Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'AMPCO PITTSBURGH CORP | ' |
Entity Central Index Key | '0000006176 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 10,362,746 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $92,275 | $78,889 |
Receivables, less allowance for doubtful accounts of $571 in 2013 and $519 in 2012 | 43,171 | 54,394 |
Inventories | 73,029 | 70,669 |
Insurance receivables - asbestos | 16,000 | 18,400 |
Other current assets | 10,735 | 15,230 |
Total current assets | 235,210 | 237,582 |
Property, plant and equipment, net | 151,731 | 150,297 |
Insurance receivables - asbestos | 100,863 | 99,715 |
Deferred income tax assets | 18,508 | 25,800 |
Investments in joint ventures | 12,170 | 13,319 |
Other noncurrent assets | 7,205 | 6,466 |
Total Assets | 525,687 | 533,179 |
Current liabilities: | ' | ' |
Accounts payable | 17,381 | 15,839 |
Accrued payrolls and employee benefits | 9,428 | 9,301 |
Industrial Revenue Bond debt | 13,311 | 13,311 |
Asbestos liability - current portion | 21,000 | 23,500 |
Other current liabilities | 20,724 | 24,473 |
Total current liabilities | 81,844 | 86,424 |
Employee benefit obligations | 93,029 | 96,100 |
Asbestos liability | 144,028 | 157,522 |
Other noncurrent liabilities | 782 | 1,040 |
Total liabilities | 319,683 | 341,086 |
Commitments and contingent liabilities (Note 6) | ' | ' |
Shareholders' equity: | ' | ' |
Common stock - par value $1; authorized 20,000 shares; issued and outstanding 10,363 shares in 2013 and 10,346 shares in 2012 | 10,363 | 10,346 |
Additional paid-in capital | 125,412 | 124,464 |
Retained earnings | 148,002 | 139,658 |
Accumulated other comprehensive loss | -77,773 | -82,375 |
Total shareholders' equity | 206,004 | 192,093 |
Total Liabilities and Shareholders' Equity | $525,687 | $533,179 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Receivables, allowance for doubtful accounts | $571 | $519 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 20,000 | 20,000 |
Common stock, shares issued | 10,363 | 10,346 |
Common stock, shares outstanding | 10,363 | 10,346 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $64,433 | $72,190 | $203,995 | $215,751 |
Operating costs and expenses: | ' | ' | ' | ' |
Costs of products sold (excluding depreciation) | 48,177 | 56,066 | 158,577 | 166,604 |
Selling and administrative | 8,979 | 9,677 | 28,135 | 30,077 |
Depreciation | 2,840 | 2,699 | 8,725 | 8,278 |
Credit for asbestos litigation | -16,340 | 0 | -16,340 | 0 |
Loss (gain) on disposition of assets | 0 | 0 | 19 | -1 |
Total operating expenses | 43,656 | 68,442 | 179,116 | 204,958 |
Income from operations | 20,777 | 3,748 | 24,879 | 10,793 |
Other income (expense): | ' | ' | ' | ' |
Investment-related income | 27 | 14 | 51 | 48 |
Interest expense | -60 | -61 | -181 | -178 |
Other - net | -532 | -170 | -1,539 | -633 |
Total other income (expense) | -565 | -217 | -1,669 | -763 |
Income before income taxes and equity losses in Chinese joint venture | 20,212 | 3,531 | 23,210 | 10,030 |
Income tax provision | -7,057 | -1,498 | -7,958 | -3,643 |
Equity losses in Chinese joint venture | -450 | -505 | -1,315 | -1,350 |
Net income | $12,705 | $1,528 | $13,937 | $5,037 |
Net income per common share: | ' | ' | ' | ' |
Basic | $1.23 | $0.15 | $1.35 | $0.49 |
Diluted | $1.22 | $0.15 | $1.34 | $0.48 |
Cash dividends declared per share | $0.18 | $0.18 | $0.54 | $0.54 |
Weighted average number of common shares outstanding: | ' | ' | ' | ' |
Basic | 10,363 | 10,343 | 10,355 | 10,337 |
Diluted | 10,408 | 10,384 | 10,404 | 10,388 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $12,705 | $1,528 | $13,937 | $5,037 |
Adjustments for changes in: | ' | ' | ' | ' |
Foreign exchange translation | 2,847 | 2,155 | 97 | 2,749 |
Unrealized holding gains on marketable securities | 103 | 94 | 296 | 134 |
Fair value of cash flow hedges | 152 | 175 | -277 | 172 |
Reclassification adjustments for items included in net income: | ' | ' | ' | ' |
Amortization of unrecognized employee benefit costs | 1,544 | 339 | 4,331 | 2,856 |
Realized (gains) from sale of marketable securities | -17 | -12 | -51 | -40 |
Realized losses from settlement of cash flow hedges | 144 | 83 | 206 | 177 |
Other comprehensive income | 4,773 | 2,834 | 4,602 | 6,048 |
Comprehensive income | $17,478 | $4,362 | $18,539 | $11,085 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Cash Flows [Abstract] | ' | ' |
Net cash flows provided by operating activities | $28,957 | $14,478 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | -10,264 | -7,764 |
Purchases of long-term marketable securities | -810 | -589 |
Proceeds from sale of long-term marketable securities | 678 | 543 |
Proceeds from the disposition of property, plant and equipment | 6 | 0 |
Proceeds from government grant | 0 | 373 |
Net cash flows used in investing activities | -10,390 | -7,437 |
Cash flows from financing activities: | ' | ' |
Dividends paid | -5,590 | -5,580 |
Proceeds from the issuance of common stock | 67 | 78 |
Excess tax benefits from the exercise of stock options | 2 | 13 |
Net cash flows used in financing activities | -5,521 | -5,489 |
Effect of exchange rate changes on cash and cash equivalents | 340 | 402 |
Net increase in cash and cash equivalents | 13,386 | 1,954 |
Cash and cash equivalents at beginning of period | 78,889 | 69,888 |
Cash and cash equivalents at end of period | 92,275 | 71,842 |
Supplemental information: | ' | ' |
Income tax payments | 877 | 2,934 |
Interest payments | 182 | 178 |
Non-cash investing activities: | ' | ' |
Purchases of property, plant and equipment included in accounts payable | $677 | $624 |
Unaudited_Condensed_Consolidat
Unaudited Condensed Consolidated Financial Statements | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Unaudited Condensed Consolidated Financial Statements | ' | |
1 | Unaudited Condensed Consolidated Financial Statements | |
The condensed consolidated balance sheet as of September 30, 2013 and the condensed consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2013 and 2012 and the condensed consolidated statement of cash flows for the nine months ended September 30, 2013 and 2012 have been prepared by Ampco-Pittsburgh Corporation (the Corporation) without audit. In the opinion of management, all adjustments, consisting of only normal and recurring adjustments necessary to present fairly the financial position, results of operations and cash flows for the periods presented, have been made. The results of operations for the three and nine months ended September 30, 2013 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 have been condensed or omitted. | ||
Recently Implemented Accounting Pronouncements | ||
In December 2011, the Financial Accounting Standards Board (FASB) issued ASU 2011-11, Disclosures about Offsetting Assets and Liabilities, which requires expanded disclosures, including gross and net information, about financial and derivative instruments that are either offset in the balance sheet or are subject to an enforceable master netting arrangement or similar agreement. The guidance became effective for reporting periods beginning on or after January 1, 2013 and is to be applied retrospectively. The new guidance affects disclosures only and did not impact operating results, financial position or liquidity of the Corporation. | ||
In February 2013, the FASB issued ASU 2013-02, Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which requires entities to report the effect of significant reclassifications out of accumulated other comprehensive income (loss) on the respective line items in net income if the amount being reclassified is required to be reclassified in its entirety to net income. Information may be reported either on the face of the income statement or in the footnotes to the financial statements. For other amounts that are not required to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference to other required disclosures. The guidance became effective for reporting periods beginning on or after January 1, 2013. The guidance affects disclosures only. It does not change whether items are reported in net income or other comprehensive income or when items in other comprehensive income are reclassified to net income; accordingly, ASU 2013-02 did not impact the operating results, financial position or liquidity of the Corporation. | ||
Recently Issued Accounting Pronouncements | ||
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which requires, under certain circumstances, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The guidance becomes effective for reporting periods beginning on or after January 1, 2014. Currently, the Corporation records unrecognized tax benefits as a liability; accordingly, implementation of the guidance may affect balance sheet presentation but will not impact operating results or liquidity of the Corporation. |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
2 | Inventories | ||||||||
At September 30, 2013 and December 31, 2012, approximately 64% and 68%, respectively, of the inventories were valued on the LIFO method with the remaining inventories valued on the FIFO method. Inventories were comprised of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 19,122 | $ | 22,514 | |||||
Work-in-process | 34,356 | 31,164 | |||||||
Finished goods | 8,131 | 5,907 | |||||||
Supplies | 11,420 | 11,084 | |||||||
$ | 73,029 | $ | 70,669 | ||||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
3 | Property, Plant and Equipment | ||||||||
Property, plant and equipment were comprised of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Land and land improvements | $ | 5,117 | $ | 5,006 | |||||
Buildings | 45,093 | 43,411 | |||||||
Machinery and equipment | 241,638 | 237,473 | |||||||
Construction-in-progress | 11,594 | 7,493 | |||||||
Other | 8,668 | 8,674 | |||||||
312,110 | 302,057 | ||||||||
Accumulated depreciation | (160,379 | ) | (151,760 | ) | |||||
$ | 151,731 | $ | 150,297 | ||||||
Land and buildings of Union Electric Steel UK Limited (UES-UK) equal to approximately $4,560 (£2,818) at September 30, 2013 are held as collateral by the trustees of the UES-UK contributory defined benefit pension plan (see Note 5). | |||||||||
Other_Current_Liabilities
Other Current Liabilities | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||||||||||
Other Current Liabilities | ' | ||||||||||||||||
4 | Other Current Liabilities | ||||||||||||||||
Other current liabilities were comprised of the following: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Customer-related liabilities | $ | 10,442 | $ | 13,444 | |||||||||||||
Accrued sales commissions | 1,556 | 2,146 | |||||||||||||||
Other | 8,726 | 8,883 | |||||||||||||||
$ | 20,724 | $ | 24,473 | ||||||||||||||
Included in customer-related liabilities are costs expected to be incurred with respect to product warranties. Changes in the liability for product warranty claims consisted of the following: | |||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Balance at beginning of the period | $ | 6,425 | $ | 5,488 | $ | 6,625 | $ | 5,498 | |||||||||
Satisfaction of warranty claims | (344 | ) | (604 | ) | (1,558 | ) | (1,869 | ) | |||||||||
Provision for warranty claims | 316 | 980 | 1,578 | 2,211 | |||||||||||||
Other, primarily impact from changes in foreign currency exchange rates | 231 | 87 | (17 | ) | 111 | ||||||||||||
Balance at end of the period | $ | 6,628 | $ | 5,951 | $ | 6,628 | $ | 5,951 | |||||||||
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefits | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Pension and Other Postretirement Benefits | ' | ||||||||||||||||
5 | Pension and Other Postretirement Benefits | ||||||||||||||||
Contributions were as follows: | |||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
U.S. pension benefits plan | $ | 5,000 | (1) | $ | 0 | ||||||||||||
U.K. pension benefits plan | $ | 1,308 | $ | 1,333 | |||||||||||||
Other postretirement benefits (e.g., net payments) | $ | 436 | $ | 449 | |||||||||||||
U.K. defined contribution plan | $ | 227 | $ | 232 | |||||||||||||
-1 | Voluntary contribution | ||||||||||||||||
Net periodic pension and other postretirement costs include the following components: | |||||||||||||||||
Three Months Ended Sept 30, | Nine Months Ended Sept 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
U.S. Pension Benefits | |||||||||||||||||
Service cost | $ | 1,106 | $ | 986 | $ | 3,318 | $ | 2,958 | |||||||||
Interest cost | 2,016 | 2,129 | 6,052 | 6,386 | |||||||||||||
Expected return on plan assets | (2,342 | ) | (2,389 | ) | (7,026 | ) | (7,167 | ) | |||||||||
Amortization of prior service cost | 160 | 167 | 480 | 501 | |||||||||||||
Amortization of actuarial loss | 1,788 | 1,522 | 5,360 | 4,565 | |||||||||||||
Net benefit cost | $ | 2,728 | $ | 2,415 | $ | 8,184 | $ | 7,243 | |||||||||
U.K. Pension Benefits | |||||||||||||||||
Interest cost | $ | 656 | $ | 626 | $ | 1,891 | $ | 1,871 | |||||||||
Expected return on plan assets | (651 | ) | (525 | ) | (1,842 | ) | (1,569 | ) | |||||||||
Amortization of actuarial loss | 202 | 150 | 509 | 447 | |||||||||||||
Net benefit cost | $ | 207 | $ | 251 | $ | 558 | $ | 749 | |||||||||
Other Postretirement Benefits | |||||||||||||||||
Service cost | $ | 235 | $ | 280 | $ | 707 | $ | 603 | |||||||||
Interest cost | 232 | 230 | 695 | 689 | |||||||||||||
Amortization of prior service cost | 21 | 21 | 64 | 64 | |||||||||||||
Amortization of actuarial loss (gain) | 61 | (152 | ) | 181 | 54 | ||||||||||||
Net benefit cost | $ | 549 | $ | 379 | $ | 1,647 | $ | 1,410 | |||||||||
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 9 Months Ended | |
Sep. 30, 2013 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingent Liabilities | ' | |
6 | Commitments and Contingent Liabilities | |
Outstanding standby and commercial letters of credit as of September 30, 2013 approximated $18,065, the majority of which serve as collateral for the Industrial Revenue Bond debt. | ||
In 2010, UES-UK was awarded a government grant of up to $1,325 (£850) toward the purchase and installation of certain machinery and equipment of which $1,083 (£680) has been received to date. Under the agreement, the grant is repayable if certain conditions are not met including achieving and maintaining a targeted level of employment through 2017. UES-UK’s level of employment currently exceeds and is expected to continue to exceed the targeted level of employment; accordingly, no liability has been recorded. | ||
See Note 7 regarding foreign exchange contracts and commodities. | ||
See Note 12 regarding litigation and Note 13 for environmental matters. |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||
Derivative Instruments | ' | ||||||||||||||||||||||
7 | Derivative Instruments | ||||||||||||||||||||||
Certain of the Corporation’s operations are subject to risk from exchange rate fluctuations in connection with sales in foreign currencies. To minimize this risk, foreign currency sales contracts are entered into which are designated as cash flow or fair value hedges and are recorded in the consolidated balance sheet as either an asset or a liability measured at their fair value. The accounting for changes in the fair value of a derivative depends on the use of the derivative. To the extent that a derivative is designated and effective as a cash flow hedge of an exposure to future changes in value, the change in fair value of the derivative is deferred in accumulated other comprehensive income (loss). Any portion considered to be ineffective, including that arising from the unlikelihood of an anticipated transaction to occur, is reported as a component of earnings (other income/expense) immediately. Upon occurrence of the anticipated transaction, the derivative designated and effective as a cash flow hedge is de-designated as a fair value hedge and the change in fair value previously deferred in accumulated other comprehensive income (loss) is reclassified to earnings (net sales) with subsequent changes in fair value recorded as a component of earnings (other income/expense). To the extent that a derivative is designated and effective as a hedge of an exposure to changes in fair value, the change in the derivative’s fair value will be offset in the consolidated statement of operations by the change in the fair value of the item being hedged and is recorded as a component of earnings (other income/expense). | |||||||||||||||||||||||
As of September 30, 2013, approximately $13,580 of anticipated foreign-denominated sales has been hedged which are covered by fair value contracts settling at various dates through July 2014. The fair value of assets held as collateral for the fair value contracts as of September 30, 2013 approximated $800. As of September 30, 2013, there were no cash flow contracts outstanding for future sales. | |||||||||||||||||||||||
Additionally, certain of the Corporation’s divisions 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. The change in fair value of the derivative is deferred in accumulated other comprehensive income (loss). Any portion considered to be ineffective, including that arising from the unlikelihood of an anticipated transaction to occur, is reported as a component of earnings (other income/expense) immediately. Upon occurrence of the anticipated transaction, the futures contract is settled and the change in fair value previously deferred in accumulated other comprehensive income (loss) is reclassified to earnings (costs of products sold, excluding depreciation) when the projected sales occur. At September 30, 2013, approximately 57% or $3,006 of anticipated copper purchases over the next nine months and 56% or $438 of anticipated aluminum purchases over the next six months are hedged. The fair value of assets held as collateral as of September 30, 2013 equaled $400. | |||||||||||||||||||||||
The Corporation previously entered into foreign currency purchase contracts to manage the volatility associated with Euro-denominated progress payments to be made for certain machinery and equipment. As of December 31, 2010, all contracts had been settled and the underlying fixed assets were placed in service. The change in the fair value is included in accumulated other comprehensive income (loss) and is being amortized to pre-tax earnings (as an offset to depreciation expense) over the life of the underlying assets. | |||||||||||||||||||||||
No portion of the existing cash flow or fair value hedges is considered to be ineffective, including any ineffectiveness arising from the unlikelihood of an anticipated transaction to occur. Additionally, no amounts have been excluded from assessing the effectiveness of the hedge. | |||||||||||||||||||||||
At September 30, 2013, the Corporation has purchase commitments covering 45% or $5,000 of anticipated natural gas usage through 2015 at one of its subsidiaries. The commitments qualify as normal purchases and, accordingly, are not reflected on the consolidated balance sheet. | |||||||||||||||||||||||
The Corporation does not enter into derivative transactions for speculative purposes and, therefore, holds no derivative instruments for trading purposes. | |||||||||||||||||||||||
Gains (losses) on foreign exchange transactions included in other income (expense) approximated $(135) and $77 for the three months ended September 30, 2013 and 2012, respectively, and $(528) and $155 for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||||
The location and fair value of the foreign currency sales contracts recorded on the consolidated balance sheets were as follows: | |||||||||||||||||||||||
Location | September 30, | December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Cash flow hedge contracts | Other current assets | $ | 0 | $ | 46 | ||||||||||||||||||
Fair value hedge contracts | Other current assets | 514 | 218 | ||||||||||||||||||||
Fair value hedged items | Receivables | (129 | ) | (94 | ) | ||||||||||||||||||
Other current liabilities | 442 | 223 | |||||||||||||||||||||
The change in the fair value of the cash flow contracts is recorded as a component of accumulated other comprehensive income (loss). The fair value balances as of September 30, 2013 and 2012 and the amount recognized as and reclassified from accumulated other comprehensive income (loss) for each of the periods is summarized below. All amounts are after-tax. | |||||||||||||||||||||||
Three Months Ended September 30, 2013 | Comprehensive | Plus | Less | Comprehensive | |||||||||||||||||||
Income (Loss) | Recognized as | Gain (Loss) Reclassified | Income (Loss) End | ||||||||||||||||||||
Beginning of | Comprehensive | from Accumulated Other | of the Period | ||||||||||||||||||||
the Period | Income (Loss) | Comprehensive | |||||||||||||||||||||
Income (Loss) | |||||||||||||||||||||||
Foreign currency sales contracts – cash flow hedges | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||
Foreign currency purchase contracts | 282 | 0 | 4 | 278 | |||||||||||||||||||
Futures contracts – copper and aluminum | (331 | ) | 152 | (148 | ) | (31 | ) | ||||||||||||||||
$ | (49 | ) | $ | 152 | $ | (144 | ) | $ | 247 | ||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||
Foreign currency sales contracts – cash flow hedges | $ | 81 | $ | (3 | ) | $ | 33 | $ | 45 | ||||||||||||||
Foreign currency purchase contracts | 301 | 0 | 5 | 296 | |||||||||||||||||||
Futures contracts – copper and aluminum | (182 | ) | 178 | (121 | ) | 117 | |||||||||||||||||
$ | 200 | $ | 175 | $ | (83 | ) | $ | 458 | |||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||
Foreign currency sales contracts – cash flow hedges | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||
Foreign currency purchase contracts | 292 | 0 | 14 | 278 | |||||||||||||||||||
Futures contracts – copper and aluminum | 26 | (277 | ) | (220 | ) | (31 | ) | ||||||||||||||||
$ | 318 | $ | (277 | ) | $ | (206 | ) | $ | 247 | ||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||
Foreign currency sales contracts – cash flow hedges | $ | 114 | $ | 14 | $ | 83 | $ | 45 | |||||||||||||||
Foreign currency purchase contracts | 309 | 0 | 13 | 296 | |||||||||||||||||||
Futures contracts – copper and aluminum | (314 | ) | 158 | (273 | ) | 117 | |||||||||||||||||
$ | 109 | $ | 172 | $ | (177 | ) | $ | 458 | |||||||||||||||
The change in fair value reclassified or expected to be reclassified from accumulated other comprehensive income (loss) to earnings is summarized below. All amounts are pre-tax. | |||||||||||||||||||||||
Location of | Estimated to be | Three Months Ended Sept 30, | Nine Months Ended Sept 30, | ||||||||||||||||||||
Reclassified in the | |||||||||||||||||||||||
Gain (Loss) | |||||||||||||||||||||||
in Statements | |||||||||||||||||||||||
of Operations | Next 12 Months | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Foreign currency sales contracts – cash flow hedges | Net sales | $ | 0 | $ | 0 | $ | 52 | $ | 0 | $ | 131 | ||||||||||||
Foreign currency purchase contracts | Depreciation | 27 | 6 | 7 | 20 | 20 | |||||||||||||||||
Futures contracts – copper and aluminum | Costs of products sold (excluding depreciation) | (50 | ) | (237 | ) | (192 | ) | (352 | ) | (438 | ) |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||||
8 | Accumulated Other Comprehensive Loss | ||||||||||||||||||||
Net change and ending balances for the various components of other comprehensive income (loss) and accumulated other comprehensive loss as of and for the nine months ended September 30, 2013 and 2012 is summarized below. Amounts are net of tax, where applicable. | |||||||||||||||||||||
Foreign | Unrecognized | Unrealized | Cash Flow | Accumulated | |||||||||||||||||
Currency | Employee | Holding Gains | Hedges | Other | |||||||||||||||||
Translation | Benefit Costs | on Marketable | Comprehensive | ||||||||||||||||||
Adjustments | Securities | Loss | |||||||||||||||||||
Balance at January 1, 2013 | $ | (1,543 | ) | $ | (81,783 | ) | $ | 633 | $ | 318 | $ | (82,375 | ) | ||||||||
Net Change | 97 | 4,331 | 245 | (71 | ) | 4,602 | |||||||||||||||
Balance at September 30, 2013 | $ | (1,446 | ) | $ | (77,452 | ) | $ | 878 | $ | 247 | $ | (77,773 | ) | ||||||||
Balance at January 1, 2012 | $ | (4,736 | ) | $ | (75,225 | ) | $ | 562 | $ | 109 | $ | (79,290 | ) | ||||||||
Net Change | 2,749 | 2,856 | 94 | 349 | 6,048 | ||||||||||||||||
Balance at September 30, 2012 | $ | (1,987 | ) | $ | (72,369 | ) | $ | 656 | $ | 458 | $ | (73,242 | ) | ||||||||
The following summarizes the line items affected on the condensed consolidated statements of operations for components reclassified from accumulated other comprehensive income (loss). Amounts in parentheses represent credits to net income. | |||||||||||||||||||||
Three Months Ended Sept 30, | Nine Months Ended Sept 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | Affected Line Item | |||||||||||||||||
Amortization of unrecognized employee benefit costs | $ | 1,442 | $ | 1,050 | $ | 4,262 | $ | 3,611 | Costs of products sold (excluding depreciation) | ||||||||||||
573 | 471 | 1,682 | 1,448 | Selling and administrative | |||||||||||||||||
217 | 187 | 650 | 572 | Other income (expense) | |||||||||||||||||
2,232 | 1,708 | 6,594 | 5,631 | Total before income tax | |||||||||||||||||
(688 | ) | (1,369 | ) | (2,263 | ) | (2,775 | ) | Income tax provision | |||||||||||||
$ | 1,544 | $ | 339 | $ | 4,331 | $ | 2,856 | Net of tax | |||||||||||||
Realized (gains) on sale of marketable securities | $ | (26 | ) | $ | (19 | ) | $ | (79 | ) | $ | (62 | ) | Selling and administrative | ||||||||
9 | 7 | 28 | 22 | Income tax provision | |||||||||||||||||
$ | (17 | ) | $ | (12 | ) | $ | (51 | ) | $ | (40 | ) | Net of tax | |||||||||
Realized losses (gains) from settlement of cash flow hedges: | |||||||||||||||||||||
Foreign currency sales contracts | $ | 0 | $ | (52 | ) | $ | 0 | $ | (131 | ) | Net sales | ||||||||||
Foreign currency purchase contracts | (6 | ) | (7 | ) | (20 | ) | (20 | ) | Depreciation | ||||||||||||
Futures contracts – copper and aluminum | 237 | 192 | 352 | 438 | Costs of products sold (excluding depreciation) | ||||||||||||||||
231 | 133 | 332 | 287 | Total before income tax | |||||||||||||||||
(87 | ) | (50 | ) | (126 | ) | (110 | ) | Income tax provision | |||||||||||||
$ | 144 | $ | 83 | $ | 206 | $ | 177 | Net of tax | |||||||||||||
The income tax expense (benefit) associated with the various components of other comprehensive income (loss) for the three and nine months ended September 30, 2013 and 2012 is summarized below. Foreign currency translation adjustments exclude the effect of income taxes since earnings of non-U.S. subsidiaries are deemed to be reinvested for an indefinite period of time. | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Tax expense (benefit) associated with changes in: | |||||||||||||||||||||
Unrealized holding losses/gains on marketable securities | $ | (55 | ) | $ | (50 | ) | $ | (159 | ) | $ | (72 | ) | |||||||||
Fair value of cash flow hedges | (93 | ) | (103 | ) | 165 | (103 | ) | ||||||||||||||
Tax expense (benefit) associated with reclassification adjustments: | |||||||||||||||||||||
Amortization of unrecognized employee benefit costs | (688 | ) | (1,369 | ) | (2,263 | ) | (2,775 | ) | |||||||||||||
Realized gains from sale of marketable securities | 9 | 7 | 28 | 22 | |||||||||||||||||
Realized losses/gains from settlement of cash flow hedges | (87 | ) | (50 | ) | (126 | ) | (110 | ) |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |
Sep. 30, 2013 | ||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | |
Stock-Based Compensation | ' | |
9 | Stock-Based Compensation | |
In May 2011, the shareholders of the Corporation approved the adoption of the 2011 Omnibus Incentive Plan (Incentive Plan) which authorizes the issuance of up to 1,000,000 shares of the Corporation’s common stock for grants of equity-based compensation. Awards under the Incentive Plan may include incentive 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. The Incentive Plan is administered by the Compensation Committee of the Board of Directors who 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; the nature, amount and terms of such awards; and the objectives and conditions for earning such awards. | ||
In May 2013, the Compensation Committee granted 173,750 non-qualified stock options to select employees. The options have a ten-year life and vest over a three-year period. The exercise price of $17.16 was equal to the closing price of the Corporation’s common stock on the New York Stock Exchange on the date of grant and the fair value of the options was $5.82 per share. The fair value of the options as of the date of grant was calculated using the Black-Scholes option-pricing model based on an assumption for the expected life of the options of six years, a risk-free interest rate of 1.26%, an expected dividend yield of 4.20%, expected forfeiture rate of 5% and an expected volatility of 52.68%. The resultant stock-based compensation expense of $961 will be recognized over the requisite service period of three years. | ||
The Incentive Plan also provides for annual grants of shares of the Corporation’s common stock to non-employee directors following the Corporation’s annual shareholder meeting. Each annual director award will be for a number of shares having a fair market value equal to $25 and will be fully vested as of the grant date. In May 2013, 11,656 shares of the Corporation’s common stock were issued to the non-employee directors. | ||
Stock-based compensation expense for the three months ended September 30, 2013 and 2012 equaled $341 and $296, respectively. The related income tax benefit recognized in the condensed consolidated statement of operations for each of the periods was approximately $120 and $103, respectively. Stock-based compensation expense for the nine months ended September 30, 2013 and 2012 equaled $845 and $961, respectively. The related income tax benefit recognized in the condensed consolidated statement of operations for each of the periods was approximately $296 and $336, respectively. | ||
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value | ' | ||||||||||||||||
10 | Fair Value | ||||||||||||||||
The Corporation’s financial assets and liabilities that are reported at fair value in the accompanying condensed consolidated balance sheets as of September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | ||||||||||||||
Active Markets | Observable | Unobservable | |||||||||||||||
for Identical | Inputs | Inputs | |||||||||||||||
Inputs | (Level 2) | (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
As of September 30, 2013 | |||||||||||||||||
Investments | |||||||||||||||||
Other noncurrent assets | $ | 3,866 | $ | 0 | $ | 0 | $ | 3,866 | |||||||||
Foreign currency exchange contracts | |||||||||||||||||
Other current assets | 0 | 514 | 0 | 514 | |||||||||||||
Other current liabilities | 0 | 442 | 0 | 442 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||
Investments | |||||||||||||||||
Other noncurrent assets | $ | 3,358 | $ | 0 | $ | 0 | $ | 3,358 | |||||||||
Foreign currency exchange contracts | |||||||||||||||||
Other current assets | 0 | 264 | 0 | 264 | |||||||||||||
Other current liabilities | 0 | 223 | 0 | 223 |
Business_Segments
Business Segments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Business Segments | ' | ||||||||||||||||
11 | Business Segments | ||||||||||||||||
Presented below are the net sales and income before income taxes for the Corporation’s two business segments. Income before income taxes for the three and nine months ended September 30, 2013 for the Air and Liquid Processing segment includes a credit of approximately $16,340 representing estimated additional insurance recoveries through 2022 for asbestos litigation on account of insurance coverage settlement agreements entered into during the quarter (see Note 12). | |||||||||||||||||
Three Months Ended Sept 30, | Nine Months Ended Sept 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net Sales: | |||||||||||||||||
Forged and Cast Rolls | $ | 41,800 | $ | 46,431 | $ | 132,299 | $ | 133,963 | |||||||||
Air and Liquid Processing | 22,633 | 25,759 | 71,696 | 81,788 | |||||||||||||
Total Reportable Segments | $ | 64,433 | $ | 72,190 | $ | 203,995 | $ | 215,751 | |||||||||
Income before Income Taxes: | |||||||||||||||||
Forged and Cast Rolls | $ | 4,996 | $ | 4,846 | $ | 9,670 | $ | 12,226 | |||||||||
Air and Liquid Processing | 18,081 | 1,026 | 22,369 | 5,734 | |||||||||||||
Total Reportable Segments | 23,077 | 5,872 | 32,039 | 17,960 | |||||||||||||
Other expense, including corporate costs – net | (2,865 | ) | (2,341 | ) | (8,829 | ) | (7,930 | ) | |||||||||
Total | $ | 20,212 | $ | 3,531 | $ | 23,210 | $ | 10,030 |
Litigation
Litigation | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Litigation | ' | ||||||||
12 | Litigation (claims not in thousands) | ||||||||
The Corporation and its subsidiaries are involved in various claims and lawsuits incidental to their businesses. In addition, it is also subject to asbestos litigation as described below. | |||||||||
Asbestos Litigation | |||||||||
Claims have been asserted alleging personal injury from exposure to asbestos-containing components historically used in some products of predecessors of the Corporation’s Air & Liquid Systems Corporation subsidiary (“Asbestos Liability”) and of an inactive subsidiary in dissolution. Those subsidiaries, and in some cases the Corporation, are defendants (among a number of defendants, often in excess of 50) in cases filed in various state and federal courts. | |||||||||
Asbestos Claims | |||||||||
The following table reflects approximate information about the claims for Asbestos Liability against the subsidiaries and the Corporation, along with certain asbestos claims asserted against the inactive subsidiary in dissolution: | |||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Total claims pending at the beginning of the period | 8,007 | 8,145 | |||||||
New claims served | 1,056 | 1,343 | |||||||
Claims dismissed | (351 | ) | (329 | ) | |||||
Claims settled | (188 | ) | (190 | ) | |||||
Total claims pending at the end of the period (1) | 8,524 | 8,969 | |||||||
Gross settlement and defense costs (in 000’s) | $ | 15,994 | $ | 16,738 | |||||
Avg. gross settlement and defense costs per claim resolved (in 000’s) | $ | 29.67 | $ | 32.25 | |||||
-1 | Included as “open claims” are approximately 1,636 and 1,658 claims as of September 30, 2013 and 2012, respectively, classified in various jurisdictions as “inactive” or transferred to a state or federal judicial panel on multi-district litigation, commonly referred to as the MDL. | ||||||||
A substantial majority of the settlement and defense costs reflected in the above table was reported and paid by insurers. Because claims are often filed and can be settled or dismissed in large groups, the amount and timing of settlements, as well as the number of open claims, can fluctuate significantly from period to period. | |||||||||
Asbestos Insurance | |||||||||
The Corporation and its Air & Liquid Systems Corporation (“Air & Liquid”) subsidiary are parties to a series of settlement agreements (“Settlement Agreements”) with insurers that have coverage obligations for Asbestos Liability (the “Settling Insurers”). Under the Settlement Agreements, the Settling Insurers accept financial responsibility, subject to the terms and conditions of the respective agreements, including overall coverage limits, for pending and future claims for Asbestos Liability. The Settlement Agreements encompass the substantial majority of insurance policies that provide coverage for claims for Asbestos Liability. The claims against the Corporation’s inactive subsidiary in dissolution, numbering approximately 289 as of September 30, 2013, are not included within the Settlement Agreements. The Corporation believes that the claims against the inactive subsidiary in dissolution are immaterial and those claims were all resolved in the fourth quarter of 2013. | |||||||||
The Settlement Agreements include acknowledgements that Howden North America, Inc. (“Howden”) is entitled to coverage under policies covering Asbestos Liability for claims arising out of the historical products manufactured or distributed by Buffalo Forge, a former subsidiary of the Corporation (the “Products”). 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 a Product. 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 Asbestos Liability. | |||||||||
On February 24, 2011, the Corporation and Air & Liquid filed a lawsuit in the United States District Court for the Western District of Pennsylvania against thirteen domestic insurance companies, certain underwriters at Lloyd’s, London and certain London market insurance companies, and Howden. The lawsuit seeks a declaratory judgment regarding the respective rights and obligations of the parties under excess insurance policies that were issued to the Corporation from 1981 through 1984 as respects claims against the Corporation and its subsidiary for Asbestos Liability and as respects asbestos bodily-injury claims against Howden arising from the Products. The Corporation and Air & Liquid have reached settlement agreements with all but two of the defendant insurers in the coverage action. Effective October 8, 2012, the Corporation and Air & Liquid entered into a settlement agreement with eight of the domestic defendant insurers in the action. That agreement specifies the terms and conditions upon which the insurer parties are to contribute to defense and indemnity costs for claims for Asbestos Liability. Howden also reached an agreement with such insurers, effective the same day, addressing asbestos-related bodily injury claims arising from the Products. On October 16, 2012, the Court entered Orders dismissing all claims filed by the Corporation and Air & Liquid, Howden and the eight settling excess insurers against each other in the litigation. The Corporation and Air & Liquid reached three additional settlement agreements in August 2013 with, collectively, three domestic insurers, certain underwriters at Lloyd’s, London, and certain London market insurance companies. As with the agreement effective October 16, 2012, the three additional agreements specify the terms and conditions upon which the insurer parties are to contribute to defense and indemnity costs for claims for Asbestos Liability. One of the Settlement Agreements also provided for the dismissal of claims, without prejudice, regarding two upper-level excess policies issued by one of the insurers. The Court entered Orders dismissing all claims in the action filed against each other by the Corporation and Air & Liquid, on the one hand, and by the settling insurers, on the other. Various counterclaims, cross claims and third party claims have been filed in the litigation and remain pending as to non-settled parties. On September 27, 2013, the Court issued a memorandum opinion and order granting in part and denying in part cross motions for summary judgment filed by the Corporation and Air & Liquid, Howden, and the insurer parties. The Corporation and Air & Liquid remain in the litigation as to two insurer defendants, and continue to evaluate the Court’s September 27, 2013 ruling. | |||||||||
Asbestos Valuations | |||||||||
In 2006, the Corporation retained Hamilton, Rabinovitz & Associates, Inc. (“HR&A”), a nationally recognized expert in the valuation of asbestos liabilities, to assist the Corporation in estimating the potential liability for pending and unasserted future claims for Asbestos Liability. HR&A was not requested to estimate asbestos claims against the inactive subsidiary in dissolution, which the Corporation believes are immaterial. Based on this analysis, the Corporation recorded a reserve for Asbestos Liability claims pending or projected to be asserted through 2013 as at December 31, 2006. HR&A’s analysis has been periodically updated since that time. Most recently, the HR&A analysis was updated in 2012, and additional reserves were established by the Corporation as at December 31, 2012 for Asbestos Liability claims pending or projected to be asserted through 2022. The methodology used by HR&A in its projection in 2012 of the operating subsidiaries’ liability for pending and unasserted potential future claims for Asbestos Liability, which is substantially the same as the methodology employed by HR&A in prior estimates, relied upon and included the following factors: | |||||||||
• | HR&A’s interpretation of a widely accepted forecast of the population likely to have been exposed to asbestos; | ||||||||
• | epidemiological studies estimating the number of people likely to develop asbestos-related diseases; | ||||||||
• | HR&A’s analysis of the number of people likely to file an asbestos-related injury claim against the subsidiaries and the Corporation based on such epidemiological data and relevant claims history from January 1, 2010 to December 20, 2012; | ||||||||
• | an analysis of pending cases, by type of injury claimed and jurisdiction where the claim is filed; | ||||||||
• | an analysis of claims resolution history from January 1, 2010 to December 20, 2012 to determine the average settlement value of claims, by type of injury claimed and jurisdiction of filing; and | ||||||||
• | an adjustment for inflation in the future average settlement value of claims, at an annual inflation rate based on the Congressional Budget Office’s ten year forecast of inflation. | ||||||||
Using this information, HR&A estimated in 2012 the number of future claims for Asbestos Liability that would be filed through the year 2022, as well as the settlement or indemnity costs that would be incurred to resolve both pending and future unasserted claims through 2022. This methodology has been accepted by numerous courts. | |||||||||
In conjunction with developing the aggregate liability estimate referenced above, the Corporation also developed an estimate of probable insurance recoveries for its Asbestos Liabilities. In developing the estimate, the Corporation considered HR&A’s projection for settlement or indemnity costs for Asbestos Liability and management’s projection of associated defense costs (based on the current defense to indemnity cost ratio), as well as a number of additional factors. These additional factors included the Settlement Agreements then in effect, policy exclusions, policy limits, policy provisions regarding coverage for defense costs, attachment points, prior impairment of policies and gaps in the coverage, policy exhaustions, insolvencies among certain of the insurance carriers, the nature of the underlying claims for Asbestos Liability asserted against the subsidiaries and the Corporation as reflected in the Corporation’s asbestos claims database, and the status of negotiations with insurers not party to the Settlement Agreements, as well as estimated erosion of insurance limits on account of claims against Howden arising out of the Products. In addition to consulting with the Corporation’s outside legal counsel on these insurance matters, the Corporation consulted with a nationally-recognized insurance consulting firm it retained to assist the Corporation with certain policy allocation matters that also are among the several factors considered by the Corporation when analyzing potential recoveries from relevant historical insurance for Asbestos Liabilities. Based upon all of the factors considered by the Corporation, and taking into account the Corporation’s analysis of publicly available information regarding the credit-worthiness of various insurers, the Corporation estimated the probable insurance recoveries for Asbestos Liability and defense costs through 2022. Although the Corporation believes that the assumptions employed in the insurance valuation were reasonable and previously consulted with its outside legal counsel and insurance consultant regarding those assumptions, there are other assumptions that could have been employed that would have resulted in materially lower insurance recovery projections. | |||||||||
Based on the analyses described above, the Corporation’s reserve at December 31, 2012 for the total costs, including defense costs, for Asbestos Liability claims pending or projected to be asserted through 2022 was $181,022, of which approximately 73% was attributable to settlement costs for unasserted claims projected to be filed through 2022 and future defense costs. The reserve at September 30, 2013 was $165,028. While it is reasonably possible that the Corporation will incur additional charges for Asbestos Liability and defense costs in excess of the amounts currently reserved, the Corporation believes that there is too much uncertainty to provide for reasonable estimation of the number of future claims, the nature of such claims and the cost to resolve them beyond 2022. Accordingly, no reserve has been recorded for any costs that may be incurred after 2022. | |||||||||
The Corporation’s receivable at December 31, 2012 for insurance recoveries attributable to the claims for which the Corporation’s Asbestos Liability reserve has been established, including the portion of incurred defense costs covered by the Settlement Agreements in effect through December 31, 2012, and the probable payments and reimbursements relating to the estimated indemnity and defense costs for pending and unasserted future Asbestos Liability claims, was $118,115. The Corporation updated its receivable at September 30, 2013 to take into account the effect of the Settlement Agreements reached in August 2013. The effect of these Settlement Agreements was to increase the Corporation’s receivable for insurance recoveries attributable to claims for which the Corporation’s Asbestos Liability reserve has been established by $16,340. | |||||||||
The following table summarizes activity relating to insurance recoveries. | |||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Insurance receivable – asbestos, beginning of the year | $ | 118,115 | $ | 126,206 | |||||
Settlement and defense costs paid by insurance carriers | (17,592 | ) | (10,290 | ) | |||||
Changes in estimated coverage | 16,340 | 0 | |||||||
Insurance receivable – asbestos, end of the period | $ | 116,863 | $ | 115,916 | |||||
The insurance receivable recorded by the Corporation does not assume any recovery from insolvent carriers, and a substantial majority of the insurance recoveries deemed probable was from insurance companies rated A – (excellent) or better by A.M. Best Corporation. There can be no assurance, however, that there will not be further insolvencies among the relevant insurance carriers, or that the assumed percentage recoveries for certain carriers will prove correct. The difference between insurance recoveries and projected costs is not due to exhaustion of all insurance coverage for Asbestos Liability. The Corporation and the subsidiaries have substantial additional insurance coverage which the Corporation expects to be available for Asbestos Liability claims and defense costs the subsidiaries and it may incur after 2022. However, this insurance coverage also can be expected to have gaps creating significant shortfalls of insurance recoveries as against claims expense, which could be material in future years. | |||||||||
The amounts recorded by the Corporation for Asbestos Liabilities and insurance receivables rely on assumptions that are based on currently known facts and strategy. The Corporation’s actual expenses or insurance recoveries could be significantly higher or lower than those recorded if assumptions used in the Corporation’s or HR&A’s calculations vary significantly from actual results. Key variables in these assumptions are identified above and include the number and type of new claims to be filed each year, the average cost of disposing of each such new claim, average annual defense costs, the resolution of coverage issues with insurance carriers, and the solvency risk with respect to the relevant insurance carriers. Other factors that may affect the Corporation’s Asbestos Liability and ability to recover under its insurance policies include uncertainties surrounding the litigation process from jurisdiction to jurisdiction and from case to case, reforms that may be made by state and federal courts, and the passage of state or federal tort reform legislation. | |||||||||
The Corporation intends to evaluate its estimated Asbestos Liability and related insurance receivables as well as the underlying assumptions on a regular basis to determine whether any adjustments to the estimates are required. Due to the uncertainties surrounding asbestos litigation and insurance, these regular reviews may result in the Corporation incurring future charges; however, the Corporation is currently unable to estimate such future charges. Adjustments, if any, to the Corporation’s estimate of its recorded Asbestos Liability and/or insurance receivables could be material to operating results for the periods in which the adjustments to the liability or receivable are recorded, and to the Corporation’s liquidity and consolidated financial position. | |||||||||
Environmental_Matters
Environmental Matters | 9 Months Ended | |
Sep. 30, 2013 | ||
Environmental Remediation Obligations [Abstract] | ' | |
Environmental Matters | ' | |
13 | Environmental Matters | |
The Corporation is currently performing certain remedial actions in connection with the sale of real estate previously owned. Environmental exposures are difficult to assess and estimate for numerous reasons including lack of reliable data, the multiplicity of possible solutions, the years of remedial and monitoring activity required, and identification of new sites. In the opinion of management and in consideration of advice from the Corporation’s consultants, the potential liability for all environmental proceedings of approximately $1,030 at September 30, 2013 is considered adequate based on information known to date. |
Unaudited_Condensed_Consolidat1
Unaudited Condensed Consolidated Financial Statements (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Unaudited Condensed Consolidated Financial Statements | ' |
The condensed consolidated balance sheet as of September 30, 2013 and the condensed consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2013 and 2012 and the condensed consolidated statement of cash flows for the nine months ended September 30, 2013 and 2012 have been prepared by Ampco-Pittsburgh Corporation (the Corporation) without audit. In the opinion of management, all adjustments, consisting of only normal and recurring adjustments necessary to present fairly the financial position, results of operations and cash flows for the periods presented, have been made. The results of operations for the three and nine months ended September 30, 2013 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 have been condensed or omitted. | |
Recently Implemented Accounting Pronouncements | ' |
Recently Implemented Accounting Pronouncements | |
In December 2011, the Financial Accounting Standards Board (FASB) issued ASU 2011-11, Disclosures about Offsetting Assets and Liabilities, which requires expanded disclosures, including gross and net information, about financial and derivative instruments that are either offset in the balance sheet or are subject to an enforceable master netting arrangement or similar agreement. The guidance became effective for reporting periods beginning on or after January 1, 2013 and is to be applied retrospectively. The new guidance affects disclosures only and did not impact operating results, financial position or liquidity of the Corporation. | |
In February 2013, the FASB issued ASU 2013-02, Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which requires entities to report the effect of significant reclassifications out of accumulated other comprehensive income (loss) on the respective line items in net income if the amount being reclassified is required to be reclassified in its entirety to net income. Information may be reported either on the face of the income statement or in the footnotes to the financial statements. For other amounts that are not required to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference to other required disclosures. The guidance became effective for reporting periods beginning on or after January 1, 2013. The guidance affects disclosures only. It does not change whether items are reported in net income or other comprehensive income or when items in other comprehensive income are reclassified to net income; accordingly, ASU 2013-02 did not impact the operating results, financial position or liquidity of the Corporation. | |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements | |
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which requires, under certain circumstances, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The guidance becomes effective for reporting periods beginning on or after January 1, 2014. Currently, the Corporation records unrecognized tax benefits as a liability; accordingly, implementation of the guidance may affect balance sheet presentation but will not impact operating results or liquidity of the Corporation. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories were comprised of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 19,122 | $ | 22,514 | |||||
Work-in-process | 34,356 | 31,164 | |||||||
Finished goods | 8,131 | 5,907 | |||||||
Supplies | 11,420 | 11,084 | |||||||
$ | 73,029 | $ | 70,669 | ||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
Property, plant and equipment were comprised of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Land and land improvements | $ | 5,117 | $ | 5,006 | |||||
Buildings | 45,093 | 43,411 | |||||||
Machinery and equipment | 241,638 | 237,473 | |||||||
Construction-in-progress | 11,594 | 7,493 | |||||||
Other | 8,668 | 8,674 | |||||||
312,110 | 302,057 | ||||||||
Accumulated depreciation | (160,379 | ) | (151,760 | ) | |||||
$ | 151,731 | $ | 150,297 |
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Other Current Liabilities | ' | ||||||||||||||||
Other current liabilities were comprised of the following: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Customer-related liabilities | $ | 10,442 | $ | 13,444 | |||||||||||||
Accrued sales commissions | 1,556 | 2,146 | |||||||||||||||
Other | 8,726 | 8,883 | |||||||||||||||
$ | 20,724 | $ | 24,473 | ||||||||||||||
Schedule of Changes in Liability for Product Warranty Claims | ' | ||||||||||||||||
Changes in the liability for product warranty claims consisted of the following: | |||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Balance at beginning of the period | $ | 6,425 | $ | 5,488 | $ | 6,625 | $ | 5,498 | |||||||||
Satisfaction of warranty claims | (344 | ) | (604 | ) | (1,558 | ) | (1,869 | ) | |||||||||
Provision for warranty claims | 316 | 980 | 1,578 | 2,211 | |||||||||||||
Other, primarily impact from changes in foreign currency exchange rates | 231 | 87 | (17 | ) | 111 | ||||||||||||
Balance at end of the period | $ | 6,628 | $ | 5,951 | $ | 6,628 | $ | 5,951 | |||||||||
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefits (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Contributions for Pension and Other Postretirement Benefits | ' | ||||||||||||||||
Contributions were as follows: | |||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
U.S. pension benefits plan | $ | 5,000 | (1) | $ | 0 | ||||||||||||
U.K. pension benefits plan | $ | 1,308 | $ | 1,333 | |||||||||||||
Other postretirement benefits (e.g., net payments) | $ | 436 | $ | 449 | |||||||||||||
U.K. defined contribution plan | $ | 227 | $ | 232 | |||||||||||||
-1 | Voluntary contribution | ||||||||||||||||
Net Periodic Pension and Other Postretirement Costs | ' | ||||||||||||||||
Net periodic pension and other postretirement costs include the following components: | |||||||||||||||||
Three Months Ended Sept 30, | Nine Months Ended Sept 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
U.S. Pension Benefits | |||||||||||||||||
Service cost | $ | 1,106 | $ | 986 | $ | 3,318 | $ | 2,958 | |||||||||
Interest cost | 2,016 | 2,129 | 6,052 | 6,386 | |||||||||||||
Expected return on plan assets | (2,342 | ) | (2,389 | ) | (7,026 | ) | (7,167 | ) | |||||||||
Amortization of prior service cost | 160 | 167 | 480 | 501 | |||||||||||||
Amortization of actuarial loss | 1,788 | 1,522 | 5,360 | 4,565 | |||||||||||||
Net benefit cost | $ | 2,728 | $ | 2,415 | $ | 8,184 | $ | 7,243 | |||||||||
U.K. Pension Benefits | |||||||||||||||||
Interest cost | $ | 656 | $ | 626 | $ | 1,891 | $ | 1,871 | |||||||||
Expected return on plan assets | (651 | ) | (525 | ) | (1,842 | ) | (1,569 | ) | |||||||||
Amortization of actuarial loss | 202 | 150 | 509 | 447 | |||||||||||||
Net benefit cost | $ | 207 | $ | 251 | $ | 558 | $ | 749 | |||||||||
Other Postretirement Benefits | |||||||||||||||||
Service cost | $ | 235 | $ | 280 | $ | 707 | $ | 603 | |||||||||
Interest cost | 232 | 230 | 695 | 689 | |||||||||||||
Amortization of prior service cost | 21 | 21 | 64 | 64 | |||||||||||||
Amortization of actuarial loss (gain) | 61 | (152 | ) | 181 | 54 | ||||||||||||
Net benefit cost | $ | 549 | $ | 379 | $ | 1,647 | $ | 1,410 | |||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||
Location and Fair Value of Foreign Currency Sales Contracts Recorded on Consolidated Balance Sheets | ' | ||||||||||||||||||||||
The location and fair value of the foreign currency sales contracts recorded on the consolidated balance sheets were as follows: | |||||||||||||||||||||||
Location | September 30, | December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Cash flow hedge contracts | Other current assets | $ | 0 | $ | 46 | ||||||||||||||||||
Fair value hedge contracts | Other current assets | 514 | 218 | ||||||||||||||||||||
Fair value hedged items | Receivables | (129 | ) | (94 | ) | ||||||||||||||||||
Other current liabilities | 442 | 223 | |||||||||||||||||||||
Summary of Amount Recognized as and Reclassified from Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||
The fair value balances as of September 30, 2013 and 2012 and the amount recognized as and reclassified from accumulated other comprehensive income (loss) for each of the periods is summarized below. All amounts are after-tax. | |||||||||||||||||||||||
Three Months Ended September 30, 2013 | Comprehensive | Plus | Less | Comprehensive | |||||||||||||||||||
Income (Loss) | Recognized as | Gain (Loss) Reclassified | Income (Loss) End | ||||||||||||||||||||
Beginning of | Comprehensive | from Accumulated Other | of the Period | ||||||||||||||||||||
the Period | Income (Loss) | Comprehensive | |||||||||||||||||||||
Income (Loss) | |||||||||||||||||||||||
Foreign currency sales contracts – cash flow hedges | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||
Foreign currency purchase contracts | 282 | 0 | 4 | 278 | |||||||||||||||||||
Futures contracts – copper and aluminum | (331 | ) | 152 | (148 | ) | (31 | ) | ||||||||||||||||
$ | (49 | ) | $ | 152 | $ | (144 | ) | $ | 247 | ||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||
Foreign currency sales contracts – cash flow hedges | $ | 81 | $ | (3 | ) | $ | 33 | $ | 45 | ||||||||||||||
Foreign currency purchase contracts | 301 | 0 | 5 | 296 | |||||||||||||||||||
Futures contracts – copper and aluminum | (182 | ) | 178 | (121 | ) | 117 | |||||||||||||||||
$ | 200 | $ | 175 | $ | (83 | ) | $ | 458 | |||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||
Foreign currency sales contracts – cash flow hedges | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||
Foreign currency purchase contracts | 292 | 0 | 14 | 278 | |||||||||||||||||||
Futures contracts – copper and aluminum | 26 | (277 | ) | (220 | ) | (31 | ) | ||||||||||||||||
$ | 318 | $ | (277 | ) | $ | (206 | ) | $ | 247 | ||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||
Foreign currency sales contracts – cash flow hedges | $ | 114 | $ | 14 | $ | 83 | $ | 45 | |||||||||||||||
Foreign currency purchase contracts | 309 | 0 | 13 | 296 | |||||||||||||||||||
Futures contracts – copper and aluminum | (314 | ) | 158 | (273 | ) | 117 | |||||||||||||||||
$ | 109 | $ | 172 | $ | (177 | ) | $ | 458 | |||||||||||||||
Summary of Change in Fair Value Reclassified or Expected to be Reclassified from Accumulated Other Comprehensive Income (Loss) to Earnings | ' | ||||||||||||||||||||||
The change in fair value reclassified or expected to be reclassified from accumulated other comprehensive income (loss) to earnings is summarized below. All amounts are pre-tax. | |||||||||||||||||||||||
Location of | Estimated to be | Three Months Ended Sept 30, | Nine Months Ended Sept 30, | ||||||||||||||||||||
Reclassified in the | |||||||||||||||||||||||
Gain (Loss) | |||||||||||||||||||||||
in Statements | |||||||||||||||||||||||
of Operations | Next 12 Months | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Foreign currency sales contracts – cash flow hedges | Net sales | $ | 0 | $ | 0 | $ | 52 | $ | 0 | $ | 131 | ||||||||||||
Foreign currency purchase contracts | Depreciation | 27 | 6 | 7 | 20 | 20 | |||||||||||||||||
Futures contracts – copper and aluminum | Costs of products sold (excluding depreciation) | (50 | ) | (237 | ) | (192 | ) | (352 | ) | (438 | ) |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Net Change and Ending Balances for Various Components of Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||||
Net change and ending balances for the various components of other comprehensive income (loss) and accumulated other comprehensive loss as of and for the nine months ended September 30, 2013 and 2012 is summarized below. Amounts are net of tax, where applicable. | |||||||||||||||||||||
Foreign | Unrecognized | Unrealized | Cash Flow | Accumulated | |||||||||||||||||
Currency | Employee | Holding Gains | Hedges | Other | |||||||||||||||||
Translation | Benefit Costs | on Marketable | Comprehensive | ||||||||||||||||||
Adjustments | Securities | Loss | |||||||||||||||||||
Balance at January 1, 2013 | $ | (1,543 | ) | $ | (81,783 | ) | $ | 633 | $ | 318 | $ | (82,375 | ) | ||||||||
Net Change | 97 | 4,331 | 245 | (71 | ) | 4,602 | |||||||||||||||
Balance at September 30, 2013 | $ | (1,446 | ) | $ | (77,452 | ) | $ | 878 | $ | 247 | $ | (77,773 | ) | ||||||||
Balance at January 1, 2012 | $ | (4,736 | ) | $ | (75,225 | ) | $ | 562 | $ | 109 | $ | (79,290 | ) | ||||||||
Net Change | 2,749 | 2,856 | 94 | 349 | 6,048 | ||||||||||||||||
Balance at September 30, 2012 | $ | (1,987 | ) | $ | (72,369 | ) | $ | 656 | $ | 458 | $ | (73,242 | ) | ||||||||
Line Items Affected on Condensed Consolidated Statements of Operations for Components Reclassified from Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
The following summarizes the line items affected on the condensed consolidated statements of operations for components reclassified from accumulated other comprehensive income (loss). Amounts in parentheses represent credits to net income. | |||||||||||||||||||||
Three Months Ended Sept 30, | Nine Months Ended Sept 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | Affected Line Item | |||||||||||||||||
Amortization of unrecognized employee benefit costs | $ | 1,442 | $ | 1,050 | $ | 4,262 | $ | 3,611 | Costs of products sold (excluding depreciation) | ||||||||||||
573 | 471 | 1,682 | 1,448 | Selling and administrative | |||||||||||||||||
217 | 187 | 650 | 572 | Other income (expense) | |||||||||||||||||
2,232 | 1,708 | 6,594 | 5,631 | Total before income tax | |||||||||||||||||
(688 | ) | (1,369 | ) | (2,263 | ) | (2,775 | ) | Income tax provision | |||||||||||||
$ | 1,544 | $ | 339 | $ | 4,331 | $ | 2,856 | Net of tax | |||||||||||||
Realized (gains) on sale of marketable securities | $ | (26 | ) | $ | (19 | ) | $ | (79 | ) | $ | (62 | ) | Selling and administrative | ||||||||
9 | 7 | 28 | 22 | Income tax provision | |||||||||||||||||
$ | (17 | ) | $ | (12 | ) | $ | (51 | ) | $ | (40 | ) | Net of tax | |||||||||
Realized losses (gains) from settlement of cash flow hedges: | |||||||||||||||||||||
Foreign currency sales contracts | $ | 0 | $ | (52 | ) | $ | 0 | $ | (131 | ) | Net sales | ||||||||||
Foreign currency purchase contracts | (6 | ) | (7 | ) | (20 | ) | (20 | ) | Depreciation | ||||||||||||
Futures contracts – copper and aluminum | 237 | 192 | 352 | 438 | Costs of products sold (excluding depreciation) | ||||||||||||||||
231 | 133 | 332 | 287 | Total before income tax | |||||||||||||||||
(87 | ) | (50 | ) | (126 | ) | (110 | ) | Income tax provision | |||||||||||||
$ | 144 | $ | 83 | $ | 206 | $ | 177 | Net of tax | |||||||||||||
Summary of Income Tax Expense (Benefit) Associated with Various Components of Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
The income tax expense (benefit) associated with the various components of other comprehensive income (loss) for the three and nine months ended September 30, 2013 and 2012 is summarized below. Foreign currency translation adjustments exclude the effect of income taxes since earnings of non-U.S. subsidiaries are deemed to be reinvested for an indefinite period of time. | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Tax expense (benefit) associated with changes in: | |||||||||||||||||||||
Unrealized holding losses/gains on marketable securities | $ | (55 | ) | $ | (50 | ) | $ | (159 | ) | $ | (72 | ) | |||||||||
Fair value of cash flow hedges | (93 | ) | (103 | ) | 165 | (103 | ) | ||||||||||||||
Tax expense (benefit) associated with reclassification adjustments: | |||||||||||||||||||||
Amortization of unrecognized employee benefit costs | (688 | ) | (1,369 | ) | (2,263 | ) | (2,775 | ) | |||||||||||||
Realized gains from sale of marketable securities | 9 | 7 | 28 | 22 | |||||||||||||||||
Realized losses/gains from settlement of cash flow hedges | (87 | ) | (50 | ) | (126 | ) | (110 | ) | |||||||||||||
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Assets and Liabilities | ' | ||||||||||||||||
The Corporation’s financial assets and liabilities that are reported at fair value in the accompanying condensed consolidated balance sheets as of September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | ||||||||||||||
Active Markets | Observable | Unobservable | |||||||||||||||
for Identical | Inputs | Inputs | |||||||||||||||
Inputs | (Level 2) | (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
As of September 30, 2013 | |||||||||||||||||
Investments | |||||||||||||||||
Other noncurrent assets | $ | 3,866 | $ | 0 | $ | 0 | $ | 3,866 | |||||||||
Foreign currency exchange contracts | |||||||||||||||||
Other current assets | 0 | 514 | 0 | 514 | |||||||||||||
Other current liabilities | 0 | 442 | 0 | 442 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||
Investments | |||||||||||||||||
Other noncurrent assets | $ | 3,358 | $ | 0 | $ | 0 | $ | 3,358 | |||||||||
Foreign currency exchange contracts | |||||||||||||||||
Other current assets | 0 | 264 | 0 | 264 | |||||||||||||
Other current liabilities | 0 | 223 | 0 | 223 |
Business_Segments_Tables
Business Segments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Business Segment Net Sales and Income Before Income Taxes | ' | ||||||||||||||||
Presented below are the net sales and income before income taxes for the Corporation’s two business segments. | Nine Months Ended Sept 30, | ||||||||||||||||
Three Months Ended Sept 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net Sales: | |||||||||||||||||
Forged and Cast Rolls | $ | 41,800 | $ | 46,431 | $ | 132,299 | $ | 133,963 | |||||||||
Air and Liquid Processing | 22,633 | 25,759 | 71,696 | 81,788 | |||||||||||||
Total Reportable Segments | $ | 64,433 | $ | 72,190 | $ | 203,995 | $ | 215,751 | |||||||||
Income before Income Taxes: | |||||||||||||||||
Forged and Cast Rolls | $ | 4,996 | $ | 4,846 | $ | 9,670 | $ | 12,226 | |||||||||
Air and Liquid Processing | 18,081 | 1,026 | 22,369 | 5,734 | |||||||||||||
Total Reportable Segments | 23,077 | 5,872 | 32,039 | 17,960 | |||||||||||||
Other expense, including corporate costs – net | (2,865 | ) | (2,341 | ) | (8,829 | ) | (7,930 | ) | |||||||||
Total | $ | 20,212 | $ | 3,531 | $ | 23,210 | $ | 10,030 |
Litigation_Tables
Litigation (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Information about Claims for Asbestos Liability | ' | ||||||||
The following table reflects approximate information about the claims for Asbestos Liability against the subsidiaries and the Corporation, along with certain asbestos claims asserted against the inactive subsidiary in dissolution: | |||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Total claims pending at the beginning of the period | 8,007 | 8,145 | |||||||
New claims served | 1,056 | 1,343 | |||||||
Claims dismissed | (351 | ) | (329 | ) | |||||
Claims settled | (188 | ) | (190 | ) | |||||
Total claims pending at the end of the period (1) | 8,524 | 8,969 | |||||||
Gross settlement and defense costs (in 000’s) | $ | 15,994 | $ | 16,738 | |||||
Avg. gross settlement and defense costs per claim resolved (in 000’s) | $ | 29.67 | $ | 32.25 | |||||
-1 | Included as “open claims” are approximately 1,636 and 1,658 claims as of September 30, 2013 and 2012, respectively, classified in various jurisdictions as “inactive” or transferred to a state or federal judicial panel on multi-district litigation, commonly referred to as the MDL. | ||||||||
Summary of Activity in Asbestos Insurance Recoveries | ' | ||||||||
The following table summarizes activity relating to insurance recoveries. | |||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Insurance receivable – asbestos, beginning of the year | $ | 118,115 | $ | 126,206 | |||||
Settlement and defense costs paid by insurance carriers | (17,592 | ) | (10,290 | ) | |||||
Changes in estimated coverage | 16,340 | 0 | |||||||
Insurance receivable – asbestos, end of the period | $ | 116,863 | $ | 115,916 | |||||
Inventories_Additional_Informa
Inventories - Additional Information (Detail) | Sep. 30, 2013 | Dec. 31, 2012 |
Inventory Disclosure [Abstract] | ' | ' |
Percentage of inventories valued on the LIFO method | 64.00% | 68.00% |
Inventories_Inventories_Detail
Inventories - Inventories (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $19,122 | $22,514 |
Work-in-process | 34,356 | 31,164 |
Finished goods | 8,131 | 5,907 |
Supplies | 11,420 | 11,084 |
Total Inventory | $73,029 | $70,669 |
Property_Plant_and_Equipment_P
Property, Plant and Equipment - Property, Plant and Equipment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property Plant And Equipment [Abstract] | ' | ' |
Land and land improvements | $5,117 | $5,006 |
Buildings | 45,093 | 43,411 |
Machinery and equipment | 241,638 | 237,473 |
Construction-in-progress | 11,594 | 7,493 |
Other | 8,668 | 8,674 |
Property, plant and equipment, Gross | 312,110 | 302,057 |
Accumulated depreciation | -160,379 | -151,760 |
Property, plant and equipment, Net | $151,731 | $150,297 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | USD ($) | GBP (£) |
Property Plant And Equipment [Abstract] | ' | ' |
Land and Building | $4,560 | £ 2,818 |
Other_Current_Liabilities_Sche
Other Current Liabilities - Schedule of Other Current Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Customer-related liabilities | $10,442 | $13,444 |
Accrued sales commissions | 1,556 | 2,146 |
Other | 8,726 | 8,883 |
Other current liabilities | $20,724 | $24,473 |
Other_Current_Liabilities_Sche1
Other Current Liabilities - Schedule of Changes in Liability for Product Warranty Claims (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Product Warranties Disclosures [Abstract] | ' | ' | ' | ' |
Balance at beginning of the period | $6,425 | $5,488 | $6,625 | $5,498 |
Satisfaction of warranty claims | -344 | -604 | -1,558 | -1,869 |
Provision for warranty claims | 316 | 980 | 1,578 | 2,211 |
Other, primarily impact from changes in foreign currency exchange rates | 231 | 87 | -17 | 111 |
Balance at end of the period | $6,628 | $5,951 | $6,628 | $5,951 |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefits - Contributions for Pension and Other Postretirement Benefits (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
U.S. Pension Benefits Plan [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Contributions | $5,000 | $0 |
U.K. Pension Benefits Plan [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Contributions | 1,308 | 1,333 |
Other Postretirement Benefits [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Contributions | 436 | 449 |
U.K. Defined Contribution Plan [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Contributions | $227 | $232 |
Pension_and_Other_Postretireme3
Pension and Other Postretirement Benefits - Net Periodic Pension and Other Postretirement Costs (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
U.S. Pension Benefits Plan [Member] | ' | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' | ' |
Service cost | $1,106 | $986 | $3,318 | $2,958 |
Interest cost | 2,016 | 2,129 | 6,052 | 6,386 |
Expected return on plan assets | -2,342 | -2,389 | -7,026 | -7,167 |
Amortization of prior service cost | 160 | 167 | 480 | 501 |
Amortization of actuarial loss (gain) | 1,788 | 1,522 | 5,360 | 4,565 |
Net benefit cost | 2,728 | 2,415 | 8,184 | 7,243 |
U.K. Pension Benefits Plan [Member] | ' | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' | ' |
Interest cost | 656 | 626 | 1,891 | 1,871 |
Expected return on plan assets | -651 | -525 | -1,842 | -1,569 |
Amortization of actuarial loss (gain) | 202 | 150 | 509 | 447 |
Net benefit cost | 207 | 251 | 558 | 749 |
Other Postretirement Benefits [Member] | ' | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' | ' |
Service cost | 235 | 280 | 707 | 603 |
Interest cost | 232 | 230 | 695 | 689 |
Amortization of prior service cost | 21 | 21 | 64 | 64 |
Amortization of actuarial loss (gain) | 61 | -152 | 181 | 54 |
Net benefit cost | $549 | $379 | $1,647 | $1,410 |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities - Additional Information (Detail) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2010 | Dec. 31, 2010 |
USD ($) | GBP (£) | USD ($) | GBP (£) | |
Other Liabilities Disclosure [Abstract] | ' | ' | ' | ' |
Outstanding standby and commercial letters of credit | $18,065 | ' | ' | ' |
Government grants awarded | ' | ' | 1,325 | 850 |
Government grants received | 1,083 | 680 | ' | ' |
Recorded liability | $0 | ' | ' | ' |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Customer | Customer | |||
Derivative [Line Items] | ' | ' | ' | ' |
Anticipated foreign-denominated sales hedge | $13,580 | ' | $13,580 | ' |
Foreign-denominated sales cash flow contracts | 0 | ' | 0 | ' |
Fair value of assets held as collateral related to futures | 400 | ' | 400 | ' |
Percentage of purchase commitments covering anticipated natural gas usage | 45.00% | ' | 45.00% | ' |
Purchase commitment amount of anticipated natural gas usage | 5,000 | ' | 5,000 | ' |
Number of subsidiaries purchased commitments for natural gas usage | 1 | ' | 1 | ' |
Purchase commitments covering period anticipated usage, Description | ' | ' | 'Through 2015 at one of its subsidiaries | ' |
Gains (losses) on foreign exchange transactions included in other income (expense) | -135 | 77 | -528 | 155 |
Foreign Currency Sales Contract - Fair Value Hedges [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Fair value of assets held as collateral related to forward exchange contracts | 800 | ' | 800 | ' |
Copper Purchases [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Percentage of anticipated purchases hedged | 57.00% | ' | 57.00% | ' |
Time period for hedged purchases | '9 months | ' | '9 months | ' |
Copper Purchases [Member] | Cash Flow Hedges [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Anticipated purchases, hedged | 3,006 | ' | 3,006 | ' |
Aluminum Purchases [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Percentage of anticipated purchases hedged | 56.00% | ' | 56.00% | ' |
Time period for hedged purchases | '6 months | ' | '6 months | ' |
Aluminum Purchases [Member] | Cash Flow Hedges [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Anticipated purchases, hedged | $438 | ' | $438 | ' |
Derivative_Instruments_Locatio
Derivative Instruments - Location and Fair Value of Foreign Currency Sales Contracts Recorded on Consolidated Balance Sheets (Detail) (Foreign Currency Sales Contracts - Cash Flow Hedges [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts Receivable for Fair Value Hedged Item [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value hedged items | ($129) | ($94) |
Other Current Assets [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Cash flow hedge contracts | 0 | 46 |
Fair value hedge contracts | 514 | 218 |
Other Current Liabilities [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value hedged items | $442 | $223 |
Derivative_Instruments_Summary
Derivative Instruments - Summary of Amount Recognized as and Released from Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative [Line Items] | ' | ' | ' | ' |
Foreign currency sales contracts cash flow hedges Recognized as comprehensive income (Loss) | $152 | $175 | ($277) | $172 |
Realized gains (losses) from settlement of cash flow hedges, Net of tax | -144 | -83 | -206 | -177 |
Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivatives, Beginning Balance | -49 | 200 | 318 | 109 |
Foreign currency sales contracts cash flow hedges Recognized as comprehensive income (Loss) | 152 | 175 | -277 | 172 |
Realized gains (losses) from settlement of cash flow hedges, Net of tax | -144 | -83 | -206 | -177 |
Derivatives, Ending Balance | 247 | 458 | 247 | 458 |
Foreign Currency Sales Contracts - Cash Flow Hedges [Member] | Cash Flow Hedges [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivatives, Beginning Balance | 0 | 81 | 0 | 114 |
Foreign currency sales contracts cash flow hedges Recognized as comprehensive income (Loss) | 0 | -3 | 0 | 14 |
Realized gains (losses) from settlement of cash flow hedges, Net of tax | 0 | 33 | 0 | 83 |
Derivatives, Ending Balance | 0 | 45 | 0 | 45 |
Foreign Currency Purchase Contracts [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivatives, Beginning Balance | 282 | 301 | 292 | 309 |
Foreign currency sales contracts cash flow hedges Recognized as comprehensive income (Loss) | 0 | 0 | 0 | 0 |
Realized gains (losses) from settlement of cash flow hedges, Net of tax | 4 | 5 | 14 | 13 |
Derivatives, Ending Balance | 278 | 296 | 278 | 296 |
Futures Contracts - Copper and Aluminum [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivatives, Beginning Balance | -331 | -182 | 26 | -314 |
Foreign currency sales contracts cash flow hedges Recognized as comprehensive income (Loss) | 152 | 178 | -277 | 158 |
Realized gains (losses) from settlement of cash flow hedges, Net of tax | -148 | -121 | -220 | -273 |
Derivatives, Ending Balance | ($31) | $117 | ($31) | $117 |
Derivative_Instruments_Summary1
Derivative Instruments - Summary of Change in Fair Value Reclassified or Expected to be Reclassified from Accumulated Other Comprehensive Income (Loss) to Earnings (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Foreign Currency Sales Contracts - Cash Flow Hedges [Member] | Cash Flow Hedges [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Expected release to pre - tax earnings | $0 | ' | $0 | ' |
Amount released to pre - tax earnings | 0 | 52 | 0 | 131 |
Foreign Currency Purchase Contracts [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Expected release to pre - tax earnings | 27 | ' | 27 | ' |
Amount released to pre - tax earnings | 6 | 7 | 20 | 20 |
Futures Contracts - Copper and Aluminum [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Expected release to pre - tax earnings | -50 | ' | -50 | ' |
Amount released to pre - tax earnings | ($237) | ($192) | ($352) | ($438) |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Net Change and Ending Balances for Various Components of Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning balance | ($82,375) | ($79,290) |
Net Change | 4,602 | 6,048 |
Ending balance | -77,773 | -73,242 |
Foreign Currency Translation Adjustments [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning balance | -1,543 | -4,736 |
Net Change | 97 | 2,749 |
Ending balance | -1,446 | -1,987 |
Unrecognized Employee Benefit Costs [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning balance | -81,783 | -75,225 |
Net Change | 4,331 | 2,856 |
Ending balance | -77,452 | -72,369 |
Unrealized Holding Gains on Marketable Securities [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning balance | 633 | 562 |
Net Change | 245 | 94 |
Ending balance | 878 | 656 |
Realized Losses (Gains) from Settlement of Cash Flow Hedges: [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning balance | 318 | 109 |
Net Change | -71 | 349 |
Ending balance | $247 | $458 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss - Line Items Affected on Condensed Consolidated Statements of Operations for Components Reclassified from Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Costs of products sold (excluding depreciation) | $48,177 | $56,066 | $158,577 | $166,604 |
Selling and administrative | 8,979 | 9,677 | 28,135 | 30,077 |
Other income (expense) | 532 | 170 | 1,539 | 633 |
Income tax provision | -7,057 | -1,498 | -7,958 | -3,643 |
Net income | -12,705 | -1,528 | -13,937 | -5,037 |
Net sales | -64,433 | -72,190 | -203,995 | -215,751 |
Depreciation | 2,840 | 2,699 | 8,725 | 8,278 |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Amortization of Unrecognized Employee Benefit Costs [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Costs of products sold (excluding depreciation) | 1,442 | 1,050 | 4,262 | 3,611 |
Selling and administrative | 573 | 471 | 1,682 | 1,448 |
Other income (expense) | 217 | 187 | 650 | 572 |
Total before income tax | 2,232 | 1,708 | 6,594 | 5,631 |
Income tax provision | -688 | -1,369 | -2,263 | -2,775 |
Net income | 1,544 | 339 | 4,331 | 2,856 |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Realized (Gains) on Sale of Marketable Securities [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Selling and administrative | -26 | -19 | -79 | -62 |
Income tax provision | 9 | 7 | 28 | 22 |
Net income | -17 | -12 | -51 | -40 |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Realized Losses (Gains) from Settlement of Cash Flow Hedges: [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Total before income tax | 231 | 133 | 332 | 287 |
Income tax provision | -87 | -50 | -126 | -110 |
Net income | 144 | 83 | 206 | 177 |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Realized Losses (Gains) from Settlement of Cash Flow Hedges: [Member] | Foreign Currency Sales Contracts - Cash Flow Hedges [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net sales | 0 | -52 | 0 | -131 |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Realized Losses (Gains) from Settlement of Cash Flow Hedges: [Member] | Foreign Currency Purchase Contracts [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Depreciation | -6 | -7 | -20 | -20 |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Realized Losses (Gains) from Settlement of Cash Flow Hedges: [Member] | Futures Contracts - Copper and Aluminum [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Costs of products sold (excluding depreciation) | $237 | $192 | $352 | $438 |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Loss - Summary of Income Tax Expense (Benefit) Associated with Various Components of Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Tax expense (benefit) associated with changes in: | ' | ' | ' | ' |
Unrealized holding losses/gains on marketable securities | ($55) | ($50) | ($159) | ($72) |
Fair value of cash flow hedges | -93 | -103 | 165 | -103 |
Tax expense (benefit) associated with reclassification adjustments: | ' | ' | ' | ' |
Amortization of unrecognized employee benefit costs | -688 | -1,369 | -2,263 | -2,775 |
Realized gains from sale of marketable securities | 9 | 7 | 28 | 22 |
Realized losses/gains from settlement of cash flow hedges | ($87) | ($50) | ($126) | ($110) |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | 2-May-13 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | 31-May-11 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Number of shares authorized under Omnibus Incentive Plan | ' | ' | ' | ' | ' | 1,000,000 |
Stock options vesting period, years | '3 years | ' | ' | ' | ' | ' |
Stock options exercise price | $17.16 | ' | ' | ' | ' | ' |
Stock options fair value | $5.82 | ' | ' | ' | ' | ' |
Expected life of options, years | '6 years | ' | ' | ' | ' | ' |
Risk-free interest rate | 1.26% | ' | ' | ' | ' | ' |
Expected dividend yield | 4.20% | ' | ' | ' | ' | ' |
Expected forfeiture rate | 5.00% | ' | ' | ' | ' | ' |
Expected volatility rate | 52.68% | ' | ' | ' | ' | ' |
Stock-based compensation expense for non-qualified stock options to selected employees | $961 | ' | ' | ' | ' | ' |
Requisite service period, years | '3 years | ' | ' | ' | ' | ' |
Fair market value of fully vested shares as of the grant date | 25 | ' | ' | ' | ' | ' |
Shares of common stock issued to non-employee directors | 11,656 | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | 341 | 296 | 845 | 961 | ' |
Income tax benefit from stock-based compensation expense | ' | $120 | $103 | $296 | $336 | ' |
Non Qualified Stock Options [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Stock options granted to selected employees | 173,750 | ' | ' | ' | ' | ' |
Stock options life, years | '10 years | ' | ' | ' | ' | ' |
Fair_Value_Fair_Value_of_Finan
Fair Value - Fair Value of Financial Assets and Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Investments [Member] | Other Noncurrent Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value | $3,866 | $3,358 |
Foreign Currency Exchange Contracts [Member] | Other Current Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value | 514 | 264 |
Foreign Currency Exchange Contracts [Member] | Other Current Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities, fair value | 442 | 223 |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Investments [Member] | Other Noncurrent Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value | 3,866 | 3,358 |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Foreign Currency Exchange Contracts [Member] | Other Current Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Foreign Currency Exchange Contracts [Member] | Other Current Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities, fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Investments [Member] | Other Noncurrent Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Currency Exchange Contracts [Member] | Other Current Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value | 514 | 264 |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Currency Exchange Contracts [Member] | Other Current Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities, fair value | 442 | 223 |
Significant Unobservable Inputs (Level 3) [Member] | Investments [Member] | Other Noncurrent Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Currency Exchange Contracts [Member] | Other Current Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Currency Exchange Contracts [Member] | Other Current Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities, fair value | $0 | $0 |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment | ||||
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Number of reportable business segments | ' | ' | 2 | ' |
Credit for asbestos litigation | ($16,340) | $0 | ($16,340) | $0 |
Air and Liquid Processing [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Credit for asbestos litigation | ($16,340) | ' | ($16,340) | ' |
Business_Segments_Business_Seg
Business Segments - Business Segment Net Sales and Income Before Income Taxes (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Net sales | $64,433 | $72,190 | $203,995 | $215,751 |
Income before Income Taxes | 20,212 | 3,531 | 23,210 | 10,030 |
Operating Segments [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Net sales | 64,433 | 72,190 | 203,995 | 215,751 |
Income before Income Taxes | 23,077 | 5,872 | 32,039 | 17,960 |
Operating Segments [Member] | Forged and Cast Rolls [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Net sales | 41,800 | 46,431 | 132,299 | 133,963 |
Income before Income Taxes | 4,996 | 4,846 | 9,670 | 12,226 |
Operating Segments [Member] | Air and Liquid Processing [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Net sales | 22,633 | 25,759 | 71,696 | 81,788 |
Income before Income Taxes | 18,081 | 1,026 | 22,369 | 5,734 |
Other Expense, Including Corporate Costs - Net [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Income before Income Taxes | ($2,865) | ($2,341) | ($8,829) | ($7,930) |
Litigation_Additional_Informat
Litigation - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Oct. 08, 2012 | Aug. 31, 2013 | Feb. 24, 2011 | Sep. 30, 2013 | Sep. 27, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Defendant | Defendant | Company | Defendant | Defendant | Inactive Subsidiary [Member] | Asbestos Claims [Member] | Asbestos Claims [Member] | Asbestos Claims [Member] | Asbestos Claims [Member] | ||
Agreement | Defendant | Claim | Claim | Claim | Claim | Claim | |||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of defendants cases filed in various state and federal courts | ' | ' | ' | 50 | ' | ' | ' | ' | ' | ' | ' |
Number of claims against inactive subsidiary not included within Settlement Agreements | ' | ' | ' | ' | ' | ' | 289 | 8,524 | 8,969 | 8,007 | 8,145 |
Number of defendant insurers in the coverage action | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of domestic insurance companies, lawsuit filed against | ' | ' | 13 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of domestic defendant insurers in action | 8 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of additional settlement agreements | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of defendant insurers remain in the litigation | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Reserves for total costs for asbestos liability claims pending or projected | ' | ' | ' | ' | ' | ' | ' | $165,028 | ' | $181,022 | ' |
Percentage attributable to settlement costs for unasserted claims projected to be filed | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73.00% | ' |
Insurance recoveries receivable | ' | ' | ' | ' | ' | 118,115 | ' | 116,863 | 115,916 | 118,115 | 126,206 |
Changes in estimated coverage | ' | ' | ' | ' | ' | ' | ' | $16,340 | $0 | ' | ' |
Litigation_Information_about_C
Litigation - Information about Claims for Asbestos Liability (Detail) (Asbestos Claims [Member], USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Claim | Claim | |
Asbestos Claims [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Total claims pending at the beginning of the period | 8,007 | 8,145 |
New claims served | 1,056 | 1,343 |
Claims dismissed | -351 | -329 |
Claims settled | -188 | -190 |
Total claims pending at the end of the period | 8,524 | 8,969 |
Gross settlement and defense costs (in 000's) | $15,994,000 | $16,738,000 |
Avg. gross settlement and defense costs per claim resolved (in 000's) | $29,670 | $32,250 |
Litigation_Information_about_C1
Litigation - Information about Claims for Asbestos Liability (Parenthetical) (Detail) | Sep. 30, 2013 | Sep. 30, 2012 |
Claim | Claim | |
Commitments And Contingencies Disclosure [Abstract] | ' | ' |
Number of claims inactive or transferred to MDL panel | 1,636 | 1,658 |
Litigation_Summary_of_Activity
Litigation - Summary of Activity in Asbestos Insurance Recoveries (Detail) (USD $) | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | Asbestos Claims [Member] | Asbestos Claims [Member] | |
Loss Contingencies [Line Items] | ' | ' | ' |
Insurance receivable - asbestos, beginning of the year | $118,115 | $118,115 | $126,206 |
Settlement and defense costs paid by insurance carriers | ' | -17,592 | -10,290 |
Changes in estimated coverage | ' | 16,340 | 0 |
Insurance receivable - asbestos, end of the period | $118,115 | $116,863 | $115,916 |
Environmental_Matters_Addition
Environmental Matters - Additional Information (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Environmental Remediation Obligations [Abstract] | ' |
Potential liability for all environmental proceedings | $1,030 |