Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 09, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
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 | 19,865,749 | |
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, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 6,070 | $ 8,735 |
Trade receivables | 83,148 | 77,426 |
Inventories | 130,748 | 121,739 |
Insurance receivable – asbestos | 15,000 | 15,000 |
Other current assets | 7,437 | 7,442 |
Total current assets | 242,536 | 231,408 |
Property, plant and equipment, net | 156,088 | 154,998 |
Operating lease right-of-use assets | 4,868 | 3,522 |
Insurance receivable – asbestos | 81,393 | 90,910 |
Deferred income tax assets | 2,141 | 2,141 |
Intangible assets, net | 4,727 | 5,194 |
Investments in joint ventures | 2,175 | 2,175 |
Prepaid pensions | 7,490 | 7,242 |
Other noncurrent assets | 4,696 | 5,184 |
Total assets | 506,114 | 502,774 |
Current liabilities: | ||
Accounts payable | 42,613 | 43,209 |
Accrued payrolls and employee benefits | 14,534 | 11,796 |
Debt – current portion | 13,608 | 12,410 |
Operating lease liabilities – current portion | 946 | 635 |
Asbestos liability – current portion | 23,000 | 23,000 |
Other current liabilities | 23,181 | 24,763 |
Total current liabilities | 118,758 | 116,225 |
Employee benefit obligations | 39,034 | 43,431 |
Asbestos liability | 114,354 | 130,575 |
Long-term debt | 114,182 | 93,061 |
Noncurrent operating lease liabilities | 3,922 | 2,886 |
Deferred income tax liabilities | 1,343 | 2,518 |
Other noncurrent liabilities | 236 | 682 |
Total liabilities | 391,829 | 389,378 |
Commitments and contingent liabilities (Note 9) | ||
Shareholders’ equity: | ||
Common stock - par value $1; authorized 40,000 shares; issued and outstanding 19,729 shares as of September 30, 2023 and 19,404 shares as of December 31, 2022 | 19,729 | 19,404 |
Additional paid-in capital | 176,680 | 175,656 |
Retained deficit | (31,161) | (32,322) |
Accumulated other comprehensive loss | (60,804) | (58,412) |
Total Ampco-Pittsburgh shareholders’ equity | 104,444 | 104,326 |
Noncontrolling interest | 9,841 | 9,070 |
Total shareholders’ equity | 114,285 | 113,396 |
Total liabilities and shareholders’ equity | 506,114 | 502,774 |
Related Party [Member] | ||
Current assets: | ||
Trade receivables from related parties | 133 | 1,066 |
Current liabilities: | ||
Accounts payable to related parties | $ 876 | $ 412 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 19,729,000 | 19,404,000 |
Common stock, shares outstanding | 19,729,000 | 19,404,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net sales: | ||||
Net sales | $ 102,200 | $ 97,228 | $ 311,491 | $ 289,696 |
Total net sales | 102,218 | 99,647 | 314,232 | 296,655 |
Operating costs and expenses: | ||||
Costs of products sold (excluding depreciation and amortization) | 84,490 | 84,101 | 256,333 | 249,700 |
Selling and administrative | 11,821 | 11,089 | 38,101 | 31,941 |
Depreciation and amortization | 4,382 | 4,206 | 13,110 | 13,133 |
Credit for asbestos litigation | (191) | 0 | (191) | 0 |
(Gain) loss on disposal of assets | (6) | 48 | (124) | 47 |
Total operating costs and expenses | 100,496 | 99,444 | 307,229 | 294,821 |
Income from operations | 1,722 | 203 | 7,003 | 1,834 |
Other (expense): income: | ||||
Investment-related income | 98 | 507 | 114 | 513 |
Interest expense | (2,468) | (1,486) | (6,784) | (3,684) |
Other income - net | 1,959 | 3,174 | 3,424 | 7,019 |
Total other (expense) income | (411) | 2,195 | (3,246) | 3,848 |
Income (loss) before income taxes | 1,311 | 2,398 | 3,757 | 5,682 |
Income tax provision | (76) | (987) | (541) | (1,432) |
Net income | 1,235 | 1,411 | 3,216 | 4,250 |
Less: Net income attributable to noncontrolling interest | 426 | 288 | 1,308 | 371 |
Net income (loss) attributable to Ampco-Pittsburgh | $ 809 | $ 1,123 | $ 1,908 | $ 3,879 |
Net income per share attributable to Ampco-Pittsburgh common shareholders: | ||||
Basic | $ 0.04 | $ 0.06 | $ 0.1 | $ 0.2 |
Diluted | $ 0.04 | $ 0.06 | $ 0.1 | $ 0.2 |
Weighted-average number of common shares outstanding: | ||||
Basic | 19,729 | 19,396 | 19,580 | 19,291 |
Diluted | 19,729 | 19,522 | 19,633 | 19,473 |
Related Party [Member] | ||||
Net sales: | ||||
Net sales to related parties | $ 18 | $ 2,419 | $ 2,741 | $ 6,959 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,235 | $ 1,411 | $ 3,216 | $ 4,250 |
Adjustments for changes in: | ||||
Foreign currency translation | (3,150) | (8,745) | (2,113) | (19,787) |
Unrecognized employee benefit costs (including effects of foreign currency translation) | 181 | 891 | 45 | 1,441 |
Fair value of cash flow hedges | 19 | (251) | (81) | (809) |
Reclassification adjustments for items included in net income: | ||||
Amortization of unrecognized employee benefit costs | (235) | 281 | (728) | 833 |
Settlements of cash flow hedges | 135 | 367 | (52) | 108 |
Other comprehensive loss | (3,050) | (7,457) | (2,929) | (18,214) |
Comprehensive (loss) income | (1,815) | (6,046) | 287 | (13,964) |
Less: Comprehensive income (loss) attributable to noncontrolling interest | 367 | (269) | 771 | (625) |
Comprehensive loss attributable to Ampco-Pittsburgh | $ (2,182) | $ (5,777) | $ (484) | $ (13,339) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Common Stock [Member] | Common Stock [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Retained Deficit [Member] | Retained Deficit [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Deficit [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Other Comprehensive Loss [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] |
Beginning Balance at Dec. 31, 2021 | $ 112,134 | $ 19,184 | $ 174,561 | $ (35,738) | $ (55,106) | $ 9,233 | ||||||||
Stock-based compensation | 1,512 | 1,512 | ||||||||||||
Comprehensive income (loss): | ||||||||||||||
Net (loss) income | 4,250 | 3,879 | 371 | |||||||||||
Other comprehensive loss | (18,214) | (17,218) | (996) | |||||||||||
Comprehensive income (loss) | (13,964) | (625) | ||||||||||||
Shareholder exercise of warrants (Note 10) | 0 | 48 | (48) | |||||||||||
Issuance of common stock excluding excess tax benefits | (350) | 171 | (521) | |||||||||||
Ending Balance at Sep. 30, 2022 | 99,332 | 19,403 | 175,504 | (31,859) | (72,324) | 8,608 | ||||||||
Beginning Balance at Jun. 30, 2022 | 104,694 | 19,355 | 174,868 | (32,982) | (65,424) | 8,877 | ||||||||
Stock-based compensation | 684 | 684 | ||||||||||||
Comprehensive income (loss): | ||||||||||||||
Net (loss) income | 1,411 | 1,123 | 288 | |||||||||||
Other comprehensive loss | (7,457) | (6,900) | (557) | |||||||||||
Comprehensive income (loss) | (6,046) | (269) | ||||||||||||
Shareholder exercise of warrants (Note 10) | 0 | 48 | (48) | |||||||||||
Ending Balance at Sep. 30, 2022 | 99,332 | 19,403 | 175,504 | (31,859) | (72,324) | 8,608 | ||||||||
Beginning Balance at Dec. 31, 2022 | 113,396 | $ 112,649 | 19,404 | $ 19,404 | 175,656 | $ 175,656 | (32,322) | $ (33,069) | (58,412) | $ (58,412) | 9,070 | $ 9,070 | ||
Beginning Balance (ASU 2016-13 [Member]) at Dec. 31, 2022 | $ (747) | $ (747) | ||||||||||||
Stock-based compensation | 1,630 | 1,630 | ||||||||||||
Comprehensive income (loss): | ||||||||||||||
Net (loss) income | 3,216 | 1,908 | 1,308 | |||||||||||
Other comprehensive loss | (2,929) | (2,392) | (537) | |||||||||||
Comprehensive income (loss) | 287 | 771 | ||||||||||||
Issuance of common stock excluding excess tax benefits | (281) | 325 | (606) | |||||||||||
Ending Balance at Sep. 30, 2023 | 114,285 | 19,729 | 176,680 | (31,161) | (60,804) | 9,841 | ||||||||
Beginning Balance at Jun. 30, 2023 | 115,580 | 19,729 | 176,160 | (31,970) | (57,813) | 9,474 | ||||||||
Stock-based compensation | 520 | 520 | ||||||||||||
Comprehensive income (loss): | ||||||||||||||
Net (loss) income | 1,235 | 809 | 426 | |||||||||||
Other comprehensive loss | (3,050) | (2,991) | (59) | |||||||||||
Comprehensive income (loss) | (1,815) | 367 | ||||||||||||
Ending Balance at Sep. 30, 2023 | $ 114,285 | $ 19,729 | $ 176,680 | $ (31,161) | $ (60,804) | $ 9,841 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Common Stock [Member] | ||
Issuance of common stock tax benefits | $ 0 | $ 0 |
Additional Paid-in Capital [Member] | ||
Issuance of common stock tax benefits | $ 0 | $ 0 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Cash Flows [Abstract] | ||
Net cash flows used in operating activities | $ (10,327) | $ (20,405) |
Cash flows used in investing activities: | ||
Purchases of property, plant and equipment | (14,134) | (13,003) |
Proceeds from sale of property, plant and equipment | 128 | 3 |
Purchases of long-term marketable securities | (70) | (496) |
Proceeds from sale of long-term marketable securities | 561 | 980 |
Net cash flows used in investing activities | (13,515) | (12,516) |
Cash flows from financing activities: | ||
Proceeds from revolving credit facility | 28,205 | 43,000 |
Payments on revolving credit facility | (15,693) | (27,283) |
Proceeds from sale and leaseback financing arrangements | 2,500 | 15,500 |
Payments on sale and leaseback financing arrangements | (180) | (264) |
Proceeds from equipment financing facility | 6,822 | 4,014 |
Proceeds from related party debt (Note 18) | 1,099 | 5,776 |
Repayments of related party debt (Note 18) | (1,096) | (4,251) |
Repayments of debt | (334) | (480) |
Debt issuance costs | 0 | (104) |
Net cash flows provided by financing activities | 21,323 | 35,908 |
Effect of exchange rate changes on cash and cash equivalents | (146) | (1,134) |
Net (decrease) increase in cash and cash equivalents | (2,665) | 1,853 |
Cash and cash equivalents at beginning of period | 8,735 | 10,337 |
Cash and cash equivalents at end of period | 6,070 | 12,190 |
Supplemental information: | ||
Income tax payments, net of refunds | 1,787 | 959 |
Interest payments | 5,739 | 3,896 |
Non-cash investing and financing activities: | ||
Purchases of property, plant and equipment in current liabilities | 2,365 | 1,009 |
Finance lease right-of-use assets exchanged for lease liabilities | 144 | 1,105 |
Operating lease right-of-use assets exchanged for lease liabilities | $ 1,953 | $ 191 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023, the unaudited condensed consolidated statements of operations, comprehensive loss and shareholders’ equity for the three and nine months ended September 30, 2023 and 2022, and cash flows for the nine months ended September 30, 2023 and 2022 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. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the operating results expected for the full year. 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. Effective December 31, 2022, the Corporation changed its method of accounting for the cost of its domestic inventories from the last in, first out (“LIFO”) method to the first in first out (“FIFO”) method. Accordingly, 2022 financial information herein has been restated as if the Corporation had accounted for its domestic inventories on the FIFO method for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the Corporation's latest Annual Report on Form 10-K. Recently Adopted Accounting Pronouncements In September 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments – Credit Losses , which adds a new impairment model, known as the current expected credit loss (“CECL”) model, based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes an allowance for its estimate of expected credit losses and applies it to most debt instruments, trade receivables, lease receivables, financial guarantee contracts, and other loan commitments. The CECL model does not have a minimum threshold for recognition of impairment losses and entities will need to measure expected credit losses on assets having a low risk of loss. The guidance became effective for the Corporation, and the Corporation adopted the guidance, effective January 1, 2023 and recorded an adjustment to opening retained deficit of $ 747 for the expected losses on trade receivables of $ 271 ( Note 2 ) and insurance receivable - asbestos of $ 476 ( Note 16 ). |
Allowance for Credit Losses (Tr
Allowance for Credit Losses (Trade Receivables) | 9 Months Ended |
Sep. 30, 2023 | |
Allowance for Credit Loss [Abstract] | |
Allowance for Credit Losses (Trade Receivables) | Note 2 - Allowance for Credit Losses (Trade Receivables) Trade receivables are reported on the condensed consolidated balance sheet at the amount due, adjusted for any allowance for credit losses. The Corporation provides an allowance for credit losses to reduce trade receivables to their estimated net realizable value equal to the amount expected to be collected. The allowance for credit losses is estimated based on historical collection experience, current regional economic and market conditions, aging of accounts receivable, current creditworthiness of customers, and forward-looking information. The use of forward-looking information is based on certain macroeconomic and microeconomic indicators including, but not limited to, regional business environment risk, political risk, and commercial and financing risks. The Corporation reviews its allowance for credit losses on a quarterly basis to ensure its reserves for credit losses reflect regional and end-customer industry risk trends as well as current and future global operating conditions. The allowance for credit losses on trade receivab les was $ 918 and $ 763 as of September 30, 2023 and December 31, 2022, respectively. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 3 – Inventories At September 30, 2023 and December 31, 2022, substantially all inventories were valued using the FIFO method. Inventories were comprised of the following: September 30, December 31, Raw materials $ 49,871 $ 42,736 Work-in-process 55,610 48,809 Finished goods 18,026 23,231 Supplies 7,241 6,963 Inventories $ 130,748 $ 121,739 |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 4 – Property, Plant and Equipment Property, plant and equipment were comprised of the following: September 30, December 31, Land and land improvements $ 9,711 $ 9,887 Buildings and leasehold improvements 64,346 62,102 Machinery and equipment 351,480 339,134 Construction-in-process 23,350 16,005 Other 6,840 6,706 455,727 433,834 Accumulated depreciation and amortization ( 299,639 ) ( 278,836 ) Property, plant and equipment, net $ 156,088 $ 154,998 The land and building of Union Electric Steel UK Limited, an indirect subsidiary of the Corporation (“UES-UK”), with a book value equal to $ 2,589 (£ 2,122 ) at September 30, 2023, are held as collateral by the trustees of the UES-UK defined benefit pension plan ( Note 8 ). Machinery and equipment purchased with proceeds from the equipment finance facility, with a book value equal to $ 13,210 at September 30, 2023, are included in construction-in-process and pledged as collateral for the facility ( Note 7 ). The remaining assets, other than real property, of the Corporation are pledged as collateral for the Corporation’s revolving credit facility ( Note 7 ). Certain land and land improvements and buildings and leasehold improvements are included in the sale and leaseback financing transactions and disbursement agreement ( Note 7 ). Title to these assets lies with the lender; however, since the transactions qualified as financing transactions, versus sales, the assets remain recorded on the Corporation’s condensed consolidated balance sheet. The gross value of assets under finance leases and the related accumulated amortization approximated $ 3,953 and $ 1,777 , respectively, as of September 30, 2023 and $ 3,917 and $ 1,577 , respectively, at December 31, 2022. Depreciation expense approximated $ 4,295 and $ 4,117 , including depreciation of assets under finance leases of approximately $ 115 and $ 77 , for the three months ended September 30, 2023 and 2022, respectively. Depreciation expense approximated $ 12,844 and $ 12,854 , including depreciation of assets under finance leases of approximately $ 252 and $ 337 , for the nine months ended September 30, 2023 and 2022, respectively. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 5 – Intangible Assets Intangible assets were comprised of the following: September 30, December 31, Customer relationships $ 5,194 $ 5,375 Developed technology 3,727 3,847 Trade name 2,075 2,167 10,996 11,389 Accumulated amortization ( 6,269 ) ( 6,195 ) Intangible assets, net $ 4,727 $ 5,194 Changes in intangible assets consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Balance at beginning of the period $ 4,859 $ 5,431 $ 5,194 $ 6,204 Amortization of intangible assets ( 87 ) ( 89 ) ( 266 ) ( 279 ) Other, primarily impact from changes in foreign currency exchange rates ( 45 ) ( 372 ) ( 201 ) ( 955 ) Balance at end of the period $ 4,727 $ 4,970 $ 4,727 $ 4,970 |
Other Current Liabilities
Other Current Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | Note 6 – Other Current Liabilities Other current liabilities were comprised of the following: September 30, December 31, Customer-related liabilities $ 15,763 $ 16,771 Accrued utilities 1,706 2,484 Accrued sales commissions 1,422 1,681 Other 4,290 3,827 Other current liabilities $ 23,181 $ 24,763 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 estimated 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, 2023 2022 2023 2022 Balance at beginning of the period $ 5,639 $ 6,759 $ 5,193 $ 7,331 Satisfaction of warranty claims ( 304 ) ( 1,100 ) ( 1,280 ) ( 2,226 ) Provision for warranty claims, net 62 ( 22 ) 1,439 1,078 Other, primarily impact from changes in foreign currency exchange rates ( 110 ) ( 357 ) ( 65 ) ( 903 ) Balance at end of the period $ 5,287 $ 5,280 $ 5,287 $ 5,280 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, 2023 2022 2023 2022 Balance at beginning of the period $ 11,506 $ 11,626 $ 10,453 $ 4,328 Satisfaction of performance obligations ( 7,602 ) ( 673 ) ( 17,182 ) ( 6,375 ) Receipt of additional deposits 5,266 602 15,886 13,831 Other, primarily impact from changes in foreign currency exchange rates ( 22 ) ( 78 ) ( 9 ) ( 307 ) Balance at end of the period $ 9,148 $ 11,477 $ 9,148 $ 11,477 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Note 7 – Debt Borrowings were comprised of the following: September 30, December 31, Revolving credit facility $ 59,590 $ 47,078 Sale and leaseback financing obligations 44,242 41,011 Industrial Revenue Bonds 9,191 9,191 Equipment financing facility 13,210 6,388 Finance lease liabilities 1,557 1,803 Outstanding borrowings 127,790 105,471 Debt – current portion ( 13,608 ) ( 12,410 ) Long-term debt $ 114,182 $ 93,061 The current portion of debt includes primarily swing loans 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 $ 3,590 and $ 2,078 at September 30, 2023 and December 31, 2022, 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; accordingly, the IRBs are classified as a current liability, although the Corporation considers the likelihood of the bonds being put back to the Corporation to be remote. 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 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 (see "Equipment Financing Facility" below) 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. Effective July 1, 2023, the Corporation migrated London Inter-Bank Offered Rate (“LIBOR”)-based loans to Secured Overnight Financing Rate (“SOFR”)-based loans, in accordance with the provisions specified in the revolving credit facility, coinciding with the discontinuation of LIBOR. 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 amended. Domestic borrowings from the credit facility bear interest, at the Corporation’s option, at either (i) SOFR, as adjusted, 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. As of September 30, 2023 and December 31, 2022, 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, 2023 , the Corporation had outstanding borrowings under the revolving credit facility of $ 59,590 . The average interest rate approximated 8.32 % and 7.97 % for the three and nine months ended September 30, 2023 , respectively, and 3.99 % for each of the three and nine months ended September 30, 2022. The Corporation also utilizes a portion of the credit facility for letters of credit ( Note 9 ). As of September 30, 2023 , remaining availability under the revolving credit facility approximated $ 21,724 , net of standard availability reserves. Deferred financing fees of $ 485 were incurred in 2021 related to the First Amended and Restated Security Agreement and are being amortized over the remaining term of the agreement. Borrowings outstanding under the 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 divestitures. 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, 2023. Sale and Leaseback Financing Obligations In September 2018, Union Electric Steel Corporation (“UES”), a wholly owned subsidiary of the Corporation, completed a sale and leaseback financing transaction with Store Capital Acquisitions, LLC (“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 August 2022, Air & Liquid completed a sale and leaseback financing transaction with STORE, valued at $ 15,500 , for certain of its real property, including its manufacturing facilities in Lynchburg, Virginia and Amherst, Virginia. Net proceeds, after transaction-related costs, approximated $ 15,396 . In October 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 (collectively with the Virginia properties, the “ALP Properties”). Net proceeds, after transaction-related costs, approximated $ 4,460 . In connection with the August 2022 sale and leaseback financing transaction, and as modified by the October 2022 sale and leaseback financing transaction, UES and STORE entered into a Second 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 ALP Properties and the UES Properties (collectively, the “Properties”), subject to the terms and conditions of the Restated Lease, and UES will sublease the ALP 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. In August 2022, in connection with the Restated Lease, UES and STORE entered into a Disbursement Agreement pursuant to which STORE agreed to provide up to $ 2,500 to UES towards certain leasehold improvements in the Carnegie, Pennsylvania manufacturing facility. In June 2023, UES received $ 2,500 of proceeds from the Disbursement Agreement. The annual payments for the Properties (the "Base Annual Rent") have been adjusted to repay the $ 2,500 over the balance of the initial term of the Restated Lease of 20 years. Advances under the Disbursement Agreement are secured by a first priority security interest in the leasehold improvements. At September 30, 2023, the Base Annual Rent, including the Disbursement Agreement adjustment, is equal to $ 3,572 , payable in equal monthly installments. Each October through 2052, the Base Annual Rent will increase by an amount equal to the lesser of 2.04 % or 1.25 times 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. Effective October 1, 2023, the new Base Annual Rent is $ 3,645 , an increase of 2.04 %. 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 8.89 % and 8.36 % for the three and nine months ended September 30, 2023 , respectively, and approximated 7.90 % for each of the three and nine months ended September 30, 2022. Deferred financing fees of $ 104 were incurred during the nine months ended September 30, 2022, related to the sale and leaseback transaction completed in August 2022, and are being amortized over the initial term of the Restated Lease of 20 years. 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 approxima ted 5.12 % and 4.72 % for the three and nine months ended September 30, 2023 , respectively, and 2.43 % and 1.40 % for the three and nine months ended September 30, 2022, respectively. 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 In September 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 a capital program at certain of the Corporation's FCEP locations ( Note 9 ), 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 29, 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. Effective July 1, 2023, UES and Clarus amended the Master Loan and Security Agreement increasing the interest rate on each Term Loan from an annual fixed rate of 8 % to an annual fixed rate of 10.25 %. Once converted from a Term Loan to a Term Note, interest will accrue on the Term Note at a fixed rate to be calculated by Clarus as the 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, 2023 , $ 13,210 was o utstanding as Term Loans. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | Note 8 – Pension and Other Postretirement Benefits Contributions to the Corporation’s employee benefit plans were as follows: Nine Months Ended September 30, 2023 2022 U.S. defined benefit pension plans $ 207 $ 236 Foreign defined benefit pension plans 377 388 Other postretirement benefits (e.g., net payments) 325 359 U.K. defined contribution pension plan 175 193 U.S. defined contribution plan 2,002 2,778 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 2023 2022 2023 2022 Service cost $ 10 $ 13 $ 29 $ 38 Interest cost 2,483 1,546 7,450 4,639 Expected return on plan assets ( 3,596 ) ( 3,302 ) ( 10,788 ) ( 9,905 ) Amortization of prior service cost 2 2 5 5 Amortization of actuarial loss 30 558 91 1,674 Net benefit income $ ( 1,071 ) $ ( 1,183 ) $ ( 3,213 ) $ ( 3,549 ) Three Months Ended September 30, Nine Months Ended September 30, Foreign Defined Benefit Pension Plans 2023 2022 2023 2022 Service cost $ 87 $ 85 $ 225 $ 223 Interest cost 468 256 1,391 821 Expected return on plan assets ( 487 ) ( 463 ) ( 1,446 ) ( 1,484 ) Amortization of prior service credit ( 70 ) ( 65 ) ( 207 ) ( 210 ) Amortization of actuarial loss 152 75 451 242 Net benefit expense (income) $ 150 $ ( 112 ) $ 414 $ ( 408 ) Three Months Ended September 30, Nine Months Ended September 30, Other Postretirement Benefit Plans 2023 2022 2023 2022 Service cost $ 43 $ 59 $ 128 $ 176 Interest cost 98 55 293 165 Amortization of prior service credit ( 256 ) ( 299 ) ( 768 ) ( 897 ) Amortization of actuarial (gain) loss ( 81 ) 6 ( 242 ) 19 Net benefit income $ ( 196 ) $ ( 179 ) $ ( 589 ) $ ( 537 ) |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 9 – Commitments and Contingent Liabilities Outstanding standby and commercial letters of credit and bank guarantees as of September 30, 2023 equaled $ 19,398 , of which approximately one-half serves as collateral for the IRB debt. Outstanding surety bonds as of September 30, 2023 approximated $ 3,111 (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 $ 26,000 capital program to upgrade existing equipment at certain of its FCEP locations. The capital program is anticipated to be substantially complete by December 31, 2023. At September 30, 2023 , commitments for future capital expenditures, including those associated with the FCEP capital program, approximated $ 7,300 . See Note 12 for derivative instruments, Note 16 for litigation and Note 17 for environmental matters. |
Equity Rights Offering
Equity Rights Offering | 9 Months Ended |
Sep. 30, 2023 | |
Warrants and Rights Note Disclosure [Abstract] | |
Equity Rights Offering | Note 10 – 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 three and nine months ended September 30, 2023 , the Corporation received no proceeds from shareholders from the exercise of Series A warrants. In May 2022, the Corporation filed a Tender Offer and Prospectus Supplement (the “Offer”) with the SEC pursuant to which the exercise price of each tendered Series A warrant was temporarily reduced. During the Offer period, the holders of Series A warrants were given the opportunity to exercise their Series A warrants at a temporarily reduced cash exercise price of $ 1.7856 per Series A warrant (or $ 4.00 per whole share of common stock). The Offer expired on July 15, 2022 . The Corporation raised $ 193 in gross proceeds resulting from 108,375 Series A warrants tendered. Series A warrants that were not exercised during the Offer period reverted to their original terms including 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. Stock issuance costs approximated $ 193 through September 30, 2022, and were recorded against the proceeds in additional paid in capital. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 11 – 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, 2023 and 2022 are summarized below. All amounts are net of tax where applicable. Foreign Unrecognized Cash Flow Total Less: Accumulated Other Balance at January 1, 2023 $ ( 26,170 ) $ ( 32,623 ) $ 152 $ ( 58,641 ) $ ( 229 ) $ ( 58,412 ) Net change ( 2,113 ) ( 683 ) ( 133 ) ( 2,929 ) ( 537 ) ( 2,392 ) Balance at September 30, 2023 $ ( 28,283 ) $ ( 33,306 ) $ 19 $ ( 61,570 ) $ ( 766 ) $ ( 60,804 ) 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 ) The following summarizes the line items affected on the condensed consolidated statements of operations for components reclassified from accumulated other comprehensive loss. Amounts in parentheses represent credits to net income. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Amortization of unrecognized employee benefit costs: Other (loss) income – net $ ( 223 ) $ 277 $ ( 670 ) $ 833 Income tax (provision) benefit ( 12 ) 4 ( 58 ) - Net of tax $ ( 235 ) $ 281 $ ( 728 ) $ 833 Settlements of cash flow hedges: Depreciation and amortization (foreign currency purchase contracts) $ ( 6 ) $ ( 7 ) $ ( 20 ) $ ( 20 ) Costs of products sold (excluding depreciation and 146 386 ( 33 ) 132 Total before income tax 140 379 ( 53 ) 112 Income tax (provision) benefit ( 5 ) ( 12 ) 1 ( 4 ) Net of tax $ 135 $ 367 $ ( 52 ) $ 108 The income tax effect associated with the various components of other comprehensive loss for the three and nine months ended September 30, 2023 and 2022 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, 2023 2022 2023 2022 Income tax effect associated with changes in: Unrecognized employee benefit costs $ - $ - $ - $ - Fair value of cash flow hedges - ( 7 ) 3 ( 25 ) Income tax effect associated with reclassification adjustments: Amortization of unrecognized employee benefit costs ( 12 ) 4 ( 58 ) - Settlement of cash flow hedges ( 5 ) ( 12 ) 1 ( 4 ) |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Note 12 – 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, 2023 , approximately 46 %, or $ 2,771, of anticipated copper purchases over the next ten months and 56 %, or $ 565 , of anticipated aluminum purchases over the next six months are hedged. 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 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, 2023 , the Corporation has purchase commitments covering approximately 32 %, or $ 2,942 , of anticipated natural gas usage through December 31, 2025 for one of its subsidiaries and approximately 21 %, or $ 1,116 , of anticipated electricity usage through December 31, 2025 for one of its subsidiaries. Purchases of natural gas and electricity under previously existing commitments equaled $ 812 and $ 2,249 for the three and nine months ended September 30, 2023, respectively. 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. 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 contracts 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 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. Gain (loss) on foreign exchange transactions included in other income – net equaled $ 892 and $( 267 ) for the three and nine months ended September 30, 2023 , respectively, and $ 1,809 and $ 3,368 for the three and nine months ended September 30, 2022, 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, 2023 and 2022 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, 2023 Beginning of Recognized Reclassified End of Foreign currency purchase contracts $ 94 $ - $ 6 $ 88 Futures contracts – copper and aluminum ( 229 ) 19 ( 141 ) ( 69 ) $ ( 135 ) $ 19 $ ( 135 ) $ 19 Three Months Ended September 30, 2022 Foreign currency purchase contracts $ 122 $ - $ 7 $ 115 Futures contracts – copper and aluminum ( 662 ) ( 251 ) ( 374 ) ( 539 ) $ ( 540 ) $ ( 251 ) $ ( 367 ) $ ( 424 ) Nine Months Ended September 30, 2023 Foreign currency purchase contracts $ 108 $ - $ 20 $ 88 Futures contracts – copper and aluminum 44 ( 81 ) 32 ( 69 ) $ 152 $ ( 81 ) $ 52 $ 19 Nine Months Ended September 30, 2022 Foreign currency purchase contracts $ 135 $ - $ 20 $ 115 Futures contracts – copper and aluminum 142 ( 809 ) ( 128 ) ( 539 ) $ 277 $ ( 809 ) $ ( 108 ) $ ( 424 ) The change in fair value reclassified or expected to be reclassified from accumulated other comprehensive loss to earnings is summarized below. All amounts are pre-tax. Location of Gain (Loss) Estimated to Three Months Ended September 30, Nine Months Ended September 30, of Operations 2023 2022 2023 2022 Foreign currency purchase contracts Depreciation and amortization $ 28 $ 6 $ 7 $ 20 $ 20 Futures contracts – copper and aluminum Costs of products sold $ ( 72 ) $ ( 146 ) $ ( 386 ) $ 33 $ ( 132 ) |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 13 – Fair Value The Corporation’s financial assets and liabilities reported at fair value in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022 were as follows: Quoted Prices Significant Significant Total As of September 30, 2023 Investments Other noncurrent assets $ 3,098 $ - $ - $ 3,098 As of December 31, 2022 Investments Other noncurrent assets $ 3,353 $ - $ - $ 3,353 The investments held as other noncurrent assets represent assets held in the “Rabbi” trust for the purpose of providing benefits under a 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 accounts payable approximate their carrying values. |
Net Sales and Income (Loss) Bef
Net Sales and Income (Loss) Before Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Net Sales And Income Loss Before Income Taxes [Abstract] | |
Net Sales and Income Before Income Taxes | Note 14 – Net Sales and Income Before Income Taxes Net sales and income before income taxes by geographic area for the three and nine months ended September 30, 2023 and 2022 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 are attributable to the FCEP segment. Three Months Ended September 30, Nine Months Ended September 30, Net Sales 2023 2022 2023 2022 United States $ 63,118 $ 56,535 $ 182,247 $ 164,167 Foreign 39,100 43,112 131,985 132,488 $ 102,218 $ 99,647 $ 314,232 $ 296,655 Three Months Ended September 30, Nine Months Ended September 30, Income Before Income Taxes 2023 2022 2023 2022 United States (1) $ 350 $ ( 857 ) $ ( 3,119 ) $ 1,422 Foreign 961 3,255 6,876 4,260 $ 1,311 $ 2,398 $ 3,757 $ 5,682 (1) Includes Corporate co sts of $ 3,182 and $ 2,929 for t he three months ended September 30, 2023 and 2022, respectively, and $ 9,959 and $ 8,435 for the nine months ended September 30, 2023 and 2022, 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, 2023 and 2022 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Forged and cast mill rolls $ 68,325 $ 66,653 $ 213,027 $ 193,946 FEP 5,300 8,858 14,977 35,902 Heat exchange coils 10,068 8,532 31,808 22,483 Air handling systems 9,357 8,457 27,453 22,133 Centrifugal pumps 9,168 7,147 26,967 22,191 $ 102,218 $ 99,647 $ 314,232 $ 296,655 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 15 – Stock-Based Compensation The Ampco-Pittsburgh Corporation 2016 Omnibus Incentive Plan, as amended (the “Incentive Plan”), authorizes the issuance of up to 3,700,000 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, 2023 equaled $ 520 and $ 1,630 , respectively, and for the three and nine months ended September 30, 2022 , equaled $ 684 and $ 1,512 , 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, 2023 | |
Loss Contingency [Abstract] | |
Litigation | Note 16 – 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. 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, 2023 and 2022 (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, 2023 2022 Total claims pending at the beginning of the period 6,259 6,097 New claims served 984 978 Claims dismissed ( 647 ) ( 220 ) Claims settled ( 305 ) ( 288 ) Total claims pending at the end of period (1) 6,291 6,567 Administrative closures (2) ( 2,903 ) ( 2,908 ) Total active claims at the end of the period 3,388 3,659 Gross settlement and defense costs paid in period (in 000’s) $ 16,221 $ 14,683 Avg. gross settlement and defense costs per claim resolved (in 000’s) (3) $ 17.04 $ 28.90 (1) Included as “total claims pending” are approxim ately 1,642 and 658 clai ms at September 30, 2023 and 2022, 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 filed six or more years ago, (ii) claims previously classified in various jurisdictions as “inactive,” and (iii) claims 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 administratively closed. Asbestos Insurance The Corporation and Air & Liquid are parties to a series of settlement agreements (“Settlement Agreements”) with insurers having 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 providing coverage for claims for the Asbestos Liability. The Settlement Agreements acknowledge 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 becoming 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 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 and expected defense-to-indemnity costs 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 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 exhaustion, the nature of the underlying claims for the Asbestos Liability, estimated erosion of insurance limits on account of claims against Howden arising out of the Products, prior impairment of policies, insolvencies among certain of 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 time frame of the Asbestos Liability. The following table summarizes activity relating to Asbestos Liability for the nine months ended September 30, 2023 and 2022. Nine Months Ended September 30, 2023 2022 Asbestos liability, beginning of the year $ 153,575 $ 180,314 Settlement and defense costs paid ( 16,221 ) ( 14,683 ) Asbestos liability, end of the period $ 137,354 $ 165,631 The following table summarizes activity relating to insurance recoveries for the nine months ended September 30, 2023 and 2022. Nine Months Ended September 30, 2023 2022 Insurance receivable – asbestos, beginning of the year, as reported $ 105,910 $ 121,297 Impact of adoption of new accounting standard ( 476 ) - Insurance receivable – asbestos, beginning of the year, as adjusted 105,434 121,297 Settlement and defense costs paid by insurance carriers ( 9,041 ) ( 7,748 ) Insurance receivable – asbestos, end of the period $ 96,393 $ 113,549 In conjunction with the adoption of the CECL accounting standard as of January 1, 2023, the Corporation established an allowance for expected credit losses of $ 476 reducing the insurance receivable to its estimated net realizable value. The allowance for expected credit losses is estimated based on historical insolvency experience, expected time frame until collection of insurance claim and assessments of current creditworthiness of insurers. 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, there will not be insolvencies among the relevant insurance carriers, or the assumed percentage recoveries for certain carriers will prove correct. During the third quarter of 2023, the Corporation received $ 191 of proceeds from an insolvent asbestos-related insurance carrier, which is recorded as Credit for Asbestos Litigation in the accompanying condensed consolidated statements of operations. Asbestos Assumptions The amounts recorded for the Asbestos Liability and insurance receivable rely on assumptions 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 include forecast of the population likely to have been exposed to asbestos; the number of people likely to develop an asbestos-related disease; estimated number of people likely to file an asbestos-related injury claim against the Corporation or its subsidiaries; an analysis of pending cases, by type of injury claimed and jurisdiction where the claim is filed; average settlement value of claims, by type of injury claimed and jurisdiction of filing; number and nature of new claims to be filed each year; 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 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, related insurance receivable, the sufficiency of its allowance for expected credit losses and 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, insurance receivable and/or allowance for expected credit losses could be material to the operating results for the period in which the adjustments to the liability, receivable or allowance are recorded and to the Corporation’s consolidated financial position and liquidity. |
Environmental Matters
Environmental Matters | 9 Months Ended |
Sep. 30, 2023 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Matters | Note 17 – 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, 2023 and December 31, 2022. |
Related Parties
Related Parties | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Parties | Note 18 – Related Parties Shanxi Åkers TISCO Roll Co., Ltd. (“ATR”) periodically has loans outstanding with its minority shareholder. Interest on borrowings accrues at the three -to- five-year loan interest rate set by the People’s Bank of China, which approximated 4.35 % and 5.00 % for each of the three and nine months ended September 30, 2023 and 2022, respectively. For the nine months ended September 30, 2023 , ATR paid $ 5 (RMB 35 ) of interest. For the nine months ended September 30, 2022 , ATR paid $ 943 (RMB 6,241 ) of interest. No interest was outstanding as of September 30, 2023 or December 31, 2022. Loan activity for the nine months ended September 30, 2023 and 2022 was as follows: Nine Months Ended September 30, 2023 2023 2022 2022 USD RMB USD RMB Balance at beginning of the period $ - - $ - - Borrowings 1,099 7,604 5,776 38,470 Repayments ( 1,096 ) ( 7,604 ) ( 4,251 ) ( 27,618 ) Foreign exchange ( 3 ) - - - Balance at end of the period $ - - $ 1,525 10,852 Sales to and purchases from ATR’s minority shareholder and its affiliates, which were in the ordinary course of business, for the three and nine months ended September 30, 2023 and 2022 were as follows: Three Months Ended September 30, 2023 2023 2022 2022 USD RMB USD RMB Purchases from related parties $ 1,913 13,752 $ 1,020 7,539 Sales to related parties $ 18 346 $ 2,419 16,620 Nine Months Ended September 30, 2023 2023 2022 2022 USD RMB USD RMB Purchases from related parties $ 5,236 36,885 $ 6,838 45,251 Sales to related parties $ 2,741 19,306 $ 6,959 46,049 Balances outstanding with ATR's minority shareholder and its affiliates as of September 30, 2023 and December 31, 2022 were as follows: September 30, 2023 September 30, 2023 December 31, 2022 December 31, 2022 USD RMB USD RMB Accounts receivable from related parties $ 133 974 $ 1,066 7,352 Accounts payable to related parties $ 876 6,392 $ 412 2,841 Other current liabilities: Customer deposits $ 380 2,772 $ 368 2,542 |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Business Segments | Note 19 – Business Segments Presented below are the net sales and income before income taxes for the Corporation’s two business segments. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net sales: Forged and Cast Engineered Products $ 73,625 $ 75,511 $ 228,004 $ 229,848 Air and Liquid Processing 28,593 24,136 86,228 66,807 Total Reportable Segments $ 102,218 $ 99,647 $ 314,232 $ 296,655 Income before income taxes: Forged and Cast Engineered Products (1) $ 1,448 $ 215 $ 7,576 $ 2,092 Air and Liquid Processing (2) 3,456 2,917 9,386 8,177 Total Reportable Segments 4,904 3,132 16,962 10,269 Other expense, including corporate costs ( 3,593 ) ( 734 ) ( 13,205 ) ( 4,587 ) Total $ 1,311 $ 2,398 $ 3,757 $ 5,682 (1) Income before income taxes for the Forged and Cast Engineered Products segment for the nine months ended September 30, 2023 includes proceeds of approximately $ 1,874 for the reimbursement of past energy costs at one of the Corporation's foreign operations by its local government. No future performance or conditions exist related to the reimbursement and, currently, no further reimbursements are expected. (2) I ncome before income taxes for the Air and Liquid Processing segment for the three and nine months ended September 30, 2023 includes proceeds of approximately $ 191 from an insolvent asbestos-related insurance carrier. |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Financial Statements (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unaudited Condensed Consolidated Financial Statements | The unaudited condensed consolidated balance sheet as of September 30, 2023, the unaudited condensed consolidated statements of operations, comprehensive loss and shareholders’ equity for the three and nine months ended September 30, 2023 and 2022, and cash flows for the nine months ended September 30, 2023 and 2022 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. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the operating results expected for the full year. 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. Effective December 31, 2022, the Corporation changed its method of accounting for the cost of its domestic inventories from the last in, first out (“LIFO”) method to the first in first out (“FIFO”) method. Accordingly, 2022 financial information herein has been restated as if the Corporation had accounted for its domestic inventories on the FIFO method for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the Corporation's latest Annual Report on Form 10-K. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In September 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments – Credit Losses , which adds a new impairment model, known as the current expected credit loss (“CECL”) model, based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes an allowance for its estimate of expected credit losses and applies it to most debt instruments, trade receivables, lease receivables, financial guarantee contracts, and other loan commitments. The CECL model does not have a minimum threshold for recognition of impairment losses and entities will need to measure expected credit losses on assets having a low risk of loss. The guidance became effective for the Corporation, and the Corporation adopted the guidance, effective January 1, 2023 and recorded an adjustment to opening retained deficit of $ 747 for the expected losses on trade receivables of $ 271 ( Note 2 ) and insurance receivable - asbestos of $ 476 ( Note 16 ). |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories were comprised of the following: September 30, December 31, Raw materials $ 49,871 $ 42,736 Work-in-process 55,610 48,809 Finished goods 18,026 23,231 Supplies 7,241 6,963 Inventories $ 130,748 $ 121,739 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment were comprised of the following: September 30, December 31, Land and land improvements $ 9,711 $ 9,887 Buildings and leasehold improvements 64,346 62,102 Machinery and equipment 351,480 339,134 Construction-in-process 23,350 16,005 Other 6,840 6,706 455,727 433,834 Accumulated depreciation and amortization ( 299,639 ) ( 278,836 ) Property, plant and equipment, net $ 156,088 $ 154,998 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets were comprised of the following: September 30, December 31, Customer relationships $ 5,194 $ 5,375 Developed technology 3,727 3,847 Trade name 2,075 2,167 10,996 11,389 Accumulated amortization ( 6,269 ) ( 6,195 ) Intangible assets, net $ 4,727 $ 5,194 |
Summary of Changes in Intangible Assets | Changes in intangible assets consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Balance at beginning of the period $ 4,859 $ 5,431 $ 5,194 $ 6,204 Amortization of intangible assets ( 87 ) ( 89 ) ( 266 ) ( 279 ) Other, primarily impact from changes in foreign currency exchange rates ( 45 ) ( 372 ) ( 201 ) ( 955 ) Balance at end of the period $ 4,727 $ 4,970 $ 4,727 $ 4,970 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities were comprised of the following: September 30, December 31, Customer-related liabilities $ 15,763 $ 16,771 Accrued utilities 1,706 2,484 Accrued sales commissions 1,422 1,681 Other 4,290 3,827 Other current liabilities $ 23,181 $ 24,763 |
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, 2023 2022 2023 2022 Balance at beginning of the period $ 5,639 $ 6,759 $ 5,193 $ 7,331 Satisfaction of warranty claims ( 304 ) ( 1,100 ) ( 1,280 ) ( 2,226 ) Provision for warranty claims, net 62 ( 22 ) 1,439 1,078 Other, primarily impact from changes in foreign currency exchange rates ( 110 ) ( 357 ) ( 65 ) ( 903 ) Balance at end of the period $ 5,287 $ 5,280 $ 5,287 $ 5,280 |
Schedule of Changes in Customer Deposits | Changes in customer deposits consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Balance at beginning of the period $ 11,506 $ 11,626 $ 10,453 $ 4,328 Satisfaction of performance obligations ( 7,602 ) ( 673 ) ( 17,182 ) ( 6,375 ) Receipt of additional deposits 5,266 602 15,886 13,831 Other, primarily impact from changes in foreign currency exchange rates ( 22 ) ( 78 ) ( 9 ) ( 307 ) Balance at end of the period $ 9,148 $ 11,477 $ 9,148 $ 11,477 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Borrowings | Borrowings were comprised of the following: September 30, December 31, Revolving credit facility $ 59,590 $ 47,078 Sale and leaseback financing obligations 44,242 41,011 Industrial Revenue Bonds 9,191 9,191 Equipment financing facility 13,210 6,388 Finance lease liabilities 1,557 1,803 Outstanding borrowings 127,790 105,471 Debt – current portion ( 13,608 ) ( 12,410 ) Long-term debt $ 114,182 $ 93,061 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Contributions for Pension and Other Postretirement Benefits | Contributions to the Corporation’s employee benefit plans were as follows: Nine Months Ended September 30, 2023 2022 U.S. defined benefit pension plans $ 207 $ 236 Foreign defined benefit pension plans 377 388 Other postretirement benefits (e.g., net payments) 325 359 U.K. defined contribution pension plan 175 193 U.S. defined contribution plan 2,002 2,778 |
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 2023 2022 2023 2022 Service cost $ 10 $ 13 $ 29 $ 38 Interest cost 2,483 1,546 7,450 4,639 Expected return on plan assets ( 3,596 ) ( 3,302 ) ( 10,788 ) ( 9,905 ) Amortization of prior service cost 2 2 5 5 Amortization of actuarial loss 30 558 91 1,674 Net benefit income $ ( 1,071 ) $ ( 1,183 ) $ ( 3,213 ) $ ( 3,549 ) Three Months Ended September 30, Nine Months Ended September 30, Foreign Defined Benefit Pension Plans 2023 2022 2023 2022 Service cost $ 87 $ 85 $ 225 $ 223 Interest cost 468 256 1,391 821 Expected return on plan assets ( 487 ) ( 463 ) ( 1,446 ) ( 1,484 ) Amortization of prior service credit ( 70 ) ( 65 ) ( 207 ) ( 210 ) Amortization of actuarial loss 152 75 451 242 Net benefit expense (income) $ 150 $ ( 112 ) $ 414 $ ( 408 ) Three Months Ended September 30, Nine Months Ended September 30, Other Postretirement Benefit Plans 2023 2022 2023 2022 Service cost $ 43 $ 59 $ 128 $ 176 Interest cost 98 55 293 165 Amortization of prior service credit ( 256 ) ( 299 ) ( 768 ) ( 897 ) Amortization of actuarial (gain) loss ( 81 ) 6 ( 242 ) 19 Net benefit income $ ( 196 ) $ ( 179 ) $ ( 589 ) $ ( 537 ) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 and 2022 are summarized below. All amounts are net of tax where applicable. Foreign Unrecognized Cash Flow Total Less: Accumulated Other Balance at January 1, 2023 $ ( 26,170 ) $ ( 32,623 ) $ 152 $ ( 58,641 ) $ ( 229 ) $ ( 58,412 ) Net change ( 2,113 ) ( 683 ) ( 133 ) ( 2,929 ) ( 537 ) ( 2,392 ) Balance at September 30, 2023 $ ( 28,283 ) $ ( 33,306 ) $ 19 $ ( 61,570 ) $ ( 766 ) $ ( 60,804 ) 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 ) |
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 parentheses represent credits to net income. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Amortization of unrecognized employee benefit costs: Other (loss) income – net $ ( 223 ) $ 277 $ ( 670 ) $ 833 Income tax (provision) benefit ( 12 ) 4 ( 58 ) - Net of tax $ ( 235 ) $ 281 $ ( 728 ) $ 833 Settlements of cash flow hedges: Depreciation and amortization (foreign currency purchase contracts) $ ( 6 ) $ ( 7 ) $ ( 20 ) $ ( 20 ) Costs of products sold (excluding depreciation and 146 386 ( 33 ) 132 Total before income tax 140 379 ( 53 ) 112 Income tax (provision) benefit ( 5 ) ( 12 ) 1 ( 4 ) Net of tax $ 135 $ 367 $ ( 52 ) $ 108 |
Summary of Income Tax Effect Associated With Various Components of Other Comprehensive Loss | The income tax effect associated with the various components of other comprehensive loss for the three and nine months ended September 30, 2023 and 2022 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, 2023 2022 2023 2022 Income tax effect associated with changes in: Unrecognized employee benefit costs $ - $ - $ - $ - Fair value of cash flow hedges - ( 7 ) 3 ( 25 ) Income tax effect associated with reclassification adjustments: Amortization of unrecognized employee benefit costs ( 12 ) 4 ( 58 ) - Settlement of cash flow hedges ( 5 ) ( 12 ) 1 ( 4 ) |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 and 2022 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, 2023 Beginning of Recognized Reclassified End of Foreign currency purchase contracts $ 94 $ - $ 6 $ 88 Futures contracts – copper and aluminum ( 229 ) 19 ( 141 ) ( 69 ) $ ( 135 ) $ 19 $ ( 135 ) $ 19 Three Months Ended September 30, 2022 Foreign currency purchase contracts $ 122 $ - $ 7 $ 115 Futures contracts – copper and aluminum ( 662 ) ( 251 ) ( 374 ) ( 539 ) $ ( 540 ) $ ( 251 ) $ ( 367 ) $ ( 424 ) Nine Months Ended September 30, 2023 Foreign currency purchase contracts $ 108 $ - $ 20 $ 88 Futures contracts – copper and aluminum 44 ( 81 ) 32 ( 69 ) $ 152 $ ( 81 ) $ 52 $ 19 Nine Months Ended September 30, 2022 Foreign currency purchase contracts $ 135 $ - $ 20 $ 115 Futures contracts – copper and aluminum 142 ( 809 ) ( 128 ) ( 539 ) $ 277 $ ( 809 ) $ ( 108 ) $ ( 424 ) |
Summary of Change in Fair Value Reclassified or Expected to be Reclassified from Accumulated Other Comprehensive Loss to Earnings | The change in fair value reclassified or expected to be reclassified from accumulated other comprehensive loss to earnings is summarized below. All amounts are pre-tax. Location of Gain (Loss) Estimated to Three Months Ended September 30, Nine Months Ended September 30, of Operations 2023 2022 2023 2022 Foreign currency purchase contracts Depreciation and amortization $ 28 $ 6 $ 7 $ 20 $ 20 Futures contracts – copper and aluminum Costs of products sold $ ( 72 ) $ ( 146 ) $ ( 386 ) $ 33 $ ( 132 ) |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | The Corporation’s financial assets and liabilities reported at fair value in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022 were as follows: Quoted Prices Significant Significant Total As of September 30, 2023 Investments Other noncurrent assets $ 3,098 $ - $ - $ 3,098 As of December 31, 2022 Investments Other noncurrent assets $ 3,353 $ - $ - $ 3,353 |
Net Sales and Income (Loss) B_2
Net Sales and Income (Loss) Before Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Net Sales And Income Loss Before Income Taxes [Abstract] | |
Net Sales and Income Before Income Taxes | Net sales and income before income taxes by geographic area for the three and nine months ended September 30, 2023 and 2022 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 are attributable to the FCEP segment. Three Months Ended September 30, Nine Months Ended September 30, Net Sales 2023 2022 2023 2022 United States $ 63,118 $ 56,535 $ 182,247 $ 164,167 Foreign 39,100 43,112 131,985 132,488 $ 102,218 $ 99,647 $ 314,232 $ 296,655 Three Months Ended September 30, Nine Months Ended September 30, Income Before Income Taxes 2023 2022 2023 2022 United States (1) $ 350 $ ( 857 ) $ ( 3,119 ) $ 1,422 Foreign 961 3,255 6,876 4,260 $ 1,311 $ 2,398 $ 3,757 $ 5,682 (1) Includes Corporate co sts of $ 3,182 and $ 2,929 for t he three months ended September 30, 2023 and 2022, respectively, and $ 9,959 and $ 8,435 for the nine months ended September 30, 2023 and 2022, 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, 2023 and 2022 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Forged and cast mill rolls $ 68,325 $ 66,653 $ 213,027 $ 193,946 FEP 5,300 8,858 14,977 35,902 Heat exchange coils 10,068 8,532 31,808 22,483 Air handling systems 9,357 8,457 27,453 22,133 Centrifugal pumps 9,168 7,147 26,967 22,191 $ 102,218 $ 99,647 $ 314,232 $ 296,655 |
Litigation (Tables)
Litigation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 and 2022 (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, 2023 2022 Total claims pending at the beginning of the period 6,259 6,097 New claims served 984 978 Claims dismissed ( 647 ) ( 220 ) Claims settled ( 305 ) ( 288 ) Total claims pending at the end of period (1) 6,291 6,567 Administrative closures (2) ( 2,903 ) ( 2,908 ) Total active claims at the end of the period 3,388 3,659 Gross settlement and defense costs paid in period (in 000’s) $ 16,221 $ 14,683 Avg. gross settlement and defense costs per claim resolved (in 000’s) (3) $ 17.04 $ 28.90 (1) Included as “total claims pending” are approxim ately 1,642 and 658 clai ms at September 30, 2023 and 2022, 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 filed six or more years ago, (ii) claims previously classified in various jurisdictions as “inactive,” and (iii) claims 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 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, 2023 and 2022. Nine Months Ended September 30, 2023 2022 Asbestos liability, beginning of the year $ 153,575 $ 180,314 Settlement and defense costs paid ( 16,221 ) ( 14,683 ) Asbestos liability, end of the period $ 137,354 $ 165,631 |
Summary of Activity in Asbestos Insurance Recoveries | The following table summarizes activity relating to insurance recoveries for the nine months ended September 30, 2023 and 2022. Nine Months Ended September 30, 2023 2022 Insurance receivable – asbestos, beginning of the year, as reported $ 105,910 $ 121,297 Impact of adoption of new accounting standard ( 476 ) - Insurance receivable – asbestos, beginning of the year, as adjusted 105,434 121,297 Settlement and defense costs paid by insurance carriers ( 9,041 ) ( 7,748 ) Insurance receivable – asbestos, end of the period $ 96,393 $ 113,549 |
Related Parties (Tables)
Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Loan activity for the nine months ended September 30, 2023 and 2022 was as follows: Nine Months Ended September 30, 2023 2023 2022 2022 USD RMB USD RMB Balance at beginning of the period $ - - $ - - Borrowings 1,099 7,604 5,776 38,470 Repayments ( 1,096 ) ( 7,604 ) ( 4,251 ) ( 27,618 ) Foreign exchange ( 3 ) - - - Balance at end of the period $ - - $ 1,525 10,852 Sales to and purchases from ATR’s minority shareholder and its affiliates, which were in the ordinary course of business, for the three and nine months ended September 30, 2023 and 2022 were as follows: Three Months Ended September 30, 2023 2023 2022 2022 USD RMB USD RMB Purchases from related parties $ 1,913 13,752 $ 1,020 7,539 Sales to related parties $ 18 346 $ 2,419 16,620 Nine Months Ended September 30, 2023 2023 2022 2022 USD RMB USD RMB Purchases from related parties $ 5,236 36,885 $ 6,838 45,251 Sales to related parties $ 2,741 19,306 $ 6,959 46,049 Balances outstanding with ATR's minority shareholder and its affiliates as of September 30, 2023 and December 31, 2022 were as follows: September 30, 2023 September 30, 2023 December 31, 2022 December 31, 2022 USD RMB USD RMB Accounts receivable from related parties $ 133 974 $ 1,066 7,352 Accounts payable to related parties $ 876 6,392 $ 412 2,841 Other current liabilities: Customer deposits $ 380 2,772 $ 368 2,542 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Business Segment Net Sales and Income before Income Taxes | Presented below are the net sales and income before income taxes for the Corporation’s two business segments. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net sales: Forged and Cast Engineered Products $ 73,625 $ 75,511 $ 228,004 $ 229,848 Air and Liquid Processing 28,593 24,136 86,228 66,807 Total Reportable Segments $ 102,218 $ 99,647 $ 314,232 $ 296,655 Income before income taxes: Forged and Cast Engineered Products (1) $ 1,448 $ 215 $ 7,576 $ 2,092 Air and Liquid Processing (2) 3,456 2,917 9,386 8,177 Total Reportable Segments 4,904 3,132 16,962 10,269 Other expense, including corporate costs ( 3,593 ) ( 734 ) ( 13,205 ) ( 4,587 ) Total $ 1,311 $ 2,398 $ 3,757 $ 5,682 (1) Income before income taxes for the Forged and Cast Engineered Products segment for the nine months ended September 30, 2023 includes proceeds of approximately $ 1,874 for the reimbursement of past energy costs at one of the Corporation's foreign operations by its local government. No future performance or conditions exist related to the reimbursement and, currently, no further reimbursements are expected. (2) I ncome before income taxes for the Air and Liquid Processing segment for the three and nine months ended September 30, 2023 includes proceeds of approximately $ 191 from an insolvent asbestos-related insurance carrier. |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Financial Statements - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 01, 2023 | Sep. 30, 2023 | Dec. 31, 2022 |
Unaudited Condensed Consolidated Financial Statements [Line Items] | |||
Adjustment to opening retained deficit | $ (31,161) | $ (32,322) | |
ASU 2016-13 [Member] | |||
Unaudited Condensed Consolidated Financial Statements [Line Items] | |||
Insurance receivable - asbestos | $ 476 | ||
ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Unaudited Condensed Consolidated Financial Statements [Line Items] | |||
Adjustment to opening retained deficit | (747) | ||
Expected losses on trade receivables | 271 | ||
Insurance receivable - asbestos | $ 476 |
Allowance for Credit Losses (_2
Allowance for Credit Losses (Trade Receivables) - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Allowance for Credit Losses [Line Items] | ||
Allowance for credit losses on trade receivables | $ 918 | $ 763 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 49,871 | $ 42,736 |
Work-in-process | 55,610 | 48,809 |
Finished goods | 18,026 | 23,231 |
Supplies | 7,241 | 6,963 |
Inventories | $ 130,748 | $ 121,739 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 455,727 | $ 433,834 |
Accumulated depreciation and amortization | (299,639) | (278,836) |
Property, plant and equipment, net | 156,088 | 154,998 |
Land and Land Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 9,711 | 9,887 |
Buildings and Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 64,346 | 62,102 |
Machinery and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 351,480 | 339,134 |
Construction-in-Process [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 23,350 | 16,005 |
Other [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 6,840 | $ 6,706 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) £ in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 GBP (£) | Dec. 31, 2022 USD ($) | |
Property Plant And Equipment [Line Items] | ||||||
Finance lease assets gross value | $ 3,953 | $ 3,953 | $ 3,917 | |||
Finance lease, lease related accumulated amortization | 1,777 | 1,777 | $ 1,577 | |||
Depreciation expense | 4,295 | $ 4,117 | 12,844 | $ 12,854 | ||
Depreciation on assets under finance leases | 115 | $ 77 | 252 | $ 337 | ||
Construction-in-Process [Member] | ||||||
Property Plant And Equipment [Line Items] | ||||||
Machinery and equipment purchased | 13,210 | |||||
Union Electric Steel UK Limited [Member] | ||||||
Property Plant And Equipment [Line Items] | ||||||
Land and buildings held as collateral | $ 2,589 | $ 2,589 | £ 2,122 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Finite and Indefinite Lived Intangible Assets [Line Items] | ||||||
Intangible assets, Trade name | $ 2,075 | $ 2,167 | ||||
Intangible assets, gross | 10,996 | 11,389 | ||||
Accumulated amortization | (6,269) | (6,195) | ||||
Intangible assets, net | 4,727 | $ 4,859 | 5,194 | $ 4,970 | $ 5,431 | $ 6,204 |
Customer Relationships [Member] | ||||||
Finite and Indefinite Lived Intangible Assets [Line Items] | ||||||
Intangible assets, gross | 5,194 | 5,375 | ||||
Developed Technology [Member] | ||||||
Finite and Indefinite Lived Intangible Assets [Line Items] | ||||||
Intangible assets, gross | $ 3,727 | $ 3,847 |
Intangible Assets - Summary of
Intangible Assets - Summary of Changes in Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||
Balance at beginning of the period | $ 4,859 | $ 5,431 | $ 5,194 | $ 6,204 |
Amortization of intangible assets | (87) | (89) | (266) | (279) |
Other, primarily impact from changes in foreign currency exchange rates | (45) | (372) | (201) | (955) |
Balance at end of the period | $ 4,727 | $ 4,970 | $ 4,727 | $ 4,970 |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Customer-related liabilities | $ 15,763 | $ 16,771 |
Accrued utilities | 1,706 | 2,484 |
Accrued sales commissions | 1,422 | 1,681 |
Other | 4,290 | 3,827 |
Other current liabilities | $ 23,181 | $ 24,763 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | ||||
Balance at beginning of the period | $ 5,639 | $ 6,759 | $ 5,193 | $ 7,331 |
Satisfaction of warranty claims | (304) | (1,100) | (1,280) | (2,226) |
Provision for warranty claims, net | 62 | (22) | 1,439 | 1,078 |
Other, primarily impact from changes in foreign currency exchange rates | (110) | (357) | (65) | (903) |
Balance at end of the period | $ 5,287 | $ 5,280 | $ 5,287 | $ 5,280 |
Other Current Liabilities - Add
Other Current Liabilities - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2023 | |
Maximum [Member] | |
Other Liabilities Disclosure [Line Items] | |
Performance obligation related to customer deposits expected satisfaction period | 1 year |
Other Current Liabilities - S_3
Other Current Liabilities - Schedule of Change in Customer Deposits (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Contract with Customer, Liability [Abstract] | ||||
Balance at beginning of the period | $ 11,506 | $ 11,626 | $ 10,453 | $ 4,328 |
Satisfaction of performance obligations | (7,602) | (673) | (17,182) | (6,375) |
Receipt of additional deposits | 5,266 | 602 | 15,886 | 13,831 |
Other, primarily impact from changes in foreign currency exchange rates | (22) | (78) | (9) | (307) |
Balance at end of the period | $ 9,148 | $ 11,477 | $ 9,148 | $ 11,477 |
Debt - Schedule of Outstanding
Debt - Schedule of Outstanding Borrowings (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Finance lease liabilities | $ 1,557 | $ 1,803 |
Outstanding borrowings | $ 127,790 | $ 105,471 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Debt – current portion | Debt – current portion |
Debt – current portion | $ (13,608) | $ (12,410) |
Long-term debt | 114,182 | 93,061 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | 59,590 | 47,078 |
Sale and Leaseback Financing Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | 44,242 | 41,011 |
Equipment Financing Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | 13,210 | 6,388 |
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 | |||||||||||
Oct. 01, 2023 USD ($) | Sep. 29, 2022 USD ($) | Jun. 29, 2021 USD ($) | Jun. 30, 2023 USD ($) | Oct. 31, 2022 USD ($) | Aug. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 | Sep. 30, 2023 USD ($) Bond | Sep. 30, 2022 | Dec. 31, 2023 | Jul. 01, 2023 | Dec. 31, 2022 USD ($) | Aug. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Line Of Credit Facility [Line Items] | |||||||||||||||
Swing loans | $ 3,590,000 | $ 3,590,000 | $ 2,078,000 | ||||||||||||
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 during period | 8.89% | 7.90% | 8.36% | 7.90% | |||||||||||
Rental properties | $ 3,572,000 | $ 3,572,000 | |||||||||||||
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 | $ 26,000,000 | |||||||||||||
Proceeds from disbursement agreement | $ 2,500,000 | ||||||||||||||
Annual rent adjustment to repay restated lease | 2,500,000 | ||||||||||||||
Store Capital Acquisitions [Member] | |||||||||||||||
Line Of Credit Facility [Line Items] | |||||||||||||||
Amount of sale and leaseback financing transaction | $ 4,500,000 | $ 15,500,000 | |||||||||||||
STORE [Member] | |||||||||||||||
Line Of Credit Facility [Line Items] | |||||||||||||||
Net proceeds after transaction-related costs | $ 4,460,000 | $ 15,396,000 | |||||||||||||
Maximum [Member] | |||||||||||||||
Line Of Credit Facility [Line Items] | |||||||||||||||
Incremental percentage on annual lease payment | 2.04% | ||||||||||||||
Change in consumer price index ratio | 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% | ||||||||||||||
Average interest rate | 8.32% | 7.97% | |||||||||||||
Interest on outstanding balance | 3.99% | 3.99% | |||||||||||||
Long term debt | $ 59,590,000 | $ 59,590,000 | 47,078,000 | ||||||||||||
Line of credit, remaining borrowing capacity | $ 21,724,000 | $ 21,724,000 | |||||||||||||
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] | SOFR [Member] | |||||||||||||||
Line Of Credit Facility [Line Items] | |||||||||||||||
Debt instrument description of interest rate | SOFR, as adjusted, plus an applicable margin ranging between 2.00% to 2.50% based on the quarterly average excess availability | ||||||||||||||
Revolving Credit Facility [Member] | SOFR [Member] | Minimum [Member] | |||||||||||||||
Line Of Credit Facility [Line Items] | |||||||||||||||
Debt instrument basis spread | 2% | ||||||||||||||
Revolving Credit Facility [Member] | SOFR [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 | ||||||||||||||
Sale and Leaseback Financing Obligations [Member] | |||||||||||||||
Line Of Credit Facility [Line Items] | |||||||||||||||
Long term debt | $ 44,242,000 | 44,242,000 | 41,011,000 | ||||||||||||
Deferred financing fees | $ 104,000 | ||||||||||||||
Lessee lease term | 20 years | ||||||||||||||
Sale and Leaseback Financing Obligations [Member] | Subsequent Event [Member] | |||||||||||||||
Line Of Credit Facility [Line Items] | |||||||||||||||
Incremental percentage on annual lease payment | 2.04% | ||||||||||||||
Rental properties | $ 3,645,000 | ||||||||||||||
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 | 2.43% | ||||||||||||||
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 | 5.12% | 4.72% | 1.40% | ||||||||||||
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 | $ 13,210,000 | $ 13,210,000 | $ 6,388,000 | ||||||||||||
Effective interest rate | 8% | 10.25% | |||||||||||||
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, 2023 | Sep. 30, 2022 | |
Other Postretirement Benefit Plans [Member] | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Contribution | $ 325 | $ 359 |
U.S. [Member] | Defined Benefit Pension Plan [Member] | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Contribution | 207 | 236 |
U.S. [Member] | Defined Contribution Plan [Member] | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Contribution | 2,002 | 2,778 |
Foreign Defined Benefits Pension Plans [Member] | Defined Benefit Pension Plan [Member] | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Contribution | 377 | 388 |
U.K. [Member] | Defined Benefit Pension Plan [Member] | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Contribution | $ 175 | $ 193 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Defined Benefit Pension Plan [Member] | U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 10 | $ 13 | $ 29 | $ 38 |
Interest cost | 2,483 | 1,546 | 7,450 | 4,639 |
Expected return on plan assets | (3,596) | (3,302) | (10,788) | (9,905) |
Amortization of prior service cost | 2 | 2 | 5 | 5 |
Amortization of actuarial (gain) loss | 30 | 558 | 91 | 1,674 |
Net benefit expense (income) | (1,071) | (1,183) | (3,213) | (3,549) |
Defined Benefit Pension Plan [Member] | Foreign Defined Benefits Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 87 | 85 | 225 | 223 |
Interest cost | 468 | 256 | 1,391 | 821 |
Expected return on plan assets | (487) | (463) | (1,446) | (1,484) |
Amortization of prior service cost | (70) | (65) | (207) | (210) |
Amortization of actuarial (gain) loss | 152 | 75 | 451 | 242 |
Net benefit expense (income) | 150 | (112) | 414 | (408) |
Other Postretirement Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 43 | 59 | 128 | 176 |
Interest cost | 98 | 55 | 293 | 165 |
Amortization of prior service cost | (256) | (299) | (768) | (897) |
Amortization of actuarial (gain) loss | (81) | 6 | (242) | 19 |
Net benefit expense (income) | $ (196) | $ (179) | $ (589) | $ (537) |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities - Additional Information (Detail) kr in Thousands, $ in Thousands | 1 Months Ended | 9 Months Ended | |
Aug. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2023 SEK (kr) | |
Commitments And Contingent Liabilities [Line Items] | |||
Outstanding standby and commercial letters of credit | $ 19,398 | ||
Surety bonds issued to guarantee obligations | 3,111 | kr 33,900 | |
Capital Expenditures [Member] | |||
Commitments And Contingent Liabilities [Line Items] | |||
Purchase commitments | 7,300 | ||
Estimated cost on upgrading existing equipment | $ 2,500 | $ 26,000 |
Equity Rights Offering - Additi
Equity Rights Offering - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
May 31, 2022 | Sep. 30, 2020 | Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Class Of Warrant Or Right [Line Items] | |||||
Warrants to purchase common stock | 108,375 | ||||
Stock issuance costs | $ 193 | ||||
Proceeds from issuance of common stock and warrants | $ 193 | $ 0 | $ 0 | ||
Common Stock [Member] | |||||
Class Of Warrant Or Right [Line Items] | |||||
Common stock issued | 5,507,889 | ||||
Series A Warrants [Member] | |||||
Class Of Warrant Or Right [Line Items] | |||||
Warrants to purchase common stock | 12,339,256 | ||||
Exercise price per warrants | $ 1.7856 | $ 2.5668 | $ 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 | 0.4464 | |||
Exercise price per share of warrants | $ 4 | $ 5.75 | $ 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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 115,580 | $ 104,694 | $ 113,396 | $ 112,134 |
Net change | (3,050) | (7,457) | (2,929) | (18,214) |
Ending Balance | 114,285 | 99,332 | 114,285 | 99,332 |
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (26,170) | (14,322) | ||
Net change | (2,113) | (19,787) | ||
Ending Balance | (28,283) | (34,109) | (28,283) | (34,109) |
Unrecognized Employee Benefit Costs [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (32,623) | (40,563) | ||
Net change | (683) | 2,274 | ||
Ending Balance | (33,306) | (38,289) | (33,306) | (38,289) |
Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 152 | 277 | ||
Net change | (133) | (701) | ||
Ending Balance | 19 | (424) | 19 | (424) |
Less: Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (229) | 498 | ||
Net change | (537) | (996) | ||
Ending Balance | (766) | (498) | (766) | (498) |
Accumulated Other Comprehensive Loss Attributable to Ampco-Pittsburgh [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (58,412) | (55,106) | ||
Net change | (2,392) | (17,218) | ||
Ending Balance | (60,804) | (72,324) | (60,804) | (72,324) |
Total Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (58,641) | (54,608) | ||
Net change | (2,929) | (18,214) | ||
Ending Balance | $ (61,570) | $ (72,822) | $ (61,570) | $ (72,822) |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Depreciation and amortization (foreign currency purchase contracts) | $ (4,382) | $ (4,206) | $ (13,110) | $ (13,133) |
Costs of products sold (excluding depreciation and amortization) (futures contracts - copper and aluminum) | (84,490) | (84,101) | (256,333) | (249,700) |
Income (loss) before income taxes | 1,311 | 2,398 | 3,757 | 5,682 |
Other (loss) income - net | 1,959 | 3,174 | 3,424 | 7,019 |
Income tax (provision) benefit | (76) | (987) | (541) | (1,432) |
Net income (loss) attributable to Ampco-Pittsburgh | 809 | 1,123 | 1,908 | 3,879 |
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 (loss) income - net | (223) | 277 | (670) | 833 |
Income tax (provision) benefit | (12) | 4 | (58) | 0 |
Net income (loss) attributable to Ampco-Pittsburgh | (235) | 281 | (728) | 833 |
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) | (6) | (7) | (20) | (20) |
Costs of products sold (excluding depreciation and amortization) (futures contracts - copper and aluminum) | 146 | 386 | (33) | 132 |
Income (loss) before income taxes | 140 | 379 | (53) | 112 |
Income tax (provision) benefit | (5) | (12) | 1 | (4) |
Net income (loss) attributable to Ampco-Pittsburgh | $ 135 | $ 367 | $ (52) | $ 108 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
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 Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Equity [Abstract] | ||||
Unrecognized employee benefit costs | $ 0 | $ 0 | $ 0 | $ 0 |
Fair value of cash flow hedges | 0 | (7) | 3 | (25) |
Amortization of unrecognized employee benefit costs | (12) | 4 | (58) | 0 |
Settlement of cash flow hedges | $ (5) | $ (12) | $ 1 | $ (4) |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) Customer Derivative | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) Customer Derivative | Sep. 30, 2022 USD ($) | |
Derivative [Line Items] | ||||
Purchases of natural gas under existing commitments description | for one of its subsidiaries | |||
Number of subsidiaries for usage of electricity under existing commitments | Customer | 1 | 1 | ||
Usage of electricity under existing commitments description | for one of its subsidiaries. | |||
Number of derivative instruments holds for trading purposes | Derivative | 0 | 0 | ||
Gain (loss) on foreign exchange transactions included in other income net | $ 892,000 | $ 1,809,000 | $ (267,000) | $ 3,368,000 |
Natural Gas Usage [Member] | ||||
Derivative [Line Items] | ||||
Percentage of anticipated purchases hedged | 32% | 32% | ||
Anticipated purchases, hedged | $ 2,942,000 | $ 2,942,000 | ||
Time period for hedged usage description | natural gas usage through December 31, 2025 | |||
Electricity Usage [Member] | ||||
Derivative [Line Items] | ||||
Percentage of anticipated purchases hedged | 21% | 21% | ||
Anticipated purchases, hedged | $ 1,116,000 | $ 1,116,000 | ||
Time period for hedged usage description | electricity usage through December 31, 2025 | |||
Natural Gas And Electricity Purchased [Member] | ||||
Derivative [Line Items] | ||||
Purchase of natural gas or electricity | $ 812,000 | $ 438,000 | $ 2,249,000 | $ 2,676,000 |
Copper Purchases [Member] | ||||
Derivative [Line Items] | ||||
Percentage of anticipated purchases hedged | 46% | 33% | 46% | 33% |
Time period for hedged purchases | 10 months | 10 months | ||
Copper Purchases [Member] | Cash Flow Hedges [Member] | ||||
Derivative [Line Items] | ||||
Anticipated purchases, hedged | $ 2,771,000 | $ 2,196,000 | $ 2,771,000 | $ 2,196,000 |
Aluminum Purchases [Member] | ||||
Derivative [Line Items] | ||||
Percentage of anticipated purchases hedged | 56% | 40% | 56% | 40% |
Time period for hedged purchases | 6 months | 10 months | ||
Aluminum Purchases [Member] | Cash Flow Hedges [Member] | ||||
Derivative [Line Items] | ||||
Anticipated purchases, hedged | $ 565,000 | $ 812,000 | $ 565,000 | $ 812,000 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative [Line Items] | ||||
Beginning of the Period | $ (135) | $ (540) | $ 152 | $ 277 |
Recognized | 19 | (251) | (81) | (809) |
Reclassified | (135) | (367) | 52 | (108) |
End of the Period | 19 | (424) | 19 | (424) |
Foreign Currency Purchase Contracts [Member] | ||||
Derivative [Line Items] | ||||
Beginning of the Period | 94 | 122 | 108 | 135 |
Recognized | 0 | 0 | 0 | 0 |
Reclassified | 6 | 7 | 20 | 20 |
End of the Period | 88 | 115 | 88 | 115 |
Futures Contracts - Copper and Aluminum [Member] | ||||
Derivative [Line Items] | ||||
Beginning of the Period | (229) | (662) | 44 | 142 |
Recognized | 19 | (251) | (81) | (809) |
Reclassified | (141) | (374) | 32 | (128) |
End of the Period | $ (69) | $ (539) | $ (69) | $ (539) |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative [Line Items] | ||||
Depreciation and amortization | $ 4,382 | $ 4,206 | $ 13,110 | $ 13,133 |
Costs of products sold (excluding depreciation and amortization) | 84,490 | 84,101 | 256,333 | 249,700 |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Settlements of Cash Flow Hedges [Member] | ||||
Derivative [Line Items] | ||||
Depreciation and amortization | 6 | 7 | 20 | 20 |
Costs of products sold (excluding depreciation and amortization) | (146) | (386) | 33 | (132) |
Foreign Currency Purchase Contracts [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Settlements of Cash Flow Hedges [Member] | ||||
Derivative [Line Items] | ||||
Estimated to be Reclassified in the Next 12 Months | 28 | 28 | ||
Depreciation and amortization | 6 | 7 | 20 | 20 |
Futures Contracts - Copper and Aluminum [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Settlements of Cash Flow Hedges [Member] | ||||
Derivative [Line Items] | ||||
Estimated to be Reclassified in the Next 12 Months | (72) | (72) | ||
Costs of products sold (excluding depreciation and amortization) | $ (146) | $ (386) | $ 33 | $ (132) |
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, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 3,098 | $ 3,353 |
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 | 3,098 | 3,353 |
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 Before Inc
Net Sales and Income Before Income Taxes - Net Sales and Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 102,218 | $ 99,647 | $ 314,232 | $ 296,655 |
Income before income taxes | 1,311 | 2,398 | 3,757 | 5,682 |
U.S. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 63,118 | 56,535 | 182,247 | 164,167 |
Income before income taxes | 350 | (857) | (3,119) | 1,422 |
Foreign [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 39,100 | 43,112 | 131,985 | 132,488 |
Income before income taxes | $ 961 | $ 3,255 | $ 6,876 | $ 4,260 |
Net Sales and Income (Loss) B_3
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net Sales And Income Loss Before Income Taxes [Abstract] | ||||
Corporate costs | $ 3,182 | $ 2,929 | $ 9,959 | $ 8,435 |
Net Sales and Income (Loss) B_4
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 102,218 | $ 99,647 | $ 314,232 | $ 296,655 |
Forged and Cast Mill Rolls [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 68,325 | 66,653 | 213,027 | 193,946 |
FEP [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 5,300 | 8,858 | 14,977 | 35,902 |
Heat Exchange Coils [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 10,068 | 8,532 | 31,808 | 22,483 |
Air Handling Systems [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 9,357 | 8,457 | 27,453 | 22,133 |
Centrifugal Pumps [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 9,168 | $ 7,147 | $ 26,967 | $ 22,191 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 520 | $ 684 | $ 1,630 | $ 1,512 |
Incentive Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized under Omnibus Incentive Plan | 3,700,000 | 3,700,000 | ||
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, 2023 USD ($) Claim | Sep. 30, 2022 USD ($) Claim | |
Loss Contingencies [Line Items] | ||
Total claims pending at the beginning of the period | 6,259 | 6,097 |
New claims served | 984 | 978 |
Claims dismissed | (647) | (220) |
Claims settled | (305) | (288) |
Total claims pending at the end of period | 6,291 | 6,567 |
Administrative closures | (2,903) | (2,908) |
Total active claims at the end of the period | 3,388 | 3,659 |
Gross settlement and defense costs paid in period | $ | $ 16,221,000 | $ 14,683,000 |
Avg. gross settlement and defense costs per claim resolved | $ | $ 17,040 | $ 28,900 |
Litigation - Schedule of Loss_2
Litigation - Schedule of Loss Contingencies by Contingency (Parenthetical) (Detail) - Claim | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Loss Contingencies [Line Items] | ||
Number of claims inactive or transferred to MDL panel | 1,642 | 658 |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Administrative closures claims period | 6 years |
Litigation - Summary of Activit
Litigation - Summary of Activity Relating to Asbestos Liability (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Asbestos liability, beginning of the year | $ 153,575 | $ 180,314 |
Settlement and defense costs paid | (16,221) | (14,683) |
Asbestos liability, end of the period | $ 137,354 | $ 165,631 |
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, 2023 | Sep. 30, 2022 | |
Loss Contingencies [Line Items] | ||
Insurance receivable -- asbestos, beginning of the year | $ 105,910 | $ 121,297 |
Settlement and defense costs paid by insurance carriers | (9,041) | (7,748) |
Insurance receivable – asbestos, end of the period | 96,393 | 113,549 |
As adjusted [Member] | ||
Loss Contingencies [Line Items] | ||
Insurance receivable -- asbestos, beginning of the year | 105,434 | 121,297 |
ASU 2016-13 [Member] | ||
Loss Contingencies [Line Items] | ||
Insurance receivable -- asbestos, beginning of the year | $ (476) | $ 0 |
Litigation - Additional Informa
Litigation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jan. 01, 2023 | |
Loss Contingencies [Line Items] | |||||
Credit for asbestos litigation | $ (191) | $ 0 | $ (191) | $ 0 | |
ASU 2016-13 [Member] | |||||
Loss Contingencies [Line Items] | |||||
Insurance receivable - asbestos | $ 476 |
Environmental Matters - Additio
Environmental Matters - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Environmental Remediation Obligations [Abstract] | ||
Undiscounted potential liability for all environmental compliance | $ 100 | $ 100 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - ATR [Member] ¥ in Thousands, $ in Thousands | 9 Months Ended | ||||
Sep. 30, 2023 USD ($) | Sep. 30, 2023 CNY (¥) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | |
Related Party Transaction [Line Items] | |||||
Effective interest rate | 4.35% | 5% | 5% | ||
Interest paid | $ 5 | ¥ 35 | $ 943 | ¥ 6,241 | |
Accrued interest | $ 0 | $ 0 | |||
Minimum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Interest accrual period | 3 years | 3 years | |||
Maximum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Interest accrual period | 5 years | 5 years |
Related Parties - Summary of Lo
Related Parties - Summary of Loan Activity (Detail) ¥ in Thousands, $ in Thousands | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2023 CNY (¥) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 CNY (¥) | |
Related Party Transaction [Line Items] | ||||
Borrowings | $ 1,099 | $ 5,776 | ||
Repayments | (1,096) | (4,251) | ||
ATR [Member] | ||||
Related Party Transaction [Line Items] | ||||
Balance at beginning of the period | 0 | ¥ 0 | 0 | ¥ 0 |
Borrowings | 1,099 | 7,604 | 5,776 | 38,470 |
Repayments | (1,096) | (7,604) | (4,251) | (27,618) |
Foreign exchange | (3) | 0 | 0 | 0 |
Balance at end of the period | $ 0 | ¥ 0 | $ 1,525 | ¥ 10,852 |
Related Parties - Summary of Sa
Related Parties - Summary of Sales to and Purchases from ATR's Minority Shareholder and Its Affiliates (Detail) ¥ in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 USD ($) | Sep. 30, 2023 CNY (¥) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 CNY (¥) | Sep. 30, 2023 USD ($) | Sep. 30, 2023 CNY (¥) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 CNY (¥) | |
Related Party Transaction [Line Items] | ||||||||
Revenues | $ 102,218 | $ 99,647 | $ 314,232 | $ 296,655 | ||||
ATR [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Purchases from related parties | 1,913 | ¥ 13,752 | 1,020 | ¥ 7,539 | 5,236 | ¥ 36,885 | 6,838 | ¥ 45,251 |
ATR [Member] | Related Party [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenues | $ 18 | ¥ 346 | $ 2,419 | ¥ 16,620 | $ 2,741 | ¥ 19,306 | $ 6,959 | ¥ 46,049 |
Related Parties - Summary of Ba
Related Parties - Summary of Balances Outstanding with ATR's Minority Shareholder and Its Affiliates (Detail) ¥ in Thousands, $ in Thousands | Sep. 30, 2023 USD ($) | Sep. 30, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) |
Related Party Transaction [Line Items] | ||||
Accounts receivable from related parties | $ 83,148 | $ 77,426 | ||
Accounts payable to related parties | 42,613 | 43,209 | ||
ATR [Member] | ||||
Other current liabilities: | ||||
Customer deposits | 380 | ¥ 2,772 | 368 | ¥ 2,542 |
ATR [Member] | Related Party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Accounts receivable from related parties | 133 | 974 | 1,066 | 7,352 |
Accounts payable to related parties | $ 876 | ¥ 6,392 | $ 412 | ¥ 2,841 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 2 |
Business Segments - Business Se
Business Segments - Business Segment Net Sales and Income before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue from External Customer [Line Items] | ||||
Net sales | $ 102,200 | $ 97,228 | $ 311,491 | $ 289,696 |
Net sales | 102,218 | 99,647 | 314,232 | 296,655 |
Income before income taxes | 1,311 | 2,398 | 3,757 | 5,682 |
Operating Segments [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 102,218 | 99,647 | 314,232 | 296,655 |
Income before income taxes | 4,904 | 3,132 | 16,962 | 10,269 |
Operating Segments [Member] | Forged and Cast Engineered Products [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 73,625 | 75,511 | 228,004 | 229,848 |
Income before income taxes | 1,448 | 215 | 7,576 | 2,092 |
Operating Segments [Member] | Air and Liquid Processing [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 28,593 | 24,136 | 86,228 | 66,807 |
Income before income taxes | 3,456 | 2,917 | 9,386 | 8,177 |
Other Expense, Including Corporate Costs - Net [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Income before income taxes | $ (3,593) | $ (734) | $ (13,205) | $ (4,587) |
Business Segments - Business _2
Business Segments - Business Segment Net Sales and Income before Income Taxes (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue from External Customer [Line Items] | ||||
Credit for asbestos litigation | $ (191) | $ 0 | $ (191) | $ 0 |
Forged And Cast Engineered Products [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Proceeds from reimbursement of past energy costs | 1,874 | |||
Air and Liquid Processing [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Credit for asbestos litigation | $ 191 | $ 191 |