Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 03, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | AP | |
Entity Registrant Name | AMPCO PITTSBURGH CORP | |
Entity Central Index Key | 0000006176 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 12,513,269 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 10,443 | $ 19,713 |
Receivables, less allowance for doubtful accounts of $1,028 in 2019 and $978 in 2018 | 86,557 | 69,448 |
Inventories | 93,433 | 94,196 |
Insurance receivable – asbestos | 17,000 | 17,000 |
Other current assets | 6,085 | 7,271 |
Current assets of discontinued operations | 17,754 | 20,238 |
Total current assets | 231,272 | 227,866 |
Property, plant and equipment, net | 173,492 | 185,661 |
Operating lease right-of-use assets | 5,823 | 0 |
Insurance receivable – asbestos | 133,093 | 135,508 |
Deferred income tax assets | 2,934 | 3,188 |
Intangible assets, net | 8,527 | 9,225 |
Investments in joint ventures | 2,175 | 2,175 |
Other noncurrent assets | 7,935 | 7,496 |
Total assets | 565,251 | 571,119 |
Current liabilities: | ||
Accounts payable | 45,807 | 38,900 |
Accrued payrolls and employee benefits | 19,031 | 20,380 |
Debt – current portion | 19,256 | 45,728 |
Operating lease liabilities – current portion | 518 | 0 |
Asbestos liability – current portion | 24,000 | 24,000 |
Other current liabilities | 29,918 | 28,987 |
Current liabilities of discontinued operations | 9,786 | 9,458 |
Total current liabilities | 148,316 | 167,453 |
Employee benefit obligations | 66,443 | 72,658 |
Asbestos liability | 201,133 | 203,922 |
Deferred income tax liabilities | 256 | 164 |
Long-term debt | 58,061 | 31,881 |
Noncurrent operating lease liabilities | 5,305 | 0 |
Other noncurrent liabilities | 2,003 | 2,072 |
Total liabilities | 481,517 | 478,150 |
Commitments and contingent liabilities (Note 9) | ||
Shareholders’ equity: | ||
Common stock – par value $1; authorized 20,000 shares; issued and outstanding 12,513 shares in 2019 and 12,495 shares in 2018 | 12,513 | 12,495 |
Additional paid-in capital | 155,283 | 154,889 |
Retained deficit | (45,503) | (30,355) |
Accumulated other comprehensive loss | (44,421) | (49,434) |
Total Ampco-Pittsburgh shareholders’ equity | 77,872 | 87,595 |
Noncontrolling interest | 5,862 | 5,374 |
Total shareholders’ equity | 83,734 | 92,969 |
Total liabilities and shareholders’ equity | $ 565,251 | $ 571,119 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $ 1,028 | $ 978 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 12,513,000 | 12,495,000 |
Common stock, shares outstanding | 12,513,000 | 12,495,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Net sales | $ 107,494 | $ 106,415 |
Operating costs and expenses: | ||
Costs of products sold (excluding depreciation and amortization) | 90,221 | 87,653 |
Selling and administrative | 13,885 | 14,856 |
Depreciation and amortization | 5,259 | 5,600 |
Impairment charge | 10,082 | 0 |
Loss on disposal of assets | 6 | 83 |
Total operating expenses | 119,453 | 108,192 |
Loss from continuing operations | (11,959) | (1,777) |
Other income (expense): | ||
Investment-related income | 40 | 24 |
Interest expense | (1,285) | (873) |
Other – net | 1,296 | 3,621 |
Total other income (expense) | 51 | 2,772 |
(Loss) income from continuing operations before income taxes | (11,908) | 995 |
Income tax (provision) benefit | (643) | 463 |
Net (loss) income from continuing operations | (12,551) | 1,458 |
Loss from discontinued operations, net of tax | (2,242) | (69) |
Net (loss) income | (14,793) | 1,389 |
Less: Net income attributable to noncontrolling interest | 355 | 448 |
Net (loss) income attributable to Ampco-Pittsburgh | $ (15,148) | $ 941 |
Net (loss) income from continuing operations per common share: | ||
Basic | $ (1) | $ 0.12 |
Diluted | (1) | 0.12 |
Loss from discontinued operations, net of tax, per common share: | ||
Basic | (0.18) | (0.01) |
Diluted | (0.18) | (0.01) |
Net (loss) income per common share attributable to Ampco-Pittsburgh: | ||
Basic | (1.21) | 0.08 |
Diluted | $ (1.21) | $ 0.08 |
Weighted average number of common shares outstanding: | ||
Basic | 12,497 | 12,362 |
Diluted | 12,497 | 12,379 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net (loss) income | $ (14,793) | $ 1,389 |
Adjustments for changes in: | ||
Foreign currency translation | 449 | 2,498 |
Unrecognized employee benefit costs (including effects of foreign currency translation) | 4,149 | (413) |
Fair value of cash flow hedges | 268 | (315) |
Reclassification adjustments for items included in net (loss) income: | ||
Amortization of unrecognized employee benefit costs | 161 | 130 |
Realized losses (gains) from settlement of cash flow hedges | 119 | (209) |
Other comprehensive income | 5,146 | 1,691 |
Comprehensive (loss) income | (9,647) | 3,080 |
Less: Comprehensive income attributable to noncontrolling interest | 488 | 599 |
Comprehensive (loss) income attributable to Ampco-Pittsburgh | $ (10,135) | $ 2,481 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - 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, 2017 | $ 161,761 | $ 12,361 | $ 152,992 | $ 38,980 | $ (45,392) | $ 2,820 |
Stock-based compensation | 444 | 444 | ||||
Comprehensive (loss) income: | ||||||
Net (loss) income | 1,389 | 941 | 448 | |||
Other comprehensive income | 1,691 | 1,540 | 151 | |||
Comprehensive (loss) income | 3,080 | 599 | ||||
Other | 1 | 1 | (1) | 1 | ||
Ending Balance at Mar. 31, 2018 | 165,286 | 12,362 | 153,435 | 39,921 | (43,851) | 3,419 |
Beginning Balance at Dec. 31, 2018 | 92,969 | 12,495 | 154,889 | (30,355) | (49,434) | 5,374 |
Stock-based compensation | 340 | 340 | ||||
Comprehensive (loss) income: | ||||||
Net (loss) income | (14,793) | (15,148) | 355 | |||
Other comprehensive income | 5,146 | 5,013 | 133 | |||
Comprehensive (loss) income | (9,647) | 488 | ||||
Issuance of common stock including excess tax benefits of $0 | 72 | 18 | 54 | |||
Ending Balance at Mar. 31, 2019 | $ 83,734 | $ 12,513 | $ 155,283 | $ (45,503) | $ (44,421) | $ 5,862 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Issuance of common stock tax benefits | $ 0 |
Common Stock [Member] | |
Issuance of common stock tax benefits | 0 |
Additional Paid-in Capital [Member] | |
Issuance of common stock tax benefits | $ 0 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Cash Flows [Abstract] | ||
Net cash flows used in operating activities - continuing operations | $ (7,089) | $ (9,600) |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (1,379) | (1,453) |
Purchases of long-term marketable securities | (12) | (89) |
Proceeds from sale of long-term marketable securities | 80 | 128 |
Net cash flows used in investing activities - continuing operations | (1,311) | (1,414) |
Cash flows from financing activities: | ||
Repayment of debt | (27,080) | (178) |
Proceeds from Revolving Credit and Security Agreement | 29,217 | 16,052 |
Payments on Revolving Credit and Security Agreement | (3,500) | 0 |
Funding of discontinued operations | 573 | (2,256) |
Net cash flows (used in) provided by financing activities - continuing operations | (790) | 13,618 |
Effect of exchange rate changes on cash and cash equivalents | (80) | 142 |
Cash flows from discontinued operations: | ||
Net cash flows provided by (used in) operating activities - discontinued operations | 108 | (1,252) |
Net cash flows used in investing activities - discontinued operations | (264) | (1,496) |
Net cash flows (used in) provided by financing activities - discontinued operations | (573) | 2,256 |
Net cash flows used in discontinued operations | (729) | (492) |
Net (decrease) increase in cash and cash equivalents | (9,999) | 2,254 |
Cash and cash equivalents at beginning of period | 20,837 | 20,700 |
Cash and cash equivalents at end of period | 10,838 | 22,954 |
Less: cash and cash equivalents of discontinued operations | (395) | (1,552) |
Cash and cash equivalents | 10,443 | 21,402 |
Supplemental information: | ||
Income tax payments | 212 | 82 |
Interest payments | 370 | 240 |
Non-cash investing and financing activities: | ||
Purchases of property, plant and equipment included in accounts payable | 780 | 737 |
Finance lease right-of-use assets exchanged for lease liabilities | $ 453 | $ 0 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Financial Statements | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Unaudited Condensed Consolidated Financial Statements | 1. Unaudited Condensed Consolidated Financial Statements The condensed consolidated balance sheet as of March 31, 2019, and the condensed consolidated statements of operations, comprehensive income (loss), shareholders’ equity and cash flows for the three months ended March 31, 2019, and 2018, have been prepared by Ampco-Pittsburgh Corporation (the “Corporation”) without audit. In the opinion of management, all adjustments, consisting of only normal and recurring adjustments necessary to present fairly the financial position, results of operations and cash flows for the periods presented, have been made. In October 2018, the Board of Directors of the Corporation approved a plan to sell ASW Steel Inc. (“ASW”). See Note 2. Accordingly, the Corporation has presented the assets and liabilities of ASW as of March 31, 2019, and December 31, 2018, and its operating results and cash flows for the three months ended March 31, 2019, and 2018, as discontinued operations in the accompanying financial statements. All footnotes exclude balances and activity of ASW unless otherwise noted. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted. Recently Implemented Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-12, Derivatives and Hedging In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) Recently Issued Accounting Pronouncements There have been no recently issued accounting pronouncements applicable to the Corporation. |
Discontinued Operations and Dis
Discontinued Operations and Disposition | 3 Months Ended |
Mar. 31, 2019 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations and Disposition | 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. Loss of significant U.S. business due to a combination of tariffs imposed by the United States on imports of primary steel and loss of a key customer as a result of a plant closure have resulted in significant losses for the Canadian operation. In October 2018, the Board of Directors of the Corporation approved a plan to sell ASW. 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 March 31, 2019, and December 31, 2018: March 31, 2019 December 31, 2018 Cash and cash equivalents $ 395 $ 1,124 Receivables 7,303 6,928 Inventories 11,780 13,764 Other assets 1,463 1,708 Property, plant and equipment, net 11,813 11,714 Estimated charge for impairment (15,000 ) (15,000 ) Current assets of discontinued operations $ 17,754 $ 20,238 Accounts payable $ 9,123 $ 8,890 Accrued payrolls and employee benefits 140 178 Other current liabilities 523 390 Current liabilities of discontinued operations $ 9,786 $ 9,458 The following table presents the major classes of ASW’s line items constituting the “loss from discontinued operations, net of tax” in the condensed consolidated statements of operations for the three months ended March 31: 2019 2018 Net sales $ 15,045 $ 22,334 Costs of products sold (excluding depreciation and amortization) 16,758 20,776 Selling and administrative 549 617 Depreciation and amortization 0 305 Gain on disposal of assets 0 (38 ) (Loss) income from discontinued operations (2,262 ) 674 Other income (expense) 20 (721 ) Loss from discontinued operations before income taxes (2,242 ) (47 ) Income tax provision 0 (22 ) Loss from discontinued operations, net of tax $ (2,242 ) $ (69 ) Net sales for the three months ended March 31, 2019, and 2018, include $3,138 and $13,672, respectively, of products 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 long-term supply agreement for the supply of steel ingots. Additionally, in March 2019, the Board of Directors of the Corporation approved a plan to sell certain assets of the Corporation’s Avonmore, Pennsylvania, cast roll manufacturing facility owned by Akers National Roll Company. In connection with the anticipated disposal, the Corporation recognized an impairment loss of $10,082 to record the assets to their estimated net realizable value. See Note 18. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 3 . Inventories At March 31, 2019, and December 31, 2018, approximately 33% and 36%, respectively, of the inventories were valued on the LIFO method with the remaining inventories valued on the FIFO method. Inventories were comprised of the following: March 31, 2019 December 31, 2018 Raw materials $ 20,813 $ 19,615 Work-in-process 42,311 42,339 Finished goods 18,757 20,650 Supplies 11,552 11,592 Inventories $ 93,433 $ 94,196 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 4 . Property, Plant and Equipment Property, plant and equipment were comprised of the following: March 31, 2019 December 31, 2018 Land and land improvements $ 9,934 $ 10,207 Buildings 62,113 65,425 Machinery and equipment 321,146 332,378 Construction-in-process 4,289 3,499 Other 6,811 6,813 404,293 418,322 Accumulated depreciation and amortization (230,801 ) (232,661 ) Property, plant and equipment, net $ 173,492 $ 185,661 The majority of the assets of the Corporation, except real property, is pledged as collateral for the Corporation’s Revolving Credit and Security Agreement (Note 7). Land and buildings of Union Electric Steel UK Limited (“UES-UK”), equal to approximately $2,733 (£2,098) at March 31, 2019, are held as collateral by the trustees of the UES-UK defined benefit pension plan (Note 8). The gross value of finance lease ROU assets and the related accumulated amortization as of March 31, 2019, approximated $3,687 and $967, respectively, and at December 31, 2018, approximated $3,716 and $1,340, respectively. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 5 . Intangible Assets Intangible assets were comprised of the following: March 31, 2019 December 31, 2018 Customer relationships $ 6,019 $ 6,234 Developed technology 4,105 4,322 Trade name 2,371 2,497 12,495 13,053 Accumulated amortization (3,968 ) (3,828 ) Intangible assets, net $ 8,527 $ 9,225 The following summarizes changes in intangible assets: Three Months Ended March 31, 2019 2018 Balance at beginning of period $ 9,225 $ 11,021 Changes in intangible assets (Akers National Roll) (292 ) 0 Amortization of intangible assets (298 ) (314 ) Other, primarily impact from changes in foreign currency exchange rates (108 ) 35 Balance at end of period $ 8,527 $ 10,742 Changes during the three months ended March 31, 2019, represent an impairment charge on intangible assets of Akers National Roll Company. |
Other Current Liabilities
Other Current Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | 6 . Other Current Liabilities Other current liabilities were comprised of the following: March 31, 2019 December 31, 2018 Customer-related liabilities $ 15,462 $ 16,439 Accrued interest payable 2,519 2,333 Accrued sales commissions 1,683 1,637 Other 10,254 8,578 Other current liabilities $ 29,918 $ 28,987 Included in customer-related liabilities are costs expected to be incurred with respect to product warranties and customer deposits. The Corporation provides a limited warranty on its products, known as assurance type warranties, and may issue credit notes or replace products free of charge for valid claims. A warranty is considered an assurance type warranty if it provides the customer with assurance that the product will function as intended. Historically, warranty claims have been insignificant. The Corporation records a provision for product warranties at the time the underlying sale is recorded. The provision is based on historical experience as a percent of sales adjusted for potential claims when a liability is probable and for known claims. Changes in the liability for product warranty claims consisted of the following: Three Months Ended March 31, 2019 2018 Balance at beginning of the period $ 9,447 $ 11,379 Satisfaction of warranty claims (1,469 ) (1,792 ) Provision for warranty claims 1,450 893 Other, primarily impact from changes in foreign currency exchange rates (64 ) 38 Balance at end of the period $ 9,364 $ 10,518 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: Three Months Ended March 31, 2019 2018 Balance at beginning of the period $ 4,304 $ 4,574 Satisfaction of performance obligations (3,934 ) (2,512 ) Receipt of additional deposits 2,738 2,637 Other, primarily changes in foreign currency exchange rates (77 ) 3 Balance at end of the period $ 3,031 $ 4,702 |
Borrowing Arrangements
Borrowing Arrangements | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowing Arrangements | 7. Borrowing Arrangements Borrowings consisted of the following: March 31, 2019 December 31, 2018 Revolving Credit and Security Agreement $ 40,037 $ 14,320 Sale and leaseback financing obligation 18,626 18,518 Promissory notes (and interest) 0 26,205 Industrial Revenue Bonds ("IRB") 13,311 13,311 Minority shareholder loan 3,858 4,056 Finance lease liabilities 1,485 1,199 Outstanding borrowings 77,317 77,609 Debt – current portion (19,256 ) (45,728 ) Long-term debt $ 58,061 $ 31,881 Revolving Credit and Security Agreement The Corporation is party to a five-year Revolving Credit and Security Agreement (the “Credit Agreement”) with a syndicate of banks, which 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. Availability under the Credit Agreement is based on eligible accounts receivable, inventory and fixed assets. Amounts outstanding under the credit facility bear interest, at the Corporation’s option, at either (i) LIBOR plus an applicable margin ranging between 1.75% 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 March 31, 2019, the Corporation had outstanding borrowings under the Credit Agreement of $40,037 (including £3,000 of European borrowings for its U.K. subsidiary). Outstanding borrowings increased from December 31, 2018, to March 31, 2019, due to additional borrowings used to repay promissory notes in March 2019. The average interest rate for the three months ended March 31, 2019, was approximately 2.22%. Additionally, the Corporation had utilized a portion of the credit facility for letters of credit (Note 9). As of March 31, 2019, remaining availability under the Credit Agreement approximated $39,000, net of standard availability reserves. 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 March 31, 2019. Sale and Leaseback Financing Obligation In September 2018, UES completed a sale and leaseback financing transaction for certain of its real property, including 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 leased 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) their Fair Market Value, or (ii) 115% of Lessor’s Total Investment for the Facilities, with such terms defined in the lease agreement. The effective interest rate approximated 6% for the three months ended March 31, 2019. Promissory Notes In connection with a March 2016 acquisition, the Corporation issued two three-year promissory notes. Principal and accrued interest of $26,474, in the aggregate, were paid on March 4, 2019, using additional borrowings under the Credit Agreement. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits | 8. Pension and Other Postretirement Benefits In 2019, the Corporation amended retiree health benefits for one of its other postretirement benefit plans to a stipend and reimbursement plan, with the amendment becoming effective in 2020. Additionally, future hires will be no longer eligible for retiree medical or life insurance. Changes to retiree health benefits resulted in a remeasurement of the liability, reducing the liability by $4,632, and a curtailment gain of $15. Contributions were as follows: Three Months Ended March 31, 2019 2018 U.S. defined benefit pension plans $ 253 $ 0 Foreign defined benefit pension plans 93 540 Other postretirement benefits (e.g., net payments) 266 307 U.K. defined contribution pension plan 85 91 U.S. defined contribution plan 625 705 Net periodic pension and other postretirement benefit costs include the following components: Three Months Ended March 31, U.S. Defined Benefit Pension Plans 2019 2018 Service cost $ 194 $ 335 Interest cost 2,220 2,040 Expected return on plan assets (3,173 ) (3,284 ) Amortization of prior service cost 9 13 Amortization of actuarial loss 308 475 Net benefit income $ (442 ) $ (421 ) Three Months Ended March 31, Foreign Defined Benefit Pension Plans 2019 2018 Service cost $ 102 $ 111 Interest cost 357 364 Expected return on plan assets (591 ) (672 ) Amortization of prior service credit (72 ) (88 ) Amortization of actuarial loss 166 194 Net benefit income $ (38 ) $ (91 ) Three Months Ended March 31, Other Postretirement Benefit Plans 2019 2018 Service cost $ 88 $ 102 Interest cost 105 125 Amortization of prior service credit (489 ) (402 ) Amortization of actuarial gain (83 ) (62 ) Curtailment gain (15 ) 0 Net benefit income $ (394 ) $ (237 ) |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | 9 . Commitments and Contingent Liabilities Outstanding standby and commercial letters of credit as of March 31, 2019, approximated $18,850, the majority of which serves as collateral for the IRB debt. In addition, the Corporation issued two surety bonds approximating $4,000 (SEK 33,900) to guarantee certain obligations under a credit insurance arrangement for certain of its foreign pension commitments. See Note 11 for derivative instruments, Note 15 for litigation and Note 16 for environmental matters. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 10. Accumulated Other Comprehensive Loss Net change and ending balances for the various components of accumulated other comprehensive loss as of and for the three months ended March 31, 2019, and 2018, is summarized below. All amounts are net of tax, where applicable. Foreign Currency Translation Adjustments Unrecognized Employee Benefit Costs Cash Flow Hedges Accumulated Other Comprehensive Loss Balance at January 1, 2019 $ (18,642 ) $ (30,902 ) $ (64 ) $ (49,608 ) Net Change 449 4,310 387 5,146 Balance at March 31, 2019 $ (18,193 ) $ (26,592 ) $ 323 $ (44,462 ) Balance at January 1, 2018 $ (11,932 ) $ (34,196 ) $ 739 $ (45,389 ) Net Change 2,498 (283 ) (524 ) 1,691 Balance at March 31, 2018 $ (9,434 ) $ (34,479 ) $ 215 $ (43,698 ) The following summarizes the line items affected on the condensed consolidated statements of operations for components reclassified from accumulated other comprehensive loss. Amounts in parentheses represent credits to net income (loss). There was no income tax benefit or expense associated with the various components of other comprehensive income (loss) for either of the periods, 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. Three Months Ended March 31, 2019 2018 Amortization of unrecognized employee benefit costs: Other income $ 161 $ 130 Income tax provision 0 0 Net of tax $ 161 $ 130 Realized gains/losses from settlement of cash flow hedges: Depreciation and amortization (foreign currency purchase contracts) $ (7 ) $ (7 ) Costs of products sold (excluding depreciation and amortization) (futures contracts – copper and aluminum) 126 (202 ) Total before income tax 119 (209 ) Income tax provision 0 0 Net of tax $ 119 $ (209 ) |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 11 . Derivative Instruments Certain of the Corporation’s operations are subject to risk from exchange rate fluctuations in connection with sales in foreign currencies. To minimize this risk, foreign currency sales contracts are entered into which are designated as cash flow or fair value hedges. As of March 31, 2019, approximately $20,917 of anticipated foreign-denominated sales has been hedged which are covered by fair value contracts settling at various dates through January 2020. Additionally, certain of the divisions of the Air and Liquid Processing segment are subject to risk from increases in the price of commodities (copper and aluminum) used in the production of inventory. To minimize this risk, futures contracts are entered into which are designated as cash flow hedges. At March 31, 2019, approximately 49% or $2,389 of anticipated copper purchases over the next 10 months and 56% or $496 of anticipated aluminum purchases over the next six months are hedged. The Corporation previously entered into foreign currency purchase contracts to manage the volatility associated with Euro-denominated progress payments to be made for certain machinery and equipment. As of December 31, 2010, all contracts had been settled and the underlying fixed assets were placed in service. No portion of the existing cash flow or fair value hedges is considered to be ineffective, including any ineffectiveness arising from the unlikelihood of an anticipated transaction to occur. Additionally, no amounts have been excluded from assessing the effectiveness of a hedge. The Corporation does not enter into derivative transactions for speculative purposes and, therefore, holds no derivative instruments for trading purposes. Losses on foreign exchange transactions included in other income (expense) approximated $348 and $67 for the three months ended March 31, 2019, and 2018, respectively. The location and fair value of the foreign currency sales contracts recorded on the condensed consolidated balance sheets were as follows: Location March 31, 2019 December 31, 2018 Fair value hedge contracts Other current assets $ 190 $ 44 Other current liabilities 361 950 Other noncurrent liabilities 0 70 Fair value hedged items Receivables 686 232 Other current assets 362 967 Other noncurrent assets 0 105 Other current liabilities 660 12 The change in the fair value of the cash flow contracts is recorded as a component of accumulated other comprehensive loss. The balances as of March 31, 2019, and 2018, and the amount recognized as and reclassified from accumulated other comprehensive loss for each of the periods is summarized below. Amounts recognized as comprehensive income (loss) and reclassified from accumulated other comprehensive loss have no tax effect due to deferred income tax assets being fully valued in the related jurisdictions. Three Months Ended March 31, 2019 Beginning of the Period Recognized Reclassified End of the Period Foreign currency purchase contracts $ 216 $ 0 $ 7 $ 209 Futures contracts – copper and aluminum (280 ) 268 (126 ) 114 $ (64 ) $ 268 $ (119 ) $ 323 Three Months Ended March 31, 2018 Foreign currency purchase contracts $ 239 $ 0 $ 7 $ 232 Futures contracts – copper and aluminum 500 (315 ) 202 (17 ) $ 739 $ (315 ) $ 209 $ 215 The change in fair value reclassified or expected to be reclassified from accumulated other comprehensive loss to earnings is summarized below. All amounts are pre-tax. Location of Gain (Loss) in Statements Estimated to be Reclassified in the Next Three Months Ended March 31, of Operations 12 Months 2019 2018 Foreign currency purchase contracts Depreciation and amortization $ 27 $ 7 $ 7 Futures contracts – copper and aluminum Costs of products sold (excluding depreciation and amortization) 114 (126 ) 202 |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 12. Fair Value The Corporation’s financial assets and liabilities that are reported at fair value in the condensed consolidated balance sheets as of March 31, 2019, and December 31, 2018, were as follows: Quoted Prices in Active Markets for Identical Inputs (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total As of March 31, 2019 Investments Other noncurrent assets $ 3,973 $ 0 $ 0 $ 3,973 Foreign currency exchange contracts Other current assets 0 552 0 552 Other noncurrent assets 0 0 0 0 Other current liabilities 0 1,021 0 1,021 Other noncurrent liabilities 0 0 0 0 As of December 31, 2018 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 The investments held as other noncurrent assets represent assets held in a “Rabbi” trust for the purpose of providing benefits under a non-qualified defined benefit pension plan. The fair value of the investments is based on quoted prices of the investments in active markets. The fair value of foreign currency exchange contracts is determined based on the fair value of similar contracts with similar terms and remaining maturities. The fair value of futures contracts is based on market quotations. The fair value of the variable-rate IRB debt and borrowings under the Credit Agreement approximate their carrying value. Additionally, the fair value of trade receivables and trade payables approximates their carrying value. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 1 3 . Revenue Net sales and (loss) income from continuing operations before income taxes by geographic area for the three months ended March 31, 2019, and 2018, are as outlined below. When disaggregating revenue, consideration is 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. (Loss) income from continuing operations before income taxes for the three months ended March 31, 2019, includes an impairment charge of $10,082 for the write-down of certain assets of the Corporation’s cast roll manufacturing facility in Avonmore, Pennsylvania to their net realizable value. See Note 18. Net Sales (Loss) Income from Continuing Operations Before Income Taxes Three Months Ended March 31, Three Months Ended March 31, 2019 2018 2019 2018 United States $ 51,481 $ 53,436 $ (13,309 ) $ (2,175 ) Foreign 56,013 52,979 1,401 3,170 $ 107,494 $ 106,415 $ (11,908 ) $ 995 Substantially all of the foreign net sales for each of the periods are attributable to the Forged and Cast Engineered Products segment. Net sales by product line for the three months ended March 31, 2019, and 2018, were as follows: Three Months Ended March 31, 2019 2018 Forged and cast mill rolls $ 77,286 $ 67,488 Forged engineered products 8,004 17,758 Heat exchange coils 6,299 6,401 Centrifugal pumps 8,633 8,375 Air handling systems 7,272 6,393 $ 107,494 $ 106,415 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 1 4 . Stock-Based Compensation The Ampco-Pittsburgh Corporation 2016 Omnibus Incentive Plan (the “Incentive Plan”) authorizes the issuance of up to 1,100,000 shares of the Corporation’s common stock for awards under the Incentive Plan. Awards under the Incentive Plan may include incentive non-qualified 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. Stock-based compensation expense for the three months ended March 31, 2019, and 2018, equaled $305 and $666, respectively. There was no income tax benefit for either of the periods due to the Corporation having a valuation allowance recorded against its deferred income tax assets for the jurisdiction where the expense is recognized. |
Litigation
Litigation | 3 Months Ended |
Mar. 31, 2019 | |
Text Block [Abstract] | |
Litigation | 1 5 . 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 has been preliminarily approved by the court but remains subject to the court’s final approval subsequent to a hearing to be held on July 22, 2019. 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 three months ended March 31, 2019, and 2018 (claims not in thousands): Three Months Ended March 31, 2019 2018 Total claims pending at the beginning of the period 6,772 6,907 New claims served 333 287 Claims dismissed (90 ) (112 ) Claims settled (56 ) (78 ) Total claims pending at the end of the period (1) 6,959 7,004 Gross settlement and defense costs (in 000’s) $ 2,789 $ 6,881 Avg. gross settlement and defense costs per claim resolved (in 000’s) $ 19.10 $ 36.22 (1) Included as “open claims” are approximately 666 and 479 claims in 2019 and 2018, 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. The reserve at March 31, 2019, was $225,133. 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 ($150,093 at March 31, 2019). The following table summarizes activity relating to insurance recoveries for each of the three months ended March 31, 2019, and 2018. Three Months Ended March 31, 2019 2018 Insurance receivable – asbestos, beginning of the year $ 152,508 $ 100,342 Settlement and defense costs paid by insurance carriers (2,415 ) (4,954 ) Insurance receivable – asbestos, end of the period $ 150,093 $ 95,388 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. |
Environmental Matters
Environmental Matters | 3 Months Ended |
Mar. 31, 2019 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Matters | 1 6 . 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 environmental compliance measures of approximately $328 at March 31, 2019, is considered adequate based on information known to date. |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Business Segments | 17. Business Segments Presented below are the net sales and (loss) income from continuing operations before income taxes for the Corporation’s two business segments. For the three months ended March 31, 2019, the operating loss of the Forged and Cast Engineered Products segment includes an impairment charge of $10,082 associated with the anticipated sale of certain assets of Akers National Roll Company. For the three months ended March 31, Three Months Ended March 31, 2019 2018 Net sales: Forged and Cast Engineered Products $ 85,290 $ 85,246 Air and Liquid Processing 22,204 21,169 Total Reportable Segments $ 107,494 $ 106,415 (Loss) income from continuing operations before income taxes: Forged and Cast Engineered Products $ (10,033 ) $ 202 Air and Liquid Processing 2,143 2,259 Total Reportable Segments (7,890 ) 2,461 Other expense, including corporate costs (4,018 ) (1,466 ) Total $ (11,908 ) $ 995 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Subsequent Events On May 6, 2019, Akers National Roll Company, a subsidiary of the Corporation, entered into a definitive agreement to sell certain assets, including real estate and personal property, of its Avonmore, Pennsylvania, cast roll manufacturing facility to an affiliate of WHEMCO, Inc. It is expected the transaction will close in the second half of 2019, following cessation of roll finishing operations once remaining customer commitments are fulfilled. On May 9, 2019, the shareholders of the Corporation approved an amendment to the Corporation’s Amended and Restated Articles of Incorporation to increase the number of authorized shares of the Corporation’s common stock from 20,000,000 shares to 40,000,000 shares. |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Financial Statements (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Unaudited Condensed Consolidated Financial Statements | The condensed consolidated balance sheet as of March 31, 2019, and the condensed consolidated statements of operations, comprehensive income (loss), shareholders’ equity and cash flows for the three months ended March 31, 2019, and 2018, have been prepared by Ampco-Pittsburgh Corporation (the “Corporation”) without audit. In the opinion of management, all adjustments, consisting of only normal and recurring adjustments necessary to present fairly the financial position, results of operations and cash flows for the periods presented, have been made. In October 2018, the Board of Directors of the Corporation approved a plan to sell ASW Steel Inc. (“ASW”). See Note 2. Accordingly, the Corporation has presented the assets and liabilities of ASW as of March 31, 2019, and December 31, 2018, and its operating results and cash flows for the three months ended March 31, 2019, and 2018, as discontinued operations in the accompanying financial statements. All footnotes exclude balances and activity of ASW unless otherwise noted. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted. |
Recently Implemented Accounting Pronouncements | Recently Implemented Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-12, Derivatives and Hedging In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements There have been no recently issued accounting pronouncements applicable to the Corporation. |
Discontinued Operations and D_2
Discontinued Operations and Disposition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Summary of Assets and Liabilities of ASW | The assets and liabilities of ASW were as follows as of March 31, 2019, and December 31, 2018: March 31, 2019 December 31, 2018 Cash and cash equivalents $ 395 $ 1,124 Receivables 7,303 6,928 Inventories 11,780 13,764 Other assets 1,463 1,708 Property, plant and equipment, net 11,813 11,714 Estimated charge for impairment (15,000 ) (15,000 ) Current assets of discontinued operations $ 17,754 $ 20,238 Accounts payable $ 9,123 $ 8,890 Accrued payrolls and employee benefits 140 178 Other current liabilities 523 390 Current liabilities of discontinued operations $ 9,786 $ 9,458 |
Summary of Major Classes of ASW's Loss from Discontinued Operations, Net of Tax in the Condensed Consolidated Statements of Operations | The following table presents the major classes of ASW’s line items constituting the “loss from discontinued operations, net of tax” in the condensed consolidated statements of operations for the three months ended March 31: 2019 2018 Net sales $ 15,045 $ 22,334 Costs of products sold (excluding depreciation and amortization) 16,758 20,776 Selling and administrative 549 617 Depreciation and amortization 0 305 Gain on disposal of assets 0 (38 ) (Loss) income from discontinued operations (2,262 ) 674 Other income (expense) 20 (721 ) Loss from discontinued operations before income taxes (2,242 ) (47 ) Income tax provision 0 (22 ) Loss from discontinued operations, net of tax $ (2,242 ) $ (69 ) |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories were comprised of the following: March 31, 2019 December 31, 2018 Raw materials $ 20,813 $ 19,615 Work-in-process 42,311 42,339 Finished goods 18,757 20,650 Supplies 11,552 11,592 Inventories $ 93,433 $ 94,196 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment were comprised of the following: March 31, 2019 December 31, 2018 Land and land improvements $ 9,934 $ 10,207 Buildings 62,113 65,425 Machinery and equipment 321,146 332,378 Construction-in-process 4,289 3,499 Other 6,811 6,813 404,293 418,322 Accumulated depreciation and amortization (230,801 ) (232,661 ) Property, plant and equipment, net $ 173,492 $ 185,661 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets were comprised of the following: March 31, 2019 December 31, 2018 Customer relationships $ 6,019 $ 6,234 Developed technology 4,105 4,322 Trade name 2,371 2,497 12,495 13,053 Accumulated amortization (3,968 ) (3,828 ) Intangible assets, net $ 8,527 $ 9,225 |
Summary of Changes in Intangible Assets | The following summarizes changes in intangible assets: Three Months Ended March 31, 2019 2018 Balance at beginning of period $ 9,225 $ 11,021 Changes in intangible assets (Akers National Roll) (292 ) 0 Amortization of intangible assets (298 ) (314 ) Other, primarily impact from changes in foreign currency exchange rates (108 ) 35 Balance at end of period $ 8,527 $ 10,742 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities were comprised of the following: March 31, 2019 December 31, 2018 Customer-related liabilities $ 15,462 $ 16,439 Accrued interest payable 2,519 2,333 Accrued sales commissions 1,683 1,637 Other 10,254 8,578 Other current liabilities $ 29,918 $ 28,987 |
Schedule of Changes in Liability for Product Warranty Claims | Changes in the liability for product warranty claims consisted of the following: Three Months Ended March 31, 2019 2018 Balance at beginning of the period $ 9,447 $ 11,379 Satisfaction of warranty claims (1,469 ) (1,792 ) Provision for warranty claims 1,450 893 Other, primarily impact from changes in foreign currency exchange rates (64 ) 38 Balance at end of the period $ 9,364 $ 10,518 |
Schedule of Changes in Customer Deposits | Changes in customer deposits consisted of the following: Three Months Ended March 31, 2019 2018 Balance at beginning of the period $ 4,304 $ 4,574 Satisfaction of performance obligations (3,934 ) (2,512 ) Receipt of additional deposits 2,738 2,637 Other, primarily changes in foreign currency exchange rates (77 ) 3 Balance at end of the period $ 3,031 $ 4,702 |
Borrowing Arrangements (Tables)
Borrowing Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Borrowings | Borrowings consisted of the following: March 31, 2019 December 31, 2018 Revolving Credit and Security Agreement $ 40,037 $ 14,320 Sale and leaseback financing obligation 18,626 18,518 Promissory notes (and interest) 0 26,205 Industrial Revenue Bonds ("IRB") 13,311 13,311 Minority shareholder loan 3,858 4,056 Finance lease liabilities 1,485 1,199 Outstanding borrowings 77,317 77,609 Debt – current portion (19,256 ) (45,728 ) Long-term debt $ 58,061 $ 31,881 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Contributions for Pension and Other Postretirement Benefits | Contributions were as follows: Three Months Ended March 31, 2019 2018 U.S. defined benefit pension plans $ 253 $ 0 Foreign defined benefit pension plans 93 540 Other postretirement benefits (e.g., net payments) 266 307 U.K. defined contribution pension plan 85 91 U.S. defined contribution plan 625 705 |
Net Periodic Pension and Other Postretirement Benefit Costs | Net periodic pension and other postretirement benefit costs include the following components: Three Months Ended March 31, U.S. Defined Benefit Pension Plans 2019 2018 Service cost $ 194 $ 335 Interest cost 2,220 2,040 Expected return on plan assets (3,173 ) (3,284 ) Amortization of prior service cost 9 13 Amortization of actuarial loss 308 475 Net benefit income $ (442 ) $ (421 ) Three Months Ended March 31, Foreign Defined Benefit Pension Plans 2019 2018 Service cost $ 102 $ 111 Interest cost 357 364 Expected return on plan assets (591 ) (672 ) Amortization of prior service credit (72 ) (88 ) Amortization of actuarial loss 166 194 Net benefit income $ (38 ) $ (91 ) Three Months Ended March 31, Other Postretirement Benefit Plans 2019 2018 Service cost $ 88 $ 102 Interest cost 105 125 Amortization of prior service credit (489 ) (402 ) Amortization of actuarial gain (83 ) (62 ) Curtailment gain (15 ) 0 Net benefit income $ (394 ) $ (237 ) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Net Change and Ending Balances for Various Components of Accumulated Other Comprehensive Loss | Net change and ending balances for the various components of accumulated other comprehensive loss as of and for the three months ended March 31, 2019, and 2018, is summarized below. All amounts are net of tax, where applicable. Foreign Currency Translation Adjustments Unrecognized Employee Benefit Costs Cash Flow Hedges Accumulated Other Comprehensive Loss Balance at January 1, 2019 $ (18,642 ) $ (30,902 ) $ (64 ) $ (49,608 ) Net Change 449 4,310 387 5,146 Balance at March 31, 2019 $ (18,193 ) $ (26,592 ) $ 323 $ (44,462 ) Balance at January 1, 2018 $ (11,932 ) $ (34,196 ) $ 739 $ (45,389 ) Net Change 2,498 (283 ) (524 ) 1,691 Balance at March 31, 2018 $ (9,434 ) $ (34,479 ) $ 215 $ (43,698 ) |
Line Items Affected on Condensed Consolidated Statements of Operations for Components Reclassified from Accumulated Other Comprehensive Loss | The following summarizes the line items affected on the condensed consolidated statements of operations for components reclassified from accumulated other comprehensive loss. Amounts in parentheses represent credits to net income (loss). Three Months Ended March 31, 2019 2018 Amortization of unrecognized employee benefit costs: Other income $ 161 $ 130 Income tax provision 0 0 Net of tax $ 161 $ 130 Realized gains/losses from settlement of cash flow hedges: Depreciation and amortization (foreign currency purchase contracts) $ (7 ) $ (7 ) Costs of products sold (excluding depreciation and amortization) (futures contracts – copper and aluminum) 126 (202 ) Total before income tax 119 (209 ) Income tax provision 0 0 Net of tax $ 119 $ (209 ) |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Location and Fair Value of Foreign Currency Sales Contracts Recorded on Condensed Consolidated Balance Sheets | The location and fair value of the foreign currency sales contracts recorded on the condensed consolidated balance sheets were as follows: Location March 31, 2019 December 31, 2018 Fair value hedge contracts Other current assets $ 190 $ 44 Other current liabilities 361 950 Other noncurrent liabilities 0 70 Fair value hedged items Receivables 686 232 Other current assets 362 967 Other noncurrent assets 0 105 Other current liabilities 660 12 |
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. The balances as of March 31, 2019, and 2018, and the amount recognized as and reclassified from accumulated other comprehensive loss for each of the periods is summarized below. Amounts recognized as comprehensive income (loss) and reclassified from accumulated other comprehensive loss have no tax effect due to deferred income tax assets being fully valued in the related jurisdictions. Three Months Ended March 31, 2019 Beginning of the Period Recognized Reclassified End of the Period Foreign currency purchase contracts $ 216 $ 0 $ 7 $ 209 Futures contracts – copper and aluminum (280 ) 268 (126 ) 114 $ (64 ) $ 268 $ (119 ) $ 323 Three Months Ended March 31, 2018 Foreign currency purchase contracts $ 239 $ 0 $ 7 $ 232 Futures contracts – copper and aluminum 500 (315 ) 202 (17 ) $ 739 $ (315 ) $ 209 $ 215 |
Summary of Change in Fair Value Reclassified or Expected to be Reclassified from Accumulated Other Comprehensive Loss to Earnings | The change in fair value reclassified or expected to be reclassified from accumulated other comprehensive loss to earnings is summarized below. All amounts are pre-tax. Location of Gain (Loss) in Statements Estimated to be Reclassified in the Next Three Months Ended March 31, of Operations 12 Months 2019 2018 Foreign currency purchase contracts Depreciation and amortization $ 27 $ 7 $ 7 Futures contracts – copper and aluminum Costs of products sold (excluding depreciation and amortization) 114 (126 ) 202 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | The Corporation’s financial assets and liabilities that are reported at fair value in the condensed consolidated balance sheets as of March 31, 2019, and December 31, 2018, were as follows: Quoted Prices in Active Markets for Identical Inputs (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total As of March 31, 2019 Investments Other noncurrent assets $ 3,973 $ 0 $ 0 $ 3,973 Foreign currency exchange contracts Other current assets 0 552 0 552 Other noncurrent assets 0 0 0 0 Other current liabilities 0 1,021 0 1,021 Other noncurrent liabilities 0 0 0 0 As of December 31, 2018 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 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Net Sales and (Loss) Income from Continuing Operations before Income Taxes | Net sales and (loss) income from continuing operations before income taxes by geographic area for the three months ended March 31, 2019, and 2018, are as outlined below. When disaggregating revenue, consideration is 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. (Loss) income from continuing operations before income taxes for the three months ended March 31, 2019, includes an impairment charge of $10,082 for the write-down of certain assets of the Corporation’s cast roll manufacturing facility in Avonmore, Pennsylvania to their net realizable value. See Note 18. Net Sales (Loss) Income from Continuing Operations Before Income Taxes Three Months Ended March 31, Three Months Ended March 31, 2019 2018 2019 2018 United States $ 51,481 $ 53,436 $ (13,309 ) $ (2,175 ) Foreign 56,013 52,979 1,401 3,170 $ 107,494 $ 106,415 $ (11,908 ) $ 995 Substantially all of the foreign net sales for each of the periods are attributable to the Forged and Cast Engineered Products segment. Net sales by product line for the three months ended March 31, 2019, and 2018, were as follows: Three Months Ended March 31, 2019 2018 Forged and cast mill rolls $ 77,286 $ 67,488 Forged engineered products 8,004 17,758 Heat exchange coils 6,299 6,401 Centrifugal pumps 8,633 8,375 Air handling systems 7,272 6,393 $ 107,494 $ 106,415 |
Litigation (Tables)
Litigation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 three months ended March 31, 2019, and 2018 (claims not in thousands): Three Months Ended March 31, 2019 2018 Total claims pending at the beginning of the period 6,772 6,907 New claims served 333 287 Claims dismissed (90 ) (112 ) Claims settled (56 ) (78 ) Total claims pending at the end of the period (1) 6,959 7,004 Gross settlement and defense costs (in 000’s) $ 2,789 $ 6,881 Avg. gross settlement and defense costs per claim resolved (in 000’s) $ 19.10 $ 36.22 (1) Included as “open claims” are approximately 666 and 479 claims in 2019 and 2018, 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 three months ended March 31, 2019, and 2018. Three Months Ended March 31, 2019 2018 Insurance receivable – asbestos, beginning of the year $ 152,508 $ 100,342 Settlement and defense costs paid by insurance carriers (2,415 ) (4,954 ) Insurance receivable – asbestos, end of the period $ 150,093 $ 95,388 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Business Segment Net Sales and (Loss) Income from Continuing Operations before Income Taxes | Presented below are the net sales and (loss) income from continuing operations before income taxes for the Corporation’s two business segments. For the three months ended March 31, 2019, the operating loss of the Forged and Cast Engineered Products segment includes an impairment charge of $10,082 associated with the anticipated sale of certain assets of Akers National Roll Company. For the three months ended March 31, Three Months Ended March 31, 2019 2018 Net sales: Forged and Cast Engineered Products $ 85,290 $ 85,246 Air and Liquid Processing 22,204 21,169 Total Reportable Segments $ 107,494 $ 106,415 (Loss) income from continuing operations before income taxes: Forged and Cast Engineered Products $ (10,033 ) $ 202 Air and Liquid Processing 2,143 2,259 Total Reportable Segments (7,890 ) 2,461 Other expense, including corporate costs (4,018 ) (1,466 ) Total $ (11,908 ) $ 995 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Financial Statements - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Operating lease ROU asset | $ 5,823 | $ 0 | |
Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Operating lease ROU asset | $ 5,893 | ||
Operating lease liability | 5,893 | ||
Cumulative effect adjustment to the corporation’s retained earnings | $ 0 |
Discontinued Operations and D_3
Discontinued Operations and Disposition - Summary of Assets and Liabilities of ASW (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Cash and cash equivalents | $ 395 | $ 1,552 | |
Current assets of discontinued operations | 17,754 | $ 20,238 | |
Current liabilities of discontinued operations | 9,786 | 9,458 | |
ASW Steel Inc [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Cash and cash equivalents | 395 | 1,124 | |
Receivables | 7,303 | 6,928 | |
Inventories | 11,780 | 13,764 | |
Other assets | 1,463 | 1,708 | |
Property, plant and equipment, net | 11,813 | 11,714 | |
Estimated charge for impairment | (15,000) | (15,000) | |
Current assets of discontinued operations | 17,754 | 20,238 | |
Accounts payable | 9,123 | 8,890 | |
Accrued payrolls and employee benefits | 140 | 178 | |
Other current liabilities | 523 | 390 | |
Current liabilities of discontinued operations | $ 9,786 | $ 9,458 |
Discontinued Operations and D_4
Discontinued Operations and Disposition - Summary of Major Classes of ASW's Loss from Discontinued Operations, Net of Tax in the Condensed Consolidated Statements of Operations (Detail) - ASW Steel Inc [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Net sales | $ 15,045 | $ 22,334 |
Costs of products sold (excluding depreciation and amortization) | 16,758 | 20,776 |
Selling and administrative | 549 | 617 |
Depreciation and amortization | 0 | 305 |
Gain on disposal of assets | 0 | (38) |
(Loss) income from discontinued operations | (2,262) | 674 |
Other income (expense) | 20 | (721) |
Loss from discontinued operations before income taxes | (2,242) | (47) |
Income tax provision | 0 | (22) |
Loss from discontinued operations, net of tax | $ (2,242) | $ (69) |
Discontinued Operations and D_5
Discontinued Operations and Disposition - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Impairment loss | $ 10,082 | ||
ASW Steel Inc [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Net sales | $ 15,045 | $ 22,334 | |
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 | $ 3,138 | $ 13,672 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) | Mar. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Percentage of inventories valued on the LIFO method | 33.00% | 36.00% |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 20,813 | $ 19,615 |
Work-in-process | 42,311 | 42,339 |
Finished goods | 18,757 | 20,650 |
Supplies | 11,552 | 11,592 |
Inventories | $ 93,433 | $ 94,196 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 404,293 | $ 418,322 |
Accumulated depreciation and amortization | (230,801) | (232,661) |
Property, plant and equipment, net | 173,492 | 185,661 |
Land and Land Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 9,934 | 10,207 |
Buildings [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 62,113 | 65,425 |
Machinery and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 321,146 | 332,378 |
Construction-in-Process [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | 4,289 | 3,499 |
Other [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 6,811 | $ 6,813 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) € in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2019EUR (€) | |
Property Plant And Equipment [Line Items] | |||
Finance lease ROU assets | $ 3,687 | $ 3,716 | |
Finance lease, lease related accumulated amortization | 967 | $ 1,340 | |
Union Electric Steel UK Limited [Member] | |||
Property Plant And Equipment [Line Items] | |||
Land and buildings held as collateral | $ 2,733 | € 2,098 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Finite and Indefinite Lived Intangible Assets [Line Items] | ||||
Intangible assets, Trade name | $ 2,371 | $ 2,497 | ||
Intangible assets, gross | 12,495 | 13,053 | ||
Accumulated amortization | (3,968) | (3,828) | ||
Intangible assets, net | 8,527 | 9,225 | $ 10,742 | $ 11,021 |
Customer Relationships [Member] | ||||
Finite and Indefinite Lived Intangible Assets [Line Items] | ||||
Intangible assets, gross | 6,019 | 6,234 | ||
Developed Technology [Member] | ||||
Finite and Indefinite Lived Intangible Assets [Line Items] | ||||
Intangible assets, gross | $ 4,105 | $ 4,322 |
Intangible Assets - Summary of
Intangible Assets - Summary of Changes in Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Intangible Assets Net Excluding Goodwill [Abstract] | ||
Balance at beginning of period | $ 9,225 | $ 11,021 |
Changes in intangible assets (Akers National Roll) | (292) | 0 |
Amortization of intangible assets | (298) | (314) |
Other, primarily impact from changes in foreign currency exchange rates | (108) | 35 |
Balance at end of period | $ 8,527 | $ 10,742 |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Other Liabilities Disclosure [Abstract] | ||
Customer-related liabilities | $ 15,462 | $ 16,439 |
Accrued interest payable | 2,519 | 2,333 |
Accrued sales commissions | 1,683 | 1,637 |
Other | 10,254 | 8,578 |
Other current liabilities | $ 29,918 | $ 28,987 |
Other Current Liabilities - S_2
Other Current Liabilities - Schedule of Changes in Liability for Product Warranty Claims (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | ||
Balance at beginning of the period | $ 9,447 | $ 11,379 |
Satisfaction of warranty claims | (1,469) | (1,792) |
Provision for warranty claims | 1,450 | 893 |
Other, primarily impact from changes in foreign currency exchange rates | (64) | 38 |
Balance at end of the period | $ 9,364 | $ 10,518 |
Other Current Liabilities - Add
Other Current Liabilities - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2019 | |
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 | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Contract With Customer Liability [Abstract] | ||
Balance at beginning of the period | $ 4,304 | $ 4,574 |
Satisfaction of performance obligations | (3,934) | (2,512) |
Receipt of additional deposits | 2,738 | 2,637 |
Other, primarily changes in foreign currency exchange rates | (77) | 3 |
Balance at end of the period | $ 3,031 | $ 4,702 |
Borrowing Arrangements - Schedu
Borrowing Arrangements - Schedule of Outstanding Borrowings (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Sale and leaseback financing obligation | $ 18,626 | $ 18,518 |
Finance lease liabilities | 1,485 | 1,199 |
Outstanding borrowings | 77,317 | 77,609 |
Debt – current portion | (19,256) | (45,728) |
Long-term debt | 58,061 | 31,881 |
Revolving Credit and Security Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | 40,037 | 14,320 |
Promissory Notes (and Interest) [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | 0 | 26,205 |
Industrial Revenue Bonds ("IRB") [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | 13,311 | 13,311 |
Minority Shareholder Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt | $ 3,858 | $ 4,056 |
Borrowing Arrangements - Additi
Borrowing Arrangements - Additional Information (Detail) £ in Thousands | Mar. 04, 2019USD ($) | Sep. 30, 2018 | Mar. 31, 2019USD ($) | Mar. 31, 2019GBP (£) | Dec. 31, 2018USD ($) |
Line Of Credit Facility [Line Items] | |||||
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% | ||||
Effective interest rate | 6.00% | 6.00% | |||
Repayment of promissory notes and related accrued interest | $ 26,474,000 | ||||
Revolving Credit and Security Agreement [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Initial term of credit facility | 5 years | ||||
Agreement borrowing capacity | $ 100,000,000 | ||||
Additional borrowing capacity | 50,000,000 | ||||
Long term debt | $ 40,037,000 | $ 14,320,000 | |||
Interest on outstanding balance | 2.22% | ||||
Line of credit, remaining borrowing capacity | $ 39,000,000 | ||||
Revolving Credit and Security Agreement [Member] | Minimum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Commitment fee payable percentage | 0.25% | ||||
Revolving Credit and Security Agreement [Member] | Maximum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Commitment fee payable percentage | 0.375% | ||||
Fixed charge coverage ratio | 1 | 1 | |||
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% | ||||
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% | ||||
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% | ||||
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% | ||||
Revolving Credit and Security Agreement [Member] | Base Rate [Member] | Minimum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Debt instrument basis spread | 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% | ||||
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 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits - Additional Information (Detail) - Other Postretirement Benefit Plans [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items] | ||
Decrease in liability due to remeasurement | $ 4,632 | |
Curtailment gain | $ 15 | $ 0 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits - Contributions for Pension and Other Postretirement Benefits (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Benefit Pension Plan [Member] | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Contribution | $ 93 | $ 540 |
Other Postretirement Benefit Plans [Member] | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Contribution | 266 | 307 |
U.S. [Member] | Defined Benefit Pension Plan [Member] | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Contribution | 253 | 0 |
U.S. [Member] | Defined Contribution Plan [Member] | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Contribution | 625 | 705 |
U.K. [Member] | Defined Benefit Pension Plan [Member] | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Contribution | $ 85 | $ 91 |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefits - Net Periodic Pension and Other Postretirement Benefit Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Benefit Pension Plan [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 194 | $ 335 |
Interest cost | 2,220 | 2,040 |
Expected return on plan assets | (3,173) | (3,284) |
Amortization of prior service cost (credit) | 9 | 13 |
Amortization of actuarial (gain) loss | 308 | 475 |
Net benefit income | (442) | (421) |
Defined Benefit Pension Plan [Member] | Foreign Defined Benefits Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 102 | 111 |
Interest cost | 357 | 364 |
Expected return on plan assets | (591) | (672) |
Amortization of prior service cost (credit) | (72) | (88) |
Amortization of actuarial (gain) loss | 166 | 194 |
Net benefit income | (38) | (91) |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 88 | 102 |
Interest cost | 105 | 125 |
Amortization of prior service cost (credit) | (489) | (402) |
Amortization of actuarial (gain) loss | (83) | (62) |
Curtailment gain | (15) | 0 |
Net benefit income | $ (394) | $ (237) |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities - Additional Information (Detail) - 3 months ended Mar. 31, 2019 kr in Thousands, $ in Thousands | USD ($)Bond | SEK (kr) |
Commitments And Contingencies Disclosure [Abstract] | ||
Outstanding standby and commercial letters of credit | $ | $ 18,850 | |
Number of surety bonds issued | Bond | 2 | |
Surety bonds issued to guarantee obligations | $ 4,000 | kr 33,900 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Net Change and Ending Balances for Various Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 92,969 | $ 161,761 |
Net Change | 5,146 | 1,691 |
Ending Balance | 83,734 | 165,286 |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (18,642) | (11,932) |
Net Change | 449 | 2,498 |
Ending Balance | (18,193) | (9,434) |
Unrecognized Employee Benefit Costs [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (30,902) | (34,196) |
Net Change | 4,310 | (283) |
Ending Balance | (26,592) | (34,479) |
Realized (Gains) Losses from Settlement of Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (64) | 739 |
Net Change | 387 | (524) |
Ending Balance | 323 | 215 |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (49,608) | (45,389) |
Net Change | 5,146 | 1,691 |
Ending Balance | $ (44,462) | $ (43,698) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Valuation Allowance Against Gross Deferred Income Tax Assets [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Income tax benefit for certain items | $ 0 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss - Line Items Affected on Condensed Consolidated Statements of Operations for Components Reclassified from Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Depreciation and amortization (foreign currency purchase contracts) | $ (5,259) | $ (5,600) |
Costs of products sold (excluding depreciation andamortization) (futures contracts – copper and aluminum) | (90,221) | (87,653) |
Other income | 1,296 | 3,621 |
Income tax provision | (643) | 463 |
Net (loss) income attributable to Ampco-Pittsburgh | (15,148) | 941 |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Amortization of Unrecognized Employee Benefit Costs [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other income | 161 | 130 |
Income tax provision | 0 | 0 |
Net (loss) income attributable to Ampco-Pittsburgh | 161 | 130 |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Realized (Gains) Losses from Settlement of Cash Flow Hedges [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Depreciation and amortization (foreign currency purchase contracts) | (7) | (7) |
Costs of products sold (excluding depreciation andamortization) (futures contracts – copper and aluminum) | 126 | (202) |
Total before income tax | 119 | (209) |
Income tax provision | 0 | 0 |
Net (loss) income attributable to Ampco-Pittsburgh | $ 119 | $ (209) |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2019USD ($)Derivative | Mar. 31, 2018USD ($) | |
Derivative [Line Items] | ||
Anticipated foreign-denominated sales hedge | $ 20,917,000 | |
Number of derivative instruments holds for trading purposes | Derivative | 0 | |
(Losses) gains on foreign exchange transactions included in other income (expense) | $ 348,000 | $ 67,000 |
Copper Purchases [Member] | ||
Derivative [Line Items] | ||
Percentage of anticipated purchases hedged | 49.00% | |
Time period for hedged purchases | 10 months | |
Copper Purchases [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Anticipated purchases, hedged | $ 2,389,000 | |
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 | $ 496,000 |
Derivative Instruments - Locati
Derivative Instruments - Location and Fair Value of Foreign Currency Sales Contracts Recorded on Condensed Consolidated Balance Sheets (Detail) - Foreign Currency Sales Contracts [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Receivables [Member] | ||
Derivative [Line Items] | ||
Fair value hedged items | $ 686 | $ 232 |
Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 190 | 44 |
Fair value hedged items | 362 | 967 |
Other Current Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 361 | 950 |
Fair value hedged items | 660 | 12 |
Other Noncurrent Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair value hedge contracts | 0 | 70 |
Other Noncurrent Assets [Member] | ||
Derivative [Line Items] | ||
Fair value hedged items | $ 0 | $ 105 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Amount Recognized as and Reclassified from Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative [Line Items] | ||
Beginning of the Period | $ (64) | $ 739 |
Recognized | 268 | (315) |
Reclassified | (119) | 209 |
End of the Period | 323 | 215 |
Foreign Currency Purchase Contracts [Member] | ||
Derivative [Line Items] | ||
Beginning of the Period | 216 | 239 |
Recognized | 0 | 0 |
Reclassified | 7 | 7 |
End of the Period | 209 | 232 |
Futures Contracts - Copper and Aluminum [Member] | ||
Derivative [Line Items] | ||
Beginning of the Period | (280) | 500 |
Recognized | 268 | (315) |
Reclassified | (126) | 202 |
End of the Period | $ 114 | $ (17) |
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 | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative [Line Items] | ||
Amount released to pre - tax earnings | $ 5,259 | $ 5,600 |
Amount released to pre - tax earnings | 90,221 | 87,653 |
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 | 7 | 7 |
Amount released to pre - tax earnings | (126) | 202 |
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 | 7 | 7 |
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 | 114 | |
Amount released to pre - tax earnings | $ (126) | $ 202 |
Fair Value - Fair Value of Fina
Fair Value - Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
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 | $ 105 |
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 | 552 | 1,011 |
Foreign Currency Exchange Contracts [Member] | Other Current Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 1,021 | 962 |
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 | 70 |
Investments [Member] | Other Noncurrent Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 3,973 | 3,659 |
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 | 3,973 | 3,659 |
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 | 0 | 105 |
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 | 552 | 1,011 |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Currency Exchange Contracts [Member] | Other Current Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 1,021 | 962 |
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 | 0 | 70 |
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 - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | ||
Asset impairment charge | $ 10,082 | $ 0 |
Akers National Roll Company [Member] | Avonmore, Pennsylvania [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Asset impairment charge | $ 10,082 |
Revenue - Net Sales and (Loss)
Revenue - Net Sales and (Loss) Income from Continuing Operations before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 107,494 | $ 106,415 |
(Loss) Income from Continuing Operations Before Income Taxes | (11,908) | 995 |
Forged and Cast Mill Rolls [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 77,286 | 67,488 |
Forged Engineered Products [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 8,004 | 17,758 |
Heat Exchange Coils [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 6,299 | 6,401 |
Centrifugal Pumps [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 8,633 | 8,375 |
Air Handling Systems [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 7,272 | 6,393 |
U.S. [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 51,481 | 53,436 |
(Loss) Income from Continuing Operations Before Income Taxes | (13,309) | (2,175) |
Foreign [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 56,013 | 52,979 |
(Loss) Income from Continuing Operations Before Income Taxes | $ 1,401 | $ 3,170 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 305,000 | $ 666,000 |
Income tax benefit from stock-based compensation expense | $ 0 | $ 0 |
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 |
Litigation - Schedule of Loss C
Litigation - Schedule of Loss Contingencies by Contingency (Detail) - Asbestos Claims [Member] | 3 Months Ended | |
Mar. 31, 2019USD ($)Claim | Mar. 31, 2018USD ($)Claim | |
Loss Contingencies [Line Items] | ||
Total claims pending at the beginning of the period | 6,772 | 6,907 |
New claims served | 333 | 287 |
Claims dismissed | (90) | (112) |
Claims settled | (56) | (78) |
Total claims pending at the end of the period | 6,959 | 7,004 |
Gross settlement and defense costs | $ | $ 2,789,000 | $ 6,881,000 |
Avg. gross settlement and defense costs per claim resolved | $ | $ 19,100 | $ 36,220 |
Litigation - Schedule of Loss_2
Litigation - Schedule of Loss Contingencies by Contingency (Parenthetical) (Detail) - Claim | Mar. 31, 2019 | Mar. 31, 2018 |
Commitments And Contingencies Disclosure [Abstract] | ||
Number of claims inactive or transferred to MDL panel | 666 | 479 |
Litigation - Additional Informa
Litigation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Reserves for total costs for asbestos liability claims pending or projected | $ 227,922 | $ 225,133 |
Percentage of defense costs estimated of settlement costs | 80.00% | |
Insurance recoveries receivable | $ 152,508 | $ 150,093 |
Litigation - Summary of Activit
Litigation - Summary of Activity in Asbestos Insurance Recoveries (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Loss Contingencies [Line Items] | ||
Insurance receivable – asbestos, beginning of the year | $ 152,508 | |
Insurance receivable – asbestos, end of the period | 150,093 | |
Asbestos Claims [Member] | ||
Loss Contingencies [Line Items] | ||
Insurance receivable – asbestos, beginning of the year | 152,508 | $ 100,342 |
Settlement and defense costs paid by insurance carriers | (2,415) | (4,954) |
Insurance receivable – asbestos, end of the period | $ 150,093 | $ 95,388 |
Environmental Matters - Additio
Environmental Matters - Additional Information (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Environmental Remediation Obligations [Abstract] | |
Potential liability for all environmental compliance | $ 328 |
Business Segments - Additional
Business Segments - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)Segment | Mar. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of reportable business segments | Segment | 2 | |
Impairment charge | $ 10,082 | $ 0 |
Corporate and Other [Member] | Other Expense [Member] | ||
Segment Reporting Information [Line Items] | ||
Contractual settlement | 2,425 | |
Forged and Cast Engineered Products [Member] | Operating Loss [Member] | Akers National Roll Company [Member] | ||
Segment Reporting Information [Line Items] | ||
Impairment charge | $ 10,082 |
Business Segments - Business Se
Business Segments - Business Segment Net Sales and (Loss) Income from Continuing Operations before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue from External Customer [Line Items] | ||
Net sales | $ 107,494 | $ 106,415 |
(Loss) income from continuing operations before income taxes | (11,908) | 995 |
Operating Segments [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 107,494 | 106,415 |
(Loss) income from continuing operations before income taxes | (7,890) | 2,461 |
Operating Segments [Member] | Forged and Cast Engineered Products [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 85,290 | 85,246 |
(Loss) income from continuing operations before income taxes | (10,033) | 202 |
Operating Segments [Member] | Air and Liquid Processing [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 22,204 | 21,169 |
(Loss) income from continuing operations before income taxes | 2,143 | 2,259 |
Other Expense, Including Corporate Costs - Net [Member] | ||
Revenue from External Customer [Line Items] | ||
(Loss) income from continuing operations before income taxes | $ (4,018) | $ (1,466) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - shares | May 09, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | |||
Common stock, shares authorized | 20,000,000 | 20,000,000 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Common stock, shares authorized | 40,000,000 |