Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 11, 2019 | Jun. 29, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | AP | ||
Entity Registrant Name | AMPCO PITTSBURGH CORP | ||
Entity Central Index Key | 0000006176 | ||
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 | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 12,494,846 | ||
Entity Public Float | $ 69 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 19,713 | $ 18,656 |
Receivables, less allowance for doubtful accounts of $978 in 2018 and $962 in 2017 | 69,448 | 81,462 |
Inventories | 94,196 | 93,452 |
Insurance receivable – asbestos | 17,000 | 13,000 |
Other current assets | 7,271 | 11,319 |
Current assets of discontinued operations | 20,238 | 22,358 |
Total current assets | 227,866 | 240,247 |
Property, plant and equipment, net | 185,661 | 204,133 |
Insurance receivable – asbestos | 135,508 | 87,342 |
Deferred income tax assets | 3,188 | 1,590 |
Intangible assets, net | 9,225 | 11,021 |
Investments in joint ventures | 2,175 | 2,175 |
Other noncurrent assets | 7,496 | 7,659 |
Noncurrent assets of discontinued operations | 0 | 11,432 |
Total assets | 571,119 | 565,599 |
Current liabilities: | ||
Accounts payable | 38,900 | 35,443 |
Accrued payrolls and employee benefits | 20,380 | 22,328 |
Debt – current portion | 45,728 | 19,335 |
Asbestos liability – current portion | 24,000 | 18,000 |
Other current liabilities | 28,987 | 36,441 |
Current liabilities of discontinued operations | 9,458 | 13,124 |
Total current liabilities | 167,453 | 144,671 |
Employee benefit obligations | 72,658 | 79,750 |
Asbestos liability | 203,922 | 131,750 |
Deferred income tax liabilities | 164 | 433 |
Long-term debt | 31,881 | 46,818 |
Other noncurrent liabilities | 2,072 | 416 |
Total liabilities | 478,150 | 403,838 |
Commitments and contingent liabilities (Note 10) | ||
Shareholders’ equity: | ||
Common stock – par value $1; authorized 20,000 shares; issued and outstanding 12,495 shares in 2018 and 12,361 shares in 2017 | 12,495 | 12,361 |
Additional paid-in capital | 154,889 | 152,992 |
Retained (deficit) earnings | (30,355) | 38,348 |
Accumulated other comprehensive loss | (49,434) | (44,760) |
Total Ampco-Pittsburgh shareholders’ equity | 87,595 | 158,941 |
Noncontrolling interest | 5,374 | 2,820 |
Total shareholders’ equity | 92,969 | 161,761 |
Total liabilities and shareholders’ equity | $ 571,119 | $ 565,599 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $ 978 | $ 962 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 12,495,000 | 12,361,000 |
Common stock, shares outstanding | 12,495,000 | 12,361,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | ||
Net sales | $ 419,432 | $ 385,155 |
Operating costs and expenses: | ||
Costs of products sold (excluding depreciation and amortization) | 351,839 | 316,983 |
Selling and administrative | 58,068 | 60,164 |
Depreciation and amortization | 21,379 | 21,376 |
Charge for asbestos litigation | 32,910 | 0 |
Loss on disposal of assets | 128 | 401 |
Total operating expenses | 464,324 | 398,924 |
Loss from continuing operations | (44,892) | (13,769) |
Other income (expense): | ||
Investment-related income | 533 | 133 |
Interest expense | (4,130) | (3,085) |
Other – net | 4,682 | (721) |
Total other income (expense) | 1,085 | (3,673) |
Loss from continuing operations before income taxes and gain on sale of joint venture | (43,807) | (17,442) |
Income tax (provision) benefit | (268) | 1,355 |
Gain on sale of joint venture | 500 | 1,036 |
Net loss from continuing operations | (43,575) | (15,051) |
(Loss) income from discontinued operations, net of tax | (23,901) | 3,749 |
Net loss | (67,476) | (11,302) |
Less: Net income attributable to noncontrolling interest | 1,859 | 787 |
Net loss attributable to Ampco-Pittsburgh | $ (69,335) | $ (12,089) |
Net loss from continuing operations per common share: | ||
Basic | $ (3.50) | $ (1.22) |
Diluted | (3.50) | (1.22) |
(Loss) income from discontinued operations per common share: | ||
Basic | (1.92) | 0.30 |
Diluted | (1.92) | 0.30 |
Net loss per common share attributable to Ampco-Pittsburgh: | ||
Basic | (5.57) | (0.98) |
Diluted | $ (5.57) | $ (0.98) |
Weighted average number of common shares outstanding: | ||
Basic | 12,448,000 | 12,330,000 |
Diluted | 12,447,919 | 12,330,401 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (67,476) | $ (11,302) |
Adjustments for changes in: | ||
Foreign exchange translation | (6,710) | 11,041 |
Unrecognized employee benefit costs (including effects of foreign currency translation) | 3,205 | 7,299 |
Unrealized holding gains on marketable securities | 0 | 602 |
Fair value of cash flow hedges | (713) | 804 |
Reclassification adjustments for items included in net loss: | ||
Amortization of unrecognized employee benefit costs | 89 | 3,283 |
Realized gains from sale of marketable securities | 0 | (29) |
Realized gains from settlement of cash flow hedges | (90) | (670) |
Other comprehensive (loss) income | (4,219) | 22,330 |
Comprehensive (loss) income | (71,695) | 11,028 |
Less: Comprehensive income attributable to noncontrolling interest | 1,682 | 904 |
Comprehensive (loss) income attributable to Ampco-Pittsburgh | $ (73,377) | $ 10,124 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Deficit) [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interest [Member] |
Beginning 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 (loss) income | 11,028 | 904 | ||||
Impact from adoption of ASU 2018-02 (Note 1) | 0 | 6,088 | (6,088) | |||
Issuance of common stock including excess tax benefits of $0 | 438 | 90 | 348 | |||
Cash dividends ($0.09 per share) | (1,094) | (1,094) | ||||
Ending Balance at Dec. 31, 2017 | 161,761 | 12,361 | 152,992 | 38,348 | (44,760) | 2,820 |
Impact from adoption of ASU 2016-01 (Note 1) at Dec. 31, 2017 | 0 | 632 | (632) | |||
Balance January 1, 2018, adjusted at Dec. 31, 2017 | 161,761 | 12,361 | 152,992 | 38,980 | (45,392) | 2,820 |
Stock-based compensation | 1,539 | 1,539 | ||||
Debt-to-equity conversion (Note 8) | 872 | 872 | ||||
Comprehensive (loss) income: | ||||||
Net (loss) income | (67,476) | (69,335) | 1,859 | |||
Other comprehensive (loss) income | (4,219) | (4,042) | (177) | |||
Comprehensive (loss) income | (71,695) | 1,682 | ||||
Issuance of common stock including excess tax benefits of $0 | 492 | 134 | 358 | |||
Ending Balance at Dec. 31, 2018 | $ 92,969 | $ 12,495 | $ 154,889 | $ (30,355) | $ (49,434) | $ 5,374 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Issuance of common stock tax benefits | $ 0 | $ 0 |
Cash dividends | $ 0.09 | |
Common Stock [Member] | ||
Issuance of common stock tax benefits | 0 | $ 0 |
Additional Paid-in Capital [Member] | ||
Issuance of common stock tax benefits | $ 0 | $ 0 |
Retained Earnings (Deficit) [Member] | ||
Cash dividends | $ 0.09 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (67,476) | $ (11,302) |
(Loss) income from discontinued operations, net of tax | (23,901) | 3,749 |
Net loss from continuing operations | (43,575) | (15,051) |
Adjustments to reconcile net loss from continuing operations to net cash flows from operating activities: | ||
Depreciation and amortization | 21,379 | 21,376 |
Charge for asbestos litigation | 32,910 | 0 |
Deferred income tax (benefit) provision | (1,810) | 3,177 |
Difference between pension and other postretirement expense and contributions | (6,145) | (1,857) |
Stock-based compensation | 2,115 | 2,400 |
Gain on sale of joint venture | (500) | (1,036) |
Provisions for bad debts and inventories | 105 | 60 |
Provision for warranties net of settlements | (1,505) | (654) |
Loss on disposal of assets | 128 | 401 |
Non-cash settlement with third party | (2,425) | 0 |
Other – net | 593 | 1,569 |
Changes in assets/liabilities: | ||
Receivables | 8,918 | (13,172) |
Inventories | (5,402) | (13,835) |
Other assets, including insurance receivable – asbestos | 21,298 | 19,952 |
Accounts payable | 5,217 | 1,174 |
Accrued payrolls and employee benefits | 1,458 | 941 |
Other liabilities, including asbestos liability | (26,049) | (24,492) |
Net cash flows provided by (used in) operating activities - continuing operations | 6,710 | (19,047) |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (9,719) | (13,011) |
Proceeds from sale of property, plant and equipment | 605 | 0 |
Proceeds from sale of Vertical Seal | 7,200 | 0 |
Proceeds from sale of investment in joint venture | 500 | 1,500 |
Purchases of long-term marketable securities | (113) | (109) |
Proceeds from sale of long-term marketable securities | 307 | 327 |
Net cash flows used in investing activities - continuing operations | (1,220) | (11,293) |
Cash flows from financing activities: | ||
Proceeds from Revolving Credit and Security Agreement | 31,471 | 25,349 |
Payments on Revolving Credit and Security Agreement | (37,500) | (5,000) |
Proceeds from sale and leaseback financing transaction | 19,000 | 0 |
Repayment of debt | (1,213) | (556) |
Debt issuance costs | (477) | 0 |
Dividends paid | (35) | (2,236) |
Funding of discontinued operations | (14,667) | (8,632) |
Net cash flows (used in) provided by financing activities - continuing operations | (3,421) | 8,925 |
Effect of exchange rate changes on cash and cash equivalents | (1,012) | 1,492 |
Cash flows from discontinued operations: | ||
Net cash flows (used in) provided by operating activities - discontinued operations | (13,434) | 3,208 |
Net cash flows used in investing activities - discontinued operations | (2,153) | (1,888) |
Net cash flows provided by financing activities - discontinued operations | 14,667 | 724 |
Net cash flows (used in) provided by discontinued operations | (920) | 2,044 |
Net increase (decrease) in cash and cash equivalents | 137 | (17,879) |
Cash and cash equivalents at beginning of year | 20,700 | 38,579 |
Cash and cash equivalents at end of year | 20,837 | 20,700 |
Less: cash and cash equivalents of discontinued operations | (1,124) | (2,044) |
Cash and cash equivalents | 19,713 | 18,656 |
Supplemental disclosures of cash flow information: | ||
Income tax payments | 1,419 | 844 |
Interest payments | 1,953 | 1,283 |
Non-cash investing activities: | ||
Purchases of property, plant and equipment in accounts payable | 774 | 1,068 |
Non-cash financing activities: | ||
Conversion of minority shareholder loan to equity (Note 8) | $ 872 | $ 0 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2018 | |
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 The Air and Liquid Processing Discontinued Operations In October 2018, the Board of Directors of the Corporation approved the sale of ASW Steel Inc. (“ASW”). ASW is a specialty steel producer based in Canada and is part of the Forged and Cast Engineered Products segment. The sale of ASW represents a strategic shift that will have a major impact on the Corporation’s results of operations and has been accounted for as a discontinued operation. See Note 2. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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 including intangibles and assets of discontinued operations held for sale, 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. Basis of Presentation The financial information included herein reflects the consolidated financial position of the Corporation as of December 31, 2018, and 2017, and the consolidated results of its operations and cash flows for the years then ended. The Corporation has presented the assets and liabilities of ASW and its operating results and cash flows as discontinued operations in the accompanying financial statements as of and for the year ended December 31, 2018, and 2017. All footnotes exclude balances and activity of ASW unless otherwise noted. Additionally, certain prior year balances in the accompanying consolidated statement of operations and segment information for the year ended December 31 2017, have been recast to conform to the current year presentation for the adoption of Accounting Standards Update (“ASU”) 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans. 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 where 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 control has not yet transferred to the customer. 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, 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 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 finite 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 finite 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. For finite-lived intangible assets, 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. For indefinite-lived intangible assets, if the discounted 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. Assets of Discontinued Operations Held for Sale Assets are classified as “held for sale” when all of the following criteria for a plan of sale have been met: (1) management, having the authority to approve the action, commits to a plan to sell the assets; (2) the assets are available for immediate sale, in their present condition, subject only to terms that are usual and customary for sales of such assets; (3) an active program to locate a buyer and other actions required to complete the plan to sell the assets have been initiated; (4) the sale of the assets is probable and is expected to be completed within one year; (5) the assets are being actively marketed for a price that is reasonable in relation to their current fair value; and (6) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or the plan will be withdrawn. When all of these criteria have been met, the assets are classified as “held for sale” in the accompanying consolidated balance sheet. Assets classified as “held for sale” are reported at the lower of their carrying value or fair value less costs to sell. Depreciation of assets ceases upon designation as “held for sale”. Debt Issuance Costs Debt issuance costs are amortized as interest expense over the scheduled maturity period of the debt. The costs related to the 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 A warranty that ensures basic functionality is an assurance type warranty. A warranty that goes beyond ensuring basic functionality is considered a service type warranty. The Corporation provides assurance type warranties; it does not provide service type warranties. Provisions for assurance type 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 within other noncurrent assets) 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 gains or losses in the fair market value of assets at the rate of 20% per 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, changes in the fair value of derivatives designated and effective as cash flow hedges, and, through December 31, 2017, unrealized holding gains and losses on securities designated as available for sale. Effective January 1, 2018, the Corporation adopted the provisions of ASU 2016-01, Recognition and Measurement of Financial Assets and Liabilities 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. Prior to the adoption of ASU 2016-01, unrealized holding gains and losses on securities were included in net income (loss) when the underlying security was 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, the sales price is fixed or determinable, collectability is reasonably assured, and control of the product has transferred to the customer. 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, combined with an order acknowledgment from the Corporation, a sales agreement or longer-term supply agreement between the customer and 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). Sales agreements typically include a single performance obligation for the manufacturing of product which is satisfied upon transfer of control of the product to the customer. 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 is known at the time of shipment and 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. In certain circumstances, the Corporation may require a deposit from the customer, a letter of credit, or another form of assurance for payment. An allowance for doubtful accounts is maintained based on historical experience. Payment terms are standard to the industry and generally require payment 30 days after control transfers to the customer. Transfer of control is assessed based on alternative use of the product manufactured and, under the terms of the sales agreement, an enforceable right to payment for performance to date. Transfer of control, and therefore revenue recognition, occurs when title, ownership and risk of loss pass to the customer. 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. Shipping terms vary across the businesses and typically depend on the product, country of origin and type of transportation (truck or vessel). 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, typically three years. For performance share awards that vest subject to a performance condition, the fair value is equal to the closing price of the Corporation’s stock on the NYSE on the date of grant. For performance share awards that vest subject to a market condition, fair value is determined using a Monte Carlo simulation model. The fair value of performance share awards is expensed over the performance period when it is probable that the performance condition will be achieved. Derivative Instruments Derivative instruments which include forward exchange (for foreign currency sales and purchases) and futures contracts are recorded on the consolidated balance sheet as either an asset or a liability measured at their fair value. The accounting for changes in the fair value of a derivative depends on the use of the derivative. To the extent that a derivative is designated and effective as a cash flow hedge of an exposure to future changes in value, the change in the fair value of the derivative is deferred in accumulated other comprehensive loss. Any portion considered to be ineffective, including that arising from the unlikelihood of an anticipated transaction to occur, is reported as a component of earnings (other income/expense) immediately. Upon occurrence of the anticipated sale, the foreign currency sales contract designated and effective as a cash flow hedge is de-designated as a fair value hedge and the change in fair value previously deferred in accumulated other comprehensive loss is reclassified to earnings (net sales) with subsequent changes in fair value recorded as a component of earnings (other income/expense). Upon occurrence of the anticipated purchase, the foreign currency purchase contract is settled and the change in fair value deferred in accumulated other comprehensive loss is reclassified to earnings (depreciation and amortization expense) over the life of the underlying assets. Upon settlement of a futures contract, the change in fair value deferred in accumulated other comprehensive loss is reclassified to earnings (costs of products sold, excluding depreciation and amortization) when the corresponding inventory is sold and revenue is recognized. To the extent that a derivative is designated and effective as a hedge of an exposure to changes in fair value, the change in the derivative’s fair value will be offset in the statement of operations by the change in the fair value of the item being hedged and is recorded as a component of earnings (other income/expense). Cash flows associated with the derivative instruments are recorded as a component of operating activities on the consolidated statement of cash flows. The Corporation does not enter into derivative transactions for speculative purposes and, therefore, holds no derivative instruments for trading purposes. Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. A hierarchy of inputs is used to determine fair value measurements with three levels. Level 1 inputs are quoted prices in active markets for identical assets or liabilities and are considered the most reliable evidence of fair value. Level 2 inputs are observable prices that are not quoted on active exchanges. Level 3 inputs are unobservable inputs used for measuring the fair value of assets or liabilities. Legal Costs Legal costs expected to be incurred in connection with loss contingencies are accrued when such costs are probable and estimable. Income Taxes Income taxes are recognized during the year in which transactions enter into the determination of financial statement income. Deferred income tax assets and liabilities are recognized for the future tax consequences of temporary differences between the book carrying amount and the tax basis of assets and liabilities including net operating loss carryforwards. 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. In January 2018, the Financial Accounting Standards Board (the “FASB”) released guidance on the accounting for tax on the global intangible low-taxed income (“GILTI”) provisions of the Tax Cuts and Jobs Act (the “Tax Reform”). The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. Any taxes on GILTI inclusions are accounted for as period costs. 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 12,447,919 for 2018, and 12,330,401 for 2017. Weighted-average outstanding stock awards excluded from the diluted earnings per common share calculation, since the effect would have been antidilutive, were 904,086 for 2018, and 1,013,008 for 2017. Recently Implemented Accounting Pronouncements In August 2018, Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement In January 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income 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 The effect of the retrospective guidance on the consolidated statements of operations for the year ended December 31, 2017, was as follows: Originally Presented (1) Reclassification for ASU 2017-07 As Adjusted Costs of products sold (excluding depreciation and amortization) $ 316,704 $ 279 $ 316,983 Selling and administrative 59,886 278 60,164 Loss from continuing operations (13,212 ) (557 ) (13,769 ) Other – net (1,278 ) 557 (721 ) Other income (expense) (4,230 ) 557 (3,673 ) Loss from continuing operations before income taxes and gain on sale of joint venture (17,442 ) 0 (17,442 ) The effect of the retrospective guidance on the operating results of the segments for the year ended December 31, 2017, was as follows: Originally Presented Reclassification for ASU 2017-07 As Adjusted Forged and Cast Engineered Products - operating loss (1) $ (5,669 ) $ (1,218 ) $ (6,887 ) Air and Liquid Processing - operating income 10,427 255 10,682 Corporate costs (17,970 ) 406 (17,564 ) (1) Originally Presented figures have been recast for discontinued operations. See Note 2. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Liabilities Retained Earnings Accumulated Comprehensive Loss As of January 1, 2018, as originally presented $ 38,348 $ (44,760 ) Cumulative effect of ASU 2016-01 632 (632 ) As of January 1, 2018, as adjusted $ 38,980 $ (45,392 ) In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) In connection with the adoption of Topic 606, as of January 1, 2018, the Corporation elected the following practical expedients: • to exclude the effects of a significant financing component from the amount of promised consideration when the Corporation expects, at contract inception, that the period between the Corporation's transfer of a promised product to a customer and the customer’s payment for the product will be one year or less; • to exclude any amounts collected from customers for sales and similar taxes from the transaction price; • to treat incremental costs of obtaining a contract as expense, when incurred, if the amortization period would have been one year or less; • to account for shipping and handling activities that occur after control of the related good transfers as fulfillment activities instead of assessing such activities as performance obligations; • to apply the new revenue standard to a portfolio of contracts (or performance obligations) with similar characteristics if the Corporation reasonably expects that the effects on the financial statements of applying the guidance to the portfolio would not differ materially from applying the guidance to the individual contracts (or performance obligations) within that portfolio; and • to assess whether promised goods or services are performance obligations only if they are material in the context of the contract with the customer. Recently Issued Accounting Pronouncements In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) Leases |
Discontinued Operations and Dis
Discontinued Operations and Disposition | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations and Disposition | NOTE 2 – DISCONTINUED OPERATIONS AND DISPOSITION: In 2016, the Corporation purchased the stock of ASW, a specialty steel producer based in Canada. The acquisition supported the Corporation’s diversification efforts in the open-die forging market. In October 2018, the Board of Directors of the Corporation approved the sale of ASW. Loss of significant U.S. business due to a combination of tariffs imposed by the United States on imports of steel products and loss of a key customer due to a plant closure have resulted in significant losses for the Canadian operation in 2018. While the Corporation will continue to service the open-die forged products market, it will not have a dedicated supply of required specialty steel through a back-end integration of ASW. Additionally, the Corporation will no longer manufacture and supply primary specialty steels to customers in the non-roll opened and closed die forgings and rebar markets and will exit the Canadian market. Collectively, the sale of ASW represents a strategic shift that will have a major impact on the Corporation’s operations and financial results. As of December 31, 2018, the asset held for sale and discontinued operations criteria were met. Accordingly, as set forth in ASC 205, Presentation of Financial Statements The assets and liabilities of ASW were as follows as of December 31, 2018, and 2017: 2018 2017 Cash and cash equivalents $ 1,124 $ 2,044 Receivables 6,928 5,161 Inventories 13,764 14,109 Other assets 1,708 1,044 Property, plant and equipment, net 11,714 0 Estimated charge for impairment (15,000 ) 0 Current assets of discontinued operations 20,238 22,358 Property, plant and equipment, net 0 10,847 Other noncurrent assets 0 585 Noncurrent assets of discontinued operations 0 11,432 Total assets of discontinued operations $ 20,238 $ 33,790 Accounts payable $ 8,890 $ 12,036 Accrued payrolls and employee benefits 178 440 Other current liabilities 390 648 Current liabilities of discontinued operations 9,458 13,124 Total liabilities of discontinued operations $ 9,458 $ 13,124 The following table presents the major classes of ASW’s line items constituting the “(loss) income from discontinued operations, net of tax” in the consolidated statements of operations for the years ended December 31: 2018 2017 Net sales $ 63,740 $ 81,283 Costs of products sold (excluding depreciation and amortization) 68,381 75,005 Selling and administrative 2,441 1,424 Depreciation and amortization 1,311 1,011 Gain on disposal of assets (153 ) 0 Charge for impairment 15,000 0 (Loss) income from discontinued operations (23,240 ) 3,843 Other income (expense) (661 ) (94 ) (Loss) income from discontinued operations before income taxes (23,901 ) 3,749 Income tax provision 0 0 (Loss) income from discontinued operations, net of tax $ (23,901 ) $ 3,749 Net sales for the years ended December 31, 2018, and 2017, include $22,805 and $34,037, respectively, of product sold by ASW to Union Electric Steel Corporation (“UES”), a subsidiary of the Corporation. Costs of products sold (excluding depreciation and amortization) approximated the same. In connection with the sale, the Corporation expects to enter into a longer-term supply agreement for the supply of steel ingots. The charge for impairment was calculated based on estimated proceeds and adjusts the carrying value of ASW to its estimated fair value less costs to sell. As of December 31, 2018, the asset held for sale and discontinued operations criteria were met; accordingly, the fair value of ASW was measured at December 31, 2018, using unobservable, Level 3 inputs. On October 31, 2018, the Corporation sold certain net assets of the Vertical Seal division of Akers National Roll Company (“Vertical Seal”), a subsidiary of the Corporation, to Roser Technologies, Inc. and WIR II, LLC for approximately net book value, or $7,200. As part of the Forged and Cast Engineered Products segment, Vertical Seal manufactured custom-designed parts and provided specialty services to rolling mill customers located throughout North America. The sale of Vertical Seal did not qualify as a discontinued operation as it did not represent a strategic shift that has (or will have) a major effect on the Corporation’s operations and financial results. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 3 – INVENTORIES: 2018 2017 Raw materials $ 19,615 $ 20,594 Work-in-progress 42,339 42,113 Finished goods 20,650 19,232 Supplies 11,592 11,513 Inventories $ 94,196 $ 93,452 At December 31, 2018, and 2017, approximately 36% and 49%, respectively, of the inventories were valued using the LIFO method. The LIFO reserve approximated $(26,058) and $(16,063) at December 31, 2018, and 2017, 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 $2,159 and $490 for 2018 and 2017, respectively. There was no income tax expense recognized in the consolidated statements of operations 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 19. Accordingly, the effect of the liquidations reduced net loss by approximately $2,159, or $0.17 per common share, for 2018 and approximately $490, or $0.04 per common share, for 2017. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | NOTE 4 – PROPERTY, PLANT AND EQUIPMENT: 2018 2017 Land and land improvements $ 10,207 $ 10,443 Buildings 65,425 66,403 Machinery and equipment 332,378 332,957 Construction-in-process 3,499 4,193 Other 6,813 7,189 418,322 421,185 Accumulated depreciation (232,661 ) (217,052 ) Property, plant and equipment, net $ 185,661 $ 204,133 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 $2,672 (£2,098) at December 31, 2018, 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 $3,716 and $1,340, respectively, as of December 31, 2018, and $4,082 and $1,101, respectively, as of December 31, 2017. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 5 – INTANGIBLE ASSETS: 2018 2017 Customer relationships $ 6,234 $ 6,543 Developed technology 4,322 4,429 Trade name 2,497 2,696 13,053 13,668 Accumulated amortization (3,828 ) (2,647 ) Intangible assets, net $ 9,225 $ 11,021 The following summarizes changes in intangible assets for the years ended December 31: 2018 2017 Balance at the beginning of the year $ 11,021 $ 11,601 Changes in intangible assets (Vertical Seal) (177 ) 0 Amortization of intangible assets (1,221 ) (1,219 ) Other, primarily impact from changes in foreign currency exchange rates (398 ) 639 Balance at the end of the year $ 9,225 $ 11,021 Intangible assets include an indefinite-lived trade name of $2,497 and $2,696 as of December 31, 2018, and 2017, respectively, that is not subject to amortization. Changes during the year ended December 31, 2018, represent intangible assets of the Vertical Seal division of Akers National Roll Company which was sold in 2018. |
Investments in Joint Ventures
Investments in Joint Ventures | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Joint Ventures | NOTE 6 – 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 rolls for hot strip mills, steckel mills and medium plate mills. • Masteel Gongchang Roll Co., Ltd. (“MG”) – a forged roll joint venture in China for which the Corporation accounts using the cost method of accounting. MG principally manufactures and sells large forged backup 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 rolls for hot and cold strip mills, medium/heavy section mills and plate mills. ATR In 2007, Åkers AB, a subsidiary of UES, 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 The Corporation has a 33% interest in MG which is recorded at cost, or approximately $835. The Corporation does not participate in the management or daily operation of MG, 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. No dividends were declared or received in 2018 or 2017. 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. Dividends of $377 were declared and received in 2018. No dividends were declared or received in 2017. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | NOTE 7 – OTHER CURRENT LIABILITIES: 2018 2017 Customer-related liabilities $ 16,439 $ 18,189 Accrued interest payable 2,333 2,697 Accrued sales commissions 1,637 2,301 Other 8,578 13,254 Other current liabilities $ 28,987 $ 36,441 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: 2018 2017 Balance at the beginning of the year $ 11,379 $ 11,439 Satisfaction of warranty claims (5,069 ) (3,941 ) Provision for warranty claims 3,564 3,287 Other, primarily impact from changes in foreign currency exchange rates (427 ) 594 Balance at the end of the year $ 9,447 $ 11,379 Customer deposits represent amounts collected from, or invoiced to, a customer in advance of revenue recognition, and are recorded as an other current liability on the balance sheet. The liability for customer deposits is reversed when the Corporation satisfies its performance obligations and control of the inventory transfers to the customer, typically when title transfers. Performance obligations related to customer deposits are expected to be satisfied in less than one year. Changes in customer deposits consisted of the following: 2018 2017 Balance at beginning of the period $ 4,574 $ 6,786 Satisfaction of performance obligations (10,885 ) (15,089 ) Receipt of additional deposits 10,701 12,745 Other, primarily changes in foreign currency exchange rates (86 ) 132 Balance at end of the period $ 4,304 $ 4,574 |
Borrowing Arrangements
Borrowing Arrangements | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Borrowing Arrangements | NOTE 8 – BORROWING ARRANGEMENTS: 2018 2017 Revolving Credit and Security Agreement $ 14,320 $ 20,349 Sale and leaseback financing obligation 18,518 0 Promissory notes (and interest) 26,205 25,395 Industrial Revenue Bonds 13,311 13,311 Minority shareholder loan 4,056 5,325 Capital leases 1,199 1,773 Outstanding borrowings 77,609 66,153 Debt – current portion (45,728 ) (19,335 ) Long-term debt $ 31,881 $ 46,818 Future principal payments, assuming demand loans are called in 2019 and the Industrial Revenue Bonds are not able to be remarketed, are $45,728 for 2019, $1,990 for 2020, $16,162 for 2021, $1,796 for 2022, $1,646 for 2023, and $10,287 thereafter. Revolving Credit and Security Agreement The Corporation has a five-year Revolving Credit and Security Agreement (the “Credit Agreement”) with a syndicate of banks that expires in May 2021. 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 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. In 2018, the banks provided their consent to a sale and leaseback financing transaction, whereby UES sold certain of its real estate assets to Store Capital Acquisitions, LLC. In connection with providing the consent, the Credit Agreement was amended to increase the interest rate margin by one-half percent per annum for any borrowings, add certain additional reporting requirements regarding beneficial ownership of the Corporation, and update certain schedules to the Credit Agreement. All other material terms, conditions, and covenants with respect to the Credit Agreement remain unchanged. Availability under the Credit Agreement is based on eligible accounts receivable, inventory and fixed assets. As amended, amounts outstanding under the credit facility bear interest at the Corporation’s option at either (i) LIBOR plus an applicable margin ranging between 1.75% to 2.25% based on the quarterly average excess availability or (ii) the base rate plus an applicable margin ranging between 0.75% to 1.25% 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, 2018, the Corporation had outstanding borrowings under the Credit Agreement of $14,320 (including £3,000 of European borrowings for its U.K. subsidiary and $4,500 of Canadian borrowings for ASW). Interest accrued on the outstanding balance during the year at an average rate of interest of approximately 3.34%. Additionally, the Corporation had utilized a portion of the credit facility for letters of credit (Note 10). As of December 31, 2018, remaining availability under the Credit Agreement approximated $35,000, net of availability reserves associated with proceeds from the sale and leaseback financing transaction Borrowings outstanding under the Credit Agreement are 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, 2018. Sale and Leaseback Financing Obligation In September 2018, UES completed a sale and leaseback financing transaction for certain of its real property, including the land and buildings of its manufacturing facilities in Valparaiso, Indiana and Burgettstown, Pennsylvania, and its manufacturing facility and corporate headquarters located in Carnegie, Pennsylvania (the “Properties”). Simultaneously with the sale, UES entered into a lease agreement pursuant to which UES would lease the Properties from the buyer. The lease provides for an initial term of 20 years; however, UES may extend the lease for four successive periods of approximately five years each. If fully extended, the lease would expire in September 2058. UES also has the option to repurchase the Properties, which it may exercise in 2025, for a price equal to the greater of (i) the Fair Market Value of the Properties, or (ii) 115% of Lessor’s Total Investment for the Facilities, with such terms defined in the lease agreement. The sale and leaseback financing transaction does not qualify for sale and leaseback accounting due to UES’ ability to repurchase the Properties in 2025. Accordingly, the net asset value of the Properties is not removed and a gain or loss on the sale of the Properties is not recognized. Instead, proceeds are recognized as a debt obligation on the consolidated balance sheet. Gross proceeds equaled $19,000. The initial annual payment approximates $1,646, due monthly in advance, which is included in debt – current portion on the consolidated balance sheet. Annual payments will increase each anniversary date by an amount equal to the lesser of 2% or 1.25% of the change in the consumer price index, as defined in the lease agreement. The effective interest rate approximated 6% for 2018. Deferred financing fees of approximately $477 were incurred, which are recognized as a reduction of the financing obligation, and are being amortized over seven years. Promissory Notes In connection with a March 2016 acquisition, the Corporation issued three-year promissory notes amounting to $22,619. In 2018, the Corporation and the sellers mutually agreed to reduce the promissory notes by an amount owed to the Corporation resulting in a principal balance of $21,917. The notes bear interest at 6.5%, compounding annually, with principal and interest payable at maturity. As of December 31, 2018, accrued interest approximated $4,288, which is included in debt – current portion. As of December 31, 2017, accrued interest approximated $2,776, which was included in long-term debt. Principal and accrued interest of $26,474 were paid on March 4, 2019. Industrial Revenue Bonds As of December 31, 2018, 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 1.47% during the current year; (ii) $7,116 taxable IRB maturing in 2027, interest at a floating rate which averaged 2.06% during the current year; and (iii) $2,075 tax-exempt IRB maturing in 2029, interest at a floating rate which averaged 1.46% 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 immediately from the letters of credit which serve as collateral for the bonds. Accordingly, the IRBs are recorded as current debt. Minority Shareholder Loan ATR has a 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 loan balance approximated $4,056 (RMB 27,901) at December 31, 2018, and $5,325 (RMB 34,655) at December 31, 2017. During 2018, ATR repaid $449 (RMB 3,090) in principal and $145 (RMB 1,000) in accrued interest, Additionally, the shareholders of ATR converted a portion of their loans outstanding with ATR to equity. The conversion was in proportion to their respective ownership interest, with TISCO converting $872 (RMB 6,000) of its loans to equity. The interest rate for 2018 approximated 5% and accrued interest as of December 31, 2018, and 2017, approximated $2,297 (RMB 15,800) and $2,682 (RMB 17,457) which is recorded in other current liabilities. Capital Leases The Corporation leases equipment under various noncancelable lease agreements ending 2019 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, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits | NOTE 9 – PENSION AND OTHER POSTRETIREMENT BENEFITS: U.S. Pension Benefits The Corporation has two qualified domestic defined benefit pension plans that cover substantially all of its U.S. employees. Over the past few years, measures have been taken to freeze benefit accruals and participation in the plans and replace benefit accruals with employer contributions to defined contribution plans. As of December 31, 2018, all benefit accruals and participation in the plans have been curtailed except for two locations. The defined benefit pension plans remain 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. Minimum contributions for 2018 approximated $1,211. No minimum contributions were required for 2017. Minimum contributions for 2019 are expected to approximate $1,260. Estimated benefit payments for subsequent years are $14,576 for 2019, $14,522 for 2020, $14,725 for 2021, $14,789 for 2022, $14,803 for 2023 and $73,146 for 2024 – 2028. The fair value of the plan assets as of December 31, 2018, and 2017, approximated $182,541 and $199,138, respectively, in comparison to accumulated benefit obligations of $226,618 and $245,317 for the same periods. Employer contributions to the defined contribution plans totaled $3,169 and $2,588 for 2018 and 2017, respectively, and are expected to approximate $2,943 in 2019. The Corporation also maintains nonqualified defined benefit pension plans for selected executives in addition to the benefits provided under one of the Corporation’s qualified defined benefit pension plans. 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 2018 or 2017, and none are expected in 2019. The fair market value of the trust at December 31, 2018, and 2017, which is included in other noncurrent assets, was $3,659 and $4,204, respectively. The plan is treated as a non-funded pension plan for financial reporting purposes. Accumulated benefit obligations approximated $6,852 and $7,202 at December 31, 2018, and 2017, respectively. Estimated benefit payments for subsequent years, which would represent employer contributions, are approximately $445 for 2019, $464 for 2020, $489 for 2021, $511 for 2022, $519 for 2023 and $2,591 for 2024 – 2028. 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; and • Assets of approximately $11.9 billion and a funded status of approximately 92%. 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 2018 and 2017 and represent less than five percent of total contributions to the plan by all contributing employers. Contributions are expected to approximate $279 in 2019. Foreign Pension Benefits Employees of UES-UK participated 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, when necessary, the Trustees and UES-UK agree 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 $982 and $1,521 in 2018 and 2017, respectively. The plan is fully funded as of December 31, 2018; accordingly, no contributions are expected in 2019. The fair value of the plan’s assets as of December 31, 2018, and 2017, approximated $49,651 (£38,991) and $56,419 (£41,820), respectively, in comparison to accumulated benefit obligations of $47,459 (£37,269) and $57,540 (£42,650) for the same periods. Estimated benefit payments for subsequent years are $1,973 for 2019, $1,833 for 2020, $1,802 for 2021, $1,731 for 2022, $2,351 for 2023 and $11,766 for 2024 – 2028. Contributions to the defined contribution pension plan approximated $363 and $311 in 2018 and 2017, respectively, and are expected to approximate $391 in 2019. The Corporation has two additional foreign defined benefit pension plans, which are unfunded. Projected and accumulated benefit obligations approximated $6,878 and $7,073 at December 31, 2018, and 2017, respectively. Estimated benefit payments for subsequent years, for both plans combined, are $276 for 2019, $288 for 2020, $289 for 2021, $282 for 2022, $274 for 2023 and $1,543 for 2024 – 2028. Other Postretirement Benefits The Corporation provides a monthly reimbursement of postretirement health care benefits for up to a 5-year period principally to the bargaining groups of two subsidiaries. The plans cover participants and their spouses who retire under an existing pension plan on other than a deferred vested basis and at the time of retirement have also rendered 10 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. 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, are approximately $1,411 for 2019, $1,313 for 2020, $1,119 for 2021, $1,092 for 2022, $1,053 for 2023 and $5,577 for 2024-2028. Significant Activity In 2018, the Corporation offered a temporary early retirement incentive program to full-time salaried participants at certain locations that either met the eligibility requirements for an unreduced pension or attained age 55 and had 3.5 years of service under the plan. Participants selecting the early retirement incentive will receive an unreduced pension, a lump sum payment ranging between $10 and $25 dependent upon the participant’s combined age and years of service, and one year of health insurance benefits. The early retirement incentive program increased employee benefit obligations and associated expense by $1,476 and is recorded as a special termination benefit. In connection with the ratification of a collective bargaining agreement for employees of the UES Harmon Creek Steelworkers Location, employee participation in a qualified domestic defined benefit pension plan was frozen effective May 31, 2018. Benefit accruals have been replaced with employer non-elective contributions to a defined contribution plan equaling 3% of compensation and a matching contribution of up to 4% of compensation. The plan freeze resulted in remeasurement of the liability, reducing the liability by $1,726, and a curtailment loss of $21. Actuarial (gains) losses were comprised of the following components: U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2018 2017 2018 2017 2018 2017 Changes in assumptions $ (16,642 ) $ 12,566 $ (5,298 ) $ 616 $ (914 ) $ (1,103 ) GMP equalization 0 0 982 0 0 0 Change from RPI to CPI 0 0 0 (8,760 ) 0 0 Other (420 ) 1,259 (1,446 ) 190 (229 ) (1,067 ) Total actuarial (gains) losses $ (17,062 ) $ 13,825 $ (5,762 ) $ (7,954 ) $ (1,143 ) $ (2,170 ) Changes in assumptions used to determine plan liabilities, particularly for discount rates, increase (decrease) projected benefit obligations. A 1/4 percentage point decrease in the discount rate would increase projected and accumulated benefit obligations by approximately $8,300. Conversely, a 1/4 percentage point increase in the discount rate would decrease projected and accumulated benefit obligations by approximately $8,300. In 2018, the High Court of Justice in the United Kingdom issued a ruling requiring equalization of benefits for participants under U.K. defined benefit pension plans. The inequities arose from statutory differences related to Guaranteed Minimum Pension (GMP) benefits that are included in U.K. defined benefit pension plans. The impact of the GMP equalization for the UES-UK defined benefit pension plan approximated $982, which was recognized as a prior service cost and will be amortized over the average remaining lifetime of the participants, or approximately 25 years at December 31, 2018. In 2017, the Trustees of the UES-UK defined benefit pension plan and UES-UK agreed that, effective January 1, 2018, future increases to participants’ non-GMP pensions would be based on the increase in the Consumer Price Index (CPI) instead of the Retail Price Index (RPI). The effect of the change reduced employee benefit obligations by approximately $8,760 for the year ended December 31, 2017, and was recognized as past service cost to be amortized over the average remaining lifetime of the participants. 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 (b) Other Postretirement Benefits 2018 2017 2018 2017 2018 2017 Change in projected benefit obligations: PBO at January 1 $ 254,976 $ 244,440 $ 64,613 $ 66,910 $ 16,979 $ 19,059 Service cost 1,225 1,651 477 150 457 492 Interest cost 8,473 8,413 1,391 1,845 494 571 Plan amendments 0 0 0 0 0 165 Special termination benefits 1,350 0 0 0 126 0 Plan curtailments (1,726 ) 0 0 0 0 0 Foreign currency exchange rate changes 0 0 (3,434 ) 5,948 0 0 Actuarial (gains) losses (17,062 ) 13,825 (5,762 ) (7,954 ) (1,143 ) (2,170 ) Participant contributions 0 0 0 0 104 92 Benefits paid from plan assets (13,043 ) (12,950 ) (2,282 ) (1,813 ) 0 0 Benefits paid by the Corporation (403 ) (403 ) (666 ) (473 ) (1,207 ) (1,230 ) PBO at December 31 $ 233,790 $ 254,976 $ 54,337 $ 64,613 $ 15,810 $ 16,979 Change in plan assets: Fair value of plan assets at January 1 $ 199,138 $ 188,722 $ 56,419 $ 48,055 $ 0 $ 0 Actual return on plan assets (4,765 ) 23,366 (2,477 ) 3,998 0 0 Foreign currency exchange rate changes 0 0 (2,991 ) 4,673 0 0 Corporate contributions 1,614 403 1,648 1,979 1,103 1,138 Participant contributions 0 0 0 0 104 92 Gross benefits paid (13,446 ) (13,353 ) (2,948 ) (2,286 ) (1,207 ) (1,230 ) Fair value of plan assets at December 31 $ 182,541 $ 199,138 $ 49,651 $ 56,419 $ 0 $ 0 Funded status of the plans: Fair value of plan assets $ 182,541 $ 199,138 $ 49,651 $ 56,419 $ 0 $ 0 Less benefit obligations 233,790 254,976 54,337 64,613 15,810 16,979 Funded status at December 31 $ (51,249 ) $ (55,838 ) $ (4,686 ) $ (8,194 ) $ (15,810 ) $ (16,979 ) (a) Includes the nonqualified defined benefit pension plan. (b) Includes the overfunded U.K. defined benefit pension plan and two smaller underfunded defined benefit pension plans. The following provides a summary of amounts recognized in the consolidated balance sheets. U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2018 2017 2018 2017 2018 2017 Employee benefit obligations: Prepaid pensions (a) $ 0 $ 0 $ 2,192 $ 0 $ 0 $ 0 Accrued payrolls and employee benefits (b) (436 ) (432 ) 0 0 (1,395 ) (1,371 ) Employee benefit obligations (c) (50,813 ) (55,406 ) (6,878 ) (8,194 ) (14,415 ) (15,608 ) $ (51,249 ) $ (55,838 ) $ (4,686 ) $ (8,194 ) $ (15,810 ) $ (16,979 ) Accumulated other comprehensive loss: (d) Net actuarial loss (gain) $ 45,041 $ 47,252 $ 22,149 $ 25,914 $ (2,123 ) $ (1,211 ) Prior service cost (credit) 91 156 (7,402 ) (9,174 ) (12,202 ) (13,809 ) $ 45,132 $ 47,408 $ 14,747 $ 16,740 $ (14,325 ) $ (15,020 ) (a) Represents the overfunded U.K. defined benefit pension plan which is recorded as a noncurrent asset in the consolidated balance sheet. ( b ) Recorded as a current liability in the consolidated balance sheet. ( c ) Recorded as a noncurrent liability in the consolidated balance sheet. ( d ) Amounts are pre-tax. 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 U.S defined benefit pension plans follow 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. In the latter part of 2018, the Corporation changed investment managers; accordingly, at December 31, 2018, there is 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, 2018 2018 2017 Dec. 31, 2018 2018 2017 Equity Securities 45 % 25 % 58 % 44 % 50 % 49 % Fixed-Income Securities 42 % 45 % 21 % 35 % 35 % 33 % Alternative Investments 10 % 10 % 16 % 21 % 15 % 17 % Other (primarily cash and cash equivalents) 3 % 20 % 5 % 0 % 0 % 1 % 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 achieve capital growth by tracking closely the performance of the applicable FTSE index. 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 approved by the Trustees of the UES-UK defined benefit pension plan. 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, 2018, 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 $ 891 $ 0 $ 0 $ 891 Consumer staples 602 0 0 602 Energy 415 0 0 415 Financial 1,075 0 0 1,075 Healthcare 1,718 0 0 1,718 Industrials 780 0 0 780 Information technology 1,632 0 0 1,632 Materials 177 0 0 177 Mutual funds 36,883 0 0 36,883 Telecommunications 560 0 0 560 Utilities 264 0 0 264 Total Equity Securities 44,997 0 0 44,997 Fixed Income Securities: Corporate bonds 0 44,786 0 44,786 Treasury bonds 25,605 0 0 25,605 Agency bonds 0 10,334 0 10,334 Total Fixed Income Securities 25,605 55,120 0 80,725 Alternative Investments: Managed funds (a) 0 0 23,673 23,673 Total Alternative Investments 0 0 23,673 23,673 Other: Cash and cash equivalents (b) 33,146 0 0 33,146 Total Other 33,146 0 0 33,146 $ 103,748 $ 55,120 $ 23,673 $ 182,541 (a) Includes approximately 74.0% in alternative investments (real assets, commodities and resources, absolute return funds) and 26.0% in cash and cash equivalents. (b) Includes investments in temporary funds. 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. Asset categories based on the nature and risks of the Foreign Pension Benefit Plan’s assets as of December 31, 2018, 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 $ 3,949 $ 0 $ 3,949 Commingled Funds (International) 0 20,645 0 20,645 Total Equity Securities 0 24,594 0 24,594 Fixed-Income Securities: Commingled Funds (U.K.) 0 17,332 0 17,332 Alternative Investments: Hedge and Absolute Return Funds 0 0 7,569 7,569 Cash and cash equivalents 156 0 0 156 $ 156 $ 41,926 $ 7,569 $ 49,651 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 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, 2018. U.S. Pension Benefits Foreign Pension Benefits 2018 2017 2018 2017 Fair value as of January 1 $ 49,838 $ 33,830 $ 9,637 $ 8,593 Contributions 0 16,000 0 0 Withdrawals (26,131 ) (5,364 ) (1,037 ) 0 Realized gains (losses) 9,061 1,304 (436 ) 0 Change in net unrealized (losses) gains (9,095 ) 4,068 (98 ) 229 Other, primarily impact from changes in foreign currency exchange rates 0 0 (497 ) 815 Fair value as of December 31 $ 23,673 $ 49,838 $ 7,569 $ 9,637 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 each of the years. U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2018 2017 2018 2017 2018 2017 Service cost $ 1,225 $ 1,651 $ 477 $ 150 $ 457 $ 492 Interest cost 8,473 8,413 1,391 1,845 494 571 Expected return on plan assets (13,282 ) (12,503 ) (2,580 ) (2,239 ) 0 0 Amortization of: Prior service cost (credit) 44 52 (336 ) 0 (1,607 ) (1,607 ) Actuarial loss (gain) 1,471 4,111 727 751 (231 ) (24 ) Special termination benefits 1,350 0 0 0 126 0 Curtailment loss 21 0 0 0 0 0 $ (698 ) $ 1,724 $ (321 ) $ 507 $ (761 ) $ (568 ) 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, 2018, and 2017, are summarized below. U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2018 2017 2018 2017 2018 2017 Discount rate 4.23-4.34% 3.63-3.72% 3.00 2.45% 4.09-4.33% 3.46-3.69% Wage increases n/a 3.00% n/a n/a n/a n/a In addition, the assumed health care cost trend rate at December 31, 2018, for other postretirement benefits is 6% for 2019 gradually decreasing to 4.75% in 2021. 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. 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 2018 2017 2018 2017 2018 2017 Discount rate 3.63-4.34% 4.02-4.25% 2.45% 2.50-2.65% 3.46-3.69% 3.90-4.13% Expected long-term rate of return 6.95-7.50% 6.95-7.50% 4.65% 4.45% n/a n/a Wages increases n/a 3.00% n/a n/a n/a n/a |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018, approximated $21,000, the majority of which serves as collateral for the IRB debt. In addition, outstanding surety bonds guaranteeing certain obligations of two of the Corporation’s foreign pension benefit plans approximated $4,000 (SEK 33,900) as of December 31, 2018. Approximately 39% of the Corporation’s employees, including ASW, are covered by collective bargaining agreements that have expiration dates ranging from August 2019 to May 2022. Collective bargaining agreements expiring in 2019 (representing approximately 55% of the covered employees) will be negotiated with the intent to secure mutually beneficial, long-term arrangements. See Note 12 regarding derivative instruments, Note 18 regarding litigation and Note 20 for environmental matters. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | NOTE 11 – 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 years ended December 31, 2017, and 2018, 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, 2017 (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 0 (6,142 ) 0 54 (6,088 ) Balance at December 31, 2017 (11,932 ) (34,196 ) 632 739 (44,757 ) Cumulative effect of ASU 2016-01 0 0 (632 ) 0 (632 ) Balance at January 1, 2018, adjusted (11,932 ) (34,196 ) 0 739 (45,389 ) Net Change (6,710 ) 3,294 0 (803 ) (4,219 ) Balance at December 31, 2018 $ (18,642 ) $ (30,902 ) $ 0 $ (64 ) $ (49,608 ) On January 1, 2018, ASU 2016-01 became effective, which requires entities to record changes in fair value for certain investments in equity securities through net income (loss) versus other comprehensive income (loss). Accordingly, no amounts for changes in fair value of the Corporation’s marketable securities were reclassified from accumulated other comprehensive loss to net loss for the year ended December 31, 2018. For the year ended December 31, 2017, the Corporation reclassified an insignificant amount of realized gains from the sale of marketable securities to the consolidated statement of operations. Prior year amounts for the amortization of unrecognized employee benefit costs have been adjusted to include the effects of ASU 2017-07, which became effective on January 1, 2018. 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 loss. 2018 2017 Amortization of unrecognized employee benefit costs: Other expense $ 89 $ 3,283 Income tax provision 0 0 Net of income tax $ 89 $ 3,283 Realized gains from settlement of cash flow hedges: Depreciation and amortization (foreign currency purchase contracts) $ (23 ) $ (31 ) Costs of products sold (excluding depreciation and amortization) (futures contracts – copper and aluminum) (67 ) (639 ) Total before income tax (90 ) (670 ) Income tax provision 0 0 Net of income tax $ (90 ) $ (670 ) There was no income tax expense (benefit) associated with the various components of other comprehensive income (loss) for either year due to the Corporation having a valuation allowance recorded against its deferred income tax assets for the jurisdiction where the expense is recognized. Foreign currency translation adjustments exclude the effect of income taxes since earnings of non-U.S. subsidiaries are deemed to be reinvested for an indefinite period of time. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | NOTE 12 – 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, 2018, approximately $32,983 of anticipated foreign-denominated sales has been hedged which are covered by fair value contracts settling at various dates through January 2020. 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, 2018, approximately 51% or $2,547 of anticipated copper purchases over the next nine months and 56% or $507 of anticipated aluminum purchases over the next six months are hedged. The Corporation previously entered into foreign currency purchase contracts to manage the volatility associated with euro-denominated progress payments to be made for certain machinery and equipment. As of December 31, 2010, all contracts had been settled and the underlying fixed assets were placed in service. No portion of the existing cash flow or fair value hedges is considered to be ineffective, including any ineffectiveness arising from the unlikelihood of an anticipated transaction to occur. Additionally, no amounts have been excluded from assessing the effectiveness of a hedge. The Corporation does not enter into derivative transactions for speculative purposes and, therefore, holds no derivative instruments for trading purposes. The following summarizes location and fair value of the foreign currency sales contracts recorded on the consolidated balance sheets as of December 31: Location 2018 2017 Fair value hedge contracts Other current assets $ 44 $ 961 Other current liabilities 950 89 Other noncurrent liabilities 70 1 Fair value hedged item Receivables 232 (269 ) Other current assets 967 169 Other noncurrent assets 105 16 Other current liabilities 12 907 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 2018 and 2017 have no tax effect due to the Corporation recording a valuation allowance against its deferred income tax assets in the related jurisdictions. See Note 19. The difference between the balances at December 31, 2017, and January 1, 2018, represents the impact from the adoption of ASU 2018-02. For the Year Ended December 31, 2018 Beginning of the Year Recognized Reclassified End of the Year Foreign currency purchase contracts $ 239 $ 0 $ 23 $ 216 Future contracts – copper and aluminum 500 (713 ) 67 (280 ) Change in fair value $ 739 $ (713 ) $ 90 $ (64 ) For the Year Ended December 31, 2017 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 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 2018 2017 Foreign currency purchase contracts Depreciation and amortization $ 27 $ 23 $ 31 Futures contracts – copper and aluminum Costs of products sold (excluding depreciation and amortization) (280 ) 67 639 Losses on foreign exchange transactions included in other expense approximated $(1,480) and $(747) for 2018 and 2017, respectively. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 13 – 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: 2018 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 $ 3,659 $ 0 $ 0 $ 3,659 Foreign currency exchange contracts Other current assets 0 1,011 0 1,011 Other noncurrent assets 0 105 0 105 Other current liabilities 0 962 0 962 Other noncurrent liabilities 0 70 0 70 2017 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 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. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | NOTE 14 – REVENUE: Net sales by geographic area for the years ended December 31, 2018, and 2017, are outlined below. When disaggregating revenue, consideration was given to information regularly reviewed by the chief operating decision maker to evaluate the financial performance of the operating segments and make resource allocation decisions. Net Sales (1) Geographic Areas: 2018 2017 United States $ 209,536 $ 194,982 Foreign 209,896 190,173 $ 419,432 $ 385,155 Net Sales by Product Line (2) 2018 2017 Forged and cast mill rolls $ 270,241 $ 254,638 Forged engineered products 59,289 42,645 Heat exchange coils 26,761 28,998 Centrifugal pumps 35,868 35,607 Air handling systems 27,273 23,267 $ 419,432 $ 385,155 (1) Net sales are attributed to countries based on location of the customer. Sales to individual countries were less than 10% of consolidated net sales for each of the years. ( 2 ) For 2018 and 2017, no customers within the Forged and Cast Engineered Products exceeded 10% of its net sales. For the Air and Liquid Processing segment, one customer accounted for 13% of its net sales in 2018 and no customers exceeded 10% of net sales for 2017. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | NOTE 15 – 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 140,251 shares at December 31, 2018) 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 72,170 and 50,000 in 2018 and 2017, 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 typically 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 $2,246 at December 31, 2018, and is expected to be recognized over a weighted average period of approximately 2 years. A summary of outstanding incentive options (RSUs and PSUs) as of December 31, 2017, and 2018, and activity for the years then ended, 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 Granted 117,501 9.70 94,703 10.06 Converted to common stock (83,786 ) 16.38 0 N/A Forfeited/cancelled (19,716 ) 13.65 (70,630 ) 18.79 Outstanding at December 31, 2018 172,705 $ 11.77 126,587 $ 11.19 A summary of outstanding stock options as of December 31, 2017, and 2018, and activity for the years then ended, 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/cancelled (190,501 ) 26.03 Outstanding at December 31, 2017 815,335 23.61 3.3 0 Granted 0 N/A Exercised 0 N/A Forfeited/cancelled (209,750 ) 32.47 Outstanding at December 31, 2018 605,585 $ 20.54 2.8 $ 0 Exercisable at December 31, 2018 605,585 $ 20.54 2.8 $ 0 Vested or expected to vest at December 31, 2018 605,585 $ 20.54 2.8 $ 0 Stock-based compensation expense for all awards, including expense for shares to be issued to non-employee directors, approximated $2,115 and $2,400 for 2018 and 2017, respectively. There was no income tax benefit recognized in the consolidated statements of operations 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 19. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Operating Leases | NOTE 16 – OPERATING LEASES: The Corporation leases certain factory and office space and certain equipment. Operating lease expense was $1,412 in 2018 and $1,244 in 2017. Operating lease payments for subsequent years are $582 for 2019, $426 for 2020, $374 for 2021, $355 for 2022, $345 for 2023 and $4,249 thereafter. |
Research and Development Costs
Research and Development Costs | 12 Months Ended |
Dec. 31, 2018 | |
Research And Development [Abstract] | |
Research and Development Costs | NOTE 17 – RESEARCH AND DEVELOPMENT COSTS: Expenditures relating to the development of new products, identification of products or process alternatives and modifications and improvements to existing products and processes are expensed as incurred. These expenses approximated $2,664 for 2018 and $3,386 for 2017. |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Litigation | NOTE 18 – 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. The Third Circuit Court of Appeals reversed the District Court’s decision to compel arbitration on August 29, 2018. The plaintiffs filed a petition for rehearing, which was denied. Rather than litigating the merits of the case at the United States District Court for the Western District of Pennsylvania, the Corporation reached a settlement agreement in principle with the plaintiffs, which remains subject to approval by the court. As expected, the final resolution of this settlement agreement 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, 2018, and 2017: 2018 2017 Total claims pending at the beginning of the period 6,907 6,618 New claims served 1,338 1,365 Claims dismissed (1,123 ) (718 ) Claims settled (350 ) (358 ) Total claims pending at the end of the period (1) 6,772 6,907 Gross settlement and defense costs (in 000’s) $ 24,324 $ 21,431 Average gross settlement and defense costs per claim resolved (in 000’s) $ 16.51 $ 19.92 (1) Included as “open claims” are approximately 668 and 479 claims in 2018 and 2017, 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”), which was acquired by Howden. 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. In 2018, the Corporation engaged Nathan Associates Inc. (“Nathan”) to update the liability valuation, and additional reserves were established by the Corporation as of December 31, 2018, for Asbestos Liability claims pending or projected to be asserted through 2052. The methodology used by Nathan in its projection in 2018 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: • 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; • 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, 2016, to August 19, 2018; • 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, 2016, to August 19, 2018, 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, Nathan estimated in 2018 the number of future claims for Asbestos Liability that would be filed through the year 2052, as well as the settlement or indemnity costs that would be incurred to resolve both pending and future unasserted claims through 2052. 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 Liability. In developing the estimate, the Corporation considered Nathan’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 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 Liability. 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 2052. With the assistance of Nathan, the Corporation extended its estimate of the Asbestos Liability, including the costs of settlement and defense costs relating to currently pending claims and future claims projected to be filed against the Corporation through the estimated final date by which the Corporation expects to have settled all asbestos-related claims in 2052. The Corporation’s previous estimate was for asbestos claims filed or projected to be filed against the Corporation through 2026. Our ability to reasonably estimate this liability through the expected final date of settlement for all asbestos-related claims of this litigation instead of a ten-year period was based on several factors: • There have been generally favorable trends developments in the trend of case law which has been a contributing factor in stabilizing the asbestos claims activity and related settlement and defense costs; • There have been significant actions taken by certain state legislatures and courts that have reduced the number and type of claims that can proceed to trial; • The Corporation has coverage-in-place agreements with almost all of its excess insurers which enables the Corporation to project a stable relationship between settlement and defense costs paid by the Corporation and reimbursements from its insurers; and • Annual settlements with respect to groups of cases with certain plaintiff firms have helped to stabilize indemnity payments and defense costs. Taking these factors into consideration, the Corporation believes there is greater predictability of outcomes from settlements, a reduction in the volatility of defense costs, and it has gained substantial experience as an asbestos defendant. As a result, the Corporation believes the uncertainty in estimating the Asbestos Liability beyond 10 years has been reduced and it now has sufficient information to estimate the Asbestos Liability through 2052, the estimated final date by which the Corporation expects to have settled all asbestos-related claims. The Corporation’s reserve at December 31, 2018, for the total costs, including defense costs, for Asbestos Liability claims pending or projected to be asserted through 2052, was $227,922. Defense costs are estimated at 80% of settlement costs. The Corporation’s receivable at December 31, 2018, 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, 2018, and the probable payments and reimbursements relating to the estimated indemnity and defense costs for pending and unasserted future Asbestos Liability claims, was $152,508. The following table summarizes activity relating to insurance recoveries for each of the years ended December 31, 2018, and 2017. 2018 2017 Insurance receivable – asbestos, beginning of the year $ 100,342 $ 115,945 Settlement and defense costs paid by insurance carriers (17,420 ) (15,603 ) Changes in estimated coverage 69,586 0 Insurance receivable – asbestos, end of the year $ 152,508 $ 100,342 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 amounts recorded by the Corporation for Asbestos Liability and insurance receivable 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 Nathan’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, 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 receivable 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 receivable 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. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 19 – 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. In response to the 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. Accordingly, for 2017, the Corporation recorded provisional amounts for certain effects of the Tax Reform by making 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 income tax balances. In 2018, the Corporation recorded adjustments to the provisional amounts and completed its accounting for tax effects of the Tax Reform. In 2017, 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. Originally, there was no cash outlay due to the Tax Reform; however, it reduced the amount of the Corporation’s carry back 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 were fully valued. After further guidance was issued in 2018 from the Internal Revenue Service, the Corporation elected with the filing of its 2017 U.S. Corporate income tax return to record separately the one-time repatriation transition tax liability of approximately $2,369 which, as permitted, will be remitted over eight years. As a result, the Corporation increased its income tax receivable related to the carry back of the 2017 net operating loss and generated AMT credits by the combined amount of $1,419. Lastly, the Corporation further increased the 2017 U.S. federal net operating loss carryforward by approximately $741; however, there was no net tax impact as this deferred tax asset is fully valued. During 2018, the Corporation received approximately $3,500 of U.S. federal income tax refunds. (Loss) income from continuing operations before income taxes and gain on sale of joint venture is comprised of the following: 2018 2017 Domestic $ (48,169 ) $ (16,988 ) Foreign 4,362 (454 ) Loss from continuing operations before income taxes and gain on sale of joint venture $ (43,807 ) $ (17,442 ) At December 31, 2018, the Corporation has federal net operating loss carryforwards of $18,745, of which $12,011 can be carried forward indefinitely, but will be limited to 80 percent of taxable income in any given year. The balance of $6,734 will begin to expire in 2035. Additionally, at December 31, 2018, the Corporation had state net operating loss carryforwards of $40,550, which begin to expire in 2019, foreign net operating loss carryforwards from continuing operations of $52,332, which begin to expire in 2019, and capital loss carryforwards of $768, which do not expire. The income tax provision (benefit) for continuing operations consisted of the following: 2018 2017 Current: Federal $ 1,166 $ (4,698 ) State 73 (440 ) Foreign 839 606 Current income tax provision (benefit) 2,078 (4,532 ) Deferred: Federal (10,881 ) 1,259 State (2,189 ) (112 ) Foreign 3,350 1,876 Increase in valuation allowance 7,910 154 Deferred income tax (benefit) provision (1,810 ) 3,177 Total income tax provision (benefit) $ 268 $ (1,355 ) During 2018, the Corporation released the valuation allowance previously established against the net deferred income tax assets of ATR on the basis that it was “more likely than not” the assets would be realized due to continued earnings and forecasts sufficient to utilize the net deferred income tax assets. The difference between statutory U.S. federal income tax and the Corporation’s effective income tax was as follows: 2018 2017 Computed at statutory rate $ (8,943 ) $ (5,635 ) Tax differential on non-U.S. earnings 56 (108 ) State income taxes (2,131 ) (398 ) Meals and entertainment 76 138 Alternative minimum tax credits (433 ) 0 Increase in valuation allowance 7,910 154 Repatriation transition tax impact 1,383 3,284 Adjustments to net operating losses 1,879 0 Reclassification of discontinued operations increase in valuation allowance 0 930 Other – net 471 280 Total income tax provision (benefit) $ 268 $ (1,355 ) Deferred income tax assets and liabilities as of December 31, 2018, and 2017, 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. 2018 2017 Assets: Employment – related liabilities $ 10,667 $ 10,971 Pension liability – foreign 996 1,633 Pension liability – domestic 8,527 9,004 Liabilities related to discontinued operations 144 186 Capital loss carryforwards 305 308 Asbestos-related liability 18,894 12,179 Net operating loss – domestic 3,936 674 Net operating loss – state 3,057 2,782 Net operating loss – foreign 9,514 12,232 Inventory related 3,905 2,711 Impairment charge associated with investment in MG 1,050 1,155 Other 3,208 3,357 Gross deferred income tax assets 64,203 57,192 Valuation allowance (33,881 ) (26,933 ) 30,322 30,259 Liabilities: Depreciation (25,420 ) (26,784 ) Intangible assets – finite life (1,181 ) (1,564 ) Intangible assets – indefinite life (550 ) (605 ) Other (147 ) (149 ) Gross deferred income tax liabilities (27,298 ) (29,102 ) Net deferred income tax assets $ 3,024 $ 1,157 Unrecognized tax benefits and changes in unrecognized tax benefits for the years ended December 31, 2018, and 2017, are insignificant. If the unrecognized tax benefits were recognized, the effect on the Corporation’s effective income tax rate would also be insignificant. The amount of penalties and interest recognized in the consolidated balance sheets as of December 31, 2018, and 2017, and in the consolidated statements of operations for 2018 and 2017 is insignificant. 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 2015 – 2018. 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 Corporation’s subsidiary, UES, is currently under audit by the Pennsylvania Department of Revenue for the 2015 and 2016 tax years. No material changes are anticipated. |
Environmental Matters
Environmental Matters | 12 Months Ended |
Dec. 31, 2018 | |
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 $324 at December 31, 2018, is considered adequate based on information known to date. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Parties | NOTE 21 – RELATED PARTIES: ATR has a 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 loan balance approximated $4,056 (RMB 27,901) at December 31, 2018, and $5,325 (RMB 34,655) at December 31, 2017. During 2018, ATR repaid $449 (RMB 3,090) in principal and $145 (RMB 1,000) in accrued interest. Additionally, the shareholders converted a portion of their loans outstanding with ATR to equity. The conversion was in proportion to their respective ownership interest, with TISCO converting $872 (RMB 6,000) of its loans to equity. The interest rate for 2018 approximated 5%, and accrued interest approximated $2,297 (RMB 15,800) and $2,682 (RMB 17,457) as of December 31, 2018, and 2017, which is recorded in other current liabilities. Purchases from ATR’s minority shareholder and its affiliates, which were in the ordinary course of business, approximated $11,248 (RMB 77,356) and $7,752 (RMB 52,418) in 2018 and 2017, respectively. Excluding the loan and interest outstanding, the amount payable to ATR’s minority shareholder and its affiliates approximated $208 (RMB 1,429) and $296 (RMB 1,929) at December 31, 2018, and 2017, respectively. Sales to ATR’s minority shareholder and its affiliates, which were in the ordinary course of business, approximated $11,697 (RMB 77,464) and $8,564 (RMB 57,909) for 2018 and 2017, respectively. No amounts were due from ATR’s minority shareholder or its affiliates as of December 31, 2018, or 2017. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Business Segments | NOTE 22 – 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 accounting policies are the same as those described in Note 1. Net Sales (Loss) Income from Continuing Operations Before Income Taxes and Gain on Sale of Joint Venture 2018 2017 2018 2017 Forged and Cast Engineered Products $ 329,530 $ 297,283 $ (6,605 ) $ (6,887 ) Air and Liquid Processing (1) 89,902 87,872 (22,129 ) 10,682 Total Reportable Segments 419,432 385,155 (28,734 ) 3,795 Corporate costs, including other income (expense) 0 0 (15,073 ) (21,237 ) Consolidated total $ 419,432 $ 385,155 $ (43,807 ) $ (17,442 ) Capital Expenditures Depreciation and Amortization Expense Identifiable Assets (2) 2018 2017 2018 2017 2018 2017 Forged and Cast Engineered Products $ 8,801 $ 12,277 $ 20,189 $ 20,113 $ 348,017 $ 380,437 Air and Liquid Processing 911 560 996 1,072 187,449 132,341 Corporate 7 174 194 191 15,415 19,031 $ 9,719 $ 13,011 $ 21,379 $ 21,376 $ 550,881 $ 531,809 Long-Lived Assets (3) (Loss) Income from Continuing Operations Before Income Taxes and Gain on Sale of Joint Venture Geographic Areas: 2018 2017 2018 2017 United States $ 268,731 $ 235,646 $ (48,234 ) $ (18,122 ) Foreign 71,334 76,684 $ 4,427 $ 680 $ 340,065 $ 312,330 $ (43,807 ) $ (17,442 ) (1) (Loss) income from continuing operations before income taxes and gain on sale of joint venture for the Air and Liquid Processing segment for 2018 includes a charge of $32,910 for the estimated costs of asbestos-related litigation through 2052, the estimated final date by which the Corporation expects to have settled all asbestos-related claims, net of estimated insurance recoveries. (2) Identifiable assets exclude assets of discontinued operations. (3) Foreign long-lived assets represent primarily assets of the foreign operations, excluding assets of discontinued operations. Long-lived assets of the U.S. include noncurrent asbestos-related insurance receivables of $135,508 and $87,342 for 2018 and 2017, respectively. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Valuation and Qualifying Accounts For the Years Ended December 31, 2018, and 2017 (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, 2018 Allowance for doubtful accounts $ 962 $ 275 $ (1 ) (1) $ (255 ) $ (3 ) $ 978 Valuation allowance against gross deferred income tax assets $ 26,933 $ 0 $ 7,910 (2) $ (181 ) $ (781 ) $ 33,881 Year ended December 31, 2017 (5) Allowance for doubtful accounts $ 621 $ 317 $ (28 ) (1) $ 50 $ 2 $ 962 Valuation allowance against gross deferred income tax assets $ 33,696 $ 0 $ 154 (2) $ (7,468 ) (3) $ 551 $ 26,933 (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. (5) Balances and activity for the year ended December 31, 2017, have been recast to exclude ASW Steel Inc. which, as of December 31, 2018, has been recorded as a discontinued operation. See Note 2 (Discontinued Operations and Disposition) of this Annual Report on Form 10-K. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The financial information included herein reflects the consolidated financial position of the Corporation as of December 31, 2018, and 2017, and the consolidated results of its operations and cash flows for the years then ended. The Corporation has presented the assets and liabilities of ASW and its operating results and cash flows as discontinued operations in the accompanying financial statements as of and for the year ended December 31, 2018, and 2017. All footnotes exclude balances and activity of ASW unless otherwise noted. Additionally, certain prior year balances in the accompanying consolidated statement of operations and segment information for the year ended December 31 2017, have been recast to conform to the current year presentation for the adoption of Accounting Standards Update (“ASU”) 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans. |
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 where 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 control has not yet transferred to the customer. 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, 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 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 finite 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 finite 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. For finite-lived intangible assets, 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. For indefinite-lived intangible assets, if the discounted 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. |
Assets of Discontinued Operations Held for Sale | Assets of Discontinued Operations Held for Sale Assets are classified as “held for sale” when all of the following criteria for a plan of sale have been met: (1) management, having the authority to approve the action, commits to a plan to sell the assets; (2) the assets are available for immediate sale, in their present condition, subject only to terms that are usual and customary for sales of such assets; (3) an active program to locate a buyer and other actions required to complete the plan to sell the assets have been initiated; (4) the sale of the assets is probable and is expected to be completed within one year; (5) the assets are being actively marketed for a price that is reasonable in relation to their current fair value; and (6) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or the plan will be withdrawn. When all of these criteria have been met, the assets are classified as “held for sale” in the accompanying consolidated balance sheet. Assets classified as “held for sale” are reported at the lower of their carrying value or fair value less costs to sell. Depreciation of assets ceases upon designation as “held for sale”. |
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 the 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 A warranty that ensures basic functionality is an assurance type warranty. A warranty that goes beyond ensuring basic functionality is considered a service type warranty. The Corporation provides assurance type warranties; it does not provide service type warranties. Provisions for assurance type 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 within other noncurrent assets) 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 gains or losses in the fair market value of assets at the rate of 20% per 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, changes in the fair value of derivatives designated and effective as cash flow hedges, and, through December 31, 2017, unrealized holding gains and losses on securities designated as available for sale. Effective January 1, 2018, the Corporation adopted the provisions of ASU 2016-01, Recognition and Measurement of Financial Assets and Liabilities 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. Prior to the adoption of ASU 2016-01, unrealized holding gains and losses on securities were included in net income (loss) when the underlying security was 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, the sales price is fixed or determinable, collectability is reasonably assured, and control of the product has transferred to the customer. 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, combined with an order acknowledgment from the Corporation, a sales agreement or longer-term supply agreement between the customer and 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). Sales agreements typically include a single performance obligation for the manufacturing of product which is satisfied upon transfer of control of the product to the customer. 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 is known at the time of shipment and 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. In certain circumstances, the Corporation may require a deposit from the customer, a letter of credit, or another form of assurance for payment. An allowance for doubtful accounts is maintained based on historical experience. Payment terms are standard to the industry and generally require payment 30 days after control transfers to the customer. Transfer of control is assessed based on alternative use of the product manufactured and, under the terms of the sales agreement, an enforceable right to payment for performance to date. Transfer of control, and therefore revenue recognition, occurs when title, ownership and risk of loss pass to the customer. 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. Shipping terms vary across the businesses and typically depend on the product, country of origin and type of transportation (truck or vessel). 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, typically three years. For performance share awards that vest subject to a performance condition, the fair value is equal to the closing price of the Corporation’s stock on the NYSE on the date of grant. For performance share awards that vest subject to a market condition, fair value is determined using a Monte Carlo simulation model. The fair value of performance share awards is expensed over the performance period when it is probable that the performance condition will be achieved. |
Derivative Instruments | Derivative Instruments Derivative instruments which include forward exchange (for foreign currency sales and purchases) and futures contracts are recorded on the consolidated balance sheet as either an asset or a liability measured at their fair value. The accounting for changes in the fair value of a derivative depends on the use of the derivative. To the extent that a derivative is designated and effective as a cash flow hedge of an exposure to future changes in value, the change in the fair value of the derivative is deferred in accumulated other comprehensive loss. Any portion considered to be ineffective, including that arising from the unlikelihood of an anticipated transaction to occur, is reported as a component of earnings (other income/expense) immediately. Upon occurrence of the anticipated sale, the foreign currency sales contract designated and effective as a cash flow hedge is de-designated as a fair value hedge and the change in fair value previously deferred in accumulated other comprehensive loss is reclassified to earnings (net sales) with subsequent changes in fair value recorded as a component of earnings (other income/expense). Upon occurrence of the anticipated purchase, the foreign currency purchase contract is settled and the change in fair value deferred in accumulated other comprehensive loss is reclassified to earnings (depreciation and amortization expense) over the life of the underlying assets. Upon settlement of a futures contract, the change in fair value deferred in accumulated other comprehensive loss is reclassified to earnings (costs of products sold, excluding depreciation and amortization) when the corresponding inventory is sold and revenue is recognized. To the extent that a derivative is designated and effective as a hedge of an exposure to changes in fair value, the change in the derivative’s fair value will be offset in the statement of operations by the change in the fair value of the item being hedged and is recorded as a component of earnings (other income/expense). Cash flows associated with the derivative instruments are recorded as a component of operating activities on the consolidated statement of cash flows. The Corporation does not enter into derivative transactions for speculative purposes and, therefore, holds no derivative instruments for trading purposes. |
Fair Value | Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. A hierarchy of inputs is used to determine fair value measurements with three levels. Level 1 inputs are quoted prices in active markets for identical assets or liabilities and are considered the most reliable evidence of fair value. Level 2 inputs are observable prices that are not quoted on active exchanges. Level 3 inputs are unobservable inputs used for measuring the fair value of assets or liabilities. |
Legal Costs | Legal Costs Legal costs expected to be incurred in connection with loss contingencies are accrued when such costs are probable and estimable. |
Income Taxes | Income Taxes Income taxes are recognized during the year in which transactions enter into the determination of financial statement income. Deferred income tax assets and liabilities are recognized for the future tax consequences of temporary differences between the book carrying amount and the tax basis of assets and liabilities including net operating loss carryforwards. 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. In January 2018, the Financial Accounting Standards Board (the “FASB”) released guidance on the accounting for tax on the global intangible low-taxed income (“GILTI”) provisions of the Tax Cuts and Jobs Act (the “Tax Reform”). The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. Any taxes on GILTI inclusions are accounted for as period costs. 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 12,447,919 for 2018, and 12,330,401 for 2017. Weighted-average outstanding stock awards excluded from the diluted earnings per common share calculation, since the effect would have been antidilutive, were 904,086 for 2018, and 1,013,008 for 2017. |
Recently Implemented Accounting Pronouncements | Recently Implemented Accounting Pronouncements In August 2018, Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement In January 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income 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 The effect of the retrospective guidance on the consolidated statements of operations for the year ended December 31, 2017, was as follows: Originally Presented (1) Reclassification for ASU 2017-07 As Adjusted Costs of products sold (excluding depreciation and amortization) $ 316,704 $ 279 $ 316,983 Selling and administrative 59,886 278 60,164 Loss from continuing operations (13,212 ) (557 ) (13,769 ) Other – net (1,278 ) 557 (721 ) Other income (expense) (4,230 ) 557 (3,673 ) Loss from continuing operations before income taxes and gain on sale of joint venture (17,442 ) 0 (17,442 ) The effect of the retrospective guidance on the operating results of the segments for the year ended December 31, 2017, was as follows: Originally Presented Reclassification for ASU 2017-07 As Adjusted Forged and Cast Engineered Products - operating loss (1) $ (5,669 ) $ (1,218 ) $ (6,887 ) Air and Liquid Processing - operating income 10,427 255 10,682 Corporate costs (17,970 ) 406 (17,564 ) (1) Originally Presented figures have been recast for discontinued operations. See Note 2. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Liabilities Retained Earnings Accumulated Comprehensive Loss As of January 1, 2018, as originally presented $ 38,348 $ (44,760 ) Cumulative effect of ASU 2016-01 632 (632 ) As of January 1, 2018, as adjusted $ 38,980 $ (45,392 ) In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) In connection with the adoption of Topic 606, as of January 1, 2018, the Corporation elected the following practical expedients: • to exclude the effects of a significant financing component from the amount of promised consideration when the Corporation expects, at contract inception, that the period between the Corporation's transfer of a promised product to a customer and the customer’s payment for the product will be one year or less; • to exclude any amounts collected from customers for sales and similar taxes from the transaction price; • to treat incremental costs of obtaining a contract as expense, when incurred, if the amortization period would have been one year or less; • to account for shipping and handling activities that occur after control of the related good transfers as fulfillment activities instead of assessing such activities as performance obligations; • to apply the new revenue standard to a portfolio of contracts (or performance obligations) with similar characteristics if the Corporation reasonably expects that the effects on the financial statements of applying the guidance to the portfolio would not differ materially from applying the guidance to the individual contracts (or performance obligations) within that portfolio; and • to assess whether promised goods or services are performance obligations only if they are material in the context of the contract with the customer. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) Leases |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Cumulative-Effect Adjustment to Retained Earnings | The guidance became effective for the Corporation on January 1, 2018, and as required, was adopted by means of a cumulative-effect adjustment to retained earnings as of the beginning of 2018, as follows: Retained Earnings Accumulated Comprehensive Loss As of January 1, 2018, as originally presented $ 38,348 $ (44,760 ) Cumulative effect of ASU 2016-01 632 (632 ) As of January 1, 2018, as adjusted $ 38,980 $ (45,392 ) |
Reclassification for ASU 2017-07 [Member] | |
Schedule of Effect of Retrospective Guidance On Consolidated Statements of Operations and Operating Results of Segments | The effect of the retrospective guidance on the consolidated statements of operations for the year ended December 31, 2017, was as follows: Originally Presented (1) Reclassification for ASU 2017-07 As Adjusted Costs of products sold (excluding depreciation and amortization) $ 316,704 $ 279 $ 316,983 Selling and administrative 59,886 278 60,164 Loss from continuing operations (13,212 ) (557 ) (13,769 ) Other – net (1,278 ) 557 (721 ) Other income (expense) (4,230 ) 557 (3,673 ) Loss from continuing operations before income taxes and gain on sale of joint venture (17,442 ) 0 (17,442 ) The effect of the retrospective guidance on the operating results of the segments for the year ended December 31, 2017, was as follows: Originally Presented Reclassification for ASU 2017-07 As Adjusted Forged and Cast Engineered Products - operating loss (1) $ (5,669 ) $ (1,218 ) $ (6,887 ) Air and Liquid Processing - operating income 10,427 255 10,682 Corporate costs (17,970 ) 406 (17,564 ) (1) Originally Presented figures have been recast for discontinued operations. See Note 2. |
Discontinued Operations and D_2
Discontinued Operations and Disposition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Summary of Assets and Liabilities of ASW | The assets and liabilities of ASW were as follows as of December 31, 2018, and 2017: 2018 2017 Cash and cash equivalents $ 1,124 $ 2,044 Receivables 6,928 5,161 Inventories 13,764 14,109 Other assets 1,708 1,044 Property, plant and equipment, net 11,714 0 Estimated charge for impairment (15,000 ) 0 Current assets of discontinued operations 20,238 22,358 Property, plant and equipment, net 0 10,847 Other noncurrent assets 0 585 Noncurrent assets of discontinued operations 0 11,432 Total assets of discontinued operations $ 20,238 $ 33,790 Accounts payable $ 8,890 $ 12,036 Accrued payrolls and employee benefits 178 440 Other current liabilities 390 648 Current liabilities of discontinued operations 9,458 13,124 Total liabilities of discontinued operations $ 9,458 $ 13,124 |
Summary of Major Classes of ASW's (Loss) Income from Discontinued Operations, Net of Tax in the Consolidated Statements of Operations | The following table presents the major classes of ASW’s line items constituting the “(loss) income from discontinued operations, net of tax” in the consolidated statements of operations for the years ended December 31: 2018 2017 Net sales $ 63,740 $ 81,283 Costs of products sold (excluding depreciation and amortization) 68,381 75,005 Selling and administrative 2,441 1,424 Depreciation and amortization 1,311 1,011 Gain on disposal of assets (153 ) 0 Charge for impairment 15,000 0 (Loss) income from discontinued operations (23,240 ) 3,843 Other income (expense) (661 ) (94 ) (Loss) income from discontinued operations before income taxes (23,901 ) 3,749 Income tax provision 0 0 (Loss) income from discontinued operations, net of tax $ (23,901 ) $ 3,749 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | 2018 2017 Raw materials $ 19,615 $ 20,594 Work-in-progress 42,339 42,113 Finished goods 20,650 19,232 Supplies 11,592 11,513 Inventories $ 94,196 $ 93,452 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | 2018 2017 Land and land improvements $ 10,207 $ 10,443 Buildings 65,425 66,403 Machinery and equipment 332,378 332,957 Construction-in-process 3,499 4,193 Other 6,813 7,189 418,322 421,185 Accumulated depreciation (232,661 ) (217,052 ) Property, plant and equipment, net $ 185,661 $ 204,133 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | 2018 2017 Customer relationships $ 6,234 $ 6,543 Developed technology 4,322 4,429 Trade name 2,497 2,696 13,053 13,668 Accumulated amortization (3,828 ) (2,647 ) Intangible assets, net $ 9,225 $ 11,021 |
Summary of Changes in Intangible Assets | The following summarizes changes in intangible assets for the years ended December 31: 2018 2017 Balance at the beginning of the year $ 11,021 $ 11,601 Changes in intangible assets (Vertical Seal) (177 ) 0 Amortization of intangible assets (1,221 ) (1,219 ) Other, primarily impact from changes in foreign currency exchange rates (398 ) 639 Balance at the end of the year $ 9,225 $ 11,021 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | 2018 2017 Customer-related liabilities $ 16,439 $ 18,189 Accrued interest payable 2,333 2,697 Accrued sales commissions 1,637 2,301 Other 8,578 13,254 Other current liabilities $ 28,987 $ 36,441 |
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: 2018 2017 Balance at the beginning of the year $ 11,379 $ 11,439 Satisfaction of warranty claims (5,069 ) (3,941 ) Provision for warranty claims 3,564 3,287 Other, primarily impact from changes in foreign currency exchange rates (427 ) 594 Balance at the end of the year $ 9,447 $ 11,379 |
Schedule of Changes in Customer Deposits | Changes in customer deposits consisted of the following: 2018 2017 Balance at beginning of the period $ 4,574 $ 6,786 Satisfaction of performance obligations (10,885 ) (15,089 ) Receipt of additional deposits 10,701 12,745 Other, primarily changes in foreign currency exchange rates (86 ) 132 Balance at end of the period $ 4,304 $ 4,574 |
Borrowing Arrangements (Tables)
Borrowing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Borrowings | 2018 2017 Revolving Credit and Security Agreement $ 14,320 $ 20,349 Sale and leaseback financing obligation 18,518 0 Promissory notes (and interest) 26,205 25,395 Industrial Revenue Bonds 13,311 13,311 Minority shareholder loan 4,056 5,325 Capital leases 1,199 1,773 Outstanding borrowings 77,609 66,153 Debt – current portion (45,728 ) (19,335 ) Long-term debt $ 31,881 $ 46,818 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Actuarial (Gains) Losses | Actuarial (gains) losses were comprised of the following components: U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2018 2017 2018 2017 2018 2017 Changes in assumptions $ (16,642 ) $ 12,566 $ (5,298 ) $ 616 $ (914 ) $ (1,103 ) GMP equalization 0 0 982 0 0 0 Change from RPI to CPI 0 0 0 (8,760 ) 0 0 Other (420 ) 1,259 (1,446 ) 190 (229 ) (1,067 ) Total actuarial (gains) losses $ (17,062 ) $ 13,825 $ (5,762 ) $ (7,954 ) $ (1,143 ) $ (2,170 ) |
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 (b) Other Postretirement Benefits 2018 2017 2018 2017 2018 2017 Change in projected benefit obligations: PBO at January 1 $ 254,976 $ 244,440 $ 64,613 $ 66,910 $ 16,979 $ 19,059 Service cost 1,225 1,651 477 150 457 492 Interest cost 8,473 8,413 1,391 1,845 494 571 Plan amendments 0 0 0 0 0 165 Special termination benefits 1,350 0 0 0 126 0 Plan curtailments (1,726 ) 0 0 0 0 0 Foreign currency exchange rate changes 0 0 (3,434 ) 5,948 0 0 Actuarial (gains) losses (17,062 ) 13,825 (5,762 ) (7,954 ) (1,143 ) (2,170 ) Participant contributions 0 0 0 0 104 92 Benefits paid from plan assets (13,043 ) (12,950 ) (2,282 ) (1,813 ) 0 0 Benefits paid by the Corporation (403 ) (403 ) (666 ) (473 ) (1,207 ) (1,230 ) PBO at December 31 $ 233,790 $ 254,976 $ 54,337 $ 64,613 $ 15,810 $ 16,979 Change in plan assets: Fair value of plan assets at January 1 $ 199,138 $ 188,722 $ 56,419 $ 48,055 $ 0 $ 0 Actual return on plan assets (4,765 ) 23,366 (2,477 ) 3,998 0 0 Foreign currency exchange rate changes 0 0 (2,991 ) 4,673 0 0 Corporate contributions 1,614 403 1,648 1,979 1,103 1,138 Participant contributions 0 0 0 0 104 92 Gross benefits paid (13,446 ) (13,353 ) (2,948 ) (2,286 ) (1,207 ) (1,230 ) Fair value of plan assets at December 31 $ 182,541 $ 199,138 $ 49,651 $ 56,419 $ 0 $ 0 Funded status of the plans: Fair value of plan assets $ 182,541 $ 199,138 $ 49,651 $ 56,419 $ 0 $ 0 Less benefit obligations 233,790 254,976 54,337 64,613 15,810 16,979 Funded status at December 31 $ (51,249 ) $ (55,838 ) $ (4,686 ) $ (8,194 ) $ (15,810 ) $ (16,979 ) (a) Includes the nonqualified defined benefit pension plan. (b) Includes the overfunded U.K. defined benefit pension plan and two smaller underfunded defined benefit pension plans. The following provides a summary of amounts recognized in the consolidated balance sheets. U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2018 2017 2018 2017 2018 2017 Employee benefit obligations: Prepaid pensions (a) $ 0 $ 0 $ 2,192 $ 0 $ 0 $ 0 Accrued payrolls and employee benefits (b) (436 ) (432 ) 0 0 (1,395 ) (1,371 ) Employee benefit obligations (c) (50,813 ) (55,406 ) (6,878 ) (8,194 ) (14,415 ) (15,608 ) $ (51,249 ) $ (55,838 ) $ (4,686 ) $ (8,194 ) $ (15,810 ) $ (16,979 ) Accumulated other comprehensive loss: (d) Net actuarial loss (gain) $ 45,041 $ 47,252 $ 22,149 $ 25,914 $ (2,123 ) $ (1,211 ) Prior service cost (credit) 91 156 (7,402 ) (9,174 ) (12,202 ) (13,809 ) $ 45,132 $ 47,408 $ 14,747 $ 16,740 $ (14,325 ) $ (15,020 ) (a) Represents the overfunded U.K. defined benefit pension plan which is recorded as a noncurrent asset in the consolidated balance sheet. ( b ) Recorded as a current liability in the consolidated balance sheet. ( c ) Recorded as a noncurrent liability in the consolidated balance sheet. ( d ) Amounts are pre-tax. |
Summary of Target Asset Allocations and Major Asset Categories | The following summarizes target asset allocations (within +/-5% considered acceptable) and major asset categories. Certain investments are classified differently for target asset allocation purposes and external reporting purposes. In the latter part of 2018, the Corporation changed investment managers; accordingly, at December 31, 2018, there is 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, 2018 2018 2017 Dec. 31, 2018 2018 2017 Equity Securities 45 % 25 % 58 % 44 % 50 % 49 % Fixed-Income Securities 42 % 45 % 21 % 35 % 35 % 33 % Alternative Investments 10 % 10 % 16 % 21 % 15 % 17 % Other (primarily cash and cash equivalents) 3 % 20 % 5 % 0 % 0 % 1 % |
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, 2018, 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 $ 891 $ 0 $ 0 $ 891 Consumer staples 602 0 0 602 Energy 415 0 0 415 Financial 1,075 0 0 1,075 Healthcare 1,718 0 0 1,718 Industrials 780 0 0 780 Information technology 1,632 0 0 1,632 Materials 177 0 0 177 Mutual funds 36,883 0 0 36,883 Telecommunications 560 0 0 560 Utilities 264 0 0 264 Total Equity Securities 44,997 0 0 44,997 Fixed Income Securities: Corporate bonds 0 44,786 0 44,786 Treasury bonds 25,605 0 0 25,605 Agency bonds 0 10,334 0 10,334 Total Fixed Income Securities 25,605 55,120 0 80,725 Alternative Investments: Managed funds (a) 0 0 23,673 23,673 Total Alternative Investments 0 0 23,673 23,673 Other: Cash and cash equivalents (b) 33,146 0 0 33,146 Total Other 33,146 0 0 33,146 $ 103,748 $ 55,120 $ 23,673 $ 182,541 (a) Includes approximately 74.0% in alternative investments (real assets, commodities and resources, absolute return funds) and 26.0% in cash and cash equivalents. (b) Includes investments in temporary funds. 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. Asset categories based on the nature and risks of the Foreign Pension Benefit Plan’s assets as of December 31, 2018, 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 $ 3,949 $ 0 $ 3,949 Commingled Funds (International) 0 20,645 0 20,645 Total Equity Securities 0 24,594 0 24,594 Fixed-Income Securities: Commingled Funds (U.K.) 0 17,332 0 17,332 Alternative Investments: Hedge and Absolute Return Funds 0 0 7,569 7,569 Cash and cash equivalents 156 0 0 156 $ 156 $ 41,926 $ 7,569 $ 49,651 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 |
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, 2018. U.S. Pension Benefits Foreign Pension Benefits 2018 2017 2018 2017 Fair value as of January 1 $ 49,838 $ 33,830 $ 9,637 $ 8,593 Contributions 0 16,000 0 0 Withdrawals (26,131 ) (5,364 ) (1,037 ) 0 Realized gains (losses) 9,061 1,304 (436 ) 0 Change in net unrealized (losses) gains (9,095 ) 4,068 (98 ) 229 Other, primarily impact from changes in foreign currency exchange rates 0 0 (497 ) 815 Fair value as of December 31 $ 23,673 $ 49,838 $ 7,569 $ 9,637 |
Net Periodic Pension and Other Postretirement Benefit Costs | Net periodic pension and other postretirement benefit costs include the following components for each of the years. U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2018 2017 2018 2017 2018 2017 Service cost $ 1,225 $ 1,651 $ 477 $ 150 $ 457 $ 492 Interest cost 8,473 8,413 1,391 1,845 494 571 Expected return on plan assets (13,282 ) (12,503 ) (2,580 ) (2,239 ) 0 0 Amortization of: Prior service cost (credit) 44 52 (336 ) 0 (1,607 ) (1,607 ) Actuarial loss (gain) 1,471 4,111 727 751 (231 ) (24 ) Special termination benefits 1,350 0 0 0 126 0 Curtailment loss 21 0 0 0 0 0 $ (698 ) $ 1,724 $ (321 ) $ 507 $ (761 ) $ (568 ) |
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, 2018, and 2017, are summarized below. U.S. Pension Benefits Foreign Pension Benefits Other Postretirement Benefits 2018 2017 2018 2017 2018 2017 Discount rate 4.23-4.34% 3.63-3.72% 3.00 2.45% 4.09-4.33% 3.46-3.69% Wage increases n/a 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 2018 2017 2018 2017 2018 2017 Discount rate 3.63-4.34% 4.02-4.25% 2.45% 2.50-2.65% 3.46-3.69% 3.90-4.13% Expected long-term rate of return 6.95-7.50% 6.95-7.50% 4.65% 4.45% n/a n/a Wages increases n/a 3.00% n/a n/a n/a n/a |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 years ended December 31, 2017, and 2018, 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, 2017 (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 0 (6,142 ) 0 54 (6,088 ) Balance at December 31, 2017 (11,932 ) (34,196 ) 632 739 (44,757 ) Cumulative effect of ASU 2016-01 0 0 (632 ) 0 (632 ) Balance at January 1, 2018, adjusted (11,932 ) (34,196 ) 0 739 (45,389 ) Net Change (6,710 ) 3,294 0 (803 ) (4,219 ) Balance at December 31, 2018 $ (18,642 ) $ (30,902 ) $ 0 $ (64 ) $ (49,608 ) |
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 loss. 2018 2017 Amortization of unrecognized employee benefit costs: Other expense $ 89 $ 3,283 Income tax provision 0 0 Net of income tax $ 89 $ 3,283 Realized gains from settlement of cash flow hedges: Depreciation and amortization (foreign currency purchase contracts) $ (23 ) $ (31 ) Costs of products sold (excluding depreciation and amortization) (futures contracts – copper and aluminum) (67 ) (639 ) Total before income tax (90 ) (670 ) Income tax provision 0 0 Net of income tax $ (90 ) $ (670 ) |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 2018 2017 Fair value hedge contracts Other current assets $ 44 $ 961 Other current liabilities 950 89 Other noncurrent liabilities 70 1 Fair value hedged item Receivables 232 (269 ) Other current assets 967 169 Other noncurrent assets 105 16 Other current liabilities 12 907 |
Summary of Amount Recognized as and Reclassified from Accumulated Other Comprehensive Income (Loss) | The change in the fair value of the cash flow contracts is recorded as a component of accumulated other comprehensive loss. Amounts recognized as and reclassified from accumulated other comprehensive loss are recorded as a component of other comprehensive income (loss) and are summarized below. Amounts are after-tax, where applicable. Certain amounts recognized as comprehensive income (loss) for 2018 and 2017 have no tax effect due to the Corporation recording a valuation allowance against its deferred income tax assets in the related jurisdictions. See Note 19. The difference between the balances at December 31, 2017, and January 1, 2018, represents the impact from the adoption of ASU 2018-02. For the Year Ended December 31, 2018 Beginning of the Year Recognized Reclassified End of the Year Foreign currency purchase contracts $ 239 $ 0 $ 23 $ 216 Future contracts – copper and aluminum 500 (713 ) 67 (280 ) Change in fair value $ 739 $ (713 ) $ 90 $ (64 ) For the Year Ended December 31, 2017 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 |
Summary of Change in Fair Value Reclassified or Expected to be Reclassified from Accumulated Other Comprehensive Loss to Earnings | The change in fair value reclassified or expected to be reclassified from accumulated other comprehensive loss to earnings is summarized below. All amounts are pre-tax. Location of Gain (Loss) in Statements Estimated to be Reclassified in the Next Year Ended December 31, of Operations 12 Months 2018 2017 Foreign currency purchase contracts Depreciation and amortization $ 27 $ 23 $ 31 Futures contracts – copper and aluminum Costs of products sold (excluding depreciation and amortization) (280 ) 67 639 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: 2018 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 $ 3,659 $ 0 $ 0 $ 3,659 Foreign currency exchange contracts Other current assets 0 1,011 0 1,011 Other noncurrent assets 0 105 0 105 Other current liabilities 0 962 0 962 Other noncurrent liabilities 0 70 0 70 2017 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 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Net Sales | Net sales by geographic area for the years ended December 31, 2018, and 2017, are outlined below. When disaggregating revenue, consideration was given to information regularly reviewed by the chief operating decision maker to evaluate the financial performance of the operating segments and make resource allocation decisions. Net Sales (1) Geographic Areas: 2018 2017 United States $ 209,536 $ 194,982 Foreign 209,896 190,173 $ 419,432 $ 385,155 Net Sales by Product Line (2) 2018 2017 Forged and cast mill rolls $ 270,241 $ 254,638 Forged engineered products 59,289 42,645 Heat exchange coils 26,761 28,998 Centrifugal pumps 35,868 35,607 Air handling systems 27,273 23,267 $ 419,432 $ 385,155 (1) Net sales are attributed to countries based on location of the customer. Sales to individual countries were less than 10% of consolidated net sales for each of the years. ( 2 ) For 2018 and 2017, no customers within the Forged and Cast Engineered Products exceeded 10% of its net sales. For the Air and Liquid Processing segment, one customer accounted for 13% of its net sales in 2018 and no customers exceeded 10% of net sales for 2017. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Outstanding Incentive Options (RSUs and PSUs) | A summary of outstanding incentive options (RSUs and PSUs) as of December 31, 2017, and 2018, and activity for the years then ended, 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 Granted 117,501 9.70 94,703 10.06 Converted to common stock (83,786 ) 16.38 0 N/A Forfeited/cancelled (19,716 ) 13.65 (70,630 ) 18.79 Outstanding at December 31, 2018 172,705 $ 11.77 126,587 $ 11.19 |
Summary of Outstanding Stock Options | A summary of outstanding stock options as of December 31, 2017, and 2018, and activity for the years then ended, 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/cancelled (190,501 ) 26.03 Outstanding at December 31, 2017 815,335 23.61 3.3 0 Granted 0 N/A Exercised 0 N/A Forfeited/cancelled (209,750 ) 32.47 Outstanding at December 31, 2018 605,585 $ 20.54 2.8 $ 0 Exercisable at December 31, 2018 605,585 $ 20.54 2.8 $ 0 Vested or expected to vest at December 31, 2018 605,585 $ 20.54 2.8 $ 0 |
Litigation (Tables)
Litigation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018, and 2017: 2018 2017 Total claims pending at the beginning of the period 6,907 6,618 New claims served 1,338 1,365 Claims dismissed (1,123 ) (718 ) Claims settled (350 ) (358 ) Total claims pending at the end of the period (1) 6,772 6,907 Gross settlement and defense costs (in 000’s) $ 24,324 $ 21,431 Average gross settlement and defense costs per claim resolved (in 000’s) $ 16.51 $ 19.92 (1) Included as “open claims” are approximately 668 and 479 claims in 2018 and 2017, 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, 2018, and 2017. 2018 2017 Insurance receivable – asbestos, beginning of the year $ 100,342 $ 115,945 Settlement and defense costs paid by insurance carriers (17,420 ) (15,603 ) Changes in estimated coverage 69,586 0 Insurance receivable – asbestos, end of the year $ 152,508 $ 100,342 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
(Loss) Income Before Income Taxes and Equity Gains (Losses) in Joint Venture | (Loss) income from continuing operations before income taxes and gain on sale of joint venture is comprised of the following: 2018 2017 Domestic $ (48,169 ) $ (16,988 ) Foreign 4,362 (454 ) Loss from continuing operations before income taxes and gain on sale of joint venture $ (43,807 ) $ (17,442 ) |
Income Tax Provision (Benefit) for Continuing Operations | The income tax provision (benefit) for continuing operations consisted of the following: 2018 2017 Current: Federal $ 1,166 $ (4,698 ) State 73 (440 ) Foreign 839 606 Current income tax provision (benefit) 2,078 (4,532 ) Deferred: Federal (10,881 ) 1,259 State (2,189 ) (112 ) Foreign 3,350 1,876 Increase in valuation allowance 7,910 154 Deferred income tax (benefit) provision (1,810 ) 3,177 Total income tax provision (benefit) $ 268 $ (1,355 ) |
Difference Between Statutory U.S. Federal Income Tax and the Corporation's Effective Income Tax | During 2018, the Corporation released the valuation allowance previously established against the net deferred income tax assets of ATR on the basis that it was “more likely than not” the assets would be realized due to continued earnings and forecasts sufficient to utilize the net deferred income tax assets. The difference between statutory U.S. federal income tax and the Corporation’s effective income tax was as follows: 2018 2017 Computed at statutory rate $ (8,943 ) $ (5,635 ) Tax differential on non-U.S. earnings 56 (108 ) State income taxes (2,131 ) (398 ) Meals and entertainment 76 138 Alternative minimum tax credits (433 ) 0 Increase in valuation allowance 7,910 154 Repatriation transition tax impact 1,383 3,284 Adjustments to net operating losses 1,879 0 Reclassification of discontinued operations increase in valuation allowance 0 930 Other – net 471 280 Total income tax provision (benefit) $ 268 $ (1,355 ) |
Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities as of December 31, 2018, and 2017, are summarized below. 2018 2017 Assets: Employment – related liabilities $ 10,667 $ 10,971 Pension liability – foreign 996 1,633 Pension liability – domestic 8,527 9,004 Liabilities related to discontinued operations 144 186 Capital loss carryforwards 305 308 Asbestos-related liability 18,894 12,179 Net operating loss – domestic 3,936 674 Net operating loss – state 3,057 2,782 Net operating loss – foreign 9,514 12,232 Inventory related 3,905 2,711 Impairment charge associated with investment in MG 1,050 1,155 Other 3,208 3,357 Gross deferred income tax assets 64,203 57,192 Valuation allowance (33,881 ) (26,933 ) 30,322 30,259 Liabilities: Depreciation (25,420 ) (26,784 ) Intangible assets – finite life (1,181 ) (1,564 ) Intangible assets – indefinite life (550 ) (605 ) Other (147 ) (149 ) Gross deferred income tax liabilities (27,298 ) (29,102 ) Net deferred income tax assets $ 3,024 $ 1,157 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Business Segment Net Sales and (Loss) Income from Continuing Operations Before Income Taxes | The accounting policies are the same as those described in Note 1. Net Sales (Loss) Income from Continuing Operations Before Income Taxes and Gain on Sale of Joint Venture 2018 2017 2018 2017 Forged and Cast Engineered Products $ 329,530 $ 297,283 $ (6,605 ) $ (6,887 ) Air and Liquid Processing (1) 89,902 87,872 (22,129 ) 10,682 Total Reportable Segments 419,432 385,155 (28,734 ) 3,795 Corporate costs, including other income (expense) 0 0 (15,073 ) (21,237 ) Consolidated total $ 419,432 $ 385,155 $ (43,807 ) $ (17,442 ) Capital Expenditures Depreciation and Amortization Expense Identifiable Assets (2) 2018 2017 2018 2017 2018 2017 Forged and Cast Engineered Products $ 8,801 $ 12,277 $ 20,189 $ 20,113 $ 348,017 $ 380,437 Air and Liquid Processing 911 560 996 1,072 187,449 132,341 Corporate 7 174 194 191 15,415 19,031 $ 9,719 $ 13,011 $ 21,379 $ 21,376 $ 550,881 $ 531,809 Long-Lived Assets (3) (Loss) Income from Continuing Operations Before Income Taxes and Gain on Sale of Joint Venture Geographic Areas: 2018 2017 2018 2017 United States $ 268,731 $ 235,646 $ (48,234 ) $ (18,122 ) Foreign 71,334 76,684 $ 4,427 $ 680 $ 340,065 $ 312,330 $ (43,807 ) $ (17,442 ) (1) (Loss) income from continuing operations before income taxes and gain on sale of joint venture for the Air and Liquid Processing segment for 2018 includes a charge of $32,910 for the estimated costs of asbestos-related litigation through 2052, the estimated final date by which the Corporation expects to have settled all asbestos-related claims, net of estimated insurance recoveries. (2) Identifiable assets exclude assets of discontinued operations. (3) Foreign long-lived assets represent primarily assets of the foreign operations, excluding assets of discontinued operations. Long-lived assets of the U.S. include noncurrent asbestos-related insurance receivables of $135,508 and $87,342 for 2018 and 2017, respectively. |
Description of Business - Addit
Description of Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018SegmentCompany | |
Schedule Of Description Of Business [Line Items] | |
Number of business segments | Segment | 2 |
Chinese Joint Venture Company [Member] | |
Schedule Of Description Of Business [Line Items] | |
Equity interest in number of joint venture | Company | 3 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | |
Schedule Of Significant Accounting Policies [Line Items] | |||
Moving average period to determine market value of plan assets | 5 years | ||
Percentage rate of gains or losses recognizes in fair market value of assets | 20.00% | ||
Diluted | 12,447,919 | 12,330,401 | |
Accumulated other comprehensive loss reclassified to retained earnings | $ 0 | ||
Retained earnings | $ (30,355,000) | 38,348,000 | |
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Retained earnings | $ 0 | ||
Retained Earnings [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Accumulated other comprehensive loss reclassified to retained earnings | $ 6,088,000 | ||
Stock Option [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Weighted average outstanding stock options | 904,086 | 1,013,008 | |
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] | Accounting Standards Update 2016-02 [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Increase in consolidated assets and liabilities | $ 5,000,000 | ||
Minimum [Member] | 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% | ||
Expected disposal period of assets held for sale | 1 year | ||
Defined benefit plan actuarial gain loss percentage | 10.00% | ||
Maximum [Member] | Accounting Standards Update 2016-02 [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Increase in consolidated assets and liabilities | $ 7,500,000 | ||
Maximum [Member] | 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 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Effect of Retrospective Guidance On Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Costs of products sold (excluding depreciation and amortization) | $ 351,839 | $ 316,983 |
Selling and administrative | 58,068 | 60,164 |
Loss from continuing operations | (44,892) | (13,769) |
Other – net | 4,682 | (721) |
Other income (expense) | 1,085 | (3,673) |
Loss from continuing operations before income taxes and gain on sale of joint venture | $ (43,807) | (17,442) |
As Originally Presented [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Costs of products sold (excluding depreciation and amortization) | 316,704 | |
Selling and administrative | 59,886 | |
Loss from continuing operations | (13,212) | |
Other – net | (1,278) | |
Other income (expense) | (4,230) | |
Loss from continuing operations before income taxes and gain on sale of joint venture | (17,442) | |
Reclassification for ASU 2017-07 [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Costs of products sold (excluding depreciation and amortization) | 279 | |
Selling and administrative | 278 | |
Loss from continuing operations | (557) | |
Other – net | 557 | |
Other income (expense) | 557 | |
Loss from continuing operations before income taxes and gain on sale of joint venture | $ 0 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Effect of Retrospective Guidance On Operating Results of Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Income (loss) from continuing operations | $ (44,892) | $ (13,769) |
Corporate Costs [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Income (loss) from continuing operations | (17,564) | |
As Originally Presented [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Income (loss) from continuing operations | (13,212) | |
As Originally Presented [Member] | Corporate Costs [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Income (loss) from continuing operations | (17,970) | |
Reclassification for ASU 2017-07 [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Income (loss) from continuing operations | (557) | |
Reclassification for ASU 2017-07 [Member] | Corporate Costs [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Income (loss) from continuing operations | 406 | |
Forged and Cast Engineered Products [Member] | Operating Segments [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Income (loss) from continuing operations | (6,887) | |
Forged and Cast Engineered Products [Member] | As Originally Presented [Member] | Operating Segments [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Income (loss) from continuing operations | (5,669) | |
Forged and Cast Engineered Products [Member] | Reclassification for ASU 2017-07 [Member] | Operating Segments [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Income (loss) from continuing operations | (1,218) | |
Air and Liquid Processing [Member] | Operating Segments [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Income (loss) from continuing operations | 10,682 | |
Air and Liquid Processing [Member] | As Originally Presented [Member] | Operating Segments [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Income (loss) from continuing operations | 10,427 | |
Air and Liquid Processing [Member] | Reclassification for ASU 2017-07 [Member] | Operating Segments [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Income (loss) from continuing operations | $ 255 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Cumulative-Effect Adjustment to Retained Earnings (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
As of January 1, 2018, as originally presented | $ 92,969 | $ 161,761 | $ 149,834 | |
Cumulative effect of ASU 2016-01 | 0 | |||
As of January 1, 2018, as adjusted | 161,761 | |||
Retained Earnings [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
As of January 1, 2018, as originally presented | (30,355) | $ 38,348 | 38,348 | 45,443 |
Cumulative effect of ASU 2016-01 | 632 | 632 | ||
As of January 1, 2018, as adjusted | 38,980 | 38,980 | ||
Accumulated Other Comprehensive Loss [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
As of January 1, 2018, as originally presented | $ (49,434) | (44,760) | (44,760) | $ (60,885) |
Cumulative effect of ASU 2016-01 | (632) | (632) | ||
As of January 1, 2018, as adjusted | $ (45,392) | $ (45,392) |
Discontinued Operations and D_3
Discontinued Operations and Disposition - Summary of Assets and Liabilities of ASW (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Cash and cash equivalents | $ 1,124 | $ 2,044 |
Current assets of discontinued operations | 20,238 | 22,358 |
Noncurrent assets of discontinued operations | 0 | 11,432 |
Current liabilities of discontinued operations | 9,458 | 13,124 |
ASW Steel Inc [Member] | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Cash and cash equivalents | 1,124 | 2,044 |
Receivables | 6,928 | 5,161 |
Inventories | 13,764 | 14,109 |
Other assets | 1,708 | 1,044 |
Property, plant and equipment, net | 11,714 | 0 |
Estimated charge for impairment | (15,000) | 0 |
Current assets of discontinued operations | 20,238 | 22,358 |
Property, plant and equipment, net | 0 | 10,847 |
Other noncurrent assets | 0 | 585 |
Noncurrent assets of discontinued operations | 0 | 11,432 |
Total assets of discontinued operations | 20,238 | 33,790 |
Accounts payable | 8,890 | 12,036 |
Accrued payrolls and employee benefits | 178 | 440 |
Other current liabilities | 390 | 648 |
Current liabilities of discontinued operations | 9,458 | 13,124 |
Total liabilities of discontinued operations | $ 9,458 | $ 13,124 |
Discontinued Operations and D_4
Discontinued Operations and Disposition - Summary of Major Classes of ASW's (Loss) Income from Discontinued Operations, Net of Tax in the Consolidated Statements of Operations (Detail) - ASW Steel Inc [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Net sales | $ 63,740 | $ 81,283 |
Costs of products sold (excluding depreciation and amortization) | 68,381 | 75,005 |
Selling and administrative | 2,441 | 1,424 |
Depreciation and amortization | 1,311 | 1,011 |
Gain on disposal of assets | (153) | 0 |
Charge for impairment | 15,000 | 0 |
(Loss) income from discontinued operations | (23,240) | 3,843 |
Other income (expense) | (661) | (94) |
(Loss) income from discontinued operations before income taxes | (23,901) | 3,749 |
Income tax provision | 0 | 0 |
(Loss) income from discontinued operations, net of tax | $ (23,901) | $ 3,749 |
Discontinued Operations and D_5
Discontinued Operations and Disposition - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2018 | |
Vertical Seal [Member] | Sale not Qualified as Discontinued Operation [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Value of net assets sold | $ 7,200 | ||
ASW Steel Inc [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Net sales | $ 63,740 | $ 81,283 | |
ASW Steel Inc [Member] | Union Electric Steel Corporation [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Net sales | $ 22,805 | $ 34,037 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 19,615 | $ 20,594 |
Work-in-progress | 42,339 | 42,113 |
Finished goods | 20,650 | 19,232 |
Supplies | 11,592 | 11,513 |
Inventories | $ 94,196 | $ 93,452 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | ||
Percentage of inventories valued on the LIFO method | 36.00% | 49.00% |
The LIFO reserve approximated | $ (26,058) | $ (16,063) |
Income tax expense recognized related to liquidation | 0 | 0 |
Decrease in costs of products sold | 2,159 | 490 |
Net income | $ 2,159 | $ 490 |
Common per share | $ 0.17 | $ 0.04 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 418,322 | $ 421,185 |
Accumulated depreciation | (232,661) | (217,052) |
Property, plant and equipment, net | 185,661 | 204,133 |
Land and Land Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 10,207 | 10,443 |
Buildings [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 65,425 | 66,403 |
Machinery and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 332,378 | 332,957 |
Construction-in-Process [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 3,499 | 4,193 |
Other [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 6,813 | $ 7,189 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) € in Thousands, $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017USD ($) |
Property Plant And Equipment [Line Items] | |||
Capital leased assets gross value | $ 3,716 | $ 4,082 | |
Capital lease, lease related accumulated amortization | 1,340 | $ 1,101 | |
Union Electric Steel UK Limited [Member] | |||
Property Plant And Equipment [Line Items] | |||
Land and buildings held as collateral | $ 2,672 | € 2,098 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Finite and Indefinite Lived Intangible Assets [Line Items] | |||
Intangible assets, Trade name | $ 2,497 | $ 2,696 | |
Intangible assets, gross | 13,053 | 13,668 | |
Accumulated amortization | (3,828) | (2,647) | |
Intangible assets, net | 9,225 | 11,021 | $ 11,601 |
Customer Relationships [Member] | |||
Finite and Indefinite Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 6,234 | 6,543 | |
Developed Technology [Member] | |||
Finite and Indefinite Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | $ 4,322 | $ 4,429 |
Intangible Assets - Summary of
Intangible Assets - Summary of Changes in Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Intangible Assets Net Excluding Goodwill [Abstract] | ||
Balance at the beginning of the year | $ 11,021 | $ 11,601 |
Changes in intangible assets (Vertical Seal) | (177) | 0 |
Amortization of intangible assets | (1,221) | (1,219) |
Other, primarily impact from changes in foreign currency exchange rates | (398) | 639 |
Balance at the end of the year | $ 9,225 | $ 11,021 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Intangible Assets Net Excluding Goodwill [Abstract] | ||
Indefinite-lived trade name | $ 2,497 | $ 2,696 |
Identifiable intangible assets, weighted average amortization period | 12 years | |
Identifiable intangible assets expected amortization in 2019 | $ 1,197 | |
Identifiable intangible assets expected amortization in 2020 | 1,197 | |
Identifiable intangible assets expected amortization in 2021 | 519 | |
Identifiable intangible assets expected amortization in 2022 | 383 | |
Identifiable intangible assets expected amortization in 2023 | 383 | |
Identifiable intangible assets expected amortization, thereafter | $ 3,049 |
Investments in Joint Ventures -
Investments in Joint Ventures - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
MG [Member] | ||
Schedule of Investments [Line Items] | ||
Percentage of ownership | 33.00% | |
Recorded cost | $ 835,000 | |
Dividends declared | $ 0 | $ 0 |
Gongchang [Member] | ||
Schedule of Investments [Line Items] | ||
Percentage of ownership | 24.00% | |
Recorded cost | $ 1,340,000 | |
Dividends declared | $ 377,000 | $ 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% |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities Disclosure [Abstract] | ||
Customer-related liabilities | $ 16,439 | $ 18,189 |
Accrued interest payable | 2,333 | 2,697 |
Accrued sales commissions | 1,637 | 2,301 |
Other | 8,578 | 13,254 |
Other current liabilities | $ 28,987 | $ 36,441 |
Other Current Liabilities - S_2
Other Current Liabilities - Schedule of Changes in Liability for Product Warranty Claims (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | ||
Balance at the beginning of the year | $ 11,379 | $ 11,439 |
Satisfaction of warranty claims | (5,069) | (3,941) |
Provision for warranty claims | 3,564 | 3,287 |
Other, primarily impact from changes in foreign currency exchange rates | (427) | 594 |
Balance at the end of the year | $ 9,447 | $ 11,379 |
Other Current Liabilities - Add
Other Current Liabilities - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Maximum [Member] | |
Other Liabilities Disclosure [Line Items] | |
Performance obligation related to customer deposits expected satisfaction period | 1 year |
Other Current Liabilities - S_3
Other Current Liabilities - Schedule of Change in Customer Deposits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Contract With Customer Liability [Abstract] | ||
Balance at beginning of the period | $ 4,574 | $ 6,786 |
Satisfaction of performance obligations | (10,885) | (15,089) |
Receipt of additional deposits | 10,701 | 12,745 |
Other, primarily changes in foreign currency exchange rates | (86) | 132 |
Balance at end of the period | $ 4,304 | $ 4,574 |
Borrowing Arrangements - Schedu
Borrowing Arrangements - Schedule of Outstanding Borrowings (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) |
Debt Instrument [Line Items] | ||||
Sale and leaseback financing obligation | $ 18,518 | $ 0 | ||
Capital leases | 1,199 | 1,773 | ||
Outstanding borrowings | 77,609 | 66,153 | ||
Debt – current portion | (45,728) | (19,335) | ||
Long-term debt | 31,881 | 46,818 | ||
Revolving Credit and Security Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Long term debt | 14,320 | 20,349 | ||
Industrial Revenue Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Long term debt | 13,311 | 13,311 | ||
Promissory Notes (and Interest) [Member] | ||||
Debt Instrument [Line Items] | ||||
Long term debt | 26,205 | 25,395 | ||
Minority Shareholder Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Long term debt | $ 4,056 | ¥ 27,901 | $ 5,325 | ¥ 34,655 |
Borrowing Arrangements - Additi
Borrowing Arrangements - Additional Information (Detail) ¥ in Thousands, £ in Thousands | Mar. 04, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2018GBP (£) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
Line Of Credit Facility [Line Items] | ||||||||
Future principal payments, next twelve months | $ 45,728,000 | |||||||
Future principal payments, in year two | 1,990,000 | |||||||
Future principal payments, in year three | 16,162,000 | |||||||
Future principal payments, in year four | 1,796,000 | |||||||
Future principal payments, in year five | 1,646,000 | |||||||
Future principal payments, thereafter | $ 10,287,000 | |||||||
Lessee lease term | 20 years | |||||||
Lessee, operating lease, option to extend | UES may extend the lease for four successive periods of approximately five years each. If fully extended, the lease would expire in September 2058. | |||||||
Lessee, operating term period | 5 years | |||||||
Extended lease expiration date | 2058-09 | |||||||
Lease repurchase percentage on lessor investment for properties | 115.00% | |||||||
Gross proceeds from sale-leaseback finacing transaction | $ 19,000,000 | |||||||
Initial annual payment due | 1,646,000 | |||||||
Effective interest rate | 6.00% | 6.00% | 6.00% | |||||
Deferred financing fees | $ 477,000 | $ 477,000 | $ 0 | |||||
Amortization period for defferred financing fee | 7 years | |||||||
Accrued interest | 2,333,000 | 2,697,000 | ||||||
Subsequent Event [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Repayment of promissory notes and related accrued interest | $ 26,474,000 | |||||||
Promissory Notes (and Interest) [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Long term debt | 26,205,000 | 25,395,000 | ||||||
Promissory notes | $ 21,917,000 | |||||||
Debt, interest rate | 6.50% | 6.50% | 6.50% | |||||
Accrued interest | $ 2,776,000 | 4,288,000 | ||||||
Promissory Notes (and Interest) [Member] | Akers AB [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Promissory notes | 22,619,000 | |||||||
Industrial Revenue Bonds ("IRB") [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Long term debt | 13,311,000 | 13,311,000 | ||||||
Minority Shareholder Loan [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Long term debt | $ 4,056,000 | 5,325,000 | ¥ 27,901 | ¥ 34,655 | ||||
Debt, interest rate | 5.00% | 5.00% | 5.00% | |||||
Accrued interest | $ 2,297,000 | 2,682,000 | ¥ 15,800 | ¥ 17,457 | ||||
Repayment, principal amount | 449,000 | ¥ 3,090 | ||||||
Repayment, interest amount | 145,000 | ¥ 1,000 | ||||||
Minority Shareholder Loan [Member] | TISCO [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Debt instrument conversion of loan to equity | $ 872,000 | ¥ 6,000 | ||||||
Minimum [Member] | Capital Leases [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Effective interest rate | 1.30% | 1.30% | 1.30% | |||||
Maximum [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Incremental percentage on annual lease payment | 2.00% | |||||||
Change in consumer price index percentage | 1.25% | |||||||
Maximum [Member] | Capital Leases [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Effective interest rate | 5.20% | 5.20% | 5.20% | |||||
Revolving Credit and Security Agreement [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Initial term of credit facility | 5 years | 5 years | ||||||
Agreement borrowing capacity | $ 100,000,000 | |||||||
Additional borrowing capacity | $ 50,000,000 | |||||||
Line of credit facility interest annual increase rate | 0.50% | 0.50% | ||||||
Long term debt | $ 14,320,000 | $ 20,349,000 | ||||||
Interest on outstanding balance | 3.34% | 3.34% | ||||||
Line of credit, remaining borrowing capacity | $ 35,000,000 | |||||||
Revolving Credit and Security Agreement [Member] | Minimum [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Commitment fee payable percentage | 0.25% | 0.25% | ||||||
Revolving Credit and Security Agreement [Member] | Maximum [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Commitment fee payable percentage | 0.375% | 0.375% | ||||||
Fixed charge coverage ratio | 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 1.75% to 2.25% | LIBOR plus an applicable margin ranging between 1.75% to 2.25% | ||||||
Revolving Credit and Security Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Debt instrument basis spread | 1.75% | 1.75% | ||||||
Revolving Credit and Security Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Debt instrument basis spread | 2.25% | 2.25% | ||||||
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 0.75% to 1.25% | the base rate plus an applicable margin ranging between 0.75% to 1.25% | ||||||
Revolving Credit and Security Agreement [Member] | Base Rate [Member] | Minimum [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Debt instrument basis spread | 0.75% | 0.75% | ||||||
Revolving Credit and Security Agreement [Member] | Base Rate [Member] | Maximum [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Debt instrument basis spread | 1.25% | 1.25% | ||||||
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 | £ | £ 3,000 | |||||||
Revolving Credit and Security Agreement [Member] | Canadian Credit Facility [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Agreement borrowing capacity | 15,000,000 | |||||||
Long term debt | 4,500,000 | |||||||
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 | 1.47% | 1.47% | 1.47% | |||||
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 | 2.06% | 2.06% | 2.06% | |||||
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 | 1.46% | 1.46% | 1.46% |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits - Additional Information (Detail) £ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018USD ($)Pension_PlanLocationEmployeeCustomer | Dec. 31, 2017USD ($) | Dec. 31, 2018GBP (£)Pension_Plan | Dec. 31, 2017GBP (£) | Dec. 31, 2016USD ($) | |
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Number of employees participate in the plan | Employee | 100,000 | ||||
Multiemployer plan number of employees description | Approximately 100,000 | ||||
Total amount of assets collected | $ 11,900,000,000 | ||||
Percentage of funded status in excess | 92.00% | ||||
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 | |||
Percentage of employers contributions | 5.00% | ||||
Contributions expected in 2019 | $ 279,000 | ||||
Service period to avail existing pension plan | 10 years | ||||
Increase in projected and accumulated benefit obligations due to 1/4 percentage point decrease in discount rate | $ 8,300,000 | ||||
Decrease in projected and accumulated benefit obligations due to 1/4 percentage point increase in discount rate | $ 8,300,000 | ||||
Guaranteed minimum pension equalization amortization period | 25 years | ||||
Decrease in employee benefit obligations due to change from RPI to CPI | 8,760,000 | ||||
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. | ||||
Assumed health care cost trend rate for 2019 | 6.00% | 6.00% | |||
Temporary Early Retirement Incentive Program [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Significant activity, description | Temporary early retirement incentive program to full-time salaried participants at certain locations that either met the eligibility requirements for an unreduced pension or attained age 55 and had 3.5 years of service under the plan. | ||||
Completed years of age of full-time salaried participants | 55 years | ||||
Completed years of service under the plan | 3 years 6 months | ||||
Health insurance benefits, term | 1 year | ||||
Employee benefit obligations and associated expense | $ 1,476,000 | ||||
Minimum [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Defined benefit plan actuarial gain loss percentage | 10.00% | 10.00% | |||
High-quality fixed-income investments maturity | 10 years | ||||
Minimum [Member] | Temporary Early Retirement Incentive Program [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Unreduced pension, lump sum payment | $ 10,000 | ||||
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 | ||||
Maximum [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Defined benefit plan actuarial gain loss percentage | 10.00% | 10.00% | |||
Maximum [Member] | Temporary Early Retirement Incentive Program [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Unreduced pension, lump sum payment | $ 25,000 | ||||
U.S. [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Percentage of employer contribution | 3.00% | ||||
Percentage of matching contribution | 4.00% | ||||
Decrease in liability due to remeasurement | $ 1,726,000 | ||||
Curtailment loss | $ 21,000 | ||||
Defined Benefit Plan, Tax Status [Extensible List] | us-gaap:QualifiedPlanMember | us-gaap:QualifiedPlanMember | |||
Foreign Pension Benefits [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Estimated benefit payments, in 2019 | $ 1,973,000 | ||||
Estimated benefit payments, in 2020 | 1,833,000 | ||||
Estimated benefit payments, in 2021 | 1,802,000 | ||||
Estimated benefit payments, in 2022 | 1,731,000 | ||||
Estimated benefit payments, in 2023 | 2,351,000 | ||||
Estimated benefit payments, in 2024-2028 | 11,766,000 | ||||
Fair value of plan assets | 49,651,000 | 56,419,000 | £ 38,991 | £ 41,820 | |
Accumulated benefit obligations | 47,459,000 | 57,540,000 | £ 37,269 | £ 42,650 | |
Voluntary contributions made | 982,000 | 1,521,000 | |||
Defined contribution plan expected to be fully funded | 0 | ||||
Contributions to defined contribution pension plan | 363,000 | 311,000 | |||
Contributions to the defined contribution pension plan expected in 2019 | $ 391,000 | ||||
Number of additional defined benefit pension plans | Pension_Plan | 2 | 2 | |||
Foreign Pension Benefits [Member] | Unfunded Plan | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Estimated benefit payments, in 2019 | $ 276,000 | ||||
Estimated benefit payments, in 2020 | 288,000 | ||||
Estimated benefit payments, in 2021 | 289,000 | ||||
Estimated benefit payments, in 2022 | 282,000 | ||||
Estimated benefit payments, in 2023 | 274,000 | ||||
Estimated benefit payments, in 2024-2028 | 1,543,000 | ||||
Accumulated benefit obligations | 6,878,000 | 7,073,000 | |||
Projected benefit obligations | 6,878,000 | 7,073,000 | |||
Defined Benefit Pension Plan [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Fair value of plan assets | $ 49,651,000 | 56,419,000 | |||
Defined Benefit Pension Plan [Member] | U.S. [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Number of defined benefit pension plans | Pension_Plan | 2 | 2 | |||
Minimum contributions required | $ 1,211 | 0 | |||
Minimum contributions expected in 2019 | 1,260,000 | ||||
Estimated benefit payments, in 2019 | 14,576,000 | ||||
Estimated benefit payments, in 2020 | 14,522,000 | ||||
Estimated benefit payments, in 2021 | 14,725,000 | ||||
Estimated benefit payments, in 2022 | 14,789,000 | ||||
Estimated benefit payments, in 2023 | 14,803,000 | ||||
Estimated benefit payments, in 2024-2028 | 73,146,000 | ||||
Fair value of plan assets | 182,541,000 | 199,138,000 | $ 188,722,000 | ||
Accumulated benefit obligations | 226,618,000 | 245,317,000 | |||
Voluntary contributions made | 1,614,000 | 403,000 | |||
Employee benefit obligations and associated expense | 1,350,000 | 0 | |||
Curtailment loss | (21,000) | 0 | |||
GMP equalization | 0 | 0 | |||
Decrease in employee benefit obligations due to change from RPI to CPI | 0 | 0 | |||
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Fair value of plan assets | 49,651,000 | 56,419,000 | 48,055,000 | ||
Voluntary contributions made | 1,648,000 | 1,979,000 | |||
Employee benefit obligations and associated expense | 0 | 0 | |||
Curtailment loss | 0 | 0 | |||
GMP equalization | 982,000 | 0 | |||
Decrease in employee benefit obligations due to change from RPI to CPI | 0 | 8,760,000 | |||
Defined Benefit Pension Plan [Member] | Ampco Pittsburgh [Member] | U.S. [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Minimum contributions expected in 2019 | 2,943,000 | ||||
Voluntary contributions made | 3,169,000 | 2,588,000 | |||
Nonqualified Defined Benefit Pension Plan [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Minimum contributions expected in 2019 | 0 | ||||
Estimated benefit payments, in 2019 | 445,000 | ||||
Estimated benefit payments, in 2020 | 464,000 | ||||
Estimated benefit payments, in 2021 | 489,000 | ||||
Estimated benefit payments, in 2022 | 511,000 | ||||
Estimated benefit payments, in 2023 | 519,000 | ||||
Estimated benefit payments, in 2024-2028 | 2,591,000 | ||||
Accumulated benefit obligations | 6,852,000 | 7,202,000 | |||
Defined benefit plan contribution made to trusts | 0 | 0 | |||
Fair market value included in other noncurrent assets | 3,659,000 | 4,204,000 | |||
Other Postretirement Benefit Plans [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Estimated benefit payments, in 2019 | 1,411,000 | ||||
Estimated benefit payments, in 2020 | 1,313,000 | ||||
Estimated benefit payments, in 2021 | 1,119,000 | ||||
Estimated benefit payments, in 2022 | 1,092,000 | ||||
Estimated benefit payments, in 2023 | 1,053,000 | ||||
Estimated benefit payments, in 2024-2028 | 5,577,000 | ||||
Fair value of plan assets | 0 | 0 | $ 0 | ||
Voluntary contributions made | $ 1,103,000 | 1,138,000 | |||
Number of subsidiaries having postretirement health care benefits | Customer | 2 | ||||
Employee benefit obligations and associated expense | $ 126,000 | 0 | |||
Curtailment loss | 0 | 0 | |||
GMP equalization | 0 | 0 | |||
Decrease in employee benefit obligations due to change from RPI to CPI | $ 0 | $ 0 | |||
Percentage decrease in other postretirement benefits in 2021 | 4.75% | 4.75% | |||
Year related to decrease in health care cost trend rate | 2021 | ||||
Other Postretirement Benefit Plans [Member] | Maximum [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | |||||
Monthly reimbursement period | 5 years |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits - Components of Actuarial (Gains) Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Change from RPI to CPI | $ (8,760) | |
Pension Benefits [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Changes in assumptions | $ (16,642) | 12,566 |
GMP equalization | 0 | 0 |
Change from RPI to CPI | 0 | 0 |
Other | (420) | 1,259 |
Total actuarial (gains) losses | (17,062) | 13,825 |
Pension Benefits [Member] | Foreign Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Changes in assumptions | (5,298) | 616 |
GMP equalization | 982 | 0 |
Change from RPI to CPI | 0 | (8,760) |
Other | (1,446) | 190 |
Total actuarial (gains) losses | (5,762) | (7,954) |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Changes in assumptions | (914) | (1,103) |
GMP equalization | 0 | 0 |
Change from RPI to CPI | 0 | 0 |
Other | (229) | (1,067) |
Total actuarial (gains) losses | $ (1,143) | $ (2,170) |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefits - Schedule of Changes in Projected Benefit Obligations (PBO) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Pension Plan [Member] | U.S. [Member] | ||
Change in projected benefit obligations: | ||
PBO, beginning balance | $ 254,976 | $ 244,440 |
Service cost | 1,225 | 1,651 |
Interest cost | 8,473 | 8,413 |
Plan amendments | 0 | 0 |
Special termination benefits | 1,350 | 0 |
Plan curtailments | (1,726) | 0 |
Foreign currency exchange rate changes | 0 | 0 |
Actuarial (gains) losses | (17,062) | 13,825 |
Participant contributions | 0 | 0 |
Benefits paid from plan assets | (13,043) | (12,950) |
Benefits paid by the Corporation | (403) | (403) |
PBO, Ending balance | 233,790 | 254,976 |
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | ||
Change in projected benefit obligations: | ||
PBO, beginning balance | 64,613 | 66,910 |
Service cost | 477 | 150 |
Interest cost | 1,391 | 1,845 |
Plan amendments | 0 | 0 |
Special termination benefits | 0 | 0 |
Plan curtailments | 0 | 0 |
Foreign currency exchange rate changes | (3,434) | 5,948 |
Actuarial (gains) losses | (5,762) | (7,954) |
Participant contributions | 0 | 0 |
Benefits paid from plan assets | (2,282) | (1,813) |
Benefits paid by the Corporation | (666) | (473) |
PBO, Ending balance | 54,337 | 64,613 |
Other Postretirement Benefit Plans [Member] | ||
Change in projected benefit obligations: | ||
PBO, beginning balance | 16,979 | 19,059 |
Service cost | 457 | 492 |
Interest cost | 494 | 571 |
Plan amendments | 0 | 165 |
Special termination benefits | 126 | 0 |
Plan curtailments | 0 | 0 |
Foreign currency exchange rate changes | 0 | 0 |
Actuarial (gains) losses | (1,143) | (2,170) |
Participant contributions | 104 | 92 |
Benefits paid from plan assets | 0 | 0 |
Benefits paid by the Corporation | (1,207) | (1,230) |
PBO, Ending balance | $ 15,810 | $ 16,979 |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefits - Schedule of Changes in Plan Assets (Detail) £ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2018GBP (£) | Dec. 31, 2017USD ($) | |
Foreign Pension Benefits [Member] | |||
Change in plan assets: | |||
Fair value of plan assets, Beginning balance | $ 56,419 | £ 41,820 | |
Corporate contributions | 982 | $ 1,521 | |
Fair value of plan assets, Ending balance | 49,651 | £ 38,991 | 56,419 |
Defined Benefit Pension Plan [Member] | |||
Change in plan assets: | |||
Fair value of plan assets, Beginning balance | 56,419 | ||
Fair value of plan assets, Ending balance | 49,651 | 56,419 | |
Defined Benefit Pension Plan [Member] | U.S. [Member] | |||
Change in plan assets: | |||
Fair value of plan assets, Beginning balance | 199,138 | 188,722 | |
Actual return on plan assets | (4,765) | 23,366 | |
Foreign currency exchange rate changes | 0 | 0 | |
Corporate contributions | 1,614 | 403 | |
Participant contributions | 0 | 0 | |
Gross benefits paid | (13,446) | (13,353) | |
Fair value of plan assets, Ending balance | 182,541 | 199,138 | |
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | |||
Change in plan assets: | |||
Fair value of plan assets, Beginning balance | 56,419 | 48,055 | |
Actual return on plan assets | (2,477) | 3,998 | |
Foreign currency exchange rate changes | (2,991) | 4,673 | |
Corporate contributions | 1,648 | 1,979 | |
Participant contributions | 0 | 0 | |
Gross benefits paid | (2,948) | (2,286) | |
Fair value of plan assets, Ending balance | 49,651 | 56,419 | |
Other Postretirement Benefit Plans [Member] | |||
Change in plan assets: | |||
Fair value of plan assets, Beginning balance | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Foreign currency exchange rate changes | 0 | 0 | |
Corporate contributions | 1,103 | 1,138 | |
Participant contributions | 104 | 92 | |
Gross benefits paid | (1,207) | (1,230) | |
Fair value of plan assets, Ending balance | $ 0 | $ 0 |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefits - Schedule of Funded Status of the Plans (Detail) £ in Thousands, $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2018GBP (£) | Dec. 31, 2017USD ($) | Dec. 31, 2017GBP (£) | Dec. 31, 2016USD ($) |
Foreign Pension Benefits [Member] | |||||
Funded status of the plans: | |||||
Fair value of plan assets | $ 49,651 | £ 38,991 | $ 56,419 | £ 41,820 | |
Defined Benefit Pension Plan [Member] | |||||
Funded status of the plans: | |||||
Fair value of plan assets | 49,651 | 56,419 | |||
Defined Benefit Pension Plan [Member] | U.S. [Member] | |||||
Funded status of the plans: | |||||
Fair value of plan assets | 182,541 | 199,138 | $ 188,722 | ||
Less benefit obligations | 233,790 | 254,976 | 244,440 | ||
Funded status at December 31 | (51,249) | (55,838) | |||
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | |||||
Funded status of the plans: | |||||
Fair value of plan assets | 49,651 | 56,419 | 48,055 | ||
Less benefit obligations | 54,337 | 64,613 | 66,910 | ||
Funded status at December 31 | (4,686) | (8,194) | |||
Other Postretirement Benefit Plans [Member] | |||||
Funded status of the plans: | |||||
Fair value of plan assets | 0 | 0 | 0 | ||
Less benefit obligations | 15,810 | 16,979 | $ 19,059 | ||
Funded status at December 31 | $ (15,810) | $ (16,979) |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefits - Summary of Amounts Recognized in the Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Employee benefit obligations: | ||
Employee benefit obligations | $ (72,658) | $ (79,750) |
Defined Benefit Pension Plan [Member] | U.S. [Member] | ||
Employee benefit obligations: | ||
Prepaid pensions | 0 | 0 |
Accrued payrolls and employee benefits | (436) | (432) |
Employee benefit obligations | (50,813) | (55,406) |
Employee benefit obligations current and non current | (51,249) | (55,838) |
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | ||
Employee benefit obligations: | ||
Prepaid pensions | 2,192 | 0 |
Accrued payrolls and employee benefits | 0 | 0 |
Employee benefit obligations | (6,878) | (8,194) |
Employee benefit obligations current and non current | (4,686) | (8,194) |
Other Postretirement Benefit Plans [Member] | ||
Employee benefit obligations: | ||
Prepaid pensions | 0 | 0 |
Accrued payrolls and employee benefits | (1,395) | (1,371) |
Employee benefit obligations | (14,415) | (15,608) |
Employee benefit obligations current and non current | $ (15,810) | $ (16,979) |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefits - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Pension Plan [Member] | U.S. [Member] | ||
Accumulated other comprehensive loss: | ||
Net actuarial loss (gain) | $ 45,041 | $ 47,252 |
Prior service cost (credit) | 91 | 156 |
Total | 45,132 | 47,408 |
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | ||
Accumulated other comprehensive loss: | ||
Net actuarial loss (gain) | 22,149 | 25,914 |
Prior service cost (credit) | (7,402) | (9,174) |
Total | 14,747 | 16,740 |
Other Postretirement Benefit Plans [Member] | ||
Accumulated other comprehensive loss: | ||
Net actuarial loss (gain) | (2,123) | (1,211) |
Prior service cost (credit) | (12,202) | (13,809) |
Total | $ (14,325) | $ (15,020) |
Pension and Other Postretire_10
Pension and Other Postretirement Benefits - Summary of Target Asset Allocations and Major Asset Categories (Detail) - Defined Benefit Pension Plan [Member] | Dec. 31, 2018 | Dec. 31, 2017 |
Equity Securities [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 45.00% | |
Percentage of Plan Assets | 25.00% | 58.00% |
Equity Securities [Member] | Foreign Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 44.00% | |
Percentage of Plan Assets | 50.00% | 49.00% |
Fixed Income Securities [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 42.00% | |
Percentage of Plan Assets | 45.00% | 21.00% |
Fixed Income Securities [Member] | Foreign Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 35.00% | |
Percentage of Plan Assets | 35.00% | 33.00% |
Alternative Investments [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 10.00% | |
Percentage of Plan Assets | 10.00% | 16.00% |
Alternative Investments [Member] | Foreign Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 21.00% | |
Percentage of Plan Assets | 15.00% | 17.00% |
Other (Primarily Cash and Cash Equivalents) [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 3.00% | |
Percentage of Plan Assets | 20.00% | 5.00% |
Other (Primarily Cash and Cash Equivalents) [Member] | Foreign Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0.00% | |
Percentage of Plan Assets | 0.00% | 1.00% |
Pension and Other Postretire_11
Pension and Other Postretirement Benefits - Asset Categories Based on the Nature and Risks of the Plan Assets (Detail) - Defined Benefit Pension Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | $ 49,651 | $ 56,419 | |
U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 182,541 | 199,138 | $ 188,722 |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 156 | 299 | |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 103,748 | 136,176 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 41,926 | 46,483 | |
Significant Other Observable Inputs (Level 2) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 55,120 | 11,901 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 7,569 | 9,637 | |
Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 23,673 | 51,061 | |
Equity Securities, U.S., Consumer Discretionary [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 891 | 637 | |
Equity Securities, U.S., Consumer Discretionary [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 891 | 637 | |
Equity Securities, U.S., Consumer Discretionary [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, U.S., Consumer Discretionary [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, U.S., Consumer Staples [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 602 | 896 | |
Equity Securities, U.S., Consumer Staples [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 602 | 896 | |
Equity Securities, U.S., Consumer Staples [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, U.S., Consumer Staples [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, U.S., Energy [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 415 | 427 | |
Equity Securities, U.S., Energy [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 415 | 427 | |
Equity Securities, U.S., Energy [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, U.S., Energy [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, U.S., Financial [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 1,075 | 1,362 | |
Equity Securities, U.S., Financial [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 1,075 | 1,362 | |
Equity Securities, U.S., Financial [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, U.S., Financial [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, U.S., Healthcare [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 1,718 | 1,192 | |
Equity Securities, U.S., Healthcare [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 1,718 | 1,192 | |
Equity Securities, U.S., Healthcare [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, U.S., Healthcare [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, U.S., Industrials [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 780 | 819 | |
Equity Securities, U.S., Industrials [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 780 | 819 | |
Equity Securities, U.S., Industrials [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, U.S., Industrials [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, U.S., Information Technology [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 1,632 | 2,061 | |
Equity Securities, U.S., Information Technology [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 1,632 | 2,061 | |
Equity Securities, U.S., Information Technology [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, U.S., Information Technology [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, U.S., Mutual Funds [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 36,883 | 91,258 | |
Equity Securities, U.S., Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 36,883 | 91,258 | |
Equity Securities, U.S., Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, U.S., Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, U.S., Materials [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 177 | 248 | |
Equity Securities, U.S., Materials [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 177 | 248 | |
Equity Securities, U.S., Materials [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, U.S., Materials [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, U.S., Telecommunications [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 560 | 198 | |
Equity Securities, U.S., Telecommunications [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 560 | 198 | |
Equity Securities, U.S., Telecommunications [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, U.S., Telecommunications [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, U.S., Utilities [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 264 | 204 | |
Equity Securities, U.S., Utilities [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 264 | 204 | |
Equity Securities, U.S., Utilities [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, U.S., Utilities [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed Income Securities, Corporate Bonds [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 44,786 | 10,801 | |
Fixed Income Securities, Corporate Bonds [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed Income Securities, Corporate Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 44,786 | 10,801 | |
Fixed Income Securities, Corporate Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed Income Securities, Treasury Bonds [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 25,605 | 6,976 | |
Fixed Income Securities, Treasury Bonds [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 25,605 | 6,976 | |
Fixed Income Securities, Treasury Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed Income Securities, Treasury Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, U.S. [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 44,997 | 99,302 | |
Equity Securities, U.S. [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 44,997 | 99,302 | |
Equity Securities, U.S. [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, U.S. [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed Income Securities, Agency Bonds [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 10,334 | 926 | |
Fixed Income Securities, Agency Bonds [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed Income Securities, Agency Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 10,334 | 926 | |
Fixed Income Securities, Agency Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed Income Securities [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 80,725 | 37,587 | |
Fixed Income Securities [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 25,605 | 25,860 | |
Fixed Income Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 55,120 | 11,727 | |
Fixed Income Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments, Managed Funds [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 23,673 | 49,838 | |
Alternative Investments, Managed Funds [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments, Managed Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments, Managed Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 23,673 | 49,838 | |
Alternative Investments [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 23,673 | 49,838 | $ 33,830 |
Alternative Investments [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 23,673 | 49,838 | |
Other [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 33,146 | 12,411 | |
Other [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 33,146 | 11,014 | |
Other [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 174 | |
Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 1,223 | |
Fixed Income Securities Mutual Funds [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 18,884 | ||
Fixed Income Securities Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 18,884 | ||
Fixed Income Securities Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | ||
Fixed Income Securities Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | ||
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 | 156 | 299 | |
Other (Primarily Cash and Cash Equivalents) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 33,146 | 11,012 | |
Other (Primarily Cash and Cash Equivalents) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 156 | 299 | |
Other (Primarily Cash and Cash Equivalents) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 33,146 | 11,012 | |
Other (Primarily Cash and Cash Equivalents) [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other (Primarily Cash and Cash Equivalents) [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other (Primarily Cash and Cash Equivalents) [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other (Primarily Cash and Cash Equivalents) [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other, Commingled Funds [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 174 | ||
Other, Commingled Funds [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | ||
Other, Commingled Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 174 | ||
Other, Commingled Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | ||
Other, Other Includes Accrued Receivables and Pending Broker Settlements [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 1,225 | ||
Other, Other Includes Accrued Receivables and Pending Broker Settlements [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 2 | ||
Other, Other Includes Accrued Receivables and Pending Broker Settlements [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | ||
Other, Other Includes Accrued Receivables and Pending Broker Settlements [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 1,223 | ||
Equity Securities, Commingled Funds (U.K.) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 3,949 | 4,617 | |
Equity Securities, Commingled Funds (U.K.) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, Commingled Funds (U.K.) [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 3,949 | 4,617 | |
Equity Securities, Commingled Funds (U.K.) [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, Commingled Funds (International) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 20,645 | 23,015 | |
Equity Securities, Commingled Funds (International) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, Commingled Funds (International) [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 20,645 | 23,015 | |
Equity Securities, Commingled Funds (International) [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 24,594 | 27,632 | |
Equity Securities [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 24,594 | 27,632 | |
Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed-Income Securities, Commingled Funds (U.K.) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 17,332 | 18,851 | |
Fixed-Income Securities, Commingled Funds (U.K.) [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed-Income Securities, Commingled Funds (U.K.) [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 17,332 | 18,851 | |
Fixed-Income Securities, Commingled Funds (U.K.) [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments, Hedge and Absolute Return Funds [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 7,569 | 9,637 | |
Alternative Investments, Hedge and Absolute Return Funds [Member] | Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments, Hedge and Absolute Return Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Alternative Investments, Hedge and Absolute Return Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | $ 7,569 | $ 9,637 |
Pension and Other Postretire_12
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. [Member] | Dec. 31, 2018 | Dec. 31, 2017 |
Alternative Investments, Managed Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Target Allocation | 74.00% | |
Alternative Investments, Cash and Cash Equivalents [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Target Allocation | 26.00% | |
Equity Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Target Allocation | 45.00% | |
Equity Securities [Member] | Managed Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Target Allocation | 47.30% | |
Alternative Investments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Target Allocation | 10.00% | |
Alternative Investments [Member] | Managed Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Target Allocation | 41.10% | |
Fixed Income Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Target Allocation | 42.00% | |
Fixed Income Securities [Member] | Managed Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Target Allocation | 9.60% | |
Other, Primarily Cash And Cash Equivalents [Member] | Managed Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Target Allocation | 2.00% |
Pension and Other Postretire_13
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, 2018USD ($) | Dec. 31, 2018GBP (£) | Dec. 31, 2017USD ($) | Dec. 31, 2017GBP (£) | |
Foreign Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, Beginning balance | $ 56,419 | £ 41,820 | ||
Fair value of plan assets, Ending balance | 49,651 | £ 38,991 | $ 56,419 | £ 41,820 |
Defined Benefit Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, Beginning balance | 56,419 | |||
Fair value of plan assets, Ending balance | 49,651 | 56,419 | ||
Defined Benefit Pension Plan [Member] | U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, Beginning balance | 199,138 | 188,722 | ||
Fair value of plan assets, Ending balance | 182,541 | 199,138 | ||
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, Beginning balance | 56,419 | 48,055 | ||
Fair value of plan assets, Ending balance | 49,651 | 56,419 | ||
Defined Benefit Pension Plan [Member] | Alternative Investments [Member] | U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, Beginning balance | $ 49,838 | $ 33,830 | ||
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible List] | us-gaap:FairValueInputsLevel3Member | us-gaap:FairValueInputsLevel3Member | us-gaap:FairValueInputsLevel3Member | us-gaap:FairValueInputsLevel3Member |
Contributions | $ 0 | $ 16,000 | ||
Withdrawals | (26,131) | (5,364) | ||
Realized gains (losses) | 9,061 | 1,304 | ||
Change in net unrealized (losses) gains | (9,095) | 4,068 | ||
Other, primarily impact from changes in foreign currency exchange rates | 0 | 0 | ||
Fair value of plan assets, Ending balance | 23,673 | 49,838 | ||
Defined Benefit Pension Plan [Member] | Alternative Investments [Member] | Foreign Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, Beginning balance | $ 9,637 | $ 8,593 | ||
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible List] | us-gaap:FairValueInputsLevel3Member | us-gaap:FairValueInputsLevel3Member | us-gaap:FairValueInputsLevel3Member | us-gaap:FairValueInputsLevel3Member |
Contributions | $ 0 | $ 0 | ||
Withdrawals | (1,037) | 0 | ||
Realized gains (losses) | (436) | 0 | ||
Change in net unrealized (losses) gains | (98) | 229 | ||
Other, primarily impact from changes in foreign currency exchange rates | (497) | 815 | ||
Fair value of plan assets, Ending balance | $ 7,569 | $ 9,637 |
Pension and Other Postretire_14
Pension and Other Postretirement Benefits - Net Periodic Pension and Other Postretirement Benefit Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Curtailment loss | $ (21) | |
Defined Benefit Pension Plan [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 1,225 | $ 1,651 |
Interest cost | 8,473 | 8,413 |
Expected return on plan assets | (13,282) | (12,503) |
Amortization of prior service cost (credit) | 44 | 52 |
Actuarial loss (gain) | 1,471 | 4,111 |
Special termination benefits | 1,350 | 0 |
Curtailment loss | 21 | 0 |
Net cost | (698) | 1,724 |
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 477 | 150 |
Interest cost | 1,391 | 1,845 |
Expected return on plan assets | (2,580) | (2,239) |
Amortization of prior service cost (credit) | (336) | 0 |
Actuarial loss (gain) | 727 | 751 |
Special termination benefits | 0 | 0 |
Curtailment loss | 0 | 0 |
Net cost | (321) | 507 |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 457 | 492 |
Interest cost | 494 | 571 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost (credit) | (1,607) | (1,607) |
Actuarial loss (gain) | (231) | (24) |
Special termination benefits | 126 | 0 |
Curtailment loss | 0 | 0 |
Net cost | $ (761) | $ (568) |
Pension and Other Postretire_15
Pension and Other Postretirement Benefits - Discount Rates and Weighted-Average Wage Increases Used to Determine the Benefit Obligations (Detail) | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Pension Plan [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Wage increases | 3.00% | |
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.00% | 2.45% |
Minimum [Member] | Defined Benefit Pension Plan [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.23% | 3.63% |
Minimum [Member] | Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.09% | 3.46% |
Maximum [Member] | Defined Benefit Pension Plan [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.34% | 3.72% |
Maximum [Member] | Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.33% | 3.69% |
Pension and Other Postretire_16
Pension and Other Postretirement Benefits - Assumptions Regarding Net Periodic Pension and Other Postretirement Benefit Costs (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Pension Plan [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Wages increases | 3.00% | |
Defined Benefit Pension Plan [Member] | Foreign Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.45% | |
Expected long-term rate of return | 4.65% | 4.45% |
Minimum [Member] | Defined Benefit Pension Plan [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.63% | 4.02% |
Expected long-term rate of return | 6.95% | 6.95% |
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. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.34% | 4.25% |
Expected long-term rate of return | 7.50% | 7.50% |
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% |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities - Additional Information (Detail) kr in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)Bond | Dec. 31, 2018SEK (kr) | |
Commitments And Contingent Liabilities [Line Items] | ||
Outstanding standby and commercial letters of credit | $ | $ 21,000 | |
Number of surety bonds issued | Bond | 2 | |
Amount covered by guarantees | $ 4,000 | kr 33,900 |
Percentage of employees, including ASW, covered by collective bargaining agreements | 39.00% | 39.00% |
Bargaining agreement beginning expiration year | 2019-08 | |
Bargaining agreement ending expiration year | 2022-05 | |
Collective Bargaining Agreement [Member] | ||
Commitments And Contingent Liabilities [Line Items] | ||
Percentage of covered employees | 55.00% |
Accumulated Other Comprehensi_3
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, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 161,761 | $ 149,834 |
Impact from adoption of ASU 2016-01 (Note 1) | 0 | |
Balance January 1, 2018, adjusted | 161,761 | |
Net Change | (4,219) | 22,330 |
Impact from adoption of ASU 2018-02 (Note 1) | 0 | |
Ending Balance | 92,969 | 161,761 |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (11,932) | (22,973) |
Impact from adoption of ASU 2016-01 (Note 1) | 0 | |
Balance January 1, 2018, adjusted | (11,932) | |
Net Change | (6,710) | 11,041 |
Impact from adoption of ASU 2018-02 (Note 1) | 0 | |
Ending Balance | (18,642) | (11,932) |
Unrecognized Components of Employee Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (34,196) | (38,636) |
Impact from adoption of ASU 2016-01 (Note 1) | 0 | |
Balance January 1, 2018, adjusted | (34,196) | |
Net Change | 3,294 | 10,582 |
Impact from adoption of ASU 2018-02 (Note 1) | (6,142) | |
Ending Balance | (30,902) | (34,196) |
Unrealized Holding Gains on Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 632 | 59 |
Impact from adoption of ASU 2016-01 (Note 1) | (632) | |
Balance January 1, 2018, adjusted | 0 | |
Net Change | 0 | 573 |
Impact from adoption of ASU 2018-02 (Note 1) | 0 | |
Ending Balance | 0 | 632 |
Realized (Gains) Losses from Settlement of Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 739 | 551 |
Impact from adoption of ASU 2016-01 (Note 1) | 0 | |
Balance January 1, 2018, adjusted | 739 | |
Net Change | (803) | 134 |
Impact from adoption of ASU 2018-02 (Note 1) | 54 | |
Ending Balance | (64) | 739 |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (44,757) | (60,999) |
Impact from adoption of ASU 2016-01 (Note 1) | (632) | |
Balance January 1, 2018, adjusted | (45,389) | |
Net Change | (4,219) | 22,330 |
Impact from adoption of ASU 2018-02 (Note 1) | (6,088) | |
Ending Balance | $ (49,608) | $ (44,757) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Valuation Allowance Against Gross Deferred Income Tax Assets [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Income tax benefit for certain items | $ 0 |
ASU 2016-01 [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Reclassification of marketable securities from accumulated other comprehensive loss to net income | $ 0 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss - Line Items Affected on Consolidated Statements of Operations for Components Reclassified from Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Depreciation and amortization (foreign currency purchasecontracts) | $ (21,379) | $ (21,376) |
Costs of products sold (excluding depreciation andamortization) (futures contracts – copper and aluminum) | (351,839) | (316,983) |
Other expense | 4,682 | (721) |
Income tax provision | (268) | 1,355 |
Net loss attributable to Ampco-Pittsburgh | (69,335) | (12,089) |
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] | ||
Other expense | 89 | 3,283 |
Income tax provision | 0 | 0 |
Net loss attributable to Ampco-Pittsburgh | 89 | 3,283 |
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] | ||
Depreciation and amortization (foreign currency purchasecontracts) | (23) | (31) |
Costs of products sold (excluding depreciation andamortization) (futures contracts – copper and aluminum) | (67) | (639) |
Total before income tax | (90) | (670) |
Income tax provision | 0 | 0 |
Net loss attributable to Ampco-Pittsburgh | $ (90) | $ (670) |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | ||
Anticipated foreign-denominated sales hedge | $ 32,983,000 | |
(Losses) gains on foreign exchange transactions included in other income (expense) | $ (1,480,000) | $ (747,000) |
Copper Purchases [Member] | ||
Derivative [Line Items] | ||
Percentage of anticipated purchases hedged | 51.00% | |
Time period for hedged purchases | 9 months | |
Copper Purchases [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Anticipated purchases, hedged | $ 2,547,000 | |
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 | $ 507,000 |
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, 2018 | Dec. 31, 2017 |
Receivables [Member] | ||
Derivative [Line Items] | ||
Fair value hedged item | $ 232 | $ (269) |
Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 44 | 961 |
Fair value hedged item | 967 | 169 |
Other Current Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 950 | 89 |
Fair value hedged item | 12 | 907 |
Other Noncurrent Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 70 | 1 |
Other Noncurrent Assets [Member] | ||
Derivative [Line Items] | ||
Fair value hedged item | $ 105 | $ 16 |
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, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | ||
Beginning of the Year | $ 685 | $ 551 |
Beginning of the Year, Adjusted balance | 739 | |
Recognized | (713) | 804 |
Reclassified | 90 | 670 |
End of the Year | 685 | |
End of the Year, Adjusted balance | (64) | 739 |
Foreign Currency Purchase Contracts [Member] | ||
Derivative [Line Items] | ||
Beginning of the Year | 185 | 216 |
Beginning of the Year, Adjusted balance | 239 | |
Recognized | 0 | 0 |
Reclassified | 23 | 31 |
End of the Year | 185 | |
End of the Year, Adjusted balance | 216 | 239 |
Futures Contracts - Copper and Aluminum [Member] | ||
Derivative [Line Items] | ||
Beginning of the Year | 500 | 335 |
Beginning of the Year, Adjusted balance | 500 | |
Recognized | (713) | 804 |
Reclassified | 67 | 639 |
End of the Year | 500 | |
End of the Year, Adjusted balance | $ (280) | $ 500 |
Derivative Instruments - Summ_2
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 | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | ||
Amount released to pre - tax earnings | $ 21,379 | $ 21,376 |
Amount released to pre - tax earnings | 351,839 | 316,983 |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Realized (Gains) Losses from Settlement of Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Amount released to pre - tax earnings | 23 | 31 |
Amount released to pre - tax earnings | 67 | 639 |
Foreign Currency Purchase Contracts [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Realized (Gains) Losses from Settlement of Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Estimated to be Reclassified in the Next 12 Months | 27 | |
Amount released to pre - tax earnings | 23 | 31 |
Futures Contracts - Copper and Aluminum [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Realized (Gains) Losses from Settlement of Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Estimated to be Reclassified in the Next 12 Months | (280) | |
Amount released to pre - tax earnings | $ 67 | $ 639 |
Fair Value - Fair Value of Fina
Fair Value - Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
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 | $ 105 | $ 16 |
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 | 1,011 | 1,130 |
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 | 962 | 996 |
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 | 70 | 1 |
Investments [Member] | Other Noncurrent Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 3,659 | 4,204 |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Foreign Currency Exchange Contracts [Member] | Other Noncurrent Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Foreign Currency Exchange Contracts [Member] | Other Current Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Foreign Currency Exchange Contracts [Member] | Other Current Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Foreign Currency Exchange Contracts [Member] | Other Noncurrent Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Investments [Member] | Other Noncurrent Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 3,659 | 4,204 |
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 | 105 | 16 |
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 | 1,011 | 1,130 |
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 | 962 | 996 |
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 | 70 | 1 |
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 |
Revenue - Net Sales (Detail)
Revenue - Net Sales (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 419,432 | $ 385,155 |
Forged and Cast Mill Rolls [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 270,241 | 254,638 |
Forged Engineered Products [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 59,289 | 42,645 |
Heat Exchange Coils [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 26,761 | 28,998 |
Centrifugal Pumps [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 35,868 | 35,607 |
Air Handling Systems [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 27,273 | 23,267 |
U.S. [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 209,536 | 194,982 |
Foreign [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 209,896 | $ 190,173 |
Revenue - Net Sales (Parentheti
Revenue - Net Sales (Parenthetical) (Detail) - Customer | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Forged and Cast Engineered Products [Member] | ||
Revenue from External Customer [Line Items] | ||
Number of customers accounted for net sales | 0 | 0 |
Air and Liquid Processing [Member] | ||
Revenue from External Customer [Line Items] | ||
Number of customers accounted for net sales | 1 | 0 |
Sales Revenue, Net [Member] | Individual Countries [Member] | Maximum [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 10.00% | 10.00% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Forged and Cast Engineered Products [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 10.00% | 10.00% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Air and Liquid Processing [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 13.00% | 10.00% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | May 31, 2016 | May 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 2,115,000 | $ 2,400,000 | ||
Income tax benefit from stock-based compensation expense | $ 0 | |||
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 return on invested capital or a 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 | $ 2,246,000 | |||
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 | 50,000 | |||
Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for issuance | 140,251 | |||
Shares of common stock issued to non-employee directors | 72,170 | |||
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 Incentive Options (RSUs and PSUs) (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of incentive options, Forfeited/cancelled | (209,750) | (190,501) |
Weighted Average Fair Value of incentive options, Forfeited/cancelled | $ 32.47 | $ 26.03 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of incentive options, Outstanding, Beginning balance | 158,706 | 155,845 |
Number of incentive options, Granted | 117,501 | 76,473 |
Number of incentive options, Converted to common stock | (83,786) | (58,677) |
Number of incentive options, Forfeited/cancelled | (19,716) | (14,935) |
Number of incentive options, Outstanding, Ending balance | 172,705 | 158,706 |
Weighted Average Fair Value of incentive options, Outstanding, Beginning balance | $ 16 | $ 17.53 |
Weighted Average Fair Value of incentive options, Granted | 9.70 | 14 |
Weighted Average Fair Value of incentive options, Converted to common stock | 16.38 | 17.25 |
Weighted Average Fair Value of incentive options, Forfeited/cancelled | 13.65 | 16.76 |
Weighted Average Fair Value of incentive options, Outstanding, Ending Balance | $ 11.77 | $ 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 | 102,514 | 39,348 |
Number of incentive options, Granted | 94,703 | 97,788 |
Number of incentive options, Converted to common stock | 0 | 0 |
Number of incentive options, Forfeited/cancelled | (70,630) | (34,622) |
Number of incentive options, Outstanding, Ending balance | 126,587 | 102,514 |
Weighted Average Fair Value of incentive options, Outstanding, Beginning balance | $ 17.47 | $ 21.62 |
Weighted Average Fair Value of incentive options, Granted | 10.06 | 14.93 |
Weighted Average Fair Value of incentive options, Converted to common stock | 0 | |
Weighted Average Fair Value of incentive options, Forfeited/cancelled | 18.79 | 14.99 |
Weighted Average Fair Value of incentive options, Outstanding, Ending Balance | $ 11.19 | $ 17.47 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Outstanding Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Number of Shares Under Options, Outstanding, Beginning balance | 815,335 | 1,005,836 | |
Number of Shares Under Options, Granted | 0 | 0 | |
Number of Shares Under Options, Exercised | 0 | 0 | |
Number of Shares Under Options, Forfeited/Cancelled | (209,750) | (190,501) | |
Number of Shares Under Options, Outstanding, Ending Balance | 605,585 | 815,335 | 1,005,836 |
Number of Shares Under Options, Exercisable | 605,585 | ||
Number of Shares Under Options, Vested or expected to vest | 605,585 | ||
Weighted Average Exercise Price, Outstanding, Beginning balance | $ 23.61 | $ 24.07 | |
Weighted Average Fair Value of incentive options, Forfeited/cancelled | 32.47 | 26.03 | |
Weighted Average Exercise Price, Outstanding, Ending balance | 20.54 | $ 23.61 | $ 24.07 |
Weighted Average Exercise Price, Exercisable | 20.54 | ||
Weighted Average Exercise Price, Vested or expected to vest | $ 20.54 | ||
Remaining Contractual Life In Years, Outstanding | 2 years 9 months 18 days | 3 years 3 months 18 days | 4 years 2 months 12 days |
Remaining Contractual Life In Years, Exercisable | 2 years 9 months 18 days | ||
Remaining Contractual Life In Years, Vested or expected to vest | 2 years 9 months 18 days | ||
Intrinsic Value, Outstanding, Beginning balance | $ 0 | $ 0 | $ 0 |
Intrinsic Value, Exercisable | 0 | ||
Intrinsic Value, Vested or expected to vest | $ 0 |
Operating Leases - Additional I
Operating Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Leases [Abstract] | ||
Operating lease expense | $ 1,412 | $ 1,244 |
Operating lease payments, in 2019 | 582 | |
Operating lease payments, in 2020 | 426 | |
Operating lease payments, in 2021 | 374 | |
Operating lease payments, in 2022 | 355 | |
Operating lease payments, in 2023 | 345 | |
Operating lease payments, thereafter | $ 4,249 |
Research and Development Costs
Research and Development Costs - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Research And Development [Abstract] | ||
Expenses relating to product development | $ 2,664 | $ 3,386 |
Litigation - Schedule of Loss C
Litigation - Schedule of Loss Contingencies by Contingency (Detail) - Asbestos Claims [Member] | 12 Months Ended | |
Dec. 31, 2018USD ($)Claim | Dec. 31, 2017USD ($)Claim | |
Loss Contingencies [Line Items] | ||
Total claims pending at the beginning of the period | 6,907 | 6,618 |
New claims served | 1,338 | 1,365 |
Claims dismissed | (1,123) | (718) |
Claims settled | (350) | (358) |
Total claims pending at the end of the period | 6,772 | 6,907 |
Gross settlement and defense costs | $ | $ 24,324,000 | $ 21,431,000 |
Average gross settlement and defense costs per claim resolved | $ | $ 16,510 | $ 19,920 |
Litigation - Schedule of Loss_2
Litigation - Schedule of Loss Contingencies by Contingency (Parenthetical) (Detail) - Claim | Dec. 31, 2018 | Dec. 31, 2017 |
Commitments And Contingencies Disclosure [Abstract] | ||
Number of claims inactive or transferred to MDL panel | 668 | 479 |
Litigation - Additional Informa
Litigation - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Commitments And Contingencies Disclosure [Abstract] | |
Reserves for total costs for asbestos liability claims pending or projected | $ 227,922 |
Percentage of defense costs estimated of settlement costs | 80.00% |
Insurance recoveries receivable | $ 152,508 |
Litigation - Summary of Activit
Litigation - Summary of Activity in Asbestos Insurance Recoveries (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Loss Contingencies [Line Items] | ||
Insurance receivable - asbestos, end of the year | $ 152,508 | |
Asbestos Claims [Member] | ||
Loss Contingencies [Line Items] | ||
Insurance receivable - asbestos, beginning of the year | 100,342 | $ 115,945 |
Settlement and defense costs paid by insurance carriers | (17,420) | (15,603) |
Changes in estimated coverage | 69,586 | 0 |
Insurance receivable - asbestos, end of the year | $ 152,508 | $ 100,342 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Dec. 22, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Contingency [Line Items] | ||||
U.S. corporate statutory income tax rate | 21.00% | 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% | |||
Repatriation transition tax liability | $ 2,369 | |||
Repatriation transition tax liability remitted, period | 8 years | |||
Net operating loss and AMT credits | $ 1,419,000 | |||
Increase in operating loss carryforwards | 741,000 | 741,000 | ||
Valuation allowance methodology and assumptions, description | During 2018, the Corporation released the valuation allowance previously established against the net deferred income tax assets of ATR on the basis that it was “more likely than not” the assets would be realized due to continued earnings and forecasts sufficient to utilize the net deferred income tax assets. | |||
Deferred tax liability recorded | $ 0 | $ 0 | $ 0 | |
2035 [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | 6,734,000 | |||
Domestic Tax Authority [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Income tax refund received | 3,500,000 | |||
Net operating loss carryforwards | $ 18,745,000 | |||
Operating loss carry forwards expiration period | 2035 | |||
Operating loss carryforwards, limitations on use | the Corporation has federal net operating loss carryforwards of $18,745, of which $12,011 can be carried forward indefinitely, but will be limited to 80 percent of taxable income in any given year. | |||
State [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | $ 40,550,000 | |||
Operating loss carry forwards expiration period | 2019 | |||
Foreign Tax Authority [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | $ 52,332,000 | |||
Operating loss carry forwards expiration period | 2019 | |||
Capital loss carryforwards | $ 768,000 | |||
Capital loss carry forwards expiration period | Capital loss carryforwards of $768 which do not expire | |||
Carried Forward Indefinitely [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | $ 12,011,000 |
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, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Domestic | $ (48,169) | $ (16,988) |
Foreign | 4,362 | (454) |
Loss from continuing operations before income taxes and gain on sale of joint venture | $ (43,807) | $ (17,442) |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision (Benefit) for Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | ||
Federal | $ 1,166 | $ (4,698) |
State | 73 | (440) |
Foreign | 839 | 606 |
Current income tax provision (benefit) | 2,078 | (4,532) |
Deferred: | ||
Federal | (10,881) | 1,259 |
State | (2,189) | (112) |
Foreign | 3,350 | 1,876 |
Increase in valuation allowance | 7,910 | 154 |
Deferred income tax (benefit) provision | (1,810) | 3,177 |
Total income tax provision (benefit) | $ 268 | $ (1,355) |
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, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Computed at statutory rate | $ (8,943) | $ (5,635) |
Tax differential on non-U.S. earnings | 56 | (108) |
State income taxes | (2,131) | (398) |
Meals and entertainment | 76 | 138 |
Alternative minimum tax credits | (433) | 0 |
Increase in valuation allowance | 7,910 | 154 |
Repatriation transition tax impact | 1,383 | 3,284 |
Adjustments to net operating losses | 1,879 | 0 |
Reclassification of discontinued operations increase in valuation allowance | 0 | 930 |
Other – net | 471 | 280 |
Total income tax provision (benefit) | $ 268 | $ (1,355) |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Employment – related liabilities | $ 10,667 | $ 10,971 |
Liabilities related to discontinued operations | 144 | 186 |
Capital loss carryforwards | 305 | 308 |
Asbestos-related liability | 18,894 | 12,179 |
Net operating loss – domestic | 3,936 | 674 |
Net operating loss – state | 3,057 | 2,782 |
Net operating loss – foreign | 9,514 | 12,232 |
Inventory related | 3,905 | 2,711 |
Impairment charge associated with investment in MG | 1,050 | 1,155 |
Other | 3,208 | 3,357 |
Gross deferred income tax assets | 64,203 | 57,192 |
Valuation allowance | (33,881) | (26,933) |
Deferred tax assets, net, Total | 30,322 | 30,259 |
Liabilities: | ||
Depreciation | (25,420) | (26,784) |
Intangible assets – finite life | (1,181) | (1,564) |
Intangible assets – indefinite life | (550) | (605) |
Other | (147) | (149) |
Gross deferred income tax liabilities | (27,298) | (29,102) |
Net deferred income tax assets | 3,024 | 1,157 |
Foreign Tax Authority [Member] | ||
Assets: | ||
Pension liability | 996 | 1,633 |
Domestic Tax Authority [Member] | ||
Assets: | ||
Pension liability | $ 8,527 | $ 9,004 |
Environmental Matters - Additio
Environmental Matters - Additional Information (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Environmental Remediation Obligations [Abstract] | |
Potential liability for all environmental compliance | $ 324 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) ¥ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Related Party Transaction [Line Items] | ||||||
Accrued interest | $ 2,333,000 | $ 2,697,000 | ||||
ATR [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Purchases | 11,248,000 | ¥ 77,356 | 7,752,000 | ¥ 52,418 | ||
LB Co paid Corporation for administrative services | 208,000 | ¥ 1,429 | 296,000 | 1,929 | ||
Loan outstanding | $ 4,056,000 | 5,325,000 | ¥ 27,901 | ¥ 34,655 | ||
Debt, interest rate | 5.00% | 5.00% | ||||
Accrued interest | $ 2,297,000 | 2,682,000 | ¥ 15,800 | ¥ 17,457 | ||
Debt, maturity date | 2008 | 2008 | ||||
Debt, renewal period | 1 year | 1 year | ||||
Sales | $ 11,697,000 | ¥ 77,464 | 8,564,000 | ¥ 57,909 | ||
Due from related parties | 0 | $ 0 | ||||
Repayment, principal amount | 449,000 | 3,090 | ||||
Accured interest paid | $ 145,000 | ¥ 1,000 | ||||
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 | ||||
TISCO [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt instrument conversion of loan to equity | $ 872,000 | ¥ 6,000 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018Segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 2 |
Business Segments - Business Se
Business Segments - Business Segment Net Sales and (Loss) Income from Continuing Operations Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue from External Customer [Line Items] | ||
Net sales | $ 419,432 | $ 385,155 |
(Loss) Income from Continuing Operations Before Income Taxes and Gain on Sale of Joint Venture | (43,807) | (17,442) |
Capital Expenditures | 9,719 | 13,011 |
Depreciation and amortization | 21,379 | 21,376 |
Identifiable Assets | 571,119 | 565,599 |
U.S. [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 209,536 | 194,982 |
(Loss) Income from Continuing Operations Before Income Taxes and Gain on Sale of Joint Venture | (48,234) | (18,122) |
Foreign [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 209,896 | 190,173 |
(Loss) Income from Continuing Operations Before Income Taxes and Gain on Sale of Joint Venture | 4,427 | 680 |
Continuing Operations [Member] | ||
Revenue from External Customer [Line Items] | ||
Identifiable Assets | 550,881 | 531,809 |
Long-Lived Assets | 340,065 | 312,330 |
Continuing Operations [Member] | U.S. [Member] | ||
Revenue from External Customer [Line Items] | ||
Long-Lived Assets | 268,731 | 235,646 |
Continuing Operations [Member] | Foreign [Member] | ||
Revenue from External Customer [Line Items] | ||
Long-Lived Assets | 71,334 | 76,684 |
Operating Segments [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 419,432 | 385,155 |
(Loss) Income from Continuing Operations Before Income Taxes and Gain on Sale of Joint Venture | (28,734) | 3,795 |
Corporate Costs, Including Other Income (Expense) [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 0 | 0 |
(Loss) Income from Continuing Operations Before Income Taxes and Gain on Sale of Joint Venture | (15,073) | (21,237) |
Capital Expenditures | 7 | 174 |
Depreciation and amortization | 194 | 191 |
Corporate Costs, Including Other Income (Expense) [Member] | Continuing Operations [Member] | ||
Revenue from External Customer [Line Items] | ||
Identifiable Assets | 15,415 | 19,031 |
Forged and Cast Engineered Products [Member] | Operating Segments [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 329,530 | 297,283 |
(Loss) Income from Continuing Operations Before Income Taxes and Gain on Sale of Joint Venture | (6,605) | (6,887) |
Capital Expenditures | 8,801 | 12,277 |
Depreciation and amortization | 20,189 | 20,113 |
Forged and Cast Engineered Products [Member] | Operating Segments [Member] | Continuing Operations [Member] | ||
Revenue from External Customer [Line Items] | ||
Identifiable Assets | 348,017 | 380,437 |
Air and Liquid Processing [Member] | Operating Segments [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 89,902 | 87,872 |
(Loss) Income from Continuing Operations Before Income Taxes and Gain on Sale of Joint Venture | (22,129) | 10,682 |
Capital Expenditures | 911 | 560 |
Depreciation and amortization | 996 | 1,072 |
Air and Liquid Processing [Member] | Operating Segments [Member] | Continuing Operations [Member] | ||
Revenue from External Customer [Line Items] | ||
Identifiable Assets | $ 187,449 | $ 132,341 |
Business Segments - Business _2
Business Segments - Business Segment Net Sales and (Loss) Income from Continuing Operations Before Income Taxes (Parenthetical) (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue from External Customer [Line Items] | ||
Investments in joint ventures | $ 2,175,000 | $ 2,175,000 |
Noncurrent asbestos-related insurance receivables | 135,508,000 | 87,342,000 |
Air and Liquid Processing [Member] | ||
Revenue from External Customer [Line Items] | ||
Estimated costs of asbestos-related litigation, net of estimated insurance recoveries | 32,910 | |
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 | 152,508 | 100,342 |
Forged and Cast Engineered Products [Member] | ||
Revenue from External Customer [Line Items] | ||
Investments in joint ventures | $ 2,175 | $ 2,175 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for Doubtful Accounts [Member] | ||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Period | $ 962 | $ 621 |
Charged to Costs and Expenses | 275 | 317 |
Charged to Other Accounts | (1) | (28) |
Deductions | (255) | 50 |
Other | (3) | 2 |
Balance at End of Period | 978 | 962 |
Valuation Allowance Against Gross Deferred Income Tax Assets [Member] | ||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Period | 26,933 | 33,696 |
Charged to Costs and Expenses | 0 | 0 |
Charged to Other Accounts | 7,910 | 154 |
Deductions | (181) | (7,468) |
Other | (781) | 551 |
Balance at End of Period | $ 33,881 | $ 26,933 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Valuation And Qualifying Accounts [Abstract] | ||
U.S. corporate statutory income tax rate | 21.00% | 35.00% |