,371 |
Settlements of Cash Flow Hedges [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Depreciation and amortization (foreign currency purchase contracts) | (7) | (6) | (20) | (20) |
Costs of products sold (excluding depreciation and amortization)(futures contracts ? copper and aluminum) | 386 | (298) | 132 | (1,004) |
Income (loss) before income taxes | 379 | (304) | 112 | (1,024) |
Income tax provision | (12) | 0 | (4) | 0 |
Net income (loss) attributable to Ampco-Pittsburgh | $ 367 | $ (304) | $ 108 | $ (1,024) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Valuation Allowance Against Gross Deferred Income Tax Assets [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Tax effect due to certain amounts | $ 0 | $ 0 | $ 0 | $ 0 |
Accumulated Other Comprehensi_6
Accumulated Other Comprehensive Loss - Summary of Income Tax Effect Associated With Various Components of Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Equity [Abstract] | ||||
Unrecognized employee benefit costs | $ 0 | $ 0 | $ 0 | $ 0 |
Fair value of cash flow hedges | (7) | 0 | (25) | 0 |
Amortization of unrecognized employee benefit costs | 4 | (15) | 0 | (47) |
Settlement of cash flow hedges | $ (12) | $ 0 | $ (4) | $ 0 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) Customer Derivative | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) Customer Derivative | Sep. 30, 2021 USD ($) | |
Derivative [Line Items] | ||||
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 | |||
Number of subsidiaries for usage of electricity under existing commitments | Customer | 2 | 2 | ||
Usage of electricity under existing commitments description | for two of its subsidiaries | |||
Number of derivative instruments holds for trading purposes | Derivative | 0 | 0 | ||
Gains (losses) on foreign exchange transactions included in other income net | $ 1,809,000 | $ 369,000 | $ 3,368,000 | $ (705,000) |
Natural Gas Usage [Member] | ||||
Derivative [Line Items] | ||||
Percentage of anticipated purchases hedged | 25% | 25% | ||
Anticipated purchases, hedged | $ 941,000 | $ 941,000 | ||
Time period for hedged usage description | natural gas usage through December 31, 2023 | |||
Electricity Usage [Member] | ||||
Derivative [Line Items] | ||||
Percentage of anticipated purchases hedged | 28% | 28% | ||
Anticipated purchases, hedged | $ 1,674,000 | $ 1,674,000 | ||
Time period for hedged usage description | electricity usage through December 31, 2025 | |||
Natural Gas Purchases [Member] | ||||
Derivative [Line Items] | ||||
Purchase of natural gas or electricity | 438,000 | 0 | $ 438,000 | 0 |
Electricity Purchases [Member] | ||||
Derivative [Line Items] | ||||
Purchase of natural gas or electricity | $ 2,676,000 | $ 0 | $ 2,676,000 | $ 0 |
Copper Purchases [Member] | ||||
Derivative [Line Items] | ||||
Percentage of anticipated purchases hedged | 33% | 43% | 33% | 43% |
Time period for hedged purchases | 10 months | 8 months | ||
Copper Purchases [Member] | Cash Flow Hedges [Member] | ||||
Derivative [Line Items] | ||||
Anticipated purchases, hedged | $ 2,196,000 | $ 2,593,000 | $ 2,196,000 | $ 2,593,000 |
Aluminum Purchases [Member] | ||||
Derivative [Line Items] | ||||
Percentage of anticipated purchases hedged | 40% | 56% | 40% | 56% |
Time period for hedged purchases | 10 months | 6 months | ||
Aluminum Purchases [Member] | Cash Flow Hedges [Member] | ||||
Derivative [Line Items] | ||||
Anticipated purchases, hedged | $ 812,000 | $ 637,000 | $ 812,000 | $ 637,000 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative [Line Items] | ||||
Beginning of the Period | $ (540) | $ 424 | $ 277 | $ 589 |
Recognized | (251) | (8) | (809) | 547 |
Reclassified | (367) | 304 | (108) | 1,024 |
End of the Period | (424) | 112 | (424) | 112 |
Foreign Currency Purchase Contracts [Member] | ||||
Derivative [Line Items] | ||||
Beginning of the Period | 122 | 148 | 135 | 162 |
Recognized | 0 | 0 | 0 | 0 |
Reclassified | 7 | 6 | 20 | 20 |
End of the Period | 115 | 142 | 115 | 142 |
Futures Contracts - Copper and Aluminum [Member] | ||||
Derivative [Line Items] | ||||
Beginning of the Period | (662) | 276 | 142 | 427 |
Recognized | (251) | (8) | (809) | 547 |
Reclassified | (374) | 298 | (128) | 1,004 |
End of the Period | $ (539) | $ (30) | $ (539) | $ (30) |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative [Line Items] | ||||
Amount released to pre - tax earnings | $ 4,206 | $ 4,279 | $ 13,133 | $ 13,515 |
Amount released to pre - tax earnings | 84,378 | 67,990 | 250,685 | 213,011 |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Settlements of Cash Flow Hedges [Member] | ||||
Derivative [Line Items] | ||||
Amount released to pre - tax earnings | 7 | 6 | 20 | 20 |
Amount released to pre - tax earnings | (386) | 298 | (132) | 1,004 |
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 Twelve Months | 28 | 28 | ||
Amount released to pre - tax earnings | 7 | 6 | 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 Twelve Months | (557) | (557) | ||
Amount released to pre - tax earnings | $ (386) | $ 298 | $ (132) | $ 1,004 |
Fair Value - Fair Value of Fina
Fair Value - Fair Value of Financial Assets and Liabilities (Detail) - Investments [Member] - Other Noncurrent Assets [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 3,276 | $ 4,860 |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 3,276 | 4,860 |
Significant Other Observable Inputs (Level 2) [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] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 0 | $ 0 |
Net Sales and Income (Loss) B_3
Net Sales and Income (Loss) Before Income Taxes - Net Sales and Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 99,647 | $ 81,185 | $ 296,655 | $ 260,413 |
Income (loss) before income taxes | 2,121 | (1,175) | 4,697 | 2,116 |
U.S. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 56,535 | 44,859 | 164,167 | 133,233 |
Income (loss) before income taxes | (1,134) | (2,201) | 437 | (3,472) |
Foreign [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 43,112 | 36,326 | 132,488 | 127,180 |
Income (loss) before income taxes | $ 3,255 | $ 1,026 | $ 4,260 | $ 5,588 |
Net Sales and Income (Loss) B_4
Net Sales and Income (Loss) Before Income Taxes - Net Sales and Income (Loss) Before Income Taxes (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Sales And Income Loss Before Income Taxes [Abstract] | ||||
Corporate costs | $ 2,929 | $ 2,420 | $ 8,435 | $ 8,938 |
Net Sales and Income (Loss) B_5
Net Sales and Income (Loss) Before Income Taxes - Net Sales and Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 99,647 | $ 81,185 | $ 296,655 | $ 260,413 |
Forged and Cast Mill Rolls [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 66,653 | 53,778 | 193,946 | 177,918 |
FEP [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 8,858 | 7,401 | 35,902 | 17,640 |
Heat Exchange Coils [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 8,532 | 6,527 | 22,483 | 18,482 |
Air Handling Systems [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 8,457 | 6,383 | 22,133 | 21,235 |
Centrifugal Pumps [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 7,147 | $ 7,096 | $ 22,191 | $ 25,138 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Apr. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 684 | $ 515 | $ 1,512 | $ 1,543 | |
Incentive Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized under Omnibus Incentive Plan | 2,700,000 | ||||
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, 2022 USD ($) Claim | Sep. 30, 2021 USD ($) Claim | |
Loss Contingencies [Line Items] | ||
Total claims pending at the beginning of the period | 6,097 | 5,891 |
New claims served | 978 | 943 |
Claims dismissed | (220) | (525) |
Claims settled | (288) | (301) |
Total claims pending at the end of period | 6,567 | 6,008 |
Administrative closures | (2,908) | (2,914) |
Total active claims at the end of the period | 3,659 | 3,094 |
Gross settlement and defense costs paid in period | $ | $ 14,683,000 | $ 14,329,000 |
Avg. gross settlement and defense costs per claim resolved | $ | $ 28,900 | $ 17,350 |
Litigation - Schedule of Loss_2
Litigation - Schedule of Loss Contingencies by Contingency (Parenthetical) (Detail) - Claim | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Loss Contingencies [Line Items] | ||
Number of claims inactive or transferred to MDL panel | 658 | 661 |
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 | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |||
Increase (decrease) to estimated asbestos liability for claims pending or projected | $ 23,333 | $ 180,314 | |
Defense-to-indemnity cost ratio | 70% | 80% | |
Increase (decrease) in estimated insurance receivable | 16,672 | ||
Insurance settlements receivable | $ 121,297 |
Litigation - Summary of Activit
Litigation - Summary of Activity Relating to Asbestos Liability (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Asbestos liability, beginning of the year | $ 180,314 | $ 180,196 |
Settlement and defense costs paid | (14,683) | (14,329) |
Asbestos liability, end of the period | $ 165,631 | $ 165,867 |
Litigation - Summary of Activ_2
Litigation - Summary of Activity in Asbestos Insurance Recoveries (Detail) - Asbestos Claims [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Loss Contingencies [Line Items] | ||
Insurance receivable – asbestos, beginning of the year | $ 121,297 | $ 117,937 |
Settlement and defense costs paid by insurance carriers | (7,748) | (8,224) |
Insurance receivable – asbestos, end of the period | $ 113,549 | $ 109,713 |
Environmental Matters - Additio
Environmental Matters - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Environmental Remediation Obligations [Abstract] | ||
Undiscounted potential liability for all environmental compliance | $ 100 | $ 100 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) ¥ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2022 USD ($) | Sep. 30, 2022 CNY (¥) | Sep. 30, 2021 USD ($) | Sep. 30, 2021 CNY (¥) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 CNY (¥) | Sep. 30, 2021 USD ($) | Sep. 30, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 CNY (¥) | Sep. 30, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Jun. 30, 2021 | |
Related Party Transaction [Line Items] | |||||||||||||
Effective interest rate | 8% | 8% | 8% | 8% | 8% | 8% | 8% | ||||||
Accrued interest | $ 829,000 | $ 829,000 | $ 1,772,000 | ||||||||||
Net sales to related parties (Note 17) | 2,419,000 | $ 2,561,000 | 6,959,000 | $ 6,686,000 | |||||||||
Minority Shareholder Loan [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Loan outstanding | 1,525,000 | 1,525,000 | 0 | ||||||||||
ATR [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Repayments of borrowings | 4,251,000 | ¥ 27,618 | 1,065,000 | ¥ 6,901 | |||||||||
Loan outstanding | $ 5,776,000 | $ 5,776,000 | 0 | ¥ 38,470 | |||||||||
Effective interest rate | 5% | 5% | 5% | 5% | |||||||||
Interest paid | $ 943,000 | 6,241 | 0 | ||||||||||
Accrued interest | $ 696,000 | 696,000 | 1,713,000 | ¥ 4,950 | ¥ 10,901 | ||||||||
Purchases | 1,020,000 | ¥ 7,539 | 2,537,000 | ¥ 16,394 | 6,838,000 | 45,251 | 8,794,000 | 56,889 | |||||
LB Co paid Corporation for administrative services | 891,000 | 6,337 | 1,125,000 | ¥ 7,157 | |||||||||
Customer deposits | 526,000 | 526,000 | 616,000 | 3,746 | ¥ 3,921 | ||||||||
Net sales to related parties (Note 17) | 2,419,000 | ¥ 16,620 | $ 2,561,000 | ¥ 16,553 | 6,959,000 | ¥ 46,049 | $ 6,686,000 | ¥ 43,251 | |||||
Due from related parties | 1,881,000 | $ 1,881,000 | $ 0 | 13,387 | |||||||||
ATR [Member] | Minimum [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Interest accrual period | 3 years | 3 years | |||||||||||
ATR [Member] | Maximum [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Interest accrual period | 5 years | 5 years | |||||||||||
ATR [Member] | Minority Shareholder Loan [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Loan outstanding | $ 1,525,000 | $ 1,525,000 | ¥ 10,852 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2022 Segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 2 |
Business Segments - Business Se
Business Segments - Business Segment Net Sales and Income (loss) before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue from External Customer [Line Items] | ||||
Net sales | $ 97,228 | $ 78,624 | $ 289,696 | $ 253,727 |
Income (loss) before income taxes | 2,121 | (1,175) | 4,697 | 2,116 |
Operating Segments [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 99,647 | 81,185 | 296,655 | 260,413 |
Income (loss) before income taxes | 2,855 | 59 | 9,284 | 7,953 |
Operating Segments [Member] | Forged and Cast Engineered Products [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 75,511 | 61,179 | 229,848 | 195,558 |
Income (loss) before income taxes | (62) | (2,832) | 1,107 | 688 |
Operating Segments [Member] | Air and Liquid Processing [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 24,136 | 20,006 | 66,807 | 64,855 |
Income (loss) before income taxes | 2,917 | 2,891 | 8,177 | 7,265 |
Other Expense, Including Corporate Costs - Net [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Income (loss) before income taxes | $ (734) | $ (1,234) | $ (4,587) | $ (5,837) |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Details) - Subsequent Event [Member] - STORE [Member] $ in Thousands | Oct. 14, 2022 USD ($) |
Subsequent Event [Line Items] | |
Amount of sale and leaseback financing transaction | $ 4,500 |
Net proceeds after transaction-related costs | $ 4,444 |