Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 07, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
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 | 20,094,289 | |
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 | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 7,892 | $ 7,286 |
Trade receivables, less allowance for credit losses of $920 as of June 30, 2024 and $975 as of December 31, 2023 | 83,974 | 78,939 |
Inventories | 119,816 | 124,694 |
Insurance receivable - asbestos | 15,000 | 15,000 |
Contract assets | 9,228 | 4,452 |
Other current assets | 6,679 | 5,370 |
Total current assets | 247,384 | 236,653 |
Property, plant and equipment, net | 153,127 | 158,732 |
Operating lease right-of-use assets | 4,668 | 4,767 |
Insurance receivable - asbestos, less allowance for credit losses of $708 as of June 30, 2024 and December 31, 2023 | 136,050 | 145,245 |
Deferred income tax assets | 3,160 | 3,160 |
Intangible assets, net | 4,574 | 4,947 |
Investments in joint ventures | 2,175 | 2,175 |
Prepaid pensions | 5,049 | 4,951 |
Other noncurrent assets | 4,619 | 5,024 |
Total assets | 560,806 | 565,654 |
Current liabilities: | ||
Accounts payable | 40,212 | 36,830 |
Accrued payrolls and employee benefits | 13,913 | 14,703 |
Debt – current portion | 15,886 | 12,271 |
Operating lease liabilities – current portion | 962 | 946 |
Asbestos liability – current portion | 24,000 | 24,000 |
Other current liabilities | 28,676 | 27,734 |
Total current liabilities | 124,849 | 116,885 |
Employee benefit obligations | 35,810 | 41,684 |
Asbestos liability | 202,836 | 214,679 |
Long-term debt | 119,355 | 116,382 |
Noncurrent operating lease liabilities | 3,706 | 3,822 |
Deferred income tax liabilities | 379 | 543 |
Other noncurrent liabilities | 4,412 | 88 |
Total liabilities | 491,347 | 494,083 |
Commitments and contingent liabilities (Note 8) | ||
Shareholders’ equity: | ||
Common stock - par value $1; authorized 40,000 shares; issued and outstanding 19,980 shares as of June 30, 2024 and 19,729 shares as of December 31, 2023 | 19,980 | 19,729 |
Additional paid-in capital | 177,554 | 177,196 |
Retained deficit | (73,702) | (72,997) |
Accumulated other comprehensive loss | (65,783) | (62,989) |
Total Ampco-Pittsburgh shareholders’ equity | 58,049 | 60,939 |
Noncontrolling interest | 11,410 | 10,632 |
Total shareholders’ equity | 69,459 | 71,571 |
Total liabilities and shareholders’ equity | 560,806 | 565,654 |
Related Party [Member] | ||
Current assets: | ||
Trade receivables from related parties | 4,795 | 912 |
Current liabilities: | ||
Accounts payable to related parties | $ 1,200 | $ 401 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses | $ 920 | $ 975 |
Insurance receivable - asbestos | $ 708 | $ 708 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 19,980,000 | 19,729,000 |
Common stock, shares outstanding | 19,980,000 | 19,729,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net sales: | ||||
Net sales | $ 107,053 | $ 106,908 | $ 213,030 | $ 209,291 |
Total net sales | 110,988 | 107,211 | 221,203 | 212,014 |
Operating costs and expenses: | ||||
Costs of products sold (excluding depreciation and amortization) | 87,684 | 85,471 | 180,174 | 171,843 |
Selling and administrative | 13,550 | 14,093 | 26,523 | 26,280 |
Depreciation and amortization | 4,698 | 4,354 | 9,368 | 8,728 |
Loss (gain) on disposal of assets | 13 | 5 | 13 | (118) |
Total operating costs and expenses | 105,945 | 103,923 | 216,078 | 206,733 |
Income from operations | 5,043 | 3,288 | 5,125 | 5,281 |
Other expense - net: | ||||
Investment-related income | 8 | 7 | 27 | 16 |
Interest expense | (3,017) | (2,245) | (5,774) | (4,316) |
Other income - net | 1,381 | 98 | 2,285 | 1,465 |
Total other expense - net | (1,628) | (2,140) | (3,462) | (2,835) |
Income before income taxes | 3,415 | 1,148 | 1,663 | 2,446 |
Income tax provision | (863) | (152) | (1,317) | (465) |
Net income | 2,552 | 996 | 346 | 1,981 |
Less: Net income attributable to noncontrolling interest | 540 | 573 | 1,051 | 882 |
Net income (loss) attributable to Ampco-Pittsburgh | $ 2,012 | $ 423 | $ (705) | $ 1,099 |
Net income (loss) per share attributable to Ampco-Pittsburgh common shareholders: | ||||
Basic | $ 0.1 | $ 0.02 | $ (0.04) | $ 0.06 |
Diluted | $ 0.1 | $ 0.02 | $ (0.04) | $ 0.06 |
Weighted-average number of common shares outstanding: | ||||
Basic | 19,859 | 19,541 | 19,794 | 19,504 |
Diluted | 19,875 | 19,590 | 19,794 | 19,587 |
Related Party [Member] | ||||
Net sales: | ||||
Net sales to related parties | $ 3,935 | $ 303 | $ 8,173 | $ 2,723 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 2,552 | $ 996 | $ 346 | $ 1,981 |
Adjustments for changes in: | ||||
Foreign currency translation | (277) | (875) | (2,722) | 1,037 |
Unrecognized employee benefit costs (including effects of foreign currency translation) | (24) | 13 | 69 | (136) |
Fair value of cash flow hedges | 158 | (278) | 210 | (100) |
Reclassification adjustments for items included in net income: | ||||
Amortization of unrecognized employee benefit costs | (174) | (298) | (357) | (493) |
Settlements of cash flow hedges | (278) | (73) | (267) | (187) |
Other comprehensive (loss) income | (595) | (1,511) | (3,067) | 121 |
Comprehensive income (loss) | 1,957 | (515) | (2,721) | 2,102 |
Less: Comprehensive income attributable to noncontrolling interest | 471 | 56 | 778 | 404 |
Comprehensive income (loss) attributable to Ampco-Pittsburgh | $ 1,486 | $ (571) | $ (3,499) | $ 1,698 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2022 | $ 112,649 | $ 19,404 | $ 175,656 | $ (33,069) | $ (58,412) | $ 9,070 |
Stock-based compensation | 1,110 | 1,110 | ||||
Comprehensive income (loss): | ||||||
Net (loss) income | 1,981 | 1,099 | 882 | |||
Other comprehensive income (loss) | 121 | 599 | (478) | |||
Comprehensive income (loss) | 2,102 | 404 | ||||
Issuance of common stock excluding excess tax benefits | (281) | 325 | (606) | |||
Ending Balance at Jun. 30, 2023 | 115,580 | 19,729 | 176,160 | (31,970) | (57,813) | 9,474 |
Beginning Balance at Mar. 31, 2023 | 115,893 | 19,404 | 176,283 | (32,393) | (56,819) | 9,418 |
Stock-based compensation | 483 | 483 | ||||
Comprehensive income (loss): | ||||||
Net (loss) income | 996 | 423 | 573 | |||
Other comprehensive income (loss) | (1,511) | (994) | (517) | |||
Comprehensive income (loss) | (515) | 56 | ||||
Issuance of common stock excluding excess tax benefits | (281) | 325 | (606) | |||
Ending Balance at Jun. 30, 2023 | 115,580 | 19,729 | 176,160 | (31,970) | (57,813) | 9,474 |
Beginning Balance at Dec. 31, 2023 | 71,571 | 19,729 | 177,196 | (72,997) | (62,989) | 10,632 |
Stock-based compensation | 734 | 734 | ||||
Comprehensive income (loss): | ||||||
Net (loss) income | 346 | (705) | 1,051 | |||
Other comprehensive income (loss) | (3,067) | (2,794) | (273) | |||
Comprehensive income (loss) | (2,721) | 778 | ||||
Issuance of common stock excluding excess tax benefits | (125) | 251 | (376) | |||
Ending Balance at Jun. 30, 2024 | 69,459 | 19,980 | 177,554 | (73,702) | (65,783) | 11,410 |
Beginning Balance at Mar. 31, 2024 | 67,239 | 19,729 | 177,542 | (75,714) | (65,257) | 10,939 |
Stock-based compensation | 388 | 388 | ||||
Comprehensive income (loss): | ||||||
Net (loss) income | 2,552 | 2,012 | 540 | |||
Other comprehensive income (loss) | (595) | (526) | (69) | |||
Comprehensive income (loss) | 1,957 | 471 | ||||
Issuance of common stock excluding excess tax benefits | (125) | 251 | (376) | |||
Ending Balance at Jun. 30, 2024 | $ 69,459 | $ 19,980 | $ 177,554 | $ (73,702) | $ (65,783) | $ 11,410 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Common Stock [Member] | ||||
Issuance of common stock tax benefits | $ 0 | $ 0 | $ 0 | $ 0 |
Additional Paid-in Capital [Member] | ||||
Issuance of common stock tax benefits | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Cash Flows [Abstract] | ||
Net cash flows used in operating activities | $ (780) | $ (7,105) |
Cash flows used in investing activities: | ||
Purchases of property, plant and equipment | (5,510) | (10,005) |
Proceeds from government grants, used for purchase of equipment | 808 | |
Proceeds from sale of property, plant and equipment | 10 | 128 |
Purchases of long-term marketable securities | (210) | (67) |
Proceeds from sale of long-term marketable securities | 532 | 384 |
Net cash flows used in investing activities | (4,370) | (9,560) |
Cash flows from financing activities: | ||
Proceeds from revolving credit facility | 16,172 | 20,154 |
Payments on revolving credit facility | (10,276) | (9,128) |
Proceeds from sale and leaseback financing arrangements | 2,500 | |
Payments on sale and leaseback financing arrangements | (174) | (132) |
Proceeds from equipment financing facility | 1,692 | 4,207 |
Proceeds from related party debt | 669 | |
Repayments of related party debt | (664) | (669) |
Repayments of debt | (828) | (197) |
Net cash flows provided by financing activities | 5,922 | 17,404 |
Effect of exchange rate changes on cash and cash equivalents | (166) | 1 |
Net increase in cash and cash equivalents | 606 | 740 |
Cash and cash equivalents at beginning of period | 7,286 | 8,735 |
Cash and cash equivalents at end of period | 7,892 | 9,475 |
Supplemental information: | ||
Income tax payments (net of refunds) | 1,610 | 1,478 |
Interest payments (net of amounts capitalized) | 5,024 | 3,580 |
Non-cash investing and financing activities: | ||
Purchases of property, plant and equipment in current liabilities | 1,306 | 1,899 |
Finance lease right-of-use assets exchanged for lease liabilities | 146 | |
Operating lease right-of-use assets exchanged for lease liabilities | $ 283 | $ 394 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 2,012 | $ 423 | $ (705) | $ 1,099 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Financial Statements | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 and the unaudited condensed consolidated statements of operations, comprehensive income (loss) and shareholders’ equity for the three and six months ended June 30, 2024 and 2023, and cash flows for the six months ended June 30, 2024 and 2023 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 six months ended June 30, 2024 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. These unaudited condensed consolidated financial statements should be read in conjunction with the Corporation’s latest Annual Report on Form 10-K. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures . The guidance requires disclosure of significant reportable segment expenses regularly provided to the chief operating decision-maker and included within each reported measure of a segment’s profit or loss. The guidance also requires disclosure of the title and position of the individual identified as the chief operating decision-maker and an explanation of how the chief operating decision-maker uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The guidance does not change how an entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The guidance became effective for the Corporation’s annual period beginning January 1, 2024 and interim periods beginning January 1, 2025. The Corporation is currently evaluating the impact this new standard will have on its annual disclosures in its consolidated financial statements for the year ending December 31, 2024 and interim disclosures thereafter. It will not, however, impact the Corporation’s consolidated financial position, results of operations or cash flows. In December 2023, the FASB issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures . The guidance requires annual disclosure of specific categories of information within the effective tax rate reconciliation, and income taxes paid and income tax expense disaggregated by jurisdiction. The guidance becomes effective for the Corporation’s annual period beginning January 1, 2025. Early adoption is permitted. The Corporation is currently evaluating the impact this new standard will have on its annual disclosures. It will not, however, impact the Corporation’s consolidated financial position, results of operations or cash flows. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 2 – Inventories At June 30, 2024 and December 31, 2023 , substantially all inventories were valued using the first-in, first-out method. Inventories were comprised of the following: June 30, December 31, Raw materials $ 49,167 $ 51,794 Work-in-process 49,025 48,676 Finished goods 14,469 17,332 Supplies 7,155 6,892 Inventories $ 119,816 $ 124,694 |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 3 – Property, Plant and Equipment Property, plant and equipment were comprised of the following: June 30, December 31, Land and land improvements $ 8,877 $ 9,025 Buildings and leasehold improvements 70,595 71,063 Machinery and equipment 376,547 366,044 Construction-in-progress 3,393 11,514 Other 6,342 6,965 465,754 464,611 Accumulated depreciation and amortization ( 312,627 ) ( 305,879 ) Property, plant and equipment, net $ 153,127 $ 158,732 Certain of the above property, plant and equipment are held as collateral including: • The land and building of Union Electric Steel UK Limited, an indirect subsidiary of the Corporation (“UES-UK”), with a book value equal t o $ 2,683 ( £ 2,122 ) at June 30, 2024, are held as collateral by the trustees of the UES-UK defined benefit pension plan ( Note 7 ). • Certain of the machinery and equipment with a book value equal to $ 24,239 at June 30, 2024, purchased with proceeds from the equipment finance facility ( Note 6 ), are held as collateral by the lender. • Certain land and land improvements and buildings and leasehold improvements are included in the sale and leaseback financing transactions and Disbursement Agreement ( Note 6 ). 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 remaining assets, other than real property, are pledged as collateral for the Corporation’s revolving credit facility ( Note 6 ). In 2023, Union Electric Steel Corporation (“UES”), a wholly owned subsidiary of the Corporation, completed certain leasehold improvements at the Carnegie, Pennsylvania manufacturing facility with the $ 2,500 of proceeds from the Disbursement Agreement ( Note 6 ) . The improvements are being amortized over the remaining lease term of 20 years . In 2021, the Corporation began a $ 26,000 long-term strategic capital program to upgrade existing equipment at certain of its FCEP locations. The program was completed during the three months ended June 30, 2024 . Interest capitalized for the strategic capital program totaled $ 16 and $ 341 for the three months ended June 30, 2024 and 2023, respectively, and $ 251 and $ 602 for the six months ended June 30, 2024 and 2023, respectively. The gross value of assets under finance leases and the related accumulated amortization approximated $ 3,459 and $ 1,783 , respectively, as of June 30, 2024 and $ 4,223 and $ 1,959 , respectively, at December 31, 2023 . Depreciation expense approximated $ 4,613 and $ 4,268 , including depreciation of assets under finance leases of approximately $ 80 and $ 67 , for the three months ended June 30, 2024 and 2023 , respectively. Depreciation expense approximated $ 9,195 and $ 8,549 , including depreciation of assets under finance leases of approximately $ 162 and $ 137 , for the six months ended June 30, 2024 and 2023 , respectively. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 4 – Intangible Assets Intangible assets were comprised of the following: June 30, December 31, Customer relationships $ 5,282 $ 5,442 Developed technology 3,796 3,913 Trade name 2,125 2,219 11,203 11,574 Accumulated amortization ( 6,629 ) ( 6,627 ) Intangible assets, net $ 4,574 $ 4,947 Changes in intangible assets consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance at beginning of the period $ 4,652 $ 5,131 $ 4,947 $ 5,194 Amortization of intangible assets ( 85 ) ( 86 ) ( 173 ) ( 179 ) Other, primarily impact from changes in foreign currency exchange rates 7 ( 186 ) ( 200 ) ( 156 ) Balance at end of the period $ 4,574 $ 4,859 $ 4,574 $ 4,859 |
Other Current Liabilities
Other Current Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | Note 5 – Other Current Liabilities Other current liabilities were comprised of the following: June 30, December 31, Customer-related liabilities $ 20,938 $ 19,915 Accrued utilities 1,620 1,880 Accrued sales commissions 1,887 1,850 Other 4,231 4,089 Other current liabilities $ 28,676 $ 27,734 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 and known claims. Changes in the liability for product warranty claims consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance at beginning of the period $ 5,597 $ 5,450 $ 5,539 $ 5,193 Satisfaction of warranty claims ( 292 ) ( 598 ) ( 686 ) ( 976 ) Provision for warranty claims, net ( 144 ) 807 444 1,377 Other, primarily impact from changes in foreign currency exchange rates 14 ( 20 ) ( 122 ) 45 Balance at end of the period $ 5,175 $ 5,639 $ 5,175 $ 5,639 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. The majority of performance obligations related to customer deposits are expected to be satisfied in less than one year . Performance obligations related to customer deposits expected to be satisfied beyond one year have been classified as a noncurrent liability. Changes in customer deposits consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance at beginning of the period $ 18,198 $ 13,432 $ 13,078 $ 10,453 Satisfaction of performance obligations ( 4,818 ) ( 5,319 ) ( 7,385 ) ( 9,580 ) Receipt of additional deposits 5,429 3,423 13,133 10,620 Other, primarily impact from changes in foreign currency exchange rates ( 2 ) ( 30 ) ( 19 ) 13 Balance at end of the period 18,807 11,506 18,807 11,506 Deposits - Other noncurrent liabilities ( 4,213 ) - ( 4,213 ) - Deposits - Other current liabilities $ 14,594 $ 11,506 $ 14,594 $ 11,506 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Note 6 – Debt Borrowings were comprised of the following: June 30, December 31, Revolving credit facility $ 61,896 $ 56,000 Sale and leaseback financing obligations 44,982 44,488 Equipment financing facility 17,789 16,719 Industrial Revenue Bonds 9,191 9,191 Finance lease liabilities 1,383 1,590 Minority shareholder loan - 665 Outstanding borrowings 135,241 128,653 Debt – current portion ( 15,886 ) ( 12,271 ) Long-term debt $ 119,355 $ 116,382 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 $ 3,896 at June 30, 2024 . No amount was outstanding as a swing loan at December 31, 2023. 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 revolving 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 June 30, 2024 and December 31, 2023 , 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 revolving credit facility. As of June 30, 2024, the Corporation had outstanding borrowings under the revolving credit facility of $ 61,896 . The average interest rate approximated 8.22 % for each of the three and six months ended June 30, 2024 , and 7.87 % and 7.78 % for the three and six months ended June 30, 2023, respectively. The Corporation also utilizes a portion of the revolving credit facility for letters of credit ( Note 8 ). As of June 30, 2024, remaining availability under the revolving credit facility approximated $ 20,540 , net of standard availability reserves. 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 June 30, 2024. Sale and Leaseback Financing Obligations In September 2018, UES 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 Systems Corporation (“Air & Liquid”), a wholly owned subsidiary of the Corporation, completed a sale and leaseback financing transaction with STORE for certain of its real property, including its manufacturing facilities in Lynchburg, Virginia and Amherst, Virginia. In October 2022, Air & Liquid completed a sale and leaseback financing transaction with STORE for its real property, including its manufacturing facility, located in North Tonawanda, New York (collectively with the Virginia properties, the “ALP Properties”). 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 June 30, 2024 , the Base Annual Rent, including the Disbursement Agreement, is equal to $ 3,645 , 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. 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 Corporation was in compliance with the applicable covenants as of June 30, 2024. The effective interest rate approximated 8.24 % for each of the three and six months ended June 30, 2024 and approximated 7.95 % for each of the three and six months ended June 30, 2023, respectively. 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 could borrow up to $ 20,000 to finance certain equipment purchases associated with a capital program at certain of the Corporation’s FCEP lo cations. Each borrowing constitutes a secured loan transaction (each, a “Term Loan”). As amended, each Term Loan converts to a Term Note on the earlier of (i) the date in which the associated equipment is placed in service or (ii) April 30, 2024. Each Term Note has a term of 84 months in arrears fully amortizing, commencing on the date of the Term Note. The Term Loans and Term Notes are secured by a first priority security interest in and to all of UES’ rights, title and interests in the underlying equipment. As of June 30, 2024, all Term Loans had converted to Term Notes with approximately $ 17,789 outstanding. At December 31, 2023, Term Notes approximated $ 900 and Term Loans approximated $ 15,819 . Interest on each Term Note accrues at an annual fixed rate ranging between 8.40 % and 9.22 %. The effective interest rate on the Term Notes approximated 8.65 % and 8.58 % for the three and six months ended June 30, 2024, respectively. As of June 30, 2024 , monthly payments of principal and interest approximate $ 293 and continue through mid 2031 . Through June 30, 2023, interest on each Term Loan accrued at an annual fixed rate of 8 %, payable monthly. 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 %. Industrial Revenue Bonds (“IRBs”) The Corporation has two IRBs outstanding: (i) $ 7,116 taxable IRB maturing in 2027, interest at a floating rate which averaged 8.27 % and 7.81 % for the three months ended June 30, 2024 and 2023, respectively, and 6.81 % and 6.17 % for the six months ended June 30, 2024 and 2023, respectively, and (ii) $ 2,075 tax-exempt IRB maturing in 2029, interest at a floating rate which averaged 6.91 % and 3.77 % for the three months ended June 30, 2024 and 2023, respectively and 5.31 % and 3.34 % for the six months ended June 30, 2024 and 2023, 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. Minority Shareholder Loan Shanxi Åkers TISCO Roll Co., Ltd. (“ATR” ), a 59.88 % indirectly owned joint venture of UES, periodically has loans outstanding with its minority shareholder ( Note 17 ). Amounts repaid approximated $ 664 (RMB 4,713 ) during the six months ended June 30, 2024. Amounts borrowed and repaid approximated $ 669 (RMB 4,600 ) during the six months ended June 30, 2023 . |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | Note 7 – Pension and Other Postretirement Benefits Contributions to the Corporation’s employee benefit plans were as follows: Six Months Ended June 30, 2024 2023 U.S. defined benefit pension plans $ 3,554 $ 207 Foreign defined benefit pension plans $ 176 $ 260 Other postretirement benefits (e.g., net payments) $ 182 $ 224 U.K. defined contribution pension plan $ 134 $ 120 U.S. defined contribution plan $ 1,814 $ 1,350 Net periodic pension and other postretirement benefit costs included the following components: Three Months Ended June 30, Six Months Ended June 30, U.S. Defined Benefit Pension Plans 2024 2023 2024 2023 Service cost $ 10 $ 9 $ 20 $ 19 Interest cost 2,328 2,484 4,657 4,967 Expected return on plan assets ( 3,401 ) ( 3,596 ) ( 6,802 ) ( 7,192 ) Amortization of prior service cost 1 1 1 3 Amortization of actuarial loss 46 31 91 61 Net benefit income $ ( 1,016 ) $ ( 1,071 ) $ ( 2,033 ) $ ( 2,142 ) Three Months Ended June 30, Six Months Ended June 30, Foreign Defined Benefit Pension Plans 2024 2023 2024 2023 Service cost $ 8 $ 76 $ 39 $ 138 Interest cost 452 468 908 923 Expected return on plan assets ( 475 ) ( 488 ) ( 953 ) ( 959 ) Amortization of prior service credit ( 70 ) ( 69 ) ( 141 ) ( 137 ) Amortization of actuarial loss 181 152 361 299 Net benefit expense $ 96 $ 139 $ 214 $ 264 Three Months Ended June 30, Six Months Ended June 30, Other Postretirement Benefit Plans 2024 2023 2024 2023 Service cost $ 41 $ 26 $ 84 $ 85 Interest cost 83 140 181 195 Amortization of prior service credit ( 256 ) ( 213 ) ( 512 ) ( 512 ) Amortization of actuarial gain ( 76 ) ( 167 ) ( 157 ) ( 161 ) Net benefit income $ ( 208 ) $ ( 214 ) $ ( 404 ) $ ( 393 ) |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 8 – Commitments and Contingent Liabilities Outstanding standby and commercial letters of credit and bank guarantees as of June 30, 2024 equaled $ 16,667 , of which approximately one-half serves as collateral for the IRB debt. Outstanding surety bonds as of June 30, 2024 approximate d $ 3,197 (SEK 33,900 ), which guarantee certain obligations under a credit insurance arrangement for certain of the Corporation’s foreign pension commitments. At June 30, 2024, commitments for future capital expenditures approximated $ 3,800 . See Note 11 for derivative instruments, Note 15 for litigation and Note 16 for environmental matters. |
Equity Rights Offering
Equity Rights Offering | 6 Months Ended |
Jun. 30, 2024 | |
Warrants and Rights Note Disclosure [Abstract] | |
Equity Rights Offering | Note 9 – Equity Rights Offering In September 2020, the Corporation completed an equity rights offering, issuing 5,507,889 shares of its common stock and 12,339,256 Series A warrants to existing shareholders. The shares of common stock and warrants are classified as equity instruments in the condensed consolidated statements of shareholders’ equity. Each Series A warrant provides the holder with the right to purchase 0.4464 shares of common stock at an exercise price of $ 2.5668 , or $ 5.75 per whole share of common stock, and expires on August 1, 2025 . For the three and six months ended June 30, 2024 and 2023 , respectively, the Corporation received no proceeds from shareholders from the exercise of Series A warrants. At June 30, 2024 and December 31, 2023, 10,941,869 Series A warrants were outstanding. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 10 – Accumulated Other Comprehensive Loss Net change and ending balances for the various components of accumulated other comprehensive loss as of and for the six months ended June 30, 2024 and 2023 are summarized below. All amounts are net of tax where applicable. Foreign Unrecognized Cash Flow Total Less: Accumulated Other Balance at January 1, 2024 $ ( 23,161 ) $ ( 40,490 ) $ 186 $ ( 63,465 ) $ ( 476 ) $ ( 62,989 ) Net change ( 2,722 ) ( 288 ) ( 57 ) ( 3,067 ) ( 273 ) ( 2,794 ) Balance at June 30, 2024 $ ( 25,883 ) $ ( 40,778 ) $ 129 $ ( 66,532 ) $ ( 749 ) $ ( 65,783 ) Balance at January 1, 2023 $ ( 26,170 ) $ ( 32,623 ) $ 152 $ ( 58,641 ) $ ( 229 ) $ ( 58,412 ) Net change 1,037 ( 629 ) ( 287 ) 121 ( 478 ) 599 Balance at June 30, 2023 $ ( 25,133 ) $ ( 33,252 ) $ ( 135 ) $ ( 58,520 ) $ ( 707 ) $ ( 57,813 ) 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Amortization of unrecognized employee benefit costs: Other loss – net $ ( 174 ) $ ( 265 ) $ ( 357 ) $ ( 447 ) Income tax effect - ( 33 ) - ( 46 ) Net of tax $ ( 174 ) $ ( 298 ) $ ( 357 ) $ ( 493 ) Settlements of cash flow hedges: Depreciation and amortization (foreign currency purchase contracts) $ ( 8 ) $ ( 8 ) $ ( 14 ) $ ( 14 ) Costs of products sold (excluding depreciation and ( 278 ) ( 68 ) ( 260 ) ( 179 ) Total before income tax ( 286 ) ( 76 ) ( 274 ) ( 193 ) Income tax effect 8 3 7 6 Net of tax $ ( 278 ) $ ( 73 ) $ ( 267 ) $ ( 187 ) The income tax effect associated with the various components of other comprehensive (loss) income for the three and six months ended June 30, 2024 and 2023 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Income tax effect associated with changes in: Unrecognized employee benefit costs $ - $ - $ - $ - Fair value of cash flow hedges ( 7 ) ( 3 ) ( 5 ) 3 Income tax effect associated with reclassification adjustments: Amortization of unrecognized employee benefit costs - ( 33 ) - ( 46 ) Settlement of cash flow hedges 8 3 7 6 |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Note 11 – Derivative Instruments Certain divisions of the ALP segment are subject to risk from increases in the price of commodities (copper and aluminum) used in the production of inventory. To minimize this risk, futures contracts are entered into which are designated as cash flow hedges. At June 30, 2024 , approximately 41 %, or $ 2,495, of anticipated copper purchases over the next eight months and 56 %, or $ 621 , of anticipated aluminum purchases over the next six months are hedged. At June 30, 2023 , approximately 50 %, or $ 2,725 , of anticipated copper purchases over the next nine months and 61 %, or $ 695 , of anticipated aluminum purchases over the next six months were hedged. The Corporation periodically enters into purchase commitments to cover a portion of its anticipated natural gas and electricity usage. The commitments qualify as normal purchases and, accordingly, are not reflected on the condensed consolidated balance sheets. At June 30, 2024 , the Corporation has purchase commitments covering approximately 4 %, or $ 1,830 , of anticipated natural gas usage through December 31, 2025 for two of its subsidiaries and approximately 10 %, or $ 1,129 , of anticipated electricity usage through December 31, 2025 for two of its subsidiaries. At June 30, 2023 , the Corporation had purchase commitments covering approximately 23 %, or $ 3,478 , of anticipated natural gas usage through December 31, 2025 for two of its subsidiaries and approximately 19 %, or $ 1,329 , of anticipated electricity usage through December 31, 2025 for two of its subsidiaries . Purchases of natural gas and electricity under previously existing commitments equaled $ 854 and $ 1,833 for the three and six months ended June 30, 2024 , respectively, and $ 904 and $ 1,437 for the three and six months ended June 30, 2023, 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. Upon occurrence of an anticipated purchase and placement of the underlying fixed asset in service, the foreign currency purchase contract was settled and the change in fair value of the foreign currency purchase contract was deferred in accumulated other comprehensive loss and is being reclassified to earnings (depreciation and amortization expense) over the life of the underlying asset (approximately 15 years). 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 expense – net equaled $ 302 and $ ( 190 ) for the three and six months ended June 30, 2024 , respectively, and $ ( 1,244 ) and $ ( 1,159 ) for the three and six months ended June 30, 2023, 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 June 30, 2024 and 2023 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 June 30, 2024 Beginning of Recognized Reclassified End of Foreign currency purchase contracts $ 75 $ - $ 8 $ 67 Futures contracts – copper and aluminum 174 158 270 62 $ 249 $ 158 $ 278 $ 129 Three Months Ended June 30, 2023 Foreign currency purchase contracts $ 102 $ - $ 8 $ 94 Futures contracts – copper and aluminum 114 ( 278 ) 65 ( 229 ) $ 216 $ ( 278 ) $ 73 $ ( 135 ) Six Months Ended June 30, 2024 Foreign currency purchase contracts $ 81 $ - $ 14 $ 67 Futures contracts – copper and aluminum 105 210 253 62 $ 186 $ 210 $ 267 $ 129 Six Months Ended June 30, 2023 Foreign currency purchase contracts $ 108 $ - $ 14 $ 94 Futures contracts – copper and aluminum 44 ( 100 ) 173 ( 229 ) $ 152 $ ( 100 ) $ 187 $ ( 135 ) 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 June 30, Six Months Ended June 30, of Operations 2024 2023 2024 2023 Foreign currency purchase contracts Depreciation and amortization $ 28 $ 8 $ 8 $ 14 $ 14 Futures contracts – copper and aluminum Costs of products sold $ 62 $ 278 $ 68 $ 260 $ 179 |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 12 – Fair Value The Corporation’s financial assets and liabilities reported at fair value in the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023 were as follows: Quoted Prices Significant Significant Total As of June 30, 2024 Investments Other noncurrent assets $ 3,196 $ - $ - $ 3,196 As of December 31, 2023 Investments Other noncurrent assets $ 3,245 $ - $ - $ 3,245 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 Before Inc
Net Sales and Income Before Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Net Sales And Income Loss Before Income Taxes [Abstract] | |
Net Sales and Income Before Income Taxes | Note 13 – Net Sales and Income Before Income Taxes Net sales and income before income taxes by geographic area for the three and six months ended June 30, 2024 and 2023 are outlined below. Approximately 95 % of foreign net sales for each of the periods is attributable to the FCEP segment. Three Months Ended June 30, Six Months Ended June 30, Net Sales 2024 2023 2024 2023 United States $ 72,916 $ 63,752 $ 142,680 $ 119,129 Foreign 38,072 43,459 78,523 92,885 $ 110,988 $ 107,211 $ 221,203 $ 212,014 Three Months Ended June 30, Six Months Ended June 30, Income Before Income Taxes 2024 2023 2024 2023 United States (1) $ 1,205 $ ( 2,341 ) $ ( 1,018 ) $ ( 3,469 ) Foreign 2,210 3,489 2,681 5,915 $ 3,415 $ 1,148 $ 1,663 $ 2,446 (1) Includes Corporate costs of $ 3,492 and $ 3,593 for the three months ended June 30, 2024 and 2023, respectively, and $ 6,968 and $ 6,777 for the six months ended June 30, 2024 and 2023, respectively, which represent operating costs of the corporate office not allocated to the segments. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 14 – Stock-Based Compensation The Ampco-Pittsburgh Corporation 2016 Omnibus Incentive Plan, as amended (the “Incentive Plan”), authorizes the issuance of up to 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. The restricted stock awards vest on the one-year anniversary of the grant date. 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 six months ended June 30, 2024 equaled $ 388 and $ 734 , respectively, and for the three and six months ended June 30, 2023, equaled $ 483 and $ 1,110 , 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 | 6 Months Ended |
Jun. 30, 2024 | |
Loss Contingency [Abstract] | |
Litigation | Note 15 – Litigation The Corporation and its subsidiaries are involved in various claims and lawsuits incidental to their businesses from time to time and are also subject to asbestos litigation. 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 six months ended June 30, 2024 and 2023 (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. Six Months Ended June 30, 2024 2023 Total claims pending at the beginning of the period 6,310 6,259 New claims served 636 713 Claims dismissed ( 400 ) ( 274 ) Claims settled ( 298 ) ( 209 ) Total claims pending at the end of period (1) 6,248 6,489 Administrative closures (2) ( 3,155 ) ( 3,057 ) Total active claims at the end of the period 3,093 3,432 Gross settlement and defense costs paid in period (in 000’s) $ 11,843 $ 10,789 Avg. gross settlement and defense costs per claim resolved (in 000’s) (3) $ 16.97 $ 22.34 (1) Included as “total claims pending” a re approximately 1,641 and 1,638 claims at June 30, 2024 and 2023, respectively, classified in various jurisdictions as “inactive” or transferred to a state or federal judicial panel on multi-district litigation. (2) For 2024, administrative closures include (i) mesothelioma claims filed five or more years ago; (ii) non-mesothelioma claims filed six or more years ago; (iii) claims previously classified in various jurisdictions as “inactive;” and (iv) claims transferred to a state or federal judicial panel on multi-district litigation. For 2023, administrative closures included the same except mesothelioma claims filed six or more years ago were considered administratively closed. 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 insurance carriers that have coverage obligations for the Asbestos Liability (the “Settling Insurers”). During the second quarter of 2024, the Corporation and Air & Liquid entered into a settlement agreement with a previously unsettled insurance carrier resulting in reimbursement of prior years' costs of approximately $ 1,756 . Under the Settlement Agreements, the Settling Insurers accept financial responsibility, subject to the terms and conditions of the respective agreements, including overall coverage limits, for pending and future claims for the Asbestos Liability. The Settlement Agreements encompass the majority of insurance policies that provide coverage for claims for the Asbestos Liability. The Settlement Agreements 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 The Corporation, with the assistance of a nationally recognized expert in the valuation of asbestos liabilities, reviews the Asbestos Liability and the underlying assumptions on a regular basis to determine whether any adjustment to the Asbestos Liability or the underlying assumptions are necessary. When warranted, the Asbestos Liability is adjusted to consider current trends and new information that becomes available. 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 cost ratios. In developing the estimate of probable insurance recoveries, the Corporation considers the expert’s projection of settlement costs for the Asbestos Liability and management’s projection of associated defense costs. In addition, the Corporation consults with its outside legal counsel on insurance matters and a nationally recognized insurance consulting firm 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 insurance carriers 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. In the fourth quarter of 2023, in connection with its review of the underlying assumptions and primarily as a result of identified changes in claim data and availability of new information, the Corporation recorded an undiscounted increase to its estimated Asbestos Liability of approximately $ 112,640 . In addition, the Corporation revised its estimated defense-to-indemnity cost ratio from 65 % to 60 %, which reduced the Asbestos Liability by $ 4,162 . The following table summarizes activity relating to Asbestos Liability for the six months ended June 30, 2024 and 2023. Six Months Ended June 30, 2024 2023 Asbestos liability, beginning of the year $ 238,679 $ 153,575 Settlement and defense costs paid ( 11,843 ) ( 10,789 ) Asbestos liability, end of the period $ 226,836 $ 142,786 The increase in the asbestos-related insurance receivable associated with the increase in the estimated Asbestos Liability and a lower defense-to-indemnity ratio at December 31, 2023 approximated $ 67,591 . The following table summarizes activity relating to insurance recoveries for the six months ended June 30, 2024 and 2023 , including the $ 1,756 reimbursement of prior years' costs. Six Months Ended June 30, 2024 2023 Insurance receivable – asbestos, beginning of the year $ 160,245 $ 105,434 Settlement and defense costs paid by insurance carriers ( 9,195 ) ( 6,211 ) Insurance receivable – asbestos, end of the period $ 151,050 $ 99,223 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. 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 the forecast of the population likely to have been exposed to asbestos; the number of people likely to develop an asbestos-related disease; the 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; the number and nature of new claims to be filed each year; the average cost of disposing of each new claim; the average annual defense costs; compliance by relevant parties with the terms of the Settlement Agreements; and the solvency risk with respect to the relevant insurance carriers. Other factors that may affect the Asbestos Liability and ability to recover under the Corporation’s insurance policies include uncertainties surrounding the litigation process from jurisdiction to jurisdiction and from case to case, reforms that may be made by state and federal courts, and the passage of state or federal tort reform legislation. The Corporation intends to continue to evaluate the Asbestos Liability, related insurance receivable 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 recovery, these regular reviews may result in the Corporation adjusting its current reserves; however, the Corporation is currently unable to estimate such future adjustments. Adjustments, if any, to the Corporation’s estimate of the Asbestos Liability and/or insurance receivable could be material to the operating results for the period in which the adjustments to the liability, receivable or allowance are recorded and to the Corporation’s condensed consolidated financial position, results of operations and liquidity. |
Environmental Matters
Environmental Matters | 6 Months Ended |
Jun. 30, 2024 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Matters | Note 16 – Environmental Matters The Corporation is currently performing certain remedial actions in connection with the sale of real estate previously owned and periodically incurs costs to maintain compliance with environmental laws and regulations. Environmental exposures are difficult to assess and estimate for numerous reasons, including lack of reliable data, the multiplicity of possible solutions, the years of remedial and monitoring activity required, and identification of new sites. The undiscounted potential liability for remedial actions and environmental compliance measures approximated $ 100 at June 30, 2024 and December 31, 2023 . |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
Related Parties | Note 17 – Related Parties 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 % for each of the three and six months ended June 30, 2024 and 2023, respectively. For the six months ended June 30, 2024 , ATR paid $ 2 (RMB 17 ) of interest. For the six months ended June 30, 2023 , ATR paid $ 4 (RMB 25 ) of interest. No interest was outstanding as of June 30, 2024 or December 31, 2023. Loan activity for the six months ended June 30, 2024 and 2023 was as follows: Six Months Ended June 30, 2024 2024 2023 2023 USD RMB USD RMB Balance at beginning of the period $ 665 4,713 $ - - Borrowings - - 669 4,600 Repayments ( 664 ) ( 4,713 ) ( 669 ) ( 4,600 ) Foreign exchange ( 1 ) - - - Balance at end of the period $ - - $ - - ATR has sales to and purchases from ATR’s minority shareholder and its affiliates and sales to a shareholder of one of the Corporation's other joint ventures in China and its affiliates. These sales and purchases, which were in the ordinary course of business, for the three and six months ended June 30, 2024 and 2023 were as follows: Three Months Ended June 30, 2024 2024 2023 2023 USD RMB USD RMB Purchases from related parties $ 1,901 13,740 $ 1,880 13,223 Sales to related parties $ 3,935 28,505 $ 303 2,342 Six Months Ended June 30, 2024 2024 2023 2023 USD RMB USD RMB Purchases from related parties $ 3,138 22,588 $ 3,323 23,133 Sales to related parties $ 8,173 58,824 $ 2,723 18,960 Balances outstanding with ATR’s minority shareholder including its affiliates and the other joint venture's shareholder and its affiliates as of June 30, 2024 and December 31, 2023 were as follows: June 30, 2024 June 30, 2024 December 31, 2023 December 31, 2023 USD RMB USD RMB Accounts receivable from related parties $ 4,795 34,861 $ 190 1,350 Accounts payable to related parties $ 1,200 8,724 $ 401 2,841 Other current liabilities: Customer deposits $ 94 682 $ 149 1,056 The manufacturing facilities of ATR are located on land leased by ATR from the other partner. The land lease commenced in 2007 , the date the joint venture was formed, and continues through 2054 , the expected end date of the joint venture, and includes variable lease payment provisions based on the land standard price prevailing in Taiyuan, China, where the joint venture is located. Rent paid by ATR to the other partner approximated $ 30 (RMB 223 ) for each of the three months ended June 30, 2024 and 2023 and $ 61 (RMB 446 ) for each of the six months ended June 30, 2024 and 2023, which is included in purchases from related parties. In addition, the Corporation had sales, in the ordinary course of business, to a wholly owned subsidiary of Crawford United Corporation which, along with other affiliated persons (collectively, the “Crawford Group”), was the beneficial owner of greater than 5 % of the Corporation’s stoc k at December 31, 2023 . Pursuant to Amendment No. 5 to Schedule 13D filed by the Crawford Group with the SEC on February 20, 2024 , the Crawford Group ceased to beneficially own greater than 5 % of the Corporation’s stock as of February 16, 2024 . The trade receiva ble with the Crawford Group was $ 722 at December 31, 2023 . |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Business Segments | Note 18 – Business Segments The FCEP segment produces forged hardened steel rolls, cast rolls and forged engineered products (“FEP”). Forged hardened steel rolls are used primarily in cold rolling mills by producers of steel, aluminum and other metals. Cast rolls, which are produced in a variety of iron and steel qualities, are used mainly in hot and cold strip mills, medium/heavy section mills and plate mills. FEP principally are sold to customers in the steel distribution market, oil and gas industry and the aluminum and plastic extrusion industries. The segment has operations in the United States, England, Sweden, and Slovenia and equity interests in three joint venture companies in China. Collectively, the segment primarily competes with European, Asian and North American and South American companies in both domestic and foreign markets and distributes a significant portion of its products through sales offices located throughout the world. The ALP segment includes Aerofin, Buffalo Air Handling and Buffalo Pumps, all divisions of Air & Liquid. Aerofin produces custom-engineered finned tube heat exchange coils and related heat transfer products for a variety of industries including original equipment manufacturers and commercial, nuclear power generation and industrial manufacturing. Buffalo Air Handling produces large custom-designed air handling systems for institutional (e.g., hospital, university), pharmaceutical and general industrial building markets. Buffalo Pumps manufactures centrifugal pumps for the fossil-fueled power generation, marine defense and industrial refrigeration industries. The segment has operations in Virginia and New York with headquarters in Carnegie, Pennsylvania. The segment utilizes an independent group of sales offices located throughout the United States and Canada. Presented below are the net sales an d income bef ore income taxes for the Corporation’s two business segments and sales by product line. 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. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net Sales: Forged and Cast Engineered Products Forged and cast mill rolls $ 72,647 $ 73,003 $ 146,043 $ 144,702 FEP 3,066 4,578 6,859 9,677 Forged and Cast Engineered Products 75,713 77,581 152,902 154,379 Air and Liquid Processing Air handling systems 14,043 8,892 26,553 18,096 Heat exchange coils 11,979 11,105 22,802 21,740 Centrifugal pumps 9,253 9,633 18,946 17,799 Air and Liquid Processing 35,275 29,630 68,301 57,635 Total Reportable Segments $ 110,988 $ 107,211 $ 221,203 $ 212,014 Income before income taxes: Forged and Cast Engineered Products (1) $ 5,361 $ 3,904 $ 6,937 $ 6,128 Air and Liquid Processing 3,174 2,977 5,156 5,930 Total Reportable Segments 8,535 6,881 12,093 12,058 Other expense, including corporate costs ( 5,120 ) ( 5,733 ) ( 10,430 ) ( 9,612 ) Total $ 3,415 $ 1,148 $ 1,663 $ 2,446 (1) Income before income taxes for Forged and Cast Engineered Products for the three and six months ended June 30, 2023 includes proceeds of approximately $ 1,874 for the re imbursement 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. |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Financial Statements (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unaudited Condensed Consolidated Financial Statements | The unaudited condensed consolidated balance sheet as of June 30, 2024 and the unaudited condensed consolidated statements of operations, comprehensive income (loss) and shareholders’ equity for the three and six months ended June 30, 2024 and 2023, and cash flows for the six months ended June 30, 2024 and 2023 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 six months ended June 30, 2024 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. These unaudited condensed consolidated financial statements should be read in conjunction with the Corporation’s latest Annual Report on Form 10-K. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures . The guidance requires disclosure of significant reportable segment expenses regularly provided to the chief operating decision-maker and included within each reported measure of a segment’s profit or loss. The guidance also requires disclosure of the title and position of the individual identified as the chief operating decision-maker and an explanation of how the chief operating decision-maker uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The guidance does not change how an entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The guidance became effective for the Corporation’s annual period beginning January 1, 2024 and interim periods beginning January 1, 2025. The Corporation is currently evaluating the impact this new standard will have on its annual disclosures in its consolidated financial statements for the year ending December 31, 2024 and interim disclosures thereafter. It will not, however, impact the Corporation’s consolidated financial position, results of operations or cash flows. In December 2023, the FASB issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures . The guidance requires annual disclosure of specific categories of information within the effective tax rate reconciliation, and income taxes paid and income tax expense disaggregated by jurisdiction. The guidance becomes effective for the Corporation’s annual period beginning January 1, 2025. Early adoption is permitted. The Corporation is currently evaluating the impact this new standard will have on its annual disclosures. It will not, however, impact the Corporation’s consolidated financial position, results of operations or cash flows. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories were comprised of the following: June 30, December 31, Raw materials $ 49,167 $ 51,794 Work-in-process 49,025 48,676 Finished goods 14,469 17,332 Supplies 7,155 6,892 Inventories $ 119,816 $ 124,694 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment were comprised of the following: June 30, December 31, Land and land improvements $ 8,877 $ 9,025 Buildings and leasehold improvements 70,595 71,063 Machinery and equipment 376,547 366,044 Construction-in-progress 3,393 11,514 Other 6,342 6,965 465,754 464,611 Accumulated depreciation and amortization ( 312,627 ) ( 305,879 ) Property, plant and equipment, net $ 153,127 $ 158,732 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets were comprised of the following: June 30, December 31, Customer relationships $ 5,282 $ 5,442 Developed technology 3,796 3,913 Trade name 2,125 2,219 11,203 11,574 Accumulated amortization ( 6,629 ) ( 6,627 ) Intangible assets, net $ 4,574 $ 4,947 |
Summary of Changes in Intangible Assets | Changes in intangible assets consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance at beginning of the period $ 4,652 $ 5,131 $ 4,947 $ 5,194 Amortization of intangible assets ( 85 ) ( 86 ) ( 173 ) ( 179 ) Other, primarily impact from changes in foreign currency exchange rates 7 ( 186 ) ( 200 ) ( 156 ) Balance at end of the period $ 4,574 $ 4,859 $ 4,574 $ 4,859 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities were comprised of the following: June 30, December 31, Customer-related liabilities $ 20,938 $ 19,915 Accrued utilities 1,620 1,880 Accrued sales commissions 1,887 1,850 Other 4,231 4,089 Other current liabilities $ 28,676 $ 27,734 |
Schedule of Changes in Liability for Product Warranty Claims | Changes in the liability for product warranty claims consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance at beginning of the period $ 5,597 $ 5,450 $ 5,539 $ 5,193 Satisfaction of warranty claims ( 292 ) ( 598 ) ( 686 ) ( 976 ) Provision for warranty claims, net ( 144 ) 807 444 1,377 Other, primarily impact from changes in foreign currency exchange rates 14 ( 20 ) ( 122 ) 45 Balance at end of the period $ 5,175 $ 5,639 $ 5,175 $ 5,639 |
Schedule of Changes in Customer Deposits | Changes in customer deposits consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance at beginning of the period $ 18,198 $ 13,432 $ 13,078 $ 10,453 Satisfaction of performance obligations ( 4,818 ) ( 5,319 ) ( 7,385 ) ( 9,580 ) Receipt of additional deposits 5,429 3,423 13,133 10,620 Other, primarily impact from changes in foreign currency exchange rates ( 2 ) ( 30 ) ( 19 ) 13 Balance at end of the period 18,807 11,506 18,807 11,506 Deposits - Other noncurrent liabilities ( 4,213 ) - ( 4,213 ) - Deposits - Other current liabilities $ 14,594 $ 11,506 $ 14,594 $ 11,506 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Borrowings | Borrowings were comprised of the following: June 30, December 31, Revolving credit facility $ 61,896 $ 56,000 Sale and leaseback financing obligations 44,982 44,488 Equipment financing facility 17,789 16,719 Industrial Revenue Bonds 9,191 9,191 Finance lease liabilities 1,383 1,590 Minority shareholder loan - 665 Outstanding borrowings 135,241 128,653 Debt – current portion ( 15,886 ) ( 12,271 ) Long-term debt $ 119,355 $ 116,382 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Contributions for Pension and Other Postretirement Benefits | Contributions to the Corporation’s employee benefit plans were as follows: Six Months Ended June 30, 2024 2023 U.S. defined benefit pension plans $ 3,554 $ 207 Foreign defined benefit pension plans $ 176 $ 260 Other postretirement benefits (e.g., net payments) $ 182 $ 224 U.K. defined contribution pension plan $ 134 $ 120 U.S. defined contribution plan $ 1,814 $ 1,350 |
Net Periodic Pension and Other Postretirement Benefit Costs | Net periodic pension and other postretirement benefit costs included the following components: Three Months Ended June 30, Six Months Ended June 30, U.S. Defined Benefit Pension Plans 2024 2023 2024 2023 Service cost $ 10 $ 9 $ 20 $ 19 Interest cost 2,328 2,484 4,657 4,967 Expected return on plan assets ( 3,401 ) ( 3,596 ) ( 6,802 ) ( 7,192 ) Amortization of prior service cost 1 1 1 3 Amortization of actuarial loss 46 31 91 61 Net benefit income $ ( 1,016 ) $ ( 1,071 ) $ ( 2,033 ) $ ( 2,142 ) Three Months Ended June 30, Six Months Ended June 30, Foreign Defined Benefit Pension Plans 2024 2023 2024 2023 Service cost $ 8 $ 76 $ 39 $ 138 Interest cost 452 468 908 923 Expected return on plan assets ( 475 ) ( 488 ) ( 953 ) ( 959 ) Amortization of prior service credit ( 70 ) ( 69 ) ( 141 ) ( 137 ) Amortization of actuarial loss 181 152 361 299 Net benefit expense $ 96 $ 139 $ 214 $ 264 Three Months Ended June 30, Six Months Ended June 30, Other Postretirement Benefit Plans 2024 2023 2024 2023 Service cost $ 41 $ 26 $ 84 $ 85 Interest cost 83 140 181 195 Amortization of prior service credit ( 256 ) ( 213 ) ( 512 ) ( 512 ) Amortization of actuarial gain ( 76 ) ( 167 ) ( 157 ) ( 161 ) Net benefit income $ ( 208 ) $ ( 214 ) $ ( 404 ) $ ( 393 ) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 six months ended June 30, 2024 and 2023 are summarized below. All amounts are net of tax where applicable. Foreign Unrecognized Cash Flow Total Less: Accumulated Other Balance at January 1, 2024 $ ( 23,161 ) $ ( 40,490 ) $ 186 $ ( 63,465 ) $ ( 476 ) $ ( 62,989 ) Net change ( 2,722 ) ( 288 ) ( 57 ) ( 3,067 ) ( 273 ) ( 2,794 ) Balance at June 30, 2024 $ ( 25,883 ) $ ( 40,778 ) $ 129 $ ( 66,532 ) $ ( 749 ) $ ( 65,783 ) Balance at January 1, 2023 $ ( 26,170 ) $ ( 32,623 ) $ 152 $ ( 58,641 ) $ ( 229 ) $ ( 58,412 ) Net change 1,037 ( 629 ) ( 287 ) 121 ( 478 ) 599 Balance at June 30, 2023 $ ( 25,133 ) $ ( 33,252 ) $ ( 135 ) $ ( 58,520 ) $ ( 707 ) $ ( 57,813 ) |
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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Amortization of unrecognized employee benefit costs: Other loss – net $ ( 174 ) $ ( 265 ) $ ( 357 ) $ ( 447 ) Income tax effect - ( 33 ) - ( 46 ) Net of tax $ ( 174 ) $ ( 298 ) $ ( 357 ) $ ( 493 ) Settlements of cash flow hedges: Depreciation and amortization (foreign currency purchase contracts) $ ( 8 ) $ ( 8 ) $ ( 14 ) $ ( 14 ) Costs of products sold (excluding depreciation and ( 278 ) ( 68 ) ( 260 ) ( 179 ) Total before income tax ( 286 ) ( 76 ) ( 274 ) ( 193 ) Income tax effect 8 3 7 6 Net of tax $ ( 278 ) $ ( 73 ) $ ( 267 ) $ ( 187 ) |
Summary of Income Tax Effect Associated With Various Components of Other Comprehensive (Loss) Income | The income tax effect associated with the various components of other comprehensive (loss) income for the three and six months ended June 30, 2024 and 2023 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Income tax effect associated with changes in: Unrecognized employee benefit costs $ - $ - $ - $ - Fair value of cash flow hedges ( 7 ) ( 3 ) ( 5 ) 3 Income tax effect associated with reclassification adjustments: Amortization of unrecognized employee benefit costs - ( 33 ) - ( 46 ) Settlement of cash flow hedges 8 3 7 6 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 and 2023 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 June 30, 2024 Beginning of Recognized Reclassified End of Foreign currency purchase contracts $ 75 $ - $ 8 $ 67 Futures contracts – copper and aluminum 174 158 270 62 $ 249 $ 158 $ 278 $ 129 Three Months Ended June 30, 2023 Foreign currency purchase contracts $ 102 $ - $ 8 $ 94 Futures contracts – copper and aluminum 114 ( 278 ) 65 ( 229 ) $ 216 $ ( 278 ) $ 73 $ ( 135 ) Six Months Ended June 30, 2024 Foreign currency purchase contracts $ 81 $ - $ 14 $ 67 Futures contracts – copper and aluminum 105 210 253 62 $ 186 $ 210 $ 267 $ 129 Six Months Ended June 30, 2023 Foreign currency purchase contracts $ 108 $ - $ 14 $ 94 Futures contracts – copper and aluminum 44 ( 100 ) 173 ( 229 ) $ 152 $ ( 100 ) $ 187 $ ( 135 ) |
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 June 30, Six Months Ended June 30, of Operations 2024 2023 2024 2023 Foreign currency purchase contracts Depreciation and amortization $ 28 $ 8 $ 8 $ 14 $ 14 Futures contracts – copper and aluminum Costs of products sold $ 62 $ 278 $ 68 $ 260 $ 179 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 and December 31, 2023 were as follows: Quoted Prices Significant Significant Total As of June 30, 2024 Investments Other noncurrent assets $ 3,196 $ - $ - $ 3,196 As of December 31, 2023 Investments Other noncurrent assets $ 3,245 $ - $ - $ 3,245 |
Net Sales and Income Before I_2
Net Sales and Income Before Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 six months ended June 30, 2024 and 2023 are outlined below. Approximately 95 % of foreign net sales for each of the periods is attributable to the FCEP segment. Three Months Ended June 30, Six Months Ended June 30, Net Sales 2024 2023 2024 2023 United States $ 72,916 $ 63,752 $ 142,680 $ 119,129 Foreign 38,072 43,459 78,523 92,885 $ 110,988 $ 107,211 $ 221,203 $ 212,014 Three Months Ended June 30, Six Months Ended June 30, Income Before Income Taxes 2024 2023 2024 2023 United States (1) $ 1,205 $ ( 2,341 ) $ ( 1,018 ) $ ( 3,469 ) Foreign 2,210 3,489 2,681 5,915 $ 3,415 $ 1,148 $ 1,663 $ 2,446 (1) Includes Corporate costs of $ 3,492 and $ 3,593 for the three months ended June 30, 2024 and 2023, respectively, and $ 6,968 and $ 6,777 for the six months ended June 30, 2024 and 2023, respectively, which represent operating costs of the corporate office not allocated to the segments. |
Litigation (Tables)
Litigation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 six months ended June 30, 2024 and 2023 (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. Six Months Ended June 30, 2024 2023 Total claims pending at the beginning of the period 6,310 6,259 New claims served 636 713 Claims dismissed ( 400 ) ( 274 ) Claims settled ( 298 ) ( 209 ) Total claims pending at the end of period (1) 6,248 6,489 Administrative closures (2) ( 3,155 ) ( 3,057 ) Total active claims at the end of the period 3,093 3,432 Gross settlement and defense costs paid in period (in 000’s) $ 11,843 $ 10,789 Avg. gross settlement and defense costs per claim resolved (in 000’s) (3) $ 16.97 $ 22.34 (1) Included as “total claims pending” a re approximately 1,641 and 1,638 claims at June 30, 2024 and 2023, respectively, classified in various jurisdictions as “inactive” or transferred to a state or federal judicial panel on multi-district litigation. (2) For 2024, administrative closures include (i) mesothelioma claims filed five or more years ago; (ii) non-mesothelioma claims filed six or more years ago; (iii) claims previously classified in various jurisdictions as “inactive;” and (iv) claims transferred to a state or federal judicial panel on multi-district litigation. For 2023, administrative closures included the same except mesothelioma claims filed six or more years ago were considered administratively closed. 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 six months ended June 30, 2024 and 2023. Six Months Ended June 30, 2024 2023 Asbestos liability, beginning of the year $ 238,679 $ 153,575 Settlement and defense costs paid ( 11,843 ) ( 10,789 ) Asbestos liability, end of the period $ 226,836 $ 142,786 |
Summary of Activity in Asbestos Insurance Recoveries | The increase in the asbestos-related insurance receivable associated with the increase in the estimated Asbestos Liability and a lower defense-to-indemnity ratio at December 31, 2023 approximated $ 67,591 . The following table summarizes activity relating to insurance recoveries for the six months ended June 30, 2024 and 2023 , including the $ 1,756 reimbursement of prior years' costs. Six Months Ended June 30, 2024 2023 Insurance receivable – asbestos, beginning of the year $ 160,245 $ 105,434 Settlement and defense costs paid by insurance carriers ( 9,195 ) ( 6,211 ) Insurance receivable – asbestos, end of the period $ 151,050 $ 99,223 |
Related Parties (Tables)
Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Loan activity for the six months ended June 30, 2024 and 2023 was as follows: Six Months Ended June 30, 2024 2024 2023 2023 USD RMB USD RMB Balance at beginning of the period $ 665 4,713 $ - - Borrowings - - 669 4,600 Repayments ( 664 ) ( 4,713 ) ( 669 ) ( 4,600 ) Foreign exchange ( 1 ) - - - Balance at end of the period $ - - $ - - ATR has sales to and purchases from ATR’s minority shareholder and its affiliates and sales to a shareholder of one of the Corporation's other joint ventures in China and its affiliates. These sales and purchases, which were in the ordinary course of business, for the three and six months ended June 30, 2024 and 2023 were as follows: Three Months Ended June 30, 2024 2024 2023 2023 USD RMB USD RMB Purchases from related parties $ 1,901 13,740 $ 1,880 13,223 Sales to related parties $ 3,935 28,505 $ 303 2,342 Six Months Ended June 30, 2024 2024 2023 2023 USD RMB USD RMB Purchases from related parties $ 3,138 22,588 $ 3,323 23,133 Sales to related parties $ 8,173 58,824 $ 2,723 18,960 Balances outstanding with ATR’s minority shareholder including its affiliates and the other joint venture's shareholder and its affiliates as of June 30, 2024 and December 31, 2023 were as follows: June 30, 2024 June 30, 2024 December 31, 2023 December 31, 2023 USD RMB USD RMB Accounts receivable from related parties $ 4,795 34,861 $ 190 1,350 Accounts payable to related parties $ 1,200 8,724 $ 401 2,841 Other current liabilities: Customer deposits $ 94 682 $ 149 1,056 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Business Segment Net Sales and Income before Income Taxes | Presented below are the net sales an d income bef ore income taxes for the Corporation’s two business segments and sales by product line. 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. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net Sales: Forged and Cast Engineered Products Forged and cast mill rolls $ 72,647 $ 73,003 $ 146,043 $ 144,702 FEP 3,066 4,578 6,859 9,677 Forged and Cast Engineered Products 75,713 77,581 152,902 154,379 Air and Liquid Processing Air handling systems 14,043 8,892 26,553 18,096 Heat exchange coils 11,979 11,105 22,802 21,740 Centrifugal pumps 9,253 9,633 18,946 17,799 Air and Liquid Processing 35,275 29,630 68,301 57,635 Total Reportable Segments $ 110,988 $ 107,211 $ 221,203 $ 212,014 Income before income taxes: Forged and Cast Engineered Products (1) $ 5,361 $ 3,904 $ 6,937 $ 6,128 Air and Liquid Processing 3,174 2,977 5,156 5,930 Total Reportable Segments 8,535 6,881 12,093 12,058 Other expense, including corporate costs ( 5,120 ) ( 5,733 ) ( 10,430 ) ( 9,612 ) Total $ 3,415 $ 1,148 $ 1,663 $ 2,446 (1) Income before income taxes for Forged and Cast Engineered Products for the three and six months ended June 30, 2023 includes proceeds of approximately $ 1,874 for the re imbursement 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. |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Financial Statements - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2024 Segment | |
Unaudited Condensed Consolidated Financial Statements [Line Items] | |
Number of reportable business segments | 2 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 49,167 | $ 51,794 |
Work-in-process | 49,025 | 48,676 |
Finished goods | 14,469 | 17,332 |
Supplies | 7,155 | 6,892 |
Inventories | $ 119,816 | $ 124,694 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 465,754 | $ 464,611 |
Accumulated depreciation and amortization | (312,627) | (305,879) |
Property, plant and equipment, net | 153,127 | 158,732 |
Land and Land Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 8,877 | 9,025 |
Buildings and Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 70,595 | 71,063 |
Machinery and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 376,547 | 366,044 |
Construction-in-Progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 3,393 | 11,514 |
Other [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 6,342 | $ 6,965 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) £ in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2023 USD ($) | Aug. 31, 2022 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2024 GBP (£) | |
Property Plant And Equipment [Line Items] | |||||||||
Finance lease assets gross value | $ 3,459 | $ 3,459 | $ 4,223 | ||||||
Finance lease, lease related accumulated amortization | 1,783 | 1,783 | $ 1,959 | ||||||
Depreciation expense | $ 4,613 | $ 4,268 | $ 9,195 | $ 8,549 | |||||
Remaining lease term | 20 years | ||||||||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt and Lease Obligation, Current | Long-Term Debt and Lease Obligation, Current | Long-Term Debt and Lease Obligation, Current | Long-Term Debt and Lease Obligation, Current | |||||
Estimated cost on upgrading existing equipment | $ 26,000 | ||||||||
Interest capitalized on strategic capital projects | $ 16 | 341 | $ 251 | 602 | |||||
Depreciation on assets under finance leases | 80 | $ 67 | 162 | $ 137 | |||||
Capital Expenditures [Member] | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Proceeds from disbursement agreement | $ 2,500 | $ 2,500 | |||||||
Estimated cost on upgrading existing equipment | $ 2,500 | ||||||||
Union Electric Steel UK Limited [Member] | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Land and buildings held as collateral | $ 2,683 | 2,683 | £ 2,122 | ||||||
UES Domestic [Member] | Construction-in-Process, Machinery and Equipment or Buildings [Member] | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Machinery and equipment purchased | $ 24,239 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Finite and Indefinite Lived Intangible Assets [Line Items] | ||||||
Intangible assets, Trade name | $ 2,125 | $ 2,219 | ||||
Intangible assets, gross | 11,203 | 11,574 | ||||
Accumulated amortization | (6,629) | (6,627) | ||||
Intangible assets, net | 4,574 | $ 4,652 | 4,947 | $ 4,859 | $ 5,131 | $ 5,194 |
Customer Relationships [Member] | ||||||
Finite and Indefinite Lived Intangible Assets [Line Items] | ||||||
Intangible assets, gross | 5,282 | 5,442 | ||||
Developed Technology [Member] | ||||||
Finite and Indefinite Lived Intangible Assets [Line Items] | ||||||
Intangible assets, gross | $ 3,796 | $ 3,913 |
Intangible Assets - Summary of
Intangible Assets - Summary of Changes in Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||
Balance at beginning of the period | $ 4,652 | $ 5,131 | $ 4,947 | $ 5,194 |
Amortization of intangible assets | (85) | (86) | (173) | (179) |
Other, primarily impact from changes in foreign currency exchange rates | 7 | (186) | (200) | (156) |
Balance at end of the period | $ 4,574 | $ 4,859 | $ 4,574 | $ 4,859 |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Other Liabilities Disclosure [Abstract] | ||
Customer-related liabilities | $ 20,938 | $ 19,915 |
Accrued utilities | 1,620 | 1,880 |
Accrued sales commissions | 1,887 | 1,850 |
Other | 4,231 | 4,089 |
Other current liabilities | $ 28,676 | $ 27,734 |
Other Current Liabilities - S_2
Other Current Liabilities - Schedule of Changes in Liability for Product Warranty Claims (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | ||||
Balance at beginning of the period | $ 5,597 | $ 5,450 | $ 5,539 | $ 5,193 |
Satisfaction of warranty claims | (292) | (598) | (686) | (976) |
Provision for warranty claims, net | (144) | 807 | 444 | 1,377 |
Other, primarily impact from changes in foreign currency exchange rates | 14 | (20) | (122) | 45 |
Balance at end of the period | $ 5,175 | $ 5,639 | $ 5,175 | $ 5,639 |
Other Current Liabilities - Add
Other Current Liabilities - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2024 | |
Noncurrent Liability [Member] | |
Other Liabilities Disclosure [Line Items] | |
Performance obligation related to customer deposits expected satisfaction period | 1 year |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Contract with Customer, Liability [Abstract] | ||||
Balance at beginning of the period | $ 18,198 | $ 13,432 | $ 13,078 | $ 10,453 |
Satisfaction of performance obligations | (4,818) | (5,319) | (7,385) | (9,580) |
Receipt of additional deposits | 5,429 | 3,423 | 13,133 | 10,620 |
Other, primarily impact from changes in foreign currency exchange rates | (2) | (30) | (19) | 13 |
Balance at end of the period | 18,807 | 11,506 | 18,807 | 11,506 |
Deposits - Other noncurrent liabilities | (4,213) | (4,213) | ||
Deposits - Other current liabilities | $ 14,594 | $ 11,506 | $ 14,594 | $ 11,506 |
Debt - Schedule of Outstanding
Debt - Schedule of Outstanding Borrowings (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Finance lease liabilities | $ 1,383 | $ 1,590 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Debt – current portion | Debt – current portion |
Outstanding borrowings | $ 135,241 | $ 128,653 |
Debt – current portion | (15,886) | (12,271) |
Long-term debt | 119,355 | 116,382 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | 61,896 | 56,000 |
Sale and Leaseback Financing Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | 44,982 | 44,488 |
Equipment Financing Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | 17,789 | 16,719 |
Minority Shareholder Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | 665 | |
Industrial Revenue Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | $ 9,191 | $ 9,191 |
Debt - Additional Information (
Debt - Additional Information (Detail) ¥ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Sep. 29, 2022 USD ($) | Jun. 30, 2023 USD ($) | Aug. 31, 2022 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 | Jun. 30, 2024 USD ($) Bond | Jun. 30, 2024 CNY (¥) Bond | Jun. 30, 2023 USD ($) | Jun. 30, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2021 USD ($) | Jul. 01, 2023 | Oct. 14, 2022 | Jun. 29, 2021 USD ($) | |
Line Of Credit Facility [Line Items] | ||||||||||||||
Swing loans | $ 3,896,000 | $ 3,896,000 | $ 0 | |||||||||||
Lessee lease term | 20 years | |||||||||||||
Estimated cost on upgrading existing equipment | $ 26,000,000 | |||||||||||||
Life of underlying asset | 15 years | 15 years | ||||||||||||
ATR [Member] | Akers AB [Member] | ||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||
Ownership interest percentage | 59.88% | 59.88% | ||||||||||||
Industrial Revenue Bonds ("IRB") [Member] | ||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||
Long term debt | $ 9,191,000 | $ 9,191,000 | $ 9,191,000 | |||||||||||
Number of industrial revenue bonds | Bond | 2 | 2 | ||||||||||||
Minority Shareholder Loan [Member] | ||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||
Debt instrument, borrowed | $ 669,000 | ¥ 4,600 | ||||||||||||
Debt instrument, repaid | $ 664,000 | ¥ 4,713 | $ 669,000 | ¥ 4,600 | ||||||||||
Capital Additions [Member] | ||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||
Estimated cost on upgrading existing equipment | $ 2,500,000 | |||||||||||||
Proceeds from disbursement agreement | $ 2,500,000 | 2,500,000 | ||||||||||||
Annual rent adjustment to repay restated lease | $ 2,500,000 | |||||||||||||
Maximum [Member] | ||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||
Incremental percentage on annual lease payment | 2.04% | 2.04% | ||||||||||||
Change in consumer price index ratio | 1.25 | 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 | Jun. 29, 2026 | ||||||||||||
Commitment fee payable percentage | 0.25% | 0.25% | ||||||||||||
Average interest rate | 8.22% | 7.87% | 8.22% | 8.22% | 7.78% | 7.78% | ||||||||
Long term debt | $ 61,896,000 | $ 61,896,000 | 56,000,000 | |||||||||||
Line of credit, remaining borrowing capacity | $ 20,540,000 | $ 20,540,000 | ||||||||||||
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 | 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% | 2% | ||||||||||||
Revolving Credit Facility [Member] | SOFR [Member] | Maximum [Member] | ||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||
Debt instrument basis spread | 2.50% | 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% | 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% | 1% | ||||||||||||
Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | ||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||
Debt instrument basis spread | 1.50% | 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 | 44,982,000 | 44,982,000 | 44,488,000 | |||||||||||
Taxable Industrial Revenue Bond [Member] | Industrial Revenue Bonds ("IRB") [Member] | ||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||
Long term debt | $ 7,116,000 | $ 7,116,000 | ||||||||||||
Interest at a floating rate on tax-exempt IRB maturing in 2027/2029 | 8.27% | 7.81% | 6.81% | 6.81% | 6.17% | 6.17% | ||||||||
Tax Exempt Industrial Revenue Bond Two [Member] | Industrial Revenue Bonds ("IRB") [Member] | ||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||
Long term debt | $ 2,075,000 | $ 2,075,000 | ||||||||||||
Interest at a floating rate on tax-exempt IRB maturing in 2027/2029 | 6.91% | 3.77% | 5.31% | 5.31% | 3.34% | 3.34% | ||||||||
Equipment Financing Facility [Member] | ||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||
Agreement borrowing capacity | $ 20,000,000 | |||||||||||||
Long term debt | $ 17,789,000 | $ 17,789,000 | 16,719,000 | |||||||||||
Effective interest rate | 10.25% | |||||||||||||
Payments of principal and interest | $ 293,000 | |||||||||||||
Debt instrument, maturity date, description | 2031 | 2031 | ||||||||||||
Debt Instrument, Term | 84 months | |||||||||||||
Equipment Financing Facility [Member] | Term Loan [Member] | ||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||
Long term debt | 15,819,000 | |||||||||||||
Effective interest rate | 8% | 8% | 8% | 8% | 8% | |||||||||
Equipment Financing Facility [Member] | Term Notes [Member] | ||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||
Long term debt | $ 900,000 | |||||||||||||
Effective interest rate during period | 8.65% | 8.58% | 8.58% | |||||||||||
Equipment Financing Facility [Member] | Term Notes [Member] | Minimum [Member] | ||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||
Percentage of converted fixed interest rate | 8.40% | 8.40% | ||||||||||||
Equipment Financing Facility [Member] | Term Notes [Member] | Maximum [Member] | ||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||
Percentage of converted fixed interest rate | 9.22% | 9.22% | ||||||||||||
Disbursement Agreement [Member] | ||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||
Lessee lease term | 20 years | |||||||||||||
Lessee, operating lease, option to extend | 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 | 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 | ||||||||||||
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 | 8.24% | 7.95% | 8.24% | 8.24% | 7.95% | 7.95% | ||||||||
Rental properties | $ 3,645,000 | $ 3,645,000 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits - Contributions for Pension and Other Postretirement Benefits (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Other Postretirement Benefit Plans [Member] | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Contribution | $ 182 | $ 224 |
U.S. [Member] | Defined Benefit Pension Plan [Member] | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Contribution | 3,554 | 207 |
U.S. [Member] | Defined Contribution Plan [Member] | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Contribution | 1,814 | 1,350 |
Foreign Defined Benefits Pension Plans [Member] | Defined Benefit Pension Plan [Member] | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Contribution | 176 | 260 |
U.K. [Member] | Defined Contribution Plan [Member] | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Contribution | $ 134 | $ 120 |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Other Postretirement Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 41 | $ 26 | $ 84 | $ 85 |
Interest cost | $ 83 | $ 140 | $ 181 | $ 195 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
Amortization of prior service cost (credit) | $ (256) | $ (213) | $ (512) | $ (512) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
Amortization of actuarial (gain) loss | $ (76) | $ (167) | $ (157) | $ (161) |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
Net benefit expense (income) | $ (208) | $ (214) | $ (404) | $ (393) |
U.S. [Member] | Defined Benefit Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 10 | 9 | 20 | 19 |
Interest cost | $ 2,328 | $ 2,484 | $ 4,657 | $ 4,967 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
Expected return on plan assets | $ (3,401) | $ (3,596) | $ (6,802) | $ (7,192) |
Amortization of prior service cost (credit) | $ 1 | $ 1 | $ 1 | $ 3 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
Amortization of actuarial (gain) loss | $ 46 | $ 31 | $ 91 | $ 61 |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
Net benefit expense (income) | $ (1,016) | $ (1,071) | $ (2,033) | $ (2,142) |
Foreign Defined Benefits Pension Plans [Member] | Defined Benefit Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 8 | 76 | 39 | 138 |
Interest cost | $ 452 | $ 468 | $ 908 | $ 923 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
Expected return on plan assets | $ (475) | $ (488) | $ (953) | $ (959) |
Amortization of prior service cost (credit) | $ (70) | $ (69) | $ (141) | $ (137) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
Amortization of actuarial (gain) loss | $ 181 | $ 152 | $ 361 | $ 299 |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
Net benefit expense (income) | $ 96 | $ 139 | $ 214 | $ 264 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities - Additional Information (Detail) - 6 months ended Jun. 30, 2024 kr in Thousands, $ in Thousands | USD ($) | SEK (kr) |
Commitments And Contingent Liabilities [Line Items] | ||
Outstanding standby and commercial letters of credit | $ 16,667 | |
Surety bonds issued to guarantee obligations | 3,197 | kr 33,900 |
Capital Expenditures [Member] | ||
Commitments And Contingent Liabilities [Line Items] | ||
Purchase commitments | $ 3,800 |
Equity Rights Offering - Additi
Equity Rights Offering - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2020 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Class Of Warrant Or Right [Line Items] | ||||||
Proceeds from issuance of common stock and warrants | $ 0 | $ 0 | $ 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 | $ 2.5668 | |||||
Warrants outstanding | 10,941,869 | 10,941,869 | 10,941,869 | |||
Series A Warrants [Member] | Common Stock [Member] | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Number of shares can purchase for each warrant | 0.4464 | |||||
Exercise price per share of warrants | $ 5.75 | |||||
Class of warrant or right, expiration date | Aug. 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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 67,239 | $ 115,893 | $ 71,571 | $ 112,649 |
Net change | (595) | (1,511) | (3,067) | 121 |
Ending Balance | 69,459 | 115,580 | 69,459 | 115,580 |
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (23,161) | (26,170) | ||
Net change | (2,722) | 1,037 | ||
Ending Balance | (25,883) | (25,133) | (25,883) | (25,133) |
Unrecognized Employee Benefit Costs [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (40,490) | (32,623) | ||
Net change | (288) | (629) | ||
Ending Balance | (40,778) | (33,252) | (40,778) | (33,252) |
Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 186 | 152 | ||
Net change | (57) | (287) | ||
Ending Balance | 129 | (135) | 129 | (135) |
Less: Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (476) | (229) | ||
Net change | (273) | (478) | ||
Ending Balance | (749) | (707) | (749) | (707) |
Accumulated Other Comprehensive Loss Attributable to Ampco-Pittsburgh [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (62,989) | (58,412) | ||
Net change | (2,794) | 599 | ||
Ending Balance | (65,783) | (57,813) | (65,783) | (57,813) |
Total Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (63,465) | (58,641) | ||
Net change | (3,067) | 121 | ||
Ending Balance | $ (66,532) | $ (58,520) | $ (66,532) | $ (58,520) |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Depreciation and amortization (foreign currency purchase contracts) | $ (4,698) | $ (4,354) | $ (9,368) | $ (8,728) |
Costs of products sold (excluding depreciation and amortization) (futures contracts - copper and aluminum) | (87,684) | (85,471) | (180,174) | (171,843) |
Income before income taxes | 3,415 | 1,148 | 1,663 | 2,446 |
Other income (loss) - net | 1,381 | 98 | 2,285 | 1,465 |
Income tax effect | (863) | (152) | (1,317) | (465) |
Net income (loss) attributable to Ampco-Pittsburgh | 2,012 | 423 | (705) | 1,099 |
Amortization of Unrecognized Employee Benefit Costs [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Other income (loss) - net | (174) | (265) | (357) | (447) |
Income tax effect | 0 | (33) | (46) | |
Net income (loss) attributable to Ampco-Pittsburgh | (174) | (298) | (357) | (493) |
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) | (8) | (8) | (14) | (14) |
Costs of products sold (excluding depreciation and amortization) (futures contracts - copper and aluminum) | (278) | (68) | (260) | (179) |
Income before income taxes | (286) | (76) | (274) | (193) |
Income tax effect | 8 | 3 | 7 | 6 |
Net income (loss) attributable to Ampco-Pittsburgh | $ (278) | $ (73) | $ (267) | $ (187) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
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) Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Equity [Abstract] | ||||
Fair value of cash flow hedges | $ (7) | $ (3) | $ (5) | $ 3 |
Amortization of unrecognized employee benefit costs | (33) | (46) | ||
Settlement of cash flow hedges | $ 8 | $ 3 | $ 7 | $ 6 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 USD ($) Customer Derivative | Jun. 30, 2023 USD ($) Customer | Jun. 30, 2024 USD ($) Customer Derivative | Jun. 30, 2023 USD ($) Customer | |
Derivative [Line Items] | ||||
Number of subsidiaries for purchases of natural gas under existing commitments | Customer | 2 | 2 | 2 | 2 |
Purchases of natural gas under existing commitments description | for two of its subsidiaries | for two of its subsidiaries | ||
Number of subsidiaries for usage of electricity under existing commitments | Customer | 2 | 2 | 2 | 2 |
Usage of electricity under existing commitments description | for two of its subsidiaries. | for two 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 | $ 302,000 | $ (1,244,000) | $ (190,000) | $ (1,159,000) |
Natural Gas Usage [Member] | ||||
Derivative [Line Items] | ||||
Percentage of anticipated purchases hedged | 4% | 23% | 4% | 23% |
Anticipated purchases, hedged | $ 1,830,000 | $ 3,478,000 | $ 1,830,000 | $ 3,478,000 |
Time period for hedged usage description | natural gas usage through December 31, 2025 | natural gas usage through December 31, 2025 | ||
Electricity Usage [Member] | ||||
Derivative [Line Items] | ||||
Percentage of anticipated purchases hedged | 10% | 19% | 10% | 19% |
Anticipated purchases, hedged | $ 1,129,000 | $ 1,329,000 | $ 1,129,000 | $ 1,329,000 |
Time period for hedged usage description | electricity usage through December 31, 2025 | electricity usage through December 31, 2025 | ||
Natural Gas And Electricity Purchased [Member] | ||||
Derivative [Line Items] | ||||
Purchase of natural gas or electricity | $ 854,000 | $ 904,000 | $ 1,833,000 | $ 1,437,000 |
Copper Purchases [Member] | ||||
Derivative [Line Items] | ||||
Percentage of anticipated purchases hedged | 41% | 50% | 41% | 50% |
Time period for hedged purchases | 8 months | 9 months | ||
Copper Purchases [Member] | Cash Flow Hedges [Member] | ||||
Derivative [Line Items] | ||||
Anticipated purchases, hedged | $ 2,495,000 | $ 2,725,000 | $ 2,495,000 | $ 2,725,000 |
Aluminum Purchases [Member] | ||||
Derivative [Line Items] | ||||
Percentage of anticipated purchases hedged | 56% | 61% | 56% | 61% |
Time period for hedged purchases | 6 months | 6 months | ||
Aluminum Purchases [Member] | Cash Flow Hedges [Member] | ||||
Derivative [Line Items] | ||||
Anticipated purchases, hedged | $ 621,000 | $ 695,000 | $ 621,000 | $ 695,000 |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative [Line Items] | ||||
Beginning of the Period | $ 249 | $ 216 | $ 186 | $ 152 |
Recognized | 158 | (278) | 210 | (100) |
Reclassified | 278 | 73 | 267 | 187 |
End of the Period | 129 | (135) | 129 | (135) |
Foreign Currency Purchase Contracts [Member] | ||||
Derivative [Line Items] | ||||
Beginning of the Period | 75 | 102 | 81 | 108 |
Reclassified | 8 | 8 | 14 | 14 |
End of the Period | 67 | 94 | 67 | 94 |
Futures Contracts - Copper and Aluminum [Member] | ||||
Derivative [Line Items] | ||||
Beginning of the Period | 174 | 114 | 105 | 44 |
Recognized | 158 | (278) | 210 | (100) |
Reclassified | 270 | 65 | 253 | 173 |
End of the Period | $ 62 | $ (229) | $ 62 | $ (229) |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative [Line Items] | ||||
Depreciation and amortization | $ 4,698 | $ 4,354 | $ 9,368 | $ 8,728 |
Costs of products sold (excluding depreciation and amortization) | 87,684 | 85,471 | 180,174 | 171,843 |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Settlements of Cash Flow Hedges [Member] | ||||
Derivative [Line Items] | ||||
Depreciation and amortization | 8 | 8 | 14 | 14 |
Costs of products sold (excluding depreciation and amortization) | 278 | 68 | 260 | 179 |
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 | 8 | 8 | 14 | 14 |
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 | 62 | 62 | ||
Costs of products sold (excluding depreciation and amortization) | $ 278 | $ 68 | $ 260 | $ 179 |
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 | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 3,196 | $ 3,245 |
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 | $ 3,196 | $ 3,245 |
Net Sales and Income Before I_3
Net Sales and Income Before Income Taxes - Additional Information (Detail) | Jun. 30, 2024 | Jun. 30, 2023 |
Net Sales And Income Loss Before Income Taxes [Abstract] | ||
Percentage of foreign net sales | 95% | 95% |
Net Sales and Income Before I_4
Net Sales and Income Before Income Taxes - Net Sales and (Loss) Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 110,988 | $ 107,211 | $ 221,203 | $ 212,014 |
Income before income taxes: | 3,415 | 1,148 | 1,663 | 2,446 |
U.S. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 72,916 | 63,752 | 142,680 | 119,129 |
Income before income taxes: | 1,205 | (2,341) | (1,018) | (3,469) |
Foreign [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 38,072 | 43,459 | 78,523 | 92,885 |
Income before income taxes: | $ 2,210 | $ 3,489 | $ 2,681 | $ 5,915 |
Net Sales and Income Before I_5
Net Sales and Income Before Income Taxes - Net Sales and (Loss) Income Before Income Taxes (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net Sales And Income Loss Before Income Taxes [Abstract] | ||||
Corporate costs | $ 3,492 | $ 3,593 | $ 6,968 | $ 6,777 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 388 | $ 483 | $ 734 | $ 1,110 |
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] | 6 Months Ended | |
Jun. 30, 2024 USD ($) Claim | Jun. 30, 2023 USD ($) Claim | |
Loss Contingencies [Line Items] | ||
Total claims pending at the beginning of the period | 6,310 | 6,259 |
New claims served | 636 | 713 |
Claims dismissed | (400) | (274) |
Claims settled | (298) | (209) |
Total claims pending at the end of period | 6,248 | 6,489 |
Administrative closures | (3,155) | (3,057) |
Total active claims at the end of the period | 3,093 | 3,432 |
Gross settlement and defense costs paid in period | $ | $ 11,843,000 | $ 10,789,000 |
Avg. gross settlement and defense costs per claim resolved | $ | $ 16,970 | $ 22,340 |
Litigation - Schedule of Loss_2
Litigation - Schedule of Loss Contingencies by Contingency (Parenthetical) (Detail) - Claim | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Loss Contingencies [Line Items] | ||
Number of claims inactive or transferred to MDL panel | 1,641 | 1,638 |
Mesothelioma Claims [Member] | ||
Loss Contingencies [Line Items] | ||
Administrative closures claims period | 5 years | 6 years |
Non Mesothelioma Claims [Member] | ||
Loss Contingencies [Line Items] | ||
Administrative closures claims period | 6 years |
Litigation - Additional Informa
Litigation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2024 | Dec. 31, 2022 | |
Loss Contingencies [Line Items] | ||||
Reimbursement of prior year insurance cost | $ 1,756 | |||
Increase (decrease) to estimated asbestos liability for claims pending or projected | $ 112,640 | |||
Defense-to-indemnity cost ratio | 60% | 65% | ||
Effect of asbestos liability from a lower defense-to-indemnity ratio | $ 4,162 | |||
Asbestos receivable due to increase in asbestos liability and lower defense to indemnity ratio | $ 67,591 | |||
Settlement Agreements [Member] | ||||
Loss Contingencies [Line Items] | ||||
Reimbursement of prior year insurance cost | $ 1,756 |
Litigation - Summary of Activit
Litigation - Summary of Activity Relating to Asbestos Liability (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Asbestos liability, beginning of the year | $ 238,679 | $ 153,575 |
Settlement and defense costs paid | (11,843) | (10,789) |
Asbestos liability, end of the period | $ 226,836 | $ 142,786 |
Litigation - Summary of Activ_2
Litigation - Summary of Activity in Asbestos Insurance Recoveries (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Loss Contingencies [Line Items] | ||
Insurance receivable -- asbestos, beginning of the year | $ 708 | |
Insurance receivable – asbestos, end of the period | 708 | |
Asbestos Claims [Member] | ||
Loss Contingencies [Line Items] | ||
Insurance receivable -- asbestos, beginning of the year | 160,245 | $ 105,434 |
Settlement and defense costs paid by insurance carriers | (9,195) | (6,211) |
Insurance receivable – asbestos, end of the period | $ 151,050 | $ 99,223 |
Environmental Matters - Additio
Environmental Matters - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Environmental Remediation Obligations [Abstract] | ||
Undiscounted potential liability for all environmental compliance | $ 100 | $ 100 |
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Related Parties - Additional In
Related Parties - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||||
Jun. 30, 2024 USD ($) | Jun. 30, 2024 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 CNY (¥) | Jun. 30, 2024 USD ($) | Jun. 30, 2024 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 CNY (¥) | Feb. 20, 2024 | Feb. 16, 2024 | Dec. 31, 2023 USD ($) | |
Related Party Transaction [Line Items] | |||||||||||
Trade receivable | $ 83,974 | $ 83,974 | $ 78,939 | ||||||||
Subsidiary [Member] | Crawford Group [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Trade receivable | $ 722 | ||||||||||
Schedule 13D filed date | Feb. 20, 2024 | ||||||||||
Ceased date of beneficial stock ownership | Feb. 16, 2024 | ||||||||||
Minimum [Member] | Subsidiary [Member] | Crawford Group [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Beneficial stock ownership percentage | 5% | ||||||||||
Ceased beneficially stock ownership percentage | 5% | ||||||||||
ATR [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Effective interest rate | 4.35% | 4.35% | 4.35% | 4.35% | 4.35% | 4.35% | 4.35% | 4.35% | |||
Interest paid | $ 2 | ¥ 17 | $ 4 | ¥ 25 | |||||||
Accrued interest | $ 0 | $ 0 | $ 0 | ||||||||
Land lease commenced year | 2007 | 2007 | |||||||||
Land lease expiry year | 2054 | 2054 | |||||||||
Rent paid | $ 30 | ¥ 223 | $ 30 | ¥ 223 | $ 61 | ¥ 446 | $ 61 | ¥ 446 | |||
ATR [Member] | Minimum [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Interest accrual period | 3 years | 3 years | 3 years | 3 years | 3 years | 3 years | 3 years | 3 years | |||
ATR [Member] | Maximum [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Interest accrual period | 5 years | 5 years | 5 years | 5 years | 5 years | 5 years | 5 years | 5 years |
Related Parties - Summary of Lo
Related Parties - Summary of Loan Activity (Detail) ¥ in Thousands, $ in Thousands | 6 Months Ended | |||
Jun. 30, 2024 USD ($) | Jun. 30, 2024 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 CNY (¥) | |
Related Party Transaction [Line Items] | ||||
Borrowings | $ 669 | |||
Repayments | $ (664) | (669) | ||
ATR [Member] | ||||
Related Party Transaction [Line Items] | ||||
Balance at beginning of the period | 665 | ¥ 4,713 | 0 | ¥ 0 |
Borrowings | 0 | 0 | 669 | 4,600 |
Repayments | (664) | (4,713) | (669) | (4,600) |
Foreign exchange | (1) | 0 | 0 | 0 |
Balance at end of the period | $ 0 | ¥ 0 | $ 0 | ¥ 0 |
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 | 6 Months Ended | ||||||
Jun. 30, 2024 USD ($) | Jun. 30, 2024 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 CNY (¥) | Jun. 30, 2024 USD ($) | Jun. 30, 2024 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 CNY (¥) | |
Related Party Transaction [Line Items] | ||||||||
Sales to related parties | $ 110,988 | $ 107,211 | $ 221,203 | $ 212,014 | ||||
ATR [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Purchases from related parties | 1,901 | ¥ 13,740 | 1,880 | ¥ 13,223 | 3,138 | ¥ 22,588 | 3,323 | ¥ 23,133 |
ATR [Member] | Related Party [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Sales to related parties | $ 3,935 | ¥ 28,505 | $ 303 | ¥ 2,342 | $ 8,173 | ¥ 58,824 | $ 2,723 | ¥ 18,960 |
Related Parties - Summary of Ba
Related Parties - Summary of Balances Outstanding with ATR's Minority Shareholder and Its Affiliates (Detail) ¥ in Thousands, $ in Thousands | Jun. 30, 2024 USD ($) | Jun. 30, 2024 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) |
Related Party Transaction [Line Items] | ||||
Accounts receivable from related parties | $ 83,974 | $ 78,939 | ||
Accounts payable to related parties | 40,212 | 36,830 | ||
ATR [Member] | ||||
Related Party Transaction [Line Items] | ||||
Customer deposits | 94 | ¥ 682 | 149 | ¥ 1,056 |
ATR [Member] | Related Party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Accounts receivable from related parties | 4,795 | 34,861 | 190 | 1,350 |
Accounts payable to related parties | $ 1,200 | ¥ 8,724 | $ 401 | ¥ 2,841 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2024 Segment Company | |
Segment Reporting Information [Line Items] | |
Number of reportable business segments | Segment | 2 |
Chinese Joint Venture Company [Member] | |
Segment Reporting Information [Line Items] | |
Equity interest in number of joint venture | Company | 3 |
Business Segments - Business Se
Business Segments - Business Segment Net Sales and Income before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue from External Customer [Line Items] | ||||
Net sales | $ 110,988 | $ 107,211 | $ 221,203 | $ 212,014 |
Income before income taxes: | 3,415 | 1,148 | 1,663 | 2,446 |
Operating Segments [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 110,988 | 107,211 | 221,203 | 212,014 |
Income before income taxes: | 8,535 | 6,881 | 12,093 | 12,058 |
Operating Segments [Member] | Forged and Cast Mill Rolls [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 72,647 | 73,003 | 146,043 | 144,702 |
Operating Segments [Member] | FEP [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 3,066 | 4,578 | 6,859 | 9,677 |
Operating Segments [Member] | Forged and Cast Engineered Products [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 75,713 | 77,581 | 152,902 | 154,379 |
Income before income taxes: | 5,361 | 3,904 | 6,937 | 6,128 |
Operating Segments [Member] | Air and Liquid Processing [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 35,275 | 29,630 | 68,301 | 57,635 |
Income before income taxes: | 3,174 | 2,977 | 5,156 | 5,930 |
Operating Segments [Member] | Air Handling Systems [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 14,043 | 8,892 | 26,553 | 18,096 |
Operating Segments [Member] | Heat Exchange Coils [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 11,979 | 11,105 | 22,802 | 21,740 |
Operating Segments [Member] | Centrifugal Pumps [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 9,253 | 9,633 | 18,946 | 17,799 |
Other Expense, Including Corporate Costs - Net [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Income before income taxes: | $ (5,120) | $ (5,733) | $ (10,430) | $ (9,612) |
Business Segments - Business _2
Business Segments - Business Segment Net Sales and Income before Income Taxes (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Forged And Cast Engineered Products [Member] | ||
Revenue from External Customer [Line Items] | ||
Proceeds from reimbursement of past energy costs | $ 1,874 | $ 1,874 |