Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 03, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | AP | |
Entity Registrant Name | AMPCO PITTSBURGH CORP | |
Entity Central Index Key | 6,176 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 12,270,982 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 21,021 | $ 38,579 |
Receivables, less allowance for doubtful accounts of $2,311 in 2017 and $2,228 in 2016 | 75,088 | 72,233 |
Inventories | 92,273 | 83,579 |
Insurance receivable - asbestos | 13,000 | 13,000 |
Other current assets | 15,627 | 14,073 |
Total current assets | 217,009 | 221,464 |
Property, plant and equipment, net | 213,179 | 214,408 |
Insurance receivable - asbestos | 99,319 | 102,945 |
Deferred income tax assets | 4,940 | 4,824 |
Investments in joint ventures | 2,080 | 2,019 |
Intangible assets - net | 11,396 | 11,601 |
Other noncurrent assets | 8,673 | 8,628 |
Total assets | 556,596 | 565,889 |
Current liabilities: | ||
Accounts payable | 42,162 | 37,104 |
Accrued payrolls and employee benefits | 19,895 | 20,166 |
Debt - current portion | 18,886 | 26,825 |
Asbestos liability - current portion | 18,000 | 18,000 |
Other current liabilities | 43,252 | 42,197 |
Total current liabilities | 142,195 | 144,292 |
Employee benefit obligations | 91,591 | 91,947 |
Asbestos liability | 148,293 | 153,181 |
Long-term debt | 25,695 | 25,389 |
Deferred income tax liabilities | 582 | 591 |
Other noncurrent liabilities | 773 | 655 |
Total liabilities | 409,129 | 416,055 |
Commitments and contingent liabilities (Note 9) | ||
Shareholders' equity: | ||
Common stock - par value $1; authorized 20,000 shares; issued and outstanding 12,271 shares in 2017 and 2016 | 12,271 | 12,271 |
Additional paid-in capital | 151,511 | 151,089 |
Retained earnings | 39,555 | 45,443 |
Accumulated other comprehensive loss | (57,910) | (60,885) |
Total Ampco-Pittsburgh shareholders' equity | 145,427 | 147,918 |
Noncontrolling interest | 2,040 | 1,916 |
Total shareholders' equity | 147,467 | 149,834 |
Total liabilities and shareholders' equity | $ 556,596 | $ 565,889 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $ 2,311 | $ 2,228 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 12,271,000 | 12,271,000 |
Common stock, shares outstanding | 12,271,000 | 12,271,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Net sales | $ 103,516 | $ 63,578 |
Operating costs and expenses: | ||
Costs of products sold (excluding depreciation and amortization) | 84,663 | 51,105 |
Selling and administrative | 15,298 | 13,508 |
Depreciation and amortization | 5,922 | 3,925 |
Loss on disposal of assets | 0 | 3 |
Total operating expenses | 105,883 | 68,541 |
Loss from operations | (2,367) | (4,963) |
Other income (expense): | ||
Investment-related income | 49 | 45 |
Interest expense | (1,177) | (242) |
Other - net | (1,082) | 1,164 |
Total other income (expense) | (2,210) | 967 |
Loss before income taxes and equity earnings in Chinese joint venture | (4,577) | (3,996) |
Income tax (provision) benefit | (135) | 850 |
Equity earnings in Chinese joint venture | 50 | 172 |
Net loss | (4,662) | (2,974) |
Less: Net income (loss) attributable to noncontrolling interest | 121 | (84) |
Net loss attributable to Ampco-Pittsburgh shareholders | $ (4,783) | $ (2,890) |
Net loss per common share attributable to Ampco-Pittsburgh: | ||
Basic | $ (0.39) | $ (0.26) |
Diluted | (0.39) | (0.26) |
Cash dividends declared per share | $ 0.09 | $ 0.09 |
Weighted average number of common shares outstanding: | ||
Basic | 12,271 | 11,006 |
Diluted | 12,271 | 11,006 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (4,662) | $ (2,974) |
Adjustments for changes in: | ||
Foreign currency translation | 2,252 | (315) |
Unrecognized employee benefit costs (including effects of foreign currency translation) | (255) | 649 |
Unrealized holding gains on marketable securities | 185 | 148 |
Fair value of cash flow hedges | 224 | 18 |
Reclassification adjustments for items included in net loss: | ||
Amortization of unrecognized employee benefit costs | 733 | 785 |
Realized gains on sale of marketable securities | (6) | (30) |
Realized gains/losses from settlement of cash flow hedges | (155) | 135 |
Other comprehensive income | 2,978 | 1,390 |
Comprehensive loss | (1,684) | (1,584) |
Less: Comprehensive income (loss) attributable to noncontrolling interest | 124 | (83) |
Comprehensive loss attributable to Ampco-Pittsburgh | $ (1,808) | $ (1,501) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Cash Flows [Abstract] | ||
Net cash flows used in operating activities | $ (5,489) | $ (5,039) |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (3,126) | (562) |
Proceeds from the sale of property, plant and equipment | 0 | 7 |
Purchase of Åkers, net of cash acquired (Note 2) | 0 | (27,031) |
Purchases of long-term marketable securities | (20) | (246) |
Proceeds from the sale of long-term marketable securities | 85 | 193 |
Net cash flows used in investing activities | (3,061) | (27,639) |
Cash flows from financing activities: | ||
Dividends paid | (1,104) | (1,879) |
Repayment of debt | (932) | 0 |
Proceeds from credit facility | 8,795 | 0 |
Payments on credit facility | (15,941) | 0 |
Net cash flows used in financing activities | (9,182) | (1,879) |
Effect of exchange rate changes on cash and cash equivalents | 174 | (424) |
Net decrease in cash and cash equivalents | (17,558) | (34,981) |
Cash and cash equivalents at beginning of period | 38,579 | 95,122 |
Cash and cash equivalents at end of period | 21,021 | 60,141 |
Supplemental information: | ||
Income tax payments | 202 | 3,000 |
Interest payments | 721 | 61 |
Non-cash investing activities: | ||
Purchases of property, plant and equipment included in accounts payable | 344 | 152 |
Non-cash financing activities: | ||
Issuance of common stock to acquire net assets of Åkers (Note 2) | 0 | 22,137 |
Issuance of debt to acquire net assets of Åkers (Note 2) | $ 0 | $ 25,710 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Financial Statements | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unaudited Condensed Consolidated Financial Statements | 1. Unaudited Condensed Consolidated Financial Statements The condensed consolidated balance sheet as of March 31, 2017, and the condensed consolidated statements of operations, comprehensive loss and cash flows for the three months ended March 31, 2017 and 2016, have been prepared by Ampco-Pittsburgh Corporation (the “Corporation”) without audit. In the opinion of management, all adjustments, consisting of only normal and recurring adjustments necessary to present fairly the financial position, results of operations and cash flows for the periods presented, have been made . Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. Recently Implemented Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory 2015-11, last-in, Recently Issued Accounting Pronouncements In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits 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 2014-09, Revenue from Contracts with Customers In February 2016, the FASB issued ASU 2016-02, Leases |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | 2. Acquisitions Acquisition of Åkers On March 3, 2016, the Corporation acquired 100% of the voting equity interest of Åkers AB and certain of its affiliated companies, including Åkers AB’s 60% equity interest in a Chinese joint venture company (collectively, “Åkers”), from Altor Fund II GP Limited. The purchase price approximated $74,155 and was comprised of $29,399 in cash, $22,619 in the form of three-year promissory notes, and 1,776,604 shares of common stock of the Corporation which, based on the closing price of the Corporation’s common stock as of the date of closing, had a fair value of $22,137. The notes bear interest at 6.5%, compounding annually, with principal and interest payable at maturity on March 3, 2019. Operating results of Åkers are included in the Forged and Cast Engineered Products segment from the date of acquisition. Net sales and loss before income taxes for Åkers approximated $31,890 and $668 for the three months ended March 31, 2017, respectively, and $12,583 and $1,006 for March 2016, respectively. Acquisition of ASW On November 1, 2016, the Corporation acquired 100% of the voting equity interest of ASW Steel Inc. (“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 Pro Forma Financial Information for the Åkers and ASW Acquisitions: 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, 2016. Pro forma adjustments have been made primarily 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 2016: Three Months Ended March 31, 2016 Net sales $ 97,699 Loss before income taxes (includes noncontrolling interest) $ (9,989 ) Net loss attributable to Ampco-Pittsburgh $ (7,975 ) Net loss per common share (basic) attributable to Ampco-Pittsburgh $ (0.65 ) |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories At March 31, 2017, and December 31, 2016, approximately 45% of the inventories were valued on the LIFO method with the remaining inventories valued on the FIFO method. Inventories were comprised of the following: March 31, December 31, Raw materials $ 21,600 $ 23,964 Work-in-process 35,699 29,198 Finished goods 21,440 20,046 Supplies 13,534 10,371 $ 92,273 $ 83,579 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 4. Property, Plant and Equipment Property, plant and equipment were comprised of the following: March 31, December 31, Land and land improvements $ 11,806 $ 11,747 Buildings 66,317 66,017 Machinery and equipment 325,733 323,684 Construction-in-process 4,450 2,595 Other 7,766 7,495 416,072 411,538 Accumulated depreciation and amortization (202,893 ) (197,130 ) $ 213,179 $ 214,408 The majority of the assets of the Corporation, except real property including the land and building of Union Electric Steel UK Limited (“UES-UK”), UES-UK, UES-UK |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 5. Intangible Assets Intangible assets were comprised of the following: March 31, December 31, Customer relationships $ 6,278 $ 6,244 Developed technology 4,286 4,248 Trade name 2,558 2,537 13,122 13,029 Accumulated amortization (1,726 ) (1,428 ) $ 11,396 $ 11,601 Movement in foreign currency exchange rates used to translate intangible assets from local currency to the U.S. dollar changed the gross value of intangible assets between the periods. Amortization expense for the three months ended March 31, 2017 and 2016, was $298 and $164, respectively. |
Other Current Liabilities
Other Current Liabilities | 3 Months Ended |
Mar. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | 6. Other Current Liabilities Other current liabilities were comprised of the following: March 31, December 31, Customer-related liabilities $ 22,164 $ 21,564 Accrued interest payable 2,355 2,274 Accrued sales commissions 1,863 1,693 Other 16,870 16,666 $ 43,252 $ 42,197 Included in customer-related liabilities are costs expected to be incurred with respect to product warranties. Changes in the liability for product warranty claims consisted of the following: Three Months Ended March 31, 2017 2016 Balance at beginning of the period $ 11,521 $ 6,358 Acquisitions – opening balance sheet liability for warranty claims 0 6,032 Satisfaction of warranty claims (870 ) (558 ) Provision for warranty claims 1,019 613 Other, primarily impact from changes in foreign currency exchange rates 78 135 Balance at end of the period $ 11,748 $ 12,580 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits | 7. Pension and Other Postretirement Benefits Contributions were as follows: Three Months Ended March 31, 2017 2016 Foreign defined benefit pension plans $ 424 $ 430 Other postretirement benefits (e.g. net payments) 275 241 U.K. defined contribution pension plan 65 62 U.S. defined contribution plan 650 503 Net periodic pension and other postretirement costs include the following components: Three Months Ended March 31, U.S. Defined Benefit Pension Plans 2017 2016 Service cost $ 411 $ 346 Interest cost 2,098 2,258 Expected return on plan assets (3,127 ) (3,011 ) Amortization of prior service cost 13 105 Amortization of actuarial loss 936 1,128 Net benefit costs $ 331 $ 826 Three Months Ended March 31, Foreign Defined Benefit Pension Plans 2017 2016 Service cost $ 90 $ 31 Interest cost 445 568 Expected return on plan assets (538 ) (647 ) Amortization of actuarial loss 181 176 Net benefit costs $ 178 $ 128 Three Months Ended March 31, Other Postretirement Benefit Plans 2017 2016 Service cost $ 172 $ 158 Interest cost 172 200 Amortization of prior service cost (405 ) (258 ) Amortization of actuarial loss 8 37 Net benefit costs $ (53 ) $ 137 |
Borrowing Arrangements
Borrowing Arrangements | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Borrowing Arrangements | 8. Borrowing Arrangements The Corporation has a five-year Revolving Credit and Security Agreement (the “Agreement”) with a syndicate of banks. The Agreement provides for a $100,000 senior secured asset-based revolving credit facility 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. 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. 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 March 31, 2017, the Corporation had utilized a portion of the credit facility for letters of credit (Note 9) and had remaining availability of approximately $57,000. In April 2017, the Corporation borrowed $7,000 from the credit facility for an initial term of three months. Interest accrues on the outstanding balance at 2.68%. 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 certain 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 March 31, 2017. In March 2017, the Corporation repaid the debt assumed (term debt and credit facility) in connection with the acquisition of ASW, including interest, fees and early termination costs. Accordingly, outstanding borrowings of the Corporation as of March 31, 2017, and December 31, 2016, consisted of the following: March 31, December 31, Industrial Revenue Bonds (“IRB”) $ 13,311 $ 13,311 Promissory notes (and interest) 24,221 23,844 Minority shareholder loan 5,028 4,990 Credit facility (ASW) 0 7,146 Term loan (ASW) 0 762 Capital leases 2,021 2,161 44,581 52,214 Current portion (18,886 ) (26,825 ) $ 25,695 $ 25,389 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | 9. Commitments and Contingent Liabilities Outstanding standby and commercial letters of credit as of March 31, 2017 approximated $27,355, the majority of which serves as collateral for the IRB debt and foreign exchange contracts. 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 arrangement relating to pension commitments. The total amount covered by the surety bonds is approximately $4,000 (SEK 33,900). See Note 10 for derivative instruments, Note 15 for litigation and Note 16 for environmental matters. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 10. Derivative Instruments Certain of the Corporation’s operations are subject to risk from exchange rate fluctuations in connection with sales in foreign currencies. To minimize this risk, foreign currency sales contracts are entered into which are designated as cash flow or fair value hedges. As of March 31, 2017, approximately $17,088 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 March 31, 2017 approximated $5,624, including a $5,000 standby letter of credit. Additionally, certain of the divisions of the Air and Liquid Processing segment are subject to risk from increases in the price of commodities (copper and aluminum) used in the production of inventory. To minimize this risk, futures contracts are entered into which are designated as cash flow hedges. At March 31, 2017, approximately 46% or $2,350 of anticipated copper purchases over the next 12 months and 56% or $435 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. The Corporation does not enter into derivative transactions for speculative purposes and, therefore, holds no derivative instruments for trading purposes. (Losses) gains on foreign exchange transactions included in other income (expense) approximated $(1,064) and $1,173 for the three months ended March 31, 2017, and 2016, respectively. The location and fair value of the foreign currency sales contracts recorded on the condensed consolidated balance sheets were as follows: Location March 31, December 31, Fair value hedge contracts Other current assets $ 206 $ 214 Other noncurrent assets 0 2 Other current liabilities 293 940 Other noncurrent liabilities 2 35 Fair value hedged items Receivables 48 121 Other current assets 269 808 Other noncurrent assets 3 45 Other current liabilities 173 233 Other noncurrent liabilities 0 5 The change in the fair value of the cash flow contracts is recorded as a component of accumulated other comprehensive loss. The balances as of March 31, 2017, and 2016, and the amount recognized as and reclassified from accumulated other comprehensive loss for each of the periods is summarized below. Amounts are after-tax, Three Months Ended March 31, 2017 Comprehensive Plus Less Comprehensive Foreign currency sales contracts $ 0 $ 0 $ 0 $ 0 Foreign currency purchase contracts 216 0 7 209 Futures contracts – copper and aluminum 335 224 148 411 $ 551 $ 224 $ 155 $ 620 Three Months Ended March 31, 2016 Foreign currency sales contracts $ 4 $ 3 $ 7 $ 0 Foreign currency purchase contracts 241 0 4 237 Futures contracts – copper and aluminum (200 ) 15 (146 ) (39 ) $ 45 $ 18 $ (135 ) $ 198 The change in fair value reclassified or expected to be reclassified from accumulated other comprehensive loss to earnings is summarized below. All amounts are pre-tax. Location of Gain (Loss) in Statements Estimated to be Reclassified in the Next Three Months Ended March 31, of Operations 12 Months 2017 2016 Foreign currency sales contracts – cash flow hedges Net sales $ 0 $ 0 $ 10 Foreign currency purchase contracts Depreciation and 27 7 7 Futures contracts – copper and aluminum Costs of products sold (excluding depreciation and amortization) 411 148 (236 ) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 11. Accumulated Other Comprehensive Loss Net change and ending balances for the various components of accumulated other comprehensive loss as of and for the three months ended March 31, 2017, and 2016, is summarized below. All amounts are net of tax, where applicable. Foreign Unrecognized Unrealized Cash Flow Accumulated Balance at January 1, 2017 $ (22,973 ) $ (38,636 ) $ 59 $ 551 $ (60,999 ) Net Change 2,252 478 179 69 2,978 Balance at March 31, 2017 $ (20,721 ) $ (38,158 ) $ 238 $ 620 $ (58,021 ) Balance at January 1, 2016 $ (8,393 ) $ (49,943 ) $ 692 $ 45 $ (57,599 ) Net Change (315 ) 1,434 118 153 1,390 Balance at March 31, 2016 $ (8,708 ) $ (48,509 ) $ 810 $ 198 $ (56,209 ) The following summarizes the line items affected on the condensed consolidated statements of operations for components reclassified from accumulated other comprehensive loss. Amounts in parentheses represent credits to net income. Three Months Ended March 31, 2017 2016 Amortization of unrecognized employee benefit costs: Costs of products sold (excluding depreciation and amortization) $ (15 ) $ 725 Selling and administrative 582 323 Other income (expense) 166 140 Total before income tax 733 1,188 Income tax provision 0 (403 ) Net of tax $ 733 $ 785 Realized gains on sale of marketable securities: Selling and administrative $ (6 ) $ (46 ) Income tax provision 0 16 Net of tax $ (6 ) $ (30 ) Realized (gains) losses from settlement of cash flow hedges: Net sales (foreign currency sales contracts) $ 0 $ (10 ) Depreciation and amortization (foreign currency purchase contracts) (7 ) (7 ) Costs of products sold (excluding depreciation and amortization) (futures contracts – copper and aluminum) (148 ) 236 Total before income tax (155 ) 219 Income tax provision 0 (84 ) Net of tax $ (155 ) $ 135 The income tax expense (benefit) associated with the various components of other comprehensive income for the three months ended March 31, 2017, and 2016, is summarized below. For 2017, 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. Foreign currency translation adjustments exclude the effect of income taxes since earnings of non-U.S. Three Months Ended March 31, 2017 2016 Tax expense (benefit) associated with changes in: Unrealized employee benefit costs $ 0 $ (398 ) Unrealized holding gains on marketable securities 0 (77 ) Fair value of cash flow hedges 0 (9 ) Tax expense (benefit) associated with reclassification adjustments: Amortization of unrecognized employee benefit costs 0 (403 ) Realized gains from sale of marketable securities 0 16 Realized losses from settlement of cash flow hedges 0 (84 ) |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 12. Stock-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. Awards under the Incentive Plan may include incentive non-qualified 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 non-employee Stock-based compensation expense for the three months ended March 31, 2017, and 2016, equaled $664 and $329, respectively. The related income tax benefit recognized in the condensed consolidated statements of operations for the three months ended March 31, 2016, was approximately $115. There was no income tax benefit for the three months ended March 31, 2017, due to the Corporation having a valuation allowance recorded against its deferred income tax assets for the jurisdiction where the expense is recognized. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 13. Fair Value The Corporation’s financial assets and liabilities that are reported at fair value in the condensed consolidated balance sheets as of March 31, 2017, and December 31, 2016, were as follows: Quoted Prices in Significant Other Significant Total As of March 31, 2017 Investments Other noncurrent assets $ 3,976 $ 0 $ 0 $ 3,976 Foreign currency exchange contracts Other current assets 0 475 0 475 Other noncurrent assets 0 3 0 3 Other current liabilities 0 466 0 466 Other noncurrent liabilities 0 2 0 2 As of December 31, 2016 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 The investments held as other noncurrent assets represent assets held in a “Rabbi” trust for the purpose of providing benefits under a non-qualified |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Business Segments | 14. Business Segments Presented below are the net sales and (loss) income before income taxes for the Corporation’s two business segments. Other expense, including corporate costs , , Three Months Ended March 31, 2017 2016 Net sales: Forged and Cast Engineered Products $ 81,702 $ 41,527 Air and Liquid Processing 21,814 22,051 Total Reportable Segments $ 103,516 $ 63,578 (Loss) income before income taxes: Forged and Cast Engineered Products $ (599 ) $ (2,470 ) Air and Liquid Processing 2,717 2,634 Total Reportable Segments 2,118 164 Other expense, including corporate costs (6,695 ) (4,160 ) Total $ (4,577 ) $ (3,996 ) |
Litigation
Litigation | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Litigation | 15. 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 Akers National Roll Company, as well as the Akers 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 Akers National Roll Company and the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial, and Service Workers International Union, AFL-CIO) 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 three months ended March 31, 2017, and 2016 (claims not in thousands): Three Months Ended March 31, 2017 2016 Total claims pending at the beginning of the period 6,618 6,212 New claims served 336 397 Claims dismissed (80 ) (90 ) Claims settled (88 ) (80 ) Total claims pending at the end of the period (1) 6,786 6,439 Gross settlement and defense costs (in 000’s) $ 4,888 $ 4,027 Avg. gross settlement and defense costs per claim resolved (in 000’s) $ 29.10 $ 23.69 (1) Included as “open claims” are approximately 445 and 427 claims as of March 31, 2017, and 2016, 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. 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. The reserve at March 31, 2017 was $166,293. 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 ($112,319 at March 31, 2017). The following table summarizes activity relating to insurance recoveries. Three Months Ended March 31, 2017 2016 Insurance receivable – asbestos, beginning of the year $ 115,945 $ 125,243 Settlement and defense costs paid by insurance carriers (3,626 ) (2,675 ) Insurance receivable – asbestos, end of the period $ 112,319 $ 122,748 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 | 3 Months Ended |
Mar. 31, 2017 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Matters | 16. Environmental Matters The Corporation is currently performing certain remedial actions in connection with the sale of real estate previously owned 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 $2,464 at March 31, 2017, is considered adequate based on information known to date. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | 17. Subsequent Event In April 2017, the Corporation temporarily idled a portion of one of its cast roll plants. While the idling term is indefinite, it may last well into 2017. |
Unaudited Condensed Consolida24
Unaudited Condensed Consolidated Financial Statements (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unaudited Condensed Consolidated Financial Statements | The condensed consolidated balance sheet as of March 31, 2017, and the condensed consolidated statements of operations, comprehensive loss and cash flows for the three months ended March 31, 2017 and 2016, have been prepared by Ampco-Pittsburgh Corporation (the “Corporation”) without audit. In the opinion of management, all adjustments, consisting of only normal and recurring adjustments necessary to present fairly the financial position, results of operations and cash flows for the periods presented, have been made . Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. |
Recently Implemented Accounting Pronouncements | Recently Implemented Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory 2015-11, last-in, |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits 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 2014-09, Revenue from Contracts with Customers In February 2016, the FASB issued ASU 2016-02, Leases |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 2016: Three Months Ended March 31, 2016 Net sales $ 97,699 Loss before income taxes (includes noncontrolling interest) $ (9,989 ) Net loss attributable to Ampco-Pittsburgh $ (7,975 ) Net loss per common share (basic) attributable to Ampco-Pittsburgh $ (0.65 ) |
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 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories were comprised of the following: March 31, December 31, Raw materials $ 21,600 $ 23,964 Work-in-process 35,699 29,198 Finished goods 21,440 20,046 Supplies 13,534 10,371 $ 92,273 $ 83,579 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment were comprised of the following: March 31, December 31, Land and land improvements $ 11,806 $ 11,747 Buildings 66,317 66,017 Machinery and equipment 325,733 323,684 Construction-in-process 4,450 2,595 Other 7,766 7,495 416,072 411,538 Accumulated depreciation and amortization (202,893 ) (197,130 ) $ 213,179 $ 214,408 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets were comprised of the following: March 31, December 31, Customer relationships $ 6,278 $ 6,244 Developed technology 4,286 4,248 Trade name 2,558 2,537 13,122 13,029 Accumulated amortization (1,726 ) (1,428 ) $ 11,396 $ 11,601 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities were comprised of the following: March 31, December 31, Customer-related liabilities $ 22,164 $ 21,564 Accrued interest payable 2,355 2,274 Accrued sales commissions 1,863 1,693 Other 16,870 16,666 $ 43,252 $ 42,197 |
Schedule of Changes in Liability for Product Warranty Claims | Changes in the liability for product warranty claims consisted of the following: Three Months Ended March 31, 2017 2016 Balance at beginning of the period $ 11,521 $ 6,358 Acquisitions – opening balance sheet liability for warranty claims 0 6,032 Satisfaction of warranty claims (870 ) (558 ) Provision for warranty claims 1,019 613 Other, primarily impact from changes in foreign currency exchange rates 78 135 Balance at end of the period $ 11,748 $ 12,580 |
Pension and Other Postretirem30
Pension and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Contributions for Pension and Other Postretirement Benefits | Contributions were as follows: Three Months Ended March 31, 2017 2016 Foreign defined benefit pension plans $ 424 $ 430 Other postretirement benefits (e.g. net payments) 275 241 U.K. defined contribution pension plan 65 62 U.S. defined contribution plan 650 503 |
Net Periodic Pension and Other Postretirement Costs | Net periodic pension and other postretirement costs include the following components: Three Months Ended March 31, U.S. Defined Benefit Pension Plans 2017 2016 Service cost $ 411 $ 346 Interest cost 2,098 2,258 Expected return on plan assets (3,127 ) (3,011 ) Amortization of prior service cost 13 105 Amortization of actuarial loss 936 1,128 Net benefit costs $ 331 $ 826 Three Months Ended March 31, Foreign Defined Benefit Pension Plans 2017 2016 Service cost $ 90 $ 31 Interest cost 445 568 Expected return on plan assets (538 ) (647 ) Amortization of actuarial loss 181 176 Net benefit costs $ 178 $ 128 Three Months Ended March 31, Other Postretirement Benefit Plans 2017 2016 Service cost $ 172 $ 158 Interest cost 172 200 Amortization of prior service cost (405 ) (258 ) Amortization of actuarial loss 8 37 Net benefit costs $ (53 ) $ 137 |
Borrowing Arrangements (Tables)
Borrowing Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Borrowings | Outstanding borrowings of the Corporation as of March 31, 2017, and December 31, 2016, consisted of the following: March 31, December 31, Industrial Revenue Bonds (“IRB”) $ 13,311 $ 13,311 Promissory notes (and interest) 24,221 23,844 Minority shareholder loan 5,028 4,990 Credit facility (ASW) 0 7,146 Term loan (ASW) 0 762 Capital leases 2,021 2,161 44,581 52,214 Current portion (18,886 ) (26,825 ) $ 25,695 $ 25,389 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Location and Fair Value of Foreign Currency Sales Contracts Recorded on Condensed Consolidated Balance Sheets | The location and fair value of the foreign currency sales contracts recorded on the condensed consolidated balance sheets were as follows: Location March 31, December 31, Fair value hedge contracts Other current assets $ 206 $ 214 Other noncurrent assets 0 2 Other current liabilities 293 940 Other noncurrent liabilities 2 35 Fair value hedged items Receivables 48 121 Other current assets 269 808 Other noncurrent assets 3 45 Other current liabilities 173 233 Other noncurrent liabilities 0 5 |
Summary of Amount Recognized as and Reclassified from Accumulated Other Comprehensive Loss | The change in the fair value of the cash flow contracts is recorded as a component of accumulated other comprehensive loss. The balances as of March 31, 2017, and 2016, and the amount recognized as and reclassified from accumulated other comprehensive loss for each of the periods is summarized below. Amounts are after-tax, Three Months Ended March 31, 2017 Comprehensive Plus Less Comprehensive Foreign currency sales contracts $ 0 $ 0 $ 0 $ 0 Foreign currency purchase contracts 216 0 7 209 Futures contracts – copper and aluminum 335 224 148 411 $ 551 $ 224 $ 155 $ 620 Three Months Ended March 31, 2016 Foreign currency sales contracts $ 4 $ 3 $ 7 $ 0 Foreign currency purchase contracts 241 0 4 237 Futures contracts – copper and aluminum (200 ) 15 (146 ) (39 ) $ 45 $ 18 $ (135 ) $ 198 |
Summary of Change in Fair Value Reclassified or Expected to be Reclassified from Accumulated Other Comprehensive Loss to Earnings | The change in fair value reclassified or expected to be reclassified from accumulated other comprehensive loss to earnings is summarized below. All amounts are pre-tax. Location of Gain (Loss) in Statements Estimated to be Reclassified in the Next Three Months Ended March 31, of Operations 12 Months 2017 2016 Foreign currency sales contracts – cash flow hedges Net sales $ 0 $ 0 $ 10 Foreign currency purchase contracts Depreciation and 27 7 7 Futures contracts – copper and aluminum Costs of products sold (excluding depreciation and amortization) 411 148 (236 ) |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Net Change and Ending Balances for Various Components of Accumulated Other Comprehensive Loss | Net change and ending balances for the various components of accumulated other comprehensive loss as of and for the three months ended March 31, 2017, and 2016, is summarized below. All amounts are net of tax, where applicable. Foreign Unrecognized Unrealized Cash Flow Accumulated Balance at January 1, 2017 $ (22,973 ) $ (38,636 ) $ 59 $ 551 $ (60,999 ) Net Change 2,252 478 179 69 2,978 Balance at March 31, 2017 $ (20,721 ) $ (38,158 ) $ 238 $ 620 $ (58,021 ) Balance at January 1, 2016 $ (8,393 ) $ (49,943 ) $ 692 $ 45 $ (57,599 ) Net Change (315 ) 1,434 118 153 1,390 Balance at March 31, 2016 $ (8,708 ) $ (48,509 ) $ 810 $ 198 $ (56,209 ) |
Line Items Affected on Condensed Consolidated Statements of Operations for Components Reclassified from Accumulated Other Comprehensive Loss | The following summarizes the line items affected on the condensed consolidated statements of operations for components reclassified from accumulated other comprehensive loss. Amounts in parentheses represent credits to net income. Three Months Ended March 31, 2017 2016 Amortization of unrecognized employee benefit costs: Costs of products sold (excluding depreciation and amortization) $ (15 ) $ 725 Selling and administrative 582 323 Other income (expense) 166 140 Total before income tax 733 1,188 Income tax provision 0 (403 ) Net of tax $ 733 $ 785 Realized gains on sale of marketable securities: Selling and administrative $ (6 ) $ (46 ) Income tax provision 0 16 Net of tax $ (6 ) $ (30 ) Realized (gains) losses from settlement of cash flow hedges: Net sales (foreign currency sales contracts) $ 0 $ (10 ) Depreciation and amortization (foreign currency purchase contracts) (7 ) (7 ) Costs of products sold (excluding depreciation and amortization) (futures contracts – copper and aluminum) (148 ) 236 Total before income tax (155 ) 219 Income tax provision 0 (84 ) Net of tax $ (155 ) $ 135 |
Summary of Income Tax Expense (Benefit) Associated with Various Components of Other Comprehensive Income | The income tax expense (benefit) associated with the various components of other comprehensive income for the three months ended March 31, 2017, and 2016, is summarized below. For 2017, 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. Foreign currency translation adjustments exclude the effect of income taxes since earnings of non-U.S. Three Months Ended March 31, 2017 2016 Tax expense (benefit) associated with changes in: Unrealized employee benefit costs $ 0 $ (398 ) Unrealized holding gains on marketable securities 0 (77 ) Fair value of cash flow hedges 0 (9 ) Tax expense (benefit) associated with reclassification adjustments: Amortization of unrecognized employee benefit costs 0 (403 ) Realized gains from sale of marketable securities 0 16 Realized losses from settlement of cash flow hedges 0 (84 ) |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | The Corporation’s financial assets and liabilities that are reported at fair value in the condensed consolidated balance sheets as of March 31, 2017, and December 31, 2016, were as follows: Quoted Prices in Significant Other Significant Total As of March 31, 2017 Investments Other noncurrent assets $ 3,976 $ 0 $ 0 $ 3,976 Foreign currency exchange contracts Other current assets 0 475 0 475 Other noncurrent assets 0 3 0 3 Other current liabilities 0 466 0 466 Other noncurrent liabilities 0 2 0 2 As of December 31, 2016 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 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Business Segment Net Sales and (Loss) Income before Income Taxes | Presented below are the net sales and (loss) income before income taxes for the Corporation’s two business segments. Three Months Ended March 31, 2017 2016 Net sales: Forged and Cast Engineered Products $ 81,702 $ 41,527 Air and Liquid Processing 21,814 22,051 Total Reportable Segments $ 103,516 $ 63,578 (Loss) income before income taxes: Forged and Cast Engineered Products $ (599 ) $ (2,470 ) Air and Liquid Processing 2,717 2,634 Total Reportable Segments 2,118 164 Other expense, including corporate costs (6,695 ) (4,160 ) Total $ (4,577 ) $ (3,996 ) |
Litigation (Tables)
Litigation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 three months ended March 31, 2017, and 2016 (claims not in thousands): Three Months Ended March 31, 2017 2016 Total claims pending at the beginning of the period 6,618 6,212 New claims served 336 397 Claims dismissed (80 ) (90 ) Claims settled (88 ) (80 ) Total claims pending at the end of the period (1) 6,786 6,439 Gross settlement and defense costs (in 000’s) $ 4,888 $ 4,027 Avg. gross settlement and defense costs per claim resolved (in 000’s) $ 29.10 $ 23.69 (1) Included as “open claims” are approximately 445 and 427 claims as of March 31, 2017, and 2016, 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. Three Months Ended March 31, 2017 2016 Insurance receivable – asbestos, beginning of the year $ 115,945 $ 125,243 Settlement and defense costs paid by insurance carriers (3,626 ) (2,675 ) Insurance receivable – asbestos, end of the period $ 112,319 $ 122,748 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 01, 2016 | Mar. 03, 2016 | Mar. 31, 2017 | Mar. 31, 2016 |
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 | $ 13,323 | |||
Business acquisition, income before income taxes | 161 | |||
Total purchase price | 13,116 | |||
Outstanding indebtedness | $ 9,616 | |||
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 | 1,776,604 | |||
Business acquisition, fair value | $ 22,137 | |||
Debt, interest rate | 6.50% | |||
Debt, maturity date | Mar. 3, 2019 | |||
Business acquisition, net sales | 31,890 | $ 12,583 | ||
Business acquisition, income before income taxes | $ 668 | $ 1,006 | ||
Akers AB [Member] | Chinese Joint Venture Company [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, equity interest acquired | 60.00% |
Acquisitions - Summary of Fair
Acquisitions - Summary of Fair Value of Assets Acquired and Liabilities Assumed (Detail) - ASW Steel Inc [Member] $ in Thousands | Nov. 01, 2016USD ($) |
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 |
Acquisitions - Summary of Pro F
Acquisitions - Summary of Pro Forma Financial Information (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)$ / shares | |
Business Acquisition [Line Items] | |
Net loss attributable to Ampco-Pittsburgh | $ (7,975) |
Net loss per common share (basic) attributable to Ampco-Pittsburgh | $ / shares | $ (0.65) |
Akers AB [Member] | |
Business Acquisition [Line Items] | |
Net sales | $ 97,699 |
Loss before income taxes (includes noncontrolling interest) | $ (9,989) |
Inventories - Additional Inform
Inventories - Additional Information (Detail) | Mar. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Percentage of inventories valued on the LIFO method | 45.00% | 45.00% |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 21,600 | $ 23,964 |
Work-in-process | 35,699 | 29,198 |
Finished goods | 21,440 | 20,046 |
Supplies | 13,534 | 10,371 |
Inventories | $ 92,273 | $ 83,579 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 416,072 | $ 411,538 |
Accumulated depreciation and amortization | (202,893) | (197,130) |
Property, plant and equipment, Net | 213,179 | 214,408 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 11,806 | 11,747 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 66,317 | 66,017 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 325,733 | 323,684 |
Construction-in-Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 4,450 | 2,595 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 7,766 | $ 7,495 |
Property, Plant and Equipment43
Property, Plant and Equipment - Additional Information (Detail) £ in Thousands, $ in Thousands | Mar. 31, 2017USD ($) | Mar. 31, 2017GBP (£) | Dec. 31, 2016USD ($) |
Property, Plant and Equipment [Abstract] | |||
Land and Building | $ 2,596 | £ 2,079 | |
Capital leased assets gross value | 3,642 | $ 3,610 | |
Capital lease, lease related accumulated amortization | $ 802 | $ 691 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Trade name | $ 2,558 | $ 2,537 |
Intangible assets, gross | 13,122 | 13,029 |
Accumulated amortization | (1,726) | (1,428) |
Intangible assets, net | 11,396 | 11,601 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 6,278 | 6,244 |
Developed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 4,286 | $ 4,248 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Intangible Liability Disclosure [Abstract] | ||
Amortization of intangible assets | $ 298 | $ 164 |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Other Liabilities Disclosure [Abstract] | ||
Customer-related liabilities | $ 22,164 | $ 21,564 |
Accrued interest payable | 2,355 | 2,274 |
Accrued sales commissions | 1,863 | 1,693 |
Other | 16,870 | 16,666 |
Other current liabilities | $ 43,252 | $ 42,197 |
Other Current Liabilities - S47
Other Current Liabilities - Schedule of Changes in Liability for Product Warranty Claims (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | ||
Balance at beginning of the period | $ 11,521 | $ 6,358 |
Acquisitions - opening balance sheet liability for warranty claims | 0 | 6,032 |
Satisfaction of warranty claims | (870) | (558) |
Provision for warranty claims | 1,019 | 613 |
Other, primarily impact from changes in foreign currency exchange rates | 78 | 135 |
Balance at end of the period | $ 11,748 | $ 12,580 |
Pension and Other Postretirem48
Pension and Other Postretirement Benefits - Contributions for Pension and Other Postretirement Benefits (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Foreign Defined Benefit Pension Plans [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Contributions | $ 424 | $ 430 |
Other Postretirement Benefit Plans [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Contributions | 275 | 241 |
U.K. Defined Contribution Pension Plan [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Contributions | 65 | 62 |
U.S. Defined Contribution Plan [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Contributions | $ 650 | $ 503 |
Pension and Other Postretirem49
Pension and Other Postretirement Benefits - Net Periodic Pension and Other Postretirement Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
U.S. Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 411 | $ 346 |
Interest cost | 2,098 | 2,258 |
Expected return on plan assets | (3,127) | (3,011) |
Amortization of prior service cost | 13 | 105 |
Amortization of actuarial loss | 936 | 1,128 |
Net benefit costs | 331 | 826 |
Foreign Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 90 | 31 |
Interest cost | 445 | 568 |
Expected return on plan assets | (538) | (647) |
Amortization of actuarial loss | 181 | 176 |
Net benefit costs | 178 | 128 |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 172 | 158 |
Interest cost | 172 | 200 |
Amortization of prior service cost | (405) | (258) |
Amortization of actuarial loss | 8 | 37 |
Net benefit costs | $ (53) | $ 137 |
Borrowing Arrangements - Additi
Borrowing Arrangements - Additional Information (Detail) | 1 Months Ended | 3 Months Ended |
Apr. 30, 2017USD ($) | Mar. 31, 2017USD ($) | |
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] | ||
Initial term of credit facility | 5 years | |
Initial borrowing capacity | $ 100,000,000 | |
Additional borrowing capacity | 50,000,000 | |
Line of credit, remaining borrowing capacity | $ 57,000,000 | |
Credit Facility [Member] | Subsequent Event [Member] | ||
Line of Credit Facility [Line Items] | ||
Initial term of credit facility | 3 months | |
Credit amount outstanding | $ 7,000,000 | |
Interest on outstanding balance | 2.68% | |
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] | 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] | Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Commitment fee payable percentage | 0.375% | |
Fixed charge coverage ratio | 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% |
Borrowing Arrangements - Schedu
Borrowing Arrangements - Schedule of Outstanding Borrowings (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Capital leases | $ 2,021 | $ 2,161 |
Long term debt | 44,581 | 52,214 |
Long term debt | 44,581 | 52,214 |
Current portion | (18,886) | (26,825) |
Debt non current | 25,695 | 25,389 |
Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | 0 | 7,146 |
Industrial Revenue Bonds ("IRB") [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | 13,311 | 13,311 |
Promissory Notes (and Interest) [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | 24,221 | 23,844 |
Minority Shareholder Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | 5,028 | 4,990 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | $ 0 | $ 762 |
Commitments and Contingent Li52
Commitments and Contingent Liabilities - Additional Information (Detail) - 3 months ended Mar. 31, 2017 SEK in Thousands, $ in Thousands | USD ($)Bonds | SEK |
Commitments and Contingent Liabilities [Line Items] | ||
Outstanding standby and commercial letters of credit | $ | $ 27,355 | |
Akers AB [Member] | ||
Commitments and Contingent Liabilities [Line Items] | ||
Number of surety bonds issued | Bonds | 2 | |
Amount covered by guarantees | $ 4,000 | SEK 33,900 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Derivative [Line Items] | ||
Anticipated foreign-denominated sales hedge | $ 17,088,000 | |
(Losses) gains on foreign exchange transactions included in other income (expense) | $ (1,064,000) | $ 1,173,000 |
Copper Purchases [Member] | ||
Derivative [Line Items] | ||
Percentage of anticipated purchases hedged | 46.00% | |
Time period for hedged purchases | 12 months | |
Copper Purchases [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Anticipated purchases, hedged | $ 2,350,000 | |
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 | $ 435,000 | |
Foreign Currency Sales Contract - Fair Value Hedges [Member] | ||
Derivative [Line Items] | ||
Fair value of assets held as collateral related to forward exchange contracts | 5,624,000 | |
Foreign Currency Sales Contract - Fair Value Hedges [Member] | Standby Letters of Credit [Member] | ||
Derivative [Line Items] | ||
Fair value of assets held as collateral related to forward exchange contracts | $ 5,000,000 |
Derivative Instruments - Locati
Derivative Instruments - Location and Fair Value of Foreign Currency Sales Contracts Recorded on Condensed Consolidated Balance Sheets (Detail) - Foreign Currency Sales Contracts [Member] - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Receivables [Member] | ||
Derivative [Line Items] | ||
Fair value hedged items | $ 48 | $ 121 |
Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 206 | 214 |
Fair value hedged items | 269 | 808 |
Other Noncurrent Assets [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 0 | 2 |
Fair value hedged items | 3 | 45 |
Other Current Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 293 | 940 |
Fair value hedged items | 173 | 233 |
Other Noncurrent Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 2 | 35 |
Fair value hedged items | $ 0 | $ 5 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Amount Recognized as and Reclassified from Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Derivative [Line Items] | ||
Comprehensive Income (Loss) Beginning of the Year | $ 551 | $ 45 |
Plus Recognized as Comprehensive Income (Loss) | 224 | 18 |
Less Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss | 155 | (135) |
Comprehensive Income (Loss) End of the Period | 620 | 198 |
Foreign Currency Sales Contracts [Member] | ||
Derivative [Line Items] | ||
Comprehensive Income (Loss) Beginning of the Year | 0 | 4 |
Plus Recognized as Comprehensive Income (Loss) | 0 | 3 |
Less Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss | 0 | 7 |
Comprehensive Income (Loss) End of the Period | 0 | 0 |
Foreign Currency Purchase Contracts [Member] | ||
Derivative [Line Items] | ||
Comprehensive Income (Loss) Beginning of the Year | 216 | 241 |
Plus Recognized as Comprehensive Income (Loss) | 0 | 0 |
Less Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss | 7 | 4 |
Comprehensive Income (Loss) End of the Period | 209 | 237 |
Futures Contracts - Copper and Aluminum [Member] | ||
Derivative [Line Items] | ||
Comprehensive Income (Loss) Beginning of the Year | 335 | (200) |
Plus Recognized as Comprehensive Income (Loss) | 224 | 15 |
Less Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss | 148 | (146) |
Comprehensive Income (Loss) End of the Period | $ 411 | $ (39) |
Derivative Instruments - Summ56
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Derivative [Line Items] | ||
Amount released to pre - tax earnings | $ (4,783) | $ (2,890) |
Foreign Currency Sales Contracts [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Amount released to pre - tax earnings | 0 | |
Amount released to pre - tax earnings | 0 | 10 |
Foreign Currency Purchase Contracts [Member] | ||
Derivative [Line Items] | ||
Amount released to pre - tax earnings | 27 | |
Amount released to pre - tax earnings | 7 | 7 |
Futures Contracts - Copper and Aluminum [Member] | ||
Derivative [Line Items] | ||
Amount released to pre - tax earnings | 411 | |
Amount released to pre - tax earnings | $ 148 | $ (236) |
Accumulated Other Comprehensi57
Accumulated Other Comprehensive Loss - Net Change and Ending Balances for Various Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 149,834 | |
Net Change | 2,978 | $ 1,390 |
Ending balance | 147,467 | |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (22,973) | (8,393) |
Net Change | 2,252 | (315) |
Ending balance | (20,721) | (8,708) |
Unrecognized Employee Benefit Costs [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (38,636) | (49,943) |
Net Change | 478 | 1,434 |
Ending balance | (38,158) | (48,509) |
Unrealized Holding Gains on Marketable Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 59 | 692 |
Net Change | 179 | 118 |
Ending balance | 238 | 810 |
Realized Gains/Losses from Settlement of Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 551 | 45 |
Net Change | 69 | 153 |
Ending balance | 620 | 198 |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (60,999) | (57,599) |
Net Change | 2,978 | 1,390 |
Ending balance | $ (58,021) | $ (56,209) |
Accumulated Other Comprehensi58
Accumulated Other Comprehensive Loss - Line Items Affected on Condensed Consolidated Statements of Operations for Components Reclassified from Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net sales (foreign currency sales contracts) | $ 103,516 | $ 63,578 |
Depreciation and amortization (foreign currency purchase contracts) | (5,922) | (3,925) |
Costs of products sold (excluding depreciation and amortization) | (84,663) | (51,105) |
Selling and administrative | (15,298) | (13,508) |
Other income (expense) | (1,082) | 1,164 |
Income tax provision | (135) | 850 |
Net loss attributable to Ampco-Pittsburgh shareholders | (4,783) | (2,890) |
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) | (15) | 725 |
Selling and administrative | 582 | 323 |
Other income (expense) | 166 | 140 |
Total before income tax | 733 | 1,188 |
Income tax provision | 0 | (403) |
Net loss attributable to Ampco-Pittsburgh shareholders | 733 | 785 |
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 | (6) | (46) |
Income tax provision | 0 | 16 |
Net loss attributable to Ampco-Pittsburgh shareholders | (6) | (30) |
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) | 0 | (10) |
Depreciation and amortization (foreign currency purchase contracts) | (7) | (7) |
Costs of products sold (excluding depreciation and amortization) | (148) | 236 |
Total before income tax | (155) | 219 |
Income tax provision | 0 | (84) |
Net loss attributable to Ampco-Pittsburgh shareholders | $ (155) | $ 135 |
Accumulated Other Comprehensi59
Accumulated Other Comprehensive Loss - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
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 Comprehensi60
Accumulated Other Comprehensive Loss - Summary of Income Tax Expense (Benefit) Associated with Various Components of Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Tax expense (benefit) associated with changes in: | ||
Unrealized employee benefit costs | $ 0 | $ (398) |
Unrealized holding gains on marketable securities | 0 | (77) |
Fair value of cash flow hedges | 0 | (9) |
Tax expense (benefit) associated with reclassification adjustments: | ||
Amortization of unrecognized employee benefit costs | 0 | (403) |
Realized gains from sale of marketable securities | 0 | 16 |
Realized losses from settlement of cash flow hedges | $ 0 | $ (84) |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | May 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 664,000 | $ 329,000 | |
Income tax benefit from stock-based compensation expense | $ 0 | $ 115,000 | |
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 | ||
Equity based awards grant date fair value | $ 200 |
Fair Value - Fair Value of Fina
Fair Value - Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Foreign Currency Exchange Contracts [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 3 | $ 47 |
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 | 475 | 1,022 |
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 | 466 | 1,173 |
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 | 2 | 40 |
Investments [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 3,976 | 3,863 |
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 | 3,976 | 3,863 |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Currency Exchange Contracts [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 3 | 47 |
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 | 475 | 1,022 |
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 | 466 | 1,173 |
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 | 2 | 40 |
Significant Other Observable Inputs (Level 2) [Member] | Investments [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Currency Exchange Contracts [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Currency Exchange Contracts [Member] | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Currency Exchange Contracts [Member] | Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Currency Exchange Contracts [Member] | Other Noncurrent Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Investments [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 0 | $ 0 |
Business Segments - Additional
Business Segments - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($)Segment | Mar. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of reportable business segments | Segment | 2 | |
Foreign exchange losses | $ 1,064 | $ (1,173) |
Corporate and Other [Member] | Other Expense [Member] | ||
Segment Reporting Information [Line Items] | ||
Interest expense | 900 | |
Foreign exchange losses | $ 1,100 | 1,200 |
Acquisition related costs | $ 1,800 |
Business Segments - Business Se
Business Segments - Business Segment Net Sales and (Loss) Income before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenue from External Customer [Line Items] | ||
Net sales | $ 103,516 | $ 63,578 |
(Loss) income before Income Taxes | (4,577) | (3,996) |
Operating Segments [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 103,516 | 63,578 |
(Loss) income before Income Taxes | 2,118 | 164 |
Operating Segments [Member] | Forged and Cast Engineered Products [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 81,702 | 41,527 |
(Loss) income before Income Taxes | (599) | (2,470) |
Operating Segments [Member] | Air and Liquid Processing [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 21,814 | 22,051 |
(Loss) income before Income Taxes | 2,717 | 2,634 |
Corporate Costs, Including Other Income (Expense) [Member] | ||
Revenue from External Customer [Line Items] | ||
(Loss) income before Income Taxes | $ (6,695) | $ (4,160) |
Litigation - Schedule of Loss C
Litigation - Schedule of Loss Contingencies by Contingency (Detail) - Asbestos Claims [Member] | 3 Months Ended | |
Mar. 31, 2017USD ($)Claim | Mar. 31, 2016USD ($)Claim | |
Loss Contingencies [Line Items] | ||
Total claims pending at the beginning of the period | 6,618 | 6,212 |
New claims served | 336 | 397 |
Claims dismissed | (80) | (90) |
Claims settled | (88) | (80) |
Total claims pending at the end of the period | 6,786 | 6,439 |
Gross settlement and defense costs | $ | $ 4,888,000 | $ 4,027,000 |
Avg. gross settlement and defense costs per claim resolved | $ | $ 29,100 | $ 23,690 |
Litigation - Schedule of Loss66
Litigation - Schedule of Loss Contingencies by Contingency (Parenthetical) (Detail) - Claim | Mar. 31, 2017 | Mar. 31, 2016 |
Commitments and Contingencies Disclosure [Abstract] | ||
Number of claims inactive or transferred to MDL panel | 445 | 427 |
Litigation - Additional Informa
Litigation - Additional Information (Detail) $ in Thousands | Feb. 24, 2011DefendantCompany | Dec. 31, 2016USD ($) | Mar. 31, 2017USD ($) |
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 | $ 166,293 | |
Percentage attributable to settlement costs for unasserted claims projected to be filed | 70.00% | ||
Insurance recoveries receivable | $ | $ 115,945 | $ 112,319 |
Litigation - Summary of Activit
Litigation - Summary of Activity in Asbestos Insurance Recoveries (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Loss Contingencies [Line Items] | ||
Insurance receivable - asbestos, beginning of the year | $ 115,945 | |
Insurance receivable - asbestos, end of the period | 112,319 | |
Asbestos Claims [Member] | ||
Loss Contingencies [Line Items] | ||
Insurance receivable - asbestos, beginning of the year | 115,945 | $ 125,243 |
Settlement and defense costs paid by insurance carriers | (3,626) | (2,675) |
Insurance receivable - asbestos, end of the period | $ 112,319 | $ 122,748 |
Environmental Matters - Additio
Environmental Matters - Additional Information (Detail) $ in Thousands | Mar. 31, 2017USD ($) |
Environmental Remediation Obligations [Abstract] | |
Potential liability for all environmental compliance | $ 2,464 |