Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 12, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | AP | ||
Entity Registrant Name | AMPCO PITTSBURGH CORP | ||
Entity Central Index Key | 6,176 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 12,362,198 | ||
Entity Public Float | $ 89 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 20,700 | $ 38,579 |
Receivables, less allowance for doubtful accounts of $962 in 2017 and $2,228 in 2016 | 86,623 | 72,233 |
Inventories | 107,561 | 83,579 |
Insurance receivable – asbestos | 13,000 | 13,000 |
Other current assets | 12,363 | 14,073 |
Total current assets | 240,247 | 221,464 |
Property, plant and equipment, net | 214,980 | 214,408 |
Insurance receivable – asbestos | 87,342 | 102,945 |
Deferred income tax assets | 1,590 | 4,824 |
Investments in joint ventures | 2,175 | 2,019 |
Intangible assets, net | 11,021 | 11,601 |
Other noncurrent assets | 8,244 | 8,628 |
Total assets | 565,599 | 565,889 |
Current liabilities: | ||
Accounts payable | 47,479 | 37,104 |
Accrued payrolls and employee benefits | 22,768 | 20,166 |
Debt – current portion | 19,335 | 26,825 |
Asbestos liability – current portion | 18,000 | 18,000 |
Other current liabilities | 37,089 | 42,197 |
Total current liabilities | 144,671 | 144,292 |
Employee benefit obligations | 79,750 | 91,947 |
Asbestos liability | 131,750 | 153,181 |
Deferred income tax liabilities | 433 | 591 |
Long-term debt | 46,818 | 25,389 |
Other noncurrent liabilities | 416 | 655 |
Total liabilities | 403,838 | 416,055 |
Commitments and contingent liabilities (Note 10) | ||
Shareholders’ equity: | ||
Common stock – par value $1; authorized 20,000 shares; issued and outstanding 12,361 shares in 2017 and 12,271 shares in 2016 | 12,361 | 12,271 |
Additional paid-in capital | 152,992 | 151,089 |
Retained earnings | 38,348 | 45,443 |
Accumulated other comprehensive loss | (44,760) | (60,885) |
Total Ampco-Pittsburgh shareholders’ equity | 158,941 | 147,918 |
Noncontrolling interest | 2,820 | 1,916 |
Total shareholders’ equity | 161,761 | 149,834 |
Total liabilities and shareholders’ equity | $ 565,599 | $ 565,889 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $ 962 | $ 2,228 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 12,361,000 | 12,271,000 |
Common stock, shares outstanding | 12,361,000 | 12,271,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Net sales | $ 432,401 | $ 331,866 | $ 238,480 |
Operating costs and expenses: | |||
Costs of products sold (excluding depreciation and amortization) | 357,672 | 276,496 | 196,091 |
Selling and administrative | 61,310 | 58,175 | 39,510 |
Depreciation and amortization | 22,387 | 20,463 | 11,787 |
Charge (credit) for asbestos litigation | 0 | 4,565 | (14,333) |
Charges for impairment | 0 | 26,676 | 0 |
Loss on disposition of assets | 401 | 21 | 378 |
Total operating expenses | 441,770 | 386,396 | 233,433 |
(Loss) income from operations | (9,369) | (54,530) | 5,047 |
Other income (expense): | |||
Investment-related income | 133 | 481 | 174 |
Interest expense | (3,525) | (2,397) | (226) |
Other – net | (932) | (1,074) | (475) |
Total other income (expense) | (4,324) | (2,990) | (527) |
(Loss) income before income taxes and equity gains (losses) in joint venture | (13,693) | (57,520) | 4,520 |
Income tax benefit (provision) | 1,355 | (22,712) | (2,633) |
Equity gains (losses) in joint venture, including gain on sale (Note 3) | 1,036 | 423 | (514) |
Net (loss) income | (11,302) | (79,809) | 1,373 |
Less: Net income attributable to noncontrolling interest | 787 | 11 | 0 |
Net (loss) income attributable to Ampco-Pittsburgh | $ (12,089) | $ (79,820) | $ 1,373 |
Net (loss) income per common share attributable to Ampco-Pittsburgh: | |||
Basic | $ (0.98) | $ (6.68) | $ 0.13 |
Diluted | $ (0.98) | $ (6.68) | $ 0.13 |
Weighted average number of common shares outstanding: | |||
Basic | 12,330,000 | 11,951,000 | 10,435,000 |
Diluted | 12,330,401 | 11,951,181 | 10,447,066 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net (loss) income | $ (11,302) | $ (79,809) | $ 1,373 |
Adjustments for changes in: | |||
Foreign exchange translation | 11,041 | (14,580) | (3,967) |
Unrecognized employee benefit costs (including effects of foreign currency translation) | 7,299 | 9,397 | 10,713 |
Unrealized holding gains (losses) on marketable securities | 602 | 405 | (239) |
Fair value of cash flow hedges | 804 | 398 | (475) |
Reclassification adjustments for items included in net (loss) income: | |||
Amortization of unrecognized employee benefit costs | 3,283 | 1,910 | 4,740 |
Realized gains from sale of marketable securities | (29) | (1,038) | (53) |
Realized (gains) losses from settlement of cash flow hedges | (670) | 108 | 435 |
Other comprehensive income (loss) | 22,330 | (3,400) | 11,154 |
Comprehensive income (loss) | 11,028 | (83,209) | 12,527 |
Less: Comprehensive income (loss) attributable to noncontrolling interest | 904 | (103) | 0 |
Comprehensive income (loss) income attributable to Ampco-Pittsburgh | $ 10,124 | $ (83,106) | $ 12,527 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2014 | $ 205,148 | $ 10,426 | $ 127,526 | $ 135,949 | $ (68,753) | $ 0 |
Stock-based compensation | 1,103 | 1,103 | ||||
Comprehensive (loss) income: | ||||||
Net (loss) income | 1,373 | 1,373 | ||||
Other comprehensive (loss) income | 11,154 | 11,154 | ||||
Comprehensive income (loss) | 12,527 | |||||
Issuance of common stock including excess tax benefits of $0,$0,$0 for 2015, 2016 and 2017 | 225 | 14 | 211 | |||
Cash dividends ($0.72, $0.36 and $0.09 per share for 2015, 2016 and 2017) | (7,580) | (7,580) | ||||
Ending Balance at Dec. 31, 2015 | 211,423 | 10,440 | 128,840 | 129,742 | (57,599) | 0 |
Noncontrolling interest associated with Åkersacquisition (Note 2) | 2,019 | 2,019 | ||||
Stock-based compensation | 1,482 | 1,482 | ||||
Comprehensive (loss) income: | ||||||
Net (loss) income | (79,809) | (79,820) | 11 | |||
Other comprehensive (loss) income | (3,400) | (3,286) | (114) | |||
Comprehensive income (loss) | (83,209) | (103) | ||||
Issuance of common stock including excess tax benefits of $0,$0,$0 for 2015, 2016 and 2017 | 22,598 | 1,831 | 20,767 | |||
Cash dividends ($0.72, $0.36 and $0.09 per share for 2015, 2016 and 2017) | (4,479) | (4,479) | ||||
Ending Balance at Dec. 31, 2016 | 149,834 | 12,271 | 151,089 | 45,443 | (60,885) | 1,916 |
Stock-based compensation | 1,555 | 1,555 | ||||
Comprehensive (loss) income: | ||||||
Net (loss) income | (11,302) | (12,089) | 787 | |||
Other comprehensive (loss) income | 22,330 | 22,213 | 117 | |||
Comprehensive income (loss) | 11,028 | 904 | ||||
Stranded tax effect (Note 15) | 0 | 6,088 | (6,088) | |||
Issuance of common stock including excess tax benefits of $0,$0,$0 for 2015, 2016 and 2017 | 438 | 90 | 348 | |||
Cash dividends ($0.72, $0.36 and $0.09 per share for 2015, 2016 and 2017) | (1,094) | (1,094) | ||||
Ending Balance at Dec. 31, 2017 | $ 161,761 | $ 12,361 | $ 152,992 | $ 38,348 | $ (44,760) | $ 2,820 |
Consolidated Statements of Sha7
Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Issuance of common stock tax benefits | $ 0 | $ 0 | $ 0 |
Cash dividends | $ 0.09 | $ 0.36 | $ 0.72 |
Common Stock [Member] | |||
Issuance of common stock tax benefits | $ 0 | $ 0 | $ 0 |
Additional Paid-in Capital [Member] | |||
Issuance of common stock tax benefits | $ 0 | 0 | $ 0 |
Retained Earnings [Member] | |||
Issuance of common stock tax benefits | $ 0 | ||
Cash dividends | $ 0.09 | $ 0.36 | $ 0.72 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net (loss) income | $ (11,302) | $ (79,809) | $ 1,373 |
Adjustments to reconcile net (loss) income to net cash flows from operating activities: | |||
Depreciation and amortization | 22,387 | 20,463 | 11,787 |
Charges for impairment | 0 | 26,676 | 0 |
Charge for asbestos litigation | 0 | 5,631 | 0 |
Deferred income tax provision (benefit), including valuation allowance | 3,177 | 23,407 | (2,302) |
Difference between pension and other postretirement expense and contributions | (1,857) | (1,948) | 4,972 |
Stock-based compensation | 2,400 | 2,332 | 1,328 |
Equity (gains) losses in joint venture, including gain on sale (Note 3) | (1,036) | (423) | 514 |
Provisions for bad debts and inventories | 305 | 2,348 | 862 |
Provision for warranties net of settlements | (413) | (1,015) | (159) |
Loss on disposition of assets | 401 | 21 | 378 |
Gain on sale of long-term marketable securities | 0 | (1,404) | 0 |
Other – net | 1,569 | (279) | 577 |
Changes in assets/liabilities: | |||
Receivables | (12,916) | 5,697 | 9,391 |
Inventories | (20,359) | 8,308 | (4,527) |
Other assets, including insurance receivable – asbestos | 19,351 | 20,466 | 15,300 |
Accounts payable | 7,818 | (8,819) | (3,003) |
Accrued payrolls and employee benefits | 1,101 | 1,051 | 452 |
Other liabilities, including asbestos liability | (26,465) | (28,337) | (16,438) |
Net cash flows (used in) provided by operating activities | (15,839) | (5,634) | 20,505 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (14,899) | (10,566) | (9,407) |
Purchase of Åkers AB, net of cash acquired (Note 2) | 0 | (27,031) | 0 |
Purchase of ASW Steel Inc., net of cash acquired (Note 2) | 0 | (3,265) | 0 |
Purchase of Alloys Unlimited & Processing, Inc. (Note 2) | 0 | 0 | (5,000) |
Proceeds from sale of investment in joint venture (Note 3) | 1,500 | 0 | 0 |
Purchases of long-term marketable securities | (109) | (4,662) | (631) |
Proceeds from sale of long-term marketable securities | 327 | 4,646 | 728 |
Other | 0 | 0 | 11 |
Net cash flows used in investing activities | (13,181) | (40,878) | (14,299) |
Cash flows from financing activities: | |||
Dividends paid | (2,236) | (5,206) | (7,512) |
Debt issuance costs (Note 8) | 0 | (1,247) | 0 |
Repayment of debt | (1,318) | (962) | 0 |
Proceeds from Revolving Credit and Security Agreement (Note 8) | 25,349 | 0 | 0 |
Payments on Revolving Credit and Security Agreement (Note 8) | (5,000) | 0 | 0 |
Proceeds from ASW credit facility (Note 8) | 8,795 | 9,756 | 0 |
Payments on ASW credit facility (Note 8) | (15,941) | (11,217) | 0 |
Net cash flows provided by (used in) financing activities | 9,649 | (8,876) | (7,512) |
Effect of exchange rate changes on cash and cash equivalents | 1,492 | (1,155) | (670) |
Net decrease in cash and cash equivalents | (17,879) | (56,543) | (1,976) |
Cash and cash equivalents at beginning of year | 38,579 | 95,122 | 97,098 |
Cash and cash equivalents at end of year | 20,700 | 38,579 | 95,122 |
Supplemental disclosures of cash flow information: | |||
Income tax payments | 844 | 4,404 | 3,247 |
Interest payments | 1,283 | 957 | 225 |
Non-cash investing activities: | |||
Purchases of property, plant and equipment in accounts payable | 1,068 | 996 | 329 |
Non-cash financing activities: | |||
Issuance of common stock to acquire net assets of Åkers (Note 2) | 0 | 22,137 | 0 |
Issuance of debt to acquire net assets of Åkers (Note 2) | $ 0 | $ 22,619 | $ 0 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business Ampco-Pittsburgh Corporation and its subsidiaries (the “Corporation”) manufacture and sell highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. It operates in two business segments, the Forged and Cast Engineered Products segment and the Air and Liquid Processing segment. The Forged and Cast Engineered Products In addition, Union Electric Steel produces ingot and open-die forged products (“forged engineered products”) which are used in the oil and gas industry and the aluminum and plastic extrusion industries. In July 2015, UES acquired the assets of Alloys Unlimited & Processing, Inc. (“AUP”) and, in November 2016, the stock of ASW Steel Inc. (“ASW”). AUP is a supplier of specialty tool, alloy, and carbon steel round bar located in Ohio. ASW is a specialty steel producer based in Ontario, Canada. Both acquisitions support the Corporation’s diversification efforts in the open-die forging market. The segment primarily competes with European, Asian and North and South American companies in both domestic and foreign markets and distributes a significant portion of its products through sales offices located throughout the world. The consolidated financial statements of the Corporation include the financial position and results of operations of the acquired companies from their respective dates of acquisition. The Air and Liquid Processing |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: The Corporation’s accounting policies conform to accounting principles generally accepted in the United States of America. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to estimates and assumptions include assessing the carrying value of long-lived assets, determining the fair value of assets acquired and liabilities assumed in a business combination (including intangibles and goodwill and the recoverability thereof), valuing the assets and obligations related to employee benefit plans, accounting for loss contingencies associated with claims and lawsuits, and accounting for income taxes. Actual results could differ from those estimates. A summary of the significant accounting policies followed by the Corporation is presented below. Consolidation The accompanying consolidated financial statements include the assets, liabilities, revenues and expenses of all majority owned subsidiaries and joint ventures over which the Corporation exercises control and, when applicable, entities for which the Corporation has a controlling financial interest or is the primary beneficiary. Investments in joint ventures where the Corporation owns 20% to 50% of the voting stock and has the ability to exercise significant influence over the operating and financial policies of the joint venture are accounted for using the equity method of accounting. Investments in joint ventures whereby the Corporation does not have the ability to exercise significant influence over the operating and financial policies of the joint venture are accounted for using the cost method of accounting. Investments in joint ventures are reviewed for impairment whenever events or circumstances indicate the carrying amount of the investment may not be recoverable. If the estimated fair value of the investment is less than the carrying amount and such decline is determined to be “other than temporary,” then the investment may not be fully recoverable potentially resulting in a write-down of the investment value. Intercompany accounts and transactions are eliminated. Cash and Cash Equivalents Securities with purchased original maturities of three months or less are considered to be cash equivalents. The Corporation maintains cash and cash equivalents at various financial institutions which may exceed federally insured amounts. Inventories Inventories are valued at the lower of cost and net realizable value, which is defined as the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. Cost includes the cost of raw materials, direct labor and overhead for those items manufactured but not yet sold or for which title has not yet transferred. Fixed production overhead is allocated to inventories based on normal capacity of the production facilities. In periods of abnormally high production, the amount of fixed overhead allocated to each unit of production is decreased so that inventories are not measured above cost. The amount of fixed overhead allocated to inventories is not increased as a consequence of abnormally low production or plant idling. Costs for abnormal amounts of spoilage, handling costs and freight costs are charged to expense when incurred. Cost of domestic raw materials, work-in-process and finished goods inventories is primarily determined by the last-in, first-out (LIFO) method. Cost of domestic supplies and foreign inventories is determined primarily by the first-in, first-out (FIFO) method. Property, Plant and Equipment Property, plant and equipment purchased new is recorded at cost with depreciation computed using the straight-line method over the following estimated useful lives: land improvements – 15 to 20 years, buildings – 25 to 50 years and machinery and equipment – 3 to 25 years. Property, plant and equipment acquired as part of a business combination is recorded at its estimated fair value with depreciation computed using the straight-line method over the estimated remaining useful lives based in part on third-party valuations. Expenditures that extend economic useful lives are capitalized. Routine maintenance is charged to expense. Gains or losses are recognized on retirements or disposals. Property, plant and equipment are reviewed for impairment at least annually, or whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. If the undiscounted cash flows generated from the use and eventual disposition of the assets are less than their carrying value, then the asset value may not be fully recoverable potentially resulting in a write-down of the asset value. Estimates of future cash flows are based on expected market conditions over the remaining useful life of the primary asset(s). In addition, the remaining depreciation period for the impaired asset would be reassessed and, if necessary, revised. Proceeds from government grants are recorded as a reduction in the purchase price of the underlying assets and amortized against depreciation over the lives of the related assets. Intangible Assets Intangible assets primarily consist of developed technology, customer relationships and trade name. Intangible assets with definite lives are amortized using the straight-line method over their estimated useful life, which is determined by identifying the period over which most of the cash flows are expected to be generated. Additionally, intangible assets, both definite and indefinite lived, are reviewed for impairment at least annually, as of October 1, or whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. If the undiscounted cash flows attributable to the assets are less than their carrying value, then the asset value may not be fully recoverable potentially resulting in a write-down of the asset value. Also, if the estimate of an intangible asset’s remaining useful life changes, the remaining carrying value of the intangible asset will be amortized prospectively over the revised remaining useful life. Goodwill Goodwill represents the consideration paid in a business combination in excess of the values assigned to the net assets of the acquired entity. Goodwill is not amortized but is tested for impairment at the reporting unit level annually, as of October 1, or whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Goodwill is evaluated for impairment either qualitatively or quantitatively using a two-step approach. Under step one, the fair value of the reporting unit is determined using both a market and income approach. If the fair value of the reporting unit is less than the carrying value of the reporting unit, then goodwill may be impaired causing the second step of the analysis to be completed. Under step two, the fair value of the reporting is allocated to the assets and liabilities of the reporting unit. The unallocated fair value (“implied goodwill”), if any, is compared to the recorded value of goodwill. If the implied goodwill exceeds the recorded value of goodwill, then goodwill is deemed not to be impaired. If the implied goodwill is less than the recorded value of goodwill, then goodwill is deemed to be impaired by the amount that goodwill exceeds implied goodwill. Estimating the fair value of a reporting unit requires the use of significant unobservable inputs, representative of a Level 3 fair value measurement, including market growth and market share, sales volumes and prices, costs to produce, discount rate and estimated capital needs. Management considers historical experience and all available information at the time the fair value of the reporting unit is estimated. Assumptions used to estimate future cash flows are subject to a high degree of judgment and complexity. Debt Issuance Costs Debt issuance costs are amortized as interest expense over the scheduled maturity period of the debt. The costs related to our line-of-credit arrangement are amortized over the term of the arrangement, regardless of whether there are any outstanding borrowings. Unamortized debt issuance costs are either recognized as a direct deduction from the carrying amount of the related debt or, if related to a line-of-credit facility, as an other noncurrent asset on the consolidated balance sheet. Product Warranty Provisions for product warranties are recognized at the time the underlying sale is recorded. The provision is based on historical experience as a percentage of sales adjusted for potential claims when a liability is probable and for known claims. Employee Benefit Plans Funded Status If the fair value of the plan assets exceeds the projected benefit obligation, the over-funded projected benefit obligation is recognized as an asset (prepaid pensions) on the consolidated balance sheet. Conversely, if the projected benefit obligation exceeds the fair value of the plan assets, the under-funded projected benefit obligation is recognized as a liability (employee benefit obligations) on the consolidated balance sheet. Gains and losses arising from the difference between actuarial assumptions and actual experience and unamortized prior service costs are recorded as a separate component of accumulated other comprehensive loss. Net Periodic Pension and Other Postretirement Costs Net periodic pension and other postretirement costs includes service cost, interest cost, expected rate of return on the market-related value of plan assets, amortization of prior service costs and recognized actuarial gains or losses. When actuarial gains or losses exceed 10% of the greater of the projected benefit obligation or the market-related value of plan assets, they are amortized to net periodic pension and other postretirement costs over the average remaining service period of the employees expected to receive benefits under the plan or over the remaining life expectancy of the employees expected to receive benefits if “all or almost all” of the plan’s participants are inactive. When actuarial gains or losses are less than 10% of the greater of the projected benefit obligation or the market-related value of plan assets, they are included in net periodic pension and other postretirement costs indirectly as a result of lower/higher interest costs arising from a decrease/increase in the projected benefit obligation. The market-related value of plan assets is determined using a five-year moving average which recognizes 20% of unrealized gains and losses each year. Other Comprehensive Income (Loss) Other comprehensive income (loss) includes changes in assets and liabilities from non-owner sources including foreign currency translation adjustments, unamortized prior service costs and unrecognized actuarial gains and losses associated with employee benefit plans, unrealized holding gains and losses on securities designated as available for sale, and changes in the fair value of derivatives designated and effective as cash flow hedges. Certain components of other comprehensive income (loss) are presented net of income tax. Foreign currency translation adjustments exclude the effect of income tax since earnings of non-U.S. subsidiaries are deemed to be reinvested for an indefinite period of time. Reclassification adjustments are amounts which are realized during the year and, accordingly, are deducted from other comprehensive income (loss) in the period in which they are included in net income (loss) or when a transaction no longer qualifies as a cash flow hedge. Foreign currency translation adjustments are included in net income (loss) upon sale or upon complete or substantially complete liquidation of an investment in a foreign entity. With respect to employee benefit plans, unamortized prior service costs are included in net income (loss), either immediately upon curtailment of the employee benefit plan or over the average remaining service period or life expectancy of the employees expected to receive benefits, and unrecognized actuarial gains and losses are included in net income (loss) indirectly as a result of lower/higher interest costs arising from a decrease/increase in the projected benefit obligation. Unrealized holding gains and losses on securities are included in net income (loss) when the underlying security is sold. Changes in the fair value of derivatives are included in net income (loss) when the projected sale occurs or, if a foreign currency purchase contract, over the estimated useful life of the underlying asset. Foreign Currency Translation Assets and liabilities of the Corporation’s foreign operations are translated at year-end exchange rates and the statements of operations are translated at the average exchange rates for the year. Gains or losses resulting from translating foreign currency financial statements are accumulated as a separate component of accumulated other comprehensive loss until the entity is sold or substantially liquidated. Revenue Recognition Revenue from sales is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. Persuasive evidence of an arrangement identifies the final understanding between the parties as to the specific nature and terms of the agreed-upon transaction that creates enforceable obligations. It can be in the form of an executed purchase order from the customer, sales agreement issued by the Corporation or a similar arrangement deemed to be normal and customary business practice for that particular customer or class of customer (collectively, a sales agreement). Delivery and performance is considered to have occurred when the customer has taken title and assumed the risks and rewards of ownership of the product. Typically, this occurs when the product is shipped to the customer (i.e., FOB shipping point), delivered to the customer (i.e., FOB destination), or, for foreign sales, in accordance with trading guidelines known as Incoterms. Incoterms are standard trade definitions used in international contracts and are developed, maintained and promoted by the ICC Commission on Commercial Law and Practice. The sales price required to be paid by the customer is fixed or determinable from the sales agreement. It is not subject to refund or adjustment except for a variable-index surcharge provision which increases or decreases, as applicable, the selling price of a mill roll for corresponding changes in the published index cost of certain raw materials. The variable-index surcharge is recognized as revenue when the corresponding revenue for the inventory is recognized. Likelihood of collectability is assessed prior to acceptance of an order. There are no customer-acceptance provisions other than customer inspection and testing prior to shipment. Post-shipment obligations are insignificant. Amounts billed to the customer for shipping and handling are recorded within net sales and the related costs are recorded within costs of products sold (excluding depreciation and amortization). Amounts billed for taxes assessed by various government authorities (e.g., sales tax, value-added tax, etc.) are excluded from the determination of net income (loss) and instead are recorded as a liability until remitted to the government authority. Stock-Based Compensation Stock-based compensation, such as stock options, restricted stock units and performance shares, is recognized over the vesting period based upon the fair value of the award at the date of grant. For stock options, the fair value is determined by the Black Scholes option pricing model and is expensed over the vesting period of three years. For restricted stock units, the fair value is equal to the closing price of the Corporation’s common stock on the New York Stock Exchange (“NYSE”) on the date of grant and is expensed over the vesting period of three years. For performance share awards that vest subject to a performance condition, the fair value is equal to the closing price of the Corporation’s stock on the NYSE on the date of grant. For performance share awards that vest subject to a market condition, fair value is determined using a Monte Carlo simulation model. The fair value of performance share awards is expensed over the performance period when it is probable that the performance condition will be achieved. Derivative Instruments Derivative instruments which include forward exchange (for foreign currency sales and purchases) and futures contracts are recorded on the consolidated balance sheet as either an asset or a liability measured at their fair value. The accounting for changes in the fair value of a derivative depends on the use of the derivative. To the extent that a derivative is designated and effective as a cash flow hedge of an exposure to future changes in value, the change in the fair value of the derivative is deferred in accumulated other comprehensive loss. Any portion considered to be ineffective, including that arising from the unlikelihood of an anticipated transaction to occur, is reported as a component of earnings (other income/expense) immediately. Upon occurrence of the anticipated sale, the foreign currency sales contract designated and effective as a cash flow hedge is de-designated as a fair value hedge and the change in fair value previously deferred in accumulated other comprehensive loss is reclassified to earnings (net sales) with subsequent changes in fair value recorded as a component of earnings (other income/expense). Upon occurrence of the anticipated purchase, the foreign currency purchase contract is settled and the change in fair value deferred in accumulated other comprehensive loss is reclassified to earnings (depreciation and amortization expense) over the life of the underlying assets. Upon settlement of a futures contract, the change in fair value deferred in accumulated other comprehensive loss is reclassified to earnings (costs of products sold, excluding depreciation and amortization) when the corresponding inventory is sold and revenue is recognized. To the extent that a derivative is designated and effective as a hedge of an exposure to changes in fair value, the change in the derivative’s fair value will be offset in the statement of operations by the change in the fair value of the item being hedged and is recorded as a component of earnings (other income/expense). Cash flows associated with the derivative instruments are recorded as a component of operating activities on the consolidated statement of cash flows. The Corporation does not enter into derivative transactions for speculative purposes and, therefore, holds no derivative instruments for trading purposes. Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. A hierarchy of inputs is used to determine fair value measurements with three levels. Level 1 inputs are quoted prices in active markets for identical assets or liabilities and are considered the most reliable evidence of fair value. Level 2 inputs are observable prices that are not quoted on active exchanges. Level 3 inputs are unobservable inputs used for measuring the fair value of assets or liabilities. Legal Costs Legal costs expected to be incurred in connection with loss contingencies are accrued when such costs are probable and estimable. Income Taxes On December 22, 2017, the U.S. federal government enacted the Tax Cuts and Jobs Act (the “Tax Reform”), to become effective January 1, 2018, which, among other things, imposed a one-time tax on deemed repatriated earnings of foreign subsidiaries. Accordingly, the tax impact of this deemed repatriation of previously untaxed foreign earnings was included within the U.S. taxable income for 2017, reducing the overall tax loss generated in the current year. Any future income earned in foreign subsidiaries will no longer be subject to U.S. tax under current U.S. law. Any remittance of future earnings to the U.S. will be subject to foreign withholding requirements; however, the Corporation estimates the impact of this would be insignificant. Income taxes are recognized during the year in which transactions enter into the determination of financial statement income. Deferred income tax assets and liabilities are recognized for the future tax consequences of temporary differences between the book carrying amount and the tax basis of assets and liabilities including net operating loss carryforwards. A valuation allowance is provided against a deferred income tax asset when it is “more likely than not” the asset will not be realized. Similarly, if a determination is made that it is “more likely than not” the deferred income tax asset will be realized, the related valuation allowance would be reduced and a benefit to earnings would be recorded. Penalties and interest are recognized as a component of the income tax provision. Tax benefits are recognized in the financial statements for tax positions taken or expected to be taken in a tax return when it is “more likely than not” that the tax authorities will sustain the tax position solely on the basis of the position’s technical merits. Consideration is given primarily to legislation and statutes, legislative intent, regulations, rulings and case law as well as their applicability to the facts and circumstances of the tax position when assessing the sustainability of the tax position. In the event a tax position no longer meets the “more likely than not” criteria, the tax benefit is reversed by recognizing a liability and recording a charge to earnings. Conversely, if a tax position subsequently meets the “more likely than not” criteria, a tax benefit would be recognized by reducing the liability and recording a credit to earnings. Earnings Per Common Share Basic earnings per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. The computation of diluted earnings per common share is similar to basic earnings per common share except that the denominator is increased to include the dilutive effect of the net additional common shares that would have been outstanding assuming exercise of outstanding stock awards, calculated using the treasury stock method. The computation of diluted earnings per share would not assume the exercise of an outstanding stock award if the effect on earnings per common share would be antidilutive. Similarly, the computation of diluted earnings per share would not assume the exercise of outstanding stock awards if the Corporation incurred a net loss since the effect on earnings per common share would be antidilutive. The weighted average number of common shares outstanding assuming exercise of dilutive stock awards was 12,330,401 for 2017, 11,951,181 for 2016 and 10,447,066 for 2015. Weighted-average outstanding stock awards excluded from the diluted earnings per common share calculation, since the effect would have been antidilutive, were 1,013,008 for 2017, 1,163,396 for 2016 and 1,138,287 for 2015. Recently Implemented Accounting Pronouncements In January 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-02, Income Statement – Reporting Comprehensive Income In March 2016, the 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 Recently Issued Accounting Pronouncements In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging In May 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments In May 2016, April 2016, March 2016 and May 2014, the FASB issued ASUs 2016-12, 2016-10, 2016-08 and 2014-09, respectively, Revenue from Contracts with Customers (Topic 606) In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Liabilities |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 2 – ACQUISITIONS: Acquisition of Åkers On March 3, 2016, the Corporation acquired 100% of the voting equity interest of Åkers from Altor Fund II GP Limited. The purchase price approximated $74,155 and was comprised of $29,399 in cash, $22,619 in the form of three-year promissory notes (Note 8), and 1,776,604 shares of common stock of the Corporation which, based on the closing price of the Corporation’s common stock as of the date of closing, had a fair value of $22,137. The acquisition added roll production facilities in Sweden, the United States, Slovenia, and China; and a number of sales offices. It enabled cast roll production in the United States, forged roll production in Europe, and a low-cost product alternative for customers. Operating results of the acquired entities are included in the Forged and Cast Engineered Products segment from the date of acquisition. For the ten months ended December 31, 2016, net sales for Åkers approximated $121,079 and loss before income taxes, including the effects of purchase accounting, approximated $10,130. The fair value of assets acquired and liabilities assumed as of the date of acquisition is as follows: Current assets (excluding inventories) $ 41,703 Inventories 30,332 Property, plant and equipment 71,871 Intangible assets 11,784 Other noncurrent assets 8,068 Current liabilities (71,690 ) Noncurrent liabilities (43,153 ) Net assets acquired 48,915 Noncontrolling interest (2,019 ) Goodwill 27,259 Base purchase price $ 74,155 Goodwill is not amortized but is tested for impairment at the reporting unit level annually, as of October 1, or whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Based on the first step of the two-step quantitative goodwill impairment test performed as of October 1, 2016, the Corporation determined that the carrying value of the Forged and Cast Engineered Products reporting unit was greater than its estimated fair value, and the second step of the two-step quantitative goodwill impairment test was performed to determine the amount of the impairment charge. As a result of the second step evaluation, the Corporation determined that the goodwill reported in the Forged and Cast Engineered Products reporting unit was fully impaired, primarily due to depressed market conditions and limitations inherent in its current market capitalization, and, accordingly, recorded a goodwill impairment charge of $26,261 for the year ended December 31, 2016. The goodwill impairment charge represents a full impairment and differs from the amount recognized as of the acquisition date due to changes in foreign currency exchange rates used to translate goodwill from the entities’ local currency to the U.S. dollar. Acquisition of ASW On November 1, 2016, the Corporation acquired 100% of the voting equity interest of ASW, a specialty steel producer, from CK Pearl Fund, Ltd., CK Pearl Fund L.P. and White Oak Strategic Master Fund, L.P. to support its diversification efforts in the open-die forging market. The purchase price of $13,116 consisted of $3,500 in cash and $9,616 in the assumption of outstanding indebtedness. The 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 Operating results of ASW are included in the Forged and Cast Engineered Products segment from the date of acquisition. For the two months ended December 31, 2016, net sales for ASW approximated $7,523 and loss before income taxes approximated $1,781. Acquisition-Related Transaction Costs Acquisition-related transaction costs of $3,056 and $3,383 for the year ended December 31, 2016, and 2015, respectively, were incurred relating principally to the purchase of Åkers and ASW and are included in selling and administrative costs. Pro Forma Financial Information for the Åkers and ASW Acquisitions (unaudited) The following financial information presents the combination of the results of operations of Ampco, Åkers and ASW as though the acquisition date for both of the business combinations had occurred as of January 1, 2015. Pro forma adjustments have been made to (i) include the net incremental depreciation and amortization expense associated with recording property, plant and equipment and definite-lived intangible assets at fair value and (ii) remove debt-related expenses associated with previous debt facilities not assumed by the Corporation. The following pro forma financial information is presented for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved had the acquisition occurred at the beginning of 2015: Year Ended December 31, 2016 2015 Net sales $ 393,243 $ 440,265 Loss before income taxes (includes noncontrolling interest) $ (63,498 ) $ (11,945 ) Net loss attributable to Ampco-Pittsburgh $ (85,778 ) $ (24,740 ) Net loss per common share (basic) attributable to Ampco-Pittsburgh $ (6.94 ) $ (2.03 ) Other Acquisition On July 29, 2015, the Corporation acquired the assets of AUP. The purchase price of $5,000 was funded by available cash. The pro forma impact on Corporation’s net sales and loss before income taxes was not significant to its consolidated results for 2015. |
Investments in Joint Ventures
Investments in Joint Ventures | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Joint Ventures | NOTE 3 – INVESTMENTS IN JOINT VENTURES: The Corporation has interests in three joint ventures: • Shanxi Åkers TISCO Roll Co., Ltd. (“ATR”) – a cast roll joint venture in China for which the Corporation accounts using the consolidated method of accounting. ATR principally manufactures and sells cast mill rolls for the hot strip mill, steckel mill and medium plate mill. • Masteel Gongchang Roll Co., Ltd. (“MG”) – a forged roll joint venture in China for which, effective in 2017, the Corporation accounts using the cost method of accounting. MG principally manufactures and sells forged backup mill rolls for hot and cold strip mills. • Jiangsu Gongchang Roll Co., Ltd (“Gongchang”) – a cast roll joint venture in China for which the Corporation accounts using the cost method of accounting. Gongchang principally manufactures and sells cast mill rolls for hot and cold strip mills, medium/heavy section mills and plate mills. ATR In 2007, Åkers AB entered into an agreement with Taiyuan Iron & Steel Co., Ltd. (“TISCO”) to form ATR, with Åkers AB owning 59.88% and TISCO owning 40.12%. Since Åkers AB is the majority shareholder, has voting rights proportional to its ownership interest and exercises control over TISCO, Åkers AB is considered the primary beneficiary and, accordingly, accounts for its investment in ATR on the consolidated method of accounting. MG In 2007, a subsidiary of UES entered into an agreement with Maanshan Iron & Steel Company Limited (Maanshan) to form Union Electric Steel MG Roll Co., Ltd (“UES-MG”), with UES owning 49% and Maanshan owning 51%. Both companies contributed cash for their respective interests (which equated to $14,700 for UES). In November 2016, in connection with an equity restructuring of UES-MG, UES transferred 16% of its equity interest to Gongchang for $2,400, payable in installments over the next three years. As of December 31, 2017, UES received payments of $1,500. As part of the equity restructuring, the joint venture company was renamed Masteel Gongchang Roll Co., Ltd. (“MG”). The Corporation no longer participates in the management or daily operation of MG and has not guaranteed any of the obligations of the joint venture; accordingly, its maximum exposure of loss is limited to its remaining investment, which is recorded at cost, or approximately $835, at December 31, 2017. Dividends may be declared by the Board of Directors of the joint venture after allocation of after-tax profits to various “funds” equal to the minimum amount required under Chinese laws. No dividends were declared or received in 2017, 2016 or 2015. Gongchang The Corporation has a 24% interest in Gongchang which is recorded at cost, or $1,340. The Corporation does not participate in the management or daily operation of Gongchang, has not guaranteed any of its obligations and has no ongoing responsibilities to it. Dividends may be declared by the Board of Directors of the joint venture after allocation of after-tax profits to various “funds” equal to the minimum amount required under Chinese law. Approximately $395 of dividends were declared and received in 2016. No dividends were declared or received in 2017 or 2015. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 4 – INVENTORIES: 2017 2016 Raw materials $ 24,249 $ 23,964 Work-in-progress 42,840 29,198 Finished goods 24,083 20,046 Supplies 16,389 10,371 Inventories $ 107,561 $ 83,579 At December 31, 2017, and 2016, approximately 42% and 45%, respectively, of the inventories were valued using the LIFO method. The LIFO reserve approximated $(16,063) and $(15,139) at December 31, 2017, and 2016, respectively. During each of the years, inventory quantities decreased for certain locations resulting in a liquidation of LIFO layers which were at lower costs. The effect of the liquidations was to decrease costs of products sold (excluding depreciation and amortization) by approximately $490, $936 and $216 for 2017, 2016 and 2015, respectively. There was no income tax expense recognized in the consolidated statements of operations for 2017 and 2016, due to the Corporation having a valuation allowance recorded against its deferred income tax assets for the jurisdiction where the income was recognized. See Note 15. Accordingly, the effect of the liquidations reduced net loss by approximately $490, or $0.04 per common share, for 2017, $936, or $0.08 per common share, for 2016, and increased net income by approximately $141, or $0.01 per common share, for 2015. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | NOTE 5 – PROPERTY, PLANT AND EQUIPMENT: 2017 2016 Land and land improvements $ 12,172 $ 11,747 Buildings 68,572 66,017 Machinery and equipment 340,396 323,684 Construction-in-process 5,019 2,595 Other 7,193 7,495 433,352 411,538 Accumulated depreciation (218,372 ) (197,130 ) Property, plant and equipment, net $ 214,980 $ 214,408 The majority of the assets of the Corporation, except real property including the land and building of UES-UK, is pledged as collateral for the Corporation’s revolving credit facility (see Note 8). Land and buildings of UES-UK, equal to approximately $2,831 (£2,098) at December 31, 2017, are held as collateral by the trustees of the UES-UK defined benefit pension plan (see Note 9). The gross value of assets under capital lease and the related accumulated amortization approximated $4,082 and $1,101, respectively, as of December 31, 2017, and $3,610 and $691, respectively, as of December 31, 2016. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 6 – INTANGIBLE ASSETS: 2017 2016 Customer relationships $ 6,543 $ 6,244 Developed technology 4,429 4,248 Trade name 2,696 2,537 13,668 13,029 Accumulated amortization (2,647 ) (1,428 ) Intangible assets, net $ 11,021 $ 11,601 The following summarizes changes in intangible assets for the year ended December 31: 2017 2016 Balance at the beginning of the year $ 11,601 $ 1,193 Changes in intangible assets 0 11,784 Amortization of intangible assets (1,219 ) (1,106 ) Other, primarily impact from changes in foreign currency exchange rates 639 (270 ) Balance at the end of the year $ 11,021 $ 11,601 Intangible assets include an indefinite-lived trade name of $2,696 and $2,537 as of December 31, 2017, and 2016, respectively, that is not subject to amortization. Changes during the year ended December 31, 2016, primarily represent intangible assets identified as part of the Åkers acquisition. Identifiable intangible assets are expected to be amortized over a weighted average period of approximately 12 years or $1,248 for 2018, $1,248 for 2019, $1,248 for 2020, $541 for 2021, $400 for 2022 and $3,640 thereafter. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | NOTE 7 – OTHER CURRENT LIABILITIES: 2017 2016 Customer-related liabilities $ 18,512 $ 21,564 Accrued interest payable 2,697 2,274 Accrued sales commissions 2,301 1,693 Other 13,579 16,666 Other current liabilities $ 37,089 $ 42,197 Customer-related liabilities include liabilities for product warranty claims and deposits received on future orders. The following summarizes changes in the liability for product warranty claims for the year ended December 31: 2017 2016 2015 Balance at the beginning of the year $ 11,521 $ 6,358 $ 6,672 Acquisitions – opening balance sheet liability for warranty claims 0 7,130 0 Satisfaction of warranty claims (4,014 ) (4,297 ) (2,452 ) Provision for warranty claims 3,601 3,282 2,293 Other, primarily impact from changes in foreign currency exchange rates 594 (952 ) (155 ) Balance at the end of the year $ 11,702 $ 11,521 $ 6,358 |
Borrowing Arrangements
Borrowing Arrangements | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Borrowing Arrangements | NOTE 8 – BORROWING ARRANGEMENTS: In May 2016, the Corporation entered into a five-year Revolving Credit and Security Agreement (the “Credit Agreement”) with a syndicate of banks. The Credit Agreement provides for a senior secured asset-based revolving credit facility that replaced the Corporation’s previously existing line of credit and letter of credit facilities. The Credit Agreement provides for initial borrowings not to exceed $100,000 with an option to increase the credit facility by an additional $50,000 at the request of the Corporation and with the approval of the banks. The Corporation amended the Credit Agreement in 2016 to provide additional intercompany lending capacity to certain of its subsidiaries and expand available currencies for its letters of credits. The Credit Agreement was also amended in 2017 to add Åkers AB and ASW as borrowers and modify regional sublimits. As amended, the Credit 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. Deferred financing fees of approximately $1,250 were incurred for the Credit Agreement and are being amortized over the life of the Credit Agreement. Availability under the Credit 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 (i) LIBOR plus an applicable margin ranging between 1.25% to 1.75% based on the quarterly average excess availability or (ii) the base rate plus an applicable margin ranging between 0.25% to 0.75% based on the quarterly average excess availability. Additionally, the Corporation is required to pay a commitment fee ranging between 0.25% and 0.375% based on the daily unused portion of the credit facility. As of December 31, 2017, the Corporation had outstanding borrowings under the Credit Agreement of $20,349 (including £1,000 of European borrowings for its U.K. subsidiary). Interest accrued on the outstanding balance during the year at an average of approximately 2.75%. Additionally, the Corporation had utilized a portion of the credit facility for letters of credit (Note 10). As of December 31, 2017, remaining availability under the Credit Agreement approximated $56,000. No borrowings were outstanding under the Credit Agreement during 2016. The debt outstanding under the Credit 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 Credit Agreement contains customary affirmative and negative covenants and limitations, including, but not limited to, investments in certain of its subsidiaries, payment of dividends, incurrence of additional indebtedness, upstream distributions from subsidiaries, and acquisitions and divestures. The Corporation must also maintain a certain level of excess availability. If excess availability falls below the established threshold, or in an event of default, the Corporation will be required to maintain a minimum fixed charge coverage ratio of not less than 1.00 to 1.00. The Corporation was in compliance with the applicable bank covenants as of December 31, 2017. In March 2017, the Corporation repaid the debt assumed in connection with the acquisition of ASW (credit facility and term loan), including interest, fees and early termination costs. Accordingly, outstanding borrowings of the Corporation as of December 31, 2017, and 2016, consisted of the following: 2017 2016 Industrial Revenue Bonds $ 13,311 $ 13,311 Promissory notes (and interest) 25,395 23,844 Revolving Credit and Security Agreement 20,349 0 Minority shareholder loan 5,325 4,990 Credit facility 0 7,146 Term loan 0 762 Capital leases 1,773 2,161 Outstanding borrowings 66,153 52,214 Debt – current portion (19,335 ) (26,825 ) Long-term debt $ 46,818 $ 25,389 Future principal payments, assuming demand loans are called in 2018 and the Industrial Revenue Bonds are not able to be remarketed, are $19,335 for 2018, $25,844 for 2019, $344 for 2020, $20,585 for 2021 and $45 for 2022. The Corporation also had short-term lines of credit of approximately $800 (£250 in the United Kingdom and €400 in Belgium). No amounts were outstanding under these lines of credit as of December 31, 2017, and 2016. Industrial Revenue Bonds As of December 31, 2017, the Corporation had the following Industrial Revenue Bonds (IRBs) outstanding: (i) $4,120 tax-exempt IRB maturing in 2020, interest at a floating rate which averaged 0.91% during the current year; (ii) $7,116 taxable IRB maturing in 2027, interest at a floating rate which averaged 1.17% during the current year; and (iii) $2,075 tax-exempt IRB maturing in 2029, interest at a floating rate which averaged 0.79% during the current year. The IRBs are secured by letters of credit of equivalent amounts and are remarketed periodically at which time interest rates are reset. If the IRBs are not able to be remarketed, although considered remote by the Corporation and its bankers, the bondholders can seek reimbursement from the letters of credit which serve as collateral for the bonds. Promissory Notes In connection with the acquisition of Åkers, the Corporation issued three-year promissory notes amounting to $22,619. The notes bear interest at 6.5%, compounding annually, with principal and interest payable at maturity on March 3, 2019. As of December 31, 2017, accrued interest approximated $2,776, which is included in long-term debt on the consolidated balance sheet. Minority Shareholder Loan ATR has a $5,325 (RMB 34,655) loan outstanding with its minority shareholder. The loan originally matured in 2008 but has been renewed continually for one-year periods. Interest does not compound and has accrued on the outstanding balance, since inception, at the three-to-five-year loan interest rate set by the People’s Bank of China in effect at the time of renewal. The interest rate for 2017 approximated 5% and accrued interest as of December 31, 2017, approximated $2,682 (RMB 17,457), which is recorded in other current liabilities on the consolidated balance sheet. Capital Leases The Corporation leases equipment under various noncancelable lease agreements ending 2018 to 2022. Effective interest rates range between 1.30% and 5.20%. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits | NOTE 9 – PENSION AND OTHER POSTRETIREMENT BENEFITS: U.S. Pension Benefits Historically, the Corporation had one qualified domestic defined benefit pension plan (“legacy plan”). As part of the Åkers acquisition, the Corporation assumed the obligations for two additional U.S. plans (“Akers plans”). Collectively, the plans cover substantially all of its U.S. employees. During 2015 – 2017, the following amendments were made to the plans: • Effective December 31, 2017, the legacy plan and the Akers salary plan were merged. • Effective June 1, 2016, the Akers salary plan was amended to freeze benefit accruals and participation in the plan replacing benefit accruals with employer non-elective contributions equaling 3% of compensation to a defined contribution plan. The plan freeze resulted in remeasurement of the liability, reducing the liability by approximately $1,181 as of December 31, 2016, and a curtailment gain of $887 for the year ended December 31, 2016. • In 2016, the legacy plan was amended to permit lump sum distributions to inactive deferred vested participants and deferred beneficiaries who were not previously offered a lump sum, which approximated $2,739. • Effective July 1, 2015, the legacy plan was amended to freeze benefit accruals and participation in the plan for non-union hourly and salaried participants and, effective January 1, 2016, for employees of the Union Electric Steel Carnegie Steelworkers Location. Benefits under the legacy plan were replaced with employer contributions of a 3% non-elective base contribution and a matching contribution of up to 4% to a defined contribution plan. The plan changes resulted in curtailment losses of $1,303 for the year ended December 31, 2015. The U.S. defined benefit pension plans are covered by the Employee Retirement Income Security Act of 1974 (“ERISA”); accordingly, the Corporation’s policy is to fund at least the minimum actuarially computed annual contribution required under ERISA. No minimum contributions were required for any of the three years for the legacy plan or, since the date of acquisition, for the Akers plans. Minimum contributions for 2018 are expected to approximate $1,300. Estimated benefit payments for subsequent years are $13,672 for 2018, $14,091 for 2019, $14,301 for 2020, $14,566 for 2021, $14,685 for 2022 and $74,009 for 2023 – 2027. The fair value of the plan assets as of December 31, 2017, and 2016, approximated $199,138 and $188,722, respectively, in comparison to accumulated benefit obligations of $245,317 and $235,299 for the same periods. Employer contributions to the defined contribution plans totaled $2,588, $2,466 and $882 for 2017, 2016 and 2015, respectively, and are expected to approximate $2,808 in 2018. The Corporation also maintains nonqualified defined benefit pension plans for selected executives in addition to the benefits provided under the Corporation’s qualified defined benefit pension plan. The objectives of the nonqualified plans are to provide supplemental retirement benefits or restore benefits lost due to limitations set by the Internal Revenue Service. The assets of the nonqualified plans are held in a grantor tax trust known as a “Rabbi” trust and are subject to claims of the Corporation’s creditors, but otherwise must be used only for purposes of providing benefits under the plans. No contributions were made to the trust in 2015 – 2017 and none are expected in 2018. The fair market value of the trust at December 31, 2017, and 2016, which is included in other noncurrent assets, was $4,204 and $3,863, respectively. Changes in the fair market value of the trust are recorded as a component of other comprehensive income (loss). The plan is treated as a non-funded pension plan for financial reporting purposes. Accumulated benefit obligations approximated $7,202 and $6,639 at December 31, 2017, and 2016, respectively. Estimated benefit payments for subsequent years, which would represent employer contributions, are approximately $440 for 2018, $454 for 2019, $464 for 2020, $485 for 2021, $507 for 2022 and $2,570 for 2023 – 2027. Employees at one location participate in a multi-employer plan, I.A.M. National Pension Fund, I.A.M. National Pension Fund • More than 1,650 employer locations contribute to the plan • Approximately 100,000 active employees participate in the plan • Assets of approximately $11.7 billion and a funded status of approximately 96%. Less than 100 of the Corporation’s employees participate in the plan and contributions are based on a rate per hour. The Corporation’s contributions to the plan were less than $250 for each of 2017, 2016 and 2015, and represent less than five percent of total contributions to the plan by all contributing employers. Contributions are expected to approximate $250 in 2018. Foreign Pension Benefits Employees of UES-UK participate in a defined benefit pension plan that was curtailed effective December 31, 2004, and replaced with a defined contribution pension plan. The UES-UK plans are non-U.S. plans and therefore are not covered by ERISA. Instead, the Trustees and UES-UK have agreed to a recovery plan that estimates the amount of employer contributions, based on U.K. regulations, necessary to eliminate the funding deficit of the plan with such estimates subject to change based on the future investment performance of the plan’s assets. The U.S. dollar equivalent of employer contributions to the defined benefit pension plan approximated $1,521, $1,522 and $1,715 in 2017, 2016 and 2015, respectively, and are expected to approximate $850 in 2018 at which time the plan is expected to be fully funded. The fair value of the plan’s assets as of December 31, 2017, and 2016, approximated $56,419 (£41,820) and $48,055 (£38,955), respectively, in comparison to accumulated benefit obligations of $57,540 (£42,650) and $61,277 (£49,673) for the same periods. Estimated benefit payments for subsequent years are $1,644 for 2018, $1,903 for 2019, $1,768 for 2020, $1,738 for 2021, $1,670 for 2022 and $11,196 for 2023 – 2027. Contributions to the defined contribution pension plan approximated $311, $252 and $382 in 2017, 2016 and 2015, respectively, and are expected to approximate $379 in 2018. As part of the Åkers acquisition, the Corporation assumed the obligations of two foreign defined benefit pension plans. The plans are unfunded. Projected benefit obligations approximated $7,073 and $5,633 at December 31, 2017, and 2016, respectively; accumulated benefit obligations approximated the same. Estimated benefit payments for subsequent years, for both plans combined, are $234 for 2018, $257 for 2019, $248 for 2020, $249 for 2021, $240 for 2022 and $1,379 for 2023 – 2027. Other Postretirement Benefits The Corporation provides a monthly reimbursement of postretirement health care benefits for a 5-year period principally to the bargaining groups of one subsidiary (“legacy OPEB plan”). The legacy OPEB plan covers participants and their spouses and/or dependents who retire under the existing pension plan on other than a deferred vested basis and at the time of retirement have also rendered 15 or more years of continuous service irrespective of age. Retiree life insurance is provided to substantially all retirees. The Corporation also provides life insurance and health care benefits to former employees of certain discontinued operations. This obligation had been estimated and provided for at the time of disposal. As part of the Åkers acquisition, the Corporation assumed the obligations for two additional postretirement benefit plans (“Akers OPEB plans”). The Akers OPEB plans cover retiree medical and life insurance benefits. In August 2016, the Corporation modified the Akers OPEB plans whereby retiree health benefits for certain groups of pre-Medicare eligible employees were replaced with a monthly stipend. The plan changes resulted in a reduction in prior service costs decreasing plan liabilities by approximately $4,762, which is being amortized against other postretirement benefit costs over the expected remaining service periods of approximately 7.5 and 12 years, versus recognized immediately. As of December 31, 2017, the Akers OPEB plans were merged. The Corporation’s postretirement health care and life insurance plans are not funded or subject to any minimum regulatory funding requirements. Estimated benefit payments for subsequent years, which would represent employer contributions, for the legacy and Akers OPEB plans are approximately $1,383 for 2018, $1,407 for 2019, $1,429 for 2020, $1,239 for 2021, $1,201 for 2022 and $5,363 for 2023-2027. Reconciliations The following provides a reconciliation of projected benefit obligations (“PBO”), plan assets and the funded status of the plans for the Corporation’s defined benefit plans calculated using a measurement date as of the end of the respective years. U.S. Pension Benefits (a) Foreign Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 2017 2016 Change in projected benefit obligations: PBO at January 1 $ 244,440 $ 181,803 $ 66,910 $ 63,750 $ 19,059 $ 8,117 Åkers acquisition – PBO at March 3 0 68,081 0 5,393 0 17,467 Service cost 1,651 1,714 150 314 492 504 Interest cost 8,413 9,977 1,845 2,250 571 722 Plan amendments 0 0 0 0 165 (4,762 ) Plan settlements (b) 0 (2,739 ) 0 0 0 0 Plan curtailments 0 (1,181 ) 0 0 0 0 Foreign currency exchange rate changes 0 0 5,948 (11,477 ) 0 0 Actuarial loss (gain) 13,825 (160 ) (7,954 ) 8,869 (2,170 ) (1,598 ) Participant contributions 0 0 0 0 92 80 Benefits paid from plan assets (12,950 ) (12,679 ) (1,813 ) (2,189 ) 0 0 Benefits paid by the Corporation (403 ) (376 ) (473 ) 0 (1,230 ) (1,471 ) PBO at December 31 $ 254,976 $ 244,440 $ 64,613 $ 66,910 $ 16,979 $ 19,059 Change in plan assets: Fair value of plan assets at January 1 $ 188,722 $ 139,376 $ 48,055 $ 49,628 $ 0 $ 0 Åkers acquisition – fair value of plan assets at March 3 0 50,108 0 0 0 0 Actual return on plan assets 23,366 14,656 3,998 7,859 0 0 Foreign currency exchange rate changes 0 0 4,673 (8,930 ) 0 0 Corporate contributions 403 376 1,979 1,687 1,138 1,391 Participant contributions 0 0 0 0 92 80 Plan settlements (b) 0 (2,739 ) 0 0 0 0 Gross benefits paid (13,353 ) (13,055 ) (2,286 ) (2,189 ) (1,230 ) (1,471 ) Fair value of plan assets at December 31 $ 199,138 $ 188,722 $ 56,419 $ 48,055 $ 0 $ 0 Funded status of the plans: Fair value of plan assets $ 199,138 $ 188,722 $ 56,419 $ 48,055 $ 0 $ 0 Less benefit obligations 254,976 244,440 64,613 66,910 16,979 19,059 Funded status at December 31 $ (55,838 ) $ (55,718 ) $ (8,194 ) $ (18,855 ) $ (16,979 ) $ (19,059 ) (a) Includes the nonqualified defined benefit pension plan. (b) Represents lump sum payments. The following provides a summary of amounts recognized in the consolidated balance sheets. U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 2017 2016 Employee benefit obligations: Accrued payrolls and employee benefits (a) $ (432 ) $ (409 ) $ 0 $ 0 $ (1,371 ) $ (1,276 ) Employee benefit obligations (b) (55,406 ) (55,309 ) (8,194 ) (18,855 ) (15,608 ) (17,783 ) $ (55,838 ) $ (55,718 ) $ (8,194 ) $ (18,855 ) $ (16,979 ) $ (19,059 ) Accumulated other comprehensive loss: (c) Net actuarial loss (gain) $ 47,252 $ 48,153 $ 25,914 $ 25,547 $ (1,211 ) $ 936 Prior service cost (credit) 156 209 (9,174 ) 0 (13,809 ) (15,581 ) $ 47,408 $ 48,362 $ 16,740 $ 25,547 $ (15,020 ) $ (14,645 ) (a) Recorded as a current liability in the consolidated balance sheet. (b) Recorded as a noncurrent liability in the consolidated balance sheet. (c) Amounts are pre-tax. Amounts included in accumulated other comprehensive loss as of December 31, 2017, expected to be recognized in net periodic pension and other postretirement costs in 2018 include: U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits Net actuarial loss (gain) $ 1,763 $ 784 $ (109 ) Prior service cost (credit) 52 (324 ) (1,607 ) $ 1,815 $ 460 $ (1,716 ) Investment Policies and Strategies The investment policies and strategies are determined and monitored by the Board of Directors for the U.S. pension plans and by the Trustees (as appointed by UES-UK and the employees of UES-UK) for the UES-UK pension plan, each of whom employ their own investment managers to manage the plan’s assets in accordance with the policy guidelines. The foreign pension plans of Åkers are unfunded. In 2017, the U.S defined benefit pension plans adopted a glide-path strategy whereby target asset allocations are rebalanced based on projected payment obligations and the funded status of the plans. Pension assets of the UES-UK plan are invested with the objective of maximizing long-term returns while minimizing material losses to meet future benefit obligations as they become due. Investments in equity securities are primarily in common stocks of publicly traded U.S. and international companies across a broad spectrum of industry sectors. Investments in fixed-income securities are principally A-rated or better bonds with maturities of less than ten years, preferred stocks and convertible bonds. The Corporation believes there are no significant concentrations of risk associated with the Plans’ assets. Attempts to minimize risk include allowing temporary changes to the allocation mix in response to market conditions, diversifying investments among asset categories (e.g., equity securities, fixed-income securities, alternative investments, cash and cash equivalents) and within these asset categories (e.g., economic sector, industry, geographic distribution, size) and consulting with independent financial and legal counsels to assure that the investments and their expected returns and risks are consistent with the goals of the Board of Directors or Trustees. With respect to the U.S. pension plans, the following investments are prohibited unless otherwise approved by the Board of Directors: stock of the Corporation, futures and options except for hedging purposes, unregistered or restricted stock, warrants, margin trading, short-selling, real estate excluding public or real estate partnerships, and commodities including art, jewelry and gold. The foreign pension plan invests in specific funds. Any investments other than those specifically identified would be considered prohibited. The following summarizes target asset allocations (within +/-5% considered acceptable) and major asset categories. Certain investments are classified differently for target asset allocation purposes and external reporting purposes. Adoption of the glide-path strategy in 2017 did not result in any significant changes to the target asset allocations. In December 2016, the Corporation changed investment managers for the legacy plan; accordingly, there was temporarily a higher amount in cash and cash equivalents. U.S. Pension Benefits Foreign Pension Benefits Target Allocation Percentage of Plan Assets Target Allocation Percentage of Plan Assets Dec. 31, 2017 2017 2016 Dec. 31, 2017 2017 2016 Equity Securities 60 % 58 % 47 % 44 % 49 % 48 % Fixed-Income Securities 20 % 21 % 21 % 35 % 33 % 34 % Alternative Investments 15 % 16 % 8 % 21 % 17 % 18 % Other (primarily cash and cash equivalents) 5 % 5 % 24 % 0 % 1 % 0 % Fair Value Measurement of Plan Assets Equity securities, exchange-traded funds and mutual funds are actively traded on exchanges and price quotes for these investments are readily available. Similarly, fixed-income mutual funds consist of debt securities of U.S. and U.K. corporations and price quotes for these investments are readily available. Commingled funds are not traded publicly, but the underlying assets (such as stocks and bonds) held in these funds are traded on active markets and the prices for the underlying assets are readily observable. For securities not actively traded, the fair value may be based on third-party appraisals, discounted cash flow analysis, benchmark yields and inputs that are currently observable in markets for similar securities. Investment Strategies The significant investment strategies of the various funds are summarized below. Fund Investment Strategy Primary Investment Objective Temporary Investment Funds Invests primarily in a diversified portfolio of investment grade money market instruments. Achieve a market level of current income while maintaining stability of principal and liquidity. Various Equity Funds Each fund maintains a diversified holding in common stock of applicable companies (e.g., common stock of small capitalization companies if a small-cap fund, common stock of medium capitalization companies if a mid-cap fund, common stock of foreign corporations if an international fund, etc.). Outperform the fund’s related index. Various Fixed Income Funds Invests primarily in a diversified portfolio of fixed-income securities of varying maturities or in commingled funds which invest in a diversified portfolio of fixed-income securities of varying maturities. For the U.S. Plans – to achieve a rate of return that matches or exceeds the expected growth in plan liabilities. For the Foreign Plan – to outperform the applicable FTSE index over a prescribed period. Alternative Investments – Managed Funds Invests in equities and equity-like asset classes and strategies (such as public equities, venture capital, private equity, real estate, natural resources and Generate a minimum annual inflation adjusted return of 5% and outperform a traditional 70/30 equities/bond portfolio. Alternative Investments – Hedge and Absolute Return Funds Invests in a diversified portfolio of alternative investment styles and strategies. Generate long-term capital appreciation while maintaining a low correlation with the traditional global financial markets. Categories of Plan Assets Asset categories based on the nature and risks of the U.S. Pension Benefit Plans’ assets as of December 31, 2017, are summarized below. Quoted Prices in Active Markets for Identical Inputs (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity Securities: U.S. Consumer discretionary $ 637 $ 0 $ 0 $ 637 Consumer staples 896 0 0 896 Energy 427 0 0 427 Financial 1,362 0 0 1,362 Healthcare 1,192 0 0 1,192 Industrials 819 0 0 819 Information technology 2,061 0 0 2,061 Materials 248 0 0 248 Mutual funds 91,258 0 0 91,258 Telecommunications 198 0 0 198 Utilities 204 0 0 204 Total Equity Securities 99,302 0 0 99,302 Fixed Income Securities: Corporate bonds 0 10,801 0 10,801 Mutual funds 18,884 0 0 18,884 Treasury bonds 6,976 0 0 6,976 Agency bonds 0 926 0 926 Total Fixed Income Securities 25,860 11,727 0 37,587 Alternative Investments: Managed funds (a) 0 0 49,838 49,838 Total Alternative Investments 0 0 49,838 49,838 Other: Cash and cash equivalents (b) 11,012 0 0 11,012 Commingled funds 0 174 0 174 Other (c) 2 0 1,223 1,225 Total Other 11,014 174 1,223 12,411 $ 136,176 $ 11,901 $ 51,061 $ 199,138 (a) Includes approximately 47.3% in equity and equity-like asset securities, 41.1% in alternative investments (real assets, commodities and resources, absolute return funds) and 9.6% in fixed income securities and 2.0% in other, primarily cash and cash equivalents. (b) Includes investments in temporary funds. (c) Includes accrued receivables and pending broker settlements. Categories of Plan Assets Asset categories based on the nature and risks of the U.S. Pension Benefit Plans’ assets as of December 31, 2016, are summarized below. Quoted Prices in Active Markets for Identical Inputs (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity Securities: U.S. Bank & financial services $ 631 $ 0 $ 0 $ 631 Capital goods 75 0 0 75 Chemicals 20 0 0 20 Commercial services 16 0 0 16 Electronics 67 0 0 67 Health care 201 0 0 201 Mutual funds 72,571 0 0 72,571 Oil & gas 87 0 0 87 Retail 101 0 0 101 Technology 188 0 0 188 Transportation 18 0 0 18 Wholesale distribution 16 0 0 16 Other (represents 8 business sectors) 211 0 0 211 International Chemicals 7 0 0 7 Technology 6 0 0 6 Total Equity Securities 74,215 0 0 74,215 Fixed Income Securities: Mutual funds 36,601 0 0 36,601 Total Fixed Income Securities 36,601 0 0 36,601 Alternative Investments: Managed funds (a) 0 0 33,830 33,830 Total Alternative Investments 0 0 33,830 33,830 Other: Cash and cash equivalents (b) 27,902 0 0 27,902 Commingled funds 0 154 0 154 Other (c) 16,020 0 0 16,020 Total Other 43,922 154 0 44,076 $ 154,738 $ 154 $ 33,830 $ 188,722 (a) Includes approximately 45.9% in equity and equity-like asset securities, 44.5% in alternative investments (real assets, commodities and resources, absolute return funds) and 7.4% in fixed income securities and 2.2% in other, primarily cash and cash equivalents. (b) Includes investments in temporary funds. (c) Includes accrued receivables and pending broker settlements. Asset categories based on the nature and risks of the Foreign Pension Benefit Plan’s assets as of December 31, 2017, are summarized below. Quoted Prices in Active Markets for Identical Inputs (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity Securities: Commingled Funds (U.K.) $ 0 $ 4,617 $ 0 $ 4,617 Commingled Funds (International) 0 23,015 0 23,015 Total Equity Securities 0 27,632 0 27,632 Fixed-Income Securities: Commingled Funds (U.K.) 0 18,851 0 18,851 Alternative Investments: Hedge and Absolute Return Funds 0 0 9,637 9,637 Cash and cash equivalents 299 0 0 299 $ 299 $ 46,483 $ 9,637 $ 56,419 Asset categories based on the nature and risks of the Foreign Pension Benefit Plan’s assets as of December 31, 2016, are summarized below. Quoted Prices in Active Markets for Identical Inputs (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity Securities: Commingled Funds (U.K.) $ 0 $ 3,716 $ 0 $ 3,716 Commingled Funds (International) 0 19,146 0 19,146 Total Equity Securities 0 22,862 0 22,862 Fixed-Income Securities: Commingled Funds (U.K.) 0 16,426 0 16,426 Alternative Investments: Hedge and Absolute Return Funds 0 0 8,593 8,593 Cash and cash equivalents 174 0 0 174 $ 174 $ 39,288 $ 8,593 $ 48,055 The table below sets forth a summary of changes in the fair value of the Level 3 plan assets for U.S. and foreign pension plans for the year ended December 31, 2017. Alternative Investments U.S. Pension Benefits Foreign Pension Benefits Fair value as of January 1, 2017 $ 33,830 $ 8,593 Contributions 16,000 0 Withdrawals (5,364 ) 0 Realized gains 1,304 0 Change in net unrealized gains 4,068 229 Other, primarily impact from changes in foreign currency exchange rates 0 815 Fair value as of December 31, 2017 $ 49,838 $ 9,637 The table below sets forth a summary of changes in the fair value of the Level 3 plan assets for U.S. and foreign pension plans for the year ended December 31, 2016. Alternative Investments U.S. Pension Benefits Foreign Pension Benefits Fair value as of January 1, 2016 $ 4,967 $ 32,210 $ 10,571 Withdrawals (4,967 ) 0 0 Realized gains 0 1,857 0 Change in net unrealized losses 0 (237 ) (280 ) Other, primarily impact from changes in foreign currency exchange rates 0 0 (1,698 ) Fair value as of December 31, 2016 $ 0 $ 33,830 $ 8,593 Net Periodic Pension and Other Postretirement Benefit Costs The actual return on the fair value of plan assets is included in determining the funded status of the plans. In determining net periodic pension costs, the expected long-term rate of return on the market-related value of plan assets is used. Differences between the actual return on plan assets and the expected long-term rate of return on plan assets are classified as part of unrecognized actuarial gains or losses and are recorded as a component of accumulated other comprehensive loss on the consolidated balance sheet. When these gains or losses exceed 10% of the greater of the projected benefit obligation or the market-related value of plan assets, they are amortized to net periodic pension and other postretirement costs over the average remaining service period or life expectancy of the employees expected to receive benefits under the plans. When the gains or losses are less than 10% of the greater of the projected benefit obligation or the market-related value of plan assets, they are included in net periodic pension and other postretirement costs indirectly as a result of lower/higher interest costs arising from a decrease/increase in the projected benefit obligation. Net periodic pension and other postretirement benefit costs include the following components for the year ended December 31: U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 2017 2016 2015 Service cost $ 1,651 $ 1,714 $ 2,743 $ 150 $ 314 $ 0 $ 492 $ 504 $ 384 Interest cost 8,413 9,977 7,990 1,845 2,250 2,394 571 722 474 Expected return on plan assets (12,503 ) (13,424 ) (10,996 ) (2,239 ) (2,461 ) (2,681 ) 0 0 0 Amortization of: Prior service cost (credit) 52 44 371 0 0 0 (1,607 ) (1,277 ) (672 ) Actuarial loss (gain) 4,111 3,324 5,440 751 670 845 (24 ) 36 26 Curtailment (gain) loss 0 (887 ) 1,303 0 0 0 0 0 0 $ 1,724 $ 748 $ 6,851 $ 507 $ 773 $ 558 $ (568 ) $ (15 ) $ 212 Assumptions Assumptions are reviewed on an annual basis. The expected long-term rate of return on plan assets is an estimate of average rates of earnings expected to be earned on funds invested or to be invested to provide for the benefits included in the projected benefit obligation. Since these benefits will be paid over many years, the expected long-term rate of return is reflective of current investment returns and investment returns over a longer period. Consideration is also given to target and actual asset allocations, inflation and real risk-free return. The discount rates used in determining future pension obligations and other postretirement benefits for each of the plans are based on rates of return on high-quality fixed-income investments currently available and expected to be available during the period to maturity of the pension and other postretirement benefits. High-quality fixed-income investments are defined as those investments which have received one of the two highest ratings given by a recognized rating agency with maturities of 10+ years. The discount rates and weighted-average wage increases used to determine the benefit obligations as of December 31, 2017, and 2016, are summarized below. U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 2017 2016 Discount rate 3.63-3.72% 4.02-4.25% 2.45% 2.50-2.65% 3.46-3.69% 3.90-4.13% Wage increases 3.00% 3.00% n/a n/a n/a n/a In addition, the assumed health care cost trend rate at December 31, 2017, for other postretirement benefits is 6% for 2018 gradually decreasing to 4.75% in 2020. In selecting rates for current and long-term health care assumptions, the Corporation considers known health care cost increases, the design of the benefit programs, the demographics of its active and retiree populations and expectations of inflation rates in the future. A one percentage point increase or decrease in the assumed health care cost trend rate would result in an inconsequential change to the postretirement benefit obligation at December 31, 2017, and the annual benefit expense for 2017. The following assumptions were used to determine net periodic pension and other postretirement benefit costs for the year ended December 31: U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 2017 2016 2015 Discount rate 4.02-4.25% 4.20-4.40% 4.00-4.10% 2.50-2.65% 3.00-3.65% 3.50% 3.90-4.13% 3.80-4.20% 4.00% Expected long-term rate of return 6.95-7.50% 6.90-7.75% 8.00% 4.45% 5.40% 5.40% n/a n/a n/a Wages increases 3.00% 3.00% 4.00% n/a n/a n/a n/a n/a n/a |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | NOTE 10 – COMMITMENTS AND CONTINGENT LIABILITIES: Outstanding standby and commercial letters of credit as of December 31, 2017, approximated $22,576, the majority of which serves as collateral for the IRB debt. In addition, in connection with the acquisition of Åkers, the Corporation issued two surety bonds to PRI Pensionsgaranti, guaranteeing certain obligations of Åkers Sweden AB and Åkers AB under a credit insurance policy relating to pension commitments. The total amount covered by the surety bonds is approximately $4,000 (SEK 33,900). Approximately 39% of the Corporation’s employees are covered by collective bargaining agreements. Of the nine bargaining agreements, one of the agreements, representing approximately 19% of the covered employees, expired in 2017; however, employees continue to work under the expired agreement while negotiations proceed. The remaining agreements have expiration dates ranging from May 2018 to September 2020. Collective bargaining agreements expiring in 2018 (representing approximately 54% of the covered employees) will be negotiated with the intent to secure mutually beneficial, long-term arrangements. See Note 13 regarding derivative instruments, Note 19 regarding litigation and Note 20 for environmental matters. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | NOTE 11 – 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. The Incentive Plan replaces the 2011 Omnibus Incentive Plan (the “Predecessor Plan”). No new awards will be granted under the Predecessor Plan. Any awards outstanding under the Predecessor Plan will remain subject to and be paid under the Predecessor Plan, and any shares subject to outstanding awards under the Predecessor Plan that subsequently expire, terminate, or are surrendered or forfeited for any reason without issuance of shares (equal to 84,667 shares at December 31, 2017) will automatically become available for issuance under the Incentive Plan. Awards under the Incentive Plan may include incentive non-qualified stock options, stock appreciation rights, restricted shares and restricted stock units, performance awards, other stock-based awards or short-term cash incentive awards. If any award is canceled, terminates, expires or lapses for any reason prior to the issuance of shares, or if shares are issued under the Incentive Plan and thereafter are forfeited to the Corporation, the shares subject to such awards and the forfeited shares will not count against the aggregate number of shares available under the Incentive Plan. Shares tendered or withheld to pay the option exercise price or tax withholding will continue to count against the aggregate number of shares of common stock available for grant under the Incentive Plan. Any shares repurchased by the Corporation with cash proceeds from the exercise of options will not be added back to the pool of shares available for grant under the Incentive Plan. The Incentive Plan may be administered by the Board of Directors or the Compensation Committee of the Board of Directors. The Compensation Committee has the authority to determine, within the limits of the express provisions of the Incentive Plan, the individuals to whom the awards will be granted and the nature, amount and terms of such awards. The Incentive Plan also provides for equity-based awards during any one year to non-employee members of the Board of Directors, based on the grant date fair value, not to exceed $200. The limit does not apply to shares received by a non-employee director at his or her election in lieu of all or a portion of the director’s retainer for board service. The number of shares of common stock issued to non-employee directors was 50,000, 32,090 and 14,310 in 2017, 2016 and 2015, respectively. The Compensation Committee has granted time-vesting restricted stock units (RSUs) and performance-vesting restricted stock units (PSUs) to select individuals. Each RSU represents the right to receive one share of common stock of the Corporation at a future date after the RSU has become earned and vested, subject to the terms and conditions of the RSU award agreement. The RSUs vest over a three-year period. The PSUs can be earned depending upon the achievement of a performance or market condition and a time-vesting condition as follows: The grant date fair value for the RSUs equals the closing price of the Corporation’s common stock on the NYSE on the date of grant. The grant date fair value for PSUs subject to a market condition is determined using a Monte Carlo simulation model and the grant date fair value for PSUs that vest subject to a performance condition is equal to the closing price of the Corporation’s stock on the NYSE on the date of grant. The determination of the fair value of these awards takes into consideration the likelihood of achievement of the market or performance condition and is adjusted for subsequent changes in the estimated or actual outcome of the condition. Unrecognized compensation expense associated with the RSUs and PSUs equaled $2,551 at December 31, 2017, and is expected to be recognized over a weighted average period of approximately 2 years. A summary of outstanding and exercisable incentive options (RSUs and PSUs) as of December 31, 2017, and activity for the year ended December 31, 2017, is as follows: Number of RSUs Weighted Average Fair Value Number of PSUs Weighted Average Fair Value Outstanding at January 1, 2017 155,845 $ 17.53 39,348 $ 21.62 Granted 76,473 14.00 97,788 14.93 Converted to common stock (58,677 ) 17.25 0 N/A Forfeited/cancelled (14,935 ) 16.76 (34,622 ) 14.99 Outstanding at December 31, 2017 158,706 $ 16.00 102,514 $ 17.47 A summary of outstanding and exercisable stock options as of December 31, 2017, and activity for the year ended December 31, 2017, is as follows: Number of Shares Under Options Weighted Average Exercise Price Remaining Contractual Life In Years Intrinsic Value Outstanding at January 1, 2017 1,005,836 $ 24.07 4.2 $ 0 Granted 0 N/A Exercised 0 N/A Forfeited (190,501 ) 26.03 Outstanding at December 31, 2017 815,335 $ 23.61 3.3 $ 0 Exercisable at December 31, 2017 815,335 $ 23.61 3.3 $ 0 Vested or expected to vest at December 31, 2017 815,335 $ 23.61 3.3 $ 0 Stock-based compensation expense for all awards, including expense for shares to be issued to non-employee directors, approximated $2,400, $2,332 and $1,328 for 2017, 2016 and 2015, respectively. There was no income tax benefit recognized in the consolidated statements of operations for 2017 and 2016, due to the Corporation having a valuation allowance recorded against its deferred income tax assets for the jurisdiction where the expense was recognized. See Note 15. The related income tax benefit recognized in the consolidated statements of operations for 2015 approximated $465. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | NOTE 12 – ACCUMULATED OTHER COMPREHENSIVE LOSS: Net change and ending balances for the various components of other comprehensive income (loss) and for accumulated other comprehensive loss as of and for the year ended December 31, 2015, 2016 and 2017 are summarized below. Foreign Currency Translation Adjustments Unrecognized Components of Employee Benefit Plans Unrealized Holding Gains on Securities Derivatives Accumulated Other Comprehensive Loss Balance at January 1, 2015 $ (4,426 ) $ (65,396 ) $ 984 $ 85 $ (68,753 ) Net Change (3,967 ) 15,453 (292 ) (40 ) 11,154 Balance at December 31, 2015 (8,393 ) (49,943 ) 692 45 (57,599 ) Net Change (14,580 ) 11,307 (633 ) 506 (3,400 ) Balance at December 31, 2016 (22,973 ) (38,636 ) 59 551 (60,999 ) Net Change 11,041 10,582 573 134 22,330 Impact from adoption of ASU 2018-02 (Note 15) 0 (6,142 ) 0 54 (6,088 ) Balance at December 31, 2017 $ (11,932 ) $ (34,196 ) $ 632 $ 739 $ (44,757 ) The following summarizes the line items affected on the consolidated statements of operations for components reclassified from accumulated other comprehensive loss for each of the years ended December 31. Amounts in parentheses represent credits to net income (loss). 2017 2016 2015 Amortization of unrecognized employee benefit costs: Costs of products sold (excluding depreciation and amortization) $ 1,934 $ 2,463 $ 3,604 Selling and administrative 1,148 (719 ) 3,354 Other expense 201 166 355 Total before income tax 3,283 1,910 7,313 Income tax provision 0 0 (2,573 ) Net of income tax $ 3,283 $ 1,910 $ 4,740 Realized gains on sale of marketable securities: Selling and administrative $ (29 ) $ (1,404 ) $ (82 ) Income tax provision 0 366 29 Net of income tax $ (29 ) $ (1,038 ) $ (53 ) Realized gains/losses from settlement of cash flow hedges: Net sales (foreign currency sales contracts) $ 0 $ (6 ) $ (17 ) Depreciation and amortization (foreign currency purchase contracts) (31 ) (27 ) (27 ) Costs of products sold (excluding depreciation and amortization) (futures contracts – copper and aluminum) (639 ) 220 751 Total before income tax (670 ) 187 707 Income tax provision 0 (79 ) (272 ) Net of income tax $ (670 ) $ 108 $ 435 The income tax expense (benefit) associated with the various components of other comprehensive income (loss) for each of the years ended December 31 is summarized below. For 2017 and 2016, there was no income tax benefit for certain items due to the Corporation having a valuation allowance recorded against its deferred income tax assets for the jurisdiction where the expense is recognized. See Note 15. Foreign currency translation adjustments exclude the effect of income taxes since earnings of non-U.S. subsidiaries are deemed to be reinvested for an indefinite period of time. 2017 2016 2015 Income tax expense (benefit) associated with changes in: Unrecognized employee benefit costs $ 0 $ 0 $ (4,731 ) Unrealized holding losses on marketable securities 0 0 134 Fair value of cash flow hedges 0 0 294 Income tax expense (benefit) associated with reclassification adjustments: Amortization of unrecognized employee benefit costs 0 0 (2,573 ) Realized gains from sale of marketable securities 0 366 29 Realized losses from settlement of cash flow hedges 0 (79 ) (272 ) |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | NOTE 13 – DERIVATIVE INSTRUMENTS: Certain operations of the Corporation are subject to risk from exchange rate fluctuations in connection with sales in foreign currencies. To minimize this risk, foreign currency sales contracts are entered into which are designated as cash flow or fair value hedges. As of December 31, 2017, approximately $27,414 of anticipated foreign-denominated sales has been hedged which are covered by fair value contracts settling at various dates through January 2019. The fair value of assets held as collateral for the fair value contracts as of December 31, 2017, approximated $2,025, including a $1,350 standby letter of credit. Additionally, certain divisions of the Air and Liquid Processing segment are subject to risk from increases in the price of commodities (copper and aluminum) used in the production of inventory. To minimize this risk, futures contracts are entered into which are designated as cash flow hedges. At December 31, 2017, approximately 51% or $2,637 of anticipated copper purchases over the next year and 56% or $524, of anticipated aluminum purchases over the next six months are hedged. The Corporation previously entered into foreign currency purchase contracts to manage the volatility associated with euro-denominated progress payments to be made for certain machinery and equipment. As of December 31, 2010, all contracts had been settled and the underlying fixed assets were placed in service. No portion of the existing cash flow or fair value hedges is considered to be ineffective, including any ineffectiveness arising from the unlikelihood of an anticipated transaction to occur. Additionally, no amounts have been excluded from assessing the effectiveness of a hedge. At December 31, 2017, the Corporation has purchase commitments covering 62% or $1,285 of anticipated natural gas usage for 2018 for one of its subsidiaries. The commitments qualify as normal purchases and, accordingly, are not reflected on the consolidated balance sheet. Purchases of natural gas under previously existing commitments approximated $856, $1,936 and $2,452 for 2017, 2016 and 2015, respectively. The Corporation does not enter into derivative transactions for speculative purposes and, therefore, holds no derivative instruments for trading purposes. The following summarizes location and fair value of the foreign currency sales contracts recorded on the consolidated balance sheets as of December 31: Location 2017 2016 Fair value hedge contracts Other current assets $ 961 $ 214 Other noncurrent assets 0 2 Other current liabilities 89 940 Other noncurrent liabilities 1 35 Fair value hedged item Receivables (269 ) 121 Other current assets 169 808 Other noncurrent assets 16 45 Other current liabilities 907 233 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. Amounts recognized as and reclassified from accumulated other comprehensive loss are recorded as a component of other comprehensive income (loss) and are summarized below. Amounts are after-tax, where applicable. Certain amounts recognized as comprehensive income (loss) for 2017 and 2016 have no tax effect due to the Corporation recording a valuation allowance against its deferred income tax assets in the related jurisdictions. See Note 15. For the Year Ended December 31, 2017 Accumulated Other Comprehensive Income (Loss) Beginning of the Year Plus Recognized as Comprehensive Income (Loss) Less Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Income (Loss) End of the Year Foreign currency sales contracts – cash flow hedges $ 0 $ 0 $ 0 $ 0 Foreign currency purchase contracts 216 0 31 185 Future contracts – copper and aluminum 335 804 639 500 Change in fair value $ 551 $ 804 $ 670 $ 685 For the Year Ended December 31, 2016 Foreign currency sales contracts – cash flow hedges $ 4 $ 0 $ 4 $ 0 Foreign currency purchase contracts 241 0 25 216 Future contracts – copper and aluminum (200 ) 398 (137 ) 335 Change in fair value $ 45 $ 398 $ (108 ) $ 551 For the Year Ended December 31, 2015 Foreign currency sales contracts – cash flow hedges $ 0 $ 14 $ 10 $ 4 Foreign currency purchase contracts 258 0 17 241 Future contracts – copper and aluminum (173 ) (489 ) (462 ) (200 ) Change in fair value $ 85 $ (475 ) $ (435 ) $ 45 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 Year Ended December 31, of Operations 12 Months 2017 2016 2015 Foreign currency sales contracts – cash flow hedges Net sales $ 0 $ 0 $ 6 $ 17 Foreign currency purchase contracts Depreciation and amortization 27 31 27 27 Futures contracts – copper and aluminum Costs of products sold (excluding depreciation and amortization) 500 639 (220 ) (751 ) Losses on foreign exchange transactions included in other expense approximated $(463), $(1,161) and $(324) for 2017, 2016 and 2015, respectively. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 14 – FAIR VALUE: The following summarizes financial assets and liabilities reported at fair value on a recurring basis in the accompanying consolidated balance sheets at December 31: 2017 Quoted Prices in Active Markets for Identical Inputs (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Investments Other noncurrent assets $ 4,204 $ 0 $ 0 $ 4,204 Foreign currency exchange contracts Other current assets 0 1,130 0 1,130 Other noncurrent assets 0 16 0 16 Other current liabilities 0 996 0 996 Other noncurrent liabilities 0 1 0 1 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 the “Rabbi” trust for the purpose of providing benefits under the non-qualified defined benefit pension plan. The fair value of the investments is based on quoted prices of the investments in active markets. The fair value of foreign currency exchange contracts is determined based on the fair value of similar contracts with similar terms and remaining maturities. The fair value of futures contracts is based on market quotations. The fair value of the variable-rate debt approximates its carrying value. Additionally, the fair value of trade receivables and trade payables approximates their carrying value. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 15 – INCOME TAXES: On December 22, 2017, the U.S. federal government enacted the Tax Reform, to become effective as of January 1, 2018, which, among other things, lowered the U.S. corporate statutory income tax rate from 35% to 21%, implemented a modified territorial tax system and imposed a one-time tax on deemed repatriated earnings of foreign subsidiaries. The Tax Reform negatively impacted the Corporation’s income tax provision by approximately $1,565, principally related to the one-time repatriation transition tax offset by income tax benefits resulting from 100% bonus depreciation. There was no cash outlay due to the Tax Reform, however, it reduced the amount of the Corporation’s carryback refund that it would have been able to receive. Additionally, there was no significant impact from remeasuring its U.S. deferred income tax assets and liabilities at the new enacted statutory income tax rate since these net deferred income tax assets are fully valued. The Corporation will continue to analyze the Tax Reform and refine its provisional amounts, which could potentially impact the measurement of its tax balances. In response to the enacted Tax Reform, Staff Accounting Bulletin No. 118 (SAB 118) was issued to address the application of U.S. Generally Accepted Accounting Principles in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform. As of December 31, 2017, in accordance with SAB 118, the Corporation has made a reasonable estimate of the: (i) one-time repatriation transition tax; (ii) increased bonus depreciation for assets placed in service on or after September 27, 2017; and (iii) effects on the Corporation’s existing deferred tax balances, but has not completed its full accounting for the tax effects of enactment of the Tax Reform. The Corporation anticipates U.S. regulatory agencies will issue further regulations during 2018, which may alter this estimate. The Corporation is continuing to analyze its earnings and profits in foreign jurisdictions and its deferred tax balances. In January 2018, the FASB released guidance on the accounting for tax on the global intangible low-taxed income (“GILTI”) provisions of the Tax Reform. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The guidance indicates that either accounting for deferred taxes related to GILTI inclusions or to treating any taxes on GILTI inclusions as period cost are both acceptable methods, subject to an accounting policy election. The Corporation is still evaluating the GILTI provisions and has not yet elected an accounting policy for GILTI. The final determination of the tax effects of enactment of the Tax Reform will be completed within the measurement period of up to one year from the enactment date as permitted by SAB 118, and any adjustments to provisional amounts that are identified during the measurement period will be recorded in the reporting period in which the adjustment is determined. Furthermore, the Corporation adopted ASU 2018-02, which allows for a reclassification from accumulated other comprehensive income (loss) to retained earnings for the stranded tax effects resulting from the Tax Reform. A stranded tax effect is defined as the difference in the tax effect of amounts recognized as other comprehensive income (loss) items, using the income tax rate in effect at the time of recognition and the newly enacted income tax rate. The new guidance is relevant only to the reclassification of the income tax effects of the Tax Reform; accordingly, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. As a result, $6,088 was reclassified between accumulated other comprehensive loss and retained earnings. (Loss) income before income taxes and equity gains (losses) in joint venture is comprised of the following: 2017 2016 2015 Domestic $ (16,988 ) $ (26,326 ) $ 6,000 Foreign 3,295 (31,194 ) (1,480 ) (Loss) income before income taxes and equity gains (losses) in joint venture $ (13,693 ) $ (57,520 ) $ 4,520 At December 31, 2017, the Corporation has federal net operating loss carryforwards of $3,208, which begin to expire in 2035. Under the Tax Reform, beginning with 2018, net operating losses can be carried forward indefinitely, but are limited to 80 percent of taxable income in any given year. Additionally, at December 31, 2017, the Corporation had state net operating loss carryforwards of $34,495 which begin to expire in 2018, foreign net operating loss carryforwards of $93,364 which begin to expire in 2018 and capital loss carryforwards of $814 which do not expire. During 2017, the Corporation received $6,540 of U.S. federal and state income tax refunds. The income tax (benefit) provision consisted of the following: 2017 2016 2015 Current: Federal $ (4,698 ) $ (1,574 ) $ 4,577 State (440 ) 465 378 Foreign 606 414 (20 ) Current income tax (benefit) provision (4,532 ) (695 ) 4,935 Deferred: Federal 1,259 (2,688 ) (2,203 ) State (112 ) (1,838 ) 197 Foreign 1,876 (2,472 ) (296 ) Increase in valuation allowance 154 30,405 0 Deferred income tax provision (benefit) 3,177 23,407 (2,302 ) Total income tax (benefit) provision $ (1,355 ) $ 22,712 $ 2,633 In 2016, the income tax provision was affected by recognition of a valuation allowance against all U.S. and certain foreign entities as it was considered more-likely-than-not that the net deferred income tax assets would not be realized. The Corporation assessed available positive and negative evidence to estimate whether sufficient future taxable income would be generated to permit use of the existing deferred income tax assets. During 2016, the Corporation incurred three years of cumulative losses, inclusive of the acquired Åkers businesses as if the businesses were held during the entire three-year period. Such objective evidence limits the ability to consider other subjective evidence, such as projections for future growth and profitability. On the basis of this evaluation, the Corporation established an increase in the valuation allowance to recognize the estimated portion of deferred income tax assets that is more-likely-than-not to not be realized. The Corporation has evaluated this position in the current year and determined that the valuation allowance against U.S. and certain foreign entities should remain. The decrease in the valuation allowance during 2017 is primarily due to the reduction in the U.S. corporate statutory income tax rate from 35% to 21%. The difference between statutory U.S. federal income tax and the Corporation’s effective income tax was as follows: 2017 2016 2015 Computed at statutory rate $ (4,428 ) $ (19,984 ) $ 1,402 Tax differential on non-U.S. earnings (389 ) 1,790 106 State income taxes (398 ) (1,535 ) 226 Manufacturers deduction (I.R.C. Section 199) 0 204 (433 ) Meals and entertainment 142 143 136 Tax credits 0 0 (243 ) Goodwill impairment 0 9,191 0 Increase in valuation allowance 154 30,405 0 Repatriation transition tax impact 3,284 0 0 Change in tax rates 0 1,913 224 Change in uncertain tax positions 0 114 91 Acquisition-related costs 0 571 981 Other – net 280 (100 ) 143 Total income tax (benefit) provision $ (1,355 ) $ 22,712 $ 2,633 Deferred income tax assets and liabilities as of December 31, 2017, and 2016, are summarized below. Unremitted earnings of the Corporation’s non-U.S. subsidiaries and affiliates are deemed to be permanently reinvested and, accordingly, no deferred income tax liability has been recorded. If the Corporation were to remit any foreign earnings to the U.S., the estimated tax impact would be insignificant. 2017 2016 Assets: Employment – related liabilities $ 10,975 $ 18,659 Pension liability – foreign 1,633 2,241 Pension liability – domestic 9,004 16,133 Liabilities related to discontinued operations 186 241 Capital loss carryforwards 308 282 Asbestos-related liability 12,179 21,024 Net operating loss – domestic 674 653 Net operating loss – state 2,782 2,123 Net operating loss – foreign 22,856 19,106 Inventory related 2,764 2,157 Impairment charge associated with investment in MG 1,155 2,184 Investment tax credits – foreign 848 791 Other 3,181 6,660 Gross deferred income tax assets 68,545 92,254 Valuation allowance (1) (38,112 ) (45,449 ) 30,433 46,805 Liabilities: Depreciation (26,915 ) (37,584 ) Mark-to-market adjustment – derivatives (4 ) (187 ) Intangible assets – definite life (1,186 ) (2,067 ) Intangible assets – indefinite life (605 ) (731 ) Other (566 ) (2,003 ) Gross deferred income tax liabilities (29,276 ) (42,572 ) Net deferred income tax assets $ 1,157 $ 4,233 (1) The decrease in the valuation allowance in 2017 from 2016 is primarily due to the reduction in the U.S. corporate statutory income tax rate from 35% to 21%. The following summarizes changes in unrecognized tax benefits for the year ended December 31: 2017 2016 2015 Balance at the beginning of the year $ 236 $ 315 $ 52 Gross increases for tax positions taken in the current year 0 0 0 Gross increases for tax positions taken in prior years 0 0 283 Gross decreases in tax positions due to lapse in statute of limitations (119 ) (79 ) (20 ) Gross decreases for tax positions taken in prior years 0 0 0 Gross decreases for tax settlements with taxing authorities 0 0 0 Balance at the end of the year $ 117 $ 236 $ 315 If the unrecognized tax benefits were recognized, $31 would reduce the Corporation’s effective income tax rate. The amount of penalties and interest recognized in the consolidated balance sheets as of December 31, 2017, and 2016, and in the consolidated statements of operations for 2017, 2016 and 2015 is insignificant. Unrecognized tax benefits of $117 are to reverse due to the lapse in the statute of limitations within the next 12 months. The Corporation is subject to taxation in the United States, various states and foreign jurisdictions, and remains subject to examination by tax authorities for tax years 2014 – 2017. The Corporation is currently under audit by the Internal Revenue Service of its consolidated federal tax returns for the 2014 – 2016 tax years. Additionally, the Pennsylvania Department of Revenue has notified the Corporation’s subsidiary, Union Electric Steel, that it will audit its state income tax returns for the years 2015 and 2016. No material changes are anticipated. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Operating Leases | NOTE 16 – OPERATING LEASES: The Corporation leases certain factory and office space and certain equipment. Operating lease expense was $1,283 in 2017, $1,148 in 2016 and $1,043 in 2015. Operating lease payments for subsequent years are $702 for 2018, $628 for 2019, $524 for 2020, $486 for 2021, $476 for 2022 and $902 thereafter. |
Research and Development Costs
Research and Development Costs | 12 Months Ended |
Dec. 31, 2017 | |
Research And Development [Abstract] | |
Research and Development Costs | NOTE 17 – RESEARCH AND DEVELOPMENT COSTS: Expenditures relating to the development of new products, identification of products or process alternatives and modifications and improvements to existing products and processes are expensed as incurred. These expenses approximated $3,386 for 2017, $2,716 for 2016 and $1,137 for 2015. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Parties | NOTE 18 – RELATED PARTIES: ATR has a $5,325 (RMB 34,655) loan outstanding with its minority shareholder. The loan originally matured in 2008 but has been renewed continually for one year periods. Interest does not compound and has accrued on the outstanding balance, since inception, at the three-to-five-year loan interest rate set by the People’s Bank of China in effect at the time of renewal. The interest rate for 2017 approximated 5%. Accrued interest approximated $2,682 (RMB 17,457) and $2,265 (RMB 15,730) as of December 31, 2017, and 2016, respectively, which is recorded in other current liabilities on the consolidated balance sheet. Purchases from ATR’s minority shareholder and its affiliates, which were in the ordinary course of business, approximated $7,752 (RMB 52,418) and $6,362 (RMB 42,403) in 2017 and 2016, respectively. Excluding the loan and interest outstanding, the amount payable to ATR’s minority shareholder and its affiliates approximated $296 (RMB 1,929) and $899 (RMB 6,237) at December 31, 2017, and 2016, respectively. Sales to ATR’s minority shareholder and its affiliates, which were in the ordinary course of business, approximated $8,564 (RMB 57,909) and $5,922 (RMB 39,468) for 2017 and 2016, respectively. No amounts were due from ATR’s minority shareholder or its affiliates as of December 31, 2017, or 2016. |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Litigation | NOTE 19 – LITIGATION: The Corporation and its subsidiaries are involved in various claims and lawsuits incidental to their businesses and are also subject to asbestos litigation as described below. In 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) alleged that the defendants breached collective bargaining agreements and violated the benefit plan by modifying medical benefits of the plaintiffs and similarly situated retirees. The defendants moved to dismiss the case, and plaintiffs petitioned the court to compel arbitration. On June 13, 2017, the District Court compelled arbitration and denied the defendants’ motion to dismiss as moot. Defendants appealed this decision to the Third Circuit Court of Appeals on June 21, 2017. Defendants also filed a motion to stay arbitration pending the resolution of the appeal, and that motion was granted on September 5, 2017. The Third Circuit Court of Appeals will next consider whether the District Court erred in compelling arbitration. While no assurance can be given as to the ultimate outcome of this matter, the Corporation believes that the final resolution of this action will not have a material adverse effect on our results of operations, financial position, liquidity or capital resources. Asbestos Litigation Claims have been asserted alleging personal injury from exposure to asbestos-containing components historically used in some products manufactured by predecessors of Air & Liquid (“Asbestos Liability”). Air & Liquid, 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 Air & Liquid and the Corporation for the two years ended December 31, 2017, and 2016: 2017 2016 Total claims pending at the beginning of the period 6,618 6,212 New claims served 1,365 1,452 Claims dismissed (718 ) (782 ) Claims settled (358 ) (264 ) Total claims pending at the end of the period (1) 6,907 6,618 Gross settlement and defense costs (in 000’s) $ 21,431 $ 17,960 Average gross settlement and defense costs per claim resolved (in 000’s) $ 19.92 $ 17.17 (1) Included as “open claims” are approximately 479 and 444 claims in 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 Air & Liquid are parties to a series of settlement agreements (“Settlement Agreements”) with insurers that have coverage obligations for Asbestos Liability (the “Settling Insurers”). Under the Settlement Agreements, the Settling Insurers accept financial responsibility, subject to the terms and conditions of the respective agreements, including overall coverage limits, for pending and future claims for Asbestos Liability. The Settlement Agreements encompass the substantial majority of insurance policies that provide coverage for claims for Asbestos Liability. The Settlement Agreements include acknowledgements that Howden North America, Inc. (“Howden”) is entitled to coverage under policies covering Asbestos Liability for claims arising out of the historical products manufactured or distributed by Buffalo Forge, 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. 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 December 31, 2017, was $149,750. 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 ($100,342 at December 31, 2017). The following table summarizes activity relating to insurance recoveries for each of the years ended December 31, 2017, and 2016. 2017 2016 Insurance receivable – asbestos, beginning of the year $ 115,945 $ 125,423 Settlement and defense costs paid by insurance carriers (1) (15,603 ) (23,138 ) Changes in estimated coverage 0 13,660 Insurance receivable – asbestos, end of the year $ 100,342 $ 115,945 (1) Settlement and defense costs paid by insurance carriers for 2016 includes a lump sum cash settlement with an insurance carrier of $9,808. The insurance receivable recorded by the Corporation does not assume any recovery from insolvent carriers and a substantial majority of the insurance recoveries deemed probable is from insurance companies rated A – (excellent) or better by A.M. Best Corporation. There can be no assurance, however, that there will not be further insolvencies among the relevant insurance carriers, or that the assumed percentage recoveries for certain carriers will prove correct. The difference between insurance recoveries and projected costs is not due to exhaustion of all insurance coverage for Asbestos Liability. The Corporation and the subsidiaries have substantial additional insurance coverage which the Corporation expects to be available for Asbestos Liability claims and defense costs that the subsidiaries and it may incur after 2026. However, this insurance coverage also can be expected to have gaps creating significant shortfalls of insurance recoveries against claims expense, which could be material in future years. The amounts recorded by the Corporation for Asbestos Liabilities and insurance receivables rely on assumptions that are based on currently known facts and strategy. The Corporation’s actual expenses or insurance recoveries could be significantly higher or lower than those recorded if assumptions used in the Corporation’s or HR&A’s calculations vary significantly from actual results. Key variables in these assumptions are identified above and include the number and type of new claims to be filed each year, the average cost of disposing of each such new claim, average annual defense costs, compliance by relevant parties with the terms of the Settlement Agreements, the resolution of remaining coverage issues with insurance carriers, and the solvency risk with respect to the relevant insurance carriers. Other factors that may affect the Corporation’s Asbestos Liability and ability to recover under its insurance policies include uncertainties surrounding the litigation process from jurisdiction to jurisdiction and from case to case, reforms that may be made by state and federal courts, and the passage of state or federal tort reform legislation. The Corporation intends to evaluate its estimated Asbestos Liability and related insurance receivables as well as the underlying assumptions on a regular basis to determine whether any adjustments to the estimates are required. Due to the uncertainties surrounding asbestos litigation and insurance, these regular reviews may result in the Corporation incurring future charges; however, the Corporation is currently unable to estimate such future charges. Adjustments, if any, to the Corporation’s estimate of its recorded Asbestos Liability and/or insurance receivables could be material to operating results for the periods in which the adjustments to the liability or receivable are recorded, and to the Corporation’s liquidity and consolidated financial position. |
Environmental Matters
Environmental Matters | 12 Months Ended |
Dec. 31, 2017 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Matters | NOTE 20 – ENVIRONMENTAL MATTERS: The Corporation is currently performing certain remedial actions in connection with the sale of real estate previously owned and periodically incurs costs to maintain compliance with environmental laws and regulations. Environmental exposures are difficult to assess and estimate for numerous reasons, including lack of reliable data, the multiplicity of possible solutions, the years of remedial and monitoring activity required, and identification of new sites. In the opinion of management, the potential liability for remedial actions and environmental compliance measures of approximately $440 at December 31, 2017, is considered adequate based on information known to date. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Business Segments | NOTE 21 – BUSINESS SEGMENTS: The Corporation organizes its business into two operating segments—Forged and Cast Engineered Products and Air and Liquid Processing. Summarized financial information concerning the Corporation’s reportable segments is shown in the following tables. Corporate assets included under Identifiable Assets represent primarily cash and cash equivalents and other items not allocated to reportable segments. Long-lived assets exclude deferred income tax assets. Corporate costs are comprised of operating costs of the corporate office and other costs not allocated to the segments. The segment information for the Forged and Cast Engineered Products includes information for Åkers and ASW beginning as of December 31, 2016, and from their respective dates of acquisition. The accounting policies are the same as those described in Note 1. Net Sales (Loss) Income Before Income Taxes and Equity Gains (Losses) in Joint Venture 2017 2016 2015 2017 2016 2015 Forged and Cast Engineered Products (1) $ 344,529 $ 247,652 $ 152,267 $ (1,826 ) $ (42,878 ) $ (3,444 ) Air and Liquid Processing (1) 87,872 84,214 86,213 10,427 5,123 23,166 Total Reportable Segments 432,401 331,866 238,480 8,601 (37,755 ) 19,722 Corporate costs, including other income (expense) 0 0 0 (22,294 ) (19,765 ) (15,202 ) Consolidated total $ 432,401 $ 331,866 $ 238,480 $ (13,693 ) $ (57,520 ) $ 4,520 Capital Expenditures Depreciation and Amortization Expense Identifiable Assets (2) 2017 2016 2015 2017 2016 2015 2017 2016 2015 Forged and Cast Engineered Products $ 14,165 $ 9,440 $ 8,608 $ 21,124 $ 19,166 $ 10,468 $ 414,227 $ 348,331 $ 228,718 Air and Liquid Processing 560 385 494 1,072 1,183 1,262 132,341 173,017 183,024 Corporate 174 741 305 191 114 57 19,031 44,541 94,414 $ 14,899 $ 10,566 $ 9,407 $ 22,387 $ 20,463 $ 11,787 $ 565,599 $ 565,889 $ 506,156 Net Sales (3) Long-Lived Assets (4) (Loss) Income Before Income Taxes and Equity Gains (Losses) in Joint Venture Geographic Areas: 2017 2016 2015 2017 2016 2015 2017 2016 2015 United States $ 236,856 $ 159,531 $ 126,417 $ 235,646 $ 206,460 $ 236,707 $ (18,122 ) $ (25,906 ) $ 5,855 Foreign 195,545 172,335 112,063 88,116 133,141 29,198 $ 4,429 (31,614 ) (1,335 ) $ 432,401 $ 331,866 $ 238,480 $ 323,762 $ 339,601 $ 265,905 $ (13,693 ) $ (57,520 ) $ 4,520 Net Sales by Product Line (5) 2017 2016 2015 Forged and cast mill rolls $ 254,638 $ 230,531 $ 129,499 Forged engineered products 89,891 17,121 22,768 Heat exchange coils 28,998 28,139 32,745 Centrifugal pumps 35,607 36,359 33,120 Air handling systems 23,267 19,716 20,348 $ 432,401 $ 331,866 $ 238,480 (1) (Loss) income before income taxes and equity gains (losses) in joint venture for the Forged and Cast Engineered Products segment for 2016 includes a pre-tax charge of $26,676 principally for the write-off of goodwill associated with the Forged and Cast Engineered Products reporting unit deemed to be impaired. (Loss) income before income taxes and equity gains (losses) in joint venture for the Air and Liquid Processing segment for 2016 includes pre-tax charge of $4,565 for estimated costs of asbestos-related litigation through 2026 net of estimated insurance recoveries and a settlement with an insurance carrier for an amount greater than originally estimated, and 2015 includes pre-tax asbestos-related proceeds of $14,333 received from two insurance carriers in rehabilitation. (2) Identifiable assets for the Forged and Cast Engineered Products segment include investments in joint ventures of $2,175, $2,019 and $3,097 at December 31, 2017, 2016 and 2015, respectively. The change in the identifiable assets of the Air and Liquid Processing segment relates primarily to the movement in asbestos-related insurance receivables, the balances of which equaled $100,342, $115,945 and $125,423 at December 31, 2017, 2016 and 2015, respectively. (3) Net sales are attributed to countries based on location of the customer. Sales to individual countries were less than 10% of consolidated net sales each of the years. (4) Foreign long-lived assets represent primarily assets of the U.K., Åkers and ASW operations. Long-lived assets of the U.S. include noncurrent asbestos-related insurance receivables of $87,342, $102,945 and $108,423 for 2017, 2016 and 2015, respectively. (5) For 2017, no customers within the Forged and Cast Engineered Products or the Air and Liquid Processing segments exceeded 10% of its net sales. For the Forged and Cast Engineered Product segment, two customers accounted for 24% and 33% of its net sales for 2016 and 2015, respectively. For the Air and Liquid Processing segment, one customer accounted for 10% of its net sales for 2016 and no customers exceeded 10% of net sales for 2015. One customer accounted for 11% of the Corporation’s consolidated sales in 2016. |
Quarterly Information - Unaudit
Quarterly Information - Unaudited | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information - Unaudited | QUARTERLY INFORMATION – UNAUDITED The quarterly information includes the results of operations of Åkers from March 3, 2016, and ASW from November 1, 2016, their respective dates of acquisition. Accordingly, the quarterly information for 2016 is not fully comparable to 2017. (in thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter 2017 Net sales $ 103,516 $ 110,550 $ 103,886 $ 114,449 Gross profit (a) 18,853 18,533 16,591 20,752 Net loss attributable to Ampco-Pittsburgh (b) (4,783 ) (1,913 ) (2,202 ) (3,191 ) Net loss per common share attributable to Ampco-Pittsburgh: Basic (b) (0.39 ) (0.16 ) (0.18 ) (0.26 ) Diluted (b) (0.39 ) (0.16 ) (0.18 ) (0.26 ) Comprehensive (loss) income attributable to Ampco-Pittsburgh (1,808 ) 2,952 1,660 7,320 2016 Net sales $ 63,578 $ 93,301 $ 82,861 $ 92,126 Gross profit (a) 12,473 15,849 15,594 11,454 Net loss attributable to Ampco-Pittsburgh (c) (2,890 ) (6,486 ) (27,382 ) (43,062 ) Net loss per common share attributable to Ampco-Pittsburgh: Basic (c) (0.26 ) (0.53 ) (2.23 ) (3.51 ) Diluted (c) (0.26 ) (0.53 ) (2.23 ) (3.51 ) Comprehensive loss attributable to Ampco-Pittsburgh (d) (1,501 ) (10,739 ) (22,894 ) (47,972 ) (a) Gross profit excludes depreciation and amortization. (b) The fourth quarter of 2017 includes an unfavorable net impact of approximately $1,565 or $0.13 per common share related to the new U.S. Tax Cuts and Jobs Act legislation. (c) The second, third and fourth quarters of 2016 include valuation allowances of $1,419, $26,903 and $2,083, respectively, to recognize existing net deferred income tax assets to their estimated net realizable value. Fourth quarter of 2016 also includes an after-tax charge of $4,565 or $0.38 per common share for estimated costs of asbestos-related litigation through 2026, net of estimated insurance recoveries, and a settlement with an insurance carrier for an amount greater than originally estimated, and an after-tax charge of $26,676 or $2.23 per common share primarily for the write-off of goodwill in the Forged and Cast Engineered Products reporting unit deemed to be impaired. (d) Third quarter of 2016 includes an adjustment to recognize the effect of a plan amendment to one of its other postretirement benefit plans of $4,762. No income tax benefit was recognized due to the Corporation having a valuation allowance recorded against the deferred income tax assets for the jurisdiction affected by the plan amendment. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | SCHEDULE II Valuation and Qualifying Accounts For the Years Ended December 31, 2017, 2016 and 2015 (in thousands) Additions Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Other (4) Balance at End of Period Year ended December 31, 2017 Allowance for doubtful accounts $ 2,228 $ 317 $ (1,355 ) (1) $ (230 ) $ 2 $ 962 Valuation allowance against gross deferred income tax assets $ 45,449 $ 0 $ 154 (2) $ (7,990 ) (3) $ 499 $ 38,112 Year ended December 31, 2016 Allowance for doubtful accounts $ 983 $ 1,598 $ 0 $ (353 ) $ 0 $ 2,228 Valuation allowance against gross deferred income tax assets $ 2,481 $ 0 $ 30,405 (2) $ 0 $ 12,563 $ 45,449 Year ended December 31, 2015 Allowance for doubtful accounts $ 1,374 $ 408 $ (762 ) (1) $ (25 ) $ (12 ) $ 983 Valuation allowance against gross deferred income tax assets $ 3,254 $ 0 $ (715 ) (2) $ 0 $ (58 ) $ 2,481 (1) Represents collection of receivables previously provided for in the allowance for doubtful accounts. (2) Represents valuation allowances established for deferred income tax assets since it is more likely than not that the assets will not be realized. (3) Represents decrease in valuation allowance during 2017, primarily due to the reduction in the U.S. corporate statutory income tax rate from 35% to 21%. (4) Represents primarily the impact from changes in foreign currency exchange rates and, for 2016, valuation allowances recorded at the date of the opening balance sheet for ASW Steel Inc. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The accompanying consolidated financial statements include the assets, liabilities, revenues and expenses of all majority owned subsidiaries and joint ventures over which the Corporation exercises control and, when applicable, entities for which the Corporation has a controlling financial interest or is the primary beneficiary. Investments in joint ventures where the Corporation owns 20% to 50% of the voting stock and has the ability to exercise significant influence over the operating and financial policies of the joint venture are accounted for using the equity method of accounting. Investments in joint ventures whereby the Corporation does not have the ability to exercise significant influence over the operating and financial policies of the joint venture are accounted for using the cost method of accounting. Investments in joint ventures are reviewed for impairment whenever events or circumstances indicate the carrying amount of the investment may not be recoverable. If the estimated fair value of the investment is less than the carrying amount and such decline is determined to be “other than temporary,” then the investment may not be fully recoverable potentially resulting in a write-down of the investment value. Intercompany accounts and transactions are eliminated. |
Cash and Cash Equivalents | Cash and Cash Equivalents Securities with purchased original maturities of three months or less are considered to be cash equivalents. The Corporation maintains cash and cash equivalents at various financial institutions which may exceed federally insured amounts. |
Inventories | Inventories Inventories are valued at the lower of cost and net realizable value, which is defined as the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. Cost includes the cost of raw materials, direct labor and overhead for those items manufactured but not yet sold or for which title has not yet transferred. Fixed production overhead is allocated to inventories based on normal capacity of the production facilities. In periods of abnormally high production, the amount of fixed overhead allocated to each unit of production is decreased so that inventories are not measured above cost. The amount of fixed overhead allocated to inventories is not increased as a consequence of abnormally low production or plant idling. Costs for abnormal amounts of spoilage, handling costs and freight costs are charged to expense when incurred. Cost of domestic raw materials, work-in-process and finished goods inventories is primarily determined by the last-in, first-out (LIFO) method. Cost of domestic supplies and foreign inventories is determined primarily by the first-in, first-out (FIFO) method. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment purchased new is recorded at cost with depreciation computed using the straight-line method over the following estimated useful lives: land improvements – 15 to 20 years, buildings – 25 to 50 years and machinery and equipment – 3 to 25 years. Property, plant and equipment acquired as part of a business combination is recorded at its estimated fair value with depreciation computed using the straight-line method over the estimated remaining useful lives based in part on third-party valuations. Expenditures that extend economic useful lives are capitalized. Routine maintenance is charged to expense. Gains or losses are recognized on retirements or disposals. Property, plant and equipment are reviewed for impairment at least annually, or whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. If the undiscounted cash flows generated from the use and eventual disposition of the assets are less than their carrying value, then the asset value may not be fully recoverable potentially resulting in a write-down of the asset value. Estimates of future cash flows are based on expected market conditions over the remaining useful life of the primary asset(s). In addition, the remaining depreciation period for the impaired asset would be reassessed and, if necessary, revised. Proceeds from government grants are recorded as a reduction in the purchase price of the underlying assets and amortized against depreciation over the lives of the related assets. |
Intangible Assets | Intangible Assets Intangible assets primarily consist of developed technology, customer relationships and trade name. Intangible assets with definite lives are amortized using the straight-line method over their estimated useful life, which is determined by identifying the period over which most of the cash flows are expected to be generated. Additionally, intangible assets, both definite and indefinite lived, are reviewed for impairment at least annually, as of October 1, or whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. If the undiscounted cash flows attributable to the assets are less than their carrying value, then the asset value may not be fully recoverable potentially resulting in a write-down of the asset value. Also, if the estimate of an intangible asset’s remaining useful life changes, the remaining carrying value of the intangible asset will be amortized prospectively over the revised remaining useful life. |
Goodwill | Goodwill Goodwill represents the consideration paid in a business combination in excess of the values assigned to the net assets of the acquired entity. Goodwill is not amortized but is tested for impairment at the reporting unit level annually, as of October 1, or whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Goodwill is evaluated for impairment either qualitatively or quantitatively using a two-step approach. Under step one, the fair value of the reporting unit is determined using both a market and income approach. If the fair value of the reporting unit is less than the carrying value of the reporting unit, then goodwill may be impaired causing the second step of the analysis to be completed. Under step two, the fair value of the reporting is allocated to the assets and liabilities of the reporting unit. The unallocated fair value (“implied goodwill”), if any, is compared to the recorded value of goodwill. If the implied goodwill exceeds the recorded value of goodwill, then goodwill is deemed not to be impaired. If the implied goodwill is less than the recorded value of goodwill, then goodwill is deemed to be impaired by the amount that goodwill exceeds implied goodwill. Estimating the fair value of a reporting unit requires the use of significant unobservable inputs, representative of a Level 3 fair value measurement, including market growth and market share, sales volumes and prices, costs to produce, discount rate and estimated capital needs. Management considers historical experience and all available information at the time the fair value of the reporting unit is estimated. Assumptions used to estimate future cash flows are subject to a high degree of judgment and complexity. |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs are amortized as interest expense over the scheduled maturity period of the debt. The costs related to our line-of-credit arrangement are amortized over the term of the arrangement, regardless of whether there are any outstanding borrowings. Unamortized debt issuance costs are either recognized as a direct deduction from the carrying amount of the related debt or, if related to a line-of-credit facility, as an other noncurrent asset on the consolidated balance sheet. |
Product Warranty | Product Warranty Provisions for product warranties are recognized at the time the underlying sale is recorded. The provision is based on historical experience as a percentage of sales adjusted for potential claims when a liability is probable and for known claims. |
Employee Benefit Plans | Employee Benefit Plans Funded Status If the fair value of the plan assets exceeds the projected benefit obligation, the over-funded projected benefit obligation is recognized as an asset (prepaid pensions) on the consolidated balance sheet. Conversely, if the projected benefit obligation exceeds the fair value of the plan assets, the under-funded projected benefit obligation is recognized as a liability (employee benefit obligations) on the consolidated balance sheet. Gains and losses arising from the difference between actuarial assumptions and actual experience and unamortized prior service costs are recorded as a separate component of accumulated other comprehensive loss. Net Periodic Pension and Other Postretirement Costs Net periodic pension and other postretirement costs includes service cost, interest cost, expected rate of return on the market-related value of plan assets, amortization of prior service costs and recognized actuarial gains or losses. When actuarial gains or losses exceed 10% of the greater of the projected benefit obligation or the market-related value of plan assets, they are amortized to net periodic pension and other postretirement costs over the average remaining service period of the employees expected to receive benefits under the plan or over the remaining life expectancy of the employees expected to receive benefits if “all or almost all” of the plan’s participants are inactive. When actuarial gains or losses are less than 10% of the greater of the projected benefit obligation or the market-related value of plan assets, they are included in net periodic pension and other postretirement costs indirectly as a result of lower/higher interest costs arising from a decrease/increase in the projected benefit obligation. The market-related value of plan assets is determined using a five-year moving average which recognizes 20% of unrealized gains and losses each year. |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) Other comprehensive income (loss) includes changes in assets and liabilities from non-owner sources including foreign currency translation adjustments, unamortized prior service costs and unrecognized actuarial gains and losses associated with employee benefit plans, unrealized holding gains and losses on securities designated as available for sale, and changes in the fair value of derivatives designated and effective as cash flow hedges. Certain components of other comprehensive income (loss) are presented net of income tax. Foreign currency translation adjustments exclude the effect of income tax since earnings of non-U.S. subsidiaries are deemed to be reinvested for an indefinite period of time. Reclassification adjustments are amounts which are realized during the year and, accordingly, are deducted from other comprehensive income (loss) in the period in which they are included in net income (loss) or when a transaction no longer qualifies as a cash flow hedge. Foreign currency translation adjustments are included in net income (loss) upon sale or upon complete or substantially complete liquidation of an investment in a foreign entity. With respect to employee benefit plans, unamortized prior service costs are included in net income (loss), either immediately upon curtailment of the employee benefit plan or over the average remaining service period or life expectancy of the employees expected to receive benefits, and unrecognized actuarial gains and losses are included in net income (loss) indirectly as a result of lower/higher interest costs arising from a decrease/increase in the projected benefit obligation. Unrealized holding gains and losses on securities are included in net income (loss) when the underlying security is sold. Changes in the fair value of derivatives are included in net income (loss) when the projected sale occurs or, if a foreign currency purchase contract, over the estimated useful life of the underlying asset. |
Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of the Corporation’s foreign operations are translated at year-end exchange rates and the statements of operations are translated at the average exchange rates for the year. Gains or losses resulting from translating foreign currency financial statements are accumulated as a separate component of accumulated other comprehensive loss until the entity is sold or substantially liquidated. |
Revenue Recognition | Revenue Recognition Revenue from sales is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. Persuasive evidence of an arrangement identifies the final understanding between the parties as to the specific nature and terms of the agreed-upon transaction that creates enforceable obligations. It can be in the form of an executed purchase order from the customer, sales agreement issued by the Corporation or a similar arrangement deemed to be normal and customary business practice for that particular customer or class of customer (collectively, a sales agreement). Delivery and performance is considered to have occurred when the customer has taken title and assumed the risks and rewards of ownership of the product. Typically, this occurs when the product is shipped to the customer (i.e., FOB shipping point), delivered to the customer (i.e., FOB destination), or, for foreign sales, in accordance with trading guidelines known as Incoterms. Incoterms are standard trade definitions used in international contracts and are developed, maintained and promoted by the ICC Commission on Commercial Law and Practice. The sales price required to be paid by the customer is fixed or determinable from the sales agreement. It is not subject to refund or adjustment except for a variable-index surcharge provision which increases or decreases, as applicable, the selling price of a mill roll for corresponding changes in the published index cost of certain raw materials. The variable-index surcharge is recognized as revenue when the corresponding revenue for the inventory is recognized. Likelihood of collectability is assessed prior to acceptance of an order. There are no customer-acceptance provisions other than customer inspection and testing prior to shipment. Post-shipment obligations are insignificant. Amounts billed to the customer for shipping and handling are recorded within net sales and the related costs are recorded within costs of products sold (excluding depreciation and amortization). Amounts billed for taxes assessed by various government authorities (e.g., sales tax, value-added tax, etc.) are excluded from the determination of net income (loss) and instead are recorded as a liability until remitted to the government authority. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation, such as stock options, restricted stock units and performance shares, is recognized over the vesting period based upon the fair value of the award at the date of grant. For stock options, the fair value is determined by the Black Scholes option pricing model and is expensed over the vesting period of three years. For restricted stock units, the fair value is equal to the closing price of the Corporation’s common stock on the New York Stock Exchange (“NYSE”) on the date of grant and is expensed over the vesting period of three years. For performance share awards that vest subject to a performance condition, the fair value is equal to the closing price of the Corporation’s stock on the NYSE on the date of grant. For performance share awards that vest subject to a market condition, fair value is determined using a Monte Carlo simulation model. The fair value of performance share awards is expensed over the performance period when it is probable that the performance condition will be achieved. |
Derivative Instruments | Derivative Instruments Derivative instruments which include forward exchange (for foreign currency sales and purchases) and futures contracts are recorded on the consolidated balance sheet as either an asset or a liability measured at their fair value. The accounting for changes in the fair value of a derivative depends on the use of the derivative. To the extent that a derivative is designated and effective as a cash flow hedge of an exposure to future changes in value, the change in the fair value of the derivative is deferred in accumulated other comprehensive loss. Any portion considered to be ineffective, including that arising from the unlikelihood of an anticipated transaction to occur, is reported as a component of earnings (other income/expense) immediately. Upon occurrence of the anticipated sale, the foreign currency sales contract designated and effective as a cash flow hedge is de-designated as a fair value hedge and the change in fair value previously deferred in accumulated other comprehensive loss is reclassified to earnings (net sales) with subsequent changes in fair value recorded as a component of earnings (other income/expense). Upon occurrence of the anticipated purchase, the foreign currency purchase contract is settled and the change in fair value deferred in accumulated other comprehensive loss is reclassified to earnings (depreciation and amortization expense) over the life of the underlying assets. Upon settlement of a futures contract, the change in fair value deferred in accumulated other comprehensive loss is reclassified to earnings (costs of products sold, excluding depreciation and amortization) when the corresponding inventory is sold and revenue is recognized. To the extent that a derivative is designated and effective as a hedge of an exposure to changes in fair value, the change in the derivative’s fair value will be offset in the statement of operations by the change in the fair value of the item being hedged and is recorded as a component of earnings (other income/expense). Cash flows associated with the derivative instruments are recorded as a component of operating activities on the consolidated statement of cash flows. The Corporation does not enter into derivative transactions for speculative purposes and, therefore, holds no derivative instruments for trading purposes. |
Fair Value | Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. A hierarchy of inputs is used to determine fair value measurements with three levels. Level 1 inputs are quoted prices in active markets for identical assets or liabilities and are considered the most reliable evidence of fair value. Level 2 inputs are observable prices that are not quoted on active exchanges. Level 3 inputs are unobservable inputs used for measuring the fair value of assets or liabilities. |
Legal Costs | Legal Costs Legal costs expected to be incurred in connection with loss contingencies are accrued when such costs are probable and estimable. |
Income Taxes | Income Taxes On December 22, 2017, the U.S. federal government enacted the Tax Cuts and Jobs Act (the “Tax Reform”), to become effective January 1, 2018, which, among other things, imposed a one-time tax on deemed repatriated earnings of foreign subsidiaries. Accordingly, the tax impact of this deemed repatriation of previously untaxed foreign earnings was included within the U.S. taxable income for 2017, reducing the overall tax loss generated in the current year. Any future income earned in foreign subsidiaries will no longer be subject to U.S. tax under current U.S. law. Any remittance of future earnings to the U.S. will be subject to foreign withholding requirements; however, the Corporation estimates the impact of this would be insignificant. Income taxes are recognized during the year in which transactions enter into the determination of financial statement income. Deferred income tax assets and liabilities are recognized for the future tax consequences of temporary differences between the book carrying amount and the tax basis of assets and liabilities including net operating loss carryforwards. A valuation allowance is provided against a deferred income tax asset when it is “more likely than not” the asset will not be realized. Similarly, if a determination is made that it is “more likely than not” the deferred income tax asset will be realized, the related valuation allowance would be reduced and a benefit to earnings would be recorded. Penalties and interest are recognized as a component of the income tax provision. Tax benefits are recognized in the financial statements for tax positions taken or expected to be taken in a tax return when it is “more likely than not” that the tax authorities will sustain the tax position solely on the basis of the position’s technical merits. Consideration is given primarily to legislation and statutes, legislative intent, regulations, rulings and case law as well as their applicability to the facts and circumstances of the tax position when assessing the sustainability of the tax position. In the event a tax position no longer meets the “more likely than not” criteria, the tax benefit is reversed by recognizing a liability and recording a charge to earnings. Conversely, if a tax position subsequently meets the “more likely than not” criteria, a tax benefit would be recognized by reducing the liability and recording a credit to earnings. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. The computation of diluted earnings per common share is similar to basic earnings per common share except that the denominator is increased to include the dilutive effect of the net additional common shares that would have been outstanding assuming exercise of outstanding stock awards, calculated using the treasury stock method. The computation of diluted earnings per share would not assume the exercise of an outstanding stock award if the effect on earnings per common share would be antidilutive. Similarly, the computation of diluted earnings per share would not assume the exercise of outstanding stock awards if the Corporation incurred a net loss since the effect on earnings per common share would be antidilutive. The weighted average number of common shares outstanding assuming exercise of dilutive stock awards was 12,330,401 for 2017, 11,951,181 for 2016 and 10,447,066 for 2015. Weighted-average outstanding stock awards excluded from the diluted earnings per common share calculation, since the effect would have been antidilutive, were 1,013,008 for 2017, 1,163,396 for 2016 and 1,138,287 for 2015. |
Recently Implemented Accounting Pronouncements | Recently Implemented Accounting Pronouncements In January 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-02, Income Statement – Reporting Comprehensive Income In March 2016, the 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 |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging In May 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments In May 2016, April 2016, March 2016 and May 2014, the FASB issued ASUs 2016-12, 2016-10, 2016-08 and 2014-09, respectively, Revenue from Contracts with Customers (Topic 606) In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Liabilities |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Fair Value of Assets Acquired and Liabilities Assumed | The fair value of assets acquired and liabilities assumed as of the date of acquisition is as follows: Current assets (excluding inventories) $ 41,703 Inventories 30,332 Property, plant and equipment 71,871 Intangible assets 11,784 Other noncurrent assets 8,068 Current liabilities (71,690 ) Noncurrent liabilities (43,153 ) Net assets acquired 48,915 Noncontrolling interest (2,019 ) Goodwill 27,259 Base purchase price $ 74,155 |
Summary of Pro Forma Financial Information | The following pro forma financial information is presented for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved had the acquisition occurred at the beginning of 2015: Year Ended December 31, 2016 2015 Net sales $ 393,243 $ 440,265 Loss before income taxes (includes noncontrolling interest) $ (63,498 ) $ (11,945 ) Net loss attributable to Ampco-Pittsburgh $ (85,778 ) $ (24,740 ) Net loss per common share (basic) attributable to Ampco-Pittsburgh $ (6.94 ) $ (2.03 ) |
ASW Steel Inc [Member] | |
Summary of Fair Value of Assets Acquired and Liabilities Assumed | The 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) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | 2017 2016 Raw materials $ 24,249 $ 23,964 Work-in-progress 42,840 29,198 Finished goods 24,083 20,046 Supplies 16,389 10,371 Inventories $ 107,561 $ 83,579 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | 2017 2016 Land and land improvements $ 12,172 $ 11,747 Buildings 68,572 66,017 Machinery and equipment 340,396 323,684 Construction-in-process 5,019 2,595 Other 7,193 7,495 433,352 411,538 Accumulated depreciation (218,372 ) (197,130 ) Property, plant and equipment, net $ 214,980 $ 214,408 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | 2017 2016 Customer relationships $ 6,543 $ 6,244 Developed technology 4,429 4,248 Trade name 2,696 2,537 13,668 13,029 Accumulated amortization (2,647 ) (1,428 ) Intangible assets, net $ 11,021 $ 11,601 |
Summary of Changes in Intangible Assets | The following summarizes changes in intangible assets for the year ended December 31: 2017 2016 Balance at the beginning of the year $ 11,601 $ 1,193 Changes in intangible assets 0 11,784 Amortization of intangible assets (1,219 ) (1,106 ) Other, primarily impact from changes in foreign currency exchange rates 639 (270 ) Balance at the end of the year $ 11,021 $ 11,601 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | 2017 2016 Customer-related liabilities $ 18,512 $ 21,564 Accrued interest payable 2,697 2,274 Accrued sales commissions 2,301 1,693 Other 13,579 16,666 Other current liabilities $ 37,089 $ 42,197 |
Schedule of Changes in Liability for Product Warranty Claims | The following summarizes changes in the liability for product warranty claims for the year ended December 31: 2017 2016 2015 Balance at the beginning of the year $ 11,521 $ 6,358 $ 6,672 Acquisitions – opening balance sheet liability for warranty claims 0 7,130 0 Satisfaction of warranty claims (4,014 ) (4,297 ) (2,452 ) Provision for warranty claims 3,601 3,282 2,293 Other, primarily impact from changes in foreign currency exchange rates 594 (952 ) (155 ) Balance at the end of the year $ 11,702 $ 11,521 $ 6,358 |
Borrowing Arrangements (Tables)
Borrowing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Borrowings | In March 2017, the Corporation repaid the debt assumed in connection with the acquisition of ASW (credit facility and term loan), including interest, fees and early termination costs. Accordingly, outstanding borrowings of the Corporation as of December 31, 2017, and 2016, consisted of the following: 2017 2016 Industrial Revenue Bonds $ 13,311 $ 13,311 Promissory notes (and interest) 25,395 23,844 Revolving Credit and Security Agreement 20,349 0 Minority shareholder loan 5,325 4,990 Credit facility 0 7,146 Term loan 0 762 Capital leases 1,773 2,161 Outstanding borrowings 66,153 52,214 Debt – current portion (19,335 ) (26,825 ) Long-term debt $ 46,818 $ 25,389 |
Pension and Other Postretirem40
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Reconciliation of Projected Benefit Obligations (PBO), Plan Assets, the Funded Status of the Plans and the Amounts Recognized in the Consolidated Balance Sheets | The following provides a reconciliation of projected benefit obligations (“PBO”), plan assets and the funded status of the plans for the Corporation’s defined benefit plans calculated using a measurement date as of the end of the respective years. U.S. Pension Benefits (a) Foreign Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 2017 2016 Change in projected benefit obligations: PBO at January 1 $ 244,440 $ 181,803 $ 66,910 $ 63,750 $ 19,059 $ 8,117 Åkers acquisition – PBO at March 3 0 68,081 0 5,393 0 17,467 Service cost 1,651 1,714 150 314 492 504 Interest cost 8,413 9,977 1,845 2,250 571 722 Plan amendments 0 0 0 0 165 (4,762 ) Plan settlements (b) 0 (2,739 ) 0 0 0 0 Plan curtailments 0 (1,181 ) 0 0 0 0 Foreign currency exchange rate changes 0 0 5,948 (11,477 ) 0 0 Actuarial loss (gain) 13,825 (160 ) (7,954 ) 8,869 (2,170 ) (1,598 ) Participant contributions 0 0 0 0 92 80 Benefits paid from plan assets (12,950 ) (12,679 ) (1,813 ) (2,189 ) 0 0 Benefits paid by the Corporation (403 ) (376 ) (473 ) 0 (1,230 ) (1,471 ) PBO at December 31 $ 254,976 $ 244,440 $ 64,613 $ 66,910 $ 16,979 $ 19,059 Change in plan assets: Fair value of plan assets at January 1 $ 188,722 $ 139,376 $ 48,055 $ 49,628 $ 0 $ 0 Åkers acquisition – fair value of plan assets at March 3 0 50,108 0 0 0 0 Actual return on plan assets 23,366 14,656 3,998 7,859 0 0 Foreign currency exchange rate changes 0 0 4,673 (8,930 ) 0 0 Corporate contributions 403 376 1,979 1,687 1,138 1,391 Participant contributions 0 0 0 0 92 80 Plan settlements (b) 0 (2,739 ) 0 0 0 0 Gross benefits paid (13,353 ) (13,055 ) (2,286 ) (2,189 ) (1,230 ) (1,471 ) Fair value of plan assets at December 31 $ 199,138 $ 188,722 $ 56,419 $ 48,055 $ 0 $ 0 Funded status of the plans: Fair value of plan assets $ 199,138 $ 188,722 $ 56,419 $ 48,055 $ 0 $ 0 Less benefit obligations 254,976 244,440 64,613 66,910 16,979 19,059 Funded status at December 31 $ (55,838 ) $ (55,718 ) $ (8,194 ) $ (18,855 ) $ (16,979 ) $ (19,059 ) (a) Includes the nonqualified defined benefit pension plan. (b) Represents lump sum payments. The following provides a summary of amounts recognized in the consolidated balance sheets. U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 2017 2016 Employee benefit obligations: Accrued payrolls and employee benefits (a) $ (432 ) $ (409 ) $ 0 $ 0 $ (1,371 ) $ (1,276 ) Employee benefit obligations (b) (55,406 ) (55,309 ) (8,194 ) (18,855 ) (15,608 ) (17,783 ) $ (55,838 ) $ (55,718 ) $ (8,194 ) $ (18,855 ) $ (16,979 ) $ (19,059 ) Accumulated other comprehensive loss: (c) Net actuarial loss (gain) $ 47,252 $ 48,153 $ 25,914 $ 25,547 $ (1,211 ) $ 936 Prior service cost (credit) 156 209 (9,174 ) 0 (13,809 ) (15,581 ) $ 47,408 $ 48,362 $ 16,740 $ 25,547 $ (15,020 ) $ (14,645 ) (a) Recorded as a current liability in the consolidated balance sheet. (b) Recorded as a noncurrent liability in the consolidated balance sheet. (c) Amounts are pre-tax. |
Amounts Included in Accumulated Other Comprehensive Loss to be Recognized over Next Year | Amounts included in accumulated other comprehensive loss as of December 31, 2017, expected to be recognized in net periodic pension and other postretirement costs in 2018 include: U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits Net actuarial loss (gain) $ 1,763 $ 784 $ (109 ) Prior service cost (credit) 52 (324 ) (1,607 ) $ 1,815 $ 460 $ (1,716 ) |
Schedule of Target Asset Allocations and Major Asset Categories | The following summarizes target asset allocations (within +/-5% considered acceptable) and major asset categories. Certain investments are classified differently for target asset allocation purposes and external reporting purposes. Adoption of the glide-path strategy in 2017 did not result in any significant changes to the target asset allocations. In December 2016, the Corporation changed investment managers for the legacy plan; accordingly, there was temporarily a higher amount in cash and cash equivalents. U.S. Pension Benefits Foreign Pension Benefits Target Allocation Percentage of Plan Assets Target Allocation Percentage of Plan Assets Dec. 31, 2017 2017 2016 Dec. 31, 2017 2017 2016 Equity Securities 60 % 58 % 47 % 44 % 49 % 48 % Fixed-Income Securities 20 % 21 % 21 % 35 % 33 % 34 % Alternative Investments 15 % 16 % 8 % 21 % 17 % 18 % Other (primarily cash and cash equivalents) 5 % 5 % 24 % 0 % 1 % 0 % |
Asset Categories Based on the Nature and Risks of the Plans Assets | Asset categories based on the nature and risks of the U.S. Pension Benefit Plans’ assets as of December 31, 2017, are summarized below. Quoted Prices in Active Markets for Identical Inputs (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity Securities: U.S. Consumer discretionary $ 637 $ 0 $ 0 $ 637 Consumer staples 896 0 0 896 Energy 427 0 0 427 Financial 1,362 0 0 1,362 Healthcare 1,192 0 0 1,192 Industrials 819 0 0 819 Information technology 2,061 0 0 2,061 Materials 248 0 0 248 Mutual funds 91,258 0 0 91,258 Telecommunications 198 0 0 198 Utilities 204 0 0 204 Total Equity Securities 99,302 0 0 99,302 Fixed Income Securities: Corporate bonds 0 10,801 0 10,801 Mutual funds 18,884 0 0 18,884 Treasury bonds 6,976 0 0 6,976 Agency bonds 0 926 0 926 Total Fixed Income Securities 25,860 11,727 0 37,587 Alternative Investments: Managed funds (a) 0 0 49,838 49,838 Total Alternative Investments 0 0 49,838 49,838 Other: Cash and cash equivalents (b) 11,012 0 0 11,012 Commingled funds 0 174 0 174 Other (c) 2 0 1,223 1,225 Total Other 11,014 174 1,223 12,411 $ 136,176 $ 11,901 $ 51,061 $ 199,138 (a) Includes approximately 47.3% in equity and equity-like asset securities, 41.1% in alternative investments (real assets, commodities and resources, absolute return funds) and 9.6% in fixed income securities and 2.0% in other, primarily cash and cash equivalents. (b) Includes investments in temporary funds. (c) Includes accrued receivables and pending broker settlements. Categories of Plan Assets Asset categories based on the nature and risks of the U.S. Pension Benefit Plans’ assets as of December 31, 2016, are summarized below. Quoted Prices in Active Markets for Identical Inputs (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity Securities: U.S. Bank & financial services $ 631 $ 0 $ 0 $ 631 Capital goods 75 0 0 75 Chemicals 20 0 0 20 Commercial services 16 0 0 16 Electronics 67 0 0 67 Health care 201 0 0 201 Mutual funds 72,571 0 0 72,571 Oil & gas 87 0 0 87 Retail 101 0 0 101 Technology 188 0 0 188 Transportation 18 0 0 18 Wholesale distribution 16 0 0 16 Other (represents 8 business sectors) 211 0 0 211 International Chemicals 7 0 0 7 Technology 6 0 0 6 Total Equity Securities 74,215 0 0 74,215 Fixed Income Securities: Mutual funds 36,601 0 0 36,601 Total Fixed Income Securities 36,601 0 0 36,601 Alternative Investments: Managed funds (a) 0 0 33,830 33,830 Total Alternative Investments 0 0 33,830 33,830 Other: Cash and cash equivalents (b) 27,902 0 0 27,902 Commingled funds 0 154 0 154 Other (c) 16,020 0 0 16,020 Total Other 43,922 154 0 44,076 $ 154,738 $ 154 $ 33,830 $ 188,722 (a) Includes approximately 45.9% in equity and equity-like asset securities, 44.5% in alternative investments (real assets, commodities and resources, absolute return funds) and 7.4% in fixed income securities and 2.2% in other, primarily cash and cash equivalents. (b) Includes investments in temporary funds. (c) Includes accrued receivables and pending broker settlements. Asset categories based on the nature and risks of the Foreign Pension Benefit Plan’s assets as of December 31, 2017, are summarized below. Quoted Prices in Active Markets for Identical Inputs (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity Securities: Commingled Funds (U.K.) $ 0 $ 4,617 $ 0 $ 4,617 Commingled Funds (International) 0 23,015 0 23,015 Total Equity Securities 0 27,632 0 27,632 Fixed-Income Securities: Commingled Funds (U.K.) 0 18,851 0 18,851 Alternative Investments: Hedge and Absolute Return Funds 0 0 9,637 9,637 Cash and cash equivalents 299 0 0 299 $ 299 $ 46,483 $ 9,637 $ 56,419 Asset categories based on the nature and risks of the Foreign Pension Benefit Plan’s assets as of December 31, 2016, are summarized below. Quoted Prices in Active Markets for Identical Inputs (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity Securities: Commingled Funds (U.K.) $ 0 $ 3,716 $ 0 $ 3,716 Commingled Funds (International) 0 19,146 0 19,146 Total Equity Securities 0 22,862 0 22,862 Fixed-Income Securities: Commingled Funds (U.K.) 0 16,426 0 16,426 Alternative Investments: Hedge and Absolute Return Funds 0 0 8,593 8,593 Cash and cash equivalents 174 0 0 174 $ 174 $ 39,288 $ 8,593 $ 48,055 |
Summary of Changes in the Fair Value of the Level 3 Plan Assets for U.S. and Foreign Pension Plans | The table below sets forth a summary of changes in the fair value of the Level 3 plan assets for U.S. and foreign pension plans for the year ended December 31, 2017. Alternative Investments U.S. Pension Benefits Foreign Pension Benefits Fair value as of January 1, 2017 $ 33,830 $ 8,593 Contributions 16,000 0 Withdrawals (5,364 ) 0 Realized gains 1,304 0 Change in net unrealized gains 4,068 229 Other, primarily impact from changes in foreign currency exchange rates 0 815 Fair value as of December 31, 2017 $ 49,838 $ 9,637 The table below sets forth a summary of changes in the fair value of the Level 3 plan assets for U.S. and foreign pension plans for the year ended December 31, 2016. Alternative Investments U.S. Pension Benefits Foreign Pension Benefits Fair value as of January 1, 2016 $ 4,967 $ 32,210 $ 10,571 Withdrawals (4,967 ) 0 0 Realized gains 0 1,857 0 Change in net unrealized losses 0 (237 ) (280 ) Other, primarily impact from changes in foreign currency exchange rates 0 0 (1,698 ) Fair value as of December 31, 2016 $ 0 $ 33,830 $ 8,593 |
Net Periodic Pension and Other Postretirement Benefit Costs | Net periodic pension and other postretirement benefit costs include the following components for the year ended December 31: U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 2017 2016 2015 Service cost $ 1,651 $ 1,714 $ 2,743 $ 150 $ 314 $ 0 $ 492 $ 504 $ 384 Interest cost 8,413 9,977 7,990 1,845 2,250 2,394 571 722 474 Expected return on plan assets (12,503 ) (13,424 ) (10,996 ) (2,239 ) (2,461 ) (2,681 ) 0 0 0 Amortization of: Prior service cost (credit) 52 44 371 0 0 0 (1,607 ) (1,277 ) (672 ) Actuarial loss (gain) 4,111 3,324 5,440 751 670 845 (24 ) 36 26 Curtailment (gain) loss 0 (887 ) 1,303 0 0 0 0 0 0 $ 1,724 $ 748 $ 6,851 $ 507 $ 773 $ 558 $ (568 ) $ (15 ) $ 212 |
Discount Rates and Weighted-Average Wage Increases Used to Determine the Benefit Obligations | The discount rates and weighted-average wage increases used to determine the benefit obligations as of December 31, 2017, and 2016, are summarized below. U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 2017 2016 Discount rate 3.63-3.72% 4.02-4.25% 2.45% 2.50-2.65% 3.46-3.69% 3.90-4.13% Wage increases 3.00% 3.00% n/a n/a n/a n/a |
Assumptions Regarding Net Periodic Pension and Other Postretirement Benefit Costs | The following assumptions were used to determine net periodic pension and other postretirement benefit costs for the year ended December 31: U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 2017 2016 2015 Discount rate 4.02-4.25% 4.20-4.40% 4.00-4.10% 2.50-2.65% 3.00-3.65% 3.50% 3.90-4.13% 3.80-4.20% 4.00% Expected long-term rate of return 6.95-7.50% 6.90-7.75% 8.00% 4.45% 5.40% 5.40% n/a n/a n/a Wages increases 3.00% 3.00% 4.00% n/a n/a n/a n/a n/a n/a |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Outstanding and Exercisable Incentive Options (RSUs and PSUs) | A summary of outstanding and exercisable incentive options (RSUs and PSUs) as of December 31, 2017, and activity for the year ended December 31, 2017, is as follows: Number of RSUs Weighted Average Fair Value Number of PSUs Weighted Average Fair Value Outstanding at January 1, 2017 155,845 $ 17.53 39,348 $ 21.62 Granted 76,473 14.00 97,788 14.93 Converted to common stock (58,677 ) 17.25 0 N/A Forfeited/cancelled (14,935 ) 16.76 (34,622 ) 14.99 Outstanding at December 31, 2017 158,706 $ 16.00 102,514 $ 17.47 |
Summary of Outstanding and Exercisable Stock Options | A summary of outstanding and exercisable stock options as of December 31, 2017, and activity for the year ended December 31, 2017, is as follows: Number of Shares Under Options Weighted Average Exercise Price Remaining Contractual Life In Years Intrinsic Value Outstanding at January 1, 2017 1,005,836 $ 24.07 4.2 $ 0 Granted 0 N/A Exercised 0 N/A Forfeited (190,501 ) 26.03 Outstanding at December 31, 2017 815,335 $ 23.61 3.3 $ 0 Exercisable at December 31, 2017 815,335 $ 23.61 3.3 $ 0 Vested or expected to vest at December 31, 2017 815,335 $ 23.61 3.3 $ 0 |
Accumulated Other Comprehensi42
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Net Change and Ending Balances for Various Components of Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | Net change and ending balances for the various components of other comprehensive income (loss) and for accumulated other comprehensive loss as of and for the year ended December 31, 2015, 2016 and 2017 are summarized below. Foreign Currency Translation Adjustments Unrecognized Components of Employee Benefit Plans Unrealized Holding Gains on Securities Derivatives Accumulated Other Comprehensive Loss Balance at January 1, 2015 $ (4,426 ) $ (65,396 ) $ 984 $ 85 $ (68,753 ) Net Change (3,967 ) 15,453 (292 ) (40 ) 11,154 Balance at December 31, 2015 (8,393 ) (49,943 ) 692 45 (57,599 ) Net Change (14,580 ) 11,307 (633 ) 506 (3,400 ) Balance at December 31, 2016 (22,973 ) (38,636 ) 59 551 (60,999 ) Net Change 11,041 10,582 573 134 22,330 Impact from adoption of ASU 2018-02 (Note 15) 0 (6,142 ) 0 54 (6,088 ) Balance at December 31, 2017 $ (11,932 ) $ (34,196 ) $ 632 $ 739 $ (44,757 ) |
Line Items Affected on Consolidated Statements of Operations for Components Reclassified from Accumulated Other Comprehensive Loss | The following summarizes the line items affected on the consolidated statements of operations for components reclassified from accumulated other comprehensive loss for each of the years ended December 31. Amounts in parentheses represent credits to net income (loss). 2017 2016 2015 Amortization of unrecognized employee benefit costs: Costs of products sold (excluding depreciation and amortization) $ 1,934 $ 2,463 $ 3,604 Selling and administrative 1,148 (719 ) 3,354 Other expense 201 166 355 Total before income tax 3,283 1,910 7,313 Income tax provision 0 0 (2,573 ) Net of income tax $ 3,283 $ 1,910 $ 4,740 Realized gains on sale of marketable securities: Selling and administrative $ (29 ) $ (1,404 ) $ (82 ) Income tax provision 0 366 29 Net of income tax $ (29 ) $ (1,038 ) $ (53 ) Realized gains/losses from settlement of cash flow hedges: Net sales (foreign currency sales contracts) $ 0 $ (6 ) $ (17 ) Depreciation and amortization (foreign currency purchase contracts) (31 ) (27 ) (27 ) Costs of products sold (excluding depreciation and amortization) (futures contracts – copper and aluminum) (639 ) 220 751 Total before income tax (670 ) 187 707 Income tax provision 0 (79 ) (272 ) Net of income tax $ (670 ) $ 108 $ 435 |
Summary of Income Tax Expense (Benefit) Associated with Various Components of Other Comprehensive Income (Loss) | The income tax expense (benefit) associated with the various components of other comprehensive income (loss) for each of the years ended December 31 is summarized below. For 2017 and 2016, there was no income tax benefit for certain items due to the Corporation having a valuation allowance recorded against its deferred income tax assets for the jurisdiction where the expense is recognized. See Note 15. Foreign currency translation adjustments exclude the effect of income taxes since earnings of non-U.S. subsidiaries are deemed to be reinvested for an indefinite period of time. 2017 2016 2015 Income tax expense (benefit) associated with changes in: Unrecognized employee benefit costs $ 0 $ 0 $ (4,731 ) Unrealized holding losses on marketable securities 0 0 134 Fair value of cash flow hedges 0 0 294 Income tax expense (benefit) associated with reclassification adjustments: Amortization of unrecognized employee benefit costs 0 0 (2,573 ) Realized gains from sale of marketable securities 0 366 29 Realized losses from settlement of cash flow hedges 0 (79 ) (272 ) |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 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 following summarizes location and fair value of the foreign currency sales contracts recorded on the consolidated balance sheets as of December 31: Location 2017 2016 Fair value hedge contracts Other current assets $ 961 $ 214 Other noncurrent assets 0 2 Other current liabilities 89 940 Other noncurrent liabilities 1 35 Fair value hedged item Receivables (269 ) 121 Other current assets 169 808 Other noncurrent assets 16 45 Other current liabilities 907 233 Other noncurrent liabilities 0 5 |
Schedule Of Derivative Instruments Amount Recognized And Reclassified From Accumulated Other Comprehensive Income Loss Table Text Block | The change in the fair value of the cash flow contracts is recorded as a component of accumulated other comprehensive loss. Amounts recognized as and reclassified from accumulated other comprehensive loss are recorded as a component of other comprehensive income (loss) and are summarized below. Amounts are after-tax, where applicable. Certain amounts recognized as comprehensive income (loss) for 2017 and 2016 have no tax effect due to the Corporation recording a valuation allowance against its deferred income tax assets in the related jurisdictions. See Note 15. For the Year Ended December 31, 2017 Accumulated Other Comprehensive Income (Loss) Beginning of the Year Plus Recognized as Comprehensive Income (Loss) Less Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Income (Loss) End of the Year Foreign currency sales contracts – cash flow hedges $ 0 $ 0 $ 0 $ 0 Foreign currency purchase contracts 216 0 31 185 Future contracts – copper and aluminum 335 804 639 500 Change in fair value $ 551 $ 804 $ 670 $ 685 For the Year Ended December 31, 2016 Foreign currency sales contracts – cash flow hedges $ 4 $ 0 $ 4 $ 0 Foreign currency purchase contracts 241 0 25 216 Future contracts – copper and aluminum (200 ) 398 (137 ) 335 Change in fair value $ 45 $ 398 $ (108 ) $ 551 For the Year Ended December 31, 2015 Foreign currency sales contracts – cash flow hedges $ 0 $ 14 $ 10 $ 4 Foreign currency purchase contracts 258 0 17 241 Future contracts – copper and aluminum (173 ) (489 ) (462 ) (200 ) Change in fair value $ 85 $ (475 ) $ (435 ) $ 45 |
Schedule Of Derivative Instruments Amount Of Change In Fair Value Reclassified Or Expected To Be Reclassified From Accumulated Other Comprehensive Income Loss To Earnings Table Text Block | 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 Year Ended December 31, of Operations 12 Months 2017 2016 2015 Foreign currency sales contracts – cash flow hedges Net sales $ 0 $ 0 $ 6 $ 17 Foreign currency purchase contracts Depreciation and amortization 27 31 27 27 Futures contracts – copper and aluminum Costs of products sold (excluding depreciation and amortization) 500 639 (220 ) (751 ) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | The following summarizes financial assets and liabilities reported at fair value on a recurring basis in the accompanying consolidated balance sheets at December 31: 2017 Quoted Prices in Active Markets for Identical Inputs (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Investments Other noncurrent assets $ 4,204 $ 0 $ 0 $ 4,204 Foreign currency exchange contracts Other current assets 0 1,130 0 1,130 Other noncurrent assets 0 16 0 16 Other current liabilities 0 996 0 996 Other noncurrent liabilities 0 1 0 1 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 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
(Loss) Income Before Income Taxes and Equity Gains (Losses) in Joint Venture | (Loss) income before income taxes and equity gains (losses) in joint venture is comprised of the following: 2017 2016 2015 Domestic $ (16,988 ) $ (26,326 ) $ 6,000 Foreign 3,295 (31,194 ) (1,480 ) (Loss) income before income taxes and equity gains (losses) in joint venture $ (13,693 ) $ (57,520 ) $ 4,520 |
Income Tax (Benefit) Provision | The income tax (benefit) provision consisted of the following: 2017 2016 2015 Current: Federal $ (4,698 ) $ (1,574 ) $ 4,577 State (440 ) 465 378 Foreign 606 414 (20 ) Current income tax (benefit) provision (4,532 ) (695 ) 4,935 Deferred: Federal 1,259 (2,688 ) (2,203 ) State (112 ) (1,838 ) 197 Foreign 1,876 (2,472 ) (296 ) Increase in valuation allowance 154 30,405 0 Deferred income tax provision (benefit) 3,177 23,407 (2,302 ) Total income tax (benefit) provision $ (1,355 ) $ 22,712 $ 2,633 |
Difference Between Statutory U.S. Federal Income Tax and the Corporation's Effective Income Tax | The difference between statutory U.S. federal income tax and the Corporation’s effective income tax was as follows: 2017 2016 2015 Computed at statutory rate $ (4,428 ) $ (19,984 ) $ 1,402 Tax differential on non-U.S. earnings (389 ) 1,790 106 State income taxes (398 ) (1,535 ) 226 Manufacturers deduction (I.R.C. Section 199) 0 204 (433 ) Meals and entertainment 142 143 136 Tax credits 0 0 (243 ) Goodwill impairment 0 9,191 0 Increase in valuation allowance 154 30,405 0 Repatriation transition tax impact 3,284 0 0 Change in tax rates 0 1,913 224 Change in uncertain tax positions 0 114 91 Acquisition-related costs 0 571 981 Other – net 280 (100 ) 143 Total income tax (benefit) provision $ (1,355 ) $ 22,712 $ 2,633 |
Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities as of December 31, 2017, and 2016, are summarized below. 2017 2016 Assets: Employment – related liabilities $ 10,975 $ 18,659 Pension liability – foreign 1,633 2,241 Pension liability – domestic 9,004 16,133 Liabilities related to discontinued operations 186 241 Capital loss carryforwards 308 282 Asbestos-related liability 12,179 21,024 Net operating loss – domestic 674 653 Net operating loss – state 2,782 2,123 Net operating loss – foreign 22,856 19,106 Inventory related 2,764 2,157 Impairment charge associated with investment in MG 1,155 2,184 Investment tax credits – foreign 848 791 Other 3,181 6,660 Gross deferred income tax assets 68,545 92,254 Valuation allowance (1) (38,112 ) (45,449 ) 30,433 46,805 Liabilities: Depreciation (26,915 ) (37,584 ) Mark-to-market adjustment – derivatives (4 ) (187 ) Intangible assets – definite life (1,186 ) (2,067 ) Intangible assets – indefinite life (605 ) (731 ) Other (566 ) (2,003 ) Gross deferred income tax liabilities (29,276 ) (42,572 ) Net deferred income tax assets $ 1,157 $ 4,233 (1) The decrease in the valuation allowance in 2017 from 2016 is primarily due to the reduction in the U.S. corporate statutory income tax rate from 35% to 21%. |
Summary of Changes in Unrecognized Tax Benefits | The following summarizes changes in unrecognized tax benefits for the year ended December 31: 2017 2016 2015 Balance at the beginning of the year $ 236 $ 315 $ 52 Gross increases for tax positions taken in the current year 0 0 0 Gross increases for tax positions taken in prior years 0 0 283 Gross decreases in tax positions due to lapse in statute of limitations (119 ) (79 ) (20 ) Gross decreases for tax positions taken in prior years 0 0 0 Gross decreases for tax settlements with taxing authorities 0 0 0 Balance at the end of the year $ 117 $ 236 $ 315 |
Litigation (Tables)
Litigation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Schedule of Loss Contingencies by Contingency | The following table reflects approximate information about the claims for Asbestos Liability against Air & Liquid and the Corporation for the two years ended December 31, 2017, and 2016: 2017 2016 Total claims pending at the beginning of the period 6,618 6,212 New claims served 1,365 1,452 Claims dismissed (718 ) (782 ) Claims settled (358 ) (264 ) Total claims pending at the end of the period (1) 6,907 6,618 Gross settlement and defense costs (in 000’s) $ 21,431 $ 17,960 Average gross settlement and defense costs per claim resolved (in 000’s) $ 19.92 $ 17.17 (1) Included as “open claims” are approximately 479 and 444 claims in 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 for each of the years ended December 31, 2017, and 2016. 2017 2016 Insurance receivable – asbestos, beginning of the year $ 115,945 $ 125,423 Settlement and defense costs paid by insurance carriers (1) (15,603 ) (23,138 ) Changes in estimated coverage 0 13,660 Insurance receivable – asbestos, end of the year $ 100,342 $ 115,945 (1) Settlement and defense costs paid by insurance carriers for 2016 includes a lump sum cash settlement with an insurance carrier of $9,808. |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Business Segment Net Sales and (Loss) Income before Income Taxes | The accounting policies are the same as those described in Note 1. Net Sales (Loss) Income Before Income Taxes and Equity Gains (Losses) in Joint Venture 2017 2016 2015 2017 2016 2015 Forged and Cast Engineered Products (1) $ 344,529 $ 247,652 $ 152,267 $ (1,826 ) $ (42,878 ) $ (3,444 ) Air and Liquid Processing (1) 87,872 84,214 86,213 10,427 5,123 23,166 Total Reportable Segments 432,401 331,866 238,480 8,601 (37,755 ) 19,722 Corporate costs, including other income (expense) 0 0 0 (22,294 ) (19,765 ) (15,202 ) Consolidated total $ 432,401 $ 331,866 $ 238,480 $ (13,693 ) $ (57,520 ) $ 4,520 Capital Expenditures Depreciation and Amortization Expense Identifiable Assets (2) 2017 2016 2015 2017 2016 2015 2017 2016 2015 Forged and Cast Engineered Products $ 14,165 $ 9,440 $ 8,608 $ 21,124 $ 19,166 $ 10,468 $ 414,227 $ 348,331 $ 228,718 Air and Liquid Processing 560 385 494 1,072 1,183 1,262 132,341 173,017 183,024 Corporate 174 741 305 191 114 57 19,031 44,541 94,414 $ 14,899 $ 10,566 $ 9,407 $ 22,387 $ 20,463 $ 11,787 $ 565,599 $ 565,889 $ 506,156 Net Sales (3) Long-Lived Assets (4) (Loss) Income Before Income Taxes and Equity Gains (Losses) in Joint Venture Geographic Areas: 2017 2016 2015 2017 2016 2015 2017 2016 2015 United States $ 236,856 $ 159,531 $ 126,417 $ 235,646 $ 206,460 $ 236,707 $ (18,122 ) $ (25,906 ) $ 5,855 Foreign 195,545 172,335 112,063 88,116 133,141 29,198 $ 4,429 (31,614 ) (1,335 ) $ 432,401 $ 331,866 $ 238,480 $ 323,762 $ 339,601 $ 265,905 $ (13,693 ) $ (57,520 ) $ 4,520 Net Sales by Product Line (5) 2017 2016 2015 Forged and cast mill rolls $ 254,638 $ 230,531 $ 129,499 Forged engineered products 89,891 17,121 22,768 Heat exchange coils 28,998 28,139 32,745 Centrifugal pumps 35,607 36,359 33,120 Air handling systems 23,267 19,716 20,348 $ 432,401 $ 331,866 $ 238,480 (1) (Loss) income before income taxes and equity gains (losses) in joint venture for the Forged and Cast Engineered Products segment for 2016 includes a pre-tax charge of $26,676 principally for the write-off of goodwill associated with the Forged and Cast Engineered Products reporting unit deemed to be impaired. (Loss) income before income taxes and equity gains (losses) in joint venture for the Air and Liquid Processing segment for 2016 includes pre-tax charge of $4,565 for estimated costs of asbestos-related litigation through 2026 net of estimated insurance recoveries and a settlement with an insurance carrier for an amount greater than originally estimated, and 2015 includes pre-tax asbestos-related proceeds of $14,333 received from two insurance carriers in rehabilitation. (2) Identifiable assets for the Forged and Cast Engineered Products segment include investments in joint ventures of $2,175, $2,019 and $3,097 at December 31, 2017, 2016 and 2015, respectively. The change in the identifiable assets of the Air and Liquid Processing segment relates primarily to the movement in asbestos-related insurance receivables, the balances of which equaled $100,342, $115,945 and $125,423 at December 31, 2017, 2016 and 2015, respectively. (3) Net sales are attributed to countries based on location of the customer. Sales to individual countries were less than 10% of consolidated net sales each of the years. (4) Foreign long-lived assets represent primarily assets of the U.K., Åkers and ASW operations. Long-lived assets of the U.S. include noncurrent asbestos-related insurance receivables of $87,342, $102,945 and $108,423 for 2017, 2016 and 2015, respectively. (5) For 2017, no customers within the Forged and Cast Engineered Products or the Air and Liquid Processing segments exceeded 10% of its net sales. For the Forged and Cast Engineered Product segment, two customers accounted for 24% and 33% of its net sales for 2016 and 2015, respectively. For the Air and Liquid Processing segment, one customer accounted for 10% of its net sales for 2016 and no customers exceeded 10% of net sales for 2015. One customer accounted for 11% of the Corporation’s consolidated sales in 2016. |
Quarterly Information - Unaud48
Quarterly Information - Unaudited (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information | (in thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter 2017 Net sales $ 103,516 $ 110,550 $ 103,886 $ 114,449 Gross profit (a) 18,853 18,533 16,591 20,752 Net loss attributable to Ampco-Pittsburgh (b) (4,783 ) (1,913 ) (2,202 ) (3,191 ) Net loss per common share attributable to Ampco-Pittsburgh: Basic (b) (0.39 ) (0.16 ) (0.18 ) (0.26 ) Diluted (b) (0.39 ) (0.16 ) (0.18 ) (0.26 ) Comprehensive (loss) income attributable to Ampco-Pittsburgh (1,808 ) 2,952 1,660 7,320 2016 Net sales $ 63,578 $ 93,301 $ 82,861 $ 92,126 Gross profit (a) 12,473 15,849 15,594 11,454 Net loss attributable to Ampco-Pittsburgh (c) (2,890 ) (6,486 ) (27,382 ) (43,062 ) Net loss per common share attributable to Ampco-Pittsburgh: Basic (c) (0.26 ) (0.53 ) (2.23 ) (3.51 ) Diluted (c) (0.26 ) (0.53 ) (2.23 ) (3.51 ) Comprehensive loss attributable to Ampco-Pittsburgh (d) (1,501 ) (10,739 ) (22,894 ) (47,972 ) (a) Gross profit excludes depreciation and amortization. (b) The fourth quarter of 2017 includes an unfavorable net impact of approximately $1,565 or $0.13 per common share related to the new U.S. Tax Cuts and Jobs Act legislation. (c) The second, third and fourth quarters of 2016 include valuation allowances of $1,419, $26,903 and $2,083, respectively, to recognize existing net deferred income tax assets to their estimated net realizable value. Fourth quarter of 2016 also includes an after-tax charge of $4,565 or $0.38 per common share for estimated costs of asbestos-related litigation through 2026, net of estimated insurance recoveries, and a settlement with an insurance carrier for an amount greater than originally estimated, and an after-tax charge of $26,676 or $2.23 per common share primarily for the write-off of goodwill in the Forged and Cast Engineered Products reporting unit deemed to be impaired. (d) Third quarter of 2016 includes an adjustment to recognize the effect of a plan amendment to one of its other postretirement benefit plans of $4,762. No income tax benefit was recognized due to the Corporation having a valuation allowance recorded against the deferred income tax assets for the jurisdiction affected by the plan amendment. |
Description of Business - Addit
Description of Business - Additional Information (Detail) - Segment | 12 Months Ended | |
Dec. 31, 2017 | Mar. 03, 2016 | |
Schedule Of Description Of Business [Line Items] | ||
Number of business segments | 2 | |
Akers AB [Member] | ||
Schedule Of Description Of Business [Line Items] | ||
Business acquisition, equity interest acquired | 100.00% | |
Chinese Joint Venture Company [Member] | Akers AB [Member] | ||
Schedule Of Description Of Business [Line Items] | ||
Business acquisition, equity interest acquired | 60.00% |
Summary of Significant Accoun50
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Significant Accounting Policies [Line Items] | |||
Percentage of unrealized gains and losses used to determine market related value of plan asset | 20.00% | ||
Moving average period to determine market value of plan assets | 5 years | ||
Diluted | 12,330,401 | 11,951,181 | 10,447,066 |
Accumulated other comprehensive loss reclassified to retained earnings | $ 0 | ||
Cumulative effect adjustment to retained earnings | 600 | ||
Retained Earnings [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Accumulated other comprehensive loss reclassified to retained earnings | $ 6,088 | ||
Stock Option [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Weighted average outstanding stock options | 1,013,008 | 1,163,396 | 1,138,287 |
Restricted Stock Units (RSUs) [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Vesting period, years | 3 years | ||
Stock Option [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Vesting period, years | 3 years | ||
Minimum [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Investments in joint ventures | 20.00% | ||
Defined benefit plan actuarial gain loss percentage | 10.00% | ||
Minimum [Member] | Land and Land Improvements [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life | 15 years | ||
Minimum [Member] | Buildings [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life | 25 years | ||
Minimum [Member] | Machinery and Equipment [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life | 3 years | ||
Maximum [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Investments in joint ventures | 50.00% | ||
Defined benefit plan actuarial gain loss percentage | 10.00% | ||
Maximum [Member] | Land and Land Improvements [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life | 20 years | ||
Maximum [Member] | Buildings [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life | 50 years | ||
Maximum [Member] | Machinery and Equipment [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life | 25 years |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 01, 2016 | Mar. 03, 2016 | Jul. 29, 2015 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||||||
Purchase price in the form of cash | $ 5,000 | ||||||
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 | ||||||
Business acquisition, net sales | $ 121,079 | ||||||
Business acquisition, loss before income taxes | $ 10,130 | ||||||
Forged and Cast Engineered Products [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Impairment of goodwill | $ 26,261 | ||||||
ASW Steel Inc [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, equity interest acquired | 100.00% | ||||||
Total base purchase price | $ 3,500 | ||||||
Purchase price in the form of cash | 3,500 | ||||||
Business acquisition, net sales | $ 7,523 | ||||||
Business acquisition, loss before income taxes | $ (1,781) | ||||||
Total purchase price | 13,116 | ||||||
Outstanding indebtedness | $ 9,616 | ||||||
Akers Ab and ASW Steel Inc [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition-related transaction costs | $ 3,056 | $ 3,383 |
Acquisitions - Summary of Fair
Acquisitions - Summary of Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Nov. 01, 2016 | Mar. 03, 2016 |
Akers AB [Member] | ||
Business Acquisition [Line Items] | ||
Current assets (excluding inventories) | $ 41,703 | |
Inventories | 30,332 | |
Property, plant and equipment | 71,871 | |
Intangible assets | 11,784 | |
Other noncurrent assets | 8,068 | |
Current liabilities | (71,690) | |
Noncurrent liabilities | (43,153) | |
Net assets acquired | 48,915 | |
Noncontrolling interest | (2,019) | |
Goodwill | 27,259 | |
Base purchase price | $ 74,155 | |
ASW Steel Inc [Member] | ||
Business Acquisition [Line Items] | ||
Current assets (excluding inventories) | $ 6,525 | |
Inventories | 6,956 | |
Property, plant and equipment | 10,310 | |
Current liabilities | (10,675) | |
Base purchase price | 3,500 | |
Outstanding indebtedness | $ (9,616) |
Acquisitions - Summary of Pro F
Acquisitions - Summary of Pro Forma Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | ||
Net loss attributable to Ampco-Pittsburgh | $ (85,778) | $ (24,740) |
Net loss per common share (basic) attributable to Ampco-Pittsburgh | $ (6.94) | $ (2.03) |
Akers AB [Member] | ||
Business Acquisition [Line Items] | ||
Net sales | $ 393,243 | $ 440,265 |
Loss before income taxes (includes noncontrolling interest) | $ (63,498) | $ (11,945) |
Investments in Joint Ventures -
Investments in Joint Ventures - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2007 | |
Schedule of Investments [Line Items] | |||||
Proceeds from sale of investment in joint venture | $ 1,500,000 | $ 0 | $ 0 | ||
ATR [Member] | Akers AB [Member] | |||||
Schedule of Investments [Line Items] | |||||
Ownership interest percentage | 59.88% | ||||
ATR [Member] | TISCO [Member] | |||||
Schedule of Investments [Line Items] | |||||
Ownership interest by minority holder | 40.12% | ||||
UES [Member] | |||||
Schedule of Investments [Line Items] | |||||
Percentage of ownership in joint venture | 49.00% | ||||
Cash payment for joint venture | $ 14,700,000 | ||||
Percentage of equity sold | 16.00% | ||||
Amount of equity method investment sold | $ 2,400,000 | ||||
Period of payment for equity interest sold | 3 years | ||||
Proceeds from sale of investment in joint venture | $ 1,500,000 | ||||
Recorded cost | 835,000 | ||||
Dividend declared | $ 0 | 0 | 0 | ||
Maanshan [Member] | |||||
Schedule of Investments [Line Items] | |||||
Ownership interest percentage | 51.00% | ||||
Gongchang [Member] | |||||
Schedule of Investments [Line Items] | |||||
Recorded cost | $ 1,340,000 | ||||
Dividend declared | $ 0 | $ 395,000 | $ 0 | ||
Percentage of ownership in Gongchang | 24.00% |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 24,249 | $ 23,964 |
Work-in-progress | 42,840 | 29,198 |
Finished goods | 24,083 | 20,046 |
Supplies | 16,389 | 10,371 |
Inventories | $ 107,561 | $ 83,579 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |||
Percentage of inventories valued on the LIFO method | 42.00% | 45.00% | |
The LIFO reserve approximated | $ (16,063) | $ (15,139) | |
Income tax expense recognized related to liquidation | 0 | 0 | |
Decrease in costs of products sold | 490 | 936 | $ 216 |
Net income | $ 490 | $ 936 | $ 141 |
Common per share | $ 0.04 | $ 0.08 | $ 0.01 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 433,352 | $ 411,538 |
Accumulated depreciation | (218,372) | (197,130) |
Property, plant and equipment, net | 214,980 | 214,408 |
Land and Land Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 12,172 | 11,747 |
Buildings [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 68,572 | 66,017 |
Machinery and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 340,396 | 323,684 |
Construction-in-Process [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 5,019 | 2,595 |
Other [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 7,193 | $ 7,495 |
Property, Plant and Equipment58
Property, Plant and Equipment - Additional Information (Detail) € in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2016USD ($) |
Property Plant And Equipment [Abstract] | |||
Land and Building | $ 2,831 | € 2,098 | |
Capital leased assets gross value | 4,082 | $ 3,610 | |
Capital lease, lease related accumulated amortization | $ 1,101 | $ 691 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Finite and Indefinite Lived Intangible Assets [Line Items] | |||
Intangible assets, Trade name | $ 2,696 | $ 2,537 | |
Intangible assets, gross | 13,668 | 13,029 | |
Accumulated amortization | (2,647) | (1,428) | |
Intangible assets, net | 11,021 | 11,601 | $ 1,193 |
Customer Relationships [Member] | |||
Finite and Indefinite Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 6,543 | 6,244 | |
Developed Technology [Member] | |||
Finite and Indefinite Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | $ 4,429 | $ 4,248 |
Intangible Assets - Summary of
Intangible Assets - Summary of Changes in Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Intangible Assets Net Excluding Goodwill [Abstract] | ||
Balance at the beginning of the year | $ 11,601 | $ 1,193 |
Changes in intangible assets | 0 | 11,784 |
Amortization of intangible assets | (1,219) | (1,106) |
Other, primarily impact from changes in foreign currency exchange rates | 639 | (270) |
Balance at the end of the year | $ 11,021 | $ 11,601 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | ||
Indefinite-lived trade name | $ 2,696 | $ 2,537 |
Akers AB [Member] | ||
Goodwill [Line Items] | ||
Indefinite-lived trade name | $ 2,696 | $ 2,537 |
Identifiable intangible assets, weighted average amortization period | 12 years | |
Identifiable intangible assets expected amortization in 2018 | $ 1,248 | |
Identifiable intangible assets expected amortization in 2019 | 1,248 | |
Identifiable intangible assets expected amortization in 2020 | 1,248 | |
Identifiable intangible assets expected amortization in 2021 | 541 | |
Identifiable intangible assets expected amortization in 2022 | 400 | |
Identifiable intangible assets expected amortization, thereafter | $ 3,640 |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Liabilities Disclosure [Abstract] | ||
Customer-related liabilities | $ 18,512 | $ 21,564 |
Accrued interest payable | 2,697 | 2,274 |
Accrued sales commissions | 2,301 | 1,693 |
Other | 13,579 | 16,666 |
Other current liabilities | $ 37,089 | $ 42,197 |
Other Current Liabilities - S63
Other Current Liabilities - Schedule of Changes in Liability for Product Warranty Claims (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |||
Balance at the beginning of the year | $ 11,521 | $ 6,358 | $ 6,672 |
Acquisitions – opening balance sheet liability for warranty claims | 0 | 7,130 | 0 |
Satisfaction of warranty claims | (4,014) | (4,297) | (2,452) |
Provision for warranty claims | 3,601 | 3,282 | 2,293 |
Other, primarily impact from changes in foreign currency exchange rates | 594 | (952) | (155) |
Balance at the end of the year | $ 11,702 | $ 11,521 | $ 6,358 |
Borrowing Arrangements - Additi
Borrowing Arrangements - Additional Information (Detail) € in Thousands, ¥ in Thousands, £ in Thousands | May 20, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2017GBP (£) | Dec. 31, 2017CNY (¥) | Mar. 02, 2017USD ($) |
Line Of Credit Facility [Line Items] | ||||||||
Agreement borrowing capacity | $ 800,000 | € 400 | £ 250 | |||||
Credit amount outstanding | 0 | $ 0 | ||||||
Future principal payments, next twelve months | 19,335,000 | |||||||
Future principal payments, in year two | 25,844,000 | |||||||
Future principal payments, in year three | 344,000 | |||||||
Future principal payments, in year four | 20,585,000 | |||||||
Future principal payments, in year five | 45,000 | |||||||
Deferred financing fees | 1,250,000 | |||||||
Issuance of debt to acquire net assets of Åkers (Note 2) | 0 | 22,619,000 | $ 0 | |||||
Accrued interest | 2,697,000 | 2,274,000 | ||||||
Industrial Revenue Bonds ("IRB") [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Long term debt | 13,311,000 | 13,311,000 | ||||||
Promissory Notes (and Interest) [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Long term debt | $ 25,395,000 | 23,844,000 | ||||||
Debt, interest rate | 6.50% | 6.50% | 6.50% | 6.50% | ||||
Accrued interest | $ 2,776,000 | |||||||
Debt, maturity date | Mar. 3, 2019 | |||||||
Promissory Notes (and Interest) [Member] | Akers AB [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Issuance of debt to acquire net assets of Åkers (Note 2) | $ 22,619,000 | |||||||
Minority Shareholder Loan [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Long term debt | $ 5,325,000 | 4,990,000 | ¥ 34,655 | |||||
Debt, interest rate | 5.00% | 5.00% | 5.00% | 5.00% | ||||
Accrued interest | $ 2,682,000 | ¥ 17,457 | ||||||
Minimum [Member] | Capital Leases [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Effective interest rate | 1.30% | 1.30% | 1.30% | 1.30% | ||||
Maximum [Member] | Capital Leases [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Effective interest rate | 5.20% | 5.20% | 5.20% | 5.20% | ||||
Tax Exempt Industrial Revenue Bond One [Member] | Industrial Revenue Bonds ("IRB") [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Tax-exempt IRB maturing in 2020/2027/2029 | $ 4,120,000 | |||||||
Interest at a floating rate on tax-exempt IRB maturing in 2020/2027/2029 | 0.91% | 0.91% | 0.91% | 0.91% | ||||
Taxable Industrial Revenue Bond [Member] | Industrial Revenue Bonds ("IRB") [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Tax-exempt IRB maturing in 2020/2027/2029 | $ 7,116,000 | |||||||
Interest at a floating rate on tax-exempt IRB maturing in 2020/2027/2029 | 1.17% | 1.17% | 1.17% | 1.17% | ||||
Tax Exempt Industrial Revenue Bond Two [Member] | Industrial Revenue Bonds ("IRB") [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Tax-exempt IRB maturing in 2020/2027/2029 | $ 2,075,000 | |||||||
Interest at a floating rate on tax-exempt IRB maturing in 2020/2027/2029 | 0.79% | 0.79% | 0.79% | 0.79% | ||||
Revolving Credit and Security Agreement [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Initial term of credit facility | 5 years | |||||||
Agreement borrowing capacity | $ 100,000,000 | |||||||
Additional borrowing capacity | $ 50,000,000 | |||||||
Long term debt | $ 20,349,000 | $ 0 | ||||||
Interest on outstanding balance | 2.75% | |||||||
Line of credit, remaining borrowing capacity | $ 56,000,000 | |||||||
Revolving Credit and Security Agreement [Member] | Minimum [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Commitment fee payable percentage | 0.25% | |||||||
Revolving Credit and Security Agreement [Member] | Maximum [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Commitment fee payable percentage | 0.375% | |||||||
Fixed charge coverage ratio | 1 | 1 | 1 | 1 | ||||
Revolving Credit and Security Agreement [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% | |||||||
Revolving Credit and Security Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Debt instrument basis spread | 1.25% | |||||||
Revolving Credit and Security Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Debt instrument basis spread | 1.75% | |||||||
Revolving Credit and Security Agreement [Member] | Base Rate [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Debt instrument description of interest rate | the base rate plus an applicable margin ranging between 0.25% to 0.75% | |||||||
Revolving Credit and Security Agreement [Member] | Base Rate [Member] | Minimum [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Debt instrument basis spread | 0.25% | |||||||
Revolving Credit and Security Agreement [Member] | Base Rate [Member] | Maximum [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Debt instrument basis spread | 0.75% | |||||||
Revolving Credit and Security Agreement [Member] | Letter of Credit [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Agreement borrowing capacity | $ 40,000,000 | |||||||
Revolving Credit and Security Agreement [Member] | European Credit Facility [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Agreement borrowing capacity | 15,000,000 | |||||||
Long term debt | £ | £ 1,000 | |||||||
Revolving Credit and Security Agreement [Member] | Canadian Credit Facility [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Agreement borrowing capacity | $ 15,000,000 |
Borrowing Arrangements - Schedu
Borrowing Arrangements - Schedule of Outstanding Borrowings (Detail) ¥ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |||
Capital leases | $ 1,773,000 | $ 2,161,000 | |
Outstanding borrowings | 66,153,000 | 52,214,000 | |
Debt – current portion | (19,335,000) | (26,825,000) | |
Long-term debt | 46,818,000 | 25,389,000 | |
Revolving Credit and Security Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Long term debt | 20,349,000 | 0 | |
Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Long term debt | 0 | 7,146,000 | |
Industrial Revenue Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Long term debt | 13,311,000 | 13,311,000 | |
Promissory Notes (and Interest) [Member] | |||
Debt Instrument [Line Items] | |||
Long term debt | 25,395,000 | 23,844,000 | |
Minority Shareholder Loan [Member] | |||
Debt Instrument [Line Items] | |||
Long term debt | 5,325,000 | ¥ 34,655 | 4,990,000 |
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Long term debt | $ 0 | $ 762,000 |
Pension and Other Postretirem66
Pension and Other Postretirement Benefits - Additional Information (Detail) £ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($)Pension_PlanLocationEmployeeCustomer | Dec. 31, 2016USD ($)Pension_Plan | Dec. 31, 2015USD ($) | Dec. 31, 2017GBP (£)Pension_Plan | Dec. 31, 2016GBP (£)Pension_Plan | |
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Lump sum distributions | $ 2,739,000 | ||||
Defined benefit pension contribution plan, non-elective base contribution rate | 3.00% | ||||
Number of employees participate in the plan | Employee | 100,000 | ||||
Multiemployer plan number of employees description | Approximately 100,000 | ||||
Total amount of assets collected | $ 11,700,000,000 | ||||
Percentage of funded status in excess | 96.00% | ||||
Participation of corporation's employees in the plan | Less than 100 | ||||
Participation of number of corporation's employees in the plan | Employee | 100 | ||||
Corporation's contributions | $ 250,000 | $ 250,000 | $ 250,000 | ||
Percentage of employers contributions | 5.00% | ||||
Contributions expected in 2018 | $ 250,000 | ||||
Service period to avail existing pension plan | 15 years | ||||
Maximum maturity period of fixed income investments | 10 years | ||||
Investments in diversified portfolio | Invests primarily in a diversified portfolio of fixed-income securities of varying maturities or in commingled funds which invest in a diversified portfolio of fixed-income securities of varying maturities. | ||||
Target allocation | Generate a minimum annual inflation adjusted return of 5% and outperform a traditional 70/30 equities/bond portfolio. | ||||
High-quality fixed-income investments maturity | 10 years | ||||
Assumed health care cost trend rate for 2017 | 6.00% | 6.00% | |||
Maximum [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Defined benefit pension contribution plan, matching contribution rate | 4.00% | ||||
Defined benefit plan actuarial gain loss percentage | 10.00% | 10.00% | |||
Minimum [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Defined benefit plan actuarial gain loss percentage | 10.00% | 10.00% | |||
Minimum [Member] | Multi-Employer Plan [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Number of employer locations contributed to the plan | Location | 1,650 | ||||
Akers AB [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Employer non-elective contributions, percentage of employee compensation | 3.00% | ||||
Reduction in pension liability due to exit from defined benefit plan | $ 1,181,000 | ||||
Curtailment gain (loss) | 887,000 | ||||
Remeasurement of Pension Plan Liability [Member] | Electric Steel Corporation Carnegie [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Curtailment gain (loss) | (1,303,000) | ||||
Nonqualified Defined Benefit Pension Plan [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Minimum contributions expected in 2018 | $ 0 | ||||
Estimated benefit payments, in 2018 | 440,000 | ||||
Estimated benefit payments, in 2019 | 454,000 | ||||
Estimated benefit payments, in 2020 | 464,000 | ||||
Estimated benefit payments, in 2021 | 485,000 | ||||
Estimated benefit payments, in 2022 | 507,000 | ||||
Estimated benefit payments, in 2023-2027 | 2,570,000 | ||||
Accumulated benefit obligations | 7,202,000 | 6,639,000 | |||
Defined benefit plan contribution made to trusts | 0 | 0 | |||
Fair market value included in other noncurrent assets | 4,204,000 | 3,863,000 | |||
Other Postretirement Benefit Plans [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Curtailment gain (loss) | 0 | 0 | 0 | ||
Lump sum distributions | 0 | 0 | |||
Estimated benefit payments, in 2018 | 1,383,000 | ||||
Estimated benefit payments, in 2019 | 1,407,000 | ||||
Estimated benefit payments, in 2020 | 1,429,000 | ||||
Estimated benefit payments, in 2021 | 1,239,000 | ||||
Estimated benefit payments, in 2022 | 1,201,000 | ||||
Estimated benefit payments, in 2023-2027 | 5,363,000 | ||||
Fair value of plan assets | 0 | 0 | 0 | ||
Voluntary contributions made | 1,138,000 | 1,391,000 | |||
Projected benefit obligations | $ 0 | 17,467,000 | |||
Number of subsidiary having postretirement health care benefits | Customer | 1 | ||||
Monthly reimbursement period | 5 years | ||||
Reduction in plan liability | $ 165,000 | $ (4,762,000) | |||
Percentage decrease in other postretirement benefits in 2018 | 4.75% | 4.75% | |||
Year related to decrease in health care cost trend rate | 2,020 | ||||
Percentage point increase or decrease in the assumed health care cost trend rate | 1.00% | ||||
Other Postretirement Benefit Plans [Member] | Akers AB [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Number of defined benefit pension plans | Pension_Plan | 2 | 2 | |||
Other Postretirement Benefit Plans [Member] | Akers AB [Member] | Maximum [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Amortization period of pension liability | 12 years | ||||
Other Postretirement Benefit Plans [Member] | Akers AB [Member] | Minimum [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Amortization period of pension liability | 7 years 6 months | ||||
U.S. [Member] | Defined Benefit Pension Plan [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Number of defined benefit pension plans | Pension_Plan | 1 | 1 | |||
Minimum contributions required | $ 0 | ||||
Minimum contributions expected in 2018 | 1,300,000 | ||||
Estimated benefit payments, in 2018 | 13,672,000 | ||||
Estimated benefit payments, in 2019 | 14,091,000 | ||||
Estimated benefit payments, in 2020 | 14,301,000 | ||||
Estimated benefit payments, in 2021 | 14,566,000 | ||||
Estimated benefit payments, in 2022 | 14,685,000 | ||||
Estimated benefit payments, in 2023-2027 | 74,009,000 | ||||
Fair value of plan assets | 199,138,000 | $ 188,722,000 | |||
Accumulated benefit obligations | 245,317,000 | 235,299,000 | |||
U.S. [Member] | Defined Benefit Pension Plan [Member] | Ampco Pittsburgh [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Minimum contributions expected in 2018 | 2,808,000 | ||||
Voluntary contributions made | $ 2,588,000 | 2,466,000 | 882,000 | ||
U.S. [Member] | Defined Benefit Pension Plan [Member] | Akers AB [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Number of defined benefit pension plans | Pension_Plan | 2 | 2 | |||
Foreign Pension Benefits [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Estimated benefit payments, in 2018 | $ 1,644,000 | ||||
Estimated benefit payments, in 2019 | 1,903,000 | ||||
Estimated benefit payments, in 2020 | 1,768,000 | ||||
Estimated benefit payments, in 2021 | 1,738,000 | ||||
Estimated benefit payments, in 2022 | 1,670,000 | ||||
Estimated benefit payments, in 2023-2027 | 11,196,000 | ||||
Fair value of plan assets | 56,419,000 | 48,055,000 | £ 41,820 | £ 38,955 | |
Accumulated benefit obligations | 57,540,000 | 61,277,000 | £ 42,650 | £ 49,673 | |
Voluntary contributions made | 1,521,000 | 1,522,000 | 1,715,000 | ||
Defined contribution plan expected to be fully funded | 850,000 | ||||
Contributions to defined contribution pension plan | 311,000 | 252,000 | 382,000 | ||
Contributions to the defined contribution pension plan expected in 2018 | $ 379,000 | ||||
Foreign Pension Benefits [Member] | Akers AB [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Number of defined benefit pension plans | Pension_Plan | 2 | 2 | |||
Estimated benefit payments, in 2018 | $ 234,000 | ||||
Estimated benefit payments, in 2019 | 257,000 | ||||
Estimated benefit payments, in 2020 | 248,000 | ||||
Estimated benefit payments, in 2021 | 249,000 | ||||
Estimated benefit payments, in 2022 | 240,000 | ||||
Estimated benefit payments, in 2023-2027 | 1,379,000 | ||||
Accumulated benefit obligations | 7,073,000 | 5,633,000 | |||
Projected benefit obligations | 7,073,000 | 5,633,000 | |||
Foreign Pension Benefits [Member] | Defined Benefit Pension Plan [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Curtailment gain (loss) | 0 | 0 | 0 | ||
Lump sum distributions | 0 | 0 | |||
Fair value of plan assets | 56,419,000 | 48,055,000 | $ 49,628,000 | ||
Voluntary contributions made | 1,979,000 | 1,687,000 | |||
Projected benefit obligations | 0 | 5,393,000 | |||
Reduction in plan liability | $ 0 | $ 0 |
Pension and Other Postretirem67
Pension and Other Postretirement Benefits - Schedule of Changes in Projected Benefit Obligations (PBO) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in projected benefit obligations: | |||
Plan settlements | $ (2,739) | ||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. [Member] | |||
Change in projected benefit obligations: | |||
PBO, beginning balance | $ 244,440 | 181,803 | |
Åkers acquisition – PBO at March 3 | 0 | 68,081 | |
Service cost | 1,651 | 1,714 | $ 2,743 |
Interest cost | 8,413 | 9,977 | 7,990 |
Plan amendments | 0 | 0 | |
Plan settlements | 0 | (2,739) | |
Plan curtailments | 0 | (1,181) | |
Foreign currency exchange rate changes | 0 | 0 | |
Actuarial loss (gain) | 13,825 | (160) | |
Participant contributions | 0 | 0 | |
Benefits paid from plan assets | (12,950) | (12,679) | |
Benefits paid by the Corporation | (403) | (376) | |
PBO, Ending balance | 254,976 | 244,440 | 181,803 |
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | |||
Change in projected benefit obligations: | |||
PBO, beginning balance | 66,910 | 63,750 | |
Åkers acquisition – PBO at March 3 | 0 | 5,393 | |
Service cost | 150 | 314 | 0 |
Interest cost | 1,845 | 2,250 | 2,394 |
Plan amendments | 0 | 0 | |
Plan settlements | 0 | 0 | |
Plan curtailments | 0 | 0 | |
Foreign currency exchange rate changes | 5,948 | (11,477) | |
Actuarial loss (gain) | (7,954) | 8,869 | |
Participant contributions | 0 | 0 | |
Benefits paid from plan assets | (1,813) | (2,189) | |
Benefits paid by the Corporation | (473) | 0 | |
PBO, Ending balance | 64,613 | 66,910 | 63,750 |
Other Postretirement Benefit Plans [Member] | |||
Change in projected benefit obligations: | |||
PBO, beginning balance | 19,059 | 8,117 | |
Åkers acquisition – PBO at March 3 | 0 | 17,467 | |
Service cost | 492 | 504 | 384 |
Interest cost | 571 | 722 | 474 |
Plan amendments | 165 | (4,762) | |
Plan settlements | 0 | 0 | |
Plan curtailments | 0 | 0 | |
Foreign currency exchange rate changes | 0 | 0 | |
Actuarial loss (gain) | (2,170) | (1,598) | |
Participant contributions | 92 | 80 | |
Benefits paid from plan assets | 0 | 0 | |
Benefits paid by the Corporation | (1,230) | (1,471) | |
PBO, Ending balance | $ 16,979 | $ 19,059 | $ 8,117 |
Pension and Other Postretirem68
Pension and Other Postretirement Benefits - Schedule of Changes in Plan Assets (Detail) £ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017GBP (£) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Foreign Pension Benefits [Member] | ||||
Change in plan assets: | ||||
Fair value of plan assets, Beginning balance | $ 48,055 | £ 38,955 | ||
Corporate contributions | 1,521 | $ 1,522 | $ 1,715 | |
Fair value of plan assets, Ending balance | 56,419 | £ 41,820 | 48,055 | |
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | ||||
Change in plan assets: | ||||
Fair value of plan assets, Beginning balance | 188,722 | |||
Fair value of plan assets, Ending balance | 199,138 | 188,722 | ||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. [Member] | ||||
Change in plan assets: | ||||
Fair value of plan assets, Beginning balance | 188,722 | 139,376 | ||
Åkers acquisition – fair value of plan assets at March 3 | 0 | 50,108 | ||
Actual return on plan assets | 23,366 | 14,656 | ||
Foreign currency exchange rate changes | 0 | 0 | ||
Corporate contributions | 403 | 376 | ||
Participant contributions | 0 | 0 | ||
Plan settlements | 0 | (2,739) | ||
Gross benefits paid | (13,353) | (13,055) | ||
Fair value of plan assets, Ending balance | 199,138 | 188,722 | 139,376 | |
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | ||||
Change in plan assets: | ||||
Fair value of plan assets, Beginning balance | 48,055 | 49,628 | ||
Åkers acquisition – fair value of plan assets at March 3 | 0 | 0 | ||
Actual return on plan assets | 3,998 | 7,859 | ||
Foreign currency exchange rate changes | 4,673 | (8,930) | ||
Corporate contributions | 1,979 | 1,687 | ||
Participant contributions | 0 | 0 | ||
Plan settlements | 0 | 0 | ||
Gross benefits paid | (2,286) | (2,189) | ||
Fair value of plan assets, Ending balance | 56,419 | 48,055 | 49,628 | |
Other Postretirement Benefit Plans [Member] | ||||
Change in plan assets: | ||||
Fair value of plan assets, Beginning balance | 0 | 0 | ||
Åkers acquisition – fair value of plan assets at March 3 | 0 | 0 | ||
Actual return on plan assets | 0 | 0 | ||
Foreign currency exchange rate changes | 0 | 0 | ||
Corporate contributions | 1,138 | 1,391 | ||
Participant contributions | 92 | 80 | ||
Plan settlements | 0 | 0 | ||
Gross benefits paid | (1,230) | (1,471) | ||
Fair value of plan assets, Ending balance | $ 0 | $ 0 | $ 0 |
Pension and Other Postretirem69
Pension and Other Postretirement Benefits - Schedule of Net Funded Status of the Plans (Detail) £ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017GBP (£) | Dec. 31, 2016USD ($) | Dec. 31, 2016GBP (£) | Dec. 31, 2015USD ($) |
Foreign Pension Benefits [Member] | |||||
Funded status of the plans: | |||||
Fair value of plan assets | $ 56,419 | £ 41,820 | $ 48,055 | £ 38,955 | |
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | |||||
Funded status of the plans: | |||||
Fair value of plan assets | 199,138 | 188,722 | |||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. [Member] | |||||
Funded status of the plans: | |||||
Fair value of plan assets | 199,138 | 188,722 | $ 139,376 | ||
Less benefit obligations | 254,976 | 244,440 | 181,803 | ||
Funded status at December 31 | (55,838) | (55,718) | |||
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | |||||
Funded status of the plans: | |||||
Fair value of plan assets | 56,419 | 48,055 | 49,628 | ||
Less benefit obligations | 64,613 | 66,910 | 63,750 | ||
Funded status at December 31 | (8,194) | (18,855) | |||
Other Postretirement Benefit Plans [Member] | |||||
Funded status of the plans: | |||||
Fair value of plan assets | 0 | 0 | 0 | ||
Less benefit obligations | 16,979 | 19,059 | $ 8,117 | ||
Funded status at December 31 | $ (16,979) | $ (19,059) |
Pension and Other Postretirem70
Pension and Other Postretirement Benefits - Summary of Amounts Recognized in the Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Employee benefit obligations: | ||
Employee benefit obligations | $ (79,750) | $ (91,947) |
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. [Member] | ||
Employee benefit obligations: | ||
Accrued payrolls and employee benefits | (432) | (409) |
Employee benefit obligations | (55,406) | (55,309) |
Employee benefit obligations current and non current | (55,838) | (55,718) |
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | ||
Employee benefit obligations: | ||
Accrued payrolls and employee benefits | 0 | 0 |
Employee benefit obligations | (8,194) | (18,855) |
Employee benefit obligations current and non current | (8,194) | (18,855) |
Other Postretirement Benefit Plans [Member] | ||
Employee benefit obligations: | ||
Accrued payrolls and employee benefits | (1,371) | (1,276) |
Employee benefit obligations | (15,608) | (17,783) |
Employee benefit obligations current and non current | $ (16,979) | $ (19,059) |
Pension and Other Postretirem71
Pension and Other Postretirement Benefits - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. [Member] | ||
Accumulated other comprehensive loss: | ||
Net actuarial loss (gain) | $ 47,252 | $ 48,153 |
Prior service cost (credit) | 156 | 209 |
Total | 47,408 | 48,362 |
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | ||
Accumulated other comprehensive loss: | ||
Net actuarial loss (gain) | 25,914 | 25,547 |
Prior service cost (credit) | (9,174) | 0 |
Total | 16,740 | 25,547 |
Other Postretirement Benefit Plans [Member] | ||
Accumulated other comprehensive loss: | ||
Net actuarial loss (gain) | (1,211) | 936 |
Prior service cost (credit) | (13,809) | (15,581) |
Total | $ (15,020) | $ (14,645) |
Pension and Other Postretirem72
Pension and Other Postretirement Benefits - Amounts Included in Accumulated Other Comprehensive Loss to be Recognized over Next Year (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss (gain) | $ 1,763 |
Prior service cost (credit) | 52 |
Total amounts included in accumulated other comprehensive loss to be recognized over next year | 1,815 |
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss (gain) | 784 |
Prior service cost (credit) | (324) |
Total amounts included in accumulated other comprehensive loss to be recognized over next year | 460 |
Other Postretirement Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss (gain) | (109) |
Prior service cost (credit) | (1,607) |
Total amounts included in accumulated other comprehensive loss to be recognized over next year | $ (1,716) |
Pension and Other Postretirem73
Pension and Other Postretirement Benefits - Summary of Target Asset Allocations and Major Asset Categories (Detail) - Defined Benefit Pension Plan [Member] | Dec. 31, 2017 | Dec. 31, 2016 |
Equity Securities [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 58.00% | 47.00% |
Target Allocation | 60.00% | |
Equity Securities [Member] | Foreign Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 49.00% | 48.00% |
Target Allocation | 44.00% | |
Fixed Income Securities [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 21.00% | 21.00% |
Target Allocation | 20.00% | |
Fixed Income Securities [Member] | Foreign Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 33.00% | 34.00% |
Target Allocation | 35.00% | |
Alternative Investments [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 16.00% | 8.00% |
Target Allocation | 15.00% | |
Alternative Investments [Member] | Foreign Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 17.00% | 18.00% |
Target Allocation | 21.00% | |
Other (Primarily Cash and Cash Equivalents) [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 5.00% | 24.00% |
Target Allocation | 5.00% | |
Other (Primarily Cash and Cash Equivalents) [Member] | Foreign Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 1.00% | 0.00% |
Target Allocation | 0.00% |
Pension and Other Postretirem74
Pension and Other Postretirement Benefits - Asset Categories Based on the Nature and Risks of the Plan Assets (Detail) £ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017GBP (£) | Dec. 31, 2016USD ($) | Dec. 31, 2016GBP (£) | Dec. 31, 2015USD ($) |
Transportation [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | $ 18 | ||||
Wholesale Distribution [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 16 | ||||
Fixed Income Securities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | $ 37,587 | 36,601 | |||
Fixed Income Securities [Member] | Mutual Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 18,884 | 36,601 | |||
Fixed Income Securities [Member] | Corporate Bonds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 10,801 | ||||
Fixed Income Securities [Member] | Treasury Bonds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 6,976 | ||||
Fixed Income Securities [Member] | Agency Bonds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 926 | ||||
Foreign Pension Benefits [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 56,419 | £ 41,820 | 48,055 | £ 38,955 | |
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 199,138 | 188,722 | |||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 199,138 | 188,722 | $ 139,376 | ||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 99,302 | 74,215 | |||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Consumer Discretionary [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 637 | ||||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Consumer Staples [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 896 | ||||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Energy [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 427 | ||||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Financial [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 1,362 | ||||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Health Care [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 1,192 | 201 | |||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Industrial [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 819 | ||||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Information Technology [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 2,061 | 188 | |||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Mutual Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 91,258 | 72,571 | |||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Materials [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 248 | ||||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Telecommunications [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 198 | ||||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Utilities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 204 | ||||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Bank & Financial Services [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 631 | ||||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Capital Goods [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 75 | ||||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Chemicals [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 20 | ||||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Commercial Services [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 16 | ||||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Electronics [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 67 | ||||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Oil & Gas [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 87 | ||||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Retail [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 101 | ||||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | U.S., Other [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 211 | ||||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | International [Member] | Information Technology [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 6 | ||||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | International [Member] | Chemicals [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 7 | ||||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Alternative Investments [Member] | Managed Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 49,838 | 33,830 | |||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 12,411 | 44,076 | |||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Cash and Cash Equivalents [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 11,012 | 27,902 | |||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Other [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 1,225 | 16,020 | |||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Commingled Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 174 | 154 | |||
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 56,419 | 48,055 | 49,628 | ||
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | Equity Securities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 27,632 | 22,862 | |||
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Commingled Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 23,015 | 19,146 | |||
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | Equity Securities [Member] | U.K. [Member] | Commingled Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 4,617 | 3,716 | |||
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | Fixed Income Securities [Member] | U.K. [Member] | Commingled Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 18,851 | 16,426 | |||
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | Alternative Investments [Member] | Hedge and Absolute Return Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 9,637 | 8,593 | |||
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 299 | 174 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Transportation [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 18 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Wholesale Distribution [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 16 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Fixed Income Securities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 25,860 | 36,601 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Fixed Income Securities [Member] | Mutual Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 18,884 | 36,601 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Fixed Income Securities [Member] | Corporate Bonds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Fixed Income Securities [Member] | Treasury Bonds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 6,976 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Fixed Income Securities [Member] | Agency Bonds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 136,176 | 154,738 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 99,302 | 74,215 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Consumer Discretionary [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 637 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Consumer Staples [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 896 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Energy [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 427 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Financial [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 1,362 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Health Care [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 1,192 | 201 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Industrial [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 819 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Information Technology [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 2,061 | 188 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Mutual Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 91,258 | 72,571 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Materials [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 248 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Telecommunications [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 198 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Utilities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 204 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Bank & Financial Services [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 631 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Capital Goods [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 75 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Chemicals [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 20 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Commercial Services [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 16 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Electronics [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 67 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Oil & Gas [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 87 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Retail [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 101 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | U.S., Other [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 211 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | International [Member] | Information Technology [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 6 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | International [Member] | Chemicals [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 7 | ||||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Alternative Investments [Member] | Managed Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 11,014 | 43,922 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Cash and Cash Equivalents [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 11,012 | 27,902 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Other [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 2 | 16,020 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Commingled Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 299 | 174 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | Equity Securities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Commingled Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | Equity Securities [Member] | U.K. [Member] | Commingled Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | Fixed Income Securities [Member] | U.K. [Member] | Commingled Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | Alternative Investments [Member] | Hedge and Absolute Return Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 299 | 174 | |||
Significant Other Observable Inputs (Level 2) [Member] | Transportation [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | Wholesale Distribution [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Securities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 11,727 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Securities [Member] | Mutual Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Securities [Member] | Corporate Bonds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 10,801 | ||||
Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Securities [Member] | Treasury Bonds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Securities [Member] | Agency Bonds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 926 | ||||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 11,901 | 154 | |||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Consumer Discretionary [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Consumer Staples [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Energy [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Financial [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Health Care [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Industrial [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Information Technology [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Mutual Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Materials [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Telecommunications [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Utilities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Bank & Financial Services [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Capital Goods [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Chemicals [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Commercial Services [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Electronics [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Oil & Gas [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Retail [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | U.S., Other [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | International [Member] | Information Technology [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | International [Member] | Chemicals [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Alternative Investments [Member] | Managed Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 174 | 154 | |||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Cash and Cash Equivalents [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Other [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Commingled Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 174 | 154 | |||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 46,483 | 39,288 | |||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | Equity Securities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 27,632 | 22,862 | |||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Commingled Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 23,015 | 19,146 | |||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | Equity Securities [Member] | U.K. [Member] | Commingled Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 4,617 | 3,716 | |||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | Fixed Income Securities [Member] | U.K. [Member] | Commingled Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 18,851 | 16,426 | |||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | Alternative Investments [Member] | Hedge and Absolute Return Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Transportation [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Wholesale Distribution [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Securities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Securities [Member] | Mutual Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Securities [Member] | Corporate Bonds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Securities [Member] | Treasury Bonds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Securities [Member] | Agency Bonds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 51,061 | 33,830 | |||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. [Member] | Hedge and Absolute Return Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 4,967 | |||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. [Member] | Managed Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 49,838 | 33,830 | 32,210 | ||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Consumer Discretionary [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Consumer Staples [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Energy [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Financial [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Health Care [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Industrial [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Information Technology [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Mutual Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Materials [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Telecommunications [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Utilities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Bank & Financial Services [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Capital Goods [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Chemicals [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Commercial Services [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Electronics [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Oil & Gas [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | Retail [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | U.S. [Member] | U.S., Other [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | International [Member] | Information Technology [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | International [Member] | Chemicals [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Alternative Investments [Member] | Managed Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 49,838 | 33,830 | |||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 1,223 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Cash and Cash Equivalents [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Other [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 1,223 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | Commingled Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 9,637 | 8,593 | $ 10,571 | ||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | Equity Securities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | Equity Securities [Member] | International [Member] | Commingled Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | Equity Securities [Member] | U.K. [Member] | Commingled Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | Fixed Income Securities [Member] | U.K. [Member] | Commingled Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | Alternative Investments [Member] | Hedge and Absolute Return Funds [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | 9,637 | 8,593 | |||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | Other (Primarily Cash and Cash Equivalents) [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of plan assets | $ 0 | $ 0 |
Pension and Other Postretirem75
Pension and Other Postretirement Benefits - Asset Categories Based on the Nature and Risks of the Plan Assets (Parenthetical) (Detail) - Defined Benefit Pension Plan [Member] - U.S. Defined Benefit Pension Plans [Member] - Managed Funds [Member] | Dec. 31, 2017 | Dec. 31, 2016 |
Equity Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Target Allocation | 47.30% | 45.90% |
Alternative Investments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Target Allocation | 41.10% | 44.50% |
Fixed Income Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Target Allocation | 9.60% | 7.40% |
Other, Primarily Cash And Cash Equivalents [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Target Allocation | 2.00% | 2.20% |
Pension and Other Postretirem76
Pension and Other Postretirement Benefits - Summary of Changes in the Fair Value of the Level 3 Plan Assets for U.S. and Foreign Pension Plans (Detail) £ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017GBP (£) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Foreign Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, Beginning balance | $ 48,055 | £ 38,955 | ||
Voluntary contributions made | 1,521 | $ 1,522 | $ 1,715 | |
Fair value of plan assets, Ending balance | 56,419 | £ 41,820 | 48,055 | |
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, Beginning balance | 188,722 | |||
Fair value of plan assets, Ending balance | 199,138 | 188,722 | ||
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, Beginning balance | 188,722 | 139,376 | ||
Voluntary contributions made | 403 | 376 | ||
Change in net unrealized (losses) gains | 13,825 | (160) | ||
Other, primarily impact from changes in foreign currency exchange rates | 0 | 0 | ||
Fair value of plan assets, Ending balance | 199,138 | 188,722 | 139,376 | |
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, Beginning balance | 48,055 | 49,628 | ||
Voluntary contributions made | 1,979 | 1,687 | ||
Change in net unrealized (losses) gains | (7,954) | 8,869 | ||
Other, primarily impact from changes in foreign currency exchange rates | 4,673 | (8,930) | ||
Fair value of plan assets, Ending balance | 56,419 | 48,055 | 49,628 | |
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, Beginning balance | 33,830 | |||
Fair value of plan assets, Ending balance | 51,061 | 33,830 | ||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. [Member] | Hedge and Absolute Return Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, Beginning balance | 0 | 4,967 | ||
Withdrawals | (4,967) | |||
Realized gains (losses) | 0 | |||
Change in net unrealized (losses) gains | 0 | |||
Other, primarily impact from changes in foreign currency exchange rates | 0 | |||
Fair value of plan assets, Ending balance | 0 | 4,967 | ||
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. [Member] | Managed Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, Beginning balance | 33,830 | 32,210 | ||
Voluntary contributions made | 16,000 | |||
Withdrawals | (5,364) | 0 | ||
Realized gains (losses) | 1,304 | 1,857 | ||
Change in net unrealized (losses) gains | 4,068 | (237) | ||
Other, primarily impact from changes in foreign currency exchange rates | 0 | 0 | ||
Fair value of plan assets, Ending balance | 49,838 | 33,830 | 32,210 | |
Significant Unobservable Inputs (Level 3) [Member] | Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, Beginning balance | 8,593 | 10,571 | ||
Voluntary contributions made | 0 | |||
Withdrawals | 0 | 0 | ||
Realized gains (losses) | 0 | 0 | ||
Change in net unrealized (losses) gains | 229 | (280) | ||
Other, primarily impact from changes in foreign currency exchange rates | 815 | (1,698) | ||
Fair value of plan assets, Ending balance | $ 9,637 | $ 8,593 | $ 10,571 |
Pension and Other Postretirem77
Pension and Other Postretirement Benefits - Net Periodic Pension and Other Postretirement Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 1,651 | $ 1,714 | $ 2,743 |
Interest cost | 8,413 | 9,977 | 7,990 |
Expected return on plan assets | (12,503) | (13,424) | (10,996) |
Amortization of prior service cost (credit) | 52 | 44 | 371 |
Actuarial loss (gain) | 4,111 | 3,324 | 5,440 |
Curtailment (gain) loss | 0 | (887) | 1,303 |
Net cost | 1,724 | 748 | 6,851 |
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 150 | 314 | 0 |
Interest cost | 1,845 | 2,250 | 2,394 |
Expected return on plan assets | (2,239) | (2,461) | (2,681) |
Amortization of prior service cost (credit) | 0 | 0 | 0 |
Actuarial loss (gain) | 751 | 670 | 845 |
Curtailment (gain) loss | 0 | 0 | 0 |
Net cost | 507 | 773 | 558 |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 492 | 504 | 384 |
Interest cost | 571 | 722 | 474 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost (credit) | (1,607) | (1,277) | (672) |
Actuarial loss (gain) | (24) | 36 | 26 |
Curtailment (gain) loss | 0 | 0 | 0 |
Net cost | $ (568) | $ (15) | $ 212 |
Pension and Other Postretirem78
Pension and Other Postretirement Benefits - Discount Rates and Weighted-Average Wage Increases Used to Determine the Benefit Obligations (Detail) | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Wage increases | 3.00% | 3.00% |
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.45% | |
Minimum [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.63% | 4.02% |
Minimum [Member] | Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.50% | |
Minimum [Member] | Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.46% | 3.90% |
Maximum [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.72% | 4.25% |
Maximum [Member] | Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.65% | |
Maximum [Member] | Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.69% | 4.13% |
Pension and Other Postretirem79
Pension and Other Postretirement Benefits - Assumptions Regarding Net Periodic Pension and Other Postretirement Benefit Costs (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term rate of return | 8.00% | ||
Wages increases | 3.00% | 3.00% | 4.00% |
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.50% | ||
Expected long-term rate of return | 4.45% | 5.40% | 5.40% |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.00% | ||
Minimum [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.02% | 4.20% | 4.00% |
Expected long-term rate of return | 6.95% | 6.90% | |
Minimum [Member] | Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.50% | 3.00% | |
Minimum [Member] | Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.90% | 3.80% | |
Maximum [Member] | Defined Benefit Pension Plan [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.25% | 4.40% | 4.10% |
Expected long-term rate of return | 7.50% | 7.75% | |
Maximum [Member] | Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.65% | 3.65% | |
Maximum [Member] | Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.13% | 4.20% |
Commitments and Contingent Li80
Commitments and Contingent Liabilities - Additional Information (Detail) kr in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)BondAgreement | Dec. 31, 2017SEK (kr) | |
Commitments And Contingent Liabilities [Line Items] | ||
Outstanding standby and commercial letters of credit | $ | $ 22,576 | |
Percentage on employees covered by collective bargaining agreements | 39.00% | 39.00% |
Bargaining agreement beginning expiration year | 2018-05 | |
Bargaining agreement ending expiration year | 2020-09 | |
Number of collective bargaining agreements | Agreement | 9 | |
Collective Bargaining Agreement Two [Member] | ||
Commitments And Contingent Liabilities [Line Items] | ||
Percentage of covered employees | 54.00% | |
Collective Bargaining Agreement One [Member] | ||
Commitments And Contingent Liabilities [Line Items] | ||
Percentage of covered employees | 19.00% | |
Akers AB [Member] | ||
Commitments And Contingent Liabilities [Line Items] | ||
Number of surety bonds issued | Bond | 2 | |
Amount covered by guarantees | $ 4,000 | kr 33,900 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 31, 2016 | May 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 2,400,000 | $ 2,332,000 | $ 1,328,000 | ||
Income tax benefit from stock-based compensation expense | $ 0 | $ 0 | $ 465,000 | ||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock units vesting period, years | 3 years | ||||
Performance-based Restricted Stock Units (PSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cumulative earnings achievement period | 3 years | ||||
PSUs earning conditions | (i) achievement of a targeted basic earnings per share during the performance period beginning in the year of grant and continuing for two subsequent years; (ii) achievement of a three-year cumulative relative total shareholder return as ranked against other companies included in the Corporation’s peer group; and (iii) remaining continuously employed with the Corporation through the end of the year following three years from the date of grant. | ||||
Restricted Stock Units (RSUs) and Performance-based Restricted Stock Units (PSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized stock-based compensation expense | $ 2,551,000 | ||||
Unrecognized stock-based compensation expense to be recognized in period, years | 2 years | ||||
Predecessor Plans [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares granted under Omnibus Incentive Plan | 0 | ||||
Shares of common stock issued to non-employee directors | 32,090 | 14,310 | |||
Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for issuance | 84,667 | ||||
Shares of common stock issued to non-employee directors | 50,000 | ||||
Incentive Plan [Member] | Maximum [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 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Outstanding and Exercisable Incentive Options (RSUs and PSUs) (Detail) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of incentive options, Outstanding, Beginning balance | shares | 155,845 |
Number of incentive options, Granted | shares | 76,473 |
Number of incentive options, Converted to common stock | shares | (58,677) |
Number of incentive options, Forfeited/cancelled | shares | (14,935) |
Number of incentive options, Outstanding, Ending balance | shares | 158,706 |
Weighted Average Fair Value of incentive options, Outstanding, Beginning balance | $ / shares | $ 17.53 |
Weighted Average Fair Value of incentive options, Granted | $ / shares | 14 |
Weighted Average Fair Value of incentive options, Converted to common stock | $ / shares | 17.25 |
Weighted Average Fair Value of incentive options, Forfeited/cancelled | $ / shares | 16.76 |
Weighted Average Fair Value of incentive options, Outstanding, Ending Balance | $ / shares | $ 16 |
Performance-based Restricted Stock Units (PSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of incentive options, Outstanding, Beginning balance | shares | 39,348 |
Number of incentive options, Granted | shares | 97,788 |
Number of incentive options, Converted to common stock | shares | 0 |
Number of incentive options, Forfeited/cancelled | shares | (34,622) |
Number of incentive options, Outstanding, Ending balance | shares | 102,514 |
Weighted Average Fair Value of incentive options, Outstanding, Beginning balance | $ / shares | $ 21.62 |
Weighted Average Fair Value of incentive options, Granted | $ / shares | 14.93 |
Weighted Average Fair Value of incentive options, Converted to common stock | $ / shares | 0 |
Weighted Average Fair Value of incentive options, Forfeited/cancelled | $ / shares | 14.99 |
Weighted Average Fair Value of incentive options, Outstanding, Ending Balance | $ / shares | $ 17.47 |
Stock-Based Compensation - Su83
Stock-Based Compensation - Summary of Outstanding and Exercisable Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of Shares Under Options, Outstanding, Beginning balance | 1,005,836 | |
Number of Shares Under Options, Granted | 0 | |
Number of Shares Under Options, Exercised | 0 | |
Number of Shares Under Options, Forfeited | (190,501) | |
Number of Shares Under Options, Outstanding, Ending balance | 815,335 | 1,005,836 |
Number of Shares Under Options, Exercisable | 815,335 | |
Number of Shares Under Options, Vested or expected to vest | 815,335 | |
Weighted Average Exercise Price, Outstanding, Beginning balance | $ 24.07 | |
Weighted Average Exercise Price, Granted | 0 | |
Weighted Average Exercise Price, Exercised | 0 | |
Weighted Average Exercise Price, Forfeited | 26.03 | |
Weighted Average Exercise Price, Outstanding, Ending balance | 23.61 | $ 24.07 |
Weighted Average Exercise Price, Exercisable | 23.61 | |
Weighted Average Exercise Price, Vested or expected to vest | $ 23.61 | |
Remaining Contractual Life In Years, Outstanding | 3 years 3 months 18 days | 4 years 2 months 12 days |
Remaining Contractual Life In Years, Exercisable | 3 years 3 months 18 days | |
Remaining Contractual Life In Years, Vested or expected to vest | 3 years 3 months 18 days | |
Intrinsic Value, Outstanding, Beginning balance | $ 0 | |
Intrinsic Value, Outstanding, Ending balance | 0 | $ 0 |
Intrinsic Value, Exercisable | 0 | |
Intrinsic Value, Vested or expected to vest | $ 0 |
Accumulated Other Comprehensi84
Accumulated Other Comprehensive Loss - Net Change and Ending Balances for Various Components of Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 149,834 | $ 211,423 | $ 205,148 |
Net Change | 22,330 | (3,400) | 11,154 |
Stranded tax effect (Note 15) | 0 | ||
Ending Balance | 161,761 | 149,834 | 211,423 |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (22,973) | (8,393) | (4,426) |
Net Change | 11,041 | (14,580) | (3,967) |
Stranded tax effect (Note 15) | 0 | ||
Ending Balance | (11,932) | (22,973) | (8,393) |
Unrecognized Components of Employee Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (38,636) | (49,943) | (65,396) |
Net Change | 10,582 | 11,307 | 15,453 |
Stranded tax effect (Note 15) | (6,142) | ||
Ending Balance | (34,196) | (38,636) | (49,943) |
Unrealized Holding Gains on Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 59 | 692 | 984 |
Net Change | 573 | (633) | (292) |
Stranded tax effect (Note 15) | 0 | ||
Ending Balance | 632 | 59 | 692 |
Realized Gains/Losses from Settlement of Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 551 | 45 | 85 |
Net Change | 134 | 506 | (40) |
Stranded tax effect (Note 15) | 54 | ||
Ending Balance | 739 | 551 | 45 |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (60,999) | (57,599) | (68,753) |
Net Change | 22,330 | (3,400) | 11,154 |
Stranded tax effect (Note 15) | (6,088) | ||
Ending Balance | $ (44,757) | $ (60,999) | $ (57,599) |
Accumulated Other Comprehensi85
Accumulated Other Comprehensive Loss - Line Items Affected on Consolidated Statements of Operations for Components Reclassified from Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net sales (foreign currency sales contracts) | $ 114,449 | $ 103,886 | $ 110,550 | $ 103,516 | $ 92,126 | $ 82,861 | $ 93,301 | $ 63,578 | $ 432,401 | $ 331,866 | $ 238,480 |
Depreciation and amortization (foreign currency purchasecontracts) | (22,387) | (20,463) | (11,787) | ||||||||
Costs of products sold (excluding depreciation and amortization) | (357,672) | (276,496) | (196,091) | ||||||||
Selling and administrative | (61,310) | (58,175) | (39,510) | ||||||||
Other expense | (932) | (1,074) | (475) | ||||||||
Income tax provision | 1,355 | (22,712) | (2,633) | ||||||||
Net (loss) income attributable to Ampco-Pittsburgh | $ (3,191) | $ (2,202) | $ (1,913) | $ (4,783) | $ (43,062) | $ (27,382) | $ (6,486) | $ (2,890) | (12,089) | (79,820) | 1,373 |
Amortization of Unrecognized Employee Benefit Costs [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Costs of products sold (excluding depreciation and amortization) | 1,934 | 2,463 | 3,604 | ||||||||
Selling and administrative | 1,148 | (719) | 3,354 | ||||||||
Other expense | 201 | 166 | 355 | ||||||||
Total before income tax | 3,283 | 1,910 | 7,313 | ||||||||
Income tax provision | 0 | 0 | (2,573) | ||||||||
Net (loss) income attributable to Ampco-Pittsburgh | 3,283 | 1,910 | 4,740 | ||||||||
Realized Gains from Sale of Marketable Securities [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Selling and administrative | (29) | (1,404) | (82) | ||||||||
Income tax provision | 0 | 366 | 29 | ||||||||
Net (loss) income attributable to Ampco-Pittsburgh | (29) | (1,038) | (53) | ||||||||
Realized Gains/Losses from Settlement of Cash Flow Hedges [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net sales (foreign currency sales contracts) | 0 | (6) | (17) | ||||||||
Depreciation and amortization (foreign currency purchasecontracts) | (31) | (27) | (27) | ||||||||
Costs of products sold (excluding depreciation and amortization) | (639) | 220 | 751 | ||||||||
Total before income tax | (670) | 187 | 707 | ||||||||
Income tax provision | 0 | (79) | (272) | ||||||||
Net (loss) income attributable to Ampco-Pittsburgh | $ (670) | $ 108 | $ 435 |
Accumulated Other Comprehensi86
Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Valuation Allowance Against Gross Deferred Income Tax Assets [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Income tax benefit for certain items | $ 0 | $ 0 |
Accumulated Other Comprehensi87
Accumulated Other Comprehensive Loss - Summary of Income Tax Expense (Benefit) Associated with Various Components of Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income tax expense (benefit) associated with changes in: | |||
Unrecognized employee benefit costs | $ 0 | $ 0 | $ (4,731) |
Unrealized holding losses on marketable securities | 0 | 0 | 134 |
Fair value of cash flow hedges | 0 | 0 | 294 |
Income tax expense (benefit) associated with reclassification adjustments: | |||
Amortization of unrecognized employee benefit costs | 0 | 0 | (2,573) |
Realized gains from sale of marketable securities | 0 | 366 | 29 |
Realized losses from settlement of cash flow hedges | $ 0 | $ (79) | $ (272) |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)CustomerDerivative | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Derivative [Line Items] | |||
Anticipated foreign-denominated sales hedge | $ 27,414,000 | ||
Percentage of purchase commitments covering anticipated natural gas usage | 62.00% | ||
Purchase commitment amount of anticipated natural gas usage | $ 1,285,000 | ||
Number of subsidiaries purchased commitments for natural gas usage | Customer | 1 | ||
Purchase commitments covering period anticipated usage, Description | For 2018 for one of its subsidiaries | ||
Purchase of natural gas | $ 856,000 | $ 1,936,000 | $ 2,452,000 |
Number of derivative instruments holds for trading purposes | Derivative | 0 | ||
(Losses) gains on foreign exchange transactions included in other income (expense) | $ (463,000) | $ (1,161,000) | $ (324,000) |
Foreign Currency Sales Contract - Fair Value Hedges [Member] | |||
Derivative [Line Items] | |||
Fair value of assets held as collateral related to forward exchange contracts | 2,025,000 | ||
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 | $ 1,350,000 | ||
Copper Purchases [Member] | |||
Derivative [Line Items] | |||
Percentage of anticipated purchases hedged | 51.00% | ||
Copper Purchases [Member] | Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Anticipated purchases, hedged | $ 2,637,000 | ||
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 | $ 524,000 |
Derivative Instruments - Locati
Derivative Instruments - Location and Fair Value of Foreign Currency Sales Contracts Recorded on Consolidated Balance Sheets (Detail) - Foreign Currency Sales Contracts [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Receivables [Member] | ||
Derivative [Line Items] | ||
Fair value hedged item | $ (269) | $ 121 |
Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 961 | 214 |
Fair value hedged item | 169 | 808 |
Other Noncurrent Assets [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 0 | 2 |
Fair value hedged item | 16 | 45 |
Other Current Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 89 | 940 |
Fair value hedged item | 907 | 233 |
Other Noncurrent Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 1 | 35 |
Fair value hedged item | $ 0 | $ 5 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Amount Recognized as and Reclassified from Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | |||
Accumulated Other Comprehensive Income (Loss) Beginning of the Year | $ 551 | $ 45 | $ 85 |
Fair value of cash flow hedges | 804 | 398 | (475) |
Less Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss | 670 | (108) | (435) |
Accumulated Other Comprehensive Income (Loss) End of the Year | 685 | 551 | 45 |
Foreign Currency Sales Contracts [Member] | Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Accumulated Other Comprehensive Income (Loss) Beginning of the Year | 0 | 4 | 0 |
Fair value of cash flow hedges | 0 | 0 | 14 |
Less Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss | 0 | 4 | 10 |
Accumulated Other Comprehensive Income (Loss) End of the Year | 0 | 0 | 4 |
Foreign Currency Purchase Contracts [Member] | |||
Derivative [Line Items] | |||
Accumulated Other Comprehensive Income (Loss) Beginning of the Year | 216 | 241 | 258 |
Fair value of cash flow hedges | 0 | 0 | 0 |
Less Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss | 31 | 25 | 17 |
Accumulated Other Comprehensive Income (Loss) End of the Year | 185 | 216 | 241 |
Futures Contracts - Copper and Aluminum [Member] | |||
Derivative [Line Items] | |||
Accumulated Other Comprehensive Income (Loss) Beginning of the Year | 335 | (200) | (173) |
Fair value of cash flow hedges | 804 | 398 | (489) |
Less Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss | 639 | (137) | (462) |
Accumulated Other Comprehensive Income (Loss) End of the Year | $ 500 | $ 335 | $ (200) |
Derivative Instruments - Summ91
Derivative Instruments - Summary of Change in Fair Value Reclassified or Expected to be Reclassified from Accumulated Other Comprehensive Loss to Earnings (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | |||||||||||
Amount released to pre - tax earnings | $ (3,191) | $ (2,202) | $ (1,913) | $ (4,783) | $ (43,062) | $ (27,382) | $ (6,486) | $ (2,890) | $ (12,089) | $ (79,820) | $ 1,373 |
Foreign Currency Sales Contracts [Member] | Cash Flow Hedges [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Amount released to pre - tax earnings | 0 | 0 | |||||||||
Amount released to pre - tax earnings | 0 | 6 | 17 | ||||||||
Foreign Currency Purchase Contracts [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Amount released to pre - tax earnings | 27 | 27 | |||||||||
Amount released to pre - tax earnings | 31 | 27 | 27 | ||||||||
Futures Contracts - Copper and Aluminum [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Amount released to pre - tax earnings | $ 500 | 500 | |||||||||
Amount released to pre - tax earnings | $ 639 | $ (220) | $ (751) |
Fair Value - Fair Value of Fina
Fair Value - Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 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 | $ 16 | $ 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 | 1,130 | 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 | 996 | 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 | 1 | 40 |
Investments [Member] | Other Noncurrent Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 4,204 | 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 | 4,204 | 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 | 16 | 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 | 1,130 | 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 | 996 | 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 | 1 | 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 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Dec. 22, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Contingency [Line Items] | |||||
U.S. corporate statutory income tax rate | 35.00% | ||||
Tax cuts and jobs act of 2017, Incomplete accounting, income tax provision | $ 1,565,000 | ||||
Tax cuts and jobs act of 2017, Incomplete accounting, repatriation transition tax percentage | 100.00% | ||||
Accumulated other comprehensive loss reclassified to retained earnings | $ 0 | ||||
Operating loss carryforwards, limitations on use | operating losses can be carried forward indefinitely, but are limited to 80 percent of taxable income in any given year | ||||
Deferred tax liability recorded | 0 | $ 0 | $ 0 | ||
Unrecognized tax benefits | 31,000 | $ 31,000 | |||
Reversal period of unrecognized tax benefits due to lapse in statue of limitations | Within the next 12 months | ||||
Domestic Tax Authority [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Net operating loss carryforwards | 3,208,000 | $ 3,208,000 | |||
Operating loss carry forwards expiration period | 2,035 | ||||
Income tax refund received | $ 6,540,000 | ||||
State [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Net operating loss carryforwards | 34,495,000 | $ 34,495,000 | |||
Operating loss carry forwards expiration period | 2,018 | ||||
Foreign Tax Authority [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Net operating loss carryforwards | 93,364,000 | $ 93,364,000 | |||
Operating loss carry forwards expiration period | 2,018 | ||||
Capital loss carryforwards | 814,000 | $ 814,000 | |||
Capital loss carry forwards expiration period | Capital loss carryforwards of $814 which do not expire | ||||
Reverse in the Next Twelve Months [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Unrecognized tax benefits | $ 117,000 | $ 117,000 | |||
Retained Earnings [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Accumulated other comprehensive loss reclassified to retained earnings | $ 6,088,000 | ||||
Scenario Forecast [Member] | |||||
Income Tax Contingency [Line Items] | |||||
U.S. corporate statutory income tax rate | 21.00% |
Income Taxes - (Loss) Income Be
Income Taxes - (Loss) Income Before Income Taxes and Equity Gains (Losses) in Joint Venture (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (16,988) | $ (26,326) | $ 6,000 |
Foreign | 3,295 | (31,194) | (1,480) |
(Loss) income before income taxes and equity gains (losses) in joint venture | $ (13,693) | $ (57,520) | $ 4,520 |
Income Taxes - Income Tax (Bene
Income Taxes - Income Tax (Benefit) Provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||
Federal | $ (4,698) | $ (1,574) | $ 4,577 |
State | (440) | 465 | 378 |
Foreign | 606 | 414 | (20) |
Current income tax (benefit) provision | (4,532) | (695) | 4,935 |
Deferred: | |||
Federal | 1,259 | (2,688) | (2,203) |
State | (112) | (1,838) | 197 |
Foreign | 1,876 | (2,472) | (296) |
Increase in valuation allowance | 154 | 30,405 | 0 |
Deferred income tax provision (benefit) | 3,177 | 23,407 | (2,302) |
Total income tax (benefit) provision | $ (1,355) | $ 22,712 | $ 2,633 |
Income Taxes - Difference Betwe
Income Taxes - Difference Between Statutory U.S. Federal Income Tax and the Corporation's Effective Income Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Computed at statutory rate | $ (4,428) | $ (19,984) | $ 1,402 |
Tax differential on non-U.S. earnings | (389) | 1,790 | 106 |
State income taxes | (398) | (1,535) | 226 |
Manufacturers deduction (I.R.C. Section 199) | 0 | 204 | (433) |
Meals and entertainment | 142 | 143 | 136 |
Tax credits | 0 | 0 | (243) |
Goodwill impairment | 0 | 9,191 | 0 |
Increase in valuation allowance | 154 | 30,405 | 0 |
Repatriation transition tax impact | 3,284 | 0 | 0 |
Change in tax rates | 0 | 1,913 | 224 |
Change in uncertain tax positions | 0 | 114 | 91 |
Acquisition-related costs | 0 | 571 | 981 |
Other – net | 280 | (100) | 143 |
Total income tax (benefit) provision | $ (1,355) | $ 22,712 | $ 2,633 |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Employment – related liabilities | $ 10,975 | $ 18,659 |
Liabilities related to discontinued operations | 186 | 241 |
Capital loss carryforwards | 308 | 282 |
Asbestos-related liability | 12,179 | 21,024 |
Net operating loss – domestic | 674 | 653 |
Net operating loss – state | 2,782 | 2,123 |
Net operating loss – foreign | 22,856 | 19,106 |
Inventory related | 2,764 | 2,157 |
Impairment charge associated with investment in MG | 1,155 | 2,184 |
Investment tax credits – foreign | 848 | 791 |
Other | 3,181 | 6,660 |
Gross deferred income tax assets | 68,545 | 92,254 |
Valuation allowance | (38,112) | (45,449) |
Deferred tax assets, net, Total | 30,433 | 46,805 |
Liabilities: | ||
Depreciation | (26,915) | (37,584) |
Mark-to-market adjustment – derivatives | (4) | (187) |
Intangible assets – definite life | (1,186) | (2,067) |
Intangible assets – indefinite life | (605) | (731) |
Other | (566) | (2,003) |
Gross deferred income tax liabilities | (29,276) | (42,572) |
Net deferred income tax assets | 1,157 | 4,233 |
Foreign Tax Authority [Member] | ||
Assets: | ||
Pension liability | 1,633 | 2,241 |
Domestic Tax Authority [Member] | ||
Assets: | ||
Pension liability | $ 9,004 | $ 16,133 |
Income Taxes - Deferred Incom98
Income Taxes - Deferred Income Tax Assets and Liabilities (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | ||
U.S. corporate statutory income tax rate | 35.00% | |
Scenario Plan [Member] | ||
Income Tax Contingency [Line Items] | ||
U.S. corporate statutory income tax rate | 21.00% |
Income Taxes - Summary of Chang
Income Taxes - Summary of Changes in Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Balance at the beginning of the year | $ 236 | $ 315 | $ 52 |
Gross increases for tax positions taken in the current year | 0 | 0 | 0 |
Gross increases for tax positions taken in prior years | 0 | 0 | 283 |
Gross decreases in tax positions due to lapse in statute of limitations | (119) | (79) | (20) |
Gross decreases for tax positions taken in prior years | 0 | 0 | 0 |
Gross decreases for tax settlements with taxing authorities | 0 | 0 | 0 |
Balance at the end of the year | $ 117 | $ 236 | $ 315 |
Operating Leases - Additional I
Operating Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Leases [Abstract] | |||
Operating lease expense | $ 1,283 | $ 1,148 | $ 1,043 |
Operating lease payments, in 2018 | 702 | ||
Operating lease payments, in 2019 | 628 | ||
Operating lease payments, in 2020 | 524 | ||
Operating lease payments, in 2021 | 486 | ||
Operating lease payments, in 2022 | 476 | ||
Operating lease payments, thereafter | $ 902 |
Research and Development Costs
Research and Development Costs - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Research And Development [Abstract] | |||
Expenses relating to product development | $ 3,386 | $ 2,716 | $ 1,137 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) ¥ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Related Party Transaction [Line Items] | |||||||
Accrued interest | $ 2,697,000 | $ 2,274,000 | |||||
LB Co [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Purchases | 955,000 | $ 1,270,000 | |||||
LB Co paid Corporation for administrative services | $ 72,000 | ||||||
Net amount payable | 0 | 0 | |||||
ATR [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Purchases | 7,752,000 | ¥ 52,418 | 6,362,000 | ¥ 42,403 | |||
LB Co paid Corporation for administrative services | 296,000 | ¥ 1,929 | 899,000 | 6,237 | |||
Loan outstanding | $ 5,325,000 | ¥ 34,655 | |||||
Debt, interest rate | 5.00% | 5.00% | |||||
Accrued interest | $ 2,682,000 | 2,265,000 | ¥ 17,457 | ¥ 15,730 | |||
Debt, maturity date | 2,008 | 2,008 | |||||
Debt, renewal period | 1 year | 1 year | |||||
Sales | $ 8,564,000 | ¥ 57,909 | 5,922,000 | ¥ 39,468 | |||
Due from related parties | $ 0 | $ 0 | |||||
ATR [Member] | Minimum [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Interest accrual period | 3 years | 3 years | |||||
ATR [Member] | Maximum [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Interest accrual period | 5 years | 5 years |
Litigation - Schedule of Loss C
Litigation - Schedule of Loss Contingencies by Contingency (Detail) - Asbestos Claims [Member] | 12 Months Ended | |
Dec. 31, 2017USD ($)Claim | Dec. 31, 2016USD ($)Claim | |
Loss Contingencies [Line Items] | ||
Total claims pending at the beginning of the period | 6,618 | 6,212 |
New claims served | 1,365 | 1,452 |
Claims dismissed | (718) | (782) |
Claims settled | (358) | (264) |
Total claims pending at the end of the period | 6,907 | 6,618 |
Gross settlement and defense costs | $ | $ 21,431,000 | $ 17,960,000 |
Average gross settlement and defense costs per claim resolved | $ | $ 19,920 | $ 17,170 |
Litigation - Schedule of Los104
Litigation - Schedule of Loss Contingencies by Contingency (Parenthetical) (Detail) - Claim | Dec. 31, 2017 | Dec. 31, 2016 |
Commitments And Contingencies Disclosure [Abstract] | ||
Number of claims inactive or transferred to MDL panel | 479 | 444 |
Litigation - Additional Informa
Litigation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Reserves for total costs for asbestos liability claims pending or projected | $ 171,181 | $ 149,750 |
Percentage attributable to settlement costs for unasserted claims projected to be filed | 70.00% | |
Insurance recoveries receivable | $ 115,945 | $ 100,342 |
Litigation - Summary of Activit
Litigation - Summary of Activity in Asbestos Insurance Recoveries (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Loss Contingencies [Line Items] | ||
Insurance receivable - asbestos, beginning of the year | $ 115,945 | |
Insurance receivable - asbestos, end of the year | 100,342 | $ 115,945 |
Asbestos Claims [Member] | ||
Loss Contingencies [Line Items] | ||
Insurance receivable - asbestos, beginning of the year | 115,945 | 125,423 |
Settlement and defense costs paid by insurance carriers | (15,603) | (23,138) |
Changes in estimated coverage | 0 | 13,660 |
Insurance receivable - asbestos, end of the year | $ 100,342 | $ 115,945 |
Litigation - Summary of Acti107
Litigation - Summary of Activity in Asbestos Insurance Recoveries (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Commitments And Contingencies Disclosure [Abstract] | |
Cash settlement with an insurance carrier | $ 9,808 |
Environmental Matters - Additio
Environmental Matters - Additional Information (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Environmental Remediation Obligations [Abstract] | |
Potential liability for all environmental compliance | $ 440 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017Segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 2 |
Business Segments - Business Se
Business Segments - Business Segment Net Sales and (Loss) Income before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue from External Customer [Line Items] | |||||||||||
Net sales | $ 114,449 | $ 103,886 | $ 110,550 | $ 103,516 | $ 92,126 | $ 82,861 | $ 93,301 | $ 63,578 | $ 432,401 | $ 331,866 | $ 238,480 |
(Loss) Income Before Income Taxes and Equity Gains (Losses) in Joint Venture | (13,693) | (57,520) | 4,520 | ||||||||
Capital Expenditures | 14,899 | 10,566 | 9,407 | ||||||||
Depreciation and amortization | 22,387 | 20,463 | 11,787 | ||||||||
Identifiable Assets | 565,599 | 565,889 | 565,599 | 565,889 | 506,156 | ||||||
Long-Lived Assets | 323,762 | 339,601 | 323,762 | 339,601 | 265,905 | ||||||
Forged and Cast Mill Rolls [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 254,638 | 230,531 | 129,499 | ||||||||
Forged Engineered Products [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 89,891 | 17,121 | 22,768 | ||||||||
Heat Exchange Coils [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 28,998 | 28,139 | 32,745 | ||||||||
Centrifugal Pumps [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 35,607 | 36,359 | 33,120 | ||||||||
Air Handling Systems [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 23,267 | 19,716 | 20,348 | ||||||||
U.S. [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 236,856 | 159,531 | 126,417 | ||||||||
(Loss) Income Before Income Taxes and Equity Gains (Losses) in Joint Venture | (18,122) | (25,906) | 5,855 | ||||||||
Long-Lived Assets | 235,646 | 206,460 | 235,646 | 206,460 | 236,707 | ||||||
Foreign [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 195,545 | 172,335 | 112,063 | ||||||||
(Loss) Income Before Income Taxes and Equity Gains (Losses) in Joint Venture | 4,429 | (31,614) | (1,335) | ||||||||
Long-Lived Assets | 88,116 | 133,141 | 88,116 | 133,141 | 29,198 | ||||||
Operating Segments [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 432,401 | 331,866 | 238,480 | ||||||||
(Loss) Income Before Income Taxes and Equity Gains (Losses) in Joint Venture | 8,601 | (37,755) | 19,722 | ||||||||
Corporate Costs, Including Other Income (Expense) [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
(Loss) Income Before Income Taxes and Equity Gains (Losses) in Joint Venture | (22,294) | (19,765) | (15,202) | ||||||||
Capital Expenditures | 174 | 741 | 305 | ||||||||
Depreciation and amortization | 191 | 114 | 57 | ||||||||
Identifiable Assets | 19,031 | 44,541 | 19,031 | 44,541 | 94,414 | ||||||
Forged and Cast Engineered Products [Member] | Operating Segments [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 344,529 | 247,652 | 152,267 | ||||||||
(Loss) Income Before Income Taxes and Equity Gains (Losses) in Joint Venture | (1,826) | (42,878) | (3,444) | ||||||||
Capital Expenditures | 14,165 | 9,440 | 8,608 | ||||||||
Depreciation and amortization | 21,124 | 19,166 | 10,468 | ||||||||
Identifiable Assets | 414,227 | 348,331 | 414,227 | 348,331 | 228,718 | ||||||
Air and Liquid Processing [Member] | Operating Segments [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 87,872 | 84,214 | 86,213 | ||||||||
(Loss) Income Before Income Taxes and Equity Gains (Losses) in Joint Venture | 10,427 | 5,123 | 23,166 | ||||||||
Capital Expenditures | 560 | 385 | 494 | ||||||||
Depreciation and amortization | 1,072 | 1,183 | 1,262 | ||||||||
Identifiable Assets | $ 132,341 | $ 173,017 | $ 132,341 | $ 173,017 | $ 183,024 |
Business Segments - Business111
Business Segments - Business Segment Net Sales and (Loss) Income before Income Taxes (Parenthetical) (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)Customer | Dec. 31, 2016USD ($)Customer | Dec. 31, 2015USD ($)Customer | |
Revenue from External Customer [Line Items] | |||
Investments in joint ventures | $ 2,175 | $ 2,019 | |
Change in the identifiable assets of the Air and Liquid / Long-lived assets | $ 87,342 | $ 102,945 | $ 108,423 |
Number of customers accounted for net sales | Customer | 1 | ||
Sales Revenue, Net [Member] | Individual Countries [Member] | Maximum [Member] | |||
Revenue from External Customer [Line Items] | |||
Net sales | 10.00% | 10.00% | 10.00% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Revenue from External Customer [Line Items] | |||
Net sales | 11.00% | ||
Forged and Cast Engineered Products [Member] | |||
Revenue from External Customer [Line Items] | |||
Write off of goodwill associated with the Akers acquisition | $ 26,676 | ||
Investments in joint ventures | $ 2,175 | $ 2,019 | $ 3,097 |
Number of customers accounted for net sales | Customer | 0 | 2 | 2 |
Forged and Cast Engineered Products [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | |||
Revenue from External Customer [Line Items] | |||
Net sales | 10.00% | 24.00% | 33.00% |
Air and Liquid Processing [Member] | |||
Revenue from External Customer [Line Items] | |||
Estimated costs of asbestos-related litigation, net of estimated insurance recoveries | $ 4,565 | $ 14,333 | |
Number of customers accounted for net sales | Customer | 0 | 1 | 0 |
Air and Liquid Processing [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Revenue from External Customer [Line Items] | |||
Net sales | 10.00% | 10.00% | 10.00% |
Air and Liquid Processing [Member] | U.S. [Member] | |||
Revenue from External Customer [Line Items] | |||
Change in the identifiable assets of the Air and Liquid / Long-lived assets | $ 100,342 | $ 115,945 | $ 125,423 |
Quarterly Information - Quarter
Quarterly Information - Quarterly Information - Unaudited (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 114,449 | $ 103,886 | $ 110,550 | $ 103,516 | $ 92,126 | $ 82,861 | $ 93,301 | $ 63,578 | $ 432,401 | $ 331,866 | $ 238,480 |
Gross profit | 20,752 | 16,591 | 18,533 | 18,853 | 11,454 | 15,594 | 15,849 | 12,473 | |||
Amount released to pre - tax earnings | $ (3,191) | $ (2,202) | $ (1,913) | $ (4,783) | $ (43,062) | $ (27,382) | $ (6,486) | $ (2,890) | $ (12,089) | $ (79,820) | $ 1,373 |
Net (loss) income per common share attributable to Ampco-Pittsburgh: | |||||||||||
Basic | $ (0.26) | $ (0.18) | $ (0.16) | $ (0.39) | $ (3.51) | $ (2.23) | $ (0.53) | $ (0.26) | $ (0.98) | $ (6.68) | $ 0.13 |
Diluted | $ (0.26) | $ (0.18) | $ (0.16) | $ (0.39) | $ (3.51) | $ (2.23) | $ (0.53) | $ (0.26) | $ (0.98) | $ (6.68) | $ 0.13 |
Comprehensive (loss) income attributable to Ampco-Pittsburgh | $ 7,320 | $ 1,660 | $ 2,952 | $ (1,808) | $ (47,972) | $ (22,894) | $ (10,739) | $ (1,501) | $ 10,124 | $ (83,106) | $ 12,527 |
Quarterly Information - Quar113
Quarterly Information - Quarterly Information - Unaudited (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||
Unfavorable net impact related to the new U.S. Tax Cuts and Jobs Act legislation | $ 1,565 | ||||||
Unfavorable net impact per common share related to the new U.S. Tax Cuts and Jobs Act legislation | $ 0.13 | ||||||
Valuation allowance | $ 2,083 | $ 26,903 | $ 1,419 | ||||
After-tax charge | $ 4,565 | $ 26,676 | |||||
After-tax charge per common share to recognize | $ 0.38 | $ 2.23 | |||||
Unrecognized employee benefit costs | $ 4,762 | $ 7,299 | $ 9,397 | $ 10,713 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||||
Other | $ 2,083 | $ 26,903 | $ 1,419 | |||
Allowance for Doubtful Accounts [Member] | ||||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||||
Balance at Beginning of Period | $ 2,228 | $ 983 | $ 1,374 | |||
Charged to Costs and Expenses | 317 | 1,598 | 408 | |||
Charged to Other Accounts | (1,355) | 0 | (762) | |||
Deductions | (230) | (353) | (25) | |||
Other | 2 | 0 | (12) | |||
Balance at End of Period | 2,228 | 962 | 2,228 | 983 | ||
Valuation Allowance Against Gross Deferred Income Tax Assets [Member] | ||||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||||
Balance at Beginning of Period | 45,449 | 2,481 | 3,254 | |||
Charged to Costs and Expenses | 0 | 0 | 0 | |||
Charged to Other Accounts | 154 | 30,405 | (715) | |||
Deductions | (7,990) | 0 | 0 | |||
Other | 499 | 12,563 | (58) | |||
Balance at End of Period | $ 45,449 | $ 38,112 | $ 45,449 | $ 2,481 |
Schedule II - Valuation and 115
Schedule II - Valuation and Qualifying Accounts (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Valuation And Qualifying Accounts Disclosure [Line Items] | ||
U.S. corporate statutory income tax rate | 35.00% | |
Scenario Plan [Member] | ||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||
U.S. corporate statutory income tax rate | 21.00% |