Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 10, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | AP | ||
Entity Registrant Name | AMPCO PITTSBURGH CORP | ||
Entity Central Index Key | 6,176 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 12,270,621 | ||
Entity Public Float | $ 141 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 38,579 | $ 95,122 |
Receivables, less allowance for doubtful accounts of $2,228 in 2016 and $983 in 2015 | 72,233 | 44,877 |
Inventories | 83,579 | 59,734 |
Insurance receivable - asbestos | 13,000 | 17,000 |
Other current assets | 14,073 | 2,949 |
Total current assets | 221,464 | 219,682 |
Property, plant and equipment, net | 214,408 | 146,913 |
Insurance receivable - asbestos | 102,945 | 108,423 |
Deferred income tax assets | 4,824 | 20,569 |
Investments in joint ventures | 2,019 | 3,097 |
Intangible assets - net | 11,601 | 1,193 |
Other noncurrent assets | 8,628 | 6,279 |
Total assets | 565,889 | 506,156 |
Current liabilities: | ||
Accounts payable | 37,104 | 13,959 |
Accrued payrolls and employee benefits | 20,166 | 9,183 |
Debt - current portion | 26,825 | 13,311 |
Asbestos liability - current portion | 18,000 | 21,000 |
Other current liabilities | 42,197 | 23,880 |
Total current liabilities | 144,292 | 81,333 |
Employee benefit obligations | 91,947 | 63,702 |
Asbestos liability | 153,181 | 148,849 |
Deferred income tax liabilities | 591 | 0 |
Long-term debt | 25,389 | 0 |
Other noncurrent liabilities | 655 | 849 |
Total liabilities | 416,055 | 294,733 |
Commitments and contingent liabilities (Note 10) | ||
Shareholders' equity: | ||
Common stock - par value $1; authorized 20,000 shares; issued and outstanding 12,271 shares in 2016 and 10,440 shares in 2015 | 12,271 | 10,440 |
Additional paid-in capital | 151,089 | 128,840 |
Retained earnings | 45,443 | 129,742 |
Accumulated other comprehensive loss | (60,885) | (57,599) |
Total Ampco-Pittsburgh shareholders' equity | 147,918 | 211,423 |
Noncontrolling interest | 1,916 | 0 |
Total shareholders' equity | 149,834 | 211,423 |
Total liabilities and shareholders' equity | $ 565,889 | $ 506,156 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $ 2,228 | $ 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 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Net sales | $ 331,866 | $ 238,480 | $ 272,858 |
Operating costs and expenses: | |||
Costs of products sold (excluding depreciation and amortization) | 276,496 | 196,091 | 218,597 |
Selling and administrative | 58,175 | 39,510 | 37,380 |
Depreciation and amortization | 20,463 | 11,787 | 11,818 |
Charge (credit) for asbestos litigation | 4,565 | (14,333) | 4,487 |
Charges for impairment | 26,676 | 0 | 0 |
Loss on disposition of assets | 21 | 378 | 496 |
Total operating expenses | 386,396 | 233,433 | 272,778 |
(Loss) income from operations | (54,530) | 5,047 | 80 |
Other income (expense): | |||
Investment-related income | 481 | 174 | 171 |
Interest expense | (2,397) | (226) | (236) |
Other - net | (1,074) | (475) | (907) |
Total other income (expense) | (2,990) | (527) | (972) |
(Loss) income before income taxes and equity gains (losses) in Chinese joint venture | (57,520) | 4,520 | (892) |
Income tax (provision) benefit | (22,712) | (2,633) | 766 |
Equity income (losses) in Chinese joint venture, including gain on sale (Note 3) | 423 | (514) | (1,061) |
Net (loss) income | (79,809) | 1,373 | (1,187) |
Less: Net income attributable to noncontrolling interest | 11 | 0 | 0 |
Net (loss) income attributable to Ampco-Pittsburgh | $ (79,820) | $ 1,373 | $ (1,187) |
Net (loss) income per common share attributable to Ampco-Pittsburgh: | |||
Basic | $ (6.68) | $ 0.13 | $ (0.11) |
Diluted | $ (6.68) | $ 0.13 | $ (0.11) |
Weighted average number of common shares outstanding: | |||
Basic | 11,951,000 | 10,435,000 | 10,405,000 |
Diluted | 11,951,181 | 10,447,066 | 10,404,744 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (79,809) | $ 1,373 | $ (1,187) |
Adjustments for changes in: | |||
Foreign exchange translation | (14,580) | (3,967) | (4,703) |
Unrecognized employee benefit costs (including effects of foreign currency translation) | 9,397 | 10,713 | (21,392) |
Unrealized holding gains (losses) on marketable securities | 405 | (239) | 88 |
Fair value of cash flow hedges | 398 | (475) | (323) |
Reclassification adjustments for items included in net (loss) income: | |||
Amortization of unrecognized employee benefit costs | 1,910 | 4,740 | 3,458 |
Realized gains from sale of marketable securities | (1,038) | (53) | (111) |
Realized losses from settlement of cash flow hedges | 108 | 435 | 95 |
Other comprehensive (loss) income | (3,400) | 11,154 | (22,888) |
Comprehensive (loss) income | (83,209) | 12,527 | (24,075) |
Less: Comprehensive loss attributable to noncontrolling interest | (103) | 0 | 0 |
Comprehensive (loss) income attributable to Ampco-Pittsburgh | $ (83,106) | $ 12,527 | $ (24,075) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2013 | $ 234,995 | $ 10,373 | $ 125,852 | $ 144,635 | $ (45,865) | $ 0 |
Stock-based compensation | 835 | 835 | ||||
Comprehensive (loss) income: | ||||||
Net (loss) income | (1,187) | (1,187) | ||||
Other comprehensive (loss) income | (22,888) | (22,888) | ||||
Comprehensive (loss) income | (24,075) | |||||
Issuance of common stock including excess tax benefits of $60,$0,$0 for 2014, 2015 and 2016 | 892 | 53 | 839 | |||
Cash dividends ($0.72, $0.72 and $0.36 per share for 2014, 2015 and 2016) | (7,499) | (7,499) | ||||
Ending Balance at Dec. 31, 2014 | 205,148 | 10,426 | 127,526 | 135,949 | (68,753) | 0 |
Stock-based compensation | 1,103 | 1,103 | ||||
Comprehensive (loss) income: | ||||||
Net (loss) income | 1,373 | 1,373 | ||||
Other comprehensive (loss) income | 11,154 | 11,154 | ||||
Comprehensive (loss) income | 12,527 | |||||
Issuance of common stock including excess tax benefits of $60,$0,$0 for 2014, 2015 and 2016 | 225 | 14 | 211 | |||
Cash dividends ($0.72, $0.72 and $0.36 per share for 2014, 2015 and 2016) | (7,580) | (7,580) | ||||
Ending Balance at Dec. 31, 2015 | 211,423 | 10,440 | 128,840 | 129,742 | (57,599) | 0 |
Noncontrolling interest associated with Åkers acquisition (Note 2) | 2,019 | 2,019 | ||||
Stock-based compensation | 1,482 | 1,482 | ||||
Comprehensive (loss) income: | ||||||
Net (loss) income | (79,809) | (79,820) | 11 | |||
Other comprehensive (loss) income | (3,400) | (3,286) | (114) | |||
Comprehensive (loss) income | (83,209) | (103) | ||||
Issuance of common stock including excess tax benefits of $60,$0,$0 for 2014, 2015 and 2016 | 22,598 | 1,831 | 20,767 | |||
Cash dividends ($0.72, $0.72 and $0.36 per share for 2014, 2015 and 2016) | (4,479) | (4,479) | ||||
Ending Balance at Dec. 31, 2016 | $ 147,918 | $ 12,271 | $ 151,089 | $ 45,443 | $ (60,885) | $ 1,916 |
Consolidated Statements of Sha7
Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Issuance of common stock tax benefits | $ 0 | $ 0 | $ 60 |
Cash dividends | $ 0.36 | $ 0.72 | $ 0.72 |
Common Stock [Member] | |||
Issuance of common stock tax benefits | $ 0 | $ 0 | $ 60 |
Additional Paid-in Capital [Member] | |||
Issuance of common stock tax benefits | $ 0 | $ 0 | $ 60 |
Retained Earnings [Member] | |||
Cash dividends | $ 0.36 | $ 0.72 | $ 0.72 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net (loss) income | $ (79,809) | $ 1,373 | $ (1,187) |
Adjustments to reconcile net (loss) income to net cash flows from operating activities: | |||
Depreciation and amortization | 20,463 | 11,787 | 11,818 |
Charges for impairment | 26,676 | 0 | 0 |
Charge (credit) for asbestos litigation | 5,631 | 0 | 4,487 |
Deferred income tax provision, including valuation allowance | 23,407 | (2,302) | (4,556) |
Difference between pension and other post retirement expense and contributions | (1,948) | 4,972 | 5,248 |
Stock-based compensation | 2,332 | 1,328 | 1,102 |
Equity (income) losses in Chinese joint venture, including gain on sale (Note 3) | (423) | 514 | 1,061 |
Provisions for bad debts and inventories | 2,348 | 862 | 2,343 |
Provision for warranties net of settlements | (1,015) | (159) | (36) |
Excess tax benefits from the exercise of stock options | 0 | 0 | (60) |
Loss on disposition of assets | 21 | 378 | 496 |
Gain on sale of long-term marketable securities | (1,404) | 0 | 0 |
Other - net | (279) | 577 | 51 |
Changes in assets/liabilities: | |||
Receivables | 5,697 | 9,391 | (6,863) |
Inventories | 8,308 | (4,527) | 7,125 |
Other assets, including insurance receivable - asbestos | 20,466 | 15,300 | 18,161 |
Accounts payable | (8,819) | (3,003) | 1,588 |
Accrued payrolls and employee benefits | 1,051 | 452 | (938) |
Other liabilities, including asbestos liability | (28,337) | (16,438) | (19,865) |
Net cash flows (used in) provided by operating activities | (5,634) | 20,505 | 19,975 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (10,566) | (9,407) | (13,309) |
Purchase of Åkers AB, net of cash acquired (Note 2) | (27,031) | 0 | 0 |
Purchase of ASW Steel Inc., net of cash acquired (Note 2) | (3,265) | 0 | 0 |
Purchase of Alloys Unlimited & Processing, Inc. | 0 | (5,000) | 0 |
Purchases of long-term marketable securities | (4,662) | (631) | (843) |
Proceeds from the sale of long-term marketable securities | 4,646 | 728 | 748 |
Other | 0 | 11 | 185 |
Net cash flows used in investing activities | (40,878) | (14,299) | (13,219) |
Cash flows from financing activities: | |||
Dividends paid | (5,206) | (7,512) | (7,489) |
Debt issuance costs (Note 8) | (1,247) | 0 | 0 |
Repayment of debt | (962) | 0 | 0 |
Proceeds from credit facility | 9,756 | 0 | 0 |
Payments on credit facility | (11,217) | 0 | 0 |
Proceeds from the issuance of common stock | 0 | 0 | 581 |
Excess tax benefits from the exercise of stock options | 0 | 0 | 60 |
Net cash flows used in financing activities | (8,876) | (7,512) | (6,848) |
Effect of exchange rate changes on cash and cash equivalents | (1,155) | (670) | (720) |
Net decrease in cash and cash equivalents | (56,543) | (1,976) | (812) |
Cash and cash equivalents at beginning of year | 95,122 | 97,098 | 97,910 |
Cash and cash equivalents at end of year | 38,579 | 95,122 | 97,098 |
Supplemental disclosures of cash flow information: | |||
Income tax payments | 4,404 | 3,247 | 3,418 |
Interest payments | 957 | 225 | 237 |
Non-cash investing activities: | |||
Purchases of property, plant and equipment in accounts payable | 996 | 329 | 387 |
Non-cash financing activities: | |||
Issuance of common stock to acquire net assets of Åkers (Note 2) | 22,137 | 0 | 0 |
Issuance of debt to acquire net assets of Åkers (Note 2) | $ 22,619 | $ 0 | $ 0 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business Ampco-Pittsburgh Corporation and its subsidiaries (the “Corporation”) manufacture and sell highly engineered, high performance specialty metal products and customized equipment utilized by industry throughout the world. It operates in two business segments, the Forged and Cast Engineered Products segment and the Air and Liquid Processing segment. The Forged and Cast Engineered Products In addition, Union Electric Steel produces ingot and open-die forged products (“other forging products”) which are used in the oil and gas industry and the aluminum and plastic extrusion industries. In July 2015, UES acquired the assets of Alloys Unlimited & Processing, Inc. (“AUP”) and, in November 2016, the stock of ASW Steel Inc. (“ASW”). AUP is a supplier of specialty tool, alloy, and carbon steel round bar located in Ohio. ASW is a specialty steel producer based in Ontario, Canada. Both acquisitions support the Corporation’s diversification efforts in the open-die forging market. The segment primarily competes with European, Asian and North and South American companies in both domestic and foreign markets and distributes a significant portion of its products through sales offices located throughout the world. The consolidated financial statements of the Corporation include the financial position and results of operations of the acquired companies from their respective dates of acquisition. The Air and Liquid Processing |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: The Corporation’s accounting policies conform to accounting principles generally accepted in the United States of America. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to estimates and assumptions include assessing the carrying value of long-lived assets, determining the fair value of assets acquired and liabilities assumed in a business combination (including intangibles and goodwill and the recoverability thereof), valuing the assets and obligations related to employee benefit plans, accounting for loss contingencies associated with claims and lawsuits, and accounting for income taxes. Actual results could differ from those estimates. A summary of the significant accounting policies followed by the Corporation is presented below. Certain amounts for the preceding periods have been reclassified for comparative purposes. Consolidation The accompanying consolidated financial statements include the assets, liabilities, revenues and expenses of all majority owned subsidiaries and joint ventures over which the Corporation exercises control and, when applicable, entities for which the Corporation has a controlling financial interest or is the primary beneficiary. Investments in joint ventures where the Corporation owns 20% to 50% of the voting stock and has the ability to exercise significant influence over the operating and financial policies of the joint venture are accounted for using the equity method of accounting. Investments in joint ventures whereby the Corporation does not have the ability to exercise significant influence over the operating and financial policies of the joint venture are accounted for using the cost method of accounting. Investments in joint ventures are reviewed for impairment whenever events or circumstances indicate the carrying amount of the investment may not be recoverable. If the estimated fair value of the investment is less than the carrying amount and such decline is determined to be “other than temporary,” then the investment may not be fully recoverable potentially resulting in a write-down of the investment value. Intercompany accounts and transactions are eliminated. Cash and Cash Equivalents Securities with purchased original maturities of three months or less are considered to be cash equivalents. The Corporation maintains cash and cash equivalents at various financial institutions which may exceed federally insured amounts. Inventories Inventories are valued at the lower of cost or market. Cost includes the cost of raw materials, direct labor and overhead for those items manufactured but not yet sold or for which title has not yet transferred. Fixed production overhead is allocated to inventories based on normal capacity of the production facilities. In periods of abnormally high production, the amount of fixed overhead allocated to each unit of production is decreased so that inventories are not measured above cost. The amount of fixed overhead allocated to inventories is not increased as a consequence of abnormally low production or idle plant. Costs for abnormal amounts of spoilage, handling costs and freight costs are charged to expense when incurred. Cost of domestic raw materials, work-in-process and finished goods inventories is primarily determined by the last-in, first-out (LIFO) method. Cost of domestic supplies and foreign inventories is determined primarily by the first-in, first-out (FIFO) method. Property, Plant and Equipment Property, plant and equipment purchased new is recorded at cost with depreciation computed using the straight-line method over the following estimated useful lives: land improvements – 15 to 20 years, buildings – 25 to 50 years and machinery and equipment – 3 to 25 years. Property, plant and equipment acquired as part of a business combination is recorded at its estimated fair value with depreciation computed using the straight-line method over the estimated remaining useful lives based in part on third party valuations. Expenditures that extend economic useful lives are capitalized. Routine maintenance is charged to expense. Gains or losses are recognized on retirements or disposals. Property, plant and equipment are reviewed for impairment at least annually, or whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. If the undiscounted cash flows generated from the use and eventual disposition of the assets are less than their carrying value, then the asset value may not be fully recoverable potentially resulting in a write-down of the asset value. Estimates of future cash flows are based on expected market conditions over the remaining useful life of the primary asset(s). In addition, the remaining depreciation period for the impaired asset would be reassessed and, if necessary, revised. Proceeds from government grants are recorded as a reduction in the purchase price of the underlying assets and amortized against depreciation over the lives of the related assets. Intangible Assets Intangible assets primarily consist of developed technology, customer relationships and trade name. Intangible assets with definite lives are amortized using the straight-line method over their estimated useful life, which is determined by identifying the period over which most of the cash flows are expected to be generated. Additionally, intangible assets, both definite and indefinite lived, are reviewed for impairment at least annually, as of October 1, or whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. If the undiscounted cash flows attributable to the assets are less than their carrying value, then the asset value may not be fully recoverable potentially resulting in a write-down of the asset value. Also, if the estimate of an intangible asset’s remaining useful life changes, the remaining carrying value of the intangible asset will be amortized prospectively over the revised remaining useful life. Goodwill Goodwill represents the consideration paid in a business combination in excess of the values assigned to the net assets of the acquired entity. Goodwill is not amortized but is tested for impairment at the reporting unit level annually, as of October 1, or whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Goodwill is evaluated for impairment either qualitatively or quantitatively using a two-step approach. Under step one, the fair value of the reporting unit is determined using both a market and income approach. If the fair value of the reporting unit is less than the carrying value of the reporting unit, then goodwill may be impaired causing the second step of the analysis to be completed. Under step two, the fair value of the reporting is allocated to the assets and liabilities of the reporting unit. The unallocated fair value (“implied goodwill”), if any, is compared to the recorded value of goodwill. If the implied goodwill exceeds the recorded value of goodwill, then goodwill is deemed not to be impaired. If the implied goodwill is less than the recorded value of goodwill, then goodwill is deemed to be impaired by the amount that goodwill exceeds implied goodwill. Estimating the fair value of a reporting unit requires the use of significant unobservable inputs, representative of a Level 3 fair value measurement, including market growth and market share, sales volumes and prices, costs to produce, discount rate and estimated capital needs. Management considers historical experience and all available information at the time the fair value of the reporting unit is estimated. Assumptions used to estimate future cash flows are subject to a high degree of judgment and complexity. Debt Issuance Costs Debt issuance costs are amortized as interest expense over the scheduled maturity period of the debt. The costs related to our line-of-credit arrangement are amortized over the term of the arrangement, regardless of whether there are any outstanding borrowings. Unamortized debt issuance costs are either recognized as a direct deduction from the carrying amount of the related debt or, if related to a line-of-credit facility, as an other noncurrent asset. Product Warranty Provisions for product warranties are recognized at the time the underlying sale is recorded. The provision is based on historical experience as a percentage of sales adjusted for potential claims when a liability is probable and for known claims. Employee Benefit Plans Funded Status If the fair value of the plan assets exceeds the projected benefit obligation, the over-funded projected benefit obligation is recognized as an asset (prepaid pensions) on the consolidated balance sheet. Conversely, if the projected benefit obligation exceeds the fair value of the plan assets, the under-funded projected benefit obligation is recognized as a liability (employee benefit obligations) on the consolidated balance sheet. Gains and losses arising from the difference between actuarial assumptions and actual experience and unamortized prior service costs are recorded as a separate component of accumulated other comprehensive loss. Net Periodic Pension and Other Postretirement Costs Net periodic pension and other postretirement costs includes service cost, interest cost, expected rate of return on the market-related value of plan assets, amortization of prior service costs and recognized actuarial gains or losses. When actuarial gains or losses exceed 10% of the greater of the projected benefit obligation or the market-related value of plan assets, they are amortized to net periodic pension and other postretirement costs over the average remaining service period of employees expected to receive benefits under the plan. When the actuarial gains or losses are less than 10% of the greater of the projected benefit obligation or the market-related value of plan assets, they are included in net periodic pension and other postretirement costs indirectly as a result of lower/higher interest costs arising from a decrease/increase in the projected benefit obligation. The market-related value of plan assets is determined using a five-year moving average which recognizes 20% of unrealized gains and losses each year. Other Comprehensive Income (Loss) Other comprehensive income (loss) includes changes in assets and liabilities from non-owner sources including foreign currency translation adjustments, unamortized prior service costs and unrecognized actuarial gains and losses associated with employee benefit plans, unrealized holding gains and losses on securities designated as available for sale, and changes in the fair value of derivatives designated and effective as cash flow hedges. Certain components of other comprehensive income (loss) are presented net of income tax. Foreign currency translation adjustments exclude the effect of income tax since earnings of non-U.S. subsidiaries are deemed to be reinvested for an indefinite period of time. Reclassification adjustments are amounts which are realized during the year and, accordingly, are deducted from other comprehensive income (loss) in the period in which they are included in net income (loss) or when a transaction no longer qualifies as a cash flow hedge. Foreign currency translation adjustments are included in net income (loss) upon sale or upon complete or substantially complete liquidation of an investment in a foreign entity. With respect to employee benefit plans, unamortized prior service costs are included in net income (loss) either immediately upon curtailment of the employee benefit plan or over the average remaining service period of employees expected to receive benefits and unrecognized actuarial gains and losses are included in net income (loss) indirectly as a result of lower/higher interest costs arising from a decrease/increase in the projected benefit obligation. Unrealized holding gains and losses on securities are included in net income (loss) when the underlying security is sold. Changes in the fair value of derivatives are included in net income (loss) when the projected sale occurs or, if a foreign currency purchase contract, over the estimated useful life of the underlying asset. Foreign Currency Translation Assets and liabilities of the Corporation’s foreign operations are translated at year-end exchange rates and the statements of operations are translated at the average exchange rates for the year. Gains or losses resulting from translating foreign currency financial statements are accumulated as a separate component of accumulated other comprehensive loss until the entity is sold or substantially liquidated. Revenue Recognition Revenue from sales is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. Persuasive evidence of an arrangement identifies the final understanding between the parties as to the specific nature and terms of the agreed-upon transaction that creates enforceable obligations. It can be in the form of an executed purchase order from the customer, sales agreement issued by the Corporation or a similar arrangement deemed to be normal and customary business practice for that particular customer or class of customer (collectively, a sales agreement). Delivery and performance is considered to have occurred when the customer has taken title and assumed the risks and rewards of ownership of the product. Typically, this occurs when the product is shipped to the customer (i.e., FOB shipping point), delivered to the customer (i.e., FOB destination), or, for foreign sales, in accordance with trading guidelines known as Incoterms. Incoterms are standard trade definitions used in international contracts and are developed, maintained and promoted by the ICC Commission on Commercial Law and Practice. The sales price required to be paid by the customer is fixed or determinable from the sales agreement. It is not subject to refund or adjustment except for a variable-index surcharge provision which increases or decreases, as applicable, the selling price of a rolling mill roll for corresponding changes in the published index cost of certain raw materials. The variable-index surcharge is recognized as revenue when the corresponding revenue for the inventory is recognized. Likelihood of collectability is assessed prior to acceptance of an order. There are no customer-acceptance provisions other than customer inspection and testing prior to shipment. Post-shipment obligations are insignificant. Amounts billed to the customer for shipping and handling are recorded within net sales and the related costs are recorded within costs of products sold (excluding depreciation and amortization). Amounts billed for taxes assessed by various government authorities (e.g., sales tax, value-added tax, etc.) are excluded from the determination of net income (loss) and instead are recorded as a liability until remitted to the government authority. Stock-Based Compensation Stock-based compensation, such as stock options, restricted stock units and performance shares, is recognized over the vesting period based upon the fair value of the award at the date of grant. For stock options, the fair value is determined by the BlackScholes option pricing model and is expensed over the vesting period of three years. For restricted stock units, the fair value is equal to the closing price of the Corporation’s common stock on the New York Stock Exchange (“NYSE”) on the date of grant and is expensed over the vesting period of three years. For performance share awards that vest subject to a performance condition, the fair value is equal to the closing price of the Corporation’s stock on the NYSE on the date of grant. For performance share awards that vest subject to a market condition, fair value is determined using a Monte Carlo simulation model. The fair value of performance share awards is expensed over the performance period when it is probable that the performance condition will be achieved. Derivative Instruments Derivative instruments which include forward exchange (for foreign currency sales and purchases) and futures contracts are recorded on the consolidated balance sheet as either an asset or a liability measured at their fair value. The accounting for changes in the fair value of a derivative depends on the use of the derivative. To the extent that a derivative is designated and effective as a cash flow hedge of an exposure to future changes in value, the change in the fair value of the derivative is deferred in accumulated other comprehensive loss. Any portion considered to be ineffective, including that arising from the unlikelihood of an anticipated transaction to occur, is reported as a component of earnings (other income/expense) immediately. Upon occurrence of the anticipated sale, the foreign currency sales contract designated and effective as a cash flow hedge is de-designated as a fair value hedge and the change in fair value previously deferred in accumulated other comprehensive loss is reclassified to earnings (net sales) with subsequent changes in fair value recorded as a component of earnings (other income/expense). Upon occurrence of the anticipated purchase, the foreign currency purchase contract is settled and the change in fair value deferred in accumulated other comprehensive loss is reclassified to earnings (depreciation and amortization expense) over the life of the underlying assets. Upon settlement of a futures contract, the change in fair value deferred in accumulated other comprehensive loss is reclassified to earnings (costs of products sold, excluding depreciation and amortization) when the corresponding inventory is sold and revenue is recognized. To the extent that a derivative is designated and effective as a hedge of an exposure to changes in fair value, the change in the derivative’s fair value will be offset in the statement of operations by the change in the fair value of the item being hedged and is recorded as a component of earnings (other income/expense). Cash flows associated with the derivative instruments are recorded as a component of operating activities on the consolidated statement of cash flows. The Corporation does not enter into derivative transactions for speculative purposes and, therefore, holds no derivative instruments for trading purposes. Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. A hierarchy of inputs is used to determine fair value measurements with three levels. Level 1 inputs are quoted prices in active markets for identical assets or liabilities and are considered the most reliable evidence of fair value. Level 2 inputs are observable prices that are not quoted on active exchanges. Level 3 inputs are unobservable inputs used for measuring the fair value of assets or liabilities. Legal Costs Legal costs expected to be incurred in connection with loss contingencies are accrued when such costs are probable and estimable. Income Taxes Income taxes are recognized during the year in which transactions enter into the determination of financial statement income. Deferred income tax assets and liabilities are recognized for the future tax consequences of temporary differences between the book carrying amount and the tax basis of assets and liabilities including net operating loss carryforwards. Unremitted earnings of the Corporation’s non-U.S. subsidiaries and affiliates are deemed to be permanently reinvested and, accordingly, no deferred income tax liability is recorded. A valuation allowance is provided against a deferred income tax asset when it is “more likely than not” the asset will not be realized. Similarly, if a determination is made that it is “more likely than not” the deferred income tax asset will be realized, the related valuation allowance would be reduced and a benefit to earnings would be recorded. Penalties and interest are recognized as a component of the income tax provision. Tax benefits are recognized in the financial statements for tax positions taken or expected to be taken in a tax return when it is “more likely than not” that the tax authorities will sustain the tax position solely on the basis of the position’s technical merits. Consideration is given primarily to legislation and statutes, legislative intent, regulations, rulings and case law as well as their applicability to the facts and circumstances of the tax position when assessing the sustainability of the tax position. In the event a tax position no longer meets the “more likely than not” criteria, the tax benefit is reversed by recognizing a liability and recording a charge to earnings. Conversely, if a tax position subsequently meets the “more likely than not” criteria, a tax benefit would be recognized by reducing the liability and recording a credit to earnings. Earnings Per Common Share Basic earnings per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. The computation of diluted earnings per common share is similar to basic earnings per common share except that the denominator is increased to include the dilutive effect of the net additional common shares that would have been outstanding assuming exercise of outstanding stock awards, calculated using the treasury stock method. The computation of diluted earnings per share would not assume the exercise of an outstanding stock award if the effect on earnings per common share would be antidilutive. Similarly, the computation of diluted earnings per share would not assume the exercise of outstanding stock awards if the Corporation incurred a net loss since the effect on earnings per common share would be antidilutive. The weighted average number of common shares outstanding assuming exercise of dilutive stock awards was 11,951,181 for 2016, 10,447,066 for 2015 and 10,404,744 for 2014. Weighted-average outstanding stock awards excluded from the diluted earnings per common share calculation, since the effect would have been antidilutive, were 1,163,396 for 2016, 1,138,287 for 2015 and 1,242,545 for 2014. 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 | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisition | NOTE 2 – ACQUISITIONS: Acquisition of Åkers On March 3, 2016, the Corporation acquired 100% of the voting equity interest of Åkers from Altor Fund II GP Limited. The purchase price, after the post-closing purchase price adjustment made in accordance with the purchase agreement of $3,100, approximated $74,155 and was comprised of $29,399 in cash, $22,619 in the form of three-year promissory notes (Note 8), 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 acquisition adds roll production facilities in Sweden, the United States, Slovenia, and China; a number of 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 ten months ended December 31, 2016, net sales for Åkers approximated $121,079 and loss before income taxes, including the effects of purchase accounting, approximated $10,130. 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. Since the initial disclosure, adjustments have been made to the provisional fair value estimates as follows: • Recorded the post-closing purchase price adjustment which reduced the outstanding principal balance of the three-year promissory notes by $3,100; • Finalized the valuations of property, plant and equipment which increased the fair value of property, plant and equipment by $3,700; • Completed a separate valuation of the Chinese joint venture company which reduced the value of the noncontrolling interest by $9,600; • Finalized valuations of intangible assets, resolved pre-acquisition contingencies and recalculated deferred income taxes which, collectively, approximated $7,400. None of these adjustments had a material impact on the Corporation’s consolidated statement of operations for 2016. The resulting fair value of assets acquired and liabilities assumed as of the date of acquisition is as follows: Current assets (excluding inventories) $ 41,703 Inventories 30,332 Property, plant and equipment 71,871 Intangible assets 11,784 Other noncurrent assets 8,068 Current liabilities (71,690 ) Noncurrent liabilities (43,153 ) Net assets acquired 48,915 Noncontrolling interest (2,019 ) Goodwill 27,259 Base purchase price $ 74,155 The fair values for property, plant and equipment, intangible assets and noncontrolling interest were based, in part, on third party valuations which have been finalized as of December 31, 2016. The fair value of obligations assumed in connection with the employee benefit plans were actuarially determined. Intangible assets consist of $4,429 for developed technology, $4,736 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, 20 years for customer relationships, and indefinite for the trade name. Included in current liabilities is a loan payable to the noncontrolling shareholder of the Chinese joint venture company which, with accrued interest, approximated $7,468 as of the date of acquisition (see Note 8). Goodwill is not amortized but is tested for impairment at the reporting unit level annually, as of October 1, or whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Based on the first step of the two-step quantitative goodwill impairment test performed as of October 1, 2016, the Corporation determined that the carrying value of the Forged and Cast Engineered Products reporting unit was greater than its estimated fair value, and the second step of the two-step quantitative goodwill impairment test was performed to determine the amount of the impairment charge. For purposes of determining the goodwill impairment, the Corporation estimated the fair value of each reporting unit using both market and income approaches, which includes the use of significant unobservable inputs, representative of a Level 3 fair value measurement, such as market growth and market share, sales volumes and prices, costs to produce, discount rate and estimated capital needs. The market approach consists of the guideline public company method which is a valuation technique where the fair value is calculated based on market prices obtained from a detailed market analysis of publicly traded companies that provide a reasonable basis of comparison for each reporting unit. The income approach is a valuation technique where the fair value is calculated based on forecasted future cash flows within the projection period discounted to the present value with appropriate risk adjusted discount rates, which represent the weighted-average cost of capital for each reporting unit. As a result of the second step evaluation, the Corporation determined that the goodwill reported in the Forged and Cast Engineered Products reporting unit was fully impaired, primarily due to depressed market conditions and limitations inherent in its current market capitalization, and, accordingly, recorded a goodwill impairment charge of $26,261 for the year ended December 31, 2016. The goodwill impairment charge represents a full impairment and differs from the amount recognized as of the acquisition date due to changes in foreign currency exchange rates used to translate goodwill from the entities’ local currency to the U.S. dollar. Acquisition of ASW On November 1, 2016, the Corporation acquired 100% of the voting equity interest of ASW from CK Pearl Fund, Ltd., CK Pearl Fund L.P. and White Oak Strategic Master Fund, L.P. The purchase price of $13,116 consisted of $3,500 in cash and $9,616 in the assumption of outstanding indebtedness. The estimated fair value of assets acquired and liabilities assumed as of the date of the acquisition is summarized below. Current assets (excluding inventories) $ 6,525 Inventories 6,956 Property, plant and equipment 10,310 Current liabilities (10,675 ) Outstanding indebtedness (9,616 ) Base purchase price $ 3,500 The estimated fair values primarily for property, plant and equipment and pre-acquisition contingencies are provisional amounts based, in part, on third party valuations and are expected to be finalized by June 30, 2017. For the two months ended December 31, 2016, net sales for ASW approximated $7,523 and loss before income taxes approximated $1,781. Acquisition-Related Transaction Costs Acquisition-related transaction costs of $3,056 and $3,383 for the year ended December 31, 2016 and 2015, respectively, were incurred relating principally to the purchase of Åkers and ASW and are included in selling and administrative costs. Pro Forma Financial Information for the Åkers and ASW Acquisitions (unaudited) The following financial information presents the combination of the results of operations of Ampco, Åkers and ASW as though the acquisition date for both of the business combinations had occurred as of January 1, 2015. Pro forma adjustments have been made to (1) include the net incremental depreciation and amortization expense associated with recording property, plant and equipment and definite-lived intangible assets at fair value and (2) remove debt-related expenses associated with 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 2015: Year Ended December 31, 2016 2015 Net sales $ 393,243 $ 440,265 Loss before income taxes (includes noncontrolling interest) $ (63,498 ) $ (11,945 ) Net loss attributable to Ampco-Pittsburgh $ (85,778 ) $ (24,740 ) Net loss per common share (basic) attributable to Ampco-Pittsburgh $ (6.94 ) $ (2.03 ) Other Acquisition On July 29, 2015, the Corporation acquired the assets of AUP. The purchase price of $5 million was funded by available cash. The pro forma impact on Corporation’s net sales and loss before income taxes was not significant to its consolidated results for 2015. |
Investments in Joint Ventures
Investments in Joint Ventures | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Joint Ventures | NOTE 3 – INVESTMENTS IN JOINT VENTURES: As of December 31, 2016, the Corporation has interests in three joint ventures: • Shanxi Åkers TISCO Roll Co., Ltd. (“ATR”) – a cast roll joint venture in China for which the Corporation accounts using the consolidated method of accounting. ATR principally manufactures and sells cast rolling mill rolls for the hot strip mill, steckel mill and medium plate mill. • Union Electric Steel MG Roll Co., Ltd (“UES-MG”) – a forged roll joint venture in China for which the Corporation accounts using the equity method of accounting. UES-MG principally manufactures and sells forged backup rolling mill rolls of a size and weight currently that UES is not currently able to produce. • Jiangsu Gongchang Roll Co., Ltd (“Gongchang”) – a cast roll joint venture in China for which the Corporation accounts using the cost method of accounting. Gongchang principally manufactures and sells cast rolling mill rolls for hot and cold strip mills, medium/heavy section mills and plate mills. ATR In 2007, Åkers AB entered into an agreement with Taiyuan Iron & Steel Co., Ltd. (“TISCO”) to form ATR, with Åkers AB owning 59.88% and TISCO owning 40.12%. Since Åkers AB is the majority shareholder and has voting rights proportional to its ownership interest, Åkers AB is considered the primary beneficiary and, accordingly, accounts for its investment in ATR on the consolidated method of accounting. UES-MG In 2007, a subsidiary of UES entered into an agreement with Maanshan Iron & Steel Company Limited (Maanshan) to form UES-MG, with UES owning 49% and Maanshan owning 51%. Both companies contributed cash for their respective interests (which equated to $14,700 for UES). In November 2016, in connection with an equity restructuring of UES-MG, UES transferred 16% of its equity interest in UES-MG to Gongchang for $2,400, payable in installments over the next three years. UES has not guaranteed any of the obligations of the joint venture; accordingly, its maximum exposure of loss is limited to its remaining investment. Since UES is a minority shareholder and allocation of earnings and voting rights is proportional to ownership interests, UES is not considered the primary beneficiary and, accordingly, accounts for its interest in the joint venture under the equity method of accounting. Prior to the restructuring, the overall financial strength of the joint venture was weak with a significant reliance on the majority shareholder or entities controlled by the majority shareholder to provide financing and working capital. In addition, a significant portion of its sales to date has been to the majority shareholder or entities controlled by the majority shareholder and the majority of its raw materials purchases has been from the majority shareholder or entities controlled by the majority shareholder. The Corporation will continue to monitor the carrying value of the investment to determine if an impairment charge is necessary. The carrying amount of the investment at December 31, 2016 was less than $700. The Corporation recognizes its share of earnings and losses of UES-MG in its consolidated statements of operations. As a result of the transfer of a portion of its equity interest in the joint venture, the Corporation recognized its share of earnings (49%) from October 1, 2015 through the date of transfer, November 2016, which approximated $111. Losses of the joint venture for the twelve-month period ended September 30, 2015 and 2014 approximated $(1,050) and $(2,165), respectively, Assets, liabilities and shareholders’ equity of the joint venture as of November 30, 2016, and September 30, 2015 are summarized below. The difference between the carrying amount of the investment and the value of the underlying equity in the net assets of the joint venture relates primarily to an impairment charge recognized in 2013 and elimination of intercompany profit on the sale of technology from UES to the joint venture in earlier years which will be recognized when realized outside of the controlled group. 2016 2015 Assets: Current assets (includes receivables from related parties of $187 and $935, respectively) $ 7,856 $ 8,332 Noncurrent assets 16,080 28,993 $ 23,936 $ 37,325 Liabilities and Shareholders’ Equity: Current liabilities (includes liabilities to related parties of $3,651 and $17,230, respectively) $ 4,551 $ 17,455 Noncurrent liabilities (includes liabilities to related parties of $813 and $0, respectively) 813 0 Shareholders’ equity 18,572 19,870 $ 23,936 $ 37,325 Gongchang The Corporation has a 24% interest in Gongchang which is recorded at cost, or $1,340. The Corporation does not participate in the management or daily operation of Gongchang, has not guaranteed any of its obligations and has no ongoing responsibilities to it. Dividends may be declared by the Board of Directors of the joint venture after allocation of after-tax profits to various “funds” equal to the minimum amount required under Chinese law. Approximately $395 of dividends were declared and received in 2016. No dividends were declared or received in 2015 or 2014. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 4 – INVENTORIES: 2016 2015 Raw materials $ 23,964 $ 18,314 Work-in-progress 29,198 21,583 Finished goods 20,046 9,897 Supplies 10,371 9,940 $ 83,579 $ 59,734 At December 31, 2016 and 2015, approximately 45% and 60%, respectively, of the inventories were valued using the LIFO method. The LIFO reserve approximated $(15,139) and $(24,647) at December 31, 2016 and 2015, respectively. During each of the years, inventory quantities decreased for various locations resulting in a liquidation of LIFO layers which were at lower costs. The effect of the liquidations was to decrease costs of products sold (excluding depreciation and amortization) by approximately $936, $216 and $2,196 for 2016, 2015 and 2014, respectively, which reduced net loss by approximately $936 or $0.08 per common share for 2016, increased net income by approximately $141 or $0.01 per common share for 2015, and reduced net loss by approximately $1,427 or $0.14 per common share for 2014. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | NOTE 5 – PROPERTY, PLANT AND EQUIPMENT: 2016 2015 Land and land improvements $ 11,747 $ 5,223 Buildings 66,017 44,570 Machinery and equipment 323,684 266,358 Construction-in-process 2,595 3,566 Other 7,495 7,774 411,538 327,491 Accumulated depreciation and amortization (197,130 ) (180,578 ) $ 214,408 $ 146,913 The majority of the assets of the Corporation, except real property including the land and building of UES-UK, is pledged as collateral for the Corporation’s Revolving Credit and Security Agreement (see Note 8). Land and buildings of UES-UK, equal to approximately $2,556 (£2,072) at December 31, 2016, are held as collateral by the trustees of the UES-UK defined benefit pension plan (see Note 9). The gross value of assets under capital lease and the related accumulated amortization as of December 31, 2016, approximated $3,610 and $691, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 6 – INTANGIBLE ASSETS: 2016 2015 Customer relationships $ 6,244 $ 1,245 Developed technology 4,248 0 Trade name 2,537 0 13,029 1,245 Accumulated amortization (1,428 ) (52 ) $ 11,601 $ 1,193 The following summarizes changes in intangible assets for the year ended December 31: 2016 2015 Balance at the beginning of the year $ 1,193 $ 0 Changes in intangible assets 11,784 1,245 Amortization of intangible assets (1,106 ) (52 ) Other, primarily impact from changes in foreign currency exchange rates (270 ) 0 Balance at the end of the year $ 11,601 $ 1,193 Changes during the year primarily represent intangible assets identified as part of the Åkers acquisition. Intangible assets include an indefinite-lived trade name of $2,537 as of December 31, 2016, that is not subject to amortization. The estimated future amortization expense of identifiable intangible assets is $1,150 for 2017, $1,150 for 2018, $1,150 for 2019, $1,150 for 2020, $485 for 2021 and $3,979 thereafter. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | NOTE 7 – OTHER CURRENT LIABILITIES: 2016 2015 Customer-related liabilities $ 21,564 $ 12,195 Accrued interest payable 2,274 3 Income taxes payable 0 3,256 Accrued sales commissions 1,693 1,506 Other 16,666 6,920 $ 42,197 $ 23,880 Customer-related liabilities include liabilities for product warranty claims and deposits received on future orders. The following summarizes changes in the liability for product warranty claims for the year ended December 31: 2016 2015 2014 Balance at the beginning of the year $ 6,358 $ 6,672 $ 6,899 Acquisitions – opening balance sheet liability for warranty claims 7,130 0 0 Satisfaction of warranty claims (4,297 ) (2,452 ) (2,335 ) Provision for warranty claims 3,282 2,293 2,300 Other, primarily impact from changes in foreign currency exchange rates (952 ) (155 ) (192 ) Balance at the end of the year $ 11,521 $ 6,358 $ 6,672 |
Borrowing Arrangements
Borrowing Arrangements | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Borrowing Arrangements | NOTE 8 – BORROWING ARRANGEMENTS: In May 2016, the Corporation entered into a 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 banks. In October, 2016, the Corporation amended the Agreement to provide additional intercompany lending capacity to its Excluded Subsidiaries and expand available currencies for its letters of credits. As amended to date, the Agreement includes sublimits for letters of credit, not to exceed $40,000, European borrowings not to exceed $15,000, and Canadian borrowings not to exceed $15,000. See Note 22. 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 December 31, 2016, the Corporation had utilized a portion of the credit facility for letters of credit (Note 10) and had remaining availability of approximately $54,000. The Agreement is collateralized by a first priority perfected security interest in substantially all of the assets of the Corporation and its subsidiaries (other than real property). Additionally, the Agreement contains customary affirmative and negative covenants and limitations including but not limited to investments in Excluded Subsidiaries, payment of dividends, incurrence of additional indebtedness, upstreaming distributions from subsidiaries, and acquisitions and divestures. 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 ratio of not less than 1.00 to 1.00. The Corporation was in compliance with the applicable bank covenants as of December 31, 2016. Outstanding borrowings of the Corporation as of December 31, 2016 and 2015 consisted of the following: 2016 2015 Industrial Revenue Bonds $ 13,311 $ 13,311 Promissory notes (and interest) 23,844 0 Minority shareholder loan 4,990 0 Credit facility 7,146 0 Term loan 762 0 Capital leases 2,161 0 52,214 13,311 Current portion (26,825 ) (13,311 ) $ 25,389 $ 0 Future principal payments, assuming demand loans are called in 2017 and the Industrial Revenue Bonds are not able to be remarketed, are $26,825 for 2017, $585 for 2018, $24,257 for 2019, $337 for 2020 and $210 for 2021. The Corporation also had short-term lines of credit of approximately $750 (£250 in the United Kingdom and €400 in Belgium). No amounts were outstanding under these lines of credit as of December 31, 2016 and 2015. Deferred financing fees of approximately $1,250 have been incurred for the Agreement and are being amortized over the life of the Agreement. Industrial Revenue Bonds As of December 31, 2016, the Corporation had the following Industrial Revenue Bonds (IRBs) outstanding: (1) $4,120 tax-exempt IRB maturing in 2020, interest at a floating rate which averaged 0.50% during the current year; (2) $7,116 taxable IRB maturing in 2027, interest at a floating rate which averaged 0.65% during the current year; and (3) $2,075 tax-exempt IRB maturing in 2029, interest at a floating rate which averaged 0.59% during the current year. The IRBs are secured by letters of credit of equivalent amounts and are remarketed periodically at which time interest rates are reset. If the IRBs are not able to be remarketed, although considered remote by the Corporation and its bankers, the bondholders can seek reimbursement from the letters of credit which serve as collateral for the bonds. Promissory Notes In connection with the acquisition of Åkers, the Corporation issued three-year promissory notes amounting to $22,619. The notes bear interest at 6.5%, compounding annually, with principal and interest payable at maturity on March 3, 2019. As of December 31, 2016, accrued interest approximated $1,225 which is included in long-term debt on the consolidated balance sheet. Minority Shareholder Loan ATR has a $4,990 (RMB 34,655) loan outstanding with its minority shareholder. The loan originally matured in 2008 but has been renewed continually for one-year periods. Interest does not compound and has accrued on the outstanding balance, since inception, at the three-to-five-year loan interest rate set by the People’s Bank of China in effect at the time of renewal. The interest rate for 2016 approximated 4.90% and accrued interest as of December 31, 2016 approximated $2,265 (RMB 15,730), which is recorded in other current liabilities on the consolidated balance sheet. Credit Facility and Term Loan ASW has a credit facility which provides for borrowings of up to $20,000, based on eligible accounts receivable and inventory, payable on demand. Amounts outstanding under the credit facility bear interest at 4% plus the higher of LIBOR or 1% and a collateral fee of 1.20%. ASW is also required to pay a commitment fee of approximately 0.5% based on the daily unused portion of the credit facility. The effective interest rate for the two months ended December 31, 2016 approximated 5.11%. As of December 31, 2016, ASW had borrowed $7,146, the maximum available under the facility. Additionally, at December 31, 2016, ASW had $762 outstanding under a $5,000 fixed-rate term facility which bears interest at 7.25% plus the higher of LIBOR or 1%. The effective interest rate for the two months ended December 31, 2016 approximated 9.16%. The credit facility and term loan mature in June 2017. In the event of an early termination, the Corporation will incur a fee equal to 2% of the credit facility or $400. The agreements contain customary affirmative and negative covenants and is collateralized by a first priority perfected security interest in substantially all of the assets of ASW. As of December 31, 2016, ASW was in compliance with the terms of the agreements and its amendments. See Note 22. Capital Leases The Corporation leases equipment under various noncancelable lease agreements ending 2018 to 2021. Effective interest rates range between 1.20% and 5.30%. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits | NOTE 9 – PENSION AND OTHER POSTRETIREMENT BENEFITS: U.S. Pension Benefits Historically, the Corporation had one qualified domestic defined benefit pension plan (“legacy plan”). As part of the Åkers acquisition, the Corporation assumed the obligations for two additional U.S. plans (“Åkers plans”). Collectively, the plans cover substantially all of its U.S. employees. Effective June 1, 2016, the Åkers salary plan was amended to freeze benefit accruals and participation in the plan and replace benefit accruals with employer non-elective contributions equaling 3% of compensation. The plan change resulted in remeasurement of the liability, reducing the liability by approximately $1,181 as of December 31, 2016, and a curtailment gain of $887 for the year ended December 31, 2016. Additionally, effective July 1, 2015, the legacy 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 legacy plan were replaced with employer contributions of a 3% non-elective base contribution and a matching contribution of up to 4% to the defined contribution plan. The plan changes resulted in a remeasurement of the plan liability, reducing the liability by approximately $10,306 as of December 31, 2015, and curtailment losses of $1,303 for the year ended December 31, 2015. Additionally, the legacy plan was amended in both of the years to permit lump sum distributions to deferred vested participants and deferred beneficiaries who were not previously offered a lump sum. Employer contributions to the defined contribution plans totaled $2,466 and $882 for 2016 and 2015, respectively, and are expected to approximate $2,810 in 2017. The U.S. defined benefit pension plans are covered by the Employee Retirement Income Security Act of 1974 (“ERISA”); accordingly, the Corporation’s policy is to fund at least the minimum actuarially computed annual contribution required under ERISA. No minimum contributions were required for any of the three years for the legacy plan or, since the date of acquisition, for the Åkers plans. Additionally, no minimum contributions are required for any of the plans in 2017. Estimated benefit payments for subsequent years are $13,206 for 2017, $13,535 for 2018, $13,944 for 2019, $14,195 for 2020, $14,485 for 2021 and $73,814 for 2022 – 2026. The fair value of the plan assets as of December 31, 2016 and 2015 approximated $188,722 and $139,376, respectively, in comparison to accumulated benefit obligations of $235,299 and $173,243 for the same periods. The Corporation also maintains nonqualified defined benefit pension plans for selected executives in addition to the benefits provided under the Corporation’s qualified defined benefit pension plan. The objectives of the nonqualified plans are to provide supplemental retirement benefits or restore benefits lost due to limitations set by the Internal Revenue Service. The assets of the nonqualified plans are held in a grantor tax trust known as a “Rabbi” trust and are subject to claims of the Corporation’s creditors, but otherwise must be used only for purposes of providing benefits under the plans. No contributions were made to the trust in 2014 – 2016 and none are expected in 2017. The fair market value of the trust at December 31, 2016 and 2015, which is included in other noncurrent assets, was $3,863 and $3,663, respectively. Changes in the fair market value of the trust are recorded as a component of other comprehensive income (loss). The plan is treated as a non-funded pension plan for financial reporting purposes. Accumulated benefit obligations approximated $6,639 and $5,676 at December 31, 2016 and 2015, respectively. Estimated benefit payments for subsequent years, which would represent employer contributions, are approximately $417 for 2017, $438 for 2018, $452 for 2019, $463 for 2020, $482 for 2020 and $2,548 for 2022-2026. Employees at one location participate in a multi-employer plan, I.A.M. National Pension Fund, I.A.M. National Pension Fund • More than 1,650 employer locations contribute to the plan • Approximately 100,000 active employees participate in the plan • Assets of approximately $11.6 billion and a funded status of approximately 101%. Less than 100 of the Corporation’s employees participate in the plan and contributions are based on a rate per hour. The Corporation’s contributions to the plan equaled $237, $236 and $233 in 2016, 2015 and 2014, respectively, and represent less than five percent of total contributions to the plan by all contributing employers. Contributions are expected to approximate $259 in 2017. Foreign Pension Benefits Employees of UES-UK participate in a defined benefit pension plan that was curtailed effective December 31, 2004 and replaced with a defined contribution pension plan. The UES-UK plans are non-U.S. plans and therefore are not covered by ERISA. Instead, the Trustees and UES-UK have agreed to a recovery plan that estimates the amount of employer contributions at £1,123 annually through October 2021, based on U.K. regulations, necessary to eliminate the funding deficit of the plan with such estimates subject to change based on the future investment performance of the plan’s assets. The U.S. dollar equivalent of employer contributions to the defined benefit pension plan approximated $1,522, $1,715 and $1,849 in 2016, 2015 and 2014, respectively. The fair value of the plan’s assets as of December 31, 2016 and 2015 approximated $48,055 (£38,955) and $49,628 (£33,528), respectively, in comparison to accumulated benefit obligations of $61,277 (£49,673) and $63,750 (£43,069) for the same periods. Estimated benefit payments for subsequent years for the UES-UK plan are $1,249 for 2017, $1,752 for 2018, $2,042 for 2019, $1,906 for 2020, $1,883 for 2021 and $11,679 for 2022-2026. Contributions to the defined contribution pension plan approximated $252, $382 and $407 in 2016, 2015 and 2014, respectively, and are expected to approximate $276 in 2017. As part of the Åkers acquisition, the Corporation assumed the obligations of two foreign defined benefit pension plans. The plans are unfunded and not significant (projected benefit obligations approximate $5,633 at December 31, 2016). Estimated benefit payments for subsequent years, for both plans combined, are $189 for 2017, $224 for 2018, $274 for 2019, $274 for 2020, $306 for 2021 and $1,333 for 2022-2026. Other Postretirement Benefits The Corporation has historically provided postretirement health care benefits principally to the bargaining groups of one subsidiary (“legacy OPEB plan”). The legacy OPEB plan covers participants and their spouses and/or dependents who retire under the existing pension plan on other than a deferred vested basis and at the time of retirement have also rendered 15 or more years of continuous service irrespective of age. During 2015, the plan was amended to provide monthly reimbursement for a 5-year period, which reduced the plan liability by approximately $4,437. Retiree life insurance continues to be provided to substantially all retirees. The Corporation also provides health care and life insurance benefits to former employees of certain discontinued operations. This obligation had been estimated and provided for at the time of disposal. As part of the Åkers acquisition, the Corporation assumed the obligations for two additional postretirement benefit plans (“Åkers OPEB plans”). The Åkers OPEB plans cover retiree medical and life insurance benefits. In August 2016, the Corporation modified the Åkers OPEB plans effective January 1, 2017 whereby retiree health benefits for certain groups of pre-Medicare eligible employees will be replaced with a monthly stipend. The plan changes resulted in a reduction in prior service costs decreasing plan liabilities by approximately $4,762, which will be amortized against other postretirement benefit costs over the expected remaining service periods of approximately 7.5 and 12 years, versus recognized immediately. The Corporation’s postretirement health care and life insurance plans are not funded or subject to any minimum regulatory funding requirements. Estimated benefit payments for subsequent years, which would represent employer contributions, for the legacy and Åkers OPEB plans are approximately $1,289 for 2017, $1,331 for 2018, $1,358 for 2019, $1,455 for 2020, $1,279 for 2021 and $5,825 for 2022-2026. Reconciliations The following provides a reconciliation of projected benefit obligations (“PBO”), plan assets, the funded status of the plans and the amounts recognized in the consolidated balance sheets for the Corporation’s defined benefit plans calculated using a measurement date as of the end of the respective years. U.S. Pension Benefits (a) Foreign Pension Other Postretirement 2016 2015 2016 2015 2016 2015 Change in projected benefit obligations: PBO at January 1 $ 181,803 $ 205,399 $ 63,750 $ 70,523 $ 8,117 $ 13,739 Åkers acquisition – PBO at March 3 68,081 0 5,393 0 17,467 0 Service cost 1,714 2,743 314 0 504 384 Interest cost 9,977 7,990 2,250 2,394 722 474 Plan amendments 0 447 0 0 (4,762 ) (4,437 ) Plan settlements (b) (2,739 ) (5,494 ) 0 0 0 0 Plan curtailments (1,181 ) (10,306 ) 0 0 0 0 Foreign currency exchange rate changes 0 0 (11,477 ) (3,413 ) 0 0 Actuarial (gain) loss (160 ) (9,880 ) 8,869 (4,005 ) (1,598 ) (1,433 ) Participant contributions 0 0 0 0 80 79 Benefits paid from plan assets (12,679 ) (8,772 ) (2,189 ) (1,749 ) 0 0 Benefits paid by the Corporation (376 ) (324 ) 0 0 (1,471 ) (689 ) PBO at December 31 $ 244,440 $ 181,803 $ 66,910 $ 63,750 $ 19,059 $ 8,117 Change in plan assets: Fair value of plan assets at January 1 $ 139,376 $ 157,048 $ 49,628 $ 50,533 $ 0 $ 0 Åkers acquisition – fair value of plan assets at March 3 50,108 0 0 0 0 0 Actual return on plan assets 14,656 (3,406 ) 7,859 1,701 0 0 Foreign currency exchange rate changes 0 0 (8,930 ) (2,572 ) 0 0 Corporate contributions 376 324 1,687 1,715 1,391 610 Participant contributions 0 0 0 0 80 79 Plan settlements (b) (2,739 ) (5,494 ) 0 0 0 0 Gross benefits paid (13,055 ) (9,096 ) (2,189 ) (1,749 ) (1,471 ) (689 ) Fair value of plan assets at December 31 $ 188,722 $ 139,376 $ 48,055 $ 49,628 $ 0 $ 0 Funded status of the plans: Fair value of plan assets $ 188,722 $ 139,376 $ 48,055 $ 49,628 $ 0 $ 0 Less benefit obligations 244,440 181,803 66,910 63,750 19,059 8,117 Funded status at December 31 $ (55,718 ) $ (42,427 ) $ (18,855 ) $ (14,122 ) $ (19,059 ) $ (8,117 ) (a) Includes the nonqualified defined benefit pension plan. (b) Represents lump sum payments. U.S. Pension Foreign Pension Other Postretirement 2016 2015 2016 2015 2016 2015 Recognized in the balance sheets: Employee benefit obligations: Accrued payrolls and employee benefits (a) $ (409 ) $ (352 ) $ 0 $ 0 $ (1,276 ) $ (612 ) Employee benefit obligations (b) (55,309 ) (42,075 ) (18,855 ) (14,122 ) (17,783 ) (7,505 ) $ (55,718 ) $ (42,427 ) $ (18,855 ) $ (14,122 ) $ (19,059 ) $ (8,117 ) Accumulated other comprehensive loss: (c) Net actuarial loss $ 48,153 $ 53,163 $ 25,547 $ 27,594 $ 936 $ 2,570 Prior service cost 209 237 0 0 (15,581 ) (12,097 ) $ 48,362 $ 53,400 $ 25,547 $ 27,594 $ (14,645 ) $ (9,527 ) (a) Recorded as a current liability in the consolidated balance sheet. (b) Recorded as a noncurrent liability in the consolidated balance sheet. (c) Amounts are pre-tax. Amounts included in accumulated other comprehensive loss as of December 31, 2016 expected to be recognized in net periodic pension and other postretirement costs in 2017 include: U.S. Pension Foreign Pension Other Postretirement Net actuarial loss $ 1,212 $ 790 $ 67 Prior service cost (credit) 52 0 (1,620) $ 1,264 $ 790 $ (1,553) Investment Policies and Strategies The investment policies and strategies are determined and monitored by the Board of Directors for the U.S. pension plans and by the Trustees (as appointed by UES-UK and the employees of UES-UK) for the UES-UK pension plan, each of whom employ their own investment managers to manage the plan’s assets in accordance with the policy guidelines. The foreign pension plans of Åkers are unfunded. Pension assets are invested with the objective of maximizing long-term returns while minimizing material losses to meet future benefit obligations as they become due. Investments in equity securities are primarily in common stocks of publicly-traded U.S. and international companies across a broad spectrum of industry sectors. Investments in fixed-income securities are principally A-rated or better bonds with maturities of less than ten years, preferred stocks and convertible bonds. The Corporation believes there are no significant concentrations of risk associated with the Plans’ assets. Attempts to minimize risk include allowing temporary changes to the allocation mix in response to market conditions, diversifying investments among asset categories (e.g., equity securities, fixed-income securities, alternative investments, cash and cash equivalents) and within these asset categories (e.g., economic sector, industry, geographic distribution, size) and consulting with independent financial and legal counsels to assure that the investments and their expected returns and risks are consistent with the goals of the Board of Directors or Trustees. With respect to the U.S. pension plans, the following investments are prohibited unless otherwise approved by the Board of Directors: stock of the Corporation, futures and options except for hedging purposes, unregistered or restricted stock, warrants, margin trading, short-selling, real estate excluding public or real estate partnerships, and commodities including art, jewelry and gold. The foreign pension plan invests in specific funds. Any investments other than those specifically identified would be considered prohibited. The following summarizes target asset allocations (within +/-5% considered acceptable) and major asset categories. Certain investments are classified differently for target asset allocation purposes and external reporting purposes. In addition, for the legacy plan, the Corporation changed investment managers in December 2016; accordingly, there is temporarily a higher amount in cash and cash equivalents. U.S. Pension Benefits Foreign Pension Benefits Target Percentage of Plan Target Percentage of Plan Dec. 31, 2016 2016 2015 Dec. 31, 2016 2016 2015 Equity Securities 65 % 47 % 58 % 44 % 48 % 46 % Fixed-Income Securities 15 % 21 % 19 % 35 % 34 % 33 % Alternative Investments 15 % 8 % 13 % 21 % 18 % 21 % Other (primarily cash and cash equivalents) 5 % 24 % 10 % 0 % 0 % 0 % Fair Value Measurement of Plan Assets Equity securities and mutual funds are actively traded on exchanges and price quotes for these investments are readily available. Similarly, corporate debt and preferred securities consist of fixed-income securities of U.S. and U.K. corporations and price quotes for these investments are readily available. Common collective trust and commingled funds are not traded publicly, but the underlying assets (such as stocks and bonds) held in these funds are traded on active markets and the prices for the underlying assets are readily observable. For securities not actively traded, the fair value may be based on third-party appraisals, discounted cash flow analysis, benchmark yields and inputs that are currently observable in markets for similar securities. Investment Strategies The significant investment strategies of the various funds are summarized below. Fund Investment Strategy Primary Investment Objective Temporary Investment Funds Invests primarily in a diversified portfolio of investment grade money market instruments. Achieve a market level of current income while maintaining stability of principal and liquidity. Various Equity Funds Each fund maintains a diversified holding in common stock of applicable companies (e.g., common stock of small capitalization companies if a small-cap fund, common stock of medium capitalization companies if a mid-cap fund, common stock of foreign corporations if an international fund, etc.). Outperform the fund’s related index. Various Fixed Income Funds Invests primarily in a diversified portfolio of fixed-income securities of varying maturities or in commingled funds which invest in a diversified portfolio of fixed-income securities of varying maturities. For the U.S. Plans – to outperform either the Barclays Capital U.S. Aggregate Index or US Corporate High Yield Index, as applicable, over a prescribed period. For the Foreign Plans – to outperform the applicable FTSE index over a prescribed period. Alternative Investments – Managed Funds Invests in equities and equity-like asset classes and strategies (such as public equities, venture capital, private equity, real estate, natural resources and hedged strategies) and fixed-income securities. Generate a minimum annual inflation adjusted return of 5% and outperform a traditional 70/30 equities/bond portfolio. Alternative Investments – Hedge and Absolute Return Funds Invests in a diversified portfolio of alternative investment styles and strategies. Generate long-term capital appreciation while maintaining a low correlation with the traditional global financial markets. Categories of Plan Assets Asset categories based on the nature and risks of the U.S. Pension Benefit Plans’ assets as of December 31, 2016 are summarized below. Quoted Prices in Significant Other (Level 2) Significant (Level 3) Total Equity Securities: U.S. Bank & financial services $ 631 $ 0 $ 0 $ 631 Capital goods 75 0 0 75 Chemicals 20 0 0 20 Commercial services 16 0 0 16 Electronics 67 0 0 67 Health care 201 0 0 201 Mutual funds 72,571 0 0 72,571 Oil & gas 87 0 0 87 Retail 101 0 0 101 Technology 188 0 0 188 Transportation 18 0 0 18 Wholesale distribution 16 0 0 16 Other (represents 8 business sectors) 211 0 0 211 International Chemicals 7 0 0 7 Technology 6 0 0 6 Total Equity Securities 74,215 0 0 74,215 Fixed Income Securities: Mutual funds 36,601 0 0 36,601 Total Fixed Income Securities 36,601 0 0 36,601 Alternative Investments: Managed funds (a) 0 0 33,830 33,830 Total Alternative Investments 0 0 33,830 33,830 Other: Money market mutual funds 27,902 0 0 27,902 Commingled funds 0 154 0 154 Other (b) 16,020 0 0 16,020 Total Other 43,922 154 0 44,076 $ 154,738 $ 154 $ 33,830 $ 188,722 (a) Includes approximately 45.9% in equity and equity-like asset securities, 44.5% in alternative investments (real assets, commodities and resources, absolute return funds) and 7.4% in fixed income securities and 2.2% in other, primarily cash and cash equivalents. (b) Includes accrued receivables and pending broker settlements. Asset categories based on the nature and risks of the U.S. Pension Benefit Plan’s assets as of December 31, 2015 are summarized below. Quoted Prices in Significant Other Significant (Level 3) Total Equity Securities: U.S. Capital goods $ 1,531 $ 0 $ 0 $ 1,531 Chemicals 1,811 0 0 1,811 Commercial property 906 0 0 906 Commercial services 925 0 0 925 Common collective trust funds 0 31,291 0 31,291 Electronics 785 0 0 785 Food processing 2,856 0 0 2,856 Health care 1,815 0 0 1,815 Limited partnerships – public equity 4,173 0 0 4,173 Manufacturing 1,536 0 0 1,536 Oil & gas 1,499 0 0 1,499 Retail 706 0 0 706 Technology 1,674 0 0 1,674 Transportation 484 0 0 484 Wholesale distribution 789 0 0 789 Other (represents 13 business sectors) 5,695 0 0 5,695 International Bank & financial services 1,525 0 0 1,525 Common collective trust funds 0 3,078 0 3,078 Engineering & construction 729 0 0 729 Oil & gas 807 0 0 807 Real estate 937 0 0 937 Technology 265 0 0 265 Other (represents 9 business sectors) 2,391 0 0 2,391 Total Equity Securities 33,839 34,369 0 68,208 Fixed-Income Securities: Commingled funds 0 14,697 0 14,697 Preferred (represents 5 business sectors) 6,689 0 0 6,689 Other (represents 4 business sectors) 0 1,280 0 1,280 Total Fixed-Income Securities 6,689 15,977 0 22,666 Alternative Investments: Managed funds (a) 0 0 32,210 32,210 Hedge and absolute return funds 0 0 4,967 4,967 Total Alternative Investments 0 0 37,177 37,177 Other: Mutual funds 1,836 0 0 1,836 Commingled funds 0 1,005 0 1,005 Other (b) 8,484 0 0 8,484 Total Other 10,320 1,005 0 11,325 $ 50,848 $ 51,351 $ 37,177 $ 139,376 (a) Includes approximately 38% in equity and equity-like asset securities, 43% in alternative investments (real assets, commodities and resources, absolute return funds) and 19% in fixed income securities and cash and cash equivalents. (b) Includes accrued receivables and pending broker settlements. Asset categories based on the nature and risks of the Foreign Pension Benefit Plan’s assets as of December 31, 2016 are summarized below. Quoted Prices in Significant Other Significant Total Equity Securities: Commingled Funds (U.K.) $ 0 $ 3,716 $ 0 $ 3,716 Commingled Funds (International) 0 19,146 0 19,146 Total Equity Securities 0 22,862 0 22,862 Fixed-Income Securities: Commingled Funds (U.K.) 0 16,426 0 16,426 Alternative Investments: Hedge and Absolute Return Funds 0 0 8,593 8,593 Cash and cash equivalents 174 0 0 174 $ 174 $ 39,288 $ 8,593 $ 48,055 Asset categories based on the nature and risks of the Foreign Pension Benefit Plan’s assets as of December 31, 2015 are summarized below. Quoted Prices in Significant Other Significant Total Equity Securities: Commingled Funds (U.K.) $ 0 $ 3,697 $ 0 $ 3,697 Commingled Funds (International) 0 18,930 0 18,930 Total Equity Securities 0 22,627 0 22,627 Fixed-Income Securities: Commingled Funds (U.K.) 0 16,298 0 16,298 Alternative Investments: Hedge and Absolute Return Funds 0 0 10,571 10,571 Cash and cash equivalents 132 0 0 132 $ 132 $ 38,925 $ 10,571 $ 49,628 The table below sets forth a summary of changes in the fair value of the Level 3 plan assets for U.S. and foreign pension plans for the year ended December 31, 2016. Alternative Investments U.S. Pension Foreign Pension Fair value as of January 1, 2016 $ 4,967 $ 32,210 $ 10,571 Contributions 0 0 0 Withdrawals (4,967 ) 0 0 Realized gains (losses) 0 1,857 0 Change in net unrealized (losses) gains 0 (237 ) (280 ) Other, primarily impact from changes in foreign currency exchange rates 0 0 (1,698 ) Fair value as of December 31, 2016 $ 0 $ 33,830 $ 8,593 The table below sets forth a summary of changes in the fair value of the Level 3 plan assets for U.S. and foreign pension plans for the year ended December 31, 2015. Alternative Investments U.S. Pension Foreign Pension Fair value as of January 1, 2015 $ 8,592 $ 33,602 $ 10,799 Contributions 5,900 0 0 Withdrawals (9,843 ) (2,424) 0 Realized gains (losses) 2,334 (19) 0 Change in net unrealized (losses) gains (2,016 ) 1,051 320 Other, primarily impact from changes in foreign currency exchange rates 0 0 (548 ) Fair value as of December 31, 2015 $ 4,967 $ 32,210 $ 10,571 Net Periodic Pension and Other Postretirement Benefit Costs The actual return on the fair value of plan assets is included in determining the funded status of the plans. In determining net periodic pension costs, the expected long-term rate of return on the market-related value of plan assets is used. Differences between the actual return on plan assets and the expected long-term rate of return on plan assets are classified as part of unrecognized actuarial gains or losses and are recorded as a component of accumulated other comprehensive loss on the consolidated balance sheet. When these gains or losses exceed 10% of the greater of the projected benefit obligation or the market-related value of plan assets, they are amortized to net periodic pension and other postretirement costs over the average remaining service period of employees expected to receive benefits under the plans. When the gains or losses are less than 10% of the greater of the projected benefit obligation or the market-related value of plan assets, they are included in net periodic pension and other postretirement costs indirectly as a result of lower/higher interest costs arising from a decrease/increase in the projected benefit obligation. Net periodic pension and other postretirement benefit costs include the following components for the year ended December 31: U.S. Pension Foreign Pension Other Postretirement 2016 2015 2014 2016 2015 2014 2016 2015 2014 Service cost $ 1,714 $ 2,743 $ 3,683 $ 314 $ 0 $ 0 $ 504 $ 384 $ 505 Interest cost 9,977 7,990 8,762 2,250 2,394 2,695 722 474 688 Expected return on plan assets (13,424 ) (10,996 ) (10,747 ) (2,461 ) (2,681 ) (3,157 ) 0 0 0 Amortization of: Prior service cost (credit) 44 371 854 0 0 0 (1,277 ) (672 ) (441 ) Actuarial loss 3,324 5,440 4,183 670 845 599 36 26 104 Curtailment (gain) loss (887 ) 1,303 0 0 0 0 0 0 0 $ 748 $ 6,851 $ 6,735 $ 773 $ 558 $ 137 $ (15 ) $ 212 $ 856 Assumptions Assumptions are reviewed on an annual basis. The expected long-term rate of return on plan assets is an estimate of average rates of earnings expected to be earned on funds invested or to be invested to provide for the benefits included in the projected benefit obligation. Since these benefits will be paid over many years, the expected long-term rate of return is reflective of current investment returns and investment returns over a longer period. Consideration is also given to target and actual asset allocations, inflation and real risk-free return. The discount rates used in determining future pension obligations and other postretirement benefits for each of the plans are based on rates of return on high-quality fixed-income investments currently available and expected to be available during the period to maturity of the pension and other postretirement benefits. High-quality fixed-income investments are defined as those investments which have received one of the two highest ratings given by a recognized rating agency with maturities of 10+ years. The discount rates and weighted-average wage increases used to determine the benefit obligations as of December 31, 2016 and 2015 are summarized below. U.S. Pension Foreign Pension Other Postretirement 2016 2015 2016 2015 2016 2015 Discount rate 4.02-4.25 % 4.40 % 2.50-2.65 % 3.65 % 3.90-4.13 % 4.20 % Wage increases 3.00 % 3.00 % n/a n/a n/a n/a In addition, the assumed health care cost trend rate at December 31, 2016 for other postretirement benefits is 6% for 2017 gradually decreasing to 4.75% in 2020. In selecting rates for current and long-term health care assumptions, the Corporation considers known health care cost increases, the design of the benefit programs, the demographics of its active and retiree populations and expectations of inflation rates in the future. A one percentage point increase or decrease in the assumed health care cost trend rate would result in an inconsequential change to the postretirement benefit obligation at December 31, 2016 and the annual benefit expense for 2016. The following assumptions were used to determine net periodic pension and other postretirement benefit costs for the year ended December 31: U.S. Pension Foreign Pension Other Postretirement 2016 2015 2014 2016 2015 2014 2016 2015 2014 Discount rate 4.20-4.40 % 4.00-4.10 % 5.00% 3.00-3.65 % 3.50 % 4.50 % 3.80-4.20 % 4.00 % 5.00 % Expected long-term rate of return 6.90-7.75 % 8.00 % 8.00% 5.40 % 5.40 % 6.50 % n/a n/a n/a Wages increases 3.00 % 4.00 % 4.00% n/a n/a n/a n/a n/a n/a |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | NOTE 10 – COMMITMENTS AND CONTINGENT LIABILITIES: Outstanding standby and commercial letters of credit as of December 31, 2016 approximated $22,305, of which approximately half serves as collateral for the 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). Approximately 38% of the Corporation’s employees are covered by collective bargaining agreements that have expiration dates ranging from September 2017 to February 2020. Collective bargaining agreements expiring in 2017 (representing approximately 28% of covered employees) will be negotiated with the intent to secure mutually beneficial, long-term arrangements. See Note 13 regarding derivative instruments, Note 19 regarding litigation and Note 20 for environmental matters. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | NOTE 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 (equal to 2,500 shares at December 31, 2016) 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. The number of shares of common stock issued to non-employee directors was 32,090 in 2016 under the Incentive Plan and 14,310 shares in 2015 and 12,500 shares in 2014 under the Predecessor Plan. In 2016 and 2015, the Compensation Committee granted time-vesting restricted stock units (RSUs) and performance-vesting restricted stock units (PSUs) to select individuals. Each RSU represents the right to receive one share of common stock of the Corporation at a future date after the RSU has become earned and vested, subject to the terms and conditions of the RSU award agreement. The RSUs vest over a three-year period. The PSUs can be earned depending upon the achievement of a performance or market condition and a time-vesting condition as follows: (1) achievement of a targeted basic earnings per share during the performance period beginning in the year of grant and continuing for two subsequent years, (2) achievement of a three-year cumulative relative total shareholder return as ranked against other companies included in the Corporation’s peer group and (3) remaining continuously employed with the Corporation through the end of the year following three years from the date of grant. Earlier vesting of the stock units is permitted under certain conditions, such as upon a change of control of the Corporation. The grant date fair value for the RSUs equals the closing price of the Corporation’s common stock on the NYSE on the date of grant. The grant date fair value for PSUs subject to a market condition is determined using a Monte Carlo simulation model and the grant date fair value for PSUs that vest subject to a performance condition is equal to the closing price of the Corporation’s stock on the NYSE on the date of grant. The determination of the fair value of these awards takes into consideration the likelihood of achievement of the market or performance condition and is adjusted for subsequent changes in the estimated or actual outcome of the condition. Unrecognized compensation expense associated with the RSUs and PSUs equaled $2,897 at December 31, 2016 and is expected to be recognized over a weighted average period of approximately 2 years. A summary of outstanding and exercisable incentive options (RSUs and PSUs) as of December 31, 2016, and activity for the year ended December 31, 2016 is as follows: Number of Weighted Weighted Outstanding at January 1, 2016 90,836 $ 15.72 26,263 $ 15.89 Granted 94,644 18.70 21,164 26.54 Converted (29,635 ) 15.72 0 N/A Forfeited/cancelled 0 N/A (8,079 ) 15.89 Outstanding at December 31, 2016 155,845 $ 17.53 39,348 $ 21.62 In 2014, the Compensation Committee granted 176,000 non-qualified stock options under the Predecessor Plan which have a ten-year life and vest over a three-year period. The exercise price is $20, equal to the closing price of the Corporation’s common stock on the NYSE on the date of grant. The fair value of the option as of the date of grant was $7.40, calculated using the Black-Scholes option-pricing model using the following assumptions: expected life of 6 years; risk-free interest rate of 1.98%, expected annual dividend yield of 3.6%, expected forfeiture rate of 8% and expected volatility of 53.02%. Resulting stock compensation expense approximated $1,199. Unrecognized compensation expense equaled $120 at December 31, 2016 and is expected to be recognized in 2017. A summary of outstanding and exercisable stock options as of December 31, 2016, and activity for the year ended December 31, 2016 is as follows: Number of Weighted Remaining Intrinsic Value Outstanding at January 1, 2016 1,013,336 $ 24.03 5.2 $ 0 Granted 0 N/A Exercised 0 N/A Forfeited (7,500 ) 19.37 Outstanding at December 31, 2016 1,005,836 $ 24.07 4.2 $ 0 Exercisable at December 31, 2016 957,113 $ 24.28 4.0 $ 0 Vested or expected to vest at December 31, 2016 1,005,836 $ 24.07 4.2 $ 0 Stock-based compensation expense for all awards, including expense for shares to be issued to non-employee directors, approximated $2,332, $1,328 and $1,102 for 2016, 2015 and 2014, respectively. The related income tax benefit recognized in the consolidated statements of operations was $465 and $386 for 2015 and 2014, respectively. There was no income tax benefit for 2016 due to the Corporation having a valuation allowance recorded against its deferred income tax assets for the jurisdiction where the expense is recognized. See Note 15. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | NOTE 12 – ACCUMULATED OTHER COMPREHENSIVE LOSS: Net change and ending balances for the various components of other comprehensive income (loss) and for accumulated other comprehensive loss as of and for the year ended December 31, 2014, 2015 and 2016 are summarized below. Foreign Currency Translation Adjustments Unrecognized Components of Employee Benefit Plans Unrealized on Securities Derivatives Accumulated Balance at January 1, 2014 $ 277 $ (47,462 ) $ 1,007 $ 313 $ (45,865 ) Net Change (4,703 ) (17,934 ) (23 ) (228 ) (22,888 ) Balance at December 31, 2014 (4,426 ) (65,396 ) 984 85 (68,753 ) Net Change (3,967 ) 15,453 (292 ) (40 ) 11,154 Balance at December 31, 2015 (8,393 ) (49,943 ) 692 45 (57,599 ) Net Change (14,580 ) 11,307 (633 ) 506 (3,400 ) Balance at December 31, 2016 $ (22,973 ) $ (38,636 ) $ 59 $ 551 $ (60,999 ) The following summarizes the line items affected on the consolidated statements of operations for components reclassified from accumulated other comprehensive loss for each of the years ended December 31. Amounts in parentheses represent credits to net income (loss). 2016 2015 2014 Amortization of unrecognized employee benefit costs: Costs of products sold (excluding depreciation and amortization) $ 2,463 $ 3,604 $ 3,601 Selling and administrative (719 ) 3,354 1,524 Other expense 166 355 174 Total before income tax 1,910 7,313 5,299 Income tax provision 0 (2,573 ) (1,841 ) Net of income tax $ 1,910 $ 4,740 $ 3,458 Realized gains on sale of marketable securities: Selling and administrative $ (1,404 ) $ (82 ) $ (171 ) Income tax provision 366 29 60 Net of income tax $ (1,038 ) $ (53 ) $ (111 ) Realized gains/losses from settlement of cash flow hedges: Net sales (foreign currency sales contracts) $ (6 ) $ (17 ) $ 33 Depreciation and amortization (foreign currency purchase contracts) (27 ) (27 ) (27 ) Costs of products sold (excluding depreciation and amortization) (futures contracts – copper and aluminum) 220 751 146 Total before income tax 187 707 152 Income tax provision (79 ) (272 ) (57 ) Net of income tax $ 108 $ 435 $ 95 The income tax expense (benefit) associated with the various components of other comprehensive income (loss) for each of the years ended December 31 is summarized below. For 2016, there was no income tax benefit for certain items due to the Corporation having a valuation allowance recorded against its deferred income tax assets for the jurisdiction where the expense is recognized. See Note 15. 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. 2016 2015 2014 Income tax expense (benefit) associated with changes in: Unrecognized employee benefit costs $ 0 $ (4,731) $ 10,265 Unrealized holding losses/gains on marketable securities 0 134 (47 ) Fair value of cash flow hedges 0 294 206 Income tax expense (benefit) associated with reclassification adjustments: Amortization of unrecognized employee benefit costs 0 (2,573 ) (1,841 ) Realized gains from sale of marketable securities 366 29 60 Realized losses from settlement of cash flow hedges (79 ) (272 ) (57 ) |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | NOTE 13 – DERIVATIVE INSTRUMENTS: Certain operations of the Corporation 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 December 31, 2016, approximately $18,727 of anticipated foreign-denominated sales has been hedged which are covered by fair value contracts settling at various dates through April 2018. The fair value of assets held as collateral for the fair value contracts as of December 31, 2016 approximated $600. Additionally, certain 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 December 31, 2016, approximately 48% or $2,200 of anticipated copper purchases over the next year and 56% or $400 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 December 31, 2016, the Corporation has purchase commitments covering 24% or $1,298 of anticipated natural gas usage for 2017 for one of its subsidiaries. The commitments qualify as normal purchases and, accordingly, are not reflected on the consolidated balance sheet. Purchases of natural gas under previously existing commitments approximated $1,936, $2,452 and $2,190 for 2016, 2015 and 2014, respectively. The Corporation does not enter into derivative transactions for speculative purposes and, therefore, holds no derivative instruments for trading purposes. The following summarizes location and fair value of the foreign currency sales contracts recorded on the consolidated balance sheets as of December 31: Location 2016 2015 Cash flow hedge contracts Other current assets $ 0 $ 10 Fair value hedge contracts Other current assets 214 113 Other noncurrent assets 2 0 Other current liabilities 940 258 Other noncurrent liabilities 35 49 Fair value hedged item Receivables 121 27 Other current assets 808 255 Other noncurrent assets 45 39 Other current liabilities 233 116 Other noncurrent liabilities 5 0 The change in the fair value of the cash flow contracts is recorded as a component of accumulated other comprehensive loss. Amounts recognized as and reclassified from accumulated other comprehensive loss are recorded as a component of other comprehensive income (loss) and are summarized below. Amounts are after-tax, where applicable. Certain amounts recognized as comprehensive income (loss) for 2016 have no tax effect due to the Corporation recording a valuation allowance against its deferred income tax assets in the related jurisdictions. See Note 15. For the Year Ended December 31, 2016 Comprehensive Income (Loss) Beginning of Plus Recognized as Comprehensive Less Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss Comprehensive Income (Loss) End of Foreign currency sales contracts – cash flow hedges $ 4 $ 0 $ 4 $ 0 Foreign currency purchase contracts 241 0 25 216 Future contracts – copper and aluminum (200 ) 398 (137 ) 335 $ 45 $ 398 $ (108 ) $ 551 For the Year Ended December 31, 2015 Foreign currency sales contracts – cash flow hedges $ 0 $ 14 $ 10 $ 4 Foreign currency purchase contracts 258 0 17 241 Future contracts – copper and aluminum (173 ) (489 ) (462 ) (200 ) $ 85 $ (475 ) $ (435 ) $ 45 For the Year Ended December 31, 2014 Foreign currency sales contracts – cash flow hedges $ 0 $ (21 ) $ (21 ) $ 0 Foreign currency purchase contracts 275 0 17 258 Future contracts – copper and aluminum 38 (302 ) (91 ) (173 ) $ 313 $ (323 ) $ (95 ) $ 85 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 Estimated to be Year Ended December 31, of Operations 12 Months 2016 2015 2014 Foreign currency sales contracts – cash flow hedges Net sales $ 0 $ 6 $ 17 $ (33 ) Foreign currency purchase contracts Depreciation and amortization 27 27 27 27 Futures contracts – copper and aluminum Costs of products sold (excluding depreciation and amortization) 398 (220 ) (751 ) (146 ) Losses on foreign exchange transactions included in other expense approximated $(1,161), $(324) and $(488) for 2016, 2015 and 2014, respectively. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 14 – FAIR VALUE: The following summarizes financial assets and liabilities reported at fair value on a recurring basis in the accompanying consolidated balance sheets at December 31: 2016 Quoted Prices Identical Inputs (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Investments Other noncurrent assets $ 3,863 $ 0 $ 0 $ 3,863 Foreign currency exchange contracts Other current assets 0 1,022 0 1,022 Other noncurrent assets 0 47 0 47 Other current liabilities 0 1,173 0 1,173 Other noncurrent liabilities 0 40 0 40 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 the “Rabbi” trust for the purpose of providing benefits under the non-qualified defined benefit pension plan. The fair value of the investments is based on quoted prices of the investments in active markets. The fair value of 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 debt approximates its carrying value. Additionally, the fair value of trade receivables and trade payables approximates their carrying value. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 15 – INCOME TAXES: (Loss) income before income taxes and equity gains (losses) in Chinese joint venture is comprised of the following: 2016 2015 2014 Domestic $ (26,326 ) $ 6,000 $ (1,182 ) Foreign (31,194 ) (1,480 ) 290 $ (57,520 ) $ 4,520 $ (892 ) At December 31, 2016, the Corporation has federal net operating loss carryforwards of $1,865, which begin to expire in 2036, state net operating loss carryforwards of $26,757 which begin to expire in 2018, foreign net operating loss carryforwards of $78,548 which begin to expire in 2026 and capital loss carryforwards of $745 which do not expire. The income tax provision (benefit) consisted of the following: 2016 2015 2014 Current: Federal $ (1,574 ) $ 4,577 $ 3,458 State 465 378 210 Foreign 414 (20 ) 122 (695 ) 4,935 3,790 Deferred Federal (2,688 ) (2,203 ) (4,678 ) State (1,838 ) 197 54 Foreign (2,472 ) (296 ) 101 Increase (reversal) of valuation allowance 30,405 0 (33 ) 23,407 (2,302 ) (4,556 ) $ 22,712 $ 2,633 $ (766 ) In 2016, the income tax provision was affected by recognition of a valuation allowance against all U.S. and certain foreign entities as it was considered more-likely-than-not that the net deferred income tax assets would not be realized. The Corporation assessed available positive and negative evidence to estimate whether sufficient future taxable income would be generated to permit use of the existing deferred income tax assets. During 2016, 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, the Corporation established an increase in the valuation allowance to recognize the estimated portion of deferred income tax assets that is more likely than not to not be realized. The difference between statutory U.S. federal income tax and the Corporation’s effective income tax was as follows: 2016 2015 (1) 2014 (1) Computed at statutory rate $ (19,984 ) $ 1,402 $ (683 ) Tax differential on non-U.S. earnings 1,790 106 128 State income taxes (1,535 ) 226 (227 ) Manufacturers deduction (I.R.C. Section 199) 204 (433 ) (359 ) Meals and entertainment 143 136 224 Tax credits 0 (243 ) (12 ) Goodwill impairment 9,191 0 0 Increase (reversal) of valuation allowance 30,405 0 (33 ) Change in tax rates 1,913 224 301 Change in uncertain tax positions 114 91 (80 ) Acquisition-related costs 571 981 0 Other – net (100 ) 143 (25 ) $ 22,712 $ 2,633 $ (766 ) (1) Certain reclassifications have been made to the prior year columns to conform to the current year presentation. Deferred income tax assets and liabilities as of December 31, 2016 and 2015 are summarized below. Unremitted earnings of the Corporation’s non-U.S. subsidiaries and affiliates are deemed to be permanently reinvested and, accordingly, no deferred income tax liability has been recorded. It is not practical to estimate the income tax effect that might be incurred if cumulative prior year earnings not previously taxed in the United States were remitted to the United States. 2016 2015 Assets: Employment – related liabilities $ 18,659 $ 9,644 Pension liability – foreign 2,241 2,822 Pension liability – domestic 16,133 12,934 Liabilities related to discontinued operations 241 704 Capital loss carryforwards 282 223 Asbestos-related liability 21,024 16,356 Net operating loss – domestic 653 0 Net operating loss – state 2,123 1,445 Net operating loss – foreign 19,106 0 Inventory related 2,157 4,292 Impairment charge associated with investment in UES-MG 2,184 2,298 Investment tax credits – foreign 791 0 Other 6,660 3,311 Gross deferred income tax assets 92,254 54,029 Valuation allowance (1) (45,449 ) (2,481 ) 46,805 51,548 Liabilities: Depreciation (37,584 ) (29,223 ) Mark-to-market adjustment – derivatives (187 ) (40 ) Intangible assets – definite life (2,067 ) 0 Intangible assets – indefinite life (731 ) 0 Other (2,003 ) (1,716 ) Gross deferred income tax liabilities (42,572 ) (30,979 ) Net deferred income tax assets $ 4,233 $ 20,569 (1) Certain deferred income tax assets acquired in the ASW acquisition had valuation allowances recorded in the opening balance sheet. Accordingly, the valuation allowance indicated in the deferred income tax table differs from the valuation allowance recognized in the income tax provision for 2016. The following summarizes changes in unrecognized tax benefits for the year ended December 31: 2016 2015 2014 Balance at the beginning of the year $ 315 $ 52 $ 270 Gross increases for tax positions taken in the current year 0 0 0 Gross increases for tax positions taken in prior years 0 283 2 Gross decreases in tax positions due to lapse in statute of limitations (79 ) (20 ) (61 ) Gross decreases for tax positions taken in prior years 0 0 (17 ) Gross decreases for tax settlements with taxing authorities 0 0 (142 ) Balance at the end of the year $ 236 $ 315 $ 52 If the unrecognized tax benefits were recognized, $49 would reduce the Corporation’s effective income tax rate. The amount of penalties and interest recognized in the consolidated balance sheets as of December 31, 2016 and 2015 and in the consolidated statements of operations for 2016, 2015 and 2014 is insignificant. Unrecognized tax benefits of $134 are to expire due to the lapse in the statute of limitations within the next 12 months. The Corporation is subject to taxation in the United States, various states and foreign jurisdictions, and remains subject to examination by tax authorities for tax years 2013-2016. The combined Indiana income tax returns for 2010-2013 are under examination by the Indiana Department of Revenue which started during the first quarter of 2015. The examination is still ongoing as of December 31, 2016. In March 2017, the Corporation was notified by the Internal Revenue Service that the 2014 federal return of one of the Åkers’ entities was selected for examination. The examination has not yet begun. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Operating Leases | NOTE 16 – OPERATING LEASES: The Corporation leases certain factory and office space and certain equipment. Operating lease expense was $1,148 in 2016, $1,043 in 2015 and $995 in 2014. Operating lease payments for subsequent years are $719 for 2017, $578 for 2018, $522 for 2019, $414 for 2020, $395 for 2021 and $804 thereafter. |
Research and Development Costs
Research and Development Costs | 12 Months Ended |
Dec. 31, 2016 | |
Research and Development [Abstract] | |
Research and Development Costs | NOTE 17 – RESEARCH AND DEVELOPMENT COSTS: Expenditures relating to the development of new products, identification of products or process alternatives and modifications and improvements to existing products and processes are expensed as incurred. These expenses approximated $2,716 for 2016, $1,137 for 2015 and $1,328 for 2014. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Parties | NOTE 18 – RELATED PARTIES: In the ordinary course of business, the Corporation purchased industrial supplies from a subsidiary of The Louis Berkman Company (“LB Co”). Certain directors of the Corporation are either officers, directors and/or shareholders of LB Co. Purchases from LB Co approximated $955 in 2016, $1,270 in 2015 and $1,358 in 2014. In addition, LB Co paid the Corporation approximately $72 in 2015 and $100 in 2014 for certain administrative services. The net amount payable to LB Co approximated $93 at December 31, 2015. No amounts were due or payable for 2016. The Corporation does not intend to purchase industrial supplies from LB Co in 2017. ATR has a $4,990 (RMB 34,655) loan outstanding with its minority shareholder. The loan originally matured in 2008 but has been renewed continually for one year periods. Interest does not compound and has accrued on the outstanding balance, since inception, at the three-to-five-year loan interest rate set by the People’s Bank of China in effect at the time of renewal. The interest rate for 2016 approximated 4.90% and accrued interest as of December 31, 2016 approximated $2,265 (RMB 15,730), which is recorded in other current liabilities on the consolidated balance sheet. Purchases from ATR’s minority shareholder approximated $140 (RMB 931) in 2016. Excluding the loan and interest outstanding, the amount payable to ATR’s minority shareholder at December 31, 2016 for purchases made in the ordinary course of business approximated $206 (RMB 1,429). |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Litigation | NOTE 19 – LITIGATION: 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. In addition, in February 2017, the Corporation, its indirect subsidiary Åkers National Roll Corporation, as well as the Åkers National Roll Company Health & Welfare Benefits Plan were named as defendants in a class action complaint filed in the United States District Court for the Western District of Pennsylvania, where the plaintiffs (currently retired former employees of Åkers National Roll Company, as well as United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial, and Service Workers International Union, AFL-CIO) alleged that the defendants breached collective bargaining agreements and violated the benefit plan by modifying medical benefits of the plaintiffs and similarly situated retirees. The complaint seeks class certification. The Corporation believes the lawsuit is without merit and intend to vigorously defend it. While no assurance can be given as to the ultimate outcome of this matter, the Corporation believes that the final resolution of this action will not have a material adverse effect on our results of operations, financial position, liquidity or capital resources. 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 (“Asbestos Liability”). Those subsidiaries, and in some cases the Corporation, are defendants (among a number of defendants, often in excess of 50) in cases filed in various state and federal courts. Asbestos Claims The following table reflects approximate information about the claims for Asbestos Liability against the subsidiaries and the Corporation for the two years ended December 31, 2016 and 2015: 2016 2015 Total claims pending at the beginning of the period 6,212 8,457 New claims served 1,452 1,424 Claims dismissed (782 ) (3,339 ) Claims settled (264 ) (330 ) Total claims pending at the end of the period (1) 6,618 6,212 Gross settlement and defense costs (in 000’s) $ 17,960 $ 19,199 Average gross settlement and defense costs per claim resolved (in 000’s) $ 17.17 $ 5.23 (1) Included as “open claims” are approximately 444 and 430 claims in 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 its Air & Liquid Systems Corporation (“Air & Liquid”) subsidiary are parties to a series of settlement agreements (“Settlement Agreements”) with insurers that have coverage obligations for Asbestos Liability (the “Settling Insurers”). Under the Settlement Agreements, the Settling Insurers accept financial responsibility, subject to the terms and conditions of the respective agreements, including overall coverage limits, for pending and future claims for Asbestos Liability. The Settlement Agreements encompass the substantial majority of insurance policies that provide coverage for claims for Asbestos Liability. The Settlement Agreements include acknowledgements that Howden North America, Inc. (“Howden”) is entitled to coverage under policies covering Asbestos Liability for claims arising out of the historical products manufactured or distributed by Buffalo Forge, a former subsidiary of the Corporation (the “Products”). The Settlement Agreements do not provide for any prioritization on access to the applicable policies or any 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 sought 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 Air & Liquid for Asbestos Liability and as respects asbestos bodily-injury claims against Howden arising from the Products. By September 2013, the Corporation and Air & Liquid had 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 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 were also dismissed. Various counterclaims, cross claims and third party claims had been filed in the litigation and remained pending as of September 27, 2013 although only two domestic insurers and Howden remained in the litigation as to the Corporation and Air & Liquid at that time. 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 appeal. On November 2, 2016, the Corporation and Air & Liquid reached a settlement with one of the two insurer defendants that remained in the litigation as to them. Thereafter, the U.S. Court of Appeals issued an order of dismissal of the case on November 23, 2016 by agreement of all parties. 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. 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 2016, and additional reserves were established by the Corporation as of December 31, 2016 for Asbestos Liability claims pending or projected to be asserted through 2026. The methodology used by HR&A in its projection in 2016 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, 2014 to September 9, 2016; • 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, 2014 to September 9, 2016 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 2016 the number of future claims for Asbestos Liability that would be filed through the year 2026, as well as the settlement or indemnity costs that would be incurred to resolve both pending and future unasserted claims through 2026. 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 2026. 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, 2016 for the total costs, including defense costs, for Asbestos Liability claims pending or projected to be asserted through 2026 was $171,181 of which approximately 70% was attributable to settlement costs for unasserted claims projected to be filed through 2026 and future defense costs. 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 2026. Accordingly, no reserve has been recorded for any costs that may be incurred after 2026. The Corporation’s receivable at December 31, 2016 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, 2016, and the probable payments and reimbursements relating to the estimated indemnity and defense costs for pending and unasserted future Asbestos Liability claims, was $115,945. The following table summarizes activity relating to insurance recoveries for each of the years ended December 31, 2016 and 2015. 2016 2015 Insurance receivable – asbestos, beginning of the year $ 125,423 $ 140,651 Settlement and defense costs paid by insurance carriers (1) (23,138 ) (15,228 ) Changes in estimated coverage 13,660 0 Insurance receivable – asbestos, end of the year $ 115,945 $ 125,423 (1) Settlement and defense costs paid by insurance carriers for 2016, includes a lump sum cash settlement with an insurance carrier of $9,808. 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 2026. However, this insurance coverage also can be expected to have gaps creating significant shortfalls of insurance recoveries 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 | 12 Months Ended |
Dec. 31, 2016 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Matters | NOTE 20 – ENVIRONMENTAL MATTERS: The Corporation is currently performing certain remedial actions in connection with the sale of real estate previously owned and periodically incurs costs to maintain, compliance with environmental laws and regulations. Environmental exposures are difficult to assess and estimate for numerous reasons, including lack of reliable data, the multiplicity of possible solutions, the years of remedial and monitoring activity required, and identification of new sites. In the opinion of management, the potential liability for all environmental compliance measures of approximately $2,457 at December 31, 2016 is considered adequate based on information known to date. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segments | NOTE 21 – BUSINESS SEGMENTS: The Corporation organizes its business into two operating segments—Forged and Cast Engineered Products and Air and Liquid Processing. Summarized financial information concerning the Corporation’s reportable segments is shown in the following tables. Corporate assets included under Identifiable Assets represent primarily cash and cash equivalents and other items not allocated to reportable segments. Long-lived assets exclude deferred income tax assets. Corporate costs are comprised of operating costs of the corporate office and other costs not allocated to the segments. The segment information for the Forged and Cast Engineered Products for 2016 includes information for Åkers and ASW as of December 31, 2016 and from the date of acquisition. Effective May 1, 2015, the Corporation completed an internal reorganization of its “back office” functions which resulted in certain employees of the segments becoming employees of the Corporation and associated costs (approximately $2,400 and $1,600 for the years ended December 31, 2016 and 2015, respectively) being recorded as “other expense, including corporate costs” in the following table. The accounting policies are the same as those described in Note 1. Net Sales (Loss) Income Before Income Taxes and Equity Losses in Chinese Joint Venture 2016 2015 2014 2016 2015 2014 Forged and Cast Engineered Products (1) $ 247,652 $ 152,267 $ 179,388 $ (42,878 ) $ (3,444 ) $ 4,380 Air and Liquid Processing (1) 84,214 86,213 93,470 5,123 23,166 4,222 Total Reportable Segments 331,866 238,480 272,858 (37,755 ) 19,722 8,602 Corporate costs, including other income (expense) (19,765 ) (15,202 ) (9,494 ) $ 331,866 $ 238,480 $ 272,858 $ (57,520 ) $ 4,520 $ (892 ) Capital Expenditures Depreciation and Identifiable Assets (2) 2016 2015 2014 2016 2015 2014 2016 2015 2014 Forged and Cast Engineered Products $ 9,440 $ 8,608 $ 12,884 $ 19,166 $ 10,468 $ 10,303 $ 348,331 $ 228,718 $ 260,384 Air and Liquid Processing 385 494 356 1,183 1,262 1,444 173,017 183,024 197,518 Corporate 741 305 69 114 57 71 44,541 94,414 78,507 $ 10,566 $ 9,407 $ 13,309 $ 20,463 $ 11,787 $ 11,818 $ 565,889 $ 506,156 $ 536,409 Net Sales (3) Long-Lived Assets (4) (Loss) Income Before Income Geographic Areas: 2016 2015 2014 2016 2015 2014 2016 2015 2014 United States $ 159,531 $ 126,417 $ 143,493 $ 206,460 $ 236,707 $ 252,739 $ (25,906 ) $ 5,855 $ (1,471 ) Foreign 172,335 112,063 129,365 133,141 29,198 31,359 (31,614 ) (1,335 ) 579 $ 331,866 $ 238,480 $ 272,858 $ 339,601 $ 265,905 $ 284,098 $ (57,520 ) $ 4,520 $ (892 ) Net Sales by Product Line (5) 2016 2015 2014 Forged and cast engineered products $ 247,652 $ 152,267 $ 179,388 Heat exchange coils 28,139 32,745 39,109 Centrifugal pumps 36,359 33,120 32,983 Air handling systems 19,716 20,348 21,378 $ 331,866 $ 238,480 $ 272,858 (1) Income (loss) before income taxes and equity losses in Chinese Joint Venture for the Forged and Cast Engineered Products segment includes a pre-tax charge of $26,676 principally for the write off of goodwill associated with the Forged and Cast Engineered Products reporting unit deemed to be impaired. Income (loss) before income taxes and equity losses in Chinese Joint Venture for the Air and Liquid Processing segment for 2016 includes pre-tax charge of $4,565 for estimated costs of asbestos-related litigation through 2026 net of estimated insurance recoveries and a settlement with an insurance carrier for an amount greater than originally estimated, 2015 includes pre-tax asbestos-related proceeds of $14,333 received from two insurance carriers in rehabilitation, and 2014 includes a pre-tax charge of $4,487 for estimated costs of asbestos-related litigation through 2024 net of estimated insurance recoveries. (2) Identifiable assets for the Forged and Cast Engineered Products segment include investments in joint ventures of $2,019, $3,097 and $3,914 at December 31, 2016, 2015 and 2014, respectively. The change in the identifiable assets of the Air and Liquid Processing segment relates primarily to the movement in asbestos-related insurance receivables, the balances of which equaled $115,945, $125,423 and $140,651 at December 31, 2016, 2015 and 2014, respectively. (3) Net sales are attributed to countries based on location of the customer. Sales to individual countries were less than 10% of consolidated net sales each of the years. (4) Foreign long-lived assets represent primarily investments in joint ventures of $2,019, $3,097 and $3,914 at December 31, 2016, 2015 and 2014, respectively, and assets of the U.K. and Åkers operations. Long-lived assets of the U.S. include noncurrent asbestos-related insurance receivables of $102,945, $108,423 and $123,651 for 2016, 2015 and 2014, respectively. (5) For the Forged and Cast Engineered Products segment, two customers accounted for 24%, 33% and 29% of its net sales for 2016, 2015 and 2014, respectively. For the Air and Liquid Processing segment, one customer accounted for 10% of its net sales for 2016 and no customers exceeded 10% of net sales for 2015 or 2014. One customer accounted for 11% of the Corporation’s consolidated sales in 2016. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 22 – SUBSEQUENT EVENTS: On March 2, 2017, the Corporation amended its Revolving Credit and Security Agreement to add ASW and Åkers AB as borrowers, to reduce the European sublimit from $25,000 to $15,000 and add a Canadian sublimit of $15,000. In addition, the Corporation paid $7,596 to retire the outstanding balances of the ASW credit facility and term loan, including interest, fees and early termination costs. |
Quarterly Information - Unaudit
Quarterly Information - Unaudited | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information - Unaudited | QUARTERLY INFORMATION – UNAUDITED The quarterly information includes the results of operations of Åkers from March 3, 2016 and ASW from November 1, 2016, their respective dates of acquisition. Accordingly, the quarterly information for the second, third and fourth quarters of 2016 is not fully comparable to earlier quarters. (in thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter 2016 Net sales $ 63,578 $ 93,301 $ 82,861 $ 92,126 Gross profit (a) 12,473 15,849 15,594 11,454 Net (loss) income attributable to Ampco-Pittsburgh (b) (2,890 ) (6,486 ) (27,382 ) (43,062 ) Net (loss) income per common share attributable to Ampco-Pittsburgh: Basic (b) (0.26 ) (0.53 ) (2.23 ) (3.51 ) Diluted (b) (0.26 ) (0.53 ) (2.23 ) (3.51 ) Comprehensive (loss) income attributable to Ampco-Pittsburgh (c) (1,501 ) (10,739 ) (22,894 ) (47,972 ) 2015 Net sales $ 65,087 $ 59,973 $ 58,094 $ 55,326 Gross profit (a) 13,043 11,776 9,439 8,131 Net income (loss) attributable to Ampco-Pittsburgh (d) 72 (520 ) (1,511 ) 3,332 Net income (loss) per common share attributable to Ampco-Pittsburgh: Basic (d) 0.01 (0.05 ) (0.14 ) 0.32 Diluted (d) 0.01 (0.05 ) (0.14 ) 0.32 Comprehensive income (loss) attributable to Ampco-Pittsburgh (e) 3,692 2,789 (2,250 ) 8,296 (a) Gross profit excludes depreciation and amortization. (b) The second, third and fourth quarters of 2016 include valuation allowances of $1,419, $26,903 and $2,083, respectively, to recognize existing net deferred income tax assets to their estimated net realizable value. Fourth quarter of 2016 also includes an after-tax charge of $4,565 or $0.38 per common share for estimated costs of asbestos-related litigation through 2026 net of estimated insurance recoveries and a settlement with an insurance carrier for an amount greater than originally estimated, and an after-tax charge of $26,676 or $2.23 per common share primarily for the write off of goodwill in the Forged and Cast Engineered Products reporting unit deemed to be impaired. (c) Third quarter of 2016 includes an adjustment to recognize the effect of a plan amendment to one of its other postretirement benefit plans of $4,762. No income tax benefit was recognized due to the Corporation having a valuation allowance recorded against the deferred income tax assets for the jurisdiction affected by the plan amendment. (d) Fourth quarter of 2015 includes an after-tax credit of $9,316 or $0.89 per common share for the net benefit of proceeds received from two insurance carriers in rehabilitation. (e) First quarter of 2015 includes a net-of-tax adjustment to recognize the effect of a plan amendment to the other postretirement benefit plan of $4,163. Fourth quarter of 2015 includes a net-of-tax adjustment to reflect the funded status of the various pension and other postretirement benefit plans of $5,231. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | SCHEDULE II Valuation and Qualifying Accounts For the Years Ended December 31, 2016, 2015 and 2014 (in thousands) Additions Description Balance at Charged to Charged to Deductions Other (4) Balance at Period Year ended December 31, 2016 Allowance for doubtful accounts $ 983 $ 1,598 $ 0 $ (353 ) $ 0 $ 2,228 Valuation allowance against gross deferred income tax assets $ 2,481 $ 0 $ 30,405 (2) $ 0 $ 12,563 $ 45,449 Year ended December 31, 2015 Allowance for doubtful accounts $ 1,374 $ 408 $ (762 ) (1) $ (25 ) $ (12 ) $ 983 Valuation allowance against gross deferred income tax assets $ 3,254 $ 0 $ (715 ) (2) $ 0 $ (58 ) $ 2,481 Year ended December 31, 2014 Allowance for doubtful accounts $ 551 $ 1,381 $ 0 $ (531 ) $ (27 ) $ 1,374 Valuation allowance against gross deferred income tax assets $ 2,639 $ 0 $ 721 (2) $ (33 ) (3) $ (73 ) $ 3,254 (1) Represents collection of receivables previously provided for in the allowance for doubtful accounts. (2) Represents valuation allowances established for deferred income tax assets since it is more likely than not that the assets will not be realized. (3) Reduction in valuation allowances reflects primarily changes in the amount of deferred income tax assets expected to be realized, resulting in credit to the income tax provision in the consolidated statements of operations. (4) Represents primarily valuation allowances recorded at the date of the opening balance sheet for ASW for the year ended 2016 and impact from changes in foreign currency exchange rates and income tax rates for the years ended 2015 and 2014. |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The accompanying consolidated financial statements include the assets, liabilities, revenues and expenses of all majority owned subsidiaries and joint ventures over which the Corporation exercises control and, when applicable, entities for which the Corporation has a controlling financial interest or is the primary beneficiary. Investments in joint ventures where the Corporation owns 20% to 50% of the voting stock and has the ability to exercise significant influence over the operating and financial policies of the joint venture are accounted for using the equity method of accounting. Investments in joint ventures whereby the Corporation does not have the ability to exercise significant influence over the operating and financial policies of the joint venture are accounted for using the cost method of accounting. Investments in joint ventures are reviewed for impairment whenever events or circumstances indicate the carrying amount of the investment may not be recoverable. If the estimated fair value of the investment is less than the carrying amount and such decline is determined to be “other than temporary,” then the investment may not be fully recoverable potentially resulting in a write-down of the investment value. Intercompany accounts and transactions are eliminated. |
Cash and Cash Equivalents | Cash and Cash Equivalents Securities with purchased original maturities of three months or less are considered to be cash equivalents. The Corporation maintains cash and cash equivalents at various financial institutions which may exceed federally insured amounts. |
Inventories | Inventories Inventories are valued at the lower of cost or market. Cost includes the cost of raw materials, direct labor and overhead for those items manufactured but not yet sold or for which title has not yet transferred. Fixed production overhead is allocated to inventories based on normal capacity of the production facilities. In periods of abnormally high production, the amount of fixed overhead allocated to each unit of production is decreased so that inventories are not measured above cost. The amount of fixed overhead allocated to inventories is not increased as a consequence of abnormally low production or idle plant. Costs for abnormal amounts of spoilage, handling costs and freight costs are charged to expense when incurred. Cost of domestic raw materials, work-in-process and finished goods inventories is primarily determined by the last-in, first-out (LIFO) method. Cost of domestic supplies and foreign inventories is determined primarily by the first-in, first-out (FIFO) method. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment purchased new is recorded at cost with depreciation computed using the straight-line method over the following estimated useful lives: land improvements – 15 to 20 years, buildings – 25 to 50 years and machinery and equipment – 3 to 25 years. Property, plant and equipment acquired as part of a business combination is recorded at its estimated fair value with depreciation computed using the straight-line method over the estimated remaining useful lives based in part on third party valuations. Expenditures that extend economic useful lives are capitalized. Routine maintenance is charged to expense. Gains or losses are recognized on retirements or disposals. Property, plant and equipment are reviewed for impairment at least annually, or whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. If the undiscounted cash flows generated from the use and eventual disposition of the assets are less than their carrying value, then the asset value may not be fully recoverable potentially resulting in a write-down of the asset value. Estimates of future cash flows are based on expected market conditions over the remaining useful life of the primary asset(s). In addition, the remaining depreciation period for the impaired asset would be reassessed and, if necessary, revised. Proceeds from government grants are recorded as a reduction in the purchase price of the underlying assets and amortized against depreciation over the lives of the related assets. |
Intangible Assets | Intangible Assets Intangible assets primarily consist of developed technology, customer relationships and trade name. Intangible assets with definite lives are amortized using the straight-line method over their estimated useful life, which is determined by identifying the period over which most of the cash flows are expected to be generated. Additionally, intangible assets, both definite and indefinite lived, are reviewed for impairment at least annually, as of October 1, or whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. If the undiscounted cash flows attributable to the assets are less than their carrying value, then the asset value may not be fully recoverable potentially resulting in a write-down of the asset value. Also, if the estimate of an intangible asset’s remaining useful life changes, the remaining carrying value of the intangible asset will be amortized prospectively over the revised remaining useful life. |
Goodwill | Goodwill Goodwill represents the consideration paid in a business combination in excess of the values assigned to the net assets of the acquired entity. Goodwill is not amortized but is tested for impairment at the reporting unit level annually, as of October 1, or whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Goodwill is evaluated for impairment either qualitatively or quantitatively using a two-step approach. Under step one, the fair value of the reporting unit is determined using both a market and income approach. If the fair value of the reporting unit is less than the carrying value of the reporting unit, then goodwill may be impaired causing the second step of the analysis to be completed. Under step two, the fair value of the reporting is allocated to the assets and liabilities of the reporting unit. The unallocated fair value (“implied goodwill”), if any, is compared to the recorded value of goodwill. If the implied goodwill exceeds the recorded value of goodwill, then goodwill is deemed not to be impaired. If the implied goodwill is less than the recorded value of goodwill, then goodwill is deemed to be impaired by the amount that goodwill exceeds implied goodwill. Estimating the fair value of a reporting unit requires the use of significant unobservable inputs, representative of a Level 3 fair value measurement, including market growth and market share, sales volumes and prices, costs to produce, discount rate and estimated capital needs. Management considers historical experience and all available information at the time the fair value of the reporting unit is estimated. Assumptions used to estimate future cash flows are subject to a high degree of judgment and complexity. |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs are amortized as interest expense over the scheduled maturity period of the debt. The costs related to our line-of-credit arrangement are amortized over the term of the arrangement, regardless of whether there are any outstanding borrowings. Unamortized debt issuance costs are either recognized as a direct deduction from the carrying amount of the related debt or, if related to a line-of-credit facility, as an other noncurrent asset. |
Product Warranty | Product Warranty Provisions for product warranties are recognized at the time the underlying sale is recorded. The provision is based on historical experience as a percentage of sales adjusted for potential claims when a liability is probable and for known claims. |
Employee Benefit Plans | Employee Benefit Plans Funded Status If the fair value of the plan assets exceeds the projected benefit obligation, the over-funded projected benefit obligation is recognized as an asset (prepaid pensions) on the consolidated balance sheet. Conversely, if the projected benefit obligation exceeds the fair value of the plan assets, the under-funded projected benefit obligation is recognized as a liability (employee benefit obligations) on the consolidated balance sheet. Gains and losses arising from the difference between actuarial assumptions and actual experience and unamortized prior service costs are recorded as a separate component of accumulated other comprehensive loss. Net Periodic Pension and Other Postretirement Costs Net periodic pension and other postretirement costs includes service cost, interest cost, expected rate of return on the market-related value of plan assets, amortization of prior service costs and recognized actuarial gains or losses. When actuarial gains or losses exceed 10% of the greater of the projected benefit obligation or the market-related value of plan assets, they are amortized to net periodic pension and other postretirement costs over the average remaining service period of employees expected to receive benefits under the plan. When the actuarial gains or losses are less than 10% of the greater of the projected benefit obligation or the market-related value of plan assets, they are included in net periodic pension and other postretirement costs indirectly as a result of lower/higher interest costs arising from a decrease/increase in the projected benefit obligation. The market-related value of plan assets is determined using a five-year moving average which recognizes 20% of unrealized gains and losses each year. |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) Other comprehensive income (loss) includes changes in assets and liabilities from non-owner sources including foreign currency translation adjustments, unamortized prior service costs and unrecognized actuarial gains and losses associated with employee benefit plans, unrealized holding gains and losses on securities designated as available for sale, and changes in the fair value of derivatives designated and effective as cash flow hedges. Certain components of other comprehensive income (loss) are presented net of income tax. Foreign currency translation adjustments exclude the effect of income tax since earnings of non-U.S. subsidiaries are deemed to be reinvested for an indefinite period of time. Reclassification adjustments are amounts which are realized during the year and, accordingly, are deducted from other comprehensive income (loss) in the period in which they are included in net income (loss) or when a transaction no longer qualifies as a cash flow hedge. Foreign currency translation adjustments are included in net income (loss) upon sale or upon complete or substantially complete liquidation of an investment in a foreign entity. With respect to employee benefit plans, unamortized prior service costs are included in net income (loss) either immediately upon curtailment of the employee benefit plan or over the average remaining service period of employees expected to receive benefits and unrecognized actuarial gains and losses are included in net income (loss) indirectly as a result of lower/higher interest costs arising from a decrease/increase in the projected benefit obligation. Unrealized holding gains and losses on securities are included in net income (loss) when the underlying security is sold. Changes in the fair value of derivatives are included in net income (loss) when the projected sale occurs or, if a foreign currency purchase contract, over the estimated useful life of the underlying asset. |
Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of the Corporation’s foreign operations are translated at year-end exchange rates and the statements of operations are translated at the average exchange rates for the year. Gains or losses resulting from translating foreign currency financial statements are accumulated as a separate component of accumulated other comprehensive loss until the entity is sold or substantially liquidated. |
Revenue Recognition | Revenue Recognition Revenue from sales is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. Persuasive evidence of an arrangement identifies the final understanding between the parties as to the specific nature and terms of the agreed-upon transaction that creates enforceable obligations. It can be in the form of an executed purchase order from the customer, sales agreement issued by the Corporation or a similar arrangement deemed to be normal and customary business practice for that particular customer or class of customer (collectively, a sales agreement). Delivery and performance is considered to have occurred when the customer has taken title and assumed the risks and rewards of ownership of the product. Typically, this occurs when the product is shipped to the customer (i.e., FOB shipping point), delivered to the customer (i.e., FOB destination), or, for foreign sales, in accordance with trading guidelines known as Incoterms. Incoterms are standard trade definitions used in international contracts and are developed, maintained and promoted by the ICC Commission on Commercial Law and Practice. The sales price required to be paid by the customer is fixed or determinable from the sales agreement. It is not subject to refund or adjustment except for a variable-index surcharge provision which increases or decreases, as applicable, the selling price of a rolling mill roll for corresponding changes in the published index cost of certain raw materials. The variable-index surcharge is recognized as revenue when the corresponding revenue for the inventory is recognized. Likelihood of collectability is assessed prior to acceptance of an order. There are no customer-acceptance provisions other than customer inspection and testing prior to shipment. Post-shipment obligations are insignificant. Amounts billed to the customer for shipping and handling are recorded within net sales and the related costs are recorded within costs of products sold (excluding depreciation and amortization). Amounts billed for taxes assessed by various government authorities (e.g., sales tax, value-added tax, etc.) are excluded from the determination of net income (loss) and instead are recorded as a liability until remitted to the government authority. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation, such as stock options, restricted stock units and performance shares, is recognized over the vesting period based upon the fair value of the award at the date of grant. For stock options, the fair value is determined by the BlackScholes option pricing model and is expensed over the vesting period of three years. For restricted stock units, the fair value is equal to the closing price of the Corporation’s common stock on the New York Stock Exchange (“NYSE”) on the date of grant and is expensed over the vesting period of three years. For performance share awards that vest subject to a performance condition, the fair value is equal to the closing price of the Corporation’s stock on the NYSE on the date of grant. For performance share awards that vest subject to a market condition, fair value is determined using a Monte Carlo simulation model. The fair value of performance share awards is expensed over the performance period when it is probable that the performance condition will be achieved. |
Derivative Instruments | Derivative Instruments Derivative instruments which include forward exchange (for foreign currency sales and purchases) and futures contracts are recorded on the consolidated balance sheet as either an asset or a liability measured at their fair value. The accounting for changes in the fair value of a derivative depends on the use of the derivative. To the extent that a derivative is designated and effective as a cash flow hedge of an exposure to future changes in value, the change in the fair value of the derivative is deferred in accumulated other comprehensive loss. Any portion considered to be ineffective, including that arising from the unlikelihood of an anticipated transaction to occur, is reported as a component of earnings (other income/expense) immediately. Upon occurrence of the anticipated sale, the foreign currency sales contract designated and effective as a cash flow hedge is de-designated as a fair value hedge and the change in fair value previously deferred in accumulated other comprehensive loss is reclassified to earnings (net sales) with subsequent changes in fair value recorded as a component of earnings (other income/expense). Upon occurrence of the anticipated purchase, the foreign currency purchase contract is settled and the change in fair value deferred in accumulated other comprehensive loss is reclassified to earnings (depreciation and amortization expense) over the life of the underlying assets. Upon settlement of a futures contract, the change in fair value deferred in accumulated other comprehensive loss is reclassified to earnings (costs of products sold, excluding depreciation and amortization) when the corresponding inventory is sold and revenue is recognized. To the extent that a derivative is designated and effective as a hedge of an exposure to changes in fair value, the change in the derivative’s fair value will be offset in the statement of operations by the change in the fair value of the item being hedged and is recorded as a component of earnings (other income/expense). Cash flows associated with the derivative instruments are recorded as a component of operating activities on the consolidated statement of cash flows. The Corporation does not enter into derivative transactions for speculative purposes and, therefore, holds no derivative instruments for trading purposes. |
Fair Value | Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. A hierarchy of inputs is used to determine fair value measurements with three levels. Level 1 inputs are quoted prices in active markets for identical assets or liabilities and are considered the most reliable evidence of fair value. Level 2 inputs are observable prices that are not quoted on active exchanges. Level 3 inputs are unobservable inputs used for measuring the fair value of assets or liabilities. |
Legal Costs | Legal Costs Legal costs expected to be incurred in connection with loss contingencies are accrued when such costs are probable and estimable. |
Income Taxes | Income Taxes Income taxes are recognized during the year in which transactions enter into the determination of financial statement income. Deferred income tax assets and liabilities are recognized for the future tax consequences of temporary differences between the book carrying amount and the tax basis of assets and liabilities including net operating loss carryforwards. Unremitted earnings of the Corporation’s non-U.S. subsidiaries and affiliates are deemed to be permanently reinvested and, accordingly, no deferred income tax liability is recorded. A valuation allowance is provided against a deferred income tax asset when it is “more likely than not” the asset will not be realized. Similarly, if a determination is made that it is “more likely than not” the deferred income tax asset will be realized, the related valuation allowance would be reduced and a benefit to earnings would be recorded. Penalties and interest are recognized as a component of the income tax provision. Tax benefits are recognized in the financial statements for tax positions taken or expected to be taken in a tax return when it is “more likely than not” that the tax authorities will sustain the tax position solely on the basis of the position’s technical merits. Consideration is given primarily to legislation and statutes, legislative intent, regulations, rulings and case law as well as their applicability to the facts and circumstances of the tax position when assessing the sustainability of the tax position. In the event a tax position no longer meets the “more likely than not” criteria, the tax benefit is reversed by recognizing a liability and recording a charge to earnings. Conversely, if a tax position subsequently meets the “more likely than not” criteria, a tax benefit would be recognized by reducing the liability and recording a credit to earnings. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. The computation of diluted earnings per common share is similar to basic earnings per common share except that the denominator is increased to include the dilutive effect of the net additional common shares that would have been outstanding assuming exercise of outstanding stock awards, calculated using the treasury stock method. The computation of diluted earnings per share would not assume the exercise of an outstanding stock award if the effect on earnings per common share would be antidilutive. Similarly, the computation of diluted earnings per share would not assume the exercise of outstanding stock awards if the Corporation incurred a net loss since the effect on earnings per common share would be antidilutive. The weighted average number of common shares outstanding assuming exercise of dilutive stock awards was 11,951,181 for 2016, 10,447,066 for 2015 and 10,404,744 for 2014. Weighted-average outstanding stock awards excluded from the diluted earnings per common share calculation, since the effect would have been antidilutive, were 1,163,396 for 2016, 1,138,287 for 2015 and 1,242,545 for 2014. |
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) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Fair Value of Assets Acquired and Liabilities Assumed | The resulting fair value of assets acquired and liabilities assumed as of the date of acquisition is as follows: Current assets (excluding inventories) $ 41,703 Inventories 30,332 Property, plant and equipment 71,871 Intangible assets 11,784 Other noncurrent assets 8,068 Current liabilities (71,690 ) Noncurrent liabilities (43,153 ) Net assets acquired 48,915 Noncontrolling interest (2,019 ) Goodwill 27,259 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 2015: Year Ended December 31, 2016 2015 Net sales $ 393,243 $ 440,265 Loss before income taxes (includes noncontrolling interest) $ (63,498 ) $ (11,945 ) Net loss attributable to Ampco-Pittsburgh $ (85,778 ) $ (24,740 ) Net loss per common share (basic) attributable to Ampco-Pittsburgh $ (6.94 ) $ (2.03 ) |
ASW Steel Inc [Member] | |
Summary of Fair Value of Assets Acquired and Liabilities Assumed | The estimated fair value of assets acquired and liabilities assumed as of the date of the acquisition is summarized below. Current assets (excluding inventories) $ 6,525 Inventories 6,956 Property, plant and equipment 10,310 Current liabilities (10,675 ) Outstanding indebtedness (9,616 ) Base purchase price $ 3,500 |
Investments in Joint Ventures (
Investments in Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Assets, Liabilities and Shareholders' Equity of Joint Venture | 2016 2015 Assets: Current assets (includes receivables from related parties of $187 and $935, respectively) $ 7,856 $ 8,332 Noncurrent assets 16,080 28,993 $ 23,936 $ 37,325 Liabilities and Shareholders’ Equity: Current liabilities (includes liabilities to related parties of $3,651 and $17,230, respectively) $ 4,551 $ 17,455 Noncurrent liabilities (includes liabilities to related parties of $813 and $0, respectively) 813 0 Shareholders’ equity 18,572 19,870 $ 23,936 $ 37,325 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | 2016 2015 Raw materials $ 23,964 $ 18,314 Work-in-progress 29,198 21,583 Finished goods 20,046 9,897 Supplies 10,371 9,940 $ 83,579 $ 59,734 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | 2016 2015 Land and land improvements $ 11,747 $ 5,223 Buildings 66,017 44,570 Machinery and equipment 323,684 266,358 Construction-in-process 2,595 3,566 Other 7,495 7,774 411,538 327,491 Accumulated depreciation and amortization (197,130 ) (180,578 ) $ 214,408 $ 146,913 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | 2016 2015 Customer relationships $ 6,244 $ 1,245 Developed technology 4,248 0 Trade name 2,537 0 13,029 1,245 Accumulated amortization (1,428 ) (52 ) $ 11,601 $ 1,193 |
Summary of Changes in Intangible Assets | The following summarizes changes in intangible assets for the year ended December 31: 2016 2015 Balance at the beginning of the year $ 1,193 $ 0 Changes in intangible assets 11,784 1,245 Amortization of intangible assets (1,106 ) (52 ) Other, primarily impact from changes in foreign currency exchange rates (270 ) 0 Balance at the end of the year $ 11,601 $ 1,193 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | 2016 2015 Customer-related liabilities $ 21,564 $ 12,195 Accrued interest payable 2,274 3 Income taxes payable 0 3,256 Accrued sales commissions 1,693 1,506 Other 16,666 6,920 $ 42,197 $ 23,880 |
Schedule of Changes in Liability for Product Warranty Claims | The following summarizes changes in the liability for product warranty claims for the year ended December 31: 2016 2015 2014 Balance at the beginning of the year $ 6,358 $ 6,672 $ 6,899 Acquisitions – opening balance sheet liability for warranty claims 7,130 0 0 Satisfaction of warranty claims (4,297 ) (2,452 ) (2,335 ) Provision for warranty claims 3,282 2,293 2,300 Other, primarily impact from changes in foreign currency exchange rates (952 ) (155 ) (192 ) Balance at the end of the year $ 11,521 $ 6,358 $ 6,672 |
Borrowing Arrangements (Tables)
Borrowing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Borrowings | Outstanding borrowings of the Corporation as of December 31, 2016 and 2015 consisted of the following: 2016 2015 Industrial Revenue Bonds $ 13,311 $ 13,311 Promissory notes (and interest) 23,844 0 Minority shareholder loan 4,990 0 Credit facility 7,146 0 Term loan 762 0 Capital leases 2,161 0 52,214 13,311 Current portion (26,825 ) (13,311 ) $ 25,389 $ 0 |
Pension and Other Postretirem42
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Reconciliation of Projected Benefit Obligations (PBO), Plan Assets, the Funded Status of the Plans and the Amounts Recognized in the Consolidated Balance Sheets | The following provides a reconciliation of projected benefit obligations (“PBO”), plan assets, the funded status of the plans and the amounts recognized in the consolidated balance sheets for the Corporation’s defined benefit plans calculated using a measurement date as of the end of the respective years. U.S. Pension Benefits (a) Foreign Pension Other Postretirement 2016 2015 2016 2015 2016 2015 Change in projected benefit obligations: PBO at January 1 $ 181,803 $ 205,399 $ 63,750 $ 70,523 $ 8,117 $ 13,739 Åkers acquisition – PBO at March 3 68,081 0 5,393 0 17,467 0 Service cost 1,714 2,743 314 0 504 384 Interest cost 9,977 7,990 2,250 2,394 722 474 Plan amendments 0 447 0 0 (4,762 ) (4,437 ) Plan settlements (b) (2,739 ) (5,494 ) 0 0 0 0 Plan curtailments (1,181 ) (10,306 ) 0 0 0 0 Foreign currency exchange rate changes 0 0 (11,477 ) (3,413 ) 0 0 Actuarial (gain) loss (160 ) (9,880 ) 8,869 (4,005 ) (1,598 ) (1,433 ) Participant contributions 0 0 0 0 80 79 Benefits paid from plan assets (12,679 ) (8,772 ) (2,189 ) (1,749 ) 0 0 Benefits paid by the Corporation (376 ) (324 ) 0 0 (1,471 ) (689 ) PBO at December 31 $ 244,440 $ 181,803 $ 66,910 $ 63,750 $ 19,059 $ 8,117 Change in plan assets: Fair value of plan assets at January 1 $ 139,376 $ 157,048 $ 49,628 $ 50,533 $ 0 $ 0 Åkers acquisition – fair value of plan assets at March 3 50,108 0 0 0 0 0 Actual return on plan assets 14,656 (3,406 ) 7,859 1,701 0 0 Foreign currency exchange rate changes 0 0 (8,930 ) (2,572 ) 0 0 Corporate contributions 376 324 1,687 1,715 1,391 610 Participant contributions 0 0 0 0 80 79 Plan settlements (b) (2,739 ) (5,494 ) 0 0 0 0 Gross benefits paid (13,055 ) (9,096 ) (2,189 ) (1,749 ) (1,471 ) (689 ) Fair value of plan assets at December 31 $ 188,722 $ 139,376 $ 48,055 $ 49,628 $ 0 $ 0 Funded status of the plans: Fair value of plan assets $ 188,722 $ 139,376 $ 48,055 $ 49,628 $ 0 $ 0 Less benefit obligations 244,440 181,803 66,910 63,750 19,059 8,117 Funded status at December 31 $ (55,718 ) $ (42,427 ) $ (18,855 ) $ (14,122 ) $ (19,059 ) $ (8,117 ) (a) Includes the nonqualified defined benefit pension plan. (b) Represents lump sum payments. U.S. Pension Foreign Pension Other Postretirement 2016 2015 2016 2015 2016 2015 Recognized in the balance sheets: Employee benefit obligations: Accrued payrolls and employee benefits (a) $ (409 ) $ (352 ) $ 0 $ 0 $ (1,276 ) $ (612 ) Employee benefit obligations (b) (55,309 ) (42,075 ) (18,855 ) (14,122 ) (17,783 ) (7,505 ) $ (55,718 ) $ (42,427 ) $ (18,855 ) $ (14,122 ) $ (19,059 ) $ (8,117 ) Accumulated other comprehensive loss: (c) Net actuarial loss $ 48,153 $ 53,163 $ 25,547 $ 27,594 $ 936 $ 2,570 Prior service cost 209 237 0 0 (15,581 ) (12,097 ) $ 48,362 $ 53,400 $ 25,547 $ 27,594 $ (14,645 ) $ (9,527 ) (a) Recorded as a current liability in the consolidated balance sheet. (b) Recorded as a noncurrent liability in the consolidated balance sheet. (c) Amounts are pre-tax. |
Amounts Included in Accumulated Other Comprehensive Loss to be Recognized over Next Year | Amounts included in accumulated other comprehensive loss as of December 31, 2016 expected to be recognized in net periodic pension and other postretirement costs in 2017 include: U.S. Pension Foreign Pension Other Postretirement Net actuarial loss $ 1,212 $ 790 $ 67 Prior service cost (credit) 52 0 (1,620) $ 1,264 $ 790 $ (1,553) |
Summary of Target Asset Allocations and Major Asset Categories | The following summarizes target asset allocations (within +/-5% considered acceptable) and major asset categories. Certain investments are classified differently for target asset allocation purposes and external reporting purposes. In addition, for the legacy plan, the Corporation changed investment managers in December 2016; accordingly, there is temporarily a higher amount in cash and cash equivalents. U.S. Pension Benefits Foreign Pension Benefits Target Percentage of Plan Target Percentage of Plan Dec. 31, 2016 2016 2015 Dec. 31, 2016 2016 2015 Equity Securities 65 % 47 % 58 % 44 % 48 % 46 % Fixed-Income Securities 15 % 21 % 19 % 35 % 34 % 33 % Alternative Investments 15 % 8 % 13 % 21 % 18 % 21 % Other (primarily cash and cash equivalents) 5 % 24 % 10 % 0 % 0 % 0 % |
Asset Categories Based on the Nature and Risks of the Plans Assets | Asset categories based on the nature and risks of the U.S. Pension Benefit Plans’ assets as of December 31, 2016 are summarized below. Quoted Prices in Significant Other (Level 2) Significant (Level 3) Total Equity Securities: U.S. Bank & financial services $ 631 $ 0 $ 0 $ 631 Capital goods 75 0 0 75 Chemicals 20 0 0 20 Commercial services 16 0 0 16 Electronics 67 0 0 67 Health care 201 0 0 201 Mutual funds 72,571 0 0 72,571 Oil & gas 87 0 0 87 Retail 101 0 0 101 Technology 188 0 0 188 Transportation 18 0 0 18 Wholesale distribution 16 0 0 16 Other (represents 8 business sectors) 211 0 0 211 International Chemicals 7 0 0 7 Technology 6 0 0 6 Total Equity Securities 74,215 0 0 74,215 Fixed Income Securities: Mutual funds 36,601 0 0 36,601 Total Fixed Income Securities 36,601 0 0 36,601 Alternative Investments: Managed funds (a) 0 0 33,830 33,830 Total Alternative Investments 0 0 33,830 33,830 Other: Money market mutual funds 27,902 0 0 27,902 Commingled funds 0 154 0 154 Other (b) 16,020 0 0 16,020 Total Other 43,922 154 0 44,076 $ 154,738 $ 154 $ 33,830 $ 188,722 (a) Includes approximately 45.9% in equity and equity-like asset securities, 44.5% in alternative investments (real assets, commodities and resources, absolute return funds) and 7.4% in fixed income securities and 2.2% in other, primarily cash and cash equivalents. (b) Includes accrued receivables and pending broker settlements. Asset categories based on the nature and risks of the U.S. Pension Benefit Plan’s assets as of December 31, 2015 are summarized below. Quoted Prices in Significant Other Significant (Level 3) Total Equity Securities: U.S. Capital goods $ 1,531 $ 0 $ 0 $ 1,531 Chemicals 1,811 0 0 1,811 Commercial property 906 0 0 906 Commercial services 925 0 0 925 Common collective trust funds 0 31,291 0 31,291 Electronics 785 0 0 785 Food processing 2,856 0 0 2,856 Health care 1,815 0 0 1,815 Limited partnerships – public equity 4,173 0 0 4,173 Manufacturing 1,536 0 0 1,536 Oil & gas 1,499 0 0 1,499 Retail 706 0 0 706 Technology 1,674 0 0 1,674 Transportation 484 0 0 484 Wholesale distribution 789 0 0 789 Other (represents 13 business sectors) 5,695 0 0 5,695 International Bank & financial services 1,525 0 0 1,525 Common collective trust funds 0 3,078 0 3,078 Engineering & construction 729 0 0 729 Oil & gas 807 0 0 807 Real estate 937 0 0 937 Technology 265 0 0 265 Other (represents 9 business sectors) 2,391 0 0 2,391 Total Equity Securities 33,839 34,369 0 68,208 Fixed-Income Securities: Commingled funds 0 14,697 0 14,697 Preferred (represents 5 business sectors) 6,689 0 0 6,689 Other (represents 4 business sectors) 0 1,280 0 1,280 Total Fixed-Income Securities 6,689 15,977 0 22,666 Alternative Investments: Managed funds (a) 0 0 32,210 32,210 Hedge and absolute return funds 0 0 4,967 4,967 Total Alternative Investments 0 0 37,177 37,177 Other: Mutual funds 1,836 0 0 1,836 Commingled funds 0 1,005 0 1,005 Other (b) 8,484 0 0 8,484 Total Other 10,320 1,005 0 11,325 $ 50,848 $ 51,351 $ 37,177 $ 139,376 (a) Includes approximately 38% in equity and equity-like asset securities, 43% in alternative investments (real assets, commodities and resources, absolute return funds) and 19% in fixed income securities and cash and cash equivalents. (b) Includes accrued receivables and pending broker settlements. Asset categories based on the nature and risks of the Foreign Pension Benefit Plan’s assets as of December 31, 2016 are summarized below. Quoted Prices in Significant Other Significant Total Equity Securities: Commingled Funds (U.K.) $ 0 $ 3,716 $ 0 $ 3,716 Commingled Funds (International) 0 19,146 0 19,146 Total Equity Securities 0 22,862 0 22,862 Fixed-Income Securities: Commingled Funds (U.K.) 0 16,426 0 16,426 Alternative Investments: Hedge and Absolute Return Funds 0 0 8,593 8,593 Cash and cash equivalents 174 0 0 174 $ 174 $ 39,288 $ 8,593 $ 48,055 Asset categories based on the nature and risks of the Foreign Pension Benefit Plan’s assets as of December 31, 2015 are summarized below. Quoted Prices in Significant Other Significant Total Equity Securities: Commingled Funds (U.K.) $ 0 $ 3,697 $ 0 $ 3,697 Commingled Funds (International) 0 18,930 0 18,930 Total Equity Securities 0 22,627 0 22,627 Fixed-Income Securities: Commingled Funds (U.K.) 0 16,298 0 16,298 Alternative Investments: Hedge and Absolute Return Funds 0 0 10,571 10,571 Cash and cash equivalents 132 0 0 132 $ 132 $ 38,925 $ 10,571 $ 49,628 |
Summary of Changes in the Fair Value of the Level 3 Plan Assets for U.S. and Foreign Pension Plans | The table below sets forth a summary of changes in the fair value of the Level 3 plan assets for U.S. and foreign pension plans for the year ended December 31, 2016. Alternative Investments U.S. Pension Foreign Pension Fair value as of January 1, 2016 $ 4,967 $ 32,210 $ 10,571 Contributions 0 0 0 Withdrawals (4,967 ) 0 0 Realized gains (losses) 0 1,857 0 Change in net unrealized (losses) gains 0 (237 ) (280 ) Other, primarily impact from changes in foreign currency exchange rates 0 0 (1,698 ) Fair value as of December 31, 2016 $ 0 $ 33,830 $ 8,593 The table below sets forth a summary of changes in the fair value of the Level 3 plan assets for U.S. and foreign pension plans for the year ended December 31, 2015. Alternative Investments U.S. Pension Foreign Pension Fair value as of January 1, 2015 $ 8,592 $ 33,602 $ 10,799 Contributions 5,900 0 0 Withdrawals (9,843 ) (2,424) 0 Realized gains (losses) 2,334 (19) 0 Change in net unrealized (losses) gains (2,016 ) 1,051 320 Other, primarily impact from changes in foreign currency exchange rates 0 0 (548 ) Fair value as of December 31, 2015 $ 4,967 $ 32,210 $ 10,571 |
Net Periodic Pension and Other Postretirement Benefit Costs | Net periodic pension and other postretirement benefit costs include the following components for the year ended December 31: U.S. Pension Foreign Pension Other Postretirement 2016 2015 2014 2016 2015 2014 2016 2015 2014 Service cost $ 1,714 $ 2,743 $ 3,683 $ 314 $ 0 $ 0 $ 504 $ 384 $ 505 Interest cost 9,977 7,990 8,762 2,250 2,394 2,695 722 474 688 Expected return on plan assets (13,424 ) (10,996 ) (10,747 ) (2,461 ) (2,681 ) (3,157 ) 0 0 0 Amortization of: Prior service cost (credit) 44 371 854 0 0 0 (1,277 ) (672 ) (441 ) Actuarial loss 3,324 5,440 4,183 670 845 599 36 26 104 Curtailment (gain) loss (887 ) 1,303 0 0 0 0 0 0 0 $ 748 $ 6,851 $ 6,735 $ 773 $ 558 $ 137 $ (15 ) $ 212 $ 856 |
Discount Rates and Weighted-Average Wage Increases Used to Determine the Benefit Obligations | The discount rates and weighted-average wage increases used to determine the benefit obligations as of December 31, 2016 and 2015 are summarized below. U.S. Pension Foreign Pension Other Postretirement 2016 2015 2016 2015 2016 2015 Discount rate 4.02-4.25 % 4.40 % 2.50-2.65 % 3.65 % 3.90-4.13 % 4.20 % Wage increases 3.00 % 3.00 % n/a n/a n/a n/a |
Assumptions Regarding Net Periodic Pension and Other Postretirement Benefit Costs | The following assumptions were used to determine net periodic pension and other postretirement benefit costs for the year ended December 31: U.S. Pension Foreign Pension Other Postretirement 2016 2015 2014 2016 2015 2014 2016 2015 2014 Discount rate 4.20-4.40 % 4.00-4.10 % 5.00% 3.00-3.65 % 3.50 % 4.50 % 3.80-4.20 % 4.00 % 5.00 % Expected long-term rate of return 6.90-7.75 % 8.00 % 8.00% 5.40 % 5.40 % 6.50 % n/a n/a n/a Wages increases 3.00 % 4.00 % 4.00% n/a n/a n/a n/a n/a n/a |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Outstanding and Exercisable Incentive Options (RSUs and PSUs) | A summary of outstanding and exercisable incentive options (RSUs and PSUs) as of December 31, 2016, and activity for the year ended December 31, 2016 is as follows: Number of Weighted Weighted Outstanding at January 1, 2016 90,836 $ 15.72 26,263 $ 15.89 Granted 94,644 18.70 21,164 26.54 Converted (29,635 ) 15.72 0 N/A Forfeited/cancelled 0 N/A (8,079 ) 15.89 Outstanding at December 31, 2016 155,845 $ 17.53 39,348 $ 21.62 |
Summary of Outstanding and Exercisable Stock Options | A summary of outstanding and exercisable stock options as of December 31, 2016, and activity for the year ended December 31, 2016 is as follows: Number of Weighted Remaining Intrinsic Value Outstanding at January 1, 2016 1,013,336 $ 24.03 5.2 $ 0 Granted 0 N/A Exercised 0 N/A Forfeited (7,500 ) 19.37 Outstanding at December 31, 2016 1,005,836 $ 24.07 4.2 $ 0 Exercisable at December 31, 2016 957,113 $ 24.28 4.0 $ 0 Vested or expected to vest at December 31, 2016 1,005,836 $ 24.07 4.2 $ 0 |
Accumulated Other Comprehensi44
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Net Change and Ending Balances for Various Components of Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | Net change and ending balances for the various components of other comprehensive income (loss) and for accumulated other comprehensive loss as of and for the year ended December 31, 2014, 2015 and 2016 are summarized below. Foreign Currency Translation Adjustments Unrecognized Components of Employee Benefit Plans Unrealized on Securities Derivatives Accumulated Balance at January 1, 2014 $ 277 $ (47,462 ) $ 1,007 $ 313 $ (45,865 ) Net Change (4,703 ) (17,934 ) (23 ) (228 ) (22,888 ) Balance at December 31, 2014 (4,426 ) (65,396 ) 984 85 (68,753 ) Net Change (3,967 ) 15,453 (292 ) (40 ) 11,154 Balance at December 31, 2015 (8,393 ) (49,943 ) 692 45 (57,599 ) Net Change (14,580 ) 11,307 (633 ) 506 (3,400 ) Balance at December 31, 2016 $ (22,973 ) $ (38,636 ) $ 59 $ 551 $ (60,999 ) |
Line Items Affected on Consolidated Statements of Operations for Components Reclassified from Accumulated Other Comprehensive Loss | The following summarizes the line items affected on the consolidated statements of operations for components reclassified from accumulated other comprehensive loss for each of the years ended December 31. Amounts in parentheses represent credits to net income (loss). 2016 2015 2014 Amortization of unrecognized employee benefit costs: Costs of products sold (excluding depreciation and amortization) $ 2,463 $ 3,604 $ 3,601 Selling and administrative (719 ) 3,354 1,524 Other expense 166 355 174 Total before income tax 1,910 7,313 5,299 Income tax provision 0 (2,573 ) (1,841 ) Net of income tax $ 1,910 $ 4,740 $ 3,458 Realized gains on sale of marketable securities: Selling and administrative $ (1,404 ) $ (82 ) $ (171 ) Income tax provision 366 29 60 Net of income tax $ (1,038 ) $ (53 ) $ (111 ) Realized gains/losses from settlement of cash flow hedges: Net sales (foreign currency sales contracts) $ (6 ) $ (17 ) $ 33 Depreciation and amortization (foreign currency purchase contracts) (27 ) (27 ) (27 ) Costs of products sold (excluding depreciation and amortization) (futures contracts – copper and aluminum) 220 751 146 Total before income tax 187 707 152 Income tax provision (79 ) (272 ) (57 ) Net of income tax $ 108 $ 435 $ 95 |
Summary of Income Tax Expense (Benefit) Associated with Various Components of Other Comprehensive Income (Loss) | The income tax expense (benefit) associated with the various components of other comprehensive income (loss) for each of the years ended December 31 is summarized below. For 2016, there was no income tax benefit for certain items due to the Corporation having a valuation allowance recorded against its deferred income tax assets for the jurisdiction where the expense is recognized. See Note 15. 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. 2016 2015 2014 Income tax expense (benefit) associated with changes in: Unrecognized employee benefit costs $ 0 $ (4,731) $ 10,265 Unrealized holding losses/gains on marketable securities 0 134 (47 ) Fair value of cash flow hedges 0 294 206 Income tax expense (benefit) associated with reclassification adjustments: Amortization of unrecognized employee benefit costs 0 (2,573 ) (1,841 ) Realized gains from sale of marketable securities 366 29 60 Realized losses from settlement of cash flow hedges (79 ) (272 ) (57 ) |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Location and Fair Value of Foreign Currency Sales Contracts Recorded on Consolidated Balance Sheets | The following summarizes location and fair value of the foreign currency sales contracts recorded on the consolidated balance sheets as of December 31: Location 2016 2015 Cash flow hedge contracts Other current assets $ 0 $ 10 Fair value hedge contracts Other current assets 214 113 Other noncurrent assets 2 0 Other current liabilities 940 258 Other noncurrent liabilities 35 49 Fair value hedged item Receivables 121 27 Other current assets 808 255 Other noncurrent assets 45 39 Other current liabilities 233 116 Other noncurrent liabilities 5 0 |
Summary of Amount Recognized as and Reclassified from Accumulated Other Comprehensive Income (Loss) | The change in the fair value of the cash flow contracts is recorded as a component of accumulated other comprehensive loss. Amounts recognized as and reclassified from accumulated other comprehensive loss are recorded as a component of other comprehensive income (loss) and are summarized below. All amounts are after-tax. For the Year Ended December 31, 2016 Comprehensive Income (Loss) Beginning of Plus Recognized as Comprehensive Less Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss Comprehensive Income (Loss) End of Foreign currency sales contracts – cash flow hedges $ 4 $ 0 $ 4 $ 0 Foreign currency purchase contracts 241 0 25 216 Future contracts – copper and aluminum (200 ) 398 (137 ) 335 $ 45 $ 398 $ (108 ) $ 551 For the Year Ended December 31, 2015 Foreign currency sales contracts – cash flow hedges $ 0 $ 14 $ 10 $ 4 Foreign currency purchase contracts 258 0 17 241 Future contracts – copper and aluminum (173 ) (489 ) (462 ) (200 ) $ 85 $ (475 ) $ (435 ) $ 45 For the Year Ended December 31, 2014 Foreign currency sales contracts – cash flow hedges $ 0 $ (21 ) $ (21 ) $ 0 Foreign currency purchase contracts 275 0 17 258 Future contracts – copper and aluminum 38 (302 ) (91 ) (173 ) $ 313 $ (323 ) $ (95 ) $ 85 |
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 Estimated to be Year Ended December 31, of Operations 12 Months 2016 2015 2014 Foreign currency sales contracts – cash flow hedges Net sales $ 0 $ 6 $ 17 $ (33 ) Foreign currency purchase contracts Depreciation and amortization 27 27 27 27 Futures contracts – copper and aluminum Costs of products sold (excluding depreciation and amortization) 398 (220 ) (751 ) (146 ) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | The following summarizes financial assets and liabilities reported at fair value on a recurring basis in the accompanying consolidated balance sheets at December 31: 2016 Quoted Prices Identical Inputs (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Investments Other noncurrent assets $ 3,863 $ 0 $ 0 $ 3,863 Foreign currency exchange contracts Other current assets 0 1,022 0 1,022 Other noncurrent assets 0 47 0 47 Other current liabilities 0 1,173 0 1,173 Other noncurrent liabilities 0 40 0 40 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 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
(Loss) Income Before Income Taxes and Equity Gains (Losses) in Chinese Joint Venture | (Loss) income before income taxes and equity gains (losses) in Chinese joint venture is comprised of the following: 2016 2015 2014 Domestic $ (26,326 ) $ 6,000 $ (1,182 ) Foreign (31,194 ) (1,480 ) 290 $ (57,520 ) $ 4,520 $ (892 ) |
Income Tax Provision (Benefit) | The income tax provision (benefit) consisted of the following: 2016 2015 2014 Current: Federal $ (1,574 ) $ 4,577 $ 3,458 State 465 378 210 Foreign 414 (20 ) 122 (695 ) 4,935 3,790 Deferred Federal (2,688 ) (2,203 ) (4,678 ) State (1,838 ) 197 54 Foreign (2,472 ) (296 ) 101 Increase (reversal) of valuation allowance 30,405 0 (33 ) 23,407 (2,302 ) (4,556 ) $ 22,712 $ 2,633 $ (766 ) |
Difference Between Statutory U.S. Federal Income Tax and the Corporation's Effective Income Tax | The difference between statutory U.S. federal income tax and the Corporation’s effective income tax was as follows: 2016 2015 (1) 2014 (1) Computed at statutory rate $ (19,984 ) $ 1,402 $ (683 ) Tax differential on non-U.S. earnings 1,790 106 128 State income taxes (1,535 ) 226 (227 ) Manufacturers deduction (I.R.C. Section 199) 204 (433 ) (359 ) Meals and entertainment 143 136 224 Tax credits 0 (243 ) (12 ) Goodwill impairment 9,191 0 0 Increase (reversal) of valuation allowance 30,405 0 (33 ) Change in tax rates 1,913 224 301 Change in uncertain tax positions 114 91 (80 ) Acquisition-related costs 571 981 0 Other – net (100 ) 143 (25 ) $ 22,712 $ 2,633 $ (766 ) (1) Certain reclassifications have been made to the prior year columns to conform to the current year presentation. |
Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities as of December 31, 2016 and 2015 are summarized below. 2016 2015 Assets: Employment – related liabilities $ 18,659 $ 9,644 Pension liability – foreign 2,241 2,822 Pension liability – domestic 16,133 12,934 Liabilities related to discontinued operations 241 704 Capital loss carryforwards 282 223 Asbestos-related liability 21,024 16,356 Net operating loss – domestic 653 0 Net operating loss – state 2,123 1,445 Net operating loss – foreign 19,106 0 Inventory related 2,157 4,292 Impairment charge associated with investment in UES-MG 2,184 2,298 Investment tax credits – foreign 791 0 Other 6,660 3,311 Gross deferred income tax assets 92,254 54,029 Valuation allowance (1) (45,449 ) (2,481 ) 46,805 51,548 Liabilities: Depreciation (37,584 ) (29,223 ) Mark-to-market adjustment – derivatives (187 ) (40 ) Intangible assets – definite life (2,067 ) 0 Intangible assets – indefinite life (731 ) 0 Other (2,003 ) (1,716 ) Gross deferred income tax liabilities (42,572 ) (30,979 ) Net deferred income tax assets $ 4,233 $ 20,569 (1) Certain deferred income tax assets acquired in the ASW acquisition had valuation allowances recorded in the opening balance sheet. Accordingly, the valuation allowance indicated in the deferred income tax table differs from the valuation allowance recognized in the income tax provision for 2016. |
Summary of Changes in Unrecognized Tax Benefits | The following summarizes changes in unrecognized tax benefits for the year ended December 31: 2016 2015 2014 Balance at the beginning of the year $ 315 $ 52 $ 270 Gross increases for tax positions taken in the current year 0 0 0 Gross increases for tax positions taken in prior years 0 283 2 Gross decreases in tax positions due to lapse in statute of limitations (79 ) (20 ) (61 ) Gross decreases for tax positions taken in prior years 0 0 (17 ) Gross decreases for tax settlements with taxing authorities 0 0 (142 ) Balance at the end of the year $ 236 $ 315 $ 52 |
Litigation (Tables)
Litigation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Schedule of Loss Contingencies by Contingency | The following table reflects approximate information about the claims for Asbestos Liability against the subsidiaries and the Corporation for the two years ended December 31, 2016 and 2015: 2016 2015 Total claims pending at the beginning of the period 6,212 8,457 New claims served 1,452 1,424 Claims dismissed (782 ) (3,339 ) Claims settled (264 ) (330 ) Total claims pending at the end of the period (1) 6,618 6,212 Gross settlement and defense costs (in 000’s) $ 17,960 $ 19,199 Average gross settlement and defense costs per claim resolved (in 000’s) $ 17.17 $ 5.23 (1) Included as “open claims” are approximately 444 and 430 claims in 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 for each of the years ended December 31, 2016 and 2015. 2016 2015 Insurance receivable – asbestos, beginning of the year $ 125,423 $ 140,651 Settlement and defense costs paid by insurance carriers (1) (23,138 ) (15,228 ) Changes in estimated coverage 13,660 0 Insurance receivable – asbestos, end of the year $ 115,945 $ 125,423 (1) Settlement and defense costs paid by insurance carriers for 2016, includes a lump sum cash settlement with an insurance carrier of $9,808. |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Net Sales and (Loss) Income before Income Taxes | The accounting policies are the same as those described in Note 1. Net Sales (Loss) Income Before Income Taxes and Equity Losses in Chinese Joint Venture 2016 2015 2014 2016 2015 2014 Forged and Cast Engineered Products (1) $ 247,652 $ 152,267 $ 179,388 $ (42,878 ) $ (3,444 ) $ 4,380 Air and Liquid Processing (1) 84,214 86,213 93,470 5,123 23,166 4,222 Total Reportable Segments 331,866 238,480 272,858 (37,755 ) 19,722 8,602 Corporate costs, including other income (expense) (19,765 ) (15,202 ) (9,494 ) $ 331,866 $ 238,480 $ 272,858 $ (57,520 ) $ 4,520 $ (892 ) Capital Expenditures Depreciation and Identifiable Assets (2) 2016 2015 2014 2016 2015 2014 2016 2015 2014 Forged and Cast Engineered Products $ 9,440 $ 8,608 $ 12,884 $ 19,166 $ 10,468 $ 10,303 $ 348,331 $ 228,718 $ 260,384 Air and Liquid Processing 385 494 356 1,183 1,262 1,444 173,017 183,024 197,518 Corporate 741 305 69 114 57 71 44,541 94,414 78,507 $ 10,566 $ 9,407 $ 13,309 $ 20,463 $ 11,787 $ 11,818 $ 565,889 $ 506,156 $ 536,409 Net Sales (3) Long-Lived Assets (4) (Loss) Income Before Income Geographic Areas: 2016 2015 2014 2016 2015 2014 2016 2015 2014 United States $ 159,531 $ 126,417 $ 143,493 $ 206,460 $ 236,707 $ 252,739 $ (25,906 ) $ 5,855 $ (1,471 ) Foreign 172,335 112,063 129,365 133,141 29,198 31,359 (31,614 ) (1,335 ) 579 $ 331,866 $ 238,480 $ 272,858 $ 339,601 $ 265,905 $ 284,098 $ (57,520 ) $ 4,520 $ (892 ) Net Sales by Product Line (5) 2016 2015 2014 Forged and cast engineered products $ 247,652 $ 152,267 $ 179,388 Heat exchange coils 28,139 32,745 39,109 Centrifugal pumps 36,359 33,120 32,983 Air handling systems 19,716 20,348 21,378 $ 331,866 $ 238,480 $ 272,858 (1) Income (loss) before income taxes and equity losses in Chinese Joint Venture for the Forged and Cast Engineered Products segment includes a pre-tax charge of $26,676 principally for the write off of goodwill associated with the Forged and Cast Engineered Products reporting unit deemed to be impaired. Income (loss) before income taxes and equity losses in Chinese Joint Venture for the Air and Liquid Processing segment for 2016 includes pre-tax charge of $4,565 for estimated costs of asbestos-related litigation through 2026 net of estimated insurance recoveries and a settlement with an insurance carrier for an amount greater than originally estimated, 2015 includes pre-tax asbestos-related proceeds of $14,333 received from two insurance carriers in rehabilitation, and 2014 includes a pre-tax charge of $4,487 for estimated costs of asbestos-related litigation through 2024 net of estimated insurance recoveries. (2) Identifiable assets for the Forged and Cast Engineered Products segment include investments in joint ventures of $2,019, $3,097 and $3,914 at December 31, 2016, 2015 and 2014, respectively. The change in the identifiable assets of the Air and Liquid Processing segment relates primarily to the movement in asbestos-related insurance receivables, the balances of which equaled $115,945, $125,423 and $140,651 at December 31, 2016, 2015 and 2014, respectively. (3) Net sales are attributed to countries based on location of the customer. Sales to individual countries were less than 10% of consolidated net sales each of the years. (4) Foreign long-lived assets represent primarily investments in joint ventures of $2,019, $3,097 and $3,914 at December 31, 2016, 2015 and 2014, respectively, and assets of the U.K. and Åkers operations. Long-lived assets of the U.S. include noncurrent asbestos-related insurance receivables of $102,945, $108,423 and $123,651 for 2016, 2015 and 2014, respectively. (5) For the Forged and Cast Engineered Products segment, two customers accounted for 24%, 33% and 29% of its net sales for 2016, 2015 and 2014, respectively. For the Air and Liquid Processing segment, one customer accounted for 10% of its net sales for 2016 and no customers exceeded 10% of net sales for 2015 or 2014. One customer accounted for 11% of the Corporation’s consolidated sales in 2016. |
Quarterly Information - Unaud50
Quarterly Information - Unaudited (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information | (in thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter 2016 Net sales $ 63,578 $ 93,301 $ 82,861 $ 92,126 Gross profit (a) 12,473 15,849 15,594 11,454 Net (loss) income attributable to Ampco-Pittsburgh (b) (2,890 ) (6,486 ) (27,382 ) (43,062 ) Net (loss) income per common share attributable to Ampco-Pittsburgh: Basic (b) (0.26 ) (0.53 ) (2.23 ) (3.51 ) Diluted (b) (0.26 ) (0.53 ) (2.23 ) (3.51 ) Comprehensive (loss) income attributable to Ampco-Pittsburgh (c) (1,501 ) (10,739 ) (22,894 ) (47,972 ) 2015 Net sales $ 65,087 $ 59,973 $ 58,094 $ 55,326 Gross profit (a) 13,043 11,776 9,439 8,131 Net income (loss) attributable to Ampco-Pittsburgh (d) 72 (520 ) (1,511 ) 3,332 Net income (loss) per common share attributable to Ampco-Pittsburgh: Basic (d) 0.01 (0.05 ) (0.14 ) 0.32 Diluted (d) 0.01 (0.05 ) (0.14 ) 0.32 Comprehensive income (loss) attributable to Ampco-Pittsburgh (e) 3,692 2,789 (2,250 ) 8,296 (a) Gross profit excludes depreciation and amortization. (b) The second, third and fourth quarters of 2016 include valuation allowances of $1,419, $26,903 and $2,083, respectively, to recognize existing net deferred income tax assets to their estimated net realizable value. Fourth quarter of 2016 also includes an after-tax charge of $4,565 or $0.38 per common share for estimated costs of asbestos-related litigation through 2026 net of estimated insurance recoveries and a settlement with an insurance carrier for an amount greater than originally estimated, and an after-tax charge of $26,676 or $2.23 per common share primarily for the write off of goodwill in the Forged and Cast Engineered Products reporting unit deemed to be impaired. (c) Third quarter of 2016 includes an adjustment to recognize the effect of a plan amendment to one of its other postretirement benefit plans of $4,762. No income tax benefit was recognized due to the Corporation having a valuation allowance recorded against the deferred income tax assets for the jurisdiction affected by the plan amendment. (d) Fourth quarter of 2015 includes an after-tax credit of $9,316 or $0.89 per common share for the net benefit of proceeds received from an insurance carrier in rehabilitation offset by acquisition-related costs. (e) First quarter of 2015 includes a net-of-tax adjustment to recognize the effect of a plan amendment to the other postretirement benefit plan of $4,163. Fourth quarter of 2015 includes a net-of-tax adjustment to reflect the funded status of the various pension and other postretirement benefit plans of $5,231. |
Description of Business - Addit
Description of Business - Additional Information (Detail) - Segment | 12 Months Ended | |
Dec. 31, 2016 | Mar. 03, 2016 | |
Schedule Of Description Of Business [Line Items] | ||
Number of business segments | 2 | |
Akers AB [Member] | ||
Schedule Of Description Of Business [Line Items] | ||
Business acquisition, equity interest acquired | 100.00% | |
Chinese Joint Venture Company [Member] | Akers AB [Member] | ||
Schedule Of Description Of Business [Line Items] | ||
Business acquisition, equity interest acquired | 60.00% |
Summary of Significant Accoun52
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Significant Accounting Policies [Line Items] | |||
Percentage of unrealized gains and losses used to determine market related value of plan asset | 20.00% | ||
Moving average period to determine market value of plan assets | 5 years | ||
Vesting period, years | 3 years | ||
Deferred tax liability recorded | $ 0 | ||
Weighted average diluted common shares outstanding | 11,951,181 | 10,447,066 | 10,404,744 |
Restricted Stock Units (RSUs) [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Vesting period, years | 3 years | ||
Stock Option [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Vesting period, years | 3 years | ||
Stock Option [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Weighted average outstanding stock options | 1,163,396 | 1,138,287 | 1,242,545 |
Minimum [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Investments in joint ventures | 20.00% | ||
Defined benefit plan actuarial gain loss percentage | 10.00% | ||
Minimum [Member] | Land and Land Improvements [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life | 15 years | ||
Minimum [Member] | Buildings [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life | 25 years | ||
Minimum [Member] | Machinery and Equipment [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life | 3 years | ||
Maximum [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Investments in joint ventures | 50.00% | ||
Defined benefit plan actuarial gain loss percentage | 10.00% | ||
Maximum [Member] | Land and Land Improvements [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life | 20 years | ||
Maximum [Member] | Buildings [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life | 50 years | ||
Maximum [Member] | Machinery and Equipment [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life | 25 years |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) $ in Thousands | Nov. 01, 2016USD ($) | Mar. 03, 2016USD ($)Officeshares | Jul. 29, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Akers AB [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, equity interest acquired | 100.00% | ||||||
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 | ||||||
Post-closing adjustments on Purchase price | 3,100 | ||||||
Business acquisition, net sales | $ 121,079 | ||||||
Business acquisition, loss before income taxes | $ (10,130) | ||||||
Fair value adjustment to property, plant and equipment | 3,700 | ||||||
Fair value adjustment to noncontrolling interest | 9,600 | ||||||
Fair value adjustment to deferred income taxes | 7,400 | ||||||
Intangible assets acquired | 11,784 | ||||||
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 | 20 years | ||||||
Intangible assets acquired | $ 4,736 | ||||||
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 | $ 3,056 | $ 3,383 | |||||
Alloys Unlimited & Processing, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price in the form of cash | $ 5,000 | ||||||
Forged and Cast Engineered Products [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Impairment of goodwill | $ 26,261 | ||||||
ASW Steel Inc [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Total base purchase price | $ 3,500 | ||||||
Purchase price in the form of cash | 3,500 | ||||||
Business acquisition, net sales | $ 7,523 | ||||||
Business acquisition, loss before income taxes | $ (1,781) | ||||||
Total purchase price | 13,116 | ||||||
Outstanding indebtedness | $ 9,616 | ||||||
U.S. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of sales offices | Office | 1 |
Acquisition - Summary of Fair V
Acquisition - Summary of Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Nov. 01, 2016 | Mar. 03, 2016 |
Akers AB [Member] | ||
Business Acquisition [Line Items] | ||
Current assets (excluding inventories) | $ 41,703 | |
Inventories | 30,332 | |
Property, plant and equipment | 71,871 | |
Intangible assets | 11,784 | |
Other noncurrent assets | 8,068 | |
Current liabilities | (71,690) | |
Noncurrent liabilities | (43,153) | |
Net assets acquired | 48,915 | |
Noncontrolling interest | (2,019) | |
Goodwill | 27,259 | |
Base purchase price | $ 74,155 | |
ASW Steel Inc [Member] | ||
Business Acquisition [Line Items] | ||
Current assets (excluding inventories) | $ 6,525 | |
Inventories | 6,956 | |
Property, plant and equipment | 10,310 | |
Current liabilities | (10,675) | |
Outstanding indebtedness | (9,616) | |
Base purchase price | $ 3,500 |
Acquisition - Summary of Pro Fo
Acquisition - Summary of Pro Forma Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | ||
Net loss attributable to Ampco-Pittsburgh | $ (85,778) | $ (24,740) |
Net loss per common share (basic) attributable to Ampco-Pittsburgh | $ (6.94) | $ (2.03) |
Akers AB [Member] | ||
Business Acquisition [Line Items] | ||
Net sales | $ 393,243 | $ 440,265 |
Loss before income taxes (includes noncontrolling interest) | $ (63,498) | $ (11,945) |
Investments in Joint Ventures -
Investments in Joint Ventures - Additional Information (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2016 |
Maximum [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Percentage of ownership in joint venture | 50.00% | 50.00% | ||||||
UES [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Percentage of ownership in joint venture | 49.00% | 49.00% | ||||||
Cash payment for joint venture | $ 14,700,000 | |||||||
Percentage of equity sold | 16.00% | |||||||
Amount of equity method investment sold | $ 2,400,000 | |||||||
Period of payment for equity interest sold | 3 years | |||||||
Percentage of intercompany profit | 49.00% | |||||||
Recognized gain on sale of equity interest percentage | $ 111,000 | |||||||
Losses of the joint venture approximated | $ (1,050,000) | $ (2,165,000) | ||||||
Dividend declared | $ 395,000 | $ 0 | $ 0 | |||||
UES [Member] | Maximum [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Carrying amount of investment | $ 700,000 | $ 700,000 | ||||||
Maanshan [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Percentage of ownership in joint venture | 51.00% | 51.00% | ||||||
ATR [Member] | Akers AB [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Ownership interest by primary beneficiary | 59.88% | 59.88% | ||||||
ATR [Member] | TISCO [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Ownership interest by minority holder | 40.12% | 40.12% | ||||||
Gongchang [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Recorded cost in Gongchang | $ 1,340,000 | $ 1,340,000 | ||||||
Percentage of ownership in Gongchang | 24.00% | 24.00% |
Investments in Joint Ventures57
Investments in Joint Ventures - Assets, Liabilities and Shareholders' Equity of Joint Venture (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Current assets (includes receivables from related parties of $187 and $935, respectively) | $ 7,856 | $ 8,332 |
Noncurrent assets | 16,080 | 28,993 |
Total assets | 23,936 | 37,325 |
Liabilities and Shareholders' Equity: | ||
Current liabilities (includes liabilities to related parties of $3,651 and $17,230, respectively) | 4,551 | 17,455 |
Noncurrent liabilities (includes liabilities to related parties of $813 and $0, respectively) | 813 | 0 |
Shareholders' equity | 18,572 | 19,870 |
Total liabilities and shareholders' equity | $ 23,936 | $ 37,325 |
Investments in Joint Ventures58
Investments in Joint Ventures - Assets, Liabilities and Shareholders' Equity of Joint Venture (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment In Joint Venture [Abstract] | ||
Receivables from related parties | $ 187 | $ 935 |
Liabilities to related parties | 3,651 | 17,230 |
Noncurrent liabilities to related parties | $ 813 | $ 0 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 23,964 | $ 18,314 |
Work-in-progress | 29,198 | 21,583 |
Finished goods | 20,046 | 9,897 |
Supplies | 10,371 | 9,940 |
Inventories | $ 83,579 | $ 59,734 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Inventory Disclosure [Abstract] | |||
Percentage of inventories valued on the LIFO method | 45.00% | 60.00% | |
The LIFO reserve approximated | $ (15,139) | $ (24,647) | |
Decrease in costs of products sold | 936 | 216 | $ 2,196 |
Net income | $ 936 | $ 141 | $ 1,427 |
Common per share | $ 0.08 | $ 0.01 | $ 0.14 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 411,538 | $ 327,491 |
Accumulated depreciation and amortization | (197,130) | (180,578) |
Property, plant and equipment, Net | 214,408 | 146,913 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 11,747 | 5,223 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 66,017 | 44,570 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 323,684 | 266,358 |
Construction-in-Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 2,595 | 3,566 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 7,495 | $ 7,774 |
Property, Plant and Equipment62
Property, Plant and Equipment - Additional Information (Detail) - Dec. 31, 2016 £ in Thousands, $ in Thousands | USD ($) | GBP (£) |
Property, Plant and Equipment [Abstract] | ||
Land and Building | $ 2,556 | £ 2,072 |
Capital leased assets gross value | 3,610 | |
Capital lease, lease related accumulated amortization | $ 691 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, Trade name | $ 2,537 | $ 0 | |
Intangible assets, gross | 13,029 | 1,245 | |
Accumulated amortization | (1,428) | (52) | |
Intangible assets, net | 11,601 | 1,193 | $ 0 |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 6,244 | 1,245 | |
Developed Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | $ 4,248 | $ 0 |
Intangible Assets - Summary of
Intangible Assets - Summary of Changes in Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Balance at the beginning of the year | $ 1,193 | $ 0 |
Changes in intangible assets | 11,784 | 1,245 |
Amortization of intangible assets | (1,106) | (52) |
Other, primarily impact from changes in foreign currency exchange rates | (270) | 0 |
Balance at the end of the year | $ 11,601 | $ 1,193 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill [Line Items] | ||
Indefinite-lived trade name | $ 2,537 | $ 0 |
Akers AB [Member] | ||
Goodwill [Line Items] | ||
Indefinite-lived trade name | 2,537 | |
Estimated future amortization expense in 2017 | 1,150 | |
Estimated future amortization expense in 2018 | 1,150 | |
Estimated future amortization expense in 2019 | 1,150 | |
Estimated future amortization expense in 2020 | 1,150 | |
Estimated future amortization expense in 2021 | 485 | |
Estimated future amortization expense, thereafter | $ 3,979 |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other Liabilities Disclosure [Abstract] | ||
Customer-related liabilities | $ 21,564 | $ 12,195 |
Accrued interest payable | 2,274 | 3 |
Income taxes payable | 0 | 3,256 |
Accrued sales commissions | 1,693 | 1,506 |
Other | 16,666 | 6,920 |
Other current liabilities | $ 42,197 | $ 23,880 |
Other Current Liabilities - S67
Other Current Liabilities - Schedule of Changes in Liability for Product Warranty Claims (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Liabilities Disclosure [Abstract] | |||
Balance at the beginning of the year | $ 6,358 | $ 6,672 | $ 6,899 |
Acquisitions - opening balance sheet liability for warranty claims | 7,130 | 0 | 0 |
Satisfaction of warranty claims | (4,297) | (2,452) | (2,335) |
Provision for warranty claims | 3,282 | 2,293 | 2,300 |
Other, primarily impact from changes in foreign currency exchange rates | (952) | (155) | (192) |
Balance at the end of the year | $ 11,521 | $ 6,358 | $ 6,672 |
Borrowing Arrangements - Additi
Borrowing Arrangements - Additional Information (Detail) ¥ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016GBP (£) | Dec. 31, 2016EUR (€) | Dec. 31, 2016CNY (¥) | |
Line of Credit Facility [Line Items] | ||||||
Initial borrowing capacity | $ 750,000 | £ 250,000 | € 400,000 | |||
Credit amount outstanding | 0 | $ 0 | ||||
Future principal payments, next twelve months | 26,825,000 | |||||
Future principal payments, in year two | 585,000 | |||||
Future principal payments, in year three | 24,257,000 | |||||
Future principal payments, in year four | 337,000 | |||||
Future principal payments, in year five | 210,000 | |||||
Deferred financing fees | 1,250,000 | |||||
Notes issued | 22,619,000 | 0 | $ 0 | |||
Accrued interest | 2,274,000 | 3,000 | ||||
Industrial Revenue Bonds [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt outstanding | $ 13,311,000 | 13,311,000 | ||||
Promissory Notes (and Interest) [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt, interest rate | 6.50% | 6.50% | 6.50% | 6.50% | ||
Accrued interest | $ 1,225,000 | |||||
Debt, maturity date | Mar. 3, 2019 | |||||
Debt outstanding | $ 23,844,000 | 0 | ||||
Promissory Notes (and Interest) [Member] | Akers AB [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Notes issued | $ 22,619,000 | |||||
Minority Shareholder Loan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt, interest rate | 4.90% | 4.90% | 4.90% | 4.90% | ||
Accrued interest | $ 2,265,000 | ¥ 15,730 | ||||
Debt outstanding | 4,990,000 | 0 | ¥ 34,655 | |||
Credit Facilities [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Initial borrowing capacity | $ 20,000,000 | |||||
Debt instrument description of interest rate | Interest at 4% plus the higher of LIBOR or 1% | |||||
Debt instrument basis spread | 4.00% | |||||
Credit amount outstanding | $ 7,146,000 | |||||
Debt, interest rate | 5.11% | 5.11% | 5.11% | 5.11% | ||
Collateral fee percentage | 1.20% | |||||
Commitment fee percentage | 0.50% | |||||
Debt instrument, maturity date | 2017-06 | |||||
Early termination fee percentage | 2.00% | |||||
Early termination fee | $ 400,000 | |||||
Fixed-Rate Term Loan Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Initial borrowing capacity | $ 5,000,000 | |||||
Debt instrument description of interest rate | Interest at 7.25% plus the higher of LIBOR or 1%. | |||||
Debt instrument basis spread | 7.25% | |||||
Credit amount outstanding | $ 762,000 | |||||
Debt, interest rate | 9.16% | 9.16% | 9.16% | 9.16% | ||
Debt instrument, maturity date | 2017-06 | |||||
Early termination fee percentage | 2.00% | |||||
Early termination fee | $ 400,000 | |||||
Letter of Credit [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Initial borrowing capacity | $ 40,000,000 | |||||
Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Revolving credit term | 5 years | |||||
Additional borrowing capacity | $ 50,000,000 | |||||
Line of credit, remaining borrowing capacity | 54,000 | |||||
Debt outstanding | $ 7,146,000 | $ 0 | ||||
Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument description of interest rate | LIBOR plus an applicable margin ranging between 1.25% to 1.75% | |||||
Credit Facility [Member] | Base Rate [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument description of interest rate | Base Rate plus an applicable margin ranging between 0.25% to 0.75% | |||||
European Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Initial borrowing capacity | $ 15,000,000 | |||||
Canadian Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Initial borrowing capacity | $ 15,000,000 | |||||
Minimum [Member] | Capital Leases [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Effective interest rate | 1.20% | 1.20% | 1.20% | 1.20% | ||
Minimum [Member] | Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Commitment fee payable percentage | 0.25% | |||||
Minimum [Member] | Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument basis spread | 1.25% | |||||
Minimum [Member] | Credit Facility [Member] | Base Rate [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument basis spread | 0.25% | |||||
Maximum [Member] | Capital Leases [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Effective interest rate | 5.30% | 5.30% | 5.30% | 5.30% | ||
Maximum [Member] | Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Initial borrowing capacity | $ 100,000,000 | |||||
Commitment fee payable percentage | 0.375% | |||||
Fixed charge coverage ratio | 1 | 1 | 1 | 1 | ||
Maximum [Member] | Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument basis spread | 1.75% | |||||
Maximum [Member] | Credit Facility [Member] | Base Rate [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument basis spread | 0.75% | |||||
Tax Exempt Industrial Revenue Bond One [Member] | Industrial Revenue Bonds [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Tax-exempt IRB maturing in 2020/2027/2029 | $ 4,120,000 | |||||
Interest at a floating rate on tax-exempt IRB maturing in 2020/2027/2029 | 0.50% | 0.50% | 0.50% | 0.50% | ||
Taxable Industrial Revenue Bond [Member] | Industrial Revenue Bonds [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Tax-exempt IRB maturing in 2020/2027/2029 | $ 7,116,000 | |||||
Interest at a floating rate on tax-exempt IRB maturing in 2020/2027/2029 | 0.65% | 0.65% | 0.65% | 0.65% | ||
Tax Exempt Industrial Revenue Bond Two [Member] | Industrial Revenue Bonds [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Tax-exempt IRB maturing in 2020/2027/2029 | $ 2,075,000 | |||||
Interest at a floating rate on tax-exempt IRB maturing in 2020/2027/2029 | 0.59% | 0.59% | 0.59% | 0.59% |
Borrowing Arrangements - Schedu
Borrowing Arrangements - Schedule of Outstanding Borrowings (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |||
Capital leases | $ 2,161 | $ 0 | |
Long term debt | 52,214 | 13,311 | |
Long term debt | 52,214 | 13,311 | |
Current portion | (26,825) | (13,311) | |
Debt non current | 25,389 | 0 | |
Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Long term debt | 7,146 | 0 | |
Industrial Revenue Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Long term debt | 13,311 | 13,311 | |
Promissory Notes (and Interest) [Member] | |||
Debt Instrument [Line Items] | |||
Long term debt | 23,844 | 0 | |
Minority Shareholder Loan [Member] | |||
Debt Instrument [Line Items] | |||
Long term debt | 4,990 | ¥ 34,655 | 0 |
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Long term debt | $ 762 | $ 0 |
Pension and Other Postretirem70
Pension and Other Postretirement Benefits - Additional Information (Detail) £ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016USD ($)CustomerPension_PlanEmployeesLocation | Dec. 31, 2016GBP (£)CustomerEmployeesLocation | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016GBP (£)Pension_Plan | Dec. 31, 2015GBP (£) | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Defined benefit pension contribution plan, non-elective base contribution rate | 3.00% | 3.00% | ||||
Number of employees participate in the plan | Employees | 100,000 | 100,000 | ||||
Multiemployer plan number of employees description | Approximately 100,000 | Approximately 100,000 | ||||
Total amount of assets collected | $ 11,600,000,000 | |||||
Percentage of funded status in excess | 101.00% | 101.00% | ||||
Participation of corporation's employees in the plan | Less than 100 | Less than 100 | ||||
Corporation's contributions | $ 237,000 | $ 236,000 | $ 233,000 | |||
Percentage of employers contributions | 5.00% | 5.00% | ||||
Contributions expected in 2017 | $ 259,000 | |||||
Contributions to defined contribution pension plan | £ | £ 1,123 | |||||
Service period to avail existing pension plan | 15 years | 15 years | ||||
Maximum maturity period of fixed income investments | 10 years | 10 years | ||||
Investments in diversified portfolio | Invests primarily in a diversified portfolio of fixed-income securities of varying maturities or in commingled funds which invest in a diversified portfolio of fixed-income securities of varying maturities. | Invests primarily in a diversified portfolio of fixed-income securities of varying maturities or in commingled funds which invest in a diversified portfolio of fixed-income securities of varying maturities. | ||||
Target allocation | Generate a minimum annual inflation adjusted return of 5% and outperform a traditional 70/30 equities/bond portfolio. | Generate a minimum annual inflation adjusted return of 5% and outperform a traditional 70/30 equities/bond portfolio. | ||||
High-quality fixed-income investments maturity | 10 years | 10 years | ||||
Assumed health care cost trend rate for 2017 | 6.00% | 6.00% | ||||
Akers AB [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Employer non-elective contributions, percentage of employee compensation | 3.00% | 3.00% | ||||
Reduction in pension liability due to exit from defined benefit plan | $ 1,181,000 | |||||
Curtailment gain (loss) | $ 887,000 | |||||
Number of postretirement benefit plans | Pension_Plan | 2 | 2 | ||||
Ampco Pittsburgh [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Voluntary contributions made | $ 2,466,000 | 882,000 | ||||
Employer contribution expected in 2017 | $ 2,810,000 | |||||
Minimum [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Defined benefit plan actuarial gain loss percentage | 10.00% | 10.00% | ||||
Minimum [Member] | Multi-Employer Plan [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Number of employer locations contributed to the plan | Location | 1,650 | 1,650 | ||||
Maximum [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Defined benefit pension contribution plan, matching contribution rate | 4.00% | 4.00% | ||||
Defined benefit plan actuarial gain loss percentage | 10.00% | 10.00% | ||||
U.S. Pension Benefits [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Number of defined benefit pension plans | Pension_Plan | 1 | 1 | ||||
Curtailment gain (loss) | $ 887,000 | (1,303,000) | 0 | |||
Voluntary contributions made | 376,000 | 324,000 | ||||
Minimum contributions required | 0 | |||||
Estimated benefit payments, in 2017 | 13,206,000 | |||||
Estimated benefit payments, in 2018 | 13,535,000 | |||||
Estimated benefit payments, in 2019 | 13,944,000 | |||||
Estimated benefit payments, in 2020 | 14,195,000 | |||||
Estimated benefit payments, in 2021 | 14,485,000 | |||||
Estimated benefit payments, in 2022-2026 | 73,814,000 | |||||
Fair value of plan assets | 188,722,000 | 139,376,000 | 157,048,000 | |||
Accumulated benefit obligations | 235,299,000 | 173,243,000 | ||||
Projected benefit obligations | 68,081,000 | 0 | ||||
Reduction in plan liability | $ 0 | 447,000 | ||||
U.S. Pension Benefits [Member] | Akers AB [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Number of defined benefit pension plans | Pension_Plan | 2 | 2 | ||||
Nonqualified Defined Benefit Pension Plan [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Minimum contributions expected in 2017 | $ 0 | |||||
Estimated benefit payments, in 2017 | 417,000 | |||||
Estimated benefit payments, in 2018 | 438,000 | |||||
Estimated benefit payments, in 2019 | 452,000 | |||||
Estimated benefit payments, in 2020 | 463,000 | |||||
Estimated benefit payments, in 2021 | 482,000 | |||||
Estimated benefit payments, in 2022-2026 | 2,548,000 | |||||
Accumulated benefit obligations | 6,639,000 | 5,676,000 | ||||
Defined benefit plan contribution made to trusts | 0 | |||||
Fair market value included in other noncurrent assets | 3,863,000 | 3,663,000 | ||||
Foreign Pension Benefits [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Curtailment gain (loss) | 0 | 0 | 0 | |||
Voluntary contributions made | 1,687,000 | 1,715,000 | 1,849,000 | |||
Estimated benefit payments, in 2017 | 1,249,000 | |||||
Estimated benefit payments, in 2018 | 1,752,000 | |||||
Estimated benefit payments, in 2019 | 2,042,000 | |||||
Estimated benefit payments, in 2020 | 1,906,000 | |||||
Estimated benefit payments, in 2021 | 1,883,000 | |||||
Estimated benefit payments, in 2022-2026 | 11,679,000 | |||||
Fair value of plan assets | 48,055,000 | 49,628,000 | 50,533,000 | £ 38,955 | £ 33,528 | |
Accumulated benefit obligations | 61,277,000 | 63,750,000 | £ 49,673 | £ 43,069 | ||
Contributions to defined contribution pension plan | 252,000 | 382,000 | 407,000 | |||
Contributions to the defined contribution pension plan expected in 2017 | 276,000 | |||||
Projected benefit obligations | 5,393,000 | 0 | ||||
Reduction in plan liability | $ 0 | 0 | ||||
Foreign Pension Benefits [Member] | Akers AB [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Number of defined benefit pension plans | Pension_Plan | 2 | 2 | ||||
Estimated benefit payments, in 2017 | $ 189,000 | |||||
Estimated benefit payments, in 2018 | 224,000 | |||||
Estimated benefit payments, in 2019 | 274,000 | |||||
Estimated benefit payments, in 2020 | 274,000 | |||||
Estimated benefit payments, in 2021 | 306,000 | |||||
Estimated benefit payments, in 2022-2026 | 1,333,000 | |||||
Projected benefit obligations | 5,633,000 | |||||
Other Postretirement Benefits [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Curtailment gain (loss) | 0 | 0 | 0 | |||
Voluntary contributions made | 1,391,000 | 610,000 | ||||
Estimated benefit payments, in 2017 | 1,289,000 | |||||
Estimated benefit payments, in 2018 | 1,331,000 | |||||
Estimated benefit payments, in 2019 | 1,358,000 | |||||
Estimated benefit payments, in 2020 | 1,455,000 | |||||
Estimated benefit payments, in 2021 | 1,279,000 | |||||
Estimated benefit payments, in 2022-2026 | 5,825,000 | |||||
Fair value of plan assets | 0 | 0 | $ 0 | |||
Projected benefit obligations | $ 17,467,000 | $ 0 | ||||
Number of subsidiary having postretirement health care benefits | Customer | 1 | 1 | ||||
Monthly reimbursement period | 5 years | |||||
Reduction in plan liability | $ (4,762,000) | $ (4,437,000) | ||||
Percentage decrease in other postretirement benefits in 2018 | 4.75% | 4.75% | ||||
Year related to decrease in health care cost trend rate | 2,020 | 2,020 | ||||
Percentage point increase or decrease in the assumed health care cost trend rate | 1.00% | 1.00% | ||||
Other Postretirement Benefits [Member] | Akers AB [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Reduction in pension liability due to exit from defined benefit plan | $ 4,762,000 | |||||
Other Postretirement Benefits [Member] | Minimum [Member] | Akers AB [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Amortization period of pension liability | 7 years 6 months | 7 years 6 months | ||||
Other Postretirement Benefits [Member] | Maximum [Member] | Akers AB [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Amortization period of pension liability | 12 years | 12 years | ||||
Remeasurement of Pension Plan Liability [Member] | Electric Steel Corporation Carnegie [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||
Curtailment gain (loss) | (1,303,000) | |||||
Pension benefit plan decrease in liability | $ 10,306,000 |
Pension and Other Postretirem71
Pension and Other Postretirement Benefits - Schedule of Changes in Projected Benefit Obligations (PBO) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
U.S. Pension Benefits [Member] | |||
Change in projected benefit obligations: | |||
PBO, beginning balance | $ 181,803 | $ 205,399 | |
Åkers acquisition - PBO at March 3 | 68,081 | 0 | |
Service cost | 1,714 | 2,743 | $ 3,683 |
Interest cost | 9,977 | 7,990 | 8,762 |
Plan amendments | 0 | 447 | |
Plan settlements | (2,739) | (5,494) | |
Plan curtailments | (1,181) | (10,306) | |
Foreign currency exchange rate changes | 0 | 0 | |
Actuarial (gain) loss | (160) | (9,880) | |
Participant contributions | 0 | 0 | |
Benefits paid from plan assets | (12,679) | (8,772) | |
Benefits paid by the Corporation | (376) | (324) | |
PBO, Ending balance | 244,440 | 181,803 | 205,399 |
Foreign Pension Benefits [Member] | |||
Change in projected benefit obligations: | |||
PBO, beginning balance | 63,750 | 70,523 | |
Åkers acquisition - PBO at March 3 | 5,393 | 0 | |
Service cost | 314 | 0 | 0 |
Interest cost | 2,250 | 2,394 | 2,695 |
Plan amendments | 0 | 0 | |
Plan settlements | 0 | 0 | |
Plan curtailments | 0 | 0 | |
Foreign currency exchange rate changes | (11,477) | (3,413) | |
Actuarial (gain) loss | 8,869 | (4,005) | |
Participant contributions | 0 | 0 | |
Benefits paid from plan assets | (2,189) | (1,749) | |
Benefits paid by the Corporation | 0 | 0 | |
PBO, Ending balance | 66,910 | 63,750 | 70,523 |
Other Postretirement Benefits [Member] | |||
Change in projected benefit obligations: | |||
PBO, beginning balance | 8,117 | 13,739 | |
Åkers acquisition - PBO at March 3 | 17,467 | 0 | |
Service cost | 504 | 384 | 505 |
Interest cost | 722 | 474 | 688 |
Plan amendments | (4,762) | (4,437) | |
Plan settlements | 0 | 0 | |
Plan curtailments | 0 | 0 | |
Foreign currency exchange rate changes | 0 | 0 | |
Actuarial (gain) loss | (1,598) | (1,433) | |
Participant contributions | 80 | 79 | |
Benefits paid from plan assets | 0 | 0 | |
Benefits paid by the Corporation | (1,471) | (689) | |
PBO, Ending balance | $ 19,059 | $ 8,117 | $ 13,739 |
Pension and Other Postretirem72
Pension and Other Postretirement Benefits - Schedule of Changes in Plan Assets (Detail) £ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2016GBP (£) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
U.S. Pension Benefits [Member] | ||||
Change in plan assets: | ||||
Fair value of plan assets, Beginning balance | $ 139,376 | $ 157,048 | ||
Åkers acquisition - fair value of plan assets at March 3 | 50,108 | 0 | ||
Actual return on plan assets | 14,656 | (3,406) | ||
Foreign currency exchange rate changes | 0 | 0 | ||
Corporate contributions | 376 | 324 | ||
Participant contributions | 0 | 0 | ||
Plan settlements | (2,739) | (5,494) | ||
Gross benefits paid | (13,055) | (9,096) | ||
Fair value of plan assets, Ending balance | 188,722 | 139,376 | $ 157,048 | |
Foreign Pension Benefits [Member] | ||||
Change in plan assets: | ||||
Fair value of plan assets, Beginning balance | 49,628 | £ 33,528 | 50,533 | |
Åkers acquisition - fair value of plan assets at March 3 | 0 | 0 | ||
Actual return on plan assets | 7,859 | 1,701 | ||
Foreign currency exchange rate changes | (8,930) | (2,572) | ||
Corporate contributions | 1,687 | 1,715 | 1,849 | |
Participant contributions | 0 | 0 | ||
Plan settlements | 0 | 0 | ||
Gross benefits paid | (2,189) | (1,749) | ||
Fair value of plan assets, Ending balance | 48,055 | £ 38,955 | 49,628 | 50,533 |
Other Postretirement Benefits [Member] | ||||
Change in plan assets: | ||||
Fair value of plan assets, Beginning balance | 0 | 0 | ||
Åkers acquisition - fair value of plan assets at March 3 | 0 | 0 | ||
Actual return on plan assets | 0 | 0 | ||
Foreign currency exchange rate changes | 0 | 0 | ||
Corporate contributions | 1,391 | 610 | ||
Participant contributions | 80 | 79 | ||
Plan settlements | 0 | 0 | ||
Gross benefits paid | (1,471) | (689) | ||
Fair value of plan assets, Ending balance | $ 0 | $ 0 | $ 0 |
Pension and Other Postretirem73
Pension and Other Postretirement Benefits - Schedule of Net Funded Status of the Plans (Detail) £ in Thousands, $ in Thousands | Dec. 31, 2016USD ($) | Dec. 31, 2016GBP (£) | Dec. 31, 2015USD ($) | Dec. 31, 2015GBP (£) | Dec. 31, 2014USD ($) |
U.S. Pension Benefits [Member] | |||||
Funded status of the plans: | |||||
Fair value of plan assets | $ 188,722 | $ 139,376 | $ 157,048 | ||
Less benefit obligations | 244,440 | 181,803 | 205,399 | ||
Funded status at December 31 | (55,718) | (42,427) | |||
Foreign Pension Benefits [Member] | |||||
Funded status of the plans: | |||||
Fair value of plan assets | 48,055 | £ 38,955 | 49,628 | £ 33,528 | 50,533 |
Less benefit obligations | 66,910 | 63,750 | 70,523 | ||
Funded status at December 31 | (18,855) | (14,122) | |||
Other Postretirement Benefits [Member] | |||||
Funded status of the plans: | |||||
Fair value of plan assets | 0 | 0 | 0 | ||
Less benefit obligations | 19,059 | 8,117 | $ 13,739 | ||
Funded status at December 31 | $ (19,059) | $ (8,117) |
Pension and Other Postretirem74
Pension and Other Postretirement Benefits - Schedule of Amounts Recognized in the Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Employee benefit obligations: | ||
Employee benefit obligations | $ (91,947) | $ (63,702) |
U.S. Pension Benefits [Member] | ||
Employee benefit obligations: | ||
Accrued payrolls and employee benefits | (409) | (352) |
Employee benefit obligations | (55,309) | (42,075) |
Employee benefit obligations current and non current | (55,718) | (42,427) |
Foreign Pension Benefits [Member] | ||
Employee benefit obligations: | ||
Accrued payrolls and employee benefits | 0 | 0 |
Employee benefit obligations | (18,855) | (14,122) |
Employee benefit obligations current and non current | (18,855) | (14,122) |
Other Postretirement Benefits [Member] | ||
Employee benefit obligations: | ||
Accrued payrolls and employee benefits | (1,276) | (612) |
Employee benefit obligations | (17,783) | (7,505) |
Employee benefit obligations current and non current | $ (19,059) | $ (8,117) |
Pension and Other Postretirem75
Pension and Other Postretirement Benefits - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
U.S. Pension Benefits [Member] | ||
Accumulated other comprehensive loss: | ||
Net actuarial loss | $ 48,153 | $ 53,163 |
Prior service cost | 209 | 237 |
Total | 48,362 | 53,400 |
Foreign Pension Benefits [Member] | ||
Accumulated other comprehensive loss: | ||
Net actuarial loss | 25,547 | 27,594 |
Prior service cost | 0 | 0 |
Total | 25,547 | 27,594 |
Other Postretirement Benefits [Member] | ||
Accumulated other comprehensive loss: | ||
Net actuarial loss | 936 | 2,570 |
Prior service cost | (15,581) | (12,097) |
Total | $ (14,645) | $ (9,527) |
Pension and Other Postretirem76
Pension and Other Postretirement Benefits - Amounts Included in Accumulated Other Comprehensive Loss to be Recognized over Next Year (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
U.S. Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | $ 1,212 |
Prior service cost (credit) | 52 |
Total amounts included in accumulated other comprehensive loss to be recognized over next year | 1,264 |
Foreign Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | 790 |
Prior service cost (credit) | 0 |
Total amounts included in accumulated other comprehensive loss to be recognized over next year | 790 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | 67 |
Prior service cost (credit) | (1,620) |
Total amounts included in accumulated other comprehensive loss to be recognized over next year | $ (1,553) |
Pension and Other Postretirem77
Pension and Other Postretirement Benefits - Summary of Target Asset Allocations and Major Asset Categories (Detail) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
U.S. Pension Benefits [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 65.00% | |
Percentage of Plan Assets | 47.00% | 58.00% |
U.S. Pension Benefits [Member] | Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 15.00% | |
Percentage of Plan Assets | 21.00% | 19.00% |
U.S. Pension Benefits [Member] | Alternative Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 15.00% | |
Percentage of Plan Assets | 8.00% | 13.00% |
U.S. Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 5.00% | |
Percentage of Plan Assets | 24.00% | 10.00% |
Foreign Pension Benefits [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 44.00% | |
Percentage of Plan Assets | 48.00% | 46.00% |
Foreign Pension Benefits [Member] | Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 35.00% | |
Percentage of Plan Assets | 34.00% | 33.00% |
Foreign Pension Benefits [Member] | Alternative Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 21.00% | |
Percentage of Plan Assets | 18.00% | 21.00% |
Foreign Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0.00% | |
Percentage of Plan Assets | 0.00% | 0.00% |
Pension and Other Postretirem78
Pension and Other Postretirement Benefits - Asset Categories Based on the Nature and Risks of the Plan Assets (Detail) £ in Thousands, $ in Thousands | Dec. 31, 2016USD ($) | Dec. 31, 2016GBP (£) | Dec. 31, 2015USD ($) | Dec. 31, 2015GBP (£) | Dec. 31, 2014USD ($) |
Transportation [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | $ 18 | ||||
Wholesale Distribution [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 16 | $ 789 | |||
Fixed Income Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 36,601 | ||||
Fixed Income Securities [Member] | Mutual Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 36,601 | ||||
U.S. Pension Benefits [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 188,722 | 139,376 | $ 157,048 | ||
U.S. Pension Benefits [Member] | Equity Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 74,215 | 68,208 | |||
U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Commercial Property [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 906 | ||||
U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Capital Goods [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 75 | 1,531 | |||
U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Chemicals [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 20 | 1,811 | |||
U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Commercial Services [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 16 | 925 | |||
U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Common Collective Trust Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 31,291 | ||||
U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Electronics [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 67 | 785 | |||
U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Food Processing [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 2,856 | ||||
U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Health Care [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 201 | 1,815 | |||
U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Limited Partnerships - Public Equity [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 4,173 | ||||
U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Manufacturing [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 1,536 | ||||
U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Oil & Gas [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 87 | 1,499 | |||
U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Retail [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 101 | 706 | |||
U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Technology [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 188 | 1,674 | |||
U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Transportation [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 484 | ||||
U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | U.S., Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 211 | 5,695 | |||
U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Bank & Financial Services [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 631 | ||||
U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Mutual Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 72,571 | ||||
U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Chemicals [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 7 | ||||
U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Common Collective Trust Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 3,078 | ||||
U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Oil & Gas [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 807 | ||||
U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Technology [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 6 | 265 | |||
U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Bank & Financial Services [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 1,525 | ||||
U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Engineering & Construction [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 729 | ||||
U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Real Estate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 937 | ||||
U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | International, Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 2,391 | ||||
U.S. Pension Benefits [Member] | Fixed Income Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 22,666 | ||||
U.S. Pension Benefits [Member] | Fixed Income Securities [Member] | Commingled Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 14,697 | ||||
U.S. Pension Benefits [Member] | Fixed Income Securities [Member] | Preferred (Fixed Income Securities) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 6,689 | ||||
U.S. Pension Benefits [Member] | Fixed Income Securities [Member] | Other (Fixed Income Securities) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 1,280 | ||||
U.S. Pension Benefits [Member] | Alternative Investments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 33,830 | 37,177 | |||
U.S. Pension Benefits [Member] | Alternative Investments [Member] | Hedge and Absolute Return Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 4,967 | ||||
U.S. Pension Benefits [Member] | Alternative Investments [Member] | Managed Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 33,830 | 32,210 | |||
U.S. Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 44,076 | 11,325 | |||
U.S. Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Commingled Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 154 | 1,005 | |||
U.S. Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Mutual Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 1,836 | ||||
U.S. Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 16,020 | 8,484 | |||
U.S. Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Money Market Mutual Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 27,902 | ||||
Foreign Pension Benefits [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 48,055 | £ 38,955 | 49,628 | £ 33,528 | 50,533 |
Foreign Pension Benefits [Member] | Equity Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 22,862 | 22,627 | |||
Foreign Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Commingled Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 19,146 | 18,930 | |||
Foreign Pension Benefits [Member] | Equity Securities [Member] | U.K. [Member] | Commingled Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 3,716 | 3,697 | |||
Foreign Pension Benefits [Member] | Fixed Income Securities [Member] | U.K. [Member] | Commingled Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 16,426 | 16,298 | |||
Foreign Pension Benefits [Member] | Alternative Investments [Member] | Hedge and Absolute Return Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 8,593 | 10,571 | |||
Foreign Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 174 | 132 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Transportation [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 18 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Wholesale Distribution [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 16 | 789 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Fixed Income Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 36,601 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Fixed Income Securities [Member] | Mutual Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 36,601 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 154,738 | 50,848 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 74,215 | 33,839 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Commercial Property [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 906 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Capital Goods [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 75 | 1,531 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Chemicals [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 20 | 1,811 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Commercial Services [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 16 | 925 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Common Collective Trust Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Electronics [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 67 | 785 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Food Processing [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 2,856 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Health Care [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 201 | 1,815 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Limited Partnerships - Public Equity [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 4,173 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Manufacturing [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 1,536 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Oil & Gas [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 87 | 1,499 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Retail [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 101 | 706 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Technology [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 188 | 1,674 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Transportation [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 484 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | U.S., Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 211 | 5,695 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Bank & Financial Services [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 631 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Mutual Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 72,571 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Chemicals [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 7 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Common Collective Trust Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Oil & Gas [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 807 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Technology [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 6 | 265 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Bank & Financial Services [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 1,525 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Engineering & Construction [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 729 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Real Estate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 937 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | International, Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 2,391 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Fixed Income Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 6,689 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Fixed Income Securities [Member] | Commingled Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Fixed Income Securities [Member] | Preferred (Fixed Income Securities) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 6,689 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Fixed Income Securities [Member] | Other (Fixed Income Securities) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Alternative Investments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Alternative Investments [Member] | Hedge and Absolute Return Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Alternative Investments [Member] | Managed Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 43,922 | 10,320 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Commingled Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Mutual Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 1,836 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 16,020 | 8,484 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Money Market Mutual Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 27,902 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Foreign Pension Benefits [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 174 | 132 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Foreign Pension Benefits [Member] | Equity Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Foreign Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Commingled Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Foreign Pension Benefits [Member] | Equity Securities [Member] | U.K. [Member] | Commingled Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Foreign Pension Benefits [Member] | Fixed Income Securities [Member] | U.K. [Member] | Commingled Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Foreign Pension Benefits [Member] | Alternative Investments [Member] | Hedge and Absolute Return Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Foreign Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 174 | 132 | |||
Significant Other Observable Inputs (Level 2) [Member] | Transportation [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | Wholesale Distribution [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Securities [Member] | Mutual Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 154 | 51,351 | |||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 34,369 | |||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Commercial Property [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Capital Goods [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Chemicals [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Commercial Services [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Common Collective Trust Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 31,291 | ||||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Electronics [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Food Processing [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Health Care [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Limited Partnerships - Public Equity [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Manufacturing [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Oil & Gas [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Retail [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Technology [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Transportation [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | U.S., Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Bank & Financial Services [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Mutual Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Chemicals [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Common Collective Trust Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 3,078 | ||||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Oil & Gas [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Technology [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Bank & Financial Services [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Engineering & Construction [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Real Estate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | International, Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Fixed Income Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 15,977 | ||||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Fixed Income Securities [Member] | Commingled Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 14,697 | ||||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Fixed Income Securities [Member] | Preferred (Fixed Income Securities) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Fixed Income Securities [Member] | Other (Fixed Income Securities) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 1,280 | ||||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Alternative Investments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Alternative Investments [Member] | Hedge and Absolute Return Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Alternative Investments [Member] | Managed Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 154 | 1,005 | |||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Commingled Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 154 | 1,005 | |||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Mutual Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Money Market Mutual Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | Foreign Pension Benefits [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 39,288 | 38,925 | |||
Significant Other Observable Inputs (Level 2) [Member] | Foreign Pension Benefits [Member] | Equity Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 22,862 | 22,627 | |||
Significant Other Observable Inputs (Level 2) [Member] | Foreign Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Commingled Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 19,146 | 18,930 | |||
Significant Other Observable Inputs (Level 2) [Member] | Foreign Pension Benefits [Member] | Equity Securities [Member] | U.K. [Member] | Commingled Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 3,716 | 3,697 | |||
Significant Other Observable Inputs (Level 2) [Member] | Foreign Pension Benefits [Member] | Fixed Income Securities [Member] | U.K. [Member] | Commingled Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 16,426 | 16,298 | |||
Significant Other Observable Inputs (Level 2) [Member] | Foreign Pension Benefits [Member] | Alternative Investments [Member] | Hedge and Absolute Return Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | Foreign Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Transportation [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Wholesale Distribution [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Securities [Member] | Mutual Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 33,830 | 37,177 | |||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Hedge and Absolute Return Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 4,967 | 8,592 | ||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Commercial Property [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Capital Goods [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Chemicals [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Commercial Services [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Common Collective Trust Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Electronics [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Food Processing [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Health Care [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Limited Partnerships - Public Equity [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Manufacturing [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Oil & Gas [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Retail [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Technology [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Transportation [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | U.S., Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Bank & Financial Services [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | U.S. [Member] | Mutual Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Chemicals [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Common Collective Trust Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Oil & Gas [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Technology [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Bank & Financial Services [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Engineering & Construction [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Real Estate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Equity Securities [Member] | International [Member] | International, Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Fixed Income Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Fixed Income Securities [Member] | Commingled Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Fixed Income Securities [Member] | Preferred (Fixed Income Securities) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Fixed Income Securities [Member] | Other (Fixed Income Securities) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Alternative Investments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 33,830 | 37,177 | |||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Alternative Investments [Member] | Hedge and Absolute Return Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 4,967 | ||||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Alternative Investments [Member] | Managed Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 33,830 | 32,210 | |||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Commingled Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Mutual Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Money Market Mutual Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Foreign Pension Benefits [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 8,593 | 10,571 | $ 10,799 | ||
Significant Unobservable Inputs (Level 3) [Member] | Foreign Pension Benefits [Member] | Equity Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Foreign Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Commingled Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Foreign Pension Benefits [Member] | Equity Securities [Member] | U.K. [Member] | Commingled Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Foreign Pension Benefits [Member] | Fixed Income Securities [Member] | U.K. [Member] | Commingled Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Foreign Pension Benefits [Member] | Alternative Investments [Member] | Hedge and Absolute Return Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | 8,593 | 10,571 | |||
Significant Unobservable Inputs (Level 3) [Member] | Foreign Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset categories based on the nature and risks of the plans assets | $ 0 | $ 0 |
Pension and Other Postretirem79
Pension and Other Postretirement Benefits - Asset Categories Based on the Nature and Risks of the Plan Assets (Parenthetical) (Detail) - U.S. Pension Benefits [Member] | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of managed fund | 65.00% | |
Equity Securities [Member] | Managed Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of managed fund | 45.90% | 38.00% |
Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of managed fund | 15.00% | |
Fixed Income Securities [Member] | Managed Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of managed fund | 7.40% | |
Alternative Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of managed fund | 15.00% | |
Alternative Investments [Member] | Managed Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of managed fund | 44.50% | 43.00% |
Fixed Income and Cash and Cash Equivalents [Member] | Managed Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of managed fund | 19.00% | |
Other, Primarily Cash And Cash Equivalents [Member] | Managed Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of managed fund | 2.20% |
Pension and Other Postretirem80
Pension and Other Postretirement Benefits - Summary of Changes in the Fair Value of the Level 3 Plan Assets for U.S. and Foreign Pension Plans (Detail) £ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2016GBP (£) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
U.S. Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, Beginning balance | $ 139,376 | $ 157,048 | ||
Contributions | 376 | 324 | ||
Change in net unrealized (losses) gains | (160) | (9,880) | ||
Other, primarily impact from changes in foreign currency exchange rates | 0 | 0 | ||
Fair value of plan assets, Ending balance | 188,722 | 139,376 | $ 157,048 | |
U.S. Pension Benefits [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, Beginning balance | 37,177 | |||
Fair value of plan assets, Ending balance | 33,830 | 37,177 | ||
U.S. Pension Benefits [Member] | Significant Unobservable Inputs (Level 3) [Member] | Hedge and Absolute Return Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, Beginning balance | 4,967 | 8,592 | ||
Contributions | 0 | 5,900 | ||
Withdrawals | (4,967) | (9,843) | ||
Realized gains (losses) | 0 | 2,334 | ||
Change in net unrealized (losses) gains | 0 | (2,016) | ||
Other, primarily impact from changes in foreign currency exchange rates | 0 | 0 | ||
Fair value of plan assets, Ending balance | 0 | 4,967 | 8,592 | |
U.S. Pension Benefits [Member] | Managed Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, Beginning balance | 32,210 | 33,602 | ||
Contributions | 0 | 0 | ||
Withdrawals | 0 | (2,424) | ||
Realized gains (losses) | 1,857 | (19) | ||
Change in net unrealized (losses) gains | (237) | 1,051 | ||
Other, primarily impact from changes in foreign currency exchange rates | 0 | 0 | ||
Fair value of plan assets, Ending balance | 33,830 | 32,210 | 33,602 | |
Foreign Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, Beginning balance | 49,628 | £ 33,528 | 50,533 | |
Contributions | 1,687 | 1,715 | 1,849 | |
Change in net unrealized (losses) gains | 8,869 | (4,005) | ||
Other, primarily impact from changes in foreign currency exchange rates | (8,930) | (2,572) | ||
Fair value of plan assets, Ending balance | 48,055 | £ 38,955 | 49,628 | 50,533 |
Foreign Pension Benefits [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, Beginning balance | 10,571 | 10,799 | ||
Contributions | 0 | 0 | ||
Withdrawals | 0 | 0 | ||
Realized gains (losses) | 0 | 0 | ||
Change in net unrealized (losses) gains | (280) | 320 | ||
Other, primarily impact from changes in foreign currency exchange rates | (1,698) | (548) | ||
Fair value of plan assets, Ending balance | $ 8,593 | $ 10,571 | $ 10,799 |
Pension and Other Postretirem81
Pension and Other Postretirement Benefits - Net Periodic Pension and Other Postretirement Benefit Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
U.S. Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 1,714 | $ 2,743 | $ 3,683 |
Interest cost | 9,977 | 7,990 | 8,762 |
Expected return on plan assets | (13,424) | (10,996) | (10,747) |
Amortization of: | |||
Prior service cost (credit) | 44 | 371 | 854 |
Actuarial loss | 3,324 | 5,440 | 4,183 |
Curtailment (gain) loss | (887) | 1,303 | 0 |
Net cost | 748 | 6,851 | 6,735 |
Foreign Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 314 | 0 | 0 |
Interest cost | 2,250 | 2,394 | 2,695 |
Expected return on plan assets | (2,461) | (2,681) | (3,157) |
Amortization of: | |||
Prior service cost (credit) | 0 | 0 | 0 |
Actuarial loss | 670 | 845 | 599 |
Curtailment (gain) loss | 0 | 0 | 0 |
Net cost | 773 | 558 | 137 |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 504 | 384 | 505 |
Interest cost | 722 | 474 | 688 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of: | |||
Prior service cost (credit) | (1,277) | (672) | (441) |
Actuarial loss | 36 | 26 | 104 |
Curtailment (gain) loss | 0 | 0 | 0 |
Net cost | $ (15) | $ 212 | $ 856 |
Pension and Other Postretirem82
Pension and Other Postretirement Benefits - Discount Rates and Weighted-Average Wage Increases Used to Determine the Benefit Obligations (Detail) | Dec. 31, 2016 | Dec. 31, 2015 |
U.S. Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.40% | |
Wage increases | 3.00% | 3.00% |
U.S. Pension Benefits [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.02% | |
U.S. Pension Benefits [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.25% | |
Foreign Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.65% | |
Foreign Pension Benefits [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.50% | |
Foreign Pension Benefits [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.65% | |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.20% | |
Other Postretirement Benefits [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.90% | |
Other Postretirement Benefits [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.13% |
Pension and Other Postretirem83
Pension and Other Postretirement Benefits - Assumptions Regarding Net Periodic Pension and Other Postretirement Benefit Costs (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
U.S. Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.00% | ||
Expected long-term rate of return | 8.00% | 8.00% | |
Wages increases | 3.00% | 4.00% | 4.00% |
U.S. Pension Benefits [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.20% | 4.00% | |
Expected long-term rate of return | 6.90% | ||
U.S. Pension Benefits [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.40% | 4.10% | |
Expected long-term rate of return | 7.75% | ||
Foreign Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.50% | 4.50% | |
Expected long-term rate of return | 5.40% | 5.40% | 6.50% |
Foreign Pension Benefits [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.00% | ||
Foreign Pension Benefits [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.65% | ||
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.00% | 5.00% | |
Other Postretirement Benefits [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.80% | ||
Other Postretirement Benefits [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.20% |
Commitments and Contingent Li84
Commitments and Contingent Liabilities - Additional Information (Detail) SEK in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)Bonds | Dec. 31, 2016SEK | |
Commitments and Contingent Liabilities [Line Items] | ||
Outstanding standby and commercial letters of credit | $ | $ 22,305 | |
Percentage on employees covered by collective bargaining agreements | 38.00% | 38.00% |
Bargaining agreement beginning expiration year | 2017-09 | |
Bargaining agreement ending expiration year | 2020-02 | |
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 |
Collective Bargaining Agreement Two [Member] | ||
Commitments and Contingent Liabilities [Line Items] | ||
Percentage of covered employees | 28.00% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | May 31, 2016 | May 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Equity based awards grant date fair value | $ 7.40 | ||||
Restricted stock units vesting period, years | 3 years | ||||
Unrecognized stock-based compensation expense | $ 120 | ||||
Shares Under Options, Granted | 176,000 | ||||
Stock options life, years | 4 years 2 months 12 days | 5 years 2 months 12 days | |||
Exercise price of stock option | $ 0 | $ 20 | |||
Expected life of stock option | 6 years | ||||
Risk-free interest rate | 1.98% | ||||
Expected annual dividend yield | 3.60% | ||||
Expected forfeiture rate | 8.00% | ||||
Expected volatility | 53.02% | ||||
Stock-based compensation expense | $ 2,332 | $ 1,328 | $ 1,199 | ||
Income tax benefit from stock-based compensation expense | $ 465 | $ 386 | |||
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 | ||||
Number of shares available for issuance | 2,500 | ||||
Equity based awards grant date fair value | $ 200 | ||||
Shares of common stock issued to non-employee directors | 32,090 | ||||
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 | ||||
Shares of common stock issued to non-employee directors | 14,310 | 12,500 | |||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock units vesting period, years | 3 years | ||||
Unrecognized stock-based compensation expense to be recognized in period, years | 2 years | ||||
Unrecognized stock-based compensation expense | $ 2,897 | ||||
Performance-based Restricted Stock Units (PSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cumulative earnings achievement period | 3 years | ||||
PSUs earning conditions | (1) achievement of a targeted basic earnings per share during the performance period beginning in the year of grant and continuing for two subsequent years, (2) achievement of a three-year cumulative relative total shareholder return as ranked against other companies included in the Corporation's peer group and (3) remaining continuously employed with the Corporation through the end of the year following three years from the date of grant. | ||||
Unrecognized stock-based compensation expense to be recognized in period, years | 2 years | ||||
Unrecognized stock-based compensation expense | $ 2,897 | ||||
Non-Qualified Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options life, years | 10 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Outstanding and Exercisable Incentive Options (RSUs and PSUs) (Detail) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of incentive options, Outstanding, Beginning balance | shares | 90,836 |
Number of incentive options, Granted | shares | 94,644 |
Number of incentive options, Converted | shares | (29,635) |
Number of incentive options, Forfeited/cancelled | shares | 0 |
Number of incentive options, Outstanding, Ending balance | shares | 155,845 |
Weighted Average Fair Value of incentive options, Outstanding, Beginning balance | $ / shares | $ 15.72 |
Weighted Average Fair Value of incentive options, Granted | $ / shares | 18.70 |
Weighted Average Fair Value of incentive options, Converted | $ / shares | 15.72 |
Weighted Average Fair Value of incentive options, Forfeited/cancelled | $ / shares | 0 |
Weighted Average Fair Value of incentive options, Outstanding, Ending Balance | $ / shares | $ 17.53 |
Performance-based Restricted Stock Units (PSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of incentive options, Outstanding, Beginning balance | shares | 26,263 |
Number of incentive options, Granted | shares | 21,164 |
Number of incentive options, Converted | shares | 0 |
Number of incentive options, Forfeited/cancelled | shares | (8,079) |
Number of incentive options, Outstanding, Ending balance | shares | 39,348 |
Weighted Average Fair Value of incentive options, Outstanding, Beginning balance | $ / shares | $ 15.89 |
Weighted Average Fair Value of incentive options, Granted | $ / shares | 26.54 |
Weighted Average Fair Value of incentive options, Converted | $ / shares | 0 |
Weighted Average Fair Value of incentive options, Forfeited/cancelled | $ / shares | 15.89 |
Weighted Average Fair Value of incentive options, Outstanding, Ending Balance | $ / shares | $ 21.62 |
Stock-Based Compensation - Su87
Stock-Based Compensation - Summary of Outstanding and Exercisable Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number of Shares Under Options, Outstanding at January 1, 2016 | 1,013,336 | ||
Number of Shares Under Options, Granted | 0 | ||
Number of Shares Under Options, Exercised | 0 | ||
Number of Shares Under Options, Forfeited | (7,500) | ||
Number of Shares Under Options, Outstanding at December 31, 2016 | 1,005,836 | 1,013,336 | |
Number of Shares Under Options, Exercisable at December 31, 2016 | 957,113 | ||
Number of Shares Under Options, Vested or expected to vest at December 31, 2016 | 1,005,836 | ||
Weighted Average Exercise Price, Outstanding at January 1, 2016 | $ 24.03 | ||
Weighted Average Exercise Price, Granted | 0 | $ 20 | |
Weighted Average Exercise Price, Exercised | 0 | ||
Weighted Average Exercise Price, Forfeited | 19.37 | ||
Weighted Average Exercise Price, Outstanding at December 31, 2016 | 24.07 | $ 24.03 | |
Weighted Average Exercise Price, Exercisable at December 31, 2016 | 24.28 | ||
Weighted Average Exercise Price, Vested or expected to vest at December 31, 2016 | $ 24.07 | ||
Remaining Contractual Life In Years, Outstanding at December 31, 2016 | 4 years 2 months 12 days | 5 years 2 months 12 days | |
Stock options life, years | 4 years 2 months 12 days | 5 years 2 months 12 days | |
Remaining Contractual Life In Years, Exercisable at December 31, 2016 | 4 years | ||
Remaining Contractual Life In Years, Vested or expected to vest at December 31, 2016 | 4 years 2 months 12 days | ||
Intrinsic Value, Outstanding at January 1, 2016 | $ 0 | ||
Intrinsic Value, Outstanding at December 31, 2016 | 0 | $ 0 | |
Intrinsic Value, Exercisable at December 31, 2016 | 0 | ||
Intrinsic Value, Vested or expected to vest at December 31, 2016 | $ 0 |
Accumulated Other Comprehensi88
Accumulated Other Comprehensive Loss - Net Change and Ending Balances for Various Components of Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 211,423 | ||
Net Change | (3,400) | $ 11,154 | $ (22,888) |
Ending balance | 149,834 | 211,423 | |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (8,393) | (4,426) | 277 |
Net Change | (14,580) | (3,967) | (4,703) |
Ending balance | (22,973) | (8,393) | (4,426) |
Unrecognized Components of Employee Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (49,943) | (65,396) | (47,462) |
Net Change | 11,307 | 15,453 | (17,934) |
Ending balance | (38,636) | (49,943) | (65,396) |
Unrealized Holding Gains on Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 692 | 984 | 1,007 |
Net Change | (633) | (292) | (23) |
Ending balance | 59 | 692 | 984 |
Realized Gains/Losses from Settlement of Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 45 | 85 | 313 |
Net Change | 506 | (40) | (228) |
Ending balance | 551 | 45 | 85 |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (57,599) | (68,753) | (45,865) |
Net Change | (3,400) | 11,154 | (22,888) |
Ending balance | $ (60,999) | $ (57,599) | $ (68,753) |
Accumulated Other Comprehensi89
Accumulated Other Comprehensive Loss - Line Items Affected on Consolidated Statements of Operations for Components Reclassified from Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net sales (foreign currency sales contracts) | $ 92,126 | $ 82,861 | $ 93,301 | $ 63,578 | $ 55,326 | $ 58,094 | $ 59,973 | $ 65,087 | $ 331,866 | $ 238,480 | $ 272,858 |
Depreciation and amortization (foreign currency purchase contracts) | (20,463) | (11,787) | (11,818) | ||||||||
Costs of products sold (excluding depreciation and amortization) | (276,496) | (196,091) | (218,597) | ||||||||
Selling and administrative | (58,175) | (39,510) | (37,380) | ||||||||
Other expense | (1,074) | (475) | (907) | ||||||||
Income tax provision | (22,712) | (2,633) | 766 | ||||||||
Net (loss) income attributable to Ampco-Pittsburgh | $ (43,062) | $ (27,382) | $ (6,486) | $ (2,890) | $ 3,332 | $ (1,511) | $ (520) | $ 72 | (79,820) | 1,373 | (1,187) |
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) | 2,463 | 3,604 | 3,601 | ||||||||
Selling and administrative | (719) | 3,354 | 1,524 | ||||||||
Other expense | 166 | 355 | 174 | ||||||||
Total before income tax | 1,910 | 7,313 | 5,299 | ||||||||
Income tax provision | 0 | (2,573) | (1,841) | ||||||||
Net (loss) income attributable to Ampco-Pittsburgh | 1,910 | 4,740 | 3,458 | ||||||||
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 | (1,404) | (82) | (171) | ||||||||
Income tax provision | 366 | 29 | 60 | ||||||||
Net (loss) income attributable to Ampco-Pittsburgh | (1,038) | (53) | (111) | ||||||||
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Realized Gains/Losses from Settlement of Cash Flow Hedges [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net sales (foreign currency sales contracts) | (6) | (17) | 33 | ||||||||
Depreciation and amortization (foreign currency purchase contracts) | (27) | (27) | (27) | ||||||||
Costs of products sold (excluding depreciation and amortization) | 220 | 751 | 146 | ||||||||
Total before income tax | 187 | 707 | 152 | ||||||||
Income tax provision | (79) | (272) | (57) | ||||||||
Net (loss) income attributable to Ampco-Pittsburgh | $ 108 | $ 435 | $ 95 |
Accumulated Other Comprehensi90
Accumulated Other Comprehensive Loss - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Valuation Allowance Against Gross Deferred Income Tax Assets [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Income tax benefit for certain items | $ 0 |
Accumulated Other Comprehensi91
Accumulated Other Comprehensive Loss - Summary of Income Tax Expense (Benefit) Associated with Various Components of Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income tax expense (benefit) associated with changes in: | |||
Unrecognized employee benefit costs | $ 0 | $ (4,731) | $ 10,265 |
Unrealized holding losses/gains on marketable securities | 0 | 134 | (47) |
Fair value of cash flow hedges | 0 | 294 | 206 |
Income tax expense (benefit) associated with reclassification adjustments: | |||
Amortization of unrecognized employee benefit costs | 0 | (2,573) | (1,841) |
Realized gains from sale of marketable securities | 366 | 29 | 60 |
Realized losses from settlement of cash flow hedges | $ (79) | $ (272) | $ (57) |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2016USD ($)Customer | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Derivative [Line Items] | |||
Anticipated foreign-denominated sales hedge | $ 18,727,000 | ||
Percentage of purchase commitments covering anticipated natural gas usage | 24.00% | ||
Purchase commitment amount of anticipated natural gas usage | $ 1,298,000 | ||
Number of subsidiaries purchased commitments for natural gas usage | Customer | 1 | ||
Purchase commitments covering period anticipated usage, Description | For 2017 for one of its subsidiaries | ||
Purchase of natural gas | $ 1,936,000 | $ 2,452,000 | $ 2,190,000 |
(Losses) gains on foreign exchange transactions included in other income (expense) | (1,161,000) | $ (324,000) | $ (488,000) |
Foreign Currency Sales Contract - Fair Value Hedges [Member] | |||
Derivative [Line Items] | |||
Fair value of assets held as collateral related to forward exchange contracts | $ 600,000 | ||
Copper Purchases [Member] | |||
Derivative [Line Items] | |||
Percentage of anticipated purchases hedged | 48.00% | ||
Copper Purchases [Member] | Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Anticipated purchases, hedged | $ 2,200,000 | ||
Aluminum Purchases [Member] | |||
Derivative [Line Items] | |||
Percentage of anticipated purchases hedged | 56.00% | ||
Time period for hedged purchases | 6 months | ||
Aluminum Purchases [Member] | Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Anticipated purchases, hedged | $ 400,000 |
Derivative Instruments - Locati
Derivative Instruments - Location and Fair Value of Foreign Currency Sales Contracts Recorded on Consolidated Balance Sheets (Detail) - Foreign Currency Sales Contracts [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Receivables [Member] | ||
Derivative [Line Items] | ||
Fair value hedged item | $ 121 | $ 27 |
Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Cash flow hedge contracts | 0 | 10 |
Fair value hedge contracts | 214 | 113 |
Fair value hedged item | 808 | 255 |
Other Noncurrent Assets [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 2 | 0 |
Fair value hedged item | 45 | 39 |
Other Current Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 940 | 258 |
Fair value hedged item | 233 | 116 |
Other Noncurrent Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 35 | 49 |
Fair value hedged item | $ 5 | $ 0 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Amount Recognized as and Reclassified from Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Comprehensive Income (Loss) Beginning of the Year | $ 45 | $ 85 | $ 313 |
Plus Recognized as Comprehensive Income (Loss) | 398 | (475) | (323) |
Less Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss | (108) | (435) | (95) |
Comprehensive Income (Loss) End of the Year | 551 | 45 | 85 |
Foreign Currency Sales Contracts [Member] | Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Comprehensive Income (Loss) Beginning of the Year | 4 | 0 | 0 |
Plus Recognized as Comprehensive Income (Loss) | 0 | 14 | (21) |
Less Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss | 4 | 10 | (21) |
Comprehensive Income (Loss) End of the Year | 0 | 4 | 0 |
Foreign Currency Purchase Contracts [Member] | |||
Derivative [Line Items] | |||
Comprehensive Income (Loss) Beginning of the Year | 241 | 258 | 275 |
Plus Recognized as Comprehensive Income (Loss) | 0 | 0 | 0 |
Less Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss | 25 | 17 | 17 |
Comprehensive Income (Loss) End of the Year | 216 | 241 | 258 |
Futures Contracts - Copper and Aluminum [Member] | |||
Derivative [Line Items] | |||
Comprehensive Income (Loss) Beginning of the Year | (200) | (173) | 38 |
Plus Recognized as Comprehensive Income (Loss) | 398 | (489) | (302) |
Less Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss | (137) | (462) | (91) |
Comprehensive Income (Loss) End of the Year | $ 335 | $ (200) | $ (173) |
Derivative Instruments - Summ95
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 | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||||||||||
Amount released to pre - tax earnings | $ (43,062) | $ (27,382) | $ (6,486) | $ (2,890) | $ 3,332 | $ (1,511) | $ (520) | $ 72 | $ (79,820) | $ 1,373 | $ (1,187) |
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 | 6 | 17 | (33) | ||||||||
Foreign Currency Purchase Contracts [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Amount released to pre - tax earnings | 27 | 27 | |||||||||
Amount released to pre - tax earnings | 27 | 27 | 27 | ||||||||
Futures Contracts - Copper and Aluminum [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Amount released to pre - tax earnings | $ 398 | 398 | |||||||||
Amount released to pre - tax earnings | $ (220) | $ (751) | $ (146) |
Fair Value - Fair Value of Fina
Fair Value - Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 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 | $ 47 | $ 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 | 1,022 | 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 | 1,173 | 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 | 40 | 49 |
Investments [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 3,863 | 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 | 3,863 | 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 | 47 | 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 | 1,022 | 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 | 1,173 | 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 | 40 | 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 |
Income Taxes - (Loss) Income Be
Income Taxes - (Loss) Income Before Income Taxes and Equity Gains (Losses) in Chinese Joint Venture (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (26,326) | $ 6,000 | $ (1,182) |
Foreign | (31,194) | (1,480) | 290 |
(Loss) income before income taxes and equity gains (losses) in Chinese joint venture | $ (57,520) | $ 4,520 | $ (892) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Income Tax Contingency [Line Items] | |
Deferred tax liability recorded | $ 0 |
Unrecognized tax benefits | $ 49,000 |
Expiration period of unrecognized tax benefits due to lapse in statue of limitations | Within the next 12 months |
Expiring in the Next Twelve Months [Member] | |
Income Tax Contingency [Line Items] | |
Unrecognized tax benefits | $ 134,000 |
State [Member] | |
Income Tax Contingency [Line Items] | |
Net operating loss carryforwards | $ 26,757,000 |
Operating loss carry forwards expiration period | 2,036 |
Foreign Tax Authority [Member] | |
Income Tax Contingency [Line Items] | |
Net operating loss carryforwards | $ 78,548,000 |
Capital loss carryforwards | $ 745,000 |
Capital loss carry forwards expiration period | Capital loss carryforwards of $745 which do not expire |
Operating loss carry forwards expiration period | 2,026 |
Domestic Tax Authority [Member] | |
Income Tax Contingency [Line Items] | |
Net operating loss carryforwards | $ 1,865,000 |
Operating loss carry forwards expiration period | 2,036 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||
Federal | $ (1,574) | $ 4,577 | $ 3,458 |
State | 465 | 378 | 210 |
Foreign | 414 | (20) | 122 |
Total current income tax expense | (695) | 4,935 | 3,790 |
Deferred: | |||
Federal | (2,688) | (2,203) | (4,678) |
State | (1,838) | 197 | 54 |
Foreign | (2,472) | (296) | 101 |
Increase (reversal) of valuation allowance | 30,405 | 0 | (33) |
Deferred income tax expense benefit | 23,407 | (2,302) | (4,556) |
Total provision (benefit) for taxes on income | $ 22,712 | $ 2,633 | $ (766) |
Income Taxes - Difference Betwe
Income Taxes - Difference Between Statutory U.S. Federal Income Tax and the Corporation's Effective Income Tax (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Computed at statutory rate | $ (19,984,000) | $ 1,402,000 | $ (683,000) |
Tax differential on non-U.S. earnings | 1,790,000 | 106,000 | 128,000 |
State income taxes | (1,535,000) | 226,000 | (227,000) |
Manufacturers deduction (I.R.C. Section 199) | 204,000 | (433,000) | (359,000) |
Meals and entertainment | 143,000 | 136,000 | 224,000 |
Tax credits | 0 | (243,000) | (12,000) |
Goodwill impairment | 9,191 | 0 | 0 |
Increase (reversal) of valuation allowance | 30,405,000 | 0 | (33,000) |
Change in tax rates | 1,913,000 | 224,000 | 301,000 |
Change in uncertain tax positions | 114,000 | 91,000 | (80,000) |
Acquisition-related costs | 571,000 | 981,000 | 0 |
Other - net | (100,000) | 143,000 | (25,000) |
Total provision (benefit) for taxes on income | $ 22,712,000 | $ 2,633,000 | $ (766,000) |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Employment - related liabilities | $ 18,659 | $ 9,644 |
Liabilities related to discontinued operations | 241 | 704 |
Capital loss carryforwards | 282 | 223 |
Asbestos-related liability | 21,024 | 16,356 |
Net operating loss - domestic | 653 | 0 |
Net operating loss - state | 2,123 | 1,445 |
Net operating loss - foreign | 19,106 | 0 |
Inventory related | 2,157 | 4,292 |
Impairment charge associated with investment in UES-MG | 2,184 | 2,298 |
Investment tax credits - foreign | 791 | 0 |
Other | 6,660 | 3,311 |
Gross deferred income tax assets | 92,254 | 54,029 |
Valuation allowance | (45,449) | (2,481) |
Deferred tax assets, net, Total | 46,805 | 51,548 |
Liabilities: | ||
Depreciation | (37,584) | (29,223) |
Mark-to-market adjustment - derivatives | (187) | (40) |
Intangible assets - definite life | (2,067) | 0 |
Intangible assets - indefinite life | (731) | 0 |
Other | (2,003) | (1,716) |
Gross deferred income tax liabilities | (42,572) | (30,979) |
Net deferred income tax assets | 4,233 | 20,569 |
Foreign Tax Authority [Member] | ||
Assets: | ||
Pension liability | 2,241 | 2,822 |
Domestic Tax Authority [Member] | ||
Assets: | ||
Pension liability | $ 16,133 | $ 12,934 |
Income Taxes - Summary of Chang
Income Taxes - Summary of Changes in Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Balance at the beginning of the year | $ 315 | $ 52 | $ 270 |
Gross increases for tax positions taken in the current year | 0 | 0 | 0 |
Gross increases for tax positions taken in prior years | 0 | 283 | 2 |
Gross decreases in tax positions due to lapse in statute of limitations | (79) | (20) | (61) |
Gross decreases for tax positions taken in prior years | 0 | 0 | (17) |
Gross decreases for tax settlements with taxing authorities | 0 | 0 | (142) |
Balance at the end of the year | $ 236 | $ 315 | $ 52 |
Operating Leases - Additional I
Operating Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Leases [Abstract] | |||
Operating lease expense | $ 1,148 | $ 1,043 | $ 995 |
Operating lease payments, in 2017 | 719 | ||
Operating lease payments, in 2018 | 578 | ||
Operating lease payments, in 2019 | 522 | ||
Operating lease payments, in 2020 | 414 | ||
Operating lease payments, in 2021 | 395 | ||
Operating lease payments, thereafter | $ 804 |
Research and Development Costs
Research and Development Costs - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Research and Development [Abstract] | |||
Expenses relating to product development | $ 2,716 | $ 1,137 | $ 1,328 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) ¥ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016CNY (¥) | |
Related Party Transaction [Line Items] | |||||
Accrued interest | $ 2,274,000 | $ 3,000 | |||
ATR [Member] | |||||
Related Party Transaction [Line Items] | |||||
Purchases | 140,000 | ¥ 931 | |||
LB Co paid Corporation for administrative services | 206,000 | ¥ 1,429 | |||
Loan outstanding | $ 4,990,000 | ¥ 34,655 | |||
Debt, interest rate | 4.90% | 4.90% | |||
Accrued interest | $ 2,265,000 | ¥ 15,730 | |||
Debt, maturity date | 2,008 | 2,008 | |||
Debt, renewal period | 1 year | 1 year | |||
ATR [Member] | Minimum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Interest accrual period | 3 years | 3 years | |||
ATR [Member] | Maximum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Interest accrual period | 5 years | 5 years | |||
LB Co [Member] | |||||
Related Party Transaction [Line Items] | |||||
Purchases | $ 955,000 | 1,270,000 | $ 1,358,000 | ||
LB Co paid Corporation for administrative services | 72,000 | $ 100,000 | |||
Net amount payable | $ 0 | $ 93,000 |
Litigation - Schedule of Loss C
Litigation - Schedule of Loss Contingencies by Contingency (Detail) - Asbestos Claims [Member] | 12 Months Ended | |
Dec. 31, 2016USD ($)Claim | Dec. 31, 2015USD ($)Claim | |
Loss Contingencies [Line Items] | ||
Total claims pending at the beginning of the period | 6,212 | 8,457 |
New claims served | 1,452 | 1,424 |
Claims dismissed | (782) | (3,339) |
Claims settled | (264) | (330) |
Total claims pending at the end of the period | 6,618 | 6,212 |
Gross settlement and defense costs | $ | $ 17,960,000 | $ 19,199,000 |
Average gross settlement and defense costs per claim resolved | $ | $ 17,170 | $ 5,230 |
Litigation - Schedule of Los107
Litigation - Schedule of Loss Contingencies by Contingency (Parenthetical) (Detail) - Claim | Dec. 31, 2016 | Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | ||
Number of claims inactive or transferred to MDL panel | 444 | 430 |
Litigation - Additional Informa
Litigation - Additional Information (Detail) $ in Thousands | Feb. 24, 2011DefendantCompany | Dec. 31, 2016USD ($) |
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 | $ | $ 171,181 | |
Percentage attributable to settlement costs for unasserted claims projected to be filed | 70.00% | |
Insurance recoveries receivable | $ | $ 115,945 |
Litigation - Summary of Activit
Litigation - Summary of Activity in Asbestos Insurance Recoveries (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Loss Contingencies [Line Items] | ||
Insurance receivable - asbestos, end of the year | $ 115,945 | |
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 | (23,138) | (15,228) |
Changes in estimated coverage | 13,660 | 0 |
Insurance receivable - asbestos, end of the year | $ 115,945 | $ 125,423 |
Litigation - Summary of Acti110
Litigation - Summary of Activity in Asbestos Insurance Recoveries (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Asbestos Claims [Member] | |
Loss Contingencies [Line Items] | |
Cash settlement with an insurance carrier | $ 9,808 |
Environmental Matters - Additio
Environmental Matters - Additional Information (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Environmental Remediation Obligations [Abstract] | |
Potential liability for all environmental compliance | $ 2,457 |
Business Segments - Additional
Business Segments - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)Segment | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of reportable business segments | Segment | 2 | |
Corporate Costs, Including Other Income (Expense) [Member] | ||
Segment Reporting Information [Line Items] | ||
Internal reorganization associated costs | $ | $ 2,400 | $ 1,600 |
Business Segments - Business Se
Business Segments - Business Segment Net Sales and (Loss) Income before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue from External Customer [Line Items] | |||||||||||
Net sales | $ 92,126 | $ 82,861 | $ 93,301 | $ 63,578 | $ 55,326 | $ 58,094 | $ 59,973 | $ 65,087 | $ 331,866 | $ 238,480 | $ 272,858 |
(Loss) Income Before Income Taxes and Equity Losses in Chinese Joint Venture | (57,520) | 4,520 | (892) | ||||||||
Capital Expenditures | 10,566 | 9,407 | 13,309 | ||||||||
Depreciation and Amortization Expense | 20,463 | 11,787 | 11,818 | ||||||||
Identifiable Assets | 565,889 | 506,156 | 565,889 | 506,156 | 536,409 | ||||||
Long-Lived Assets | 339,601 | 265,905 | 339,601 | 265,905 | 284,098 | ||||||
Heat Exchange Coils [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 28,139 | 32,745 | 39,109 | ||||||||
Centrifugal Pumps [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 36,359 | 33,120 | 32,983 | ||||||||
Air Handling Systems [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 19,716 | 20,348 | 21,378 | ||||||||
Operating Segments [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 331,866 | 238,480 | 272,858 | ||||||||
(Loss) Income Before Income Taxes and Equity Losses in Chinese Joint Venture | (37,755) | 19,722 | 8,602 | ||||||||
Corporate Costs, Including Other Income (Expense) [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
(Loss) Income Before Income Taxes and Equity Losses in Chinese Joint Venture | (19,765) | (15,202) | (9,494) | ||||||||
Capital Expenditures | 741 | 305 | 69 | ||||||||
Depreciation and Amortization Expense | 114 | 57 | 71 | ||||||||
Identifiable Assets | 44,541 | 94,414 | 44,541 | 94,414 | 78,507 | ||||||
U.S. [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 159,531 | 126,417 | 143,493 | ||||||||
(Loss) Income Before Income Taxes and Equity Losses in Chinese Joint Venture | (25,906) | 5,855 | (1,471) | ||||||||
Long-Lived Assets | 206,460 | 236,707 | 206,460 | 236,707 | 252,739 | ||||||
Foreign [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 172,335 | 112,063 | 129,365 | ||||||||
(Loss) Income Before Income Taxes and Equity Losses in Chinese Joint Venture | (31,614) | (1,335) | 579 | ||||||||
Long-Lived Assets | 133,141 | 29,198 | 133,141 | 29,198 | 31,359 | ||||||
Forged and Cast Engineered Products [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 247,652 | 152,267 | 179,388 | ||||||||
Write off of goodwill associated with the Akers acquisition | 26,676 | ||||||||||
Forged and Cast Engineered Products [Member] | Operating Segments [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 247,652 | 152,267 | 179,388 | ||||||||
(Loss) Income Before Income Taxes and Equity Losses in Chinese Joint Venture | (42,878) | (3,444) | 4,380 | ||||||||
Capital Expenditures | 9,440 | 8,608 | 12,884 | ||||||||
Depreciation and Amortization Expense | 19,166 | 10,468 | 10,303 | ||||||||
Identifiable Assets | 348,331 | 228,718 | 348,331 | 228,718 | 260,384 | ||||||
Air and Liquid Processing [Member] | Operating Segments [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 84,214 | 86,213 | 93,470 | ||||||||
(Loss) Income Before Income Taxes and Equity Losses in Chinese Joint Venture | 5,123 | 23,166 | 4,222 | ||||||||
Capital Expenditures | 385 | 494 | 356 | ||||||||
Depreciation and Amortization Expense | 1,183 | 1,262 | 1,444 | ||||||||
Identifiable Assets | $ 173,017 | $ 183,024 | $ 173,017 | $ 183,024 | $ 197,518 |
Business Segments - Business114
Business Segments - Business Segment Net Sales and (Loss) Income before Income Taxes (Parenthetical) (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)CustomerCustomers | Dec. 31, 2015USD ($)Customer | Dec. 31, 2014USD ($)Customer | |
Revenue from External Customer [Line Items] | |||
Investments in joint ventures | $ 2,019 | $ 3,097 | $ 3,914 |
Change in the identifiable assets of the Air and Liquid / Long-lived assets | $ 102,945 | 108,423 | 123,651 |
Number of customers accounted for net sales | Customers | 1 | ||
Forged and Cast Engineered Products [Member] | |||
Revenue from External Customer [Line Items] | |||
Investments in joint ventures | $ 2,019 | $ 3,097 | $ 3,914 |
Number of customers accounted for net sales | Customer | 2 | 2 | 2 |
Air and Liquid Processing [Member] | |||
Revenue from External Customer [Line Items] | |||
Estimated costs of asbestos-related litigation, net of estimated insurance recoveries | $ 4,565 | $ 14,333 | $ 4,487 |
Number of customers accounted for net sales | Customer | 1 | 0 | 0 |
Air and Liquid Processing [Member] | U.S. [Member] | |||
Revenue from External Customer [Line Items] | |||
Change in the identifiable assets of the Air and Liquid / Long-lived assets | $ 115,945 | $ 125,423 | $ 140,651 |
Sales Revenue, Net [Member] | Individual Countries [Member] | Maximum [Member] | |||
Revenue from External Customer [Line Items] | |||
Net sales | 10.00% | 10.00% | 10.00% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Revenue from External Customer [Line Items] | |||
Net sales | 11.00% | ||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Air and Liquid Processing [Member] | |||
Revenue from External Customer [Line Items] | |||
Net sales | 10.00% | 10.00% | 10.00% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | Forged and Cast Engineered Products [Member] | |||
Revenue from External Customer [Line Items] | |||
Net sales | 24.00% | 33.00% | 29.00% |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) | Mar. 02, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016GBP (£) | Dec. 31, 2016EUR (€) |
Subsequent Event [Line Items] | ||||||
Initial borrowing capacity | $ 750,000 | £ 250,000 | € 400,000 | |||
Repayment of outstanding balance of credit facility and term loan | 11,217,000 | $ 0 | $ 0 | |||
Credit Facilities [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Initial borrowing capacity | $ 20,000,000 | |||||
Subsequent Event [Member] | Credit Facilities [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Repayment of outstanding balance of credit facility and term loan | $ 7,596,000 | |||||
Subsequent Event [Member] | Europe [Member] | Maximum [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Initial borrowing capacity | 25,000,000 | |||||
Subsequent Event [Member] | Europe [Member] | Minimum [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Initial borrowing capacity | 15,000,000 | |||||
Subsequent Event [Member] | CANADA | ||||||
Subsequent Event [Line Items] | ||||||
Initial borrowing capacity | $ 15,000,000 |
Quarterly Information - Quarter
Quarterly Information - Quarterly Information - Unaudited (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 92,126 | $ 82,861 | $ 93,301 | $ 63,578 | $ 55,326 | $ 58,094 | $ 59,973 | $ 65,087 | $ 331,866 | $ 238,480 | $ 272,858 |
Gross profit | 11,454 | 15,594 | 15,849 | 12,473 | 8,131 | 9,439 | 11,776 | 13,043 | |||
Net (loss) income attributable to Ampco-Pittsburgh | $ (43,062) | $ (27,382) | $ (6,486) | $ (2,890) | $ 3,332 | $ (1,511) | $ (520) | $ 72 | $ (79,820) | $ 1,373 | $ (1,187) |
Net (loss) income per common share attributable to Ampco-Pittsburgh: | |||||||||||
Basic | $ (3.51) | $ (2.23) | $ (0.53) | $ (0.26) | $ 0.32 | $ (0.14) | $ (0.05) | $ 0.01 | $ (6.68) | $ 0.13 | $ (0.11) |
Diluted | $ (3.51) | $ (2.23) | $ (0.53) | $ (0.26) | $ 0.32 | $ (0.14) | $ (0.05) | $ 0.01 | $ (6.68) | $ 0.13 | $ (0.11) |
Comprehensive (loss) income attributable to Ampco-Pittsburgh | $ (47,972) | $ (22,894) | $ (10,739) | $ (1,501) | $ 8,296 | $ (2,250) | $ 2,789 | $ 3,692 | $ (83,106) | $ 12,527 | $ (24,075) |
Quarterly Information - Quar117
Quarterly Information - Quarterly Information - Unaudited (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||
After-tax charge | $ 4,565 | $ 26,676 | ||||||
After-tax charge per common share to recognize | $ 0.38 | $ 2.23 | ||||||
Unrecognized employee benefit costs | $ 4,762 | $ 5,231 | $ 4,163 | $ 9,397 | $ 10,713 | $ (21,392) | ||
After-tax credit | $ 9,316 | |||||||
After-tax credit per common share for the estimated additional insurance recoveries | $ 0.89 | |||||||
Valuation allowance | $ 2,083 | $ 26,903 | $ 1,419 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Other | $ 2,083 | $ 26,903 | $ 1,419 | |||
Allowance for Doubtful Accounts [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Balance at Beginning of Period | $ 983 | $ 1,374 | $ 551 | |||
Charged to Costs and Expenses | 1,598 | 408 | 1,381 | |||
Charged to Other Accounts | 0 | (762) | 0 | |||
Deductions | (353) | (25) | (531) | |||
Other | 0 | (12) | (27) | |||
Balance at End of Period | 2,228 | 2,228 | 983 | 1,374 | ||
Valuation Allowance Against Gross Deferred Income Tax Assets [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Balance at Beginning of Period | 2,481 | 3,254 | 2,639 | |||
Charged to Costs and Expenses | 0 | 0 | 0 | |||
Charged to Other Accounts | 30,405 | (715) | 721 | |||
Deductions | 0 | 0 | (33) | |||
Other | 12,563 | (58) | (73) | |||
Balance at End of Period | $ 45,449 | $ 45,449 | $ 2,481 | $ 3,254 |