Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 02, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | AP | |
Entity Registrant Name | AMPCO PITTSBURGH CORP | |
Entity Central Index Key | 6,176 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 12,270,621 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 43,525 | $ 95,122 |
Receivables, less allowance for doubtful accounts of $785 in 2016 and $983 in 2015 | 67,674 | 44,877 |
Inventories | 83,924 | 59,734 |
Insurance receivables - asbestos | 17,000 | 17,000 |
Other current assets | 13,347 | 2,949 |
Total current assets | 225,470 | 219,682 |
Property, plant and equipment, net | 208,276 | 146,913 |
Insurance receivables - asbestos | 97,945 | 108,423 |
Deferred income tax assets | 4,337 | 20,569 |
Investments in joint ventures | 2,815 | 3,097 |
Intangible assets - net | 13,802 | 1,193 |
Goodwill | 27,381 | 0 |
Other noncurrent assets | 7,581 | 6,279 |
Total assets | 587,607 | 506,156 |
Current liabilities: | ||
Accounts payable | 34,065 | 13,959 |
Accrued payrolls and employee benefits | 18,323 | 9,183 |
Debt - current portion | 19,144 | 13,311 |
Asbestos liability - current portion | 21,000 | 21,000 |
Other current liabilities | 40,707 | 23,880 |
Total current liabilities | 133,239 | 81,333 |
Employee benefit obligations | 94,567 | 63,702 |
Asbestos liability | 135,087 | 148,849 |
Noncurrent debt | 25,588 | 0 |
Other noncurrent liabilities | 654 | 849 |
Total liabilities | 389,135 | 294,733 |
Commitments and contingent liabilities (Note 8) | ||
Shareholders' equity: | ||
Common stock - par value $1; authorized 20,000 shares; issued and outstanding 12,271 shares in 2016 and 10,440 in 2015 | 12,271 | 10,440 |
Additional paid-in capital | 150,696 | 128,840 |
Retained earnings | 89,645 | 129,742 |
Accumulated other comprehensive loss | (55,974) | (57,599) |
Total Ampco-Pittsburgh shareholders' equity | 196,638 | 211,423 |
Noncontrolling interest | 1,834 | 0 |
Total shareholders' equity | 198,472 | 211,423 |
Total liabilities and shareholders' equity | $ 587,607 | $ 506,156 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $ 785 | $ 983 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 12,271,000 | 10,440,000 |
Common stock, shares outstanding | 12,271,000 | 10,440,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Net sales | $ 82,861 | $ 58,094 | $ 239,740 | $ 183,154 |
Operating costs and expenses: | ||||
Costs of products sold (excluding depreciation and amortization) | 67,267 | 48,655 | 195,824 | 148,896 |
Selling and administrative | 15,045 | 8,743 | 43,740 | 27,314 |
Depreciation and amortization | 5,490 | 3,044 | 14,945 | 9,275 |
Loss (gain) on disposal of assets | 0 | 9 | (9) | 330 |
Total operating expenses | 87,802 | 60,451 | 254,500 | 185,815 |
Loss from operations | (4,941) | (2,357) | (14,760) | (2,661) |
Other (expense) income: | ||||
Investment-related income | 48 | 45 | 540 | 132 |
Interest expense | (684) | (51) | (1,502) | (162) |
Other - net | (365) | 4 | 327 | (181) |
Total other income (expense) | (1,001) | (2) | (635) | (211) |
Loss before income taxes and equity gains (losses) in Chinese joint venture | (5,942) | (2,359) | (15,395) | (2,872) |
Income tax (expense) benefit (Note 14) | (21,602) | 959 | (21,627) | 1,152 |
Equity gains (losses) in Chinese joint venture | 4 | (111) | 115 | (239) |
Net loss | (27,540) | (1,511) | (36,907) | (1,959) |
Less: Net loss attributable to noncontrolling interest | (158) | 0 | (149) | 0 |
Net loss attributable to Ampco-Pittsburgh | $ (27,382) | $ (1,511) | $ (36,758) | $ (1,959) |
Net loss per common share attributable to Ampco-Pittsburgh: | ||||
Basic | $ (2.23) | $ (0.14) | $ (3.10) | $ (0.19) |
Diluted | (2.23) | (0.14) | (3.10) | (0.19) |
Cash dividends declared per share | $ 0.09 | $ 0.18 | $ 0.27 | $ 0.54 |
Weighted average number of common shares outstanding: | ||||
Basic | 12,271 | 10,440 | 11,844 | 10,433 |
Diluted | 12,271 | 10,440 | 11,844 | 10,433 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (27,540) | $ (1,511) | $ (36,907) | $ (1,959) |
Adjustments for changes in: | ||||
Foreign currency translation | (2,219) | (2,217) | (8,623) | (2,065) |
Unrecognized employee benefit costs (including effects of foreign currency translation) | 5,145 | 925 | 7,095 | 4,868 |
Unrealized holding gains (losses) on marketable securities | 167 | (229) | 384 | (293) |
Fair value of cash flow hedges | 71 | (173) | 126 | (325) |
Reclassification adjustments for items included in net loss: | ||||
Amortization of unrecognized employee benefit costs | 1,267 | 933 | 2,445 | 3,769 |
Realized gains from sale of marketable securities | (46) | (63) | (70) | (64) |
Realized (gains) losses from settlement of cash flow hedges | 103 | 85 | 268 | 300 |
Other comprehensive income (loss) | 4,488 | (739) | 1,625 | 6,190 |
Comprehensive (loss) income | (23,052) | (2,250) | (35,282) | 4,231 |
Less: Comprehensive loss attributable to noncontrolling interest | (158) | 0 | (149) | 0 |
Comprehensive (loss) income attributable to Ampco-Pittsburgh | $ (22,894) | $ (2,250) | $ (35,133) | $ 4,231 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Cash Flows [Abstract] | ||
Net cash flows (used in) provided by operating activities | $ (13,165) | $ 8,494 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (5,519) | (7,170) |
Purchase of Åkers, net of cash acquired (Note 2) | (27,031) | 0 |
Purchase of Alloys Unlimited and Processing | 0 | (5,000) |
Purchases of long-term marketable securities | (619) | (557) |
Proceeds from the sale of long-term marketable securities | 619 | 607 |
Proceeds from the sale of property, plant and equipment | 11 | 18 |
Net cash flows used in investing activities | (32,539) | (12,102) |
Cash flows from financing activities: | ||
Dividends paid | (4,102) | (5,632) |
Repayment of debt | (508) | 0 |
Debt issuance costs (Note 7) | (1,091) | 0 |
Net cash flows used in financing activities | (5,701) | (5,632) |
Effect of exchange rate changes on cash and cash equivalents | (192) | (431) |
Net decrease in cash and cash equivalents | (51,597) | (9,671) |
Cash and cash equivalents at beginning of period | 95,122 | 97,098 |
Cash and cash equivalents at end of period | 43,525 | 87,427 |
Supplemental information: | ||
Income tax payments | 3,706 | 3,199 |
Interest payments | 1,496 | 161 |
Non-cash investing activities: | ||
Purchases of property, plant and equipment included in accounts payable | 2,818 | 562 |
Non-cash financing activities: | ||
Issuance of common stock to acquire net assets of Åkers (Note 2) | 22,137 | 0 |
Issuance of debt to acquire net assets of Åkers (Note 2) | $ 22,619 | $ 0 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unaudited Condensed Consolidated Financial Statements | 1. Unaudited Condensed Consolidated Financial Statements The condensed consolidated balance sheet as of September 30, 2016 and the condensed consolidated statements of operations and comprehensive (loss) income for the three and nine months ended September 30, 2016 and 2015 and condensed consolidated statements of cash flows for the nine months ended September 30, 2016 and 2015 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 . 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 September 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements Recently Issued Accounting Pronouncements In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In May 2016, April 2016, March 2016 and May 2014, the FASB issued ASUs 2016-12, 2016-10, 2016-08 and 2014-09, respectively, Revenue from Contracts with Customers In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU 2016-02, Leases In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory |
Acquisition
Acquisition | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisition | 2. Acquisition On March 3, 2016, the Corporation acquired the stock of Åkers AB and certain of its affiliated companies, including Åkers AB’s 60% equity interest in a Chinese joint venture company (collectively, “Åkers”) from Altor Fund II GP Limited (“Altor”). The purchase price, after the post-closing purchase price adjustment made in accordance with the purchase agreement during the second quarter of $3,100, approximated $74,155 and was comprised of $29,399 in cash, $22,619 in the form of three-year promissory notes, and 1,776,604 shares of common stock of the Corporation which, based on the closing price of the Corporation’s common stock as of the date of closing, had a fair value of $22,137. The notes bear interest at 6.5%, compounding annually, with principal and interest payable at maturity on March 3, 2019. The acquisition adds roll production facilities in Sweden, the United States, Slovenia, and China; 14 sales offices; and a service capability in the United States. It enables cast roll production in the United States, forged roll production in Europe, and a low-cost product alternative for customers. Operating results of the acquired entities are included in the Forged and Cast Engineered Products segment from the date of acquisition. For the three months and nine months ended September 30, 2016, net sales for Åkers approximated $33,679 and $86,703, respectively, and loss before income taxes including the effects of purchase accounting approximated $4,676 and $8,696, respectively. Acquisition-related transaction costs of $100 and $2,100 for the three and nine months ended September 30, 2016 relating principally to the purchase of Åkers and ASW Steel Inc. (Note 17) are included in selling and administrative costs. The Corporation’s financial position as of March 31, 2016 included the acquired assets and assumed liabilities of Åkers at their provisional fair value estimates. During the second quarter, the post-closing purchase price adjustment of $3,100 was recorded as a reduction in the outstanding principal balance of the three-year promissory notes and principally goodwill. The Corporation also recorded an increase in property, plant and equipment of $2,742 with a corresponding decrease to goodwill. During the third quarter, after completing a separate valuation of the Chinese joint venture company, the Corporation recorded a reduction in the value of the noncontrolling interest. Additionally, certain pre-acquisition contingencies and intangible assets were adjusted based on revised fair values. These adjustments resulted in a decrease to goodwill of $4,359 in the aggregate. None of these adjustments had a material impact on the Corporation’s statements of operations for the three or nine months ended September 30, 2016. The resulting estimated fair value of assets acquired and liabilities assumed as of the date of acquisition is as follows: Current assets (excluding inventories) $ 40,243 Inventories 30,332 Property, plant and equipment 70,362 Intangible assets 12,929 Other noncurrent assets 7,217 Current liabilities (69,866 ) Noncurrent liabilities (42,219 ) Net assets acquired 48,998 Noncontrolling interest (2,019 ) Goodwill 27,176 Base purchase price $ 74,155 The estimated fair values primarily for intangible assets, noncontrolling interest, pre-acquisition contingencies, deferred income taxes, and goodwill are provisional amounts based, in part, on third party valuations and are expected to be finalized by December 31, 2016. Intangible assets consist of $4,429 for developed technology, $5,881 for customer relationships, and $2,619 for trade name. The economic life of the acquired intangible assets is estimated to be 5 years for developed technology, 10 years for customer relationships, and indefinite for the trade name. Goodwill is not amortized for book purposes or deductible for tax purposes. Goodwill is assessed for impairment annually in connection with the Corporation’s strategic planning process or whenever events or circumstances indicate the carrying amount of the asset may not be recoverable. Goodwill presented in the condensed consolidated balance sheet as of September 30, 2016 differs from goodwill recognized as of the acquisition date due to the effects of foreign currency translation. Included in current liabilities is a loan payable to the non-controlling shareholder of the Chinese joint venture company which, with accrued interest, approximated $7,468 as of the date of acquisition. The interest rate is equal to the “benchmark lending rate” set by the People’s Bank of China. Both the loan and interest were payable as of December 31, 2015 but remain unpaid. Pro Forma Financial Information for the Åkers Acquisition (unaudited): The financial information in the table below summarizes the combined results of operations of the Corporation and Åkers on a pro forma basis, for the period in which the acquisition occurred as though the companies had been combined as of the beginning of that period. Pro forma adjustments have been made to (1) include amortization expense on the definite-lived intangible assets identified in the acquisition and interest expense on the notes and (2) remove debt-related expenses associated with Åkers’ previous debt facilities not assumed by the Corporation. The following pro forma financial information is presented for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved had the acquisition occurred at the beginning of the period presented: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net sales $ 82,861 $ 91,183 $ 261,290 $ 296,647 Loss before income taxes (includes noncontrolling interest) (6,015 ) (8,523 ) (19,057 ) (16,413 ) |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories At September 30, 2016 and December 31, 2015, approximately 55% and 60% 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, Raw materials $ 22,882 $ 18,314 Work-in-process 27,680 21,583 Finished goods 21,959 9,897 Supplies 11,403 9,940 $ 83,924 $ 59,734 |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 4. Property, Plant and Equipment Property, plant and equipment were comprised of the following: September 30, December 31, Land and land improvements $ 10,107 $ 5,223 Buildings 64,201 44,570 Machinery and equipment 310,992 266,358 Construction-in-progress 8,482 3,566 Other 7,382 7,774 401,164 327,491 Accumulated depreciation (192,888 ) (180,578 ) $ 208,276 $ 146,913 Land and buildings of Union Electric Steel UK Limited (“UES-UK”) equal to approximately $2,687 (£2,072) at September 30, 2016 are held as collateral by the trustees of the UES-UK defined benefit pension plan (see Note 6). Substantially all of the remaining assets are held as collateral for the Corporation’s Revolving Credit and Security Agreement (see Note 7). |
Other Current Liabilities
Other Current Liabilities | 9 Months Ended |
Sep. 30, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | 5. Other Current Liabilities Other current liabilities were comprised of the following: September 30, December 31, Customer-related liabilities $ 24,298 $ 12,195 Accrued interest payable 2,303 3 Accrued sales commissions 1,297 1,506 Income taxes payable 366 3,256 Other 12,443 6,920 $ 40,707 $ 23,880 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 Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Balance at beginning of the period $ 11,825 $ 7,270 $ 6,358 $ 6,672 Åkers – opening balance sheet liability for warranty claims 0 0 6,032 0 Satisfaction of warranty claims (1,324 ) (656 ) (3,029 ) (1,661 ) Provision for warranty claims 1,855 835 3,372 2,408 Other, primarily impact from changes in foreign currency exchange rates 40 (111 ) (337 ) (81 ) Balance at end of the period $ 12,396 $ 7,338 $ 12,396 $ 7,338 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits | 6. Pension and Other Postretirement Benefits Contributions were as follows: Nine Months 2016 2015 Foreign defined benefit pension plans $ 1,260 $ 1,292 Other postretirement benefits (e.g. net payments) $ 1,092 $ 470 U.K. defined contribution pension plan $ 182 $ 298 U.S. defined contribution plan $ 1,792 $ 361 In 2015, the U.S. Defined Benefit Plan was amended to freeze benefit accruals and participation in the plan for non-union hourly and salaried participants and, effective January 1, 2016, for employees of the Union Electric Steel Carnegie Steelworkers Location. Benefits under the plan were replaced with employer contributions equaling a 3% base contribution and a matching contribution of up to 4% to the defined contribution plan. The plan changes resulted in a curtailment loss of $1,217 for the three months ended March 31, 2015. As part of the Åkers acquisition, the Corporation assumed the obligations for two U.S. defined benefit pension plans, two foreign retirement benefit plans and two other postretirement benefit plans. None of the acquired benefit plans were fully funded as of the acquisition date. In April 2016, the Corporation elected to freeze participation in one of the U.S. defined benefit pension plans, effective June 1, 2016, and replace salary benefit accruals with employer non-elective contributions equaling 3% of compensation. The plan change resulted in a reduction in the plan liability of approximately $1,135 and an immediate recognition of a curtailment gain of $887. Additionally, in July 2016, the Corporation notified retirees (or surviving spouses of retirees) of Åkers National Roll Company that the postretirement benefits plan will be modified effective January 1, 2017 whereby retiree health benefits for those individuals pre-Medicare eligible will be replaced with a monthly stipend. The plan change resulted in a reduction in prior service cost decreasing the plan liability by approximately $3,959 which will be amortized against pension expense over 7.5 years versus recognized immediately. Net periodic pension and other postretirement costs include the following components: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 U.S. Defined Benefit Pension Plans Service cost $ 453 $ 537 $ 1,264 $ 2,207 Interest cost 2,606 1,971 7,380 6,019 Expected return on plan assets (3,508 ) (2,752 ) (9,928 ) (8,244 ) Amortization of prior service cost 10 78 33 293 Amortization of actuarial loss 831 1,315 2,493 4,124 Curtailment (credit) charge 0 0 (887 ) 1,217 Net benefit cost $ 392 $ 1,149 $ 355 $ 5,616 Foreign Defined Benefit Pension Plans Service cost $ 94 $ 0 $ 223 $ 0 Interest cost 563 602 1,727 1,803 Expected return on plan assets (607 ) (674 ) (1,897 ) (2,019 ) Amortization of actuarial loss 165 212 516 636 Net benefit cost $ 215 $ 140 $ 569 $ 420 Other Postretirement Benefit Plans Service cost $ 135 $ 96 $ 371 $ 288 Interest cost 192 118 546 355 Amortization of prior service cost (357 ) (168 ) (872 ) (504 ) Amortization of actuarial loss 9 7 27 20 Net benefit (income) cost $ (21 ) $ 53 $ 72 $ 159 |
Revolving Credit and Security A
Revolving Credit and Security Agreement | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Revolving Credit and Security Agreement | 7. Revolving Credit and Security Agreement In May 2016, the Corporation entered into a new five-year Revolving Credit and Security Agreement (the “Agreement”) with a syndicate of banks. The Agreement provides for a senior secured asset based revolving credit facility that replaces the Corporation’s existing line of credit and letter of credit facilities. The Agreement provides for initial borrowings not to exceed $100,000 with an option to increase the credit facility by an additional $50,000 at the request of the Corporation and with the approval of the bank. The Agreement also includes sublimits for letters of credit, not to exceed $40,000, and European borrowings, not to exceed $25,000. In October, 2016, the Corporation amended the Agreement to provide it with additional lending capacity to its Excluded Subsidiaries and to expand available currencies for its letters of credits. Availability under the Agreement is based on eligible accounts receivable, inventory and fixed assets. Amounts outstanding under the credit facility bear interest at the Corporation’s option at either (1) LIBOR plus an applicable margin ranging between 1.25% to 1.75% based on the quarterly average excess availability or (2) the Base Rate plus an applicable margin ranging between 0.25% to 0.75% based on the quarterly average excess availability. Additionally, the Corporation is required to pay a commitment fee ranging between 0.25% and 0.375% based on the daily unused portion of the credit facility. As of September 30, 2016, the Corporation had utilized a portion of the credit facility for letters of credit (Note 8) and had remaining availability of approximately $40,000. The Agreement contains customary affirmative and negative covenants and is collateralized by a first priority perfected security interest in substantially all of the assets of the Corporation and its subsidiaries. The Corporation must also maintain a certain level of excess availability. If excess availability falls below the established threshold, or in an event of default, the Corporation will be required to maintain a minimum fixed charge coverage of not less than 1.00 to 1.00. In connection with the credit facility, the Corporation paid deferred financing fees of approximately $1,000 which are being amortized over the life of the Agreement. Unamortized deferred financing fees are included as a noncurrent asset in the accompanying condensed consolidated balance sheet. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | 8. Commitments and Contingent Liabilities Outstanding standby and commercial letters of credit as of September 30, 2016 approximated $23,797, of which approximately half serves as collateral for the Industrial Revenue Bond (“IRB”) debt. In addition, in connection with the acquisition of Åkers, the Corporation issued two surety bonds to PRI Pensionsgaranti, guaranteeing certain obligations of Åkers Sweden AB and Åkers AB under a credit insurance policy relating to pension commitments. The total amount covered by the surety bonds is approximately $4,000 (SEK 33,900). See Note 9 for derivative instruments, Note 15 for litigation and Note 16 for environmental matters. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 9. 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. As of September 30, 2016, approximately $13,756 of anticipated foreign-denominated sales has been hedged which are covered by fair value contracts settling at various dates through January 2018. The fair value of assets held as collateral for the fair value contracts as of September 30, 2016 approximated $648. Additionally, certain of the divisions of the Air and Liquid Processing segment are subject to risk from increases in the price of commodities (copper and aluminum) used in the production of inventory. To minimize this risk, futures contracts are entered into which are designated as cash flow hedges. At September 30, 2016, approximately 47% or $2,646 of anticipated copper purchases over the next 15 months and 56% or $402 of anticipated aluminum purchases over the next six months are hedged. The Corporation previously entered into foreign currency purchase contracts to manage the volatility associated with Euro-denominated progress payments to be made for certain machinery and equipment. As of December 31, 2010, all contracts had been settled and the underlying fixed assets were placed in service. No portion of the existing cash flow or fair value hedges is considered to be ineffective, including any ineffectiveness arising from the unlikelihood of an anticipated transaction to occur. Additionally, no amounts have been excluded from assessing the effectiveness of a hedge. At September 30, 2016, the Corporation has purchase commitments covering 33% or $1,298 of anticipated natural gas usage through 2017 at one of its subsidiaries. The commitments qualify as normal purchases and, accordingly, are not reflected on the condensed consolidated balance sheet. Purchases of natural gas under previously existing commitments approximated $325 and $559 for the three months ended September 30, 2016 and 2015 and $1,494 and $1,882 for the nine months then ended, respectively. The Corporation does not enter into derivative transactions for speculative purposes and, therefore, holds no derivative instruments for trading purposes. (Losses) gains on foreign exchange transactions included in other (expense) income approximated $(385) and $18 for the three months ended September 30, 2016 and 2015 and $263 and $(188) for the nine months ended September 30, 2016 and 2015, respectively. The location and fair value of the foreign currency sales contracts recorded on the condensed consolidated balance sheets were as follows: Location September 30, December 31, Cash flow hedge contracts Other current assets $ 0 $ 10 Fair value hedge contracts Other current assets 0 113 Other noncurrent assets 0 0 Other current liabilities 1,410 258 Other noncurrent liabilities 5 49 Fair value hedged items Receivables 416 27 Other current assets 995 255 Other noncurrent assets 3 39 Other current liabilities 0 116 Other noncurrent liabilities 0 0 The change in the fair value of the cash flow contracts is recorded as a component of accumulated other comprehensive loss. The balances as of September 30, 2016 and 2015 and the amount recognized as and reclassified from accumulated other comprehensive loss for each of the periods is summarized below. Amounts for 2015 are after-tax. However, the Corporation incurred a three-year cumulative loss for the period October 1, 2013 to September 30, 2016 (Note 14). Accordingly, the amounts recognized as and reclassified from accumulated other comprehensive loss for the three and nine months ended September 30, 2016 are pre-tax. The amounts for the three months ended September 30, 2016 also include the reversal of the tax effects previously recognized for the six months ended June 30, 2016. Three Months Ended September 30, 2016 Comprehensive Plus Less Comprehensive Foreign currency sales contracts $ 0 $ 3 $ 3 $ 0 Foreign currency purchase contracts 233 0 12 221 Futures contracts – copper and aluminum 32 68 (118 ) 218 $ 265 $ 71 $ (103 ) $ 439 Three Months Ended September 30, 2015 Foreign currency sales contracts $ 4 $ 9 $ 5 $ 8 Foreign currency purchase contracts 249 0 4 245 Futures contracts – copper and aluminum (105 ) (182 ) (94 ) (193 ) $ 148 $ (173 ) $ (85 ) $ 60 Nine Months Ended September 30, 2016 Foreign currency sales contracts $ 4 $ 6 $ 10 $ 0 Foreign currency purchase contracts 241 0 20 221 Futures contracts – copper and aluminum (200 ) 120 (298 ) 218 $ 45 $ 126 $ (268 ) $ 439 Nine Months Ended September 30, 2015 Foreign currency sales contracts $ 0 $ 17 $ 9 $ 8 Foreign currency purchase contracts 258 0 13 245 Futures contracts – copper and aluminum (173 ) (342 ) (322 ) (193 ) $ 85 $ (325 ) $ (300 ) $ 60 The change in fair value reclassified or expected to be reclassified from accumulated other comprehensive loss to earnings is summarized below. All amounts are pre-tax. Location of Gain of Operations Estimated to be Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Foreign currency sales contracts – cash flow hedges Sales $ 0 $ 0 $ 7 $ 10 $ 14 Foreign currency purchase contracts Depreciation 26 6 7 20 20 Futures contracts – copper and aluminum Costs of products sold (excluding depreciation and amortization) 79 (7 ) (153 ) (298 ) (523 ) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 10. Accumulated Other Comprehensive Loss Net change and ending balances for the various components of accumulated other comprehensive loss as of and for the nine months ended September 30, 2016 and 2015 is summarized below. All amounts are net of tax, where applicable. Foreign Unrecognized Unrealized Cash Flow Accumulated Other Balance at January 1, 2016 $ (8,393 ) $ (49,943 ) $ 692 $ 45 $ (57,599 ) Net Change (8,623 ) 9,540 314 394 1,625 Balance at September 30, 2016 $ (17,016 ) $ (40,403 ) $ 1,006 $ 439 $ (55,974 ) Balance at January 1, 2015 $ (4,426 ) $ (65,396 ) $ 984 $ 85 $ (68,753 ) Net Change (2,065 ) 8,637 (357 ) (25 ) 6,190 Balance at September 30, 2015 $ (6,491 ) $ (56,759 ) $ 627 $ 60 $ (62,563 ) The following summarizes the line items affected on the condensed consolidated statements of operations for components reclassified from accumulated other comprehensive loss. Amounts in parentheses represent credits to net income. There is no tax effect for the nine months ended September 30, 2016 because of the cumulative loss incurred by the Corporation for the three year period then ended (Note 14). The tax impact for the three months ended September 30, 2016 represents the reversal of the tax effects previously recognized for the six months ended June 30, 2016. Three Months Ended Nine Months Ended 2016 2015 2016 2015 Amortization of unrecognized employee benefit costs: Costs of products sold (excluding depreciation and amortization) $ 28 $ 847 $ 1,689 $ 2,626 Selling and administrative 179 506 109 2,899 Other (expense) income 451 91 647 261 Total before income tax 658 1,444 2,445 5,786 Income tax expense (benefit) 609 (511 ) 0 (2,017 ) Net of tax $ 1,267 $ 933 $ 2,445 $ 3,769 Realized gains from sale of marketable securities: Selling and administrative $ (33 ) $ (96 ) $ (70 ) $ (98 ) Income tax (benefit) expense (13 ) 33 0 34 Net of tax $ (46 ) $ (63 ) $ (70 ) $ (64 ) Realized losses (gains) from settlement of cash flow hedges: Net sales (foreign currency sales contracts) $ 0 $ (7 ) $ (10 ) $ (14 ) Depreciation (foreign currency purchase contracts) (6 ) (7 ) (20 ) (20 ) Costs of products sold (excluding depreciation and amortization) (futures contracts – copper and aluminum) 7 153 298 523 Total before income tax 1 139 268 489 Income tax expense (benefit) 102 (54 ) 0 (189 ) Net of tax $ 103 $ 85 $ 268 $ 300 The income tax expense (benefit) associated with the various components of other comprehensive income for the three and nine months ended September 30, 2016 and 2015 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, 2016 2015 2016 2015 Tax expense (benefit) associated with changes in: Unrecognized employee benefit costs $ (87 ) $ 0 $ 0 $ (2,429 ) Unrealized holding losses/gains on marketable securities 117 124 0 158 Fair value of cash flow hedges 35 108 0 201 Tax expense (benefit) associated with reclassification adjustments: Amortization of unrecognized employee benefit costs 609 (511 ) 0 (2,017 ) Realized gains from sale of marketable securities (13 ) 33 0 34 Realized losses/gains from settlement of cash flow hedges 102 (54 ) 0 (189 ) |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 11. Stock-Based Compensation In May 2011, the shareholders of the Corporation approved the adoption of the Ampco-Pittsburgh Corporation 2011 Omnibus Incentive Plan (the “Predecessor Plan”) which authorized the issuance of up to 1,000,000 shares of the Corporation’s common stock for grants of equity-based compensation. In May 2016, the shareholders of the Corporation approved the adoption of the Ampco-Pittsburgh Corporation 2016 Omnibus Incentive Plan (the “Incentive Plan”), which authorizes the issuance of up to 1,100,000 shares of the Corporation’s common stock for awards under the Incentive Plan. The Incentive Plan replaces the Predecessor Plan and no new awards will be granted under the Predecessor Plan. Any awards outstanding under the Predecessor Plan will remain subject to and be paid under the Predecessor Plan, and any shares subject to outstanding awards under the Predecessor Plan that subsequently expire, terminate, or are surrendered or forfeited for any reason without issuance of shares will automatically become available for issuance under the Incentive Plan. 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. If any award is canceled, terminates, expires or lapses for any reason prior to the issuance of shares, or if shares are issued under the Incentive Plan and thereafter are forfeited to the Corporation, the shares subject to such awards and the forfeited shares will not count against the aggregate number of shares available under the Incentive Plan. Shares tendered or withheld to pay the option exercise price or tax withholding will continue to count against the aggregate number of shares of common stock available for grant under the Incentive Plan. Any shares repurchased by the Corporation with cash proceeds from the exercise of options will not be added back to the pool of shares available for grant under the Incentive Plan. The Incentive Plan may be administered by the Board of Directors or the Compensation Committee of the Board of Directors. The Compensation Committee has the authority to determine, within the limits of the express provisions of the Incentive Plan, the individuals to whom the awards will be granted and the nature, amount and terms of such awards. The Incentive Plan also provides for equity-based awards during any one year to non-employee members of the Board of Directors, based on the grant date fair value, not to exceed $200. The limit does not apply to shares received by a non-employee director at his or her election in lieu of all or a portion of the director’s retainer for board service. In May 2016, 32,090 shares of the Corporation’s common stock were granted to the non-employee directors. Stock-based compensation expense for the three months ended September 30, 2016 and 2015 equaled $444 and $375, respectively. The related income tax benefit recognized in the condensed consolidated statements of operations for each of the periods was approximately $155 and $131, respectively. Stock-based compensation expense for the nine months ended September 30, 2016 and 2015 equaled $1,647 and $953, respectively. The related income tax benefit recognized in the condensed consolidated statements of operations for each of the periods was approximately $576 and $333, respectively. |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 12. Fair Value The Corporation’s financial assets and liabilities that are reported at fair value in the condensed consolidated balance sheets as of September 30, 2016 and December 31, 2015 were as follows: Quoted Prices in Significant Other Significant Total As of September 30, 2016 Investments Other noncurrent assets $ 3,883 $ 0 $ 0 $ 3,883 Foreign currency exchange contracts Other current assets 0 995 0 995 Other noncurrent assets 0 3 0 3 Other current liabilities 0 1,410 0 1,410 Other noncurrent liabilities 0 5 0 5 As of December 31, 2015 Investments Other noncurrent assets $ 3,663 $ 0 $ 0 $ 3,663 Foreign currency exchange contracts Other current assets 0 378 0 378 Other noncurrent assets 0 39 0 39 Other current liabilities 0 374 0 374 Other noncurrent liabilities 0 49 0 49 The investments held as other noncurrent assets represent assets held in a “Rabbi” trust for the purpose of providing benefits under a non-qualified defined benefit pension plan. The fair value of the investments is based on quoted prices of the investments in active markets. The fair value of foreign currency exchange contracts is determined based on the fair value of similar contracts with similar terms and remaining maturities. The fair value of futures contracts is based on market quotations. The fair value of the variable-rate IRB debt approximates its carrying value. Additionally, the fair value of trade receivables and trade payables approximates their carrying value. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Business Segments | 13. Business Segments Presented below are the net sales and (loss) income before income taxes for the Corporation’s two business segments. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net Sales: Forged and Cast Engineered Products $ 62,929 $ 36,230 $ 176,077 $ 116,536 Air and Liquid Processing 19,932 21,864 63,663 66,618 Total Reportable Segments $ 82,861 $ 58,094 $ 239,740 $ 183,154 (Loss) Income before Income Taxes: Forged and Cast Engineered Products $ (3,363 ) $ (1,727 ) $ (9,385 ) $ (713 ) Air and Liquid Processing 1,985 2,407 7,273 7,369 Total Reportable Segments (1,378 ) 680 (2,112 ) 6,656 Other expense, including corporate costs – net (4,564 ) (3,039 ) (13,283 ) (9,528 ) Total $ (5,942 ) $ (2,359 ) $ (15,395 ) $ (2,872 ) |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes The Corporation assesses available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of existing deferred income tax assets. The Corporation has incurred three years of cumulative losses, inclusive of the acquired Åkers businesses as if the businesses were held during the entire three-year period. Such objective evidence limits the ability to consider other subjective evidence, such as projections for future growth and profitability. On the basis of this evaluation, during the three and nine months ended September 30, 2016, the Corporation established valuation allowances of $26,903 and $28,322, respectively, to recognize the estimated portion of deferred income tax assets that is more likely than not to be realized. |
Litigation
Litigation | 9 Months Ended |
Sep. 30, 2016 | |
Text Block [Abstract] | |
Litigation | 15. Litigation (claims not in thousands) The Corporation and its subsidiaries are involved in various claims and lawsuits incidental to their businesses and are also subject to asbestos litigation as described below. Asbestos Litigation Claims have been asserted alleging personal injury from exposure to asbestos-containing components historically used in some products of predecessors of Air & Liquid Systems Corporation (“Air & Liquid”), a subsidiary of the Corporation (“Asbestos Liability”). Air & Liquid and, in some cases, the Corporation are defendants (among numerous defendants, often in excess of 50) in cases filed in various state and federal courts. Asbestos Claims The following table reflects approximate information about the claims for Asbestos Liability against Air & Liquid and the Corporation for the nine months ended September 30, 2016 and 2015: Nine Months Ended 2016 2015 Total claims pending at the beginning of the period 6,212 8,457 New claims served 1,105 1,109 Claims dismissed (649 ) (3,213 ) Claims settled (203 ) (256 ) Total claims pending at the end of the period (1) 6,465 6,097 Gross settlement and defense costs (in 000’s) $ 13,762 $ 14,011 Avg. gross settlement and defense costs per claim resolved (in 000’s) $ 16.15 $ 4.04 (1) Included as “open claims” are approximately 415 and 431 claims as of September 30, 2016 and 2015, 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 Air & Liquid 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 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 Company, 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 sublimits of liability as to Howden or the Corporation and Air & Liquid, and, accordingly, Howden may access the coverage afforded by the Settling Insurers for any covered claim arising out of 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. Those Settlement 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 entered into by the Corporation and Air & Liquid also provided for the dismissal of claims, without prejudice, regarding two upper-level excess policies issued by one of the insurers. The Court has 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. Howden also reached an agreement with eight domestic insurers addressing asbestos-related bodily injury claims arising from the Products, and claims as to those insurers and Howden have been dismissed. Various counterclaims, cross claims and third party claims have been filed in the litigation and remain pending although only two domestic insurers and Howden remain in the litigation as to the Corporation and Air & Liquid. 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 still in the litigation. On February 26, 2015, the Court issued final judgment. One insurer filed a notice of appeal from the judgment to the U.S. Court of Appeals to the Third Circuit; as a result, several other insurers, Howden, the Corporation, and Air & Liquid filed notices of case appeal. The appeals are presently pending, and the parties have been involved in a mediation through the Third Circuit’s mediator’s office. 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 of December 31, 2006. HR&A’s analysis has been periodically updated since that time. Most recently, the HR&A analysis was updated in 2014, and additional reserves were established by the Corporation as of December 31, 2014 for Asbestos Liability claims pending or projected to be asserted through 2024. The methodology used by HR&A in its projection in 2014 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, 2012 to December 8, 2014; • 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, 2012 to December 8, 2014 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 2014 the number of future claims for Asbestos Liability that would be filed through the year 2024, as well as the settlement or indemnity costs that would be incurred to resolve both pending and future unasserted claims through 2024. 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, and 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, 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 2024. 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, 2014 for the total costs, including defense costs, for Asbestos Liability claims pending or projected to be asserted through 2024 was $189,048 of which approximately 64% was attributable to settlement costs for unasserted claims projected to be filed through 2024 and future defense costs. The reserve at September 30, 2016 was $156,087. 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 2024. Accordingly, no reserve has been recorded for any costs that may be incurred after 2024. The Corporation’s receivable at December 31, 2014 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, 2014, and the probable payments and reimbursements relating to the estimated indemnity and defense costs for pending and unasserted future Asbestos Liability claims, was $140,651 ($114,945 at September 30, 2016). The following table summarizes activity relating to insurance recoveries. Nine Months 2016 2015 Insurance receivable – asbestos, beginning of the year $ 125,423 $ 140,651 Settlement and defense costs paid by insurance carriers (10,478 ) (10,617 ) Insurance receivable – asbestos, end of the period $ 114,945 $ 130,034 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 that the subsidiaries and it may incur after 2024. 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, compliance by relevant parties with the terms of the Settlement Agreements, the resolution of remaining 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, 2016 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Matters | 16. 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 $270 recorded at September 30, 2016 is considered adequate based on information known to date. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | 17. Subsequent Event On November 1, 2016, Ampco UES Sub Inc., an indirect wholly-owned subsidiary of the Corporation, acquired ASW Steel Inc. (“ASW”) from CK Pearl Fund Ltd., CK Pearl Fund LP and White Oak Strategic Master Fund, L.P. The total purchase price approximated $13,116, consisting of $3,500 in cash and $9,616 in the assumption of outstanding indebtedness. ASW is a specialty steel producer based in Welland, Ontario, Canada and will be part of the Forged and Cast Engineered Products segment. |
Unaudited Condensed Consolida24
Unaudited Condensed Consolidated Financial Statements (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unaudited Condensed Consolidated Financial Statements | The condensed consolidated balance sheet as of September 30, 2016 and the condensed consolidated statements of operations and comprehensive (loss) income for the three and nine months ended September 30, 2016 and 2015 and condensed consolidated statements of cash flows for the nine months ended September 30, 2016 and 2015 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 . 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 September 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In May 2016, April 2016, March 2016 and May 2014, the FASB issued ASUs 2016-12, 2016-10, 2016-08 and 2014-09, respectively, Revenue from Contracts with Customers In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU 2016-02, Leases In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory |
Acquisition (Tables)
Acquisition (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed | The Corporation’s financial position as of March 31, 2016 included the acquired assets and assumed liabilities of Åkers at their provisional fair value estimates. During the second quarter, the post-closing purchase price adjustment of $3,100 was recorded as a reduction in the outstanding principal balance of the three-year promissory notes and principally goodwill. The Corporation also recorded an increase in property, plant and equipment of $2,742 with a corresponding decrease to goodwill. During the third quarter, after completing a separate valuation of the Chinese joint venture company, the Corporation recorded a reduction in the value of the noncontrolling interest. Additionally, certain pre-acquisition contingencies and intangible assets were adjusted based on revised fair values. These adjustments resulted in a decrease to goodwill of $5,552 in the aggregate. None of these adjustments had a material impact on the Corporation’s statements of operations for the three or nine months ended September 30, 2016. The resulting estimated fair value of assets acquired and liabilities assumed as of the date of acquisition is as follows: Current assets (excluding inventories) $ 40,243 Inventories 30,332 Property, plant and equipment 70,362 Intangible assets 12,929 Other noncurrent assets 7,217 Current liabilities (69,866 ) Noncurrent liabilities (42,219 ) Net assets acquired 48,998 Noncontrolling interest (2,019 ) Goodwill 27,176 Base purchase price $ 74,155 |
Summary of Pro Forma Financial Information | The following pro forma financial information is presented for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved had the acquisition occurred at the beginning of the period presented: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net sales $ 82,861 $ 91,183 $ 261,290 $ 296,647 Loss before income taxes (includes noncontrolling interest) (6,015 ) (8,523 ) (19,057 ) (16,413 ) |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories were comprised of the following: September 30, December 31, Raw materials $ 22,882 $ 18,314 Work-in-process 27,680 21,583 Finished goods 21,959 9,897 Supplies 11,403 9,940 $ 83,924 $ 59,734 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment were comprised of the following: September 30, December 31, Land and land improvements $ 10,107 $ 5,223 Buildings 64,201 44,570 Machinery and equipment 310,992 266,358 Construction-in-progress 8,482 3,566 Other 7,382 7,774 401,164 327,491 Accumulated depreciation (192,888 ) (180,578 ) $ 208,276 $ 146,913 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities were comprised of the following: September 30, December 31, Customer-related liabilities $ 24,298 $ 12,195 Accrued interest payable 2,303 3 Accrued sales commissions 1,297 1,506 Income taxes payable 366 3,256 Other 12,443 6,920 $ 40,707 $ 23,880 |
Schedule of Changes in Liability for Product Warranty Claims | Changes in the liability for product warranty claims consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Balance at beginning of the period $ 11,825 $ 7,270 $ 6,358 $ 6,672 Åkers – opening balance sheet liability for warranty claims 0 0 6,032 0 Satisfaction of warranty claims (1,324 ) (656 ) (3,029 ) (1,661 ) Provision for warranty claims 1,855 835 3,372 2,408 Other, primarily impact from changes in foreign currency exchange rates 40 (111 ) (337 ) (81 ) Balance at end of the period $ 12,396 $ 7,338 $ 12,396 $ 7,338 |
Pension and Other Postretirem29
Pension and Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Contributions for Pension and Other Postretirement Benefits | Contributions were as follows: Nine Months 2016 2015 Foreign defined benefit pension plans $ 1,260 $ 1,292 Other postretirement benefits (e.g. net payments) $ 1,092 $ 470 U.K. defined contribution pension plan $ 182 $ 298 U.S. defined contribution plan $ 1,792 $ 361 |
Net Periodic Pension and Other Postretirement Costs | Net periodic pension and other postretirement costs include the following components: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 U.S. Defined Benefit Pension Plans Service cost $ 453 $ 537 $ 1,264 $ 2,207 Interest cost 2,606 1,971 7,380 6,019 Expected return on plan assets (3,508 ) (2,752 ) (9,928 ) (8,244 ) Amortization of prior service cost 10 78 33 293 Amortization of actuarial loss 831 1,315 2,493 4,124 Curtailment (credit) charge 0 0 (887 ) 1,217 Net benefit cost $ 392 $ 1,149 $ 355 $ 5,616 Foreign Defined Benefit Pension Plans Service cost $ 94 $ 0 $ 223 $ 0 Interest cost 563 602 1,727 1,803 Expected return on plan assets (607 ) (674 ) (1,897 ) (2,019 ) Amortization of actuarial loss 165 212 516 636 Net benefit cost $ 215 $ 140 $ 569 $ 420 Other Postretirement Benefit Plans Service cost $ 135 $ 96 $ 371 $ 288 Interest cost 192 118 546 355 Amortization of prior service cost (357 ) (168 ) (872 ) (504 ) Amortization of actuarial loss 9 7 27 20 Net benefit (income) cost $ (21 ) $ 53 $ 72 $ 159 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Location and Fair Value of Foreign Currency Sales Contracts Recorded on Condensed Consolidated Balance Sheets | The location and fair value of the foreign currency sales contracts recorded on the condensed consolidated balance sheets were as follows: Location September 30, December 31, Cash flow hedge contracts Other current assets $ 0 $ 10 Fair value hedge contracts Other current assets 0 113 Other noncurrent assets 0 0 Other current liabilities 1,410 258 Other noncurrent liabilities 5 49 Fair value hedged items Receivables 416 27 Other current assets 995 255 Other noncurrent assets 3 39 Other current liabilities 0 116 Other noncurrent liabilities 0 0 |
Summary of Amount Recognized as and Reclassified from Accumulated Other Comprehensive Loss | The change in the fair value of the cash flow contracts is recorded as a component of accumulated other comprehensive loss. The balances as of September 30, 2016 and 2015 and the amount recognized as and reclassified from accumulated other comprehensive loss for each of the periods is summarized below. Amounts for 2015 are after-tax. Three Months Ended September 30, 2016 Comprehensive Plus Less Comprehensive Foreign currency sales contracts $ 0 $ 3 $ 3 $ 0 Foreign currency purchase contracts 233 0 12 221 Futures contracts – copper and aluminum 32 68 (118 ) 218 $ 265 $ 71 $ (103 ) $ 439 Three Months Ended September 30, 2015 Foreign currency sales contracts $ 4 $ 9 $ 5 $ 8 Foreign currency purchase contracts 249 0 4 245 Futures contracts – copper and aluminum (105 ) (182 ) (94 ) (193 ) $ 148 $ (173 ) $ (85 ) $ 60 Nine Months Ended September 30, 2016 Foreign currency sales contracts $ 4 $ 6 $ 10 $ 0 Foreign currency purchase contracts 241 0 20 221 Futures contracts – copper and aluminum (200 ) 120 (298 ) 218 $ 45 $ 126 $ (268 ) $ 439 Nine Months Ended September 30, 2015 Foreign currency sales contracts $ 0 $ 17 $ 9 $ 8 Foreign currency purchase contracts 258 0 13 245 Futures contracts – copper and aluminum (173 ) (342 ) (322 ) (193 ) $ 85 $ (325 ) $ (300 ) $ 60 |
Summary of Change in Fair Value Reclassified or Expected to be Reclassified from Accumulated Other Comprehensive Loss to Earnings | The change in fair value reclassified or expected to be reclassified from accumulated other comprehensive loss to earnings is summarized below. All amounts are pre-tax. Location of Gain of Operations Estimated to be Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Foreign currency sales contracts – cash flow hedges Sales $ 0 $ 0 $ 7 $ 10 $ 14 Foreign currency purchase contracts Depreciation 26 6 7 20 20 Futures contracts – copper and aluminum Costs of products sold (excluding depreciation and amortization) 79 (7 ) (153 ) (298 ) (523 ) |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Net Change and Ending Balances for Various Components of Accumulated Other Comprehensive Loss | Net change and ending balances for the various components of accumulated other comprehensive loss as of and for the nine months ended September 30, 2016 and 2015 is summarized below. All amounts are net of tax, where applicable. Foreign Unrecognized Unrealized Cash Flow Accumulated Other Balance at January 1, 2016 $ (8,393 ) $ (49,943 ) $ 692 $ 45 $ (57,599 ) Net Change (8,623 ) 9,540 314 394 1,625 Balance at September 30, 2016 $ (17,016 ) $ (40,403 ) $ 1,006 $ 439 $ (55,974 ) Balance at January 1, 2015 $ (4,426 ) $ (65,396 ) $ 984 $ 85 $ (68,753 ) Net Change (2,065 ) 8,637 (357 ) (25 ) 6,190 Balance at September 30, 2015 $ (6,491 ) $ (56,759 ) $ 627 $ 60 $ (62,563 ) |
Line Items Affected on Condensed Consolidated Statements of Operations for Components Reclassified from Accumulated Other Comprehensive Loss | The following summarizes the line items affected on the condensed consolidated statements of operations for components reclassified from accumulated other comprehensive loss. Amounts in parentheses represent credits to net income. There is no tax effect for the nine months ended September 30, 2016 because of the cumulative loss incurred by the Corporation for the three year period then ended (Note 14). The tax impact for the three months ended September 30, 2016 represents the reversal of the tax effects previously recognized for the six months ended June 30, 2016. Three Months Ended Nine Months Ended 2016 2015 2016 2015 Amortization of unrecognized employee benefit costs: Costs of products sold (excluding depreciation and amortization) $ 28 $ 847 $ 1,689 $ 2,626 Selling and administrative 179 506 109 2,899 Other (expense) income 451 91 647 261 Total before income tax 658 1,444 2,445 5,786 Income tax expense (benefit) 609 (511 ) 0 (2,017 ) Net of tax $ 1,267 $ 933 $ 2,445 $ 3,769 Realized gains from sale of marketable securities: Selling and administrative $ (33 ) $ (96 ) $ (70 ) $ (98 ) Income tax (benefit) expense (13 ) 33 0 34 Net of tax $ (46 ) $ (63 ) $ (70 ) $ (64 ) Realized losses (gains) from settlement of cash flow hedges: Net sales (foreign currency sales contracts) $ 0 $ (7 ) $ (10 ) $ (14 ) Depreciation (foreign currency purchase contracts) (6 ) (7 ) (20 ) (20 ) Costs of products sold (excluding depreciation and amortization) (futures contracts – copper and aluminum) 7 153 298 523 Total before income tax 1 139 268 489 Income tax expense (benefit) 102 (54 ) 0 (189 ) Net of tax $ 103 $ 85 $ 268 $ 300 |
Summary of Income Tax Expense (Benefit) Associated with Various Components of Other Comprehensive Income | The income tax expense (benefit) associated with the various components of other comprehensive income for the three and nine months ended September 30, 2016 and 2015 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, 2016 2015 2016 2015 Tax expense (benefit) associated with changes in: Unrecognized employee benefit costs $ (87 ) $ 0 $ 0 $ (2,429 ) Unrealized holding losses/gains on marketable securities 117 124 0 158 Fair value of cash flow hedges 35 108 0 201 Tax expense (benefit) associated with reclassification adjustments: Amortization of unrecognized employee benefit costs 609 (511 ) 0 (2,017 ) Realized gains from sale of marketable securities (13 ) 33 0 34 Realized losses/gains from settlement of cash flow hedges 102 (54 ) 0 (189 ) |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | The Corporation’s financial assets and liabilities that are reported at fair value in the condensed consolidated balance sheets as of September 30, 2016 and December 31, 2015 were as follows: Quoted Prices in Significant Other Significant Total As of September 30, 2016 Investments Other noncurrent assets $ 3,883 $ 0 $ 0 $ 3,883 Foreign currency exchange contracts Other current assets 0 995 0 995 Other noncurrent assets 0 3 0 3 Other current liabilities 0 1,410 0 1,410 Other noncurrent liabilities 0 5 0 5 As of December 31, 2015 Investments Other noncurrent assets $ 3,663 $ 0 $ 0 $ 3,663 Foreign currency exchange contracts Other current assets 0 378 0 378 Other noncurrent assets 0 39 0 39 Other current liabilities 0 374 0 374 Other noncurrent liabilities 0 49 0 49 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Net Sales and (Loss) Income before Income Taxes | Presented below are the net sales and (loss) income before income taxes for the Corporation’s two business segments. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net Sales: Forged and Cast Engineered Products $ 62,929 $ 36,230 $ 176,077 $ 116,536 Air and Liquid Processing 19,932 21,864 63,663 66,618 Total Reportable Segments $ 82,861 $ 58,094 $ 239,740 $ 183,154 (Loss) Income before Income Taxes: Forged and Cast Engineered Products $ (3,363 ) $ (1,727 ) $ (9,385 ) $ (713 ) Air and Liquid Processing 1,985 2,407 7,273 7,369 Total Reportable Segments (1,378 ) 680 (2,112 ) 6,656 Other expense, including corporate costs – net (4,564 ) (3,039 ) (13,283 ) (9,528 ) Total $ (5,942 ) $ (2,359 ) $ (15,395 ) $ (2,872 ) |
Litigation (Tables)
Litigation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Text Block [Abstract] | |
Schedule of Loss Contingencies by Contingency | The following table reflects approximate information about the claims for Asbestos Liability against Air & Liquid and the Corporation for the nine months ended September 30, 2016 and 2015: Nine Months Ended 2016 2015 Total claims pending at the beginning of the period 6,212 8,457 New claims served 1,105 1,109 Claims dismissed (649 ) (3,213 ) Claims settled (203 ) (256 ) Total claims pending at the end of the period (1) 6,465 6,097 Gross settlement and defense costs (in 000’s) $ 13,762 $ 14,011 Avg. gross settlement and defense costs per claim resolved (in 000’s) $ 16.15 $ 4.04 (1) Included as “open claims” are approximately 415 and 431 claims as of September 30, 2016 and 2015, 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 2016 2015 Insurance receivable – asbestos, beginning of the year $ 125,423 $ 140,651 Settlement and defense costs paid by insurance carriers (10,478 ) (10,617 ) Insurance receivable – asbestos, end of the period $ 114,945 $ 130,034 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) $ in Thousands | Mar. 03, 2016USD ($)Officeshares | Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) |
Akers AB [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition, equity interest acquired | 60.00% | ||
Total base purchase price | $ 74,155 | ||
Purchase price in the form of cash | 29,399 | ||
Purchase price in the form of three-year promissory note | $ 22,619 | ||
Purchase price in the form of shares | shares | 1,776,604 | ||
Business acquisition, fair value | $ 22,137 | ||
Debt, interest rate | 6.50% | ||
Debt, maturity date | Mar. 3, 2019 | ||
Post-closing adjustments on Purchase price | $ 3,100 | ||
Business acquisition, net sales | $ 33,679 | $ 86,703 | |
Business acquisition, loss before income taxes | 4,676 | 8,696 | |
Fair value adjustment to property, plant and equipment | 2,742 | ||
Fair value adjustment to goodwill | (2,742) | (4,359) | |
Intangible assets acquired | 12,929 | ||
Loans payable with accrued interest | $ 7,468 | ||
Akers AB [Member] | Developed Technology [Member] | |||
Business Acquisition [Line Items] | |||
Acquired intangible assets, economic lives | 5 years | ||
Intangible assets acquired | $ 4,429 | ||
Akers AB [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Acquired intangible assets, economic lives | 10 years | ||
Intangible assets acquired | $ 5,881 | ||
Akers AB [Member] | Trade Name [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets acquired | $ 2,619 | ||
Akers Ab and ASW Steel Inc [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition-related transaction costs | $ 100 | $ 2,100 | |
U.S. [Member] | |||
Business Acquisition [Line Items] | |||
Number of sales offices | Office | 14 |
Acquisition - Summary of Estima
Acquisition - Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 03, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||
Goodwill | $ 27,381 | $ 0 | |
Akers AB [Member] | |||
Business Acquisition [Line Items] | |||
Current assets (excluding inventories) | $ 40,243 | ||
Inventories | 30,332 | ||
Property, plant and equipment | 70,362 | ||
Intangible assets | 12,929 | ||
Other noncurrent assets | 7,217 | ||
Current liabilities | (69,866) | ||
Noncurrent liabilities | (42,219) | ||
Net assets acquired | 48,998 | ||
Noncontrolling interest | (2,019) | ||
Goodwill | 27,176 | ||
Base purchase price | $ 74,155 |
Acquisition - Summary of Pro Fo
Acquisition - Summary of Pro Forma Financial Information (Detail) - Akers AB [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Business Acquisition [Line Items] | ||||
Net sales | $ 82,861 | $ 91,183 | $ 261,290 | $ 296,647 |
Loss before income taxes (includes noncontrolling interest) | $ (6,015) | $ (8,523) | $ (19,057) | $ (16,413) |
Inventories - Additional Inform
Inventories - Additional Information (Detail) | Sep. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Percentage of inventories valued on the LIFO method | 55.00% | 60.00% |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 22,882 | $ 18,314 |
Work-in-process | 27,680 | 21,583 |
Finished goods | 21,959 | 9,897 |
Supplies | 11,403 | 9,940 |
Inventories | $ 83,924 | $ 59,734 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 401,164 | $ 327,491 |
Accumulated depreciation | (192,888) | (180,578) |
Property, plant and equipment, Net | 208,276 | 146,913 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 10,107 | 5,223 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 64,201 | 44,570 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 310,992 | 266,358 |
Construction-in-Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 8,482 | 3,566 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 7,382 | $ 7,774 |
Property, Plant and Equipment41
Property, Plant and Equipment - Additional Information (Detail) - Sep. 30, 2016 £ in Thousands, $ in Thousands | USD ($) | GBP (£) |
Property, Plant and Equipment [Abstract] | ||
Land and Building | $ 2,687 | £ 2,072 |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Other Liabilities Disclosure [Abstract] | ||
Customer-related liabilities | $ 24,298 | $ 12,195 |
Accrued interest payable | 2,303 | 3 |
Accrued sales commissions | 1,297 | 1,506 |
Income taxes payable | 366 | 3,256 |
Other | 12,443 | 6,920 |
Other current liabilities | $ 40,707 | $ 23,880 |
Other Current Liabilities - S43
Other Current Liabilities - Schedule of Changes in Liability for Product Warranty Claims (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Other Liabilities Disclosure [Abstract] | ||||
Balance at the beginning of the year | $ 11,825 | $ 7,270 | $ 6,358 | $ 6,672 |
Åkers - opening balance sheet liability for warranty claims | 0 | 0 | 6,032 | 0 |
Satisfaction of warranty claims | (1,324) | (656) | (3,029) | (1,661) |
Provision for warranty claims | 1,855 | 835 | 3,372 | 2,408 |
Other, primarily impact from changes in foreign currency exchange rates | 40 | (111) | (337) | (81) |
Balance at the end of the year | $ 12,396 | $ 7,338 | $ 12,396 | $ 7,338 |
Pension and Other Postretirem44
Pension and Other Postretirement Benefits - Contributions for Pension and Other Postretirement Benefits (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Foreign Defined Benefit Pension Plans [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Contributions | $ 1,260 | $ 1,292 |
Other Postretirement Benefit Plans [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Contributions | 1,092 | 470 |
U.K. Defined Contribution Pension Plan [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Contributions | 182 | 298 |
U.S. Defined Contribution Plan [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Contributions | $ 1,792 | $ 361 |
Pension and Other Postretirem45
Pension and Other Postretirement Benefits - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2016USD ($) | Sep. 30, 2016USD ($)Pension_PlanRetirementPlans | Sep. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Sep. 30, 2016USD ($)Pension_PlanRetirementPlans | Sep. 30, 2015USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Defined benefit pension contribution plan, base contribution rate | 3.00% | |||||
Curtailment gain (loss) | $ 887 | |||||
Employer non-elective contributions, percentage of employee compensation | 3.00% | |||||
Reduction in pension liability due to exit from defined benefit plan | $ 1,135 | $ 1,135 | ||||
Electric Steel Corporation Carnegie [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Number of postretirement benefit plans | RetirementPlans | 2 | 2 | ||||
Maximum [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Defined benefit pension contribution plan, matching contribution rate | 4.00% | |||||
Remeasurement of Pension Plan Liability [Member] | Electric Steel Corporation Carnegie [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Curtailment gain (loss) | $ (1,217) | |||||
U.S. Defined Benefit Pension Plans [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Curtailment gain (loss) | $ 0 | $ 0 | $ 887 | $ (1,217) | ||
U.S. Defined Benefit Pension Plans [Member] | Electric Steel Corporation Carnegie [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Number of defined benefit pension plans | Pension_Plan | 2 | 2 | ||||
Foreign Defined Benefit Pension Plans [Member] | Electric Steel Corporation Carnegie [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Number of defined benefit pension plans | Pension_Plan | 2 | 2 | ||||
Other Postretirement Benefit Plans [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Reduction in pension liability due to exit from defined benefit plan | $ 3,959 | |||||
Amortization period of pension liability | 7 years 6 months |
Pension and Other Postretirem46
Pension and Other Postretirement Benefits - Net Periodic Pension and Other Postretirement Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment (credit) charge | $ (887) | |||
U.S. Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 453 | $ 537 | 1,264 | $ 2,207 |
Interest cost | 2,606 | 1,971 | 7,380 | 6,019 |
Expected return on plan assets | (3,508) | (2,752) | (9,928) | (8,244) |
Amortization of prior service cost | 10 | 78 | 33 | 293 |
Amortization of actuarial loss | 831 | 1,315 | 2,493 | 4,124 |
Curtailment (credit) charge | 0 | 0 | (887) | 1,217 |
Net benefit (income) cost | 392 | 1,149 | 355 | 5,616 |
Foreign Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 94 | 0 | 223 | 0 |
Interest cost | 563 | 602 | 1,727 | 1,803 |
Expected return on plan assets | (607) | (674) | (1,897) | (2,019) |
Amortization of actuarial loss | 165 | 212 | 516 | 636 |
Net benefit (income) cost | 215 | 140 | 569 | 420 |
Other Postretirement Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 135 | 96 | 371 | 288 |
Interest cost | 192 | 118 | 546 | 355 |
Amortization of prior service cost | (357) | (168) | (872) | (504) |
Amortization of actuarial loss | 9 | 7 | 27 | 20 |
Net benefit (income) cost | $ (21) | $ 53 | $ 72 | $ 159 |
Revolving Credit and Security47
Revolving Credit and Security Agreement - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Revolving Credit and Security Agreement [Member] | |
Debt Instrument [Line Items] | |
Revolving credit term | 5 years |
Additional borrowing capacity | $ 50,000,000 |
Line of credit, remaining borrowing capacity | 40,000 |
Deferred financing fees paid | $ 1,000,000 |
Revolving Credit and Security Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Debt instrument description of interest rate | LIBOR plus an applicable margin ranging between 1.25% to 1.75% |
Revolving Credit and Security Agreement [Member] | Base Rate [Member] | |
Debt Instrument [Line Items] | |
Debt instrument description of interest rate | Base Rate plus an applicable margin ranging between 0.25% to 0.75% |
Revolving Credit and Security Agreement [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Initial borrowing capacity | $ 100,000,000 |
Commitment fee payable percentage | 0.375% |
Fixed charge coverage ratio | 1 |
Revolving Credit and Security Agreement [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Debt instrument basis spread | 1.75% |
Revolving Credit and Security Agreement [Member] | Maximum [Member] | Base Rate [Member] | |
Debt Instrument [Line Items] | |
Debt instrument basis spread | 0.75% |
Revolving Credit and Security Agreement [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Commitment fee payable percentage | 0.25% |
Revolving Credit and Security Agreement [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Debt instrument basis spread | 1.25% |
Revolving Credit and Security Agreement [Member] | Minimum [Member] | Base Rate [Member] | |
Debt Instrument [Line Items] | |
Debt instrument basis spread | 0.25% |
Letter of Credit [Member] | |
Debt Instrument [Line Items] | |
Initial borrowing capacity | $ 40,000,000 |
European Borrowings [Member] | |
Debt Instrument [Line Items] | |
Initial borrowing capacity | $ 25,000,000 |
Commitments and Contingent Li48
Commitments and Contingent Liabilities - Additional Information (Detail) - 9 months ended Sep. 30, 2016 SEK in Thousands, $ in Thousands | USD ($)Bonds | SEK |
Commitments and Contingent Liabilities [Line Items] | ||
Outstanding standby and commercial letters of credit | $ | $ 23,797 | |
Akers AB [Member] | ||
Commitments and Contingent Liabilities [Line Items] | ||
Number of surety bonds issued | Bonds | 2 | |
Amount covered by guarantees | $ 4,000 | SEK 33,900 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($)Customer | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Customer | Sep. 30, 2015USD ($) | |
Derivative [Line Items] | ||||
Anticipated foreign-denominated sales hedge | $ 13,756,000 | $ 13,756,000 | ||
Percentage of purchase commitments covering anticipated natural gas usage | 33.00% | 33.00% | ||
Purchase commitment amount of anticipated natural gas usage | $ 1,298,000 | $ 1,298,000 | ||
Number of subsidiaries purchased commitments for natural gas usage | Customer | 1 | 1 | ||
Purchase commitments covering period anticipated usage, Description | Through 2017 at one of its subsidiaries | |||
Purchase of natural gas | $ 325,000 | $ 559,000 | $ 1,494,000 | $ 1,882,000 |
(Losses) gains on foreign exchange transactions included in other (expense) income | (385,000) | $ 18,000 | $ 263,000 | $ (188,000) |
Period of Accumulated other comprehensive income (loss) | 3 years | |||
Foreign Currency Sales Contract - Fair Value Hedges [Member] | ||||
Derivative [Line Items] | ||||
Fair value of assets held as collateral related to forward exchange contracts | $ 648,000 | $ 648,000 | ||
Copper Purchases [Member] | ||||
Derivative [Line Items] | ||||
Percentage of anticipated purchases hedged | 47.00% | 47.00% | ||
Time period for hedged purchases | 15 months | |||
Copper Purchases [Member] | Cash Flow Hedges [Member] | ||||
Derivative [Line Items] | ||||
Anticipated purchases, hedged | $ 2,646,000 | $ 2,646,000 | ||
Aluminum Purchases [Member] | ||||
Derivative [Line Items] | ||||
Percentage of anticipated purchases hedged | 56.00% | 56.00% | ||
Time period for hedged purchases | 6 months | |||
Aluminum Purchases [Member] | Cash Flow Hedges [Member] | ||||
Derivative [Line Items] | ||||
Anticipated purchases, hedged | $ 402,000 | $ 402,000 |
Derivative Instruments - Locati
Derivative Instruments - Location and Fair Value of Foreign Currency Sales Contracts Recorded on Condensed Consolidated Balance Sheets (Detail) - Foreign Currency Sales Contracts [Member] - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Accounts Receivables [Member] | ||
Derivative [Line Items] | ||
Fair value hedged item | $ 416 | $ 27 |
Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Cash flow hedge contracts | 0 | 10 |
Fair value hedge contracts | 0 | 113 |
Fair value hedged item | 995 | 255 |
Other Noncurrent Assets [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 0 | 0 |
Fair value hedged item | 3 | 39 |
Other Current Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 1,410 | 258 |
Fair value hedged item | 0 | 116 |
Other Noncurrent Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 5 | 49 |
Fair value hedged item | $ 0 | $ 0 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Amount Recognized as and Reclassified from Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative [Line Items] | ||||
Comprehensive Income (Loss) Beginning of the Period | $ 265 | $ 148 | $ 45 | $ 85 |
Plus Recognized as Comprehensive Income (Loss) | 71 | (173) | 126 | (325) |
Less Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss | (103) | (85) | (268) | (300) |
Comprehensive Income (Loss) End of the Period | 439 | 60 | 439 | 60 |
Foreign Currency Sales Contracts [Member] | ||||
Derivative [Line Items] | ||||
Comprehensive Income (Loss) Beginning of the Period | 0 | 4 | 4 | 0 |
Plus Recognized as Comprehensive Income (Loss) | 3 | 9 | 6 | 17 |
Less Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss | 3 | 5 | 10 | 9 |
Comprehensive Income (Loss) End of the Period | 0 | 8 | 0 | 8 |
Foreign Currency Purchase Contracts [Member] | ||||
Derivative [Line Items] | ||||
Comprehensive Income (Loss) Beginning of the Period | 233 | 249 | 241 | 258 |
Plus Recognized as Comprehensive Income (Loss) | 0 | 0 | 0 | 0 |
Less Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss | 12 | 4 | 20 | 13 |
Comprehensive Income (Loss) End of the Period | 221 | 245 | 221 | 245 |
Futures Contracts - Copper and Aluminum [Member] | ||||
Derivative [Line Items] | ||||
Comprehensive Income (Loss) Beginning of the Period | 32 | (105) | (200) | (173) |
Plus Recognized as Comprehensive Income (Loss) | 68 | (182) | 120 | (342) |
Less Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss | (118) | (94) | (298) | (322) |
Comprehensive Income (Loss) End of the Period | $ 218 | $ (193) | $ 218 | $ (193) |
Derivative Instruments - Summ52
Derivative Instruments - Summary of Change in Fair Value Reclassified or Expected to be Reclassified from Accumulated Other Comprehensive Loss to Earnings (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative [Line Items] | ||||
Amount released to pre - tax earnings | $ (27,382) | $ (1,511) | $ (36,758) | $ (1,959) |
Foreign Currency Sales Contracts [Member] | Cash Flow Hedges [Member] | ||||
Derivative [Line Items] | ||||
Amount released to pre - tax earnings | 0 | 0 | ||
Amount released to pre - tax earnings | 0 | 7 | 10 | 14 |
Foreign Currency Purchase Contracts [Member] | ||||
Derivative [Line Items] | ||||
Amount released to pre - tax earnings | 26 | 26 | ||
Amount released to pre - tax earnings | 6 | 7 | 20 | 20 |
Futures Contracts - Copper and Aluminum [Member] | ||||
Derivative [Line Items] | ||||
Amount released to pre - tax earnings | 79 | 79 | ||
Amount released to pre - tax earnings | $ (7) | $ (153) | $ (298) | $ (523) |
Accumulated Other Comprehensi53
Accumulated Other Comprehensive Loss - Net Change and Ending Balances for Various Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ (57,599) | $ (68,753) | ||
Net Change | $ 4,488 | $ (739) | 1,625 | 6,190 |
Ending balance | (55,974) | (62,563) | (55,974) | (62,563) |
Foreign Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (8,393) | (4,426) | ||
Net Change | (8,623) | (2,065) | ||
Ending balance | (17,016) | (6,491) | (17,016) | (6,491) |
Unrecognized Employee Benefit Costs [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (49,943) | (65,396) | ||
Net Change | 9,540 | 8,637 | ||
Ending balance | (40,403) | (56,759) | (40,403) | (56,759) |
Unrealized Holding Gains on Marketable Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 692 | 984 | ||
Net Change | 314 | (357) | ||
Ending balance | 1,006 | 627 | 1,006 | 627 |
Realized Losses (Gains) from Settlement of Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 45 | 85 | ||
Net Change | 394 | (25) | ||
Ending balance | $ 439 | $ 60 | $ 439 | $ 60 |
Accumulated Other Comprehensi54
Accumulated Other Comprehensive Loss - Line Items Affected on Condensed Consolidated Statements of Operations for Components Reclassified from Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net sales (foreign currency sales contracts) | $ 82,861 | $ 58,094 | $ 239,740 | $ 183,154 |
Costs of products sold (excluding depreciation and amortization) | (67,267) | (48,655) | (195,824) | (148,896) |
Selling and administrative | (15,045) | (8,743) | (43,740) | (27,314) |
Other (expense) income | (365) | 4 | 327 | (181) |
Income tax expense (benefit) | (21,602) | 959 | (21,627) | 1,152 |
Net loss attributable to Ampco-Pittsburgh | (27,382) | (1,511) | (36,758) | (1,959) |
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 and amortization) | 28 | 847 | 1,689 | 2,626 |
Selling and administrative | 179 | 506 | 109 | 2,899 |
Other (expense) income | 451 | 91 | 647 | 261 |
Total before income tax | 658 | 1,444 | 2,445 | 5,786 |
Income tax expense (benefit) | 609 | (511) | 0 | (2,017) |
Net loss attributable to Ampco-Pittsburgh | 1,267 | 933 | 2,445 | 3,769 |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Realized (Gains) from Sale of Marketable Securities [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Selling and administrative | (33) | (96) | (70) | (98) |
Income tax expense (benefit) | (13) | 33 | 0 | 34 |
Net loss attributable to Ampco-Pittsburgh | (46) | (63) | (70) | (64) |
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] | ||||
Net sales (foreign currency sales contracts) | 0 | (7) | (10) | (14) |
Depreciation (foreign currency purchase contracts) | (6) | (7) | (20) | (20) |
Costs of products sold (excluding depreciation and amortization) | 7 | 153 | 298 | 523 |
Total before income tax | 1 | 139 | 268 | 489 |
Income tax expense (benefit) | 102 | (54) | 0 | (189) |
Net loss attributable to Ampco-Pittsburgh | $ 103 | $ 85 | $ 268 | $ 300 |
Accumulated Other Comprehensi55
Accumulated Other Comprehensive Loss - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Period of Accumulated other comprehensive income (loss) | 3 years |
Accumulated Other Comprehensi56
Accumulated Other Comprehensive Loss - Summary of Income Tax Expense (Benefit) Associated with Various Components of Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Tax expense (benefit) associated with changes in: | ||||
Unrecognized employee benefit costs | $ (87) | $ 0 | $ 0 | $ (2,429) |
Unrealized holding losses/gains on marketable securities | 117 | 124 | 0 | 158 |
Fair value of cash flow hedges | 35 | 108 | 0 | 201 |
Tax expense (benefit) associated with reclassification adjustments: | ||||
Amortization of unrecognized employee benefit costs | 609 | (511) | 0 | (2,017) |
Realized gains from sale of marketable securities | (13) | 33 | 0 | 34 |
Realized losses/gains from settlement of cash flow hedges | $ 102 | $ (54) | $ 0 | $ (189) |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
May 05, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | May 31, 2016 | May 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ 444 | $ 375 | $ 1,647 | $ 953 | |||
Income tax benefit from stock-based compensation expense | $ 155 | $ 131 | $ 576 | $ 333 | |||
Predecessor Plans [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized under Omnibus Incentive Plan | 1,000,000 | ||||||
Number of shares granted under Omnibus Incentive Plan | 0 | ||||||
Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized under Omnibus Incentive Plan | 1,100,000 | ||||||
Shares of common stock issued to non-employee directors | 32,090 | ||||||
Equity based awards grant date fair value | $ 200 |
Fair Value - Fair Value of Fina
Fair Value - Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Foreign Currency Exchange Contracts [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 3 | $ 39 |
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 | 995 | 378 |
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 | 1,410 | 374 |
Foreign Currency Exchange Contracts [Member] | Other Noncurrent Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 5 | 49 |
Investments [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 3,883 | 3,663 |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Foreign Currency Exchange Contracts [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Foreign Currency Exchange Contracts [Member] | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Foreign Currency Exchange Contracts [Member] | Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Foreign Currency Exchange Contracts [Member] | Other Noncurrent Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Investments [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 3,883 | 3,663 |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Currency Exchange Contracts [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 3 | 39 |
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 | 995 | 378 |
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 | 1,410 | 374 |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Currency Exchange Contracts [Member] | Other Noncurrent Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 5 | 49 |
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 Unobservable Inputs (Level 3) [Member] | Foreign Currency Exchange Contracts [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 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 |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Currency Exchange Contracts [Member] | Other Noncurrent Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Investments [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 0 | $ 0 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016Segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 2 |
Business Segments - Business Se
Business Segments - Business Segment Net Sales and (Loss) Income before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue from External Customer [Line Items] | ||||
Net sales | $ 82,861 | $ 58,094 | $ 239,740 | $ 183,154 |
(Loss) Income before Income Taxes | (5,942) | (2,359) | (15,395) | (2,872) |
Operating Segments [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 82,861 | 58,094 | 239,740 | 183,154 |
(Loss) Income before Income Taxes | (1,378) | 680 | (2,112) | 6,656 |
Operating Segments [Member] | Forged and Cast Engineered Products [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 62,929 | 36,230 | 176,077 | 116,536 |
(Loss) Income before Income Taxes | (3,363) | (1,727) | (9,385) | (713) |
Operating Segments [Member] | Air and Liquid Processing [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 19,932 | 21,864 | 63,663 | 66,618 |
(Loss) Income before Income Taxes | 1,985 | 2,407 | 7,273 | 7,369 |
Other Expense, Including Corporate Costs - Net [Member] | ||||
Revenue from External Customer [Line Items] | ||||
(Loss) Income before Income Taxes | $ (4,564) | $ (3,039) | $ (13,283) | $ (9,528) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||
Number of years of cumulative losses incurred | 3 years | |
Valuation allowance | $ 26,903 | $ 28,322 |
Litigation - Schedule of Loss C
Litigation - Schedule of Loss Contingencies by Contingency (Detail) - Asbestos Claims [Member] | 9 Months Ended | |
Sep. 30, 2016USD ($)Claim | Sep. 30, 2015USD ($)Claim | |
Loss Contingencies [Line Items] | ||
Total claims pending at the beginning of the period | 6,212 | 8,457 |
New claims served | 1,105 | 1,109 |
Claims dismissed | (649) | (3,213) |
Claims settled | (203) | (256) |
Total claims pending at the end of the period | 6,465 | 6,097 |
Gross settlement and defense costs | $ | $ 13,762,000 | $ 14,011,000 |
Avg. gross settlement and defense costs per claim resolved | $ | $ 16,150 | $ 4,040 |
Litigation - Schedule of Loss63
Litigation - Schedule of Loss Contingencies by Contingency (Parenthetical) (Detail) - Claim | Sep. 30, 2016 | Sep. 30, 2015 |
Commitments and Contingencies Disclosure [Abstract] | ||
Number of claims inactive or transferred to MDL panel | 415 | 431 |
Litigation - Additional Informa
Litigation - Additional Information (Detail) $ in Thousands | Feb. 24, 2011DefendantCompany | Sep. 30, 2016USD ($) | Dec. 31, 2014USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |||
Number of domestic insurance companies, lawsuit filed against | Company | 13 | ||
Number of defendant insurers in the coverage action | Defendant | 2 | ||
Number of domestic defendant insurers in action | Defendant | 8 | ||
Number of domestic insurance companies, remain in litigation | Company | 2 | ||
Reserves for total costs for asbestos liability claims pending or projected | $ 189,048 | ||
Percentage attributable to settlement costs for unasserted claims projected to be filed | 64.00% | ||
Reserve | $ 156,087 | ||
Insurance recoveries receivable | $ 114,945 | $ 140,651 |
Litigation - Summary of Activit
Litigation - Summary of Activity in Asbestos Insurance Recoveries (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Loss Contingencies [Line Items] | ||
Insurance receivable - asbestos, beginning of the year | $ 140,651 | |
Insurance receivable - asbestos, end of the period | $ 114,945 | |
Asbestos Claims [Member] | ||
Loss Contingencies [Line Items] | ||
Insurance receivable - asbestos, beginning of the year | 125,423 | 140,651 |
Settlement and defense costs paid by insurance carriers | (10,478) | (10,617) |
Insurance receivable - asbestos, end of the period | $ 114,945 | $ 130,034 |
Environmental Matters - Additio
Environmental Matters - Additional Information (Detail) $ in Thousands | Sep. 30, 2016USD ($) |
Environmental Remediation Obligations [Abstract] | |
Potential liability for all environmental proceedings | $ 270 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - Subsequent Event [Member] - ASW Steel Inc [Member] $ in Thousands | Nov. 01, 2016USD ($) |
Subsequent Event [Line Items] | |
Total purchase price | $ 13,116 |
Purchase price in the form of cash | 3,500 |
Business acquisition outstanding indebtedness | $ 9,616 |