Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 1-898

AMPCO-PITTSBURGH CORPORATION



Pennsylvania	25-1117717
(State of Incorporation)	(I.R.S. Employer Identification No.)

726 Bell Avenue, Suite 301

Carnegie, Pennsylvania 15106

(Address of principal executive offices)

(412) 456-4400

(Registrant’s telephone number)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1 par value	AP	New York Stock Exchange
Series A Warrants to purchase shares of Common Stock	AP WS	NYSE American Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.



Large accelerated filer	☐	Accelerated filer	☐	Emerging growth company	☐

Non-accelerated filer	☒	Smaller reporting company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

On May 7, 2024, 19,865,749 common shares were outstanding.

AMPCO-PITTSBURGH CORPORATION

INDEX


			Page No.
Part I –	Financial Information:

	Item 1 –	Financial Statements (Unaudited)

		Condensed Consolidated Balance Sheets – March 31, 2024 and December 31, 2023	3

		Condensed Consolidated Statements of Operations – Three Months Ended March 31, 2024 and 2023	5

		Condensed Consolidated Statements of Comprehensive (Loss) Income – Three Months Ended March 31, 2024 and 2023	6
		Condensed Consolidated Statements of Shareholders’ Equity – Three Months Ended March 31, 2024 and 2023	7

		Condensed Consolidated Statements of Cash Flows – Three Months Ended March 31, 2024 and 2023	8

		Notes to Condensed Consolidated Financial Statements	9

	Item 2 –	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23

	Item 3 –	Quantitative and Qualitative Disclosures About Market Risk	30

	Item 4 –	Controls and Procedures	30

Part II –	Other Information:

	Item 1 –	Legal Proceedings	31

	Item 1A –	Risk Factors	31

	Item 5 –	Other Information	31

	Item 6 –	Exhibits	32

Signatures			33

PART I – FINANCIAL INFORMATION

AMPCO-PITTSBURGH CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands, except par value)


	March 31, 2024			December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	10,829		$	7,286
Trade receivables, less allowance for credit losses of $893 as of March 31, 2024 and $975 as of December 31, 2023		84,281			78,939
Trade receivables from related parties		—			912
Inventories		123,079			124,694
Insurance receivable – asbestos		15,000			15,000
Contract assets		5,510			4,452
Other current assets		5,075			5,370
Total current assets		243,774			236,653
Property, plant and equipment, net		155,382			158,732
Operating lease right-of-use assets		4,569			4,767
Insurance receivable – asbestos, less allowance for credit losses of $708 as of March 31, 2024 and December 31, 2023		141,960			145,245
Deferred income tax assets		3,160			3,160
Intangible assets, net		4,652			4,947
Investments in joint ventures		2,175			2,175
Prepaid pensions		4,973			4,951
Other noncurrent assets		5,163			5,024
Total assets	$	565,808		$	565,654
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	41,387		$	36,830
Accounts payable to related parties		1,068			401
Accrued payrolls and employee benefits		14,537			14,703
Debt – current portion		14,805			12,271
Operating lease liabilities – current portion		927			946
Asbestos liability – current portion		24,000			24,000
Other current liabilities		29,011			27,734
Total current liabilities		125,735			116,885
Employee benefit obligations		40,192			41,684
Asbestos liability		207,772			214,679
Long-term debt		116,171			116,382
Noncurrent operating lease liabilities		3,642			3,822
Deferred income tax liabilities		538			543
Other noncurrent liabilities		4,519			88
Total liabilities		498,569			494,083
Commitments and contingent liabilities (Note 8)
Shareholders’ equity:
Common stock – par value $1; authorized 40,000 shares; issued and outstanding 19,729 shares as of March 31, 2024 and December 31, 2023		19,729			19,729
Additional paid-in capital		177,542			177,196
Retained deficit		(75,714	)		(72,997	)
Accumulated other comprehensive loss		(65,257	)		(62,989	)
Total Ampco-Pittsburgh shareholders’ equity		56,300			60,939
Noncontrolling interest		10,939			10,632
Total shareholders’ equity		67,239			71,571
Total liabilities and shareholders’ equity	$	565,808		$	565,654

See Notes to Condensed Consolidated Financial Statements.

AMPCO-PITTSBURGH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(in thousands, except per share amounts)


	Three Months Ended March 31,
	2024			2023
Net sales:
Net sales	$	110,025		$	102,383
Net sales to related parties		190			2,420
Total net sales		110,215			104,803
Operating costs and expenses:
Costs of products sold (excluding depreciation and amortization)		92,490			86,372
Selling and administrative		12,973			12,187
Depreciation and amortization		4,670			4,374
Gain on disposal of assets		—			(123	)
Total operating costs and expenses		110,133			102,810
Income from operations		82			1,993
Other expense - net:
Investment-related income		19			9
Interest expense		(2,757	)		(2,071	)
Other income – net		904			1,367
Total other expense - net		(1,834	)		(695	)
(Loss) income before income taxes		(1,752	)		1,298
Income tax provision		(454	)		(313	)
Net (loss) income		(2,206	)		985
Less: Net income attributable to noncontrolling interest		511			309
Net (loss) income attributable to Ampco-Pittsburgh	$	(2,717	)	$	676

Net (loss) income per share attributable to Ampco- Pittsburgh common shareholders:
Basic	$	(0.14	)	$	0.03
Diluted	$	(0.14	)	$	0.03

Weighted-average number of common shares outstanding:
Basic		19,729			19,404
Diluted		19,729			19,404

See Notes to Condensed Consolidated Financial Statements.

AMPCO-PITTSBURGH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(UNAUDITED)

(in thousands)


	Three Months Ended March 31,
	2024			2023
Net (loss) income	$	(2,206	)	$	985
Other comprehensive (loss) income, net of income tax where applicable:
Adjustments for changes in:
Foreign currency translation		(2,445	)		1,912
Unrecognized employee benefit costs (including effects of foreign currency translation)		93			(149	)
Fair value of cash flow hedges		52			178
Reclassification adjustments for items included in net (loss) income:
Amortization of unrecognized employee benefit costs		(183	)		(195	)
Settlements of cash flow hedges		11			(114	)
Other comprehensive (loss) income		(2,472	)		1,632
Comprehensive (loss) income		(4,678	)		2,617
Less: Comprehensive income attributable to noncontrolling interest		307			348
Comprehensive (loss) income attributable to Ampco-Pittsburgh	$	(4,985	)	$	2,269

See Notes to Condensed Consolidated Financial Statements.

AMPCO-PITTSBURGH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(UNAUDITED)

(in thousands)


Three Months Ended March 31, 2024	Common Stock		Additional Paid-in Capital		Retained Deficit			Accumulated Other Comprehensive Loss			Noncontrolling Interest			Total

Balance at January 1, 2024	$	19,729	$	177,196	$	(72,997	)	$	(62,989	)	$	10,632		$	71,571
Stock-based compensation				346											346
Comprehensive income (loss):
Net (loss) income						(2,717	)					511			(2,206	)
Other comprehensive loss									(2,268	)		(204	)		(2,472	)
Comprehensive income (loss)												307			(4,678	)
Balance at March 31, 2024	$	19,729	$	177,542	$	(75,714	)	$	(65,257	)	$	10,939		$	67,239

Three Months Ended March 31, 2023
Balance at January 1, 2023	$	19,404	$	175,656	$	(33,069	)	$	(58,412	)	$	9,070		$	112,649
Stock-based compensation				627											627
Comprehensive income:
Net income						676						309			985
Other comprehensive income									1,593			39			1,632
Comprehensive income												348			2,617
Balance at March 31, 2023	$	19,404	$	176,283	$	(32,393	)	$	(56,819	)	$	9,418		$	115,893

See Notes to Condensed Consolidated Financial Statements.

AMPCO-PITTSBURGH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)


	Three Months Ended March 31,
	2024			2023
Net cash flows from (used in) operating activities	$	4,535		$	(4,391	)

Cash flows used in investing activities:
Purchases of property, plant and equipment		(2,837	)		(3,636	)
Proceeds from sale of property, plant and equipment		-			128
Purchases of long-term marketable securities		(12	)		(13	)
Proceeds from sale of long-term marketable securities		4			164
Net cash flows used in investing activities		(2,845	)		(3,357	)

Cash flows from financing activities:
Proceeds from revolving credit facility		6,621			8,535
Payments on revolving credit facility		(4,666	)		(6,073	)
Payments on sale and leaseback financing arrangements		(86	)		(90	)
Proceeds from equipment financing facility		1,134			2,498
Proceeds from related party debt		-			229
Repayment of related party debt		(664	)		-
Repayments of debt		(311	)		(101	)
Net cash flows provided by financing activities		2,028			4,998

Effect of exchange rate changes on cash and cash equivalents		(175	)		89

Net increase (decrease) in cash and cash equivalents		3,543			(2,661	)
Cash and cash equivalents at beginning of period		7,286			8,735
Cash and cash equivalents at end of period	$	10,829		$	6,074

Supplemental information:
Income tax payments, net of refunds	$	569		$	342
Interest payments	$	2,347		$	1,716

Non-cash investing and financing activities:
Purchases of property, plant and equipment in current liabilities	$	333		$	844
Finance lease right-of-use assets exchanged for lease liabilities	$	81		$	-
Operating lease right-of-use assets exchanged for lease liabilities	$	28		$	-

See Notes to Condensed Consolidated Financial Statements.

AMPCO-PITTSBURGH CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(in thousands, except per share amounts)

Overview of the Business

Ampco-Pittsburgh Corporation (the “Corporation”) manufactures and sells highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. It operates in two business segments – the Forged and Cast Engineered Products (“FCEP”) segment and the Air and Liquid Processing (“ALP”) segment. This segment presentation is consistent with how the Corporation’s chief operating decision-maker evaluates financial performance and makes resource allocation and strategic decisions about the business (Note 18).

Note 1 – Unaudited Condensed Consolidated Financial Statements

The unaudited condensed consolidated balance sheet as of March 31, 2024 and the unaudited condensed consolidated statements of operations, comprehensive (loss) income, cash flows and shareholders’ equity for the three months ended March 31, 2024 and 2023, have been prepared by the Corporation. 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. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the operating results expected for the full year.

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 (“GAAP”) have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the Corporation's latest Annual Report on Form 10-K.

Recently Issued Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The guidance requires disclosure of significant reportable segment expenses regularly provided to the chief operating decision-maker and included within each reported measure of a segment's profit or loss. The guidance also requires disclosure of the title and position of the individual identified as the chief operating decision-maker and an explanation of how the chief operating decision-maker uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The guidance does not change how an entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The guidance became effective for the Corporation’s annual period beginning January 1, 2024 and interim periods beginning January 1, 2025. The Corporation is currently evaluating the impact this new standard will have on its annual disclosures in its consolidated financial statements for the year ending December 31, 2024 and interim disclosures thereafter. It will not, however, impact the Corporation’s consolidated financial position, results of operations or cash flows.

In December 2023, the FASB issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures. The guidance requires annual disclosure of specific categories of information within the effective tax rate reconciliation, and income taxes paid and income tax expense disaggregated by jurisdiction. The guidance becomes effective for the Corporation’s annual period beginning January 1, 2025. Early adoption is permitted. The Corporation is currently evaluating the impact this new standard will have on its condensed consolidated financial statements disclosures. It will not, however, impact the Corporation’s condensed consolidated financial position, results of operations or cash flows.

Note 2 – Inventories

At March 31, 2024 and December 31, 2023, substantially all inventories were valued using the first-in-first-out method. Inventories were comprised of the following:


	March 31, 2024		December 31, 2023
Raw materials	$	50,360	$	51,794
Work-in-process		49,613		48,676
Finished goods		16,327		17,332
Supplies		6,779		6,892
Inventories	$	123,079	$	124,694

Note 3 – Property, Plant and Equipment

Property, plant and equipment were comprised of the following:


	March 31, 2024			December 31, 2023
Land and land improvements	$	8,865		$	9,025
Buildings and leasehold improvements		70,324			71,063
Machinery and equipment		371,640			366,044
Construction-in-progress		6,255			11,514
Other		6,902			6,965
		463,986			464,611
Accumulated depreciation and amortization		(308,604	)		(305,879	)
Property, plant and equipment, net	$	155,382		$	158,732

Certain of the above property, plant and equipment are held as collateral including:

•

The land and building of Union Electric Steel UK Limited, an indirect subsidiary of the Corporation (“UES-UK”), with a book value equal to $2,678 (£2,122) at March 31, 2024, are held as collateral by the trustees of the UES-UK defined benefit pension plan (Note 7).

•

Certain of the machinery and equipment and construction-in-progress, with a book value equal to $23,653 at March 31, 2024, purchased with proceeds from the equipment finance facility (Note 6) are held as collateral for the facility.

•

Certain land and land improvements and buildings and leasehold improvements are included in the sale and leaseback financing transactions and Disbursement Agreement (Note 6). Title to these assets lies with the lender; however, since the transactions qualified as financing transactions, versus sales, the assets remain recorded on the Corporation’s condensed consolidated balance sheet.

•

The remaining assets, other than real property, are pledged as collateral for the Corporation’s revolving credit facility (Note 6).

In 2023, Union Electric Steel Corporation (“UES”), a wholly owned subsidiary of the Corporation, completed certain leasehold improvements at the Carnegie, Pennsylvania manufacturing facility with the $2,500 of proceeds from the Disbursement Agreement (Note 6). The improvements are being amortized over the remaining lease term of 20 years.

In 2021, the Corporation began a $26,000 long-term strategic capital program to upgrade existing equipment at certain of its FCEP locations. Interest capitalized for the strategic capital program totaled $235 and $261 for the three months ended March 31, 2024 and 2023, respectively.

The gross value of assets under finance leases and the related accumulated amortization approximated $3,454 and $1,734, respectively, as of March 31, 2024 and $4,223 and $1,959, respectively, at December 31, 2023. Depreciation expense approximated $4,582 and $4,281, including depreciation of assets under finance leases of approximately $82 and $70, for the three months ended March 31, 2024 and 2023, respectively.

Note 4 – Intangible Assets

Intangible assets were comprised of the following:


	March 31, 2024			December 31, 2023
Customer relationships	$	5,275		$	5,442
Developed technology		3,788			3,913
Trade name		2,122			2,219
		11,185			11,574
Accumulated amortization		(6,533	)		(6,627	)
Intangible assets, net	$	4,652		$	4,947

Changes in intangible assets consisted of the following:


	Three Months Ended March 31,
	2024			2023
Balance at beginning of the period	$	4,947		$	5,194
Amortization of intangible assets		(88	)		(93	)
Other, primarily impact from changes in foreign currency exchange rates		(207	)		30
Balance at end of the period	$	4,652		$	5,131

Note 5 – Other Current Liabilities

Other current liabilities were comprised of the following:


	March 31, 2024		December 31, 2023
Customer-related liabilities	$	20,803	$	19,915
Accrued utilities		1,745		1,880
Accrued sales commissions		2,049		1,850
Other		4,414		4,089
Other current liabilities	$	29,011	$	27,734

Customer-related liabilities primarily include liabilities for product warranty claims and deposits received on future orders. 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 estimated product warranties at the time the underlying sale is recorded. The provision is based on historical experience as a percentage of sales adjusted for probable and known claims.

Changes in the liability for product warranty claims consisted of the following:


	Three Months Ended March 31,
	2024			2023
Balance at beginning of the period	$	5,539		$	5,193
Satisfaction of warranty claims		(394	)		(378	)
Provision for warranty claims, net		588			570
Other, primarily impact from changes in foreign currency exchange rates		(136	)		65
Balance at end of the period	$	5,597		$	5,450

Customer deposits represent amounts collected from, or invoiced to, a customer in advance of revenue recognition. 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,
	2024			2023
Balance at beginning of the period	$	13,078		$	10,453
Satisfaction of performance obligations		(2,567	)		(4,261	)
Receipt of additional deposits		7,704			7,197
Other, primarily impact from changes in foreign currency exchange rates		(17	)		43
Balance at end of the period		18,198			13,432
Deposits - Other noncurrent liabilities		(4,430	)		-
Deposits - Other current liabilities	$	13,768		$	13,432

Note 6 – Debt

Borrowings were comprised of the following:


	March 31, 2024			December 31, 2023
Revolving credit facility	$	57,955		$	56,000
Sale and leaseback financing obligations		44,736			44,488
Equipment financing facility		17,655			16,719
Industrial Revenue Bonds		9,191			9,191
Finance lease liabilities		1,439			1,590
Minority shareholder loan		-			665
Outstanding borrowings		130,976			128,653
Debt – current portion		(14,805	)		(12,271	)
Long-term debt	$	116,171		$	116,382

The current portion of debt includes primarily swing loans under the revolving credit facility and the Industrial Revenue Bonds (“IRBs”). By definition, swing loans are temporary advances under the revolving credit facility and short term in nature. Accordingly, swing loans are classified as a current liability until the amount is either repaid, as customers remit payments, or, if elected by the Corporation, refinanced as a longer-term loan under the revolving credit facility. The swing loans equaled $2,955 at March 31, 2024. No amount was outstanding as a swing loan at December 31, 2023. Although the IRBs begin to become due in 2027, the bonds can be put back to the Corporation on short notice if they are not able to be remarketed; accordingly, the IRBs are classified as a current liability, although the Corporation considers the likelihood of the bonds being put back to the Corporation to be remote.

Revolving Credit Facility

The Corporation is a party to a revolving credit security agreement with a syndicate of banks that was amended on June 29, 2021 (the “First Amended and Restated Security Agreement”), and subsequently amended on December 17, 2021 and May 26, 2022. The First Amended and Restated Security Agreement provides for a senior secured asset-based revolving credit facility of $100,000, that can be increased to $130,000 at the option of the Corporation and with the approval of the lenders, and an allowance of $20,000 for new equipment financing (see “Equipment Financing Facility” below) but, otherwise, restricts the Corporation from incurring additional indebtedness outside of the agreement, unless approved by the banks. The revolving credit facility includes sub-limits for letters of credit not to exceed $40,000 and European borrowings not to exceed $30,000, of which up to $7,500 may be allocated for Swedish borrowings. The maturity date for the revolving credit facility is June 29, 2026 and, subject to other terms and conditions of the agreement, would become due on that date.

Availability under the revolving credit facility is based on eligible accounts receivable, inventory and fixed assets. Effective July 1, 2023, the Corporation migrated London Inter-Bank Offered Rate (“LIBOR”)-based loans to Secured Overnight Financing Rate (“SOFR”)-based loans, in accordance with the provisions specified in the revolving credit facility, coinciding with the discontinuation of LIBOR. European borrowings denominated in euros, pound sterling or krona bear interest at the Successor Rate as defined in the First Amended and Restated Security Agreement, as amended. Domestic borrowings from the revolving credit facility bear interest, at the Corporation’s option, at either (i) SOFR, as adjusted, plus an applicable margin ranging between 2.00% to 2.50% based on the quarterly average excess availability or (ii) the alternate base rate plus an applicable margin ranging between 1.00% to 1.50% based on the quarterly average excess availability. As of March 31, 2024 and December 31, 2023, there were no European borrowings outstanding. Additionally, the Corporation is required to pay a commitment fee of 0.25% based on the daily unused portion of the revolving credit facility.

As of March 31, 2024, the Corporation had outstanding borrowings under the revolving credit facility of $57,955. The average interest rate approximated 8.22% and 7.70% for the three months ended March 31, 2024 and 2023, respectively. The Corporation also utilizes a portion of the revolving credit facility for letters of credit (Note 8). As of March 31, 2024, remaining availability under the revolving credit facility approximated $23,174, net of standard availability reserves.

Borrowings outstanding under the revolving credit facility are collateralized by a first priority perfected security interest in substantially all assets of the Corporation and its subsidiaries (other than real property). Additionally, the revolving credit facility 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 and guaranties, and acquisitions and divestitures. In addition, the Corporation must maintain a certain level of excess availability or otherwise maintain a minimum fixed charge coverage ratio of not less than 1.05 to 1.00. The Corporation was in compliance with the applicable bank covenants as of March 31, 2024.

Sale and Leaseback Financing Obligations

In September 2018, UES completed a sale and leaseback financing transaction with Store Capital Acquisitions, LLC (“STORE”) 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 “UES Properties”).

In August 2022, Air & Liquid Systems Corporation (“Air & Liquid”), a wholly owned subsidiary of the Corporation, completed a sale and leaseback financing transaction with STORE for certain of its real property, including its manufacturing facilities in Lynchburg, Virginia and Amherst, Virginia. In October 2022, Air & Liquid completed a sale and leaseback financing transaction with STORE for its real property, including its manufacturing facility, located in North Tonawanda, New York (collectively with the Virginia properties, the “ALP Properties”).

In connection with the August 2022 sale and leaseback financing transaction, and as modified by the October 2022 sale and leaseback financing transaction, UES and STORE entered into a Second Amended and Restated Master Lease Agreement (the “Restated Lease”), which amended and restated the existing lease agreement between UES and STORE.

Pursuant to the Restated Lease, UES will lease the ALP Properties and the UES Properties (collectively, the “Properties”), subject to the terms and conditions of the Restated Lease, and UES will sublease the ALP Properties to Air & Liquid on the same terms as the Restated Lease. The Restated Lease provides for an initial term of 20 years; however, UES may extend the lease for the Properties for four successive periods of five years each. If fully extended, the Restated Lease would expire in August 2062. UES also has the option to repurchase the Properties, which it may, and intends to, exercise in 2032, for a price equal to the greater of (i) the Fair Market Value of the Properties, or (ii) 115% of Lessor’s Total Investment, with such terms defined in the Restated Lease.

In August 2022, in connection with the Restated Lease, UES and STORE entered into a Disbursement Agreement pursuant to which STORE agreed to provide up to $2,500 to UES towards certain leasehold improvements in the Carnegie, Pennsylvania manufacturing facility. In June 2023, UES received $2,500 of proceeds from the Disbursement Agreement. The annual payments for the Properties (the "Base Annual Rent") have been adjusted to repay the $2,500 over the balance of the initial term of the Restated Lease of 20 years. Advances under the Disbursement Agreement are secured by a first priority security interest in the leasehold improvements.

At March 31, 2024, the Base Annual Rent, including the Disbursement Agreement adjustment, is equal to $3,645, payable in equal monthly installments. Each October through 2052, the Base Annual Rent will increase by an amount equal to the lesser of 2.04% or 1.25 times the change in the consumer price index, as defined in the Restated Lease. The Base Annual Rent during the remaining ten years of the Restated Lease will be equal to the Fair Market Rent, as defined in the Restated Lease.

The Restated Lease and the Disbursement Agreement contain certain representations, warranties, covenants, obligations, conditions, indemnification provisions, and termination provisions customary for those types of agreements. The Corporation was in compliance with the applicable covenants as of March 31, 2024.

The effective interest rate approximated 8.24% and 8.22% for the three months ended March 31, 2024 and 2023, respectively.

Equipment Financing Facility

In September 2022, UES and Clarus Capital Funding I, LLC (“Clarus”) entered into a Master Loan and Security Agreement, pursuant to which UES can borrow up to $20,000 to finance certain equipment purchases associated with a capital program at certain of the Corporation's FCEP locations. Each borrowing constitutes a secured loan transaction (each, a “Term Loan”). As amended, each Term Loan converts to a Term Note on the earlier of (i) the date in which the associated equipment is placed in service or (ii) April 30, 2024 (previously March 31, 2024). Each Term Note has a term of 84 months in arrears fully amortizing, commencing on the date of the Term Note.

Effective July 1, 2023, UES and Clarus amended the Master Loan and Security Agreement increasing the interest rate on each Term Loan from an annual fixed rate of 8% to an annual fixed rate of 10.25%. In December 2023, UES and Clarus further amended the Master Loan and Security Agreement to add a SOFR 'floor' to the Term Note calculation. Once converted from a Term Loan to a Term Note, interest accrues on the Term Note at a fixed rate calculated by Clarus as the like-term SOFR-swap rate, as reported in ICE Benchmark or such other information service available to Clarus, for the week ending immediately prior to the commencement date for such Term Note, subject to a floor of 3.59%, plus a SOFR adjustment of 0.31% and a margin of 4.50%.

The Term Loans and Term Notes are secured by a first priority security interest in and to all of UES’s rights, title and interests in the underlying equipment.

At March 31, 2024 and December 31, 2023, Term Notes outstanding under the equipment financing facility approximated $12,485 and $900, respectively. Interest accrues on each of the Term Notes at a fixed rate ranging between 8.40% and 8.93% per annum. As of March 31, 2024, monthly payments of principal and interest approximate $200 and continue through early 2031.

At March 31, 2024 and December 31, 2023, Term Loans outstanding totaled $5,170 and $15,819, respectively. On April 1, 2024, Term Loans equaling $3,894 were converted to Term Notes with fixed interest rates of 8.75% per annum. Monthly payments of

principal and interest of $62 began May 1, 2024 and continue through April 1, 2031. On May 1, 2024, a Term Loan equaling $1,834 was converted to a Term Note with a fixed interest rate of 9.22% per annum. Monthly payments of principal and interest of $30 begin June 1, 2024 and continue through May 1, 2031.

Industrial Revenue Bonds (“IRBs”)

The Corporation has two IRBs outstanding: (i) $7,116 taxable IRB maturing in 2027, interest at a floating rate which averaged 5.36% and 4.54% for the three months ended March 31, 2024 and 2023, respectively, and (ii) $2,075 tax-exempt IRB maturing in 2029, interest at a floating rate which averaged 3.70% and 2.92% for the three months ended March 31, 2024 and 2023, respectively. The IRBs are secured by letters of credit of equivalent amounts and are remarketed periodically at which time the interest rates are reset. If the IRBs are not able to be remarketed, although considered a remote possibility by the Corporation, the bondholders can seek reimbursement immediately from the letters of credit; accordingly, the IRBs are recorded as current debt on the condensed consolidated balance sheets.

Minority Shareholder Loan

Shanxi Åkers TISCO Roll Co., Ltd. (“ATR”), a 59.88% indirectly owned joint-venture of UES, periodically has loans outstanding with its minority shareholder (Note 17). Amounts repaid approximated $664 (RMB 4,713) during the three months ended March 31, 2024. Amounts borrowed approximated $229 (RMB 1,570) during the three months ended March 31, 2023.

Note 7 – Pension and Other Postretirement Benefits

Contributions to the Corporation’s employee benefit plans were as follows:


	Three Months Ended March 31,
	2024		2023
U.S. defined benefit pension plans	$	192	$	207
Foreign defined benefit pension plans	$	120	$	113
Other postretirement benefits (e.g., net payments)	$	88	$	119
U.K. defined contribution pension plan	$	66	$	57
U.S. defined contribution plan	$	929	$	646

Net periodic pension and other postretirement benefit costs included the following components:


	Three Months Ended March 31,
U.S. Defined Benefit Pension Plans	2024			2023
Service cost	$	10		$	10
Interest cost		2,329			2,483
Expected return on plan assets		(3,401	)		(3,596	)
Amortization of prior service cost		-			2
Amortization of actuarial loss		45			30
Net benefit income	$	(1,017	)	$	(1,071	)


	Three Months Ended March 31,
Foreign Defined Benefit Pension Plans	2024			2023
Service cost	$	31		$	62
Interest cost		456			455
Expected return on plan assets		(478	)		(471	)
Amortization of prior service credit		(71	)		(68	)
Amortization of actuarial loss		180			147
Net benefit expense	$	118		$	125


	Three Months Ended March 31,
Other Postretirement Benefit Plans	2024			2023
Service cost	$	43		$	59
Interest cost		98			55
Amortization of prior service credit		(256	)		(299	)
Amortization of actuarial (gain) loss		(81	)		6
Net benefit income	$	(196	)	$	(179	)

Note 8 – Commitments and Contingent Liabilities

Outstanding standby and commercial letters of credit and bank guarantees as of March 31, 2024 equaled $19,572, of which approximately one-half serves as collateral for the IRB debt. Outstanding surety bonds as of March 31, 2024 approximated $3,179 (SEK 33,900), which guarantee certain obligations under a credit insurance arrangement for certain of the Corporation’s foreign pension commitments.

At March 31, 2024, commitments for future capital expenditures approximated $3,300.

See Note 11 for derivative instruments, Note 15 for litigation and Note 16 for environmental matters.

Note 9 – Equity Rights Offering

In September 2020, the Corporation completed an equity-rights offering, issuing 5,507,889 shares of its common stock and 12,339,256 Series A warrants to existing shareholders. The shares of common stock and warrants are classified as equity instruments in the condensed consolidated statements of shareholders’ equity. Each Series A warrant provides the holder with the right to purchase 0.4464 shares of common stock at an exercise price of $2.5668, or $5.75 per whole share of common stock, and expires on August 1, 2025. For the three months ended March 31, 2024 and 2023, respectively, the Corporation received no proceeds from shareholders from the exercise of Series A warrants.

Note 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, 2024 and 2023 are summarized below. All amounts are net of tax where applicable.


	Foreign Currency Translation			Unrecognized Employee Benefit Costs			Cash Flow Hedges		Total Accumulated Other Comprehensive Loss			Less: Noncontrolling Interest			Accumulated Other Comprehensive Loss Attributable to Ampco-Pittsburgh
Balance at January 1, 2024	$	(23,161	)	$	(40,490	)	$	186	$	(63,465	)	$	(476	)	$	(62,989	)
Net change		(2,445	)		(90	)		63		(2,472	)		(204	)		(2,268	)
Balance at March 31, 2024	$	(25,606	)	$	(40,580	)	$	249	$	(65,937	)	$	(680	)	$	(65,257	)

Balance at January 1, 2023	$	(26,170	)	$	(32,623	)	$	152	$	(58,641	)	$	(229	)	$	(58,412	)
Net change		1,912			(344	)		64		1,632			39			1,593
Balance at March 31, 2023	$	(24,258	)	$	(32,967	)	$	216	$	(57,009	)	$	(190	)	$	(56,819	)

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 (loss) income.


	Three Months Ended March 31,
	2024			2023
Amortization of unrecognized employee benefit costs:
Other loss – net	$	(183	)	$	(182	)
Income tax provision		-			(13	)
Net of tax	$	(183	)	$	(195	)
Settlements of cash flow hedges:
Depreciation and amortization (foreign currency purchase contracts)	$	(6	)	$	(6	)
Costs of products sold (excluding depreciation and amortization) (futures contracts – copper and aluminum)		18			(111	)
Total before income tax		12			(117	)
Income tax (provision) benefit		(1	)		3
Net of tax	$	11		$	(114	)

The income tax effect associated with the various components of other comprehensive loss for the three months ended March 31, 2024 and 2023 is summarized below. Amounts in parentheses represent credits to net (loss) income when reclassified to earnings. Certain amounts have no tax effect due to the Corporation having a valuation allowance recorded against the deferred income tax assets for

the jurisdiction where the income or 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,
	2024			2023
Income tax effect associated with changes in:
Unrecognized employee benefit costs	$	-		$	-
Fair value of cash flow hedges		2			6
Income tax effect associated with reclassification adjustments:
Amortization of unrecognized employee benefit costs		-			(13	)
Settlement of cash flow hedges		(1	)		3

Note 11 – Derivative Instruments

Certain divisions of the ALP 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, 2024, approximately 52%, or $2,787, of anticipated copper purchases over the next nine months and 56%, or $566, of anticipated aluminum purchases over the next six months are hedged. At March 31, 2023, approximately 45%, or $2,463, of anticipated copper purchases over the next eight months and 61%, or $714, of anticipated aluminum purchases over the next six months were hedged.

The Corporation periodically enters into purchase commitments to cover a portion of its anticipated natural gas and electricity usage. The commitments qualify as normal purchases and, accordingly, are not reflected on the condensed consolidated balance sheets. At March 31, 2024, the Corporation has purchase commitments covering approximately 6%, or $2,365, of anticipated natural gas usage through December 31, 2025 for two of its subsidiaries and approximately 12%, or $1,440, of anticipated electricity usage through December 31, 2025 for two of its subsidiaries. At March 31, 2023, the Corporation had purchase commitments covering approximately 35%, or $4,022, of anticipated natural gas usage through December 31, 2025 for two of its subsidiaries and approximately 23%, or $1,711, of anticipated electricity usage through December 31, 2025 for two of its subsidiaries. Purchases of natural gas and electricity under previously existing commitments equaled $979 and $533 for the three months ended March 31, 2024 and 2023, respectively.

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. Upon occurrence of an anticipated purchase and placement of the underlying fixed asset in service, the foreign currency purchase contract was settled and the change in fair value of the foreign currency purchase contract was deferred in accumulated other comprehensive loss and is being reclassified to earnings (depreciation and amortization expense) over the life of the underlying asset (approximately 15 years).

No portion of the existing cash flow 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.

(Loss) gain on foreign exchange transactions included in other expense – net equaled $(492) and $85 for the three months ended March 31, 2024 and 2023, respectively.

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, 2024 and 2023 and the amounts recognized as and reclassified from accumulated other comprehensive loss for each of the periods are summarized below. Amounts are after tax where applicable. Certain amounts recognized as comprehensive (loss) income or reclassified from accumulated other comprehensive loss have no tax effect due to the Corporation having a valuation allowance recorded against the deferred income tax assets for the jurisdiction where the income or expense is recognized.


Three Months Ended March 31, 2024	Beginning of the Period		Recognized		Reclassified			End of the Period
Foreign currency purchase contracts	$	81	$	-	$	6		$	75
Futures contracts – copper and aluminum		105		52		(17	)		174
	$	186	$	52	$	(11	)	$	249
Three Months Ended March 31, 2023
Foreign currency purchase contracts	$	108	$	-	$	6		$	102
Futures contracts – copper and aluminum		44		178		108			114
	$	152	$	178	$	114		$	216

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 12 Months		Three Months Ended March 31,
	of Operations			2024			2023
Foreign currency purchase contracts	Depreciation and amortization	$	24	$	6		$	6
Futures contracts – copper and aluminum	Costs of products sold (excluding depreciation and amortization)	$	180	$	(18	)	$	111

Note 12 – Fair Value

The Corporation’s financial assets and liabilities reported at fair value in the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023 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, 2024
Investments
Other noncurrent assets	$	3,475	$	-	$	-	$	3,475
As of December 31, 2023
Investments
Other noncurrent assets	$	3,245	$	-	$	-	$	3,245

The investments held as other noncurrent assets represent assets held in the “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 futures contracts is based on market quotations. The fair values of the debt and borrowings approximate their carrying values. Additionally, the fair values of trade receivables and accounts payable approximate their carrying values.

Note 13 – Net Sales and (Loss) Income Before Income Taxes

Net sales and (loss) income before income taxes by geographic area for the three months ended March 31, 2024 and 2023 are outlined below. Approximately 95% of foreign net sales for each of the periods are attributable to the FCEP segment.



	Three Months Ended March 31,
Net Sales	2024		2023
United States	$	69,764	$	55,377
Foreign		40,451		49,426
	$	110,215	$	104,803



	Three Months Ended March 31,
(Loss) Income Before Income Taxes	2024			2023
United States (1)	$	(2,223	)	$	(1,128	)
Foreign		471			2,426
	$	(1,752	)	$	1,298

(1)

Includes Corporate costs of $3,476 and $3,184 for the three months ended March 31, 2024 and 2023, respectively, which represent operating costs of the corporate office not allocated to the segments.

Note 14 – Stock-Based Compensation

The Ampco-Pittsburgh Corporation 2016 Omnibus Incentive Plan, as amended (the “Incentive Plan”), authorizes the issuance of up to 3,700,000 shares of the Corporation’s common stock for awards under the Incentive Plan. Awards under the Incentive Plan may include incentive stock options and 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 the shares, or if the 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 the director’s retainer for board service. The restricted stock awards vest on the one-year anniversary of the grant date.

Stock-based compensation expense, including expense associated with equity-based awards granted to non-employee members of the Board of Directors, for the three months ended March 31, 2024 and 2023 equaled $346 and $627, respectively. The income tax benefit recognized in the condensed consolidated statements of operations was not significant due to the Corporation having a valuation allowance recorded against its deferred income tax assets for the majority of the jurisdictions where the expense was recognized.

Note 15 – Litigation

The Corporation and its subsidiaries are involved in various claims and lawsuits incidental to their businesses from time to time and are also subject to asbestos litigation.

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 (the “Asbestos Liability”). Air & Liquid, and in some cases the Corporation, are defendants (among a number of defendants, often in excess of 50 defendants) in claims filed in various state and federal courts.

Asbestos Claims

The following table reflects approximate information about the number of claims for Asbestos Liability against Air & Liquid and the Corporation for the three months ended March 31, 2024 and 2023 (number of claims not in thousands). The majority of the settlement and defense costs were 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.


	Three Months Ended March 31,
	2024			2023
Total claims pending at the beginning of the period		6,310			6,259
New claims served		324			481
Claims dismissed		(222	)		(153	)
Claims settled		(116	)		(79	)
Total claims pending at the end of period (1)		6,296			6,508
Administrative closures (2)		(3,228	)		(3,102	)
Total active claims at the end of the period		3,068			3,406
Gross settlement and defense costs paid in period (in 000’s)	$	6,907		$	4,318
Avg. gross settlement and defense costs per claim resolved (in 000’s) (3)	$	20.43		$	18.61

(1)

Included as “total claims pending” are approximately 1,641 and 655 claims at March 31, 2024 and 2023, respectively, classified in various jurisdictions as “inactive” or transferred to a state or federal judicial panel on multi-district litigation.

(2)

For 2024, administrative closures include (i) mesothelioma claims filed five or more years ago; (ii) non-mesothelioma claims filed six or more years ago; (iii) claims previously classified in various jurisdictions as “inactive;” and (iv) claims transferred to a state or federal judicial panel on multi-district litigation. For 2023, administrative closures included the same except mesothelioma claims filed six or more years ago were considered administratively closed. Collectively, these claims are unlikely to result in any liability to the Corporation.

(3)

Claims resolved do not include claims administratively closed.

Asbestos Insurance

The Corporation and Air & Liquid are parties to a series of settlement agreements (“Settlement Agreements”) with insurance carriers that have coverage obligations for the 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 the Asbestos Liability. The Settlement Agreements encompass the majority of insurance policies that provide coverage for claims for the Asbestos Liability.

The Settlement Agreements acknowledge Howden North America, Inc. (“Howden”) is entitled to coverage under policies covering the 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 sub-limits 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 the Products. 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 the Asbestos Liability.

Asbestos Valuations

The Corporation, with the assistance of a nationally recognized expert in the valuation of asbestos liabilities, reviews the Asbestos Liability and the underlying assumptions on a regular basis to determine whether any adjustment to the Asbestos Liability or the underlying assumptions are necessary. When warranted, the Asbestos Liability is adjusted to consider current trends and new information that becomes available. In conjunction with the regular updates of the estimated Asbestos Liability, the Corporation also develops an estimate of defense costs expected to be incurred with settling the Asbestos Liability and probable insurance recoveries for the Asbestos Liability and defense costs.

In developing the estimate of probable defense costs, the Corporation considers several factors including, but not limited to, current and historical defense-to-indemnity cost ratios and expected defense-to-indemnity cost ratios. In developing the estimate of probable insurance recoveries, the Corporation considers the expert’s projection of settlement costs for the Asbestos Liability and management’s projection of associated defense costs. In addition, the Corporation consults with its outside legal counsel on insurance matters and a nationally recognized insurance consulting firm it retains to assist with certain policy allocation matters. The Corporation also considers a number of other factors including the Settlement Agreements in effect, policy exclusions, policy limits, policy provisions regarding coverage for defense costs, attachment points, gaps in the coverage, policy exhaustion, the nature of the underlying claims for the Asbestos Liability, estimated erosion of insurance limits on account of claims against Howden arising out of the Products, prior impairment of policies, insolvencies among certain of the insurance carriers, and creditworthiness of the remaining insurance carriers based on publicly available information. Based on these factors, the Corporation estimates the probable insurance recoveries for the Asbestos Liability and defense costs for the corresponding time frame of the Asbestos Liability.

In the fourth quarter of 2023, in connection with its review of the underlying assumptions and primarily as a result of identified changes in claim data and availability of new information, the Corporation recorded an undiscounted increase to its estimated Asbestos Liability of approximately $112,640. In addition, the Corporation revised its estimated defense-to-indemnity cost ratio from 65% to 60%, which reduced the Asbestos Liability by $4,162. The following table summarizes activity relating to Asbestos Liability for the three months ended March 31, 2024 and 2023.


	Three Months Ended March 31,
	2024			2023
Asbestos liability, beginning of the year	$	238,679		$	153,575
Settlement and defense costs paid		(6,907	)		(4,318	)
Asbestos liability, end of the period	$	231,772		$	149,257

The increase in the asbestos-related insurance receivable associated with the increase in the estimated Asbestos Liability and a lower defense-to-indemnity ratio at December 31, 2023 approximated $67,591. The following table summarizes activity relating to insurance recoveries for the three months ended March 31, 2024 and 2023.


	Three Months Ended March 31,
	2024			2023
Insurance receivable – asbestos, beginning of the year	$	160,245		$	105,434
Settlement and defense costs paid by insurance carriers		(3,285	)		(2,601	)
Insurance receivable – asbestos, end of the period	$	156,960		$	102,833

The insurance receivable does not assume any recovery from insolvent carriers. 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, there will not be insolvencies among the relevant insurance carriers, or the assumed percentage recoveries for certain carriers will prove correct.

Asbestos Assumptions

The amounts recorded for the Asbestos Liability and insurance receivable rely on assumptions 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 the experts’ calculations vary significantly from actual results. Key variables in these assumptions include the forecast of the population likely to have been exposed to asbestos; the number of people likely to develop an asbestos-related disease; the estimated number of people likely to file an asbestos-related injury claim against the Corporation or its subsidiaries; an analysis of pending cases, by type of injury claimed and jurisdiction where the claim is filed; average settlement value of claims, by type of injury claimed and jurisdiction of filing; the number and nature of new claims to be filed each year; the average cost of disposing of each new claim; the 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 Asbestos Liability and ability to recover under the Corporation’s 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 continue to evaluate the Asbestos Liability, related insurance receivable and 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 adjusting its current reserves; however, the Corporation is currently unable to estimate such future adjustments. Adjustments, if any, to the Corporation’s estimate of the Asbestos Liability and/or insurance receivable could be material to the operating results for the period in which the adjustments to the liability, receivable or allowance are recorded and to the Corporation’s condensed consolidated financial position, results of operations and liquidity.

Note 16 – Environmental Matters

The Corporation is currently performing certain remedial actions in connection with the sale of real estate previously owned and periodically incurs costs to maintain compliance with environmental laws and regulations. Environmental exposures are difficult to assess and estimate for numerous reasons, including lack of reliable data, the multiplicity of possible solutions, the years of remedial and monitoring activity required, and identification of new sites. The undiscounted potential liability for remedial actions and environmental compliance measures approximated $100 at March 31, 2024 and December 31, 2023.

Note 17 – Related Parties

ATR periodically has loans outstanding with its minority shareholder. Interest on borrowings accrues at the three-to-five-year loan interest rate set by the People’s Bank of China, which approximated 4.35% for the three months ended March 31, 2024 and 2023. For the three months ended March 31, 2024, ATR paid $2 (RMB 17) of interest. No interest was paid during the three months ended March 31, 2023. No interest was outstanding as of March 31, 2024 or December 31, 2023.

Loan activity for the three months ended March 31, 2024 and 2023 was as follows:


	Three Months Ended March 31,
	2024			2024			2023		2023
	USD			RMB			USD		RMB
Balance at beginning of the period	$	665			4,713		$	-		-
Borrowings		-			-			229		1,570
Repayments		(664	)		(4,713	)		-		-
Foreign exchange		(1	)		-			-		-
Balance at end of the period	$	-			-		$	229		1,570

Sales to and purchases from ATR’s minority shareholder and its affiliates, which were in the ordinary course of business, for the three months ended March 31, 2024 and 2023 were as follows:


	Three Months Ended March 31,
	2024		2024		2023		2023
	USD		RMB		USD		RMB
Purchases from related parties	$	1,237		8,848	$	1,443		9,910
Sales to related parties	$	190		1,356	$	2,420		16,618

Balances outstanding with ATR's minority shareholder and its affiliates as of March 31, 2024 and December 31, 2023 were as follows:


	March 31, 2024		March 31, 2024		December 31, 2023		December 31, 2023
	USD		RMB		USD		RMB
Accounts receivable from related parties	$	-		-	$	190		1,350
Accounts payable to related parties	$	1,068		7,713	$	401		2,841
Other current liabilities:
Customer deposits	$	105		761	$	149		1,056

In addition, the Corporation had sales, in the ordinary course of business, to a wholly owned subsidiary of Crawford United Corporation which, along with other affiliated persons (collectively, the “Crawford Group”), was the beneficial owner of greater than 5% of the Corporation’s stock at December 31, 2023. Pursuant to Amendment No. 5 to Schedule 13D filed by the Crawford Group with the SEC on February 20, 2024, the Crawford Group ceased to beneficially own greater than 5% of the Corporation’s stock as of February 16, 2024. The trade receivable with the Crawford Group was $722 at December 31, 2023.

Note 18 – Business Segments

The FCEP segment produces forged hardened steel rolls, cast rolls and forged engineered products (“FEP”). Forged hardened steel rolls are used primarily in cold rolling mills by producers of steel, aluminum and other metals. Cast rolls, which are produced in a variety of iron and steel qualities, are used mainly in hot and cold strip mills, medium/heavy section mills and plate mills. FEP principally are sold to customers in the steel distribution market, oil and gas industry and the aluminum and plastic extrusion industries. The segment has operations in the United States, England, Sweden, and Slovenia and equity interests in three joint venture companies in China. Collectively, the segment primarily competes with European, Asian and North American and South American companies in both domestic and foreign markets and distributes a significant portion of its products through sales offices located throughout the world.

The ALP segment includes Aerofin, Buffalo Air Handling and Buffalo Pumps, all divisions of Air & Liquid. Aerofin produces custom-engineered finned tube heat exchange coils and related heat transfer products for a variety of industries including original equipment manufacturers and commercial, nuclear power generation and industrial manufacturing. Buffalo Air Handling produces large custom-designed air handling systems for institutional (e.g., hospital, university), pharmaceutical and general industrial building markets. Buffalo Pumps manufactures centrifugal pumps for the fossil-fueled power generation, marine defense and industrial refrigeration industries. The segment has operations in Virginia and New York with headquarters in Carnegie, Pennsylvania. The segment utilizes an independent group of sales offices located throughout the United States and Canada.

Presented below are the net sales and (loss) income before income taxes for the Corporation’s two business segments and sales by product line. 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.


	Three Months Ended March 31,
	2024			2023
Net Sales:
Forged and Cast Engineered Products
Forged and cast mill rolls	$	73,396		$	71,699
FEP		3,793			5,099
Forged and Cast Engineered Products		77,189			76,798

Air and Liquid Processing
Air handling systems	$	12,510		$	9,204
Heat exchange coils		10,823			10,635
Centrifugal pumps		9,693			8,166
Air and Liquid Processing		33,026			28,005
Total Reportable Segments	$	110,215		$	104,803

(Loss) income before income taxes:
Forged and Cast Engineered Products	$	1,576		$	2,224
Air and Liquid Processing		1,982			2,953
Total Reportable Segments		3,558			5,177
Other expense, including corporate costs		(5,310	)		(3,879	)
Total	$	(1,752	)	$	1,298

ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(in thousands, except per share amounts)

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 (the “Act”) provides a safe harbor for forward-looking statements made by us or on behalf of Ampco-Pittsburgh Corporation and its subsidiaries (collectively, “we,” “us,” “our,” or the “Corporation”). Management’s Discussion and Analysis of Financial Condition and Results of Operations and other sections of this Quarterly Report on Form 10-Q, as well as the condensed consolidated financial statements and notes hereto, may include, but are not limited to, statements about operating performance, trends and events we expect or anticipate will occur in the future, statements about sales and production levels, restructurings, the impact from pandemics and geopolitical conflicts, profitability and anticipated expenses, inflation, the global supply chain, future proceeds from the exercise of outstanding warrants, and cash outflows. All statements in this document other than statements of historical fact are statements that are, or could be, deemed “forward-looking statements” within the meaning of the Act and words such as “may,” “will,” “intend,” “believe,” “expect,” “anticipate,” “estimate,” “project,” “target,” “goal,” “forecast” and other terms of similar meaning that indicate future events and trends are also generally intended to identify forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, are not guarantees of future performance or expectations, and involve risks and uncertainties. For us, these risks and uncertainties include, but are not limited to:

•

economic downturns, cyclical demand for our products and insufficient demand for our products;

•

excess global capacity in the steel industry;

•

limitations in availability of capital to fund our strategic plan;

•

inability to maintain adequate liquidity to meet our operating cash flow requirements, repay maturing debt and meet other financial obligations;

•

fluctuations in the value of the U.S. dollar relative to other currencies;

•

increases in commodity prices or insufficient hedging against increases in commodity prices, reductions in electricity and natural gas supply or shortages of key production materials for us or our customers;

•

inability to obtain necessary capital or financing on satisfactory terms to acquire capital expenditures that may be necessary to support our growth strategy;

•

inoperability of certain equipment on which we rely;

•

inability to execute our capital expenditure plan;

•

liability of our subsidiaries for claims alleging personal injury from exposure to asbestos-containing components historically used in certain products of our subsidiaries;

•

changes in the existing regulatory environment;

•

inability to successfully restructure our operations and/or invest in operations that will yield the best long-term value to our shareholders;

•

consequences of pandemics and geopolitical conflicts;

•

work stoppage or another industrial action on the part of any of our unions;

•

inability to satisfy the continued listing requirements of the New York Stock Exchange or the NYSE American Exchange;

•

potential attacks on information technology infrastructure and other cyber-based business disruptions;

•

failure to maintain an effective system of internal control; and

•

those discussed more fully elsewhere in this report and in documents filed with the Securities and Exchange Commission by us, particularly in Item 1A, Risk Factors, in Part I of our latest Annual Report on Form 10-K for the year ended December 31, 2023.

We cannot guarantee any future results, levels of activity, performance or achievements. In addition, there may be events in the future that we are not able to predict accurately or control which may cause actual results to differ materially from expectations expressed or implied by forward-looking statements. Except as required by applicable law, we assume no obligation, and disclaim any obligation, to update forward-looking statements whether as a result of new information, events or otherwise.

The Business

The Corporation manufactures and sells highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. It operates in two business segments – the Forged and Cast Engineered Products (“FCEP”) segment and the Air and Liquid Processing (“ALP”) segment. This segment presentation is consistent with how the Corporation’s chief operating decision-maker evaluates financial performance and makes resource allocation and strategic decisions about the business.

The FCEP segment produces forged hardened steel rolls, cast rolls and forged engineered products (“FEP”). Forged hardened steel rolls are used primarily in cold rolling mills by producers of steel, aluminum and other metals. Cast rolls, which are produced in a variety of iron and steel qualities, are used mainly in hot and cold strip mills, medium/heavy section mills and plate mills. FEP principally are sold to customers in the steel distribution market, oil and gas industry and the aluminum and plastic extrusion industries. The segment has operations in the United States, England, Sweden, and Slovenia, and an equity interest in three joint venture companies in China. Collectively, the segment primarily competes with European, Asian and North and South American companies in both domestic and foreign markets and distributes a significant portion of its products through sales offices located throughout the world.

The ALP segment includes Aerofin, Buffalo Air Handling and Buffalo Pumps, all divisions of Air & Liquid Systems Corporation (“Air & Liquid”), a wholly owned subsidiary of the Corporation. Aerofin produces custom-engineered finned tube heat exchange coils and related heat transfer products for a variety of industries including original equipment manufacturers and commercial, nuclear power generation and industrial manufacturing. Buffalo Air Handling produces large custom-designed air handling systems for institutional (e.g., hospital, university), pharmaceutical and general industrial building markets. Buffalo Pumps manufactures centrifugal pumps for the fossil-fueled power generation, marine defense and industrial refrigeration industries. The segment has operations in Virginia and New York with headquarters in Carnegie, Pennsylvania. The segment utilizes an independent group of sales offices located throughout the United States and Canada.

Executive Overview

For the FCEP segment, the forged roll market in North America has been flat as a result of end customer demand; however, order intake is expected to improve in the second half of the year, for delivery in 2025. Higher pricing and increased market share, when compared to a year ago, is expected to help minimize the effect of the expected decline in the overall volume of shipments for 2024. The cast roll market remains weak as Europe continues to experience economic uncertainty and due to the entry of low-priced product from China. The FEP market remains challenged by increased imports and high inventory levels at bar distributors. The primary focus for this segment is to maintain a strong position in the roll market and, with the completion of the previously announced capital program, to improve operational efficiencies and reliability at its domestic forge facilities and increase capacity for the manufacturing of its FEP.

For the ALP segment, businesses are benefiting from steady demand and increased market share but are facing increasing production costs and supply chain issues as a result of the lingering effects from a post-pandemic environment. The segment has been implementing price increases for certain of its products to help mitigate these inflationary effects. The focus for this segment is to grow revenues, strengthen engineering and manufacturing capabilities to keep pace with growth opportunities and continue to improve its sales distribution network.

The Corporation is actively monitoring, and will continue to actively monitor, the lingering effects from a post-pandemic environment, geopolitical and economic conditions and other developments relevant to its business including the potential impact on its operations, financial condition, liquidity, suppliers, industry, and workforce.

Selected Financial Information


	Three Months Ended March 31,
	2024			2023			Change
Net Sales:
Forged and Cast Engineered Products	$	77,189		$	76,798		$	391
Air and Liquid Processing		33,026			28,005			5,021
Consolidated	$	110,215		$	104,803		$	5,412

Income from Operations:
Forged and Cast Engineered Products	$	1,576		$	2,224		$	(648	)
Air and Liquid Processing		1,982			2,953			(971	)
Corporate costs		(3,476	)		(3,184	)		(292	)
Consolidated	$	82		$	1,993		$	(1,911	)

	March 31, 2024			December 31, 2023			Change
Backlog:
Forged and Cast Engineered Products	$	224,112		$	247,603		$	(23,491	)
Air and Liquid Processing		124,712			131,309			(6,597	)
Consolidated	$	348,824		$	378,912		$	(30,088	)

Net sales approximated $110,215 and $104,803 for the three months ended March 31, 2024 and 2023, respectively. The increase is attributable to higher sales for the ALP segment. A discussion of net sales for the Corporation’s two segments is included below.

Income from operations approximated $82 and $1,993 for the three months ended March 31, 2024 and 2023, respectively. A discussion of income from operations for the Corporation’s two segments is included below.

Backlog equaled $348,824 as of March 31, 2024 versus $378,912 as of December 31, 2023. Backlog represents the accumulation of firm orders on hand which: (i) are supported by evidence of a contractual arrangement, (ii) include a fixed and determinable sales price, (iii) have reasonably assured collectability, and (iv) generally are expected to ship within two years from the backlog reporting date. Backlog at a certain date may not be a direct measure of future revenue for a particular order because price increases, negotiated subsequently to the original order, are not included in backlog until the updated contract is received from the customer and certain surcharges are not determinable until the order is complete and ready for shipment to the customer. Approximately 18% of the backlog is expected to be released after 2024. A discussion of backlog by segment is included below.

Costs of products sold, excluding depreciation and amortization, as a percentage of net sales, for the three months ended March 31, 2024 and 2023 approximated 83.9% and 82.4%, respectively. Costs of products sold, excluding depreciation and amortization, for the ALP segment increased primarily due to an unfavorable product mix. Costs of products sold, excluding depreciation and amortization, for the FCEP segment were comparable between the first quarter of 2024 and the first quarter of 2023.

Selling and administrative expenses approximated $12,973 and $12,187 for the three months ended March 31, 2024 and 2023, respectively, or an increase of $786. The increase is due primarily to higher employee-related costs and inflationary increases in expenses.

Interest expense approximated $2,757 and $2,071 for the three months ended March 31, 2024 and 2023, respectively, or an increase of $686. The increase is principally due to:

•

Higher average borrowings outstanding under the revolving credit facility in 2024 versus 2023, which increased interest expense by approximately $300;

•

Higher average interest rates for 2024 versus 2023, which increased interest expense by approximately $180;

•

Higher interest on the sale and leaseback financing transactions, including interest on the proceeds received from the Disbursement Agreement in June 2023, of approximately $110; and,

•

Higher interest on the equipment financing facility, net of capitalized interest, of approximately $70.

Other income – net is comprised of the following:


	Three Months Ended March 31,
	2024			2023			Change
Net pension and other postretirement income	$	1,179		$	1,256		$	(77	)
(Loss) gain on foreign exchange transactions		(492	)		85			(577	)
Unrealized gain on Rabbi trust investments		222			159			63
Other		(5	)		(133	)		128
	$	904		$	1,367		$	(463	)

Other income – net fluctuated period over period principally due to changes in foreign exchange gains and losses.

Income tax provision for each of the periods includes income taxes associated with the Corporation’s profitable operations. An income tax benefit is not able to be recognized on losses of certain of the Corporation’s entities since it is “more likely than not” the asset will not be realized. Accordingly, changes in the income tax provision for each of the periods include the effects of changes in the pre-tax income of the Corporation’s profitable operations in each jurisdiction and changes in expectations as to whether an income tax benefit will be able to be realized for the deferred income tax assets recognized.

Valuation allowances are recorded against the majority of the Corporation's deferred income tax assets. The Corporation will maintain the valuation allowances until there is sufficient evidence to support the reversal of all or some portion of the allowances. Given the Corporation's current earnings and anticipated future earnings in Sweden, the Corporation believes there is a reasonable possibility within the next 12 months, sufficient positive evidence may become available to allow the Corporation to conclude some portion of the valuation allowance will no longer be needed. Release of any portion of the valuation allowance would result in the recognition of deferred income tax assets on the Corporation's condensed consolidated balance sheet and a decrease to the Corporation's income tax expense in the period the release is recorded. The exact timing and the amount of the valuation allowance released are subject to, among many items, the level of profitability achieved. Once the valuation allowance is completely reversed, a tax provision would be recognized on future earnings.

Net (loss) income attributable to Ampco-Pittsburgh and net (loss) income per common share attributable to Ampco-Pittsburgh equaled $(2,717) and $(0.14) per common share and $676 and $0.03 per common share for the three months ended March 31, 2024 and 2023, respectively.

Net Sales and Operating Results by Segment

Forged and Cast Engineered Products


	Three Months Ended March 31,
	2024		2023		Change
Net Sales:
Forged and cast mill rolls	$	73,396	$	71,699	$	1,697
FEP		3,793		5,099		(1,306	)
	$	77,189	$	76,798	$	391

Income from Operations	$	1,576	$	2,224	$	(648	)

	March 31, 2024		December 31, 2023		Change
Backlog	$	224,112	$	247,603	$	(23,491	)

Net sales for the three months ended March 31, 2024 increased when compared to the three months ended March 31, 2023 primarily due to the following:

•

Higher volume of forged roll sales, which increased sales by approximately $3,000 for the three months ended March 31, 2024; offset by

•

Lower variable-index surcharges passed through to customers as a result of fluctuation in the price of raw material, energy and transportation, net of improved pricing, which decreased net sales by approximately $1,900 for the three months ended March 31, 2024; and

•

Lower volume of cast roll shipments, which decreased net sales by approximately $800 for the three months ended March 31, 2024.

Net sales of FEP were relatively comparable quarter to quarter. Changes in exchange rates did not have a significant impact on net sales for the three months ended March 31, 2024, when compared to the three months ended March 31, 2023.

Income from operations for the three months ended March 31, 2024 decreased when compared to the same period of the prior year primarily due to:

•

Recognition of repairs and maintenance expenses and unabsorbed costs of $900 in the first quarter of 2024 associated with a fire at one of the Corporation's cast roll facilities;

•

Lower variable-index surcharges and fluctuations in manufacturing costs, which decreased operating income by approximately $400 for the three months ended March 31, 2024;

•

Lower gains on the disposal of property, plant and equipment associated with equipment being replaced in the prior year in connection with the segment’s strategic capital expenditure program of approximately $125; offset by

•

Net improvement in production levels at the remaining facilities, which increased operating income by approximately $500 for the three months ended March 31, 2024; and

•

Benefit from the higher net volume of shipments, which improved operating income by approximately $300 for the three months ended March 31, 2024.

Changes in exchange rates did not have a significant impact on operating income for the three months ended March 31, 2024, when compared to the three months ended March 31, 2023.

Backlog decreased at March 31, 2024 from December 31, 2023 by $23,491. The backlog for mill roll orders at March 31, 2024 decreased from December 31, 2023 by approximately $19,200 primarily due to timing of 2025 orders from most of the segment's major forged roll customers which are expected in the second and third quarter of 2024. The backlog for FEP was comparable at March 31, 2024 and December 31, 2023. Lower foreign exchange rates used to translate the backlog of the Corporation’s foreign subsidies into the U.S. dollar decreased backlog at March 31, 2024 when compared to backlog at December 31, 2023 by approximately $4,000. At March 31, 2024, approximately 12% of backlog is expected to ship after 2024.

Air and Liquid Processing


	Three Months Ended March 31,
	2024		2023		Change
Net Sales:
Air handling systems	$	12,510	$	9,204	$	3,306
Heat exchange coils		10,823		10,635		188
Centrifugal pumps		9,693		8,166		1,527
	$	33,026	$	28,005	$	5,021

Income from Operations	$	1,982	$	2,953	$	(971	)

	March 31, 2024		December 31, 2023		Change
Backlog	$	124,712	$	131,309	$	(6,597	)

Net sales for the three months ended March 31, 2024 improved over the comparable prior year period by $5,021 principally due to an increase in shipments of air handling systems attributable to higher order intake as a result in the segment's expansion of its sales distribution network throughout 2023 and the additional manufacturing facility opened in the third quarter of 2023. Net sales of heat exchange coils for the three months ended March 31, 2024 were comparable to net sales for the three months ended March 31, 2023. Net sales of centrifugal pumps for the first quarter of 2024 benefited from a higher volume of shipments to commercial customers when compared to the first quarter of 2023.

Operating income for the three months ended March 31, 2024 decreased when compared to the three months ended March 31, 2023 principally due to:

•

Unfavorable product mix and higher manufacturing costs, net of the benefit from the higher volume of shipments, which reduced operating income by approximately $400 for the three months ended March 31, 2024;

•

Higher selling and administrative costs of approximately $500 for the three months ended March 31, 2024 primarily as a result of higher commissions and employee-related costs including costs associated with expansion of the segment’s sales distribution network; and

•

Lease costs associated with the additional manufacturing facility of approximately $100.

Backlog at March 31, 2024 decreased from December 31, 2023 by $6,597. Backlog for air handling units decreased approximately $10,600 from December 31, 2023 due to the strong sales quarter and lower order activity as a result of the manufacturing facilities being at capacity for the balance of 2024. Backlog for heat exchange coils and centrifugal pumps improved from December 31, 2023 by approximately $2,100 and $1,900, respectively. At March 31, 2024, approximately 29% of backlog is expected to ship after 2024.

Liquidity and Capital Resources


	Three Months Ended March 31,
	2024			2023			Change
Net cash flows from (used in) operating activities	$	4,535		$	(4,391	)	$	8,926
Net cash flows used in investing activities		(2,845	)		(3,357	)		512
Net cash flows provided by financing activities		2,028			4,998			(2,970	)
Effect of exchange rate changes on cash and cash equivalents		(175	)		89			(264	)
Net increase (decrease) in cash and cash equivalents		3,543			(2,661	)		6,204
Cash and cash equivalents at beginning of period		7,286			8,735			(1,449	)
Cash and cash equivalents at end of period	$	10,829		$	6,074		$	4,755

Net cash flows from (used in) operating activities equaled $4,535 and $(4,391) for the three months ended March 31, 2024 and 2023, respectively. The change in net cash flows from operating activities for the three months ended March 31, 2024 when compared to the three months ended March 31, 2023 primarily is due to a lower investment in trade working capital offset by higher asbestos-related payments of approximately $2,400 for the three months ended March 31, 2024 when compared to the period of 2023. Asbestos-related payments are expected to continue in the foreseeable future. The amount of asbestos-related payments and corresponding insurance recoveries is difficult to predict and can vary based on a number of factors, including changes in assumptions, as outlined in Note 15 to the condensed consolidated financial statements.

Net cash flows used in investing activities equaled $(2,845) and $(3,357) for the three months ended March 31, 2024 and 2023, respectively, and primarily represented capital expenditures for the FCEP segment related to the previously announced capital program undertaken to upgrade existing equipment at certain of its locations. The capital program is substantially complete with the final asset to be placed in service during the second quarter 2024. At March 31, 2024, commitments for future capital expenditures approximated $3,300 which is expected to be spent over the next 12-15 months.

Net cash flows provided by financing activities equaled $2,028 and $4,998 for the three months ended March 31, 2024 and 2023 respectively, a decrease of $2,970 primarily due to:

•

Lower proceeds from the equipment financing facility of $1,364;

•

Lower net borrowings from the Corporation’s revolving credit facility of $507;

•

Repayment of related-party debt in 2024 of $664 in comparison to proceeds from related-party debt of $229 in 2023; and

•

Higher debt repayments of $206 primarily due to the commencement of principal payments on the equipment financing term loans.

The effect of exchange rate changes on cash and cash equivalents is primarily attributable to the fluctuation of the British pound and Swedish krona against the U.S. dollar.

As a result of the above, cash and cash equivalents increased by $3,543 during 2024 and ended the period at $10,829 in comparison to $7,286 at December 31, 2023. The majority of the Corporation’s cash and cash equivalents is held by its foreign operations. Domestic customer remittances are used to pay down borrowings under the Corporation’s revolving credit facility daily, resulting in minimal cash maintained by the Corporation’s domestic operations. Cash held by the Corporation’s foreign operations is considered to be permanently re-invested; accordingly, a provision for estimated local and withholding tax has not been made. If the Corporation were to remit any foreign earnings to it or any of its U.S. entities, the estimated tax impact would be insignificant.

Funds on hand, funds generated from future operations and availability under the Corporation’s revolving credit facility are expected to be sufficient to finance the Corporation’s operational requirements and debt service costs. The maturity date for the revolving credit facility is June 29, 2026 and, subject to the other terms and conditions of the revolving credit agreement, will become due on that date. As of March 31, 2024, remaining availability under the revolving credit facility approximated $23,174, net of standard availability reserves. Since a significant portion of the Corporation's debt includes variable interest, increases in the underlying benchmark rates will increase the Corporation's debt service costs.

Availability under the Corporation’s equipment financing facility is expected to be sufficient to finance the remaining expenditures associated with the capital program for the FCEP segment, in the time frame currently anticipated. At March 31, 2024, availability under the equipment financing facility approximated $2,147. Each borrowing on the equipment financing facility constitutes a secured

loan transaction (each, a “Term Loan”). Each Term Loan converted to a Term Note on the earlier of (i) the date in which the associated equipment is placed in service or (ii) April 30, 2024 (previously March 31, 2024). Each Term Note has a term of 84 months, with payment commencing on the date of the Term Note.

While the Corporation anticipates it has sufficient liquidity to finance the Corporation’s operational requirements, debt service costs and capital expenditures, it may from time to time consider alternatives, potential transactions and other strategies in an attempt to enhance its liquidity. Given such measures are forward looking, the Corporation cannot ensure it would be successful in achieving such enhancements or be able to improve its liquidity.

Litigation and Environmental Matters

See Note 15 and Note 16 to the condensed consolidated financial statements.

Critical Accounting Pronouncements

The Corporation’s critical accounting policies, as summarized in its Annual Report on Form 10-K for the year ended December 31, 2023, remain unchanged.

Recently Issued Accounting Pronouncements

See Note 1 to the condensed consolidated financial statements.

ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4 – CONTROLS AND PROCEDURES

Disclosure controls and procedures. An evaluation of the effectiveness of the Corporation’s disclosure controls and procedures as of the end of the period covered by this report was carried out under the supervision, and with the participation, of management, including the principal executive officer and principal financial officer. Disclosure controls and procedures are defined under Securities and Exchange Commission (“SEC”) rules as controls and other procedures designed to ensure information required to be disclosed by a company in the reports it files under the Securities Exchange Act of 1934 (as amended, the “Exchange Act”) is recorded, processed, summarized and reported within the required time periods. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure information required to be disclosed by an issuer in the reports it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. Based on that evaluation, the Corporation’s management, including the principal executive officer and principal financial officer, has concluded the Corporation’s disclosure controls and procedures were effective as of March 31, 2024.

Changes in internal control. There has been no change in the Corporation’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rules 13a-15 or 15d-15 under the Exchange Act that occurred during our last fiscal quarter that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

PART II – OTHER INFORMATION

AMPCO-PITTSBURGH CORPORATION

Item 1 Legal Proceedings

The information contained in Note 15 to the condensed consolidated financial statements (Litigation) is incorporated herein by reference.

Item 1A Risk Factors

There are no material changes to the “Risk Factors” included under Item 1A of the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023. These “Risk Factors” should be carefully considered, understanding such risk factors may not describe every risk facing the Corporation. Additional risks and uncertainties not currently known to the Corporation or that the Corporation currently deems to be immaterial could adversely affect its business, financial condition and results of operations in the future.

Items 2-4 None.

Item 5 Other Information

(a) None.

(b) None.

(c) During the three months ended March 31, 2024, no director or officer of the Corporation adopted or terminated a 'Rule 10b5-1 trading arrangement' or 'non-Rule 10b5-1 trading arrangement,' with each term being defined in Item 408(a) of Regulation S-K.

Item 6 Exhibits

The following exhibits are filed as part of, or incorporated by reference into, this Form 10-Q.



(3.1)		Restated Articles of Incorporation, effective as of August 11, 2017, incorporated by reference to Quarterly Report on Form 10-Q filed on November 9, 2017.

(3.2)		Amendment of Amended and Restated Articles of Incorporation, effective as of May 9, 2019, incorporated by reference to Quarterly Report on Form 10-Q filed on May 10, 2019.

(3.3)		Amended and Restated By-laws, effective as of December 14, 2022, incorporated by reference to Annual Report on Form 10-K filed on March 21, 2023.

(31.1)	†	Certification of Principal Executive Officer pursuant to Section 302 of The Sarbanes-Oxley Act of 2002.

(31.2)	†	Certification of Principal Financial Officer pursuant to Section 302 of The Sarbanes-Oxley Act of 2002.

(32.1)	††	Certification of Principal Executive Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002.

(32.2)	††	Certification of Principal Financial Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002.

(101.INS)	*	Inline XBRL Instance Document

(101.SCH)	**	Inline XBRL Taxonomy Extension Schema Document

(104)		The cover page for the Corporation’s Quarterly Report on Form 10-Q has been formatted in Inline XBRL and contained in Exhibit 101.
†		Filed herewith.
††		Furnished herewith.
*		The instance document does not appear in the Interactive Data File because its XBRL (Extensible Business Reporting Language) tags are embedded within the Inline XBRL document.
**		Attached as Exhibit 101 to this report are the following documents formatted in Inline XBRL: (i) the Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023, (ii) the Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023, (iii) the Condensed Consolidated Statements of Comprehensive (Loss) Income for the three months ended March 31, 2024 and 2023, (iv) the Condensed Consolidated Statements of Shareholders' Equity for the three months ended March 31, 2024 and 2023, (v) the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023, and (vi) Notes to Condensed Consolidated Financial Statements.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	AMPCO-PITTSBURGH CORPORATION

DATE: May 13, 2024	BY:	/s/ J. Brett McBrayer
		J. Brett McBrayer
		Director and Chief Executive Officer

DATE: May 13, 2024	BY:	/s/ Michael G. McAuley
		Michael G. McAuley
		Senior Vice President, Chief Financial Officer and Treasurer

Exhibit 31.1

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, J. Brett McBrayer, certify that:

I have reviewed this Form 10-Q of Ampco-Pittsburgh Corporation;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

     
/s/ J. Brett McBrayer

    J. Brett McBrayer

   

    Director and Chief Executive Officer

   

    May 13, 2024

   

Exhibit 31.2

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Michael G. McAuley, certify that:

I have reviewed this Form 10-Q of Ampco-Pittsburgh Corporation;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

     
/s/ Michael G. McAuley

    Michael G. McAuley

   

    Senior Vice President, Chief Financial Officer and Treasurer

   

    May 13, 2024

   

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Ampco-Pittsburgh Corporation (the “Company”) on Form 10-Q for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned, in the capacities and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

     
/s/ J. Brett McBrayer

    J. Brett McBrayer

   

    Director and Chief Executive Officer

   

    May 13, 2024

   

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

     
/s/ Michael G. McAuley

    Michael G. McAuley

   

    Senior Vice President, Chief Financial Officer and 
Treasurer

    May 13, 2024

   

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 07, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Registrant Name	AMPCO-PITTSBURGH CORP
Entity Central Index Key	0000006176
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		19,865,749
Entity File Number	1-898
Entity Tax Identification Number	25-1117717
Entity Address, Address Line One	726 Bell Avenue
Entity Address, Address Line Two	Suite 301
Entity Address, City or Town	Carnegie
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15106
City Area Code	412
Local Phone Number	456-4400
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	PA
Document Quarterly Report	true
Document Transition Report	false
Common Stock [Member]
Document Information [Line Items]
Trading Symbol	AP
Title of 12(b) Security	Common Stock, $1 par value
Security Exchange Name	NYSE
Series A Warrants [Member]
Document Information [Line Items]
Trading Symbol	AP WS
Title of 12(b) Security	Series A Warrants to purchase shares of Common Stock
Security Exchange Name	NYSEAMER

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 10,829	$ 7,286
Trade receivables, less allowance for credit losses of $893 as of March 31, 2024 and $975 as of December 31, 2023.	84,281	78,939
Inventories	123,079	124,694
Insurance receivable - asbestos	15,000	15,000
Contract assets	5,510	4,452
Other current assets	5,075	5,370
Total current assets	243,774	236,653
Property, plant and equipment, net	155,382	158,732
Operating lease right-of-use assets	4,569	4,767
Insurance receivable - asbestos, less allowance for credit losses of $708 as of March 31, 2024 and December 31, 2023	141,960	145,245
Deferred income tax assets	3,160	3,160
Intangible assets, net	4,652	4,947
Investments in joint ventures	2,175	2,175
Prepaid pensions	4,973	4,951
Other noncurrent assets	5,163	5,024
Total assets	565,808	565,654
Current liabilities:
Accounts payable	41,387	36,830
Accrued payrolls and employee benefits	14,537	14,703
Debt – current portion	14,805	12,271
Operating lease liabilities – current portion	927	946
Asbestos liability – current portion	24,000	24,000
Other current liabilities	29,011	27,734
Total current liabilities	125,735	116,885
Employee benefit obligations	40,192	41,684
Asbestos liability	207,772	214,679
Long-term debt	116,171	116,382
Noncurrent operating lease liabilities	3,642	3,822
Deferred income tax liabilities	538	543
Other noncurrent liabilities	4,519	88
Total liabilities	498,569	494,083
Commitments and contingent liabilities (Note 8)
Shareholders’ equity:
Common stock - par value $1; authorized 40,000 shares; issued and outstanding 19,729 shares as of March 31, 2024 and December 31, 2023	19,729	19,729
Additional paid-in capital	177,542	177,196
Retained deficit	(75,714)	(72,997)
Accumulated other comprehensive loss	(65,257)	(62,989)
Total Ampco-Pittsburgh shareholders’ equity	56,300	60,939
Noncontrolling interest	10,939	10,632
Total shareholders’ equity	67,239	71,571
Total liabilities and shareholders’ equity	565,808	565,654
Related Party [Member]
Current assets:
Trade receivables from related parties	0	912
Current liabilities:
Accounts payable to related parties	$ 1,068	$ 401

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 893	$ 975
Insurance receivable - asbestos	$ 708	$ 708
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	19,729,000	19,729,000
Common stock, shares outstanding	19,729,000	19,729,000

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net sales:
Net sales	$ 110,025	$ 102,383
Total net sales	110,215	104,803
Operating costs and expenses:
Costs of products sold (excluding depreciation and amortization)	92,490	86,372
Selling and administrative	12,973	12,187
Depreciation and amortization	4,670	4,374
Gain on disposal of assets		(123)
Total operating costs and expenses	110,133	102,810
Income from operations	82	1,993
Other expense - net:
Investment-related income	19	9
Interest expense	(2,757)	(2,071)
Other income - net	904	1,367
Total other expense - net	(1,834)	(695)
(Loss) Income before income taxes	(1,752)	1,298
Income tax provision	(454)	(313)
Net (loss) income	(2,206)	985
Less: Net income attributable to noncontrolling interest	511	309
Net (loss) income attributable to Ampco-Pittsburgh	$ (2,717)	$ 676
Net (loss) income per share attributable to Ampco-Pittsburgh common shareholders:
Basic	$ (0.14)	$ 0.03
Diluted	$ (0.14)	$ 0.03
Weighted-average number of common shares outstanding:
Basic	19,729	19,404
Diluted	19,729	19,404
Related Party [Member]
Net sales:
Net sales to related parties	$ 190	$ 2,420

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (2,206)	$ 985
Adjustments for changes in:
Foreign currency translation	(2,445)	1,912
Unrecognized employee benefit costs (including effects of foreign currency translation)	93	(149)
Fair value of cash flow hedges	52	178
Reclassification adjustments for items included in net (loss) income
Amortization of unrecognized employee benefit costs	(183)	(195)
Settlements of cash flow hedges	11	(114)
Other comprehensive (loss) income	(2,472)	1,632
Comprehensive (loss) income	(4,678)	2,617
Less: Comprehensive income attributable to noncontrolling interest	307	348
Comprehensive (loss) income attributable to Ampco-Pittsburgh	$ (4,985)	$ 2,269

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Noncontrolling Interest [Member]
Beginning Balance at Dec. 31, 2022	$ 112,649	$ 19,404	$ 175,656	$ (33,069)	$ (58,412)	$ 9,070
Stock-based compensation	627		627
Comprehensive income (loss):
Net (loss) income	985			676		309
Other comprehensive income (loss)	1,632				1,593	39
Comprehensive income (loss)	2,617					348
Ending Balance at Mar. 31, 2023	115,893	19,404	176,283	(32,393)	(56,819)	9,418
Beginning Balance at Dec. 31, 2023	71,571	19,729	177,196	(72,997)	(62,989)	10,632
Stock-based compensation	346		346
Comprehensive income (loss):
Net (loss) income	(2,206)			(2,717)		511
Other comprehensive income (loss)	(2,472)				(2,268)	(204)
Comprehensive income (loss)	(4,678)					307
Ending Balance at Mar. 31, 2024	$ 67,239	$ 19,729	$ 177,542	$ (75,714)	$ (65,257)	$ 10,939

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Cash Flows [Abstract]
Net cash flows from (used in) operating activities	$ 4,535	$ (4,391)
Cash flows used in investing activities:
Purchases of property, plant and equipment	(2,837)	(3,636)
Proceeds from sale of property, plant and equipment		128
Purchases of long-term marketable securities	(12)	(13)
Proceeds from sale of long-term marketable securities	4	164
Net cash flows used in investing activities	(2,845)	(3,357)
Cash flows from financing activities:
Proceeds from revolving credit facility	6,621	8,535
Payments on revolving credit facility	(4,666)	(6,073)
Payments on sale and leaseback financing arrangements	(86)	(90)
Proceeds from equipment financing facility	1,134	2,498
Proceeds from related party debt		229
Repayments of related party debt	(664)
Repayments of debt	(311)	(101)
Net cash flows provided by financing activities	2,028	4,998
Effect of exchange rate changes on cash and cash equivalents	(175)	89
Net increase (decrease) in cash and cash equivalents	3,543	(2,661)
Cash and cash equivalents at beginning of period	7,286	8,735
Cash and cash equivalents at end of period	10,829	6,074
Supplemental information:
Income tax payments, net of refunds	569	342
Interest payments	2,347	1,716
Non-cash investing and financing activities:
Purchases of property, plant and equipment in current liabilities	333	$ 844
Finance lease right-of-use assets exchanged for lease liabilities	81
Operating lease right-of-use assets exchanged for lease liabilities	$ 28

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,717)	$ 676

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Unaudited Condensed Consolidated Financial Statements	3 Months Ended
Unaudited Condensed Consolidated Financial Statements	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Unaudited Condensed Consolidated Financial Statements	Note 1 – Unaudited Condensed Consolidated Financial Statements The unaudited condensed consolidated balance sheet as of March 31, 2024 and the unaudited condensed consolidated statements of operations, comprehensive (loss) income, cash flows and shareholders’ equity for the three months ended March 31, 2024 and 2023, have been prepared by the Corporation. 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. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the operating results expected for the full year. 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 (“GAAP”) have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the Corporation's latest Annual Report on Form 10-K. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The guidance requires disclosure of significant reportable segment expenses regularly provided to the chief operating decision-maker and included within each reported measure of a segment's profit or loss. The guidance also requires disclosure of the title and position of the individual identified as the chief operating decision-maker and an explanation of how the chief operating decision-maker uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The guidance does not change how an entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The guidance became effective for the Corporation’s annual period beginning January 1, 2024 and interim periods beginning January 1, 2025. The Corporation is currently evaluating the impact this new standard will have on its annual disclosures in its consolidated financial statements for the year ending December 31, 2024 and interim disclosures thereafter. It will not, however, impact the Corporation’s consolidated financial position, results of operations or cash flows. In December 2023, the FASB issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures. The guidance requires annual disclosure of specific categories of information within the effective tax rate reconciliation, and income taxes paid and income tax expense disaggregated by jurisdiction. The guidance becomes effective for the Corporation’s annual period beginning January 1, 2025. Early adoption is permitted. The Corporation is currently evaluating the impact this new standard will have on its condensed consolidated financial statements disclosures. It will not, however, impact the Corporation’s condensed consolidated financial position, results of operations or cash flows.

Inventories

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories

Note 2 – Inventories

At March 31, 2024 and December 31, 2023, substantially all inventories were valued using the first-in-first-out method. Inventories were comprised of the following:


	March 31, 2024		December 31, 2023
Raw materials	$	50,360	$	51,794
Work-in-process		49,613		48,676
Finished goods		16,327		17,332
Supplies		6,779		6,892
Inventories	$	123,079	$	124,694

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 3 – Property, Plant and Equipment

Property, plant and equipment were comprised of the following:


	March 31, 2024			December 31, 2023
Land and land improvements	$	8,865		$	9,025
Buildings and leasehold improvements		70,324			71,063
Machinery and equipment		371,640			366,044
Construction-in-progress		6,255			11,514
Other		6,902			6,965
		463,986			464,611
Accumulated depreciation and amortization		(308,604	)		(305,879	)
Property, plant and equipment, net	$	155,382		$	158,732

Certain of the above property, plant and equipment are held as collateral including:

•

The remaining assets, other than real property, are pledged as collateral for the Corporation’s revolving credit facility (Note 6).

Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 4 – Intangible Assets

Intangible assets were comprised of the following:


	March 31, 2024			December 31, 2023
Customer relationships	$	5,275		$	5,442
Developed technology		3,788			3,913
Trade name		2,122			2,219
		11,185			11,574
Accumulated amortization		(6,533	)		(6,627	)
Intangible assets, net	$	4,652		$	4,947

Changes in intangible assets consisted of the following:


	Three Months Ended March 31,
	2024			2023
Balance at beginning of the period	$	4,947		$	5,194
Amortization of intangible assets		(88	)		(93	)
Other, primarily impact from changes in foreign currency exchange rates		(207	)		30
Balance at end of the period	$	4,652		$	5,131

Other Current Liabilities

3 Months Ended

Mar. 31, 2024

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

Note 5 – Other Current Liabilities

Other current liabilities were comprised of the following:


	March 31, 2024		December 31, 2023
Customer-related liabilities	$	20,803	$	19,915
Accrued utilities		1,745		1,880
Accrued sales commissions		2,049		1,850
Other		4,414		4,089
Other current liabilities	$	29,011	$	27,734

Changes in the liability for product warranty claims consisted of the following:


	Three Months Ended March 31,
	2024			2023
Balance at beginning of the period	$	5,539		$	5,193
Satisfaction of warranty claims		(394	)		(378	)
Provision for warranty claims, net		588			570
Other, primarily impact from changes in foreign currency exchange rates		(136	)		65
Balance at end of the period	$	5,597		$	5,450

Changes in customer deposits consisted of the following:


	Three Months Ended March 31,
	2024			2023
Balance at beginning of the period	$	13,078		$	10,453
Satisfaction of performance obligations		(2,567	)		(4,261	)
Receipt of additional deposits		7,704			7,197
Other, primarily impact from changes in foreign currency exchange rates		(17	)		43
Balance at end of the period		18,198			13,432
Deposits - Other noncurrent liabilities		(4,430	)		-
Deposits - Other current liabilities	$	13,768		$	13,432

Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

Note 6 – Debt

Borrowings were comprised of the following:


	March 31, 2024			December 31, 2023
Revolving credit facility	$	57,955		$	56,000
Sale and leaseback financing obligations		44,736			44,488
Equipment financing facility		17,655			16,719
Industrial Revenue Bonds		9,191			9,191
Finance lease liabilities		1,439			1,590
Minority shareholder loan		-			665
Outstanding borrowings		130,976			128,653
Debt – current portion		(14,805	)		(12,271	)
Long-term debt	$	116,171		$	116,382

Revolving Credit Facility

Sale and Leaseback Financing Obligations

The effective interest rate approximated 8.24% and 8.22% for the three months ended March 31, 2024 and 2023, respectively.

Equipment Financing Facility

The Term Loans and Term Notes are secured by a first priority security interest in and to all of UES’s rights, title and interests in the underlying equipment.

Industrial Revenue Bonds (“IRBs”)

Minority Shareholder Loan

Pension and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

Note 7 – Pension and Other Postretirement Benefits

Contributions to the Corporation’s employee benefit plans were as follows:


	Three Months Ended March 31,
	2024		2023
U.S. defined benefit pension plans	$	192	$	207
Foreign defined benefit pension plans	$	120	$	113
Other postretirement benefits (e.g., net payments)	$	88	$	119
U.K. defined contribution pension plan	$	66	$	57
U.S. defined contribution plan	$	929	$	646

Net periodic pension and other postretirement benefit costs included the following components:


	Three Months Ended March 31,
U.S. Defined Benefit Pension Plans	2024			2023
Service cost	$	10		$	10
Interest cost		2,329			2,483
Expected return on plan assets		(3,401	)		(3,596	)
Amortization of prior service cost		-			2
Amortization of actuarial loss		45			30
Net benefit income	$	(1,017	)	$	(1,071	)


	Three Months Ended March 31,
Foreign Defined Benefit Pension Plans	2024			2023
Service cost	$	31		$	62
Interest cost		456			455
Expected return on plan assets		(478	)		(471	)
Amortization of prior service credit		(71	)		(68	)
Amortization of actuarial loss		180			147
Net benefit expense	$	118		$	125


	Three Months Ended March 31,
Other Postretirement Benefit Plans	2024			2023
Service cost	$	43		$	59
Interest cost		98			55
Amortization of prior service credit		(256	)		(299	)
Amortization of actuarial (gain) loss		(81	)		6
Net benefit income	$	(196	)	$	(179	)

Commitments and Contingent Liabilities

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

Note 8 – Commitments and Contingent Liabilities

At March 31, 2024, commitments for future capital expenditures approximated $3,300.

See Note 11 for derivative instruments, Note 15 for litigation and Note 16 for environmental matters.

Equity Rights Offering

3 Months Ended

Mar. 31, 2024

Warrants and Rights Note Disclosure [Abstract]

Equity Rights Offering

Note 9 – Equity Rights Offering

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Accumulated Other Comprehensive Loss

Note 10 – Accumulated Other Comprehensive Loss


	Foreign Currency Translation			Unrecognized Employee Benefit Costs			Cash Flow Hedges		Total Accumulated Other Comprehensive Loss			Less: Noncontrolling Interest			Accumulated Other Comprehensive Loss Attributable to Ampco-Pittsburgh
Balance at January 1, 2024	$	(23,161	)	$	(40,490	)	$	186	$	(63,465	)	$	(476	)	$	(62,989	)
Net change		(2,445	)		(90	)		63		(2,472	)		(204	)		(2,268	)
Balance at March 31, 2024	$	(25,606	)	$	(40,580	)	$	249	$	(65,937	)	$	(680	)	$	(65,257	)

Balance at January 1, 2023	$	(26,170	)	$	(32,623	)	$	152	$	(58,641	)	$	(229	)	$	(58,412	)
Net change		1,912			(344	)		64		1,632			39			1,593
Balance at March 31, 2023	$	(24,258	)	$	(32,967	)	$	216	$	(57,009	)	$	(190	)	$	(56,819	)


	Three Months Ended March 31,
	2024			2023
Amortization of unrecognized employee benefit costs:
Other loss – net	$	(183	)	$	(182	)
Income tax provision		-			(13	)
Net of tax	$	(183	)	$	(195	)
Settlements of cash flow hedges:
Depreciation and amortization (foreign currency purchase contracts)	$	(6	)	$	(6	)
Costs of products sold (excluding depreciation and amortization) (futures contracts – copper and aluminum)		18			(111	)
Total before income tax		12			(117	)
Income tax (provision) benefit		(1	)		3
Net of tax	$	11		$	(114	)


	Three Months Ended March 31,
	2024			2023
Income tax effect associated with changes in:
Unrecognized employee benefit costs	$	-		$	-
Fair value of cash flow hedges		2			6
Income tax effect associated with reclassification adjustments:
Amortization of unrecognized employee benefit costs		-			(13	)
Settlement of cash flow hedges		(1	)		3

Derivative Instruments

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Note 11 – Derivative Instruments

The Corporation does not enter into derivative transactions for speculative purposes and, therefore, holds no derivative instruments for trading purposes.

(Loss) gain on foreign exchange transactions included in other expense – net equaled $(492) and $85 for the three months ended March 31, 2024 and 2023, respectively.


Three Months Ended March 31, 2024	Beginning of the Period		Recognized		Reclassified			End of the Period
Foreign currency purchase contracts	$	81	$	-	$	6		$	75
Futures contracts – copper and aluminum		105		52		(17	)		174
	$	186	$	52	$	(11	)	$	249
Three Months Ended March 31, 2023
Foreign currency purchase contracts	$	108	$	-	$	6		$	102
Futures contracts – copper and aluminum		44		178		108			114
	$	152	$	178	$	114		$	216

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 12 Months		Three Months Ended March 31,
	of Operations			2024			2023
Foreign currency purchase contracts	Depreciation and amortization	$	24	$	6		$	6
Futures contracts – copper and aluminum	Costs of products sold (excluding depreciation and amortization)	$	180	$	(18	)	$	111

Fair Value

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value

Note 12 – Fair Value

The Corporation’s financial assets and liabilities reported at fair value in the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023 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, 2024
Investments
Other noncurrent assets	$	3,475	$	-	$	-	$	3,475
As of December 31, 2023
Investments
Other noncurrent assets	$	3,245	$	-	$	-	$	3,245

Net Sales and (Loss) Income Before Income Taxes

3 Months Ended

Mar. 31, 2024

Net Sales And Income Loss Before Income Taxes [Abstract]

Net Sales and (Loss) Income Before Income Taxes

Note 13 – Net Sales and (Loss) Income Before Income Taxes



	Three Months Ended March 31,
Net Sales	2024		2023
United States	$	69,764	$	55,377
Foreign		40,451		49,426
	$	110,215	$	104,803



	Three Months Ended March 31,
(Loss) Income Before Income Taxes	2024			2023
United States (1)	$	(2,223	)	$	(1,128	)
Foreign		471			2,426
	$	(1,752	)	$	1,298

(1)

Includes Corporate costs of $3,476 and $3,184 for the three months ended March 31, 2024 and 2023, respectively, which represent operating costs of the corporate office not allocated to the segments.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 14 – Stock-Based Compensation

Litigation

3 Months Ended

Mar. 31, 2024

Loss Contingency [Abstract]

Litigation

Note 15 – Litigation

The Corporation and its subsidiaries are involved in various claims and lawsuits incidental to their businesses from time to time and are also subject to asbestos litigation.

Asbestos Litigation

Asbestos Claims


	Three Months Ended March 31,
	2024			2023
Total claims pending at the beginning of the period		6,310			6,259
New claims served		324			481
Claims dismissed		(222	)		(153	)
Claims settled		(116	)		(79	)
Total claims pending at the end of period (1)		6,296			6,508
Administrative closures (2)		(3,228	)		(3,102	)
Total active claims at the end of the period		3,068			3,406
Gross settlement and defense costs paid in period (in 000’s)	$	6,907		$	4,318
Avg. gross settlement and defense costs per claim resolved (in 000’s) (3)	$	20.43		$	18.61

(1)

(2)

(3)

Claims resolved do not include claims administratively closed.

Asbestos Insurance

Asbestos Valuations


	Three Months Ended March 31,
	2024			2023
Asbestos liability, beginning of the year	$	238,679		$	153,575
Settlement and defense costs paid		(6,907	)		(4,318	)
Asbestos liability, end of the period	$	231,772		$	149,257


	Three Months Ended March 31,
	2024			2023
Insurance receivable – asbestos, beginning of the year	$	160,245		$	105,434
Settlement and defense costs paid by insurance carriers		(3,285	)		(2,601	)
Insurance receivable – asbestos, end of the period	$	156,960		$	102,833

however, there will not be insolvencies among the relevant insurance carriers, or the assumed percentage recoveries for certain carriers will prove correct.

Asbestos Assumptions

Environmental Matters

3 Months Ended

Mar. 31, 2024

Environmental Remediation Obligations [Abstract]

Environmental Matters

Note 16 – Environmental Matters

Related Parties

3 Months Ended

Mar. 31, 2024

Related Parties

Note 17 – Related Parties

Loan activity for the three months ended March 31, 2024 and 2023 was as follows:


	Three Months Ended March 31,
	2024			2024			2023		2023
	USD			RMB			USD		RMB
Balance at beginning of the period	$	665			4,713		$	-		-
Borrowings		-			-			229		1,570
Repayments		(664	)		(4,713	)		-		-
Foreign exchange		(1	)		-			-		-
Balance at end of the period	$	-			-		$	229		1,570

Sales to and purchases from ATR’s minority shareholder and its affiliates, which were in the ordinary course of business, for the three months ended March 31, 2024 and 2023 were as follows:


	Three Months Ended March 31,
	2024		2024		2023		2023
	USD		RMB		USD		RMB
Purchases from related parties	$	1,237		8,848	$	1,443		9,910
Sales to related parties	$	190		1,356	$	2,420		16,618

Balances outstanding with ATR's minority shareholder and its affiliates as of March 31, 2024 and December 31, 2023 were as follows:


	March 31, 2024		March 31, 2024		December 31, 2023		December 31, 2023
	USD		RMB		USD		RMB
Accounts receivable from related parties	$	-		-	$	190		1,350
Accounts payable to related parties	$	1,068		7,713	$	401		2,841
Other current liabilities:
Customer deposits	$	105		761	$	149		1,056

Business Segments

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Business Segments

Note 18 – Business Segments


	Three Months Ended March 31,
	2024			2023
Net Sales:
Forged and Cast Engineered Products
Forged and cast mill rolls	$	73,396		$	71,699
FEP		3,793			5,099
Forged and Cast Engineered Products		77,189			76,798

Air and Liquid Processing
Air handling systems	$	12,510		$	9,204
Heat exchange coils		10,823			10,635
Centrifugal pumps		9,693			8,166
Air and Liquid Processing		33,026			28,005
Total Reportable Segments	$	110,215		$	104,803

(Loss) income before income taxes:
Forged and Cast Engineered Products	$	1,576		$	2,224
Air and Liquid Processing		1,982			2,953
Total Reportable Segments		3,558			5,177
Other expense, including corporate costs		(5,310	)		(3,879	)
Total	$	(1,752	)	$	1,298

Unaudited Condensed Consolidated Financial Statements (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Unaudited Condensed Consolidated Financial Statements	The unaudited condensed consolidated balance sheet as of March 31, 2024 and the unaudited condensed consolidated statements of operations, comprehensive (loss) income, cash flows and shareholders’ equity for the three months ended March 31, 2024 and 2023, have been prepared by the Corporation. 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. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the operating results expected for the full year. 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 (“GAAP”) have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the Corporation's latest Annual Report on Form 10-K.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The guidance requires disclosure of significant reportable segment expenses regularly provided to the chief operating decision-maker and included within each reported measure of a segment's profit or loss. The guidance also requires disclosure of the title and position of the individual identified as the chief operating decision-maker and an explanation of how the chief operating decision-maker uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The guidance does not change how an entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The guidance became effective for the Corporation’s annual period beginning January 1, 2024 and interim periods beginning January 1, 2025. The Corporation is currently evaluating the impact this new standard will have on its annual disclosures in its consolidated financial statements for the year ending December 31, 2024 and interim disclosures thereafter. It will not, however, impact the Corporation’s consolidated financial position, results of operations or cash flows. In December 2023, the FASB issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures. The guidance requires annual disclosure of specific categories of information within the effective tax rate reconciliation, and income taxes paid and income tax expense disaggregated by jurisdiction. The guidance becomes effective for the Corporation’s annual period beginning January 1, 2025. Early adoption is permitted. The Corporation is currently evaluating the impact this new standard will have on its condensed consolidated financial statements disclosures. It will not, however, impact the Corporation’s condensed consolidated financial position, results of operations or cash flows.

Inventories (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories were comprised of the following:


	March 31, 2024		December 31, 2023
Raw materials	$	50,360	$	51,794
Work-in-process		49,613		48,676
Finished goods		16,327		17,332
Supplies		6,779		6,892
Inventories	$	123,079	$	124,694

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment were comprised of the following:


	March 31, 2024			December 31, 2023
Land and land improvements	$	8,865		$	9,025
Buildings and leasehold improvements		70,324			71,063
Machinery and equipment		371,640			366,044
Construction-in-progress		6,255			11,514
Other		6,902			6,965
		463,986			464,611
Accumulated depreciation and amortization		(308,604	)		(305,879	)
Property, plant and equipment, net	$	155,382		$	158,732

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets were comprised of the following:


	March 31, 2024			December 31, 2023
Customer relationships	$	5,275		$	5,442
Developed technology		3,788			3,913
Trade name		2,122			2,219
		11,185			11,574
Accumulated amortization		(6,533	)		(6,627	)
Intangible assets, net	$	4,652		$	4,947

Summary of Changes in Intangible Assets

Changes in intangible assets consisted of the following:


	Three Months Ended March 31,
	2024			2023
Balance at beginning of the period	$	4,947		$	5,194
Amortization of intangible assets		(88	)		(93	)
Other, primarily impact from changes in foreign currency exchange rates		(207	)		30
Balance at end of the period	$	4,652		$	5,131

Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Liabilities

Other current liabilities were comprised of the following:


	March 31, 2024		December 31, 2023
Customer-related liabilities	$	20,803	$	19,915
Accrued utilities		1,745		1,880
Accrued sales commissions		2,049		1,850
Other		4,414		4,089
Other current liabilities	$	29,011	$	27,734

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,
	2024			2023
Balance at beginning of the period	$	5,539		$	5,193
Satisfaction of warranty claims		(394	)		(378	)
Provision for warranty claims, net		588			570
Other, primarily impact from changes in foreign currency exchange rates		(136	)		65
Balance at end of the period	$	5,597		$	5,450

Schedule of Changes in Customer Deposits

Changes in customer deposits consisted of the following:


	Three Months Ended March 31,
	2024			2023
Balance at beginning of the period	$	13,078		$	10,453
Satisfaction of performance obligations		(2,567	)		(4,261	)
Receipt of additional deposits		7,704			7,197
Other, primarily impact from changes in foreign currency exchange rates		(17	)		43
Balance at end of the period		18,198			13,432
Deposits - Other noncurrent liabilities		(4,430	)		-
Deposits - Other current liabilities	$	13,768		$	13,432

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Outstanding Borrowings

Borrowings were comprised of the following:


	March 31, 2024			December 31, 2023
Revolving credit facility	$	57,955		$	56,000
Sale and leaseback financing obligations		44,736			44,488
Equipment financing facility		17,655			16,719
Industrial Revenue Bonds		9,191			9,191
Finance lease liabilities		1,439			1,590
Minority shareholder loan		-			665
Outstanding borrowings		130,976			128,653
Debt – current portion		(14,805	)		(12,271	)
Long-term debt	$	116,171		$	116,382

Pension and Other Postretirement Benefits (Tables)

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Contributions for Pension and Other Postretirement Benefits

Contributions to the Corporation’s employee benefit plans were as follows:


	Three Months Ended March 31,
	2024		2023
U.S. defined benefit pension plans	$	192	$	207
Foreign defined benefit pension plans	$	120	$	113
Other postretirement benefits (e.g., net payments)	$	88	$	119
U.K. defined contribution pension plan	$	66	$	57
U.S. defined contribution plan	$	929	$	646

Net Periodic Pension and Other Postretirement Benefit Costs

Net periodic pension and other postretirement benefit costs included the following components:


	Three Months Ended March 31,
U.S. Defined Benefit Pension Plans	2024			2023
Service cost	$	10		$	10
Interest cost		2,329			2,483
Expected return on plan assets		(3,401	)		(3,596	)
Amortization of prior service cost		-			2
Amortization of actuarial loss		45			30
Net benefit income	$	(1,017	)	$	(1,071	)


	Three Months Ended March 31,
Foreign Defined Benefit Pension Plans	2024			2023
Service cost	$	31		$	62
Interest cost		456			455
Expected return on plan assets		(478	)		(471	)
Amortization of prior service credit		(71	)		(68	)
Amortization of actuarial loss		180			147
Net benefit expense	$	118		$	125


	Three Months Ended March 31,
Other Postretirement Benefit Plans	2024			2023
Service cost	$	43		$	59
Interest cost		98			55
Amortization of prior service credit		(256	)		(299	)
Amortization of actuarial (gain) loss		(81	)		6
Net benefit income	$	(196	)	$	(179	)

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Net Change and Ending Balances for Various Components of Accumulated Other Comprehensive Loss


	Foreign Currency Translation			Unrecognized Employee Benefit Costs			Cash Flow Hedges		Total Accumulated Other Comprehensive Loss			Less: Noncontrolling Interest			Accumulated Other Comprehensive Loss Attributable to Ampco-Pittsburgh
Balance at January 1, 2024	$	(23,161	)	$	(40,490	)	$	186	$	(63,465	)	$	(476	)	$	(62,989	)
Net change		(2,445	)		(90	)		63		(2,472	)		(204	)		(2,268	)
Balance at March 31, 2024	$	(25,606	)	$	(40,580	)	$	249	$	(65,937	)	$	(680	)	$	(65,257	)

Balance at January 1, 2023	$	(26,170	)	$	(32,623	)	$	152	$	(58,641	)	$	(229	)	$	(58,412	)
Net change		1,912			(344	)		64		1,632			39			1,593
Balance at March 31, 2023	$	(24,258	)	$	(32,967	)	$	216	$	(57,009	)	$	(190	)	$	(56,819	)

Line Items Affected on Consolidated Statements of Operations for Components Reclassified from Accumulated Other Comprehensive Loss


	Three Months Ended March 31,
	2024			2023
Amortization of unrecognized employee benefit costs:
Other loss – net	$	(183	)	$	(182	)
Income tax provision		-			(13	)
Net of tax	$	(183	)	$	(195	)
Settlements of cash flow hedges:
Depreciation and amortization (foreign currency purchase contracts)	$	(6	)	$	(6	)
Costs of products sold (excluding depreciation and amortization) (futures contracts – copper and aluminum)		18			(111	)
Total before income tax		12			(117	)
Income tax (provision) benefit		(1	)		3
Net of tax	$	11		$	(114	)

Summary of Income Tax Effect Associated With Various Components of Other Comprehensive Loss


	Three Months Ended March 31,
	2024			2023
Income tax effect associated with changes in:
Unrecognized employee benefit costs	$	-		$	-
Fair value of cash flow hedges		2			6
Income tax effect associated with reclassification adjustments:
Amortization of unrecognized employee benefit costs		-			(13	)
Settlement of cash flow hedges		(1	)		3

Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Amount Recognized as and Reclassified from Accumulated Other Comprehensive Income (Loss)


Three Months Ended March 31, 2024	Beginning of the Period		Recognized		Reclassified			End of the Period
Foreign currency purchase contracts	$	81	$	-	$	6		$	75
Futures contracts – copper and aluminum		105		52		(17	)		174
	$	186	$	52	$	(11	)	$	249
Three Months Ended March 31, 2023
Foreign currency purchase contracts	$	108	$	-	$	6		$	102
Futures contracts – copper and aluminum		44		178		108			114
	$	152	$	178	$	114		$	216

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 12 Months		Three Months Ended March 31,
	of Operations			2024			2023
Foreign currency purchase contracts	Depreciation and amortization	$	24	$	6		$	6
Futures contracts – copper and aluminum	Costs of products sold (excluding depreciation and amortization)	$	180	$	(18	)	$	111

Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

The Corporation’s financial assets and liabilities reported at fair value in the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023 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, 2024
Investments
Other noncurrent assets	$	3,475	$	-	$	-	$	3,475
As of December 31, 2023
Investments
Other noncurrent assets	$	3,245	$	-	$	-	$	3,245

Net Sales and (Loss) Income Before Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Net Sales And Income Loss Before Income Taxes [Abstract]

Net Sales and (Loss) Income Before Income Taxes



	Three Months Ended March 31,
Net Sales	2024		2023
United States	$	69,764	$	55,377
Foreign		40,451		49,426
	$	110,215	$	104,803



	Three Months Ended March 31,
(Loss) Income Before Income Taxes	2024			2023
United States (1)	$	(2,223	)	$	(1,128	)
Foreign		471			2,426
	$	(1,752	)	$	1,298

(1)

Includes Corporate costs of $3,476 and $3,184 for the three months ended March 31, 2024 and 2023, respectively, which represent operating costs of the corporate office not allocated to the segments.

Litigation (Tables)

3 Months Ended

Mar. 31, 2024

Loss Contingency [Abstract]

Schedule of Loss Contingencies by Contingency


	Three Months Ended March 31,
	2024			2023
Total claims pending at the beginning of the period		6,310			6,259
New claims served		324			481
Claims dismissed		(222	)		(153	)
Claims settled		(116	)		(79	)
Total claims pending at the end of period (1)		6,296			6,508
Administrative closures (2)		(3,228	)		(3,102	)
Total active claims at the end of the period		3,068			3,406
Gross settlement and defense costs paid in period (in 000’s)	$	6,907		$	4,318
Avg. gross settlement and defense costs per claim resolved (in 000’s) (3)	$	20.43		$	18.61

(1)

(2)

(3)

Claims resolved do not include claims administratively closed.

Summary of Activity Relating to Asbestos Liability

The following table summarizes activity relating to Asbestos Liability for the three months ended March 31, 2024 and 2023.


	Three Months Ended March 31,
	2024			2023
Asbestos liability, beginning of the year	$	238,679		$	153,575
Settlement and defense costs paid		(6,907	)		(4,318	)
Asbestos liability, end of the period	$	231,772		$	149,257

Summary of Activity in Asbestos Insurance Recoveries


	Three Months Ended March 31,
	2024			2023
Insurance receivable – asbestos, beginning of the year	$	160,245		$	105,434
Settlement and defense costs paid by insurance carriers		(3,285	)		(2,601	)
Insurance receivable – asbestos, end of the period	$	156,960		$	102,833

Related Parties (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Related Party Transactions

Loan activity for the three months ended March 31, 2024 and 2023 was as follows:


	Three Months Ended March 31,
	2024			2024			2023		2023
	USD			RMB			USD		RMB
Balance at beginning of the period	$	665			4,713		$	-		-
Borrowings		-			-			229		1,570
Repayments		(664	)		(4,713	)		-		-
Foreign exchange		(1	)		-			-		-
Balance at end of the period	$	-			-		$	229		1,570

Sales to and purchases from ATR’s minority shareholder and its affiliates, which were in the ordinary course of business, for the three months ended March 31, 2024 and 2023 were as follows:


	Three Months Ended March 31,
	2024		2024		2023		2023
	USD		RMB		USD		RMB
Purchases from related parties	$	1,237		8,848	$	1,443		9,910
Sales to related parties	$	190		1,356	$	2,420		16,618

Balances outstanding with ATR's minority shareholder and its affiliates as of March 31, 2024 and December 31, 2023 were as follows:


	March 31, 2024		March 31, 2024		December 31, 2023		December 31, 2023
	USD		RMB		USD		RMB
Accounts receivable from related parties	$	-		-	$	190		1,350
Accounts payable to related parties	$	1,068		7,713	$	401		2,841
Other current liabilities:
Customer deposits	$	105		761	$	149		1,056

Business Segments (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Business Segment Net Sales and Income before Income Taxes


	Three Months Ended March 31,
	2024			2023
Net Sales:
Forged and Cast Engineered Products
Forged and cast mill rolls	$	73,396		$	71,699
FEP		3,793			5,099
Forged and Cast Engineered Products		77,189			76,798

Air and Liquid Processing
Air handling systems	$	12,510		$	9,204
Heat exchange coils		10,823			10,635
Centrifugal pumps		9,693			8,166
Air and Liquid Processing		33,026			28,005
Total Reportable Segments	$	110,215		$	104,803

(Loss) income before income taxes:
Forged and Cast Engineered Products	$	1,576		$	2,224
Air and Liquid Processing		1,982			2,953
Total Reportable Segments		3,558			5,177
Other expense, including corporate costs		(5,310	)		(3,879	)
Total	$	(1,752	)	$	1,298

Unaudited Condensed Consolidated Financial Statements - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024 Segment
Unaudited Condensed Consolidated Financial Statements [Line Items]
Number of reportable business segments	2

Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 50,360	$ 51,794
Work-in-process	49,613	48,676
Finished goods	16,327	17,332
Supplies	6,779	6,892
Inventories	$ 123,079	$ 124,694

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property, plant and equipment, Gross	$ 463,986	$ 464,611
Accumulated depreciation and amortization	(308,604)	(305,879)
Property, plant and equipment, net	155,382	158,732
Land and Land Improvements [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, Gross	8,865	9,025
Buildings and Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, Gross	70,324	71,063
Machinery and Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, Gross	371,640	366,044
Construction-in-Progress [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, Gross	6,255	11,514
Other [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, Gross	$ 6,902	$ 6,965

Property, Plant and Equipment - Additional Information (Detail) £ in Thousands, $ in Thousands	1 Months Ended		3 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Aug. 31, 2022 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2024 GBP (£)
Property Plant And Equipment [Line Items]
Finance lease assets gross value			$ 3,454		$ 4,223
Finance lease, lease related accumulated amortization			1,734		$ 1,959
Depreciation expense			$ 4,582	$ 4,281
Remaining lease term					20 years
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]			Long-Term Debt and Lease Obligation, Current		Long-Term Debt and Lease Obligation, Current		Long-Term Debt and Lease Obligation, Current
Estimated cost on upgrading existing equipment						$ 26,000
Interest capitalized on strategic capital projects			$ 235	261
Depreciation on assets under finance leases			82	$ 70
Capital Expenditures [Member]
Property Plant And Equipment [Line Items]
Proceeds from disbursement agreement	$ 2,500				$ 2,500
Estimated cost on upgrading existing equipment		$ 2,500
Union Electric Steel UK Limited [Member]
Property Plant And Equipment [Line Items]
Land and buildings held as collateral			2,678				£ 2,122
UES Domestic [Member] \| Construction-in-Process, Machinery and Equipment or Buildings [Member]
Property Plant And Equipment [Line Items]
Machinery and equipment purchased			$ 23,653

Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Finite and Indefinite Lived Intangible Assets [Line Items]
Intangible assets, Trade name	$ 2,122	$ 2,219
Intangible assets, gross	11,185	11,574
Accumulated amortization	(6,533)	(6,627)
Intangible assets, net	4,652	4,947	$ 5,131	$ 5,194
Customer Relationships [Member]
Finite and Indefinite Lived Intangible Assets [Line Items]
Intangible assets, gross	5,275	5,442
Developed Technology [Member]
Finite and Indefinite Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 3,788	$ 3,913

Intangible Assets - Summary of Changes in Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Balance at beginning of the period	$ 4,947	$ 5,194
Amortization of intangible assets	(88)	(93)
Other, primarily impact from changes in foreign currency exchange rates	(207)	30
Balance at end of the period	$ 4,652	$ 5,131

Other Current Liabilities - Schedule of Other Current Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Customer-related liabilities	$ 20,803	$ 19,915
Accrued utilities	1,745	1,880
Accrued sales commissions	2,049	1,850
Other	4,414	4,089
Other current liabilities	$ 29,011	$ 27,734

Other Current Liabilities - Schedule of Changes in Liability for Product Warranty Claims (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Liabilities Disclosure [Abstract]
Balance at beginning of the period	$ 5,539	$ 5,193
Satisfaction of warranty claims	(394)	(378)
Provision for warranty claims, net	588	570
Other, primarily impact from changes in foreign currency exchange rates	(136)	65
Balance at end of the period	$ 5,597	$ 5,450

Other Current Liabilities - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024
Maximum [Member]
Other Liabilities Disclosure [Line Items]
Performance obligation related to customer deposits expected satisfaction period	1 year

Other Current Liabilities - Schedule of Change in Customer Deposits (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Contract with Customer, Liability [Abstract]
Balance at beginning of the period	$ 13,078	$ 10,453
Satisfaction of performance obligations	(2,567)	(4,261)
Receipt of additional deposits	7,704	7,197
Other, primarily impact from changes in foreign currency exchange rates	(17)	43
Balance at end of the period	18,198	13,432
Deposits - Other noncurrent liabilities	(4,430)
Deposits - Other current liabilities	$ 13,768	$ 13,432

Debt - Schedule of Outstanding Borrowings (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance lease liabilities	$ 1,439	$ 1,590
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Debt – current portion	Debt – current portion
Outstanding borrowings	$ 130,976	$ 128,653
Debt – current portion	(14,805)	(12,271)
Long-term debt	116,171	116,382
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long term debt	57,955	56,000
Sale and Leaseback Financing Obligations [Member]
Debt Instrument [Line Items]
Long term debt	44,736	44,488
Equipment Financing Facility [Member]
Debt Instrument [Line Items]
Long term debt	17,655	16,719
Minority Shareholder Loan [Member]
Debt Instrument [Line Items]
Long term debt		665
Industrial Revenue Bonds [Member]
Debt Instrument [Line Items]
Long term debt	$ 9,191	$ 9,191

Debt - Additional Information (Detail) ¥ in Thousands						1 Months Ended		3 Months Ended				12 Months Ended
Debt - Additional Information (Detail) ¥ in Thousands	May 01, 2024 USD ($)	Apr. 01, 2024 USD ($)	Oct. 14, 2022	Sep. 29, 2022 USD ($)	Jun. 29, 2021 USD ($)	Jun. 30, 2023 USD ($)	Aug. 31, 2022 USD ($)	Mar. 31, 2024 USD ($) Bond	Mar. 31, 2024 CNY (¥) Bond	Mar. 31, 2023 USD ($)	Mar. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)	Jul. 01, 2023
Line Of Credit Facility [Line Items]
Swing loans								$ 2,955,000				$ 0
Lessee lease term												20 years
Estimated cost on upgrading existing equipment													$ 26,000,000
Life of underlying asset								15 years	15 years
ATR [Member] \| Akers AB [Member]
Line Of Credit Facility [Line Items]
Ownership interest percentage								59.88%
Industrial Revenue Bonds ("IRB") [Member]
Line Of Credit Facility [Line Items]
Long term debt								$ 9,191,000				$ 9,191,000
Number of industrial revenue bonds \| Bond								2	2
Minority Shareholder Loan [Member]
Line Of Credit Facility [Line Items]
Debt instrument, borrowed										$ 229,000	¥ 1,570
Debt instrument, repaid								$ 664,000	¥ 4,713
Capital Additions [Member]
Line Of Credit Facility [Line Items]
Estimated cost on upgrading existing equipment							$ 2,500,000
Proceeds from disbursement agreement						$ 2,500,000						2,500,000
Annual rent adjustment to repay restated lease							$ 2,500,000
Maximum [Member]
Line Of Credit Facility [Line Items]
Incremental percentage on annual lease payment								2.04%	2.04%
Change in consumer price index ratio								1.25	1.25
Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Agreement borrowing capacity					$ 130,000,000
Allowance for new equipment financing					20,000,000
Maturity date								Jun. 29, 2026	Jun. 29, 2026
Commitment fee payable percentage								0.25%	0.25%
Average interest rate								8.22%	8.22%	7.70%	7.70%
Long term debt								$ 57,955,000				56,000,000
Line of credit, remaining borrowing capacity								$ 23,174,000
Revolving Credit Facility [Member] \| Minimum [Member]
Line Of Credit Facility [Line Items]
Fixed charge coverage ratio								1.05
Revolving Credit Facility [Member] \| SOFR [Member]
Line Of Credit Facility [Line Items]
Debt instrument description of interest rate								SOFR, as adjusted, plus an applicable margin ranging between 2.00% to 2.50% based on the quarterly average excess availability	SOFR, as adjusted, plus an applicable margin ranging between 2.00% to 2.50% based on the quarterly average excess availability
Revolving Credit Facility [Member] \| SOFR [Member] \| Minimum [Member]
Line Of Credit Facility [Line Items]
Debt instrument basis spread								2.00%	2.00%
Revolving Credit Facility [Member] \| SOFR [Member] \| Maximum [Member]
Line Of Credit Facility [Line Items]
Debt instrument basis spread								2.50%	2.50%
Revolving Credit Facility [Member] \| Base Rate [Member]
Line Of Credit Facility [Line Items]
Debt instrument description of interest rate								the alternate base rate plus an applicable margin ranging between 1.00% to 1.50%	the alternate base rate plus an applicable margin ranging between 1.00% to 1.50%
Revolving Credit Facility [Member] \| Base Rate [Member] \| Minimum [Member]
Line Of Credit Facility [Line Items]
Debt instrument basis spread								1.00%	1.00%
Revolving Credit Facility [Member] \| Base Rate [Member] \| Maximum [Member]
Line Of Credit Facility [Line Items]
Debt instrument basis spread								1.50%	1.50%
Revolving Credit Facility [Member] \| Senior Secured Asset-Based Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Agreement borrowing capacity					100,000,000
Revolving Credit Facility [Member] \| Letter of Credit [Member]
Line Of Credit Facility [Line Items]
Agreement borrowing capacity					40,000,000
Revolving Credit Facility [Member] \| European Credit Facility [Member]
Line Of Credit Facility [Line Items]
Agreement borrowing capacity					30,000,000
Borrowings								$ 0				0
Revolving Credit Facility [Member] \| Swedish Credit Facility [Member]
Line Of Credit Facility [Line Items]
Agreement borrowing capacity					$ 7,500,000
Sale and Leaseback Financing Obligations [Member]
Line Of Credit Facility [Line Items]
Long term debt								44,736,000				44,488,000
Taxable Industrial Revenue Bond [Member] \| Industrial Revenue Bonds ("IRB") [Member]
Line Of Credit Facility [Line Items]
Long term debt								$ 7,116,000
Interest at a floating rate on tax-exempt IRB maturing in 2027/2029								5.36%		4.54%	4.54%
Tax Exempt Industrial Revenue Bond Two [Member] \| Industrial Revenue Bonds ("IRB") [Member]
Line Of Credit Facility [Line Items]
Long term debt								$ 2,075,000
Interest at a floating rate on tax-exempt IRB maturing in 2027/2029								3.70%		2.92%	2.92%
Equipment Financing Facility [Member]
Line Of Credit Facility [Line Items]
Agreement borrowing capacity				$ 20,000,000
Long term debt								$ 17,655,000				16,719,000
Effective interest rate				8.00%										10.25%
Payments of principal and interest								$ 200,000
Debt instrument, maturity date, description								early 2031	early 2031
Debt Instrument, Term				84 months
Equipment Financing Facility [Member] \| Subsequent Event [Member]
Line Of Credit Facility [Line Items]
Payments of principal and interest	$ 30,000	$ 62,000
Maturity date range, end	May 01, 2031	Apr. 01, 2031
Maturity date range, start	Jun. 01, 2024	May 01, 2024
Equipment Financing Facility [Member] \| Secured Overnight Financing Rate SOFR Adjustment [Member] \| Line of Credit [Member]
Line Of Credit Facility [Line Items]
Debt instrument basis spread								0.31%	0.31%
Equipment Financing Facility [Member] \| Secured Overnight Financing Rate SOFR Adjustment Margin [Member] \| Line of Credit [Member]
Line Of Credit Facility [Line Items]
Debt instrument basis spread								4.50%	4.50%
Equipment Financing Facility [Member] \| Daily Secured Overnight Financing Rate S O F R [Member] \| Line of Credit [Member]
Line Of Credit Facility [Line Items]
Debt instrument basis spread								3.59%	3.59%
Equipment Financing Facility [Member] \| Term Loan [Member]
Line Of Credit Facility [Line Items]
Long term debt								$ 5,170,000				15,819,000
Equipment Financing Facility [Member] \| Term Loan [Member] \| Subsequent Event [Member]
Line Of Credit Facility [Line Items]
Term loan	$ 1,834,000	$ 3,894,000
Equipment Financing Facility [Member] \| Term Notes [Member]
Line Of Credit Facility [Line Items]
Long term debt								$ 12,485,000				$ 900,000
Equipment Financing Facility [Member] \| Term Notes [Member] \| Subsequent Event [Member]
Line Of Credit Facility [Line Items]
Percentage of converted fixed interest rate	9.22%	8.75%
Equipment Financing Facility [Member] \| Term Notes [Member] \| Minimum [Member]
Line Of Credit Facility [Line Items]
Percentage of converted fixed interest rate								8.40%	8.40%
Equipment Financing Facility [Member] \| Term Notes [Member] \| Maximum [Member]
Line Of Credit Facility [Line Items]
Percentage of converted fixed interest rate								8.93%	8.93%
Disbursement Agreement [Member]
Line Of Credit Facility [Line Items]
Lessee lease term			20 years
Lessee, operating lease, option to extend								however, UES may extend the lease for the Properties for four successive periods of five years each. If fully extended, the Restated Lease would expire in August 2062	however, UES may extend the lease for the Properties for four successive periods of five years each. If fully extended, the Restated Lease would expire in August 2062
Lessee, operating term period			5 years
Extended lease expiration date			2062-08
Lease repurchase percentage on lessor investment for properties			115.00%
Effective interest rate during period								8.24%	8.24%	8.22%	8.22%
Rental properties								$ 3,645,000

Pension and Other Postretirement Benefits - Contributions for Pension and Other Postretirement Benefits (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Postretirement Benefit Plans [Member]
Pension Plans Postretirement And Other Employee Benefits [Line Items]
Contribution	$ 88	$ 119
U.S. [Member] \| Defined Benefit Pension Plan [Member]
Pension Plans Postretirement And Other Employee Benefits [Line Items]
Contribution	192	207
U.S. [Member] \| Defined Contribution Plan [Member]
Pension Plans Postretirement And Other Employee Benefits [Line Items]
Contribution	929	646
Foreign Defined Benefits Pension Plans [Member] \| Defined Benefit Pension Plan [Member]
Pension Plans Postretirement And Other Employee Benefits [Line Items]
Contribution	120	113
U.K. [Member] \| Defined Contribution Plan [Member]
Pension Plans Postretirement And Other Employee Benefits [Line Items]
Contribution	$ 66	$ 57

Pension and Other Postretirement Benefits - Net Periodic Pension and Other Postretirement Benefit Costs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Postretirement Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 43	$ 59
Interest cost	$ 98	$ 55
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Amortization of prior service cost (credit)	$ (256)	$ (299)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Amortization of actuarial (gain) loss	$ (81)	$ 6
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Net benefit expense (income)	$ (196)	$ (179)
U.S. [Member] \| Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	10	10
Interest cost	$ 2,329	$ 2,483
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Expected return on plan assets	$ (3,401)	$ (3,596)
Amortization of prior service cost (credit)		$ 2
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Amortization of actuarial (gain) loss	$ 45	$ 30
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Net benefit expense (income)	$ (1,017)	$ (1,071)
Foreign Defined Benefits Pension Plans [Member] \| Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	31	62
Interest cost	$ 456	$ 455
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Expected return on plan assets	$ (478)	$ (471)
Amortization of prior service cost (credit)	$ (71)	$ (68)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Amortization of actuarial (gain) loss	$ 180	$ 147
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Net benefit expense (income)	$ 118	$ 125

Commitments and Contingent Liabilities - Additional Information (Detail) - 3 months ended Mar. 31, 2024 kr in Thousands, $ in Thousands	USD ($)	SEK (kr)
Commitments And Contingent Liabilities [Line Items]
Outstanding standby and commercial letters of credit	$ 19,572
Surety bonds issued to guarantee obligations	3,179	kr 33,900
Capital Expenditures [Member]
Commitments And Contingent Liabilities [Line Items]
Purchase commitments	$ 3,300

Equity Rights Offering - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Sep. 30, 2020	Mar. 31, 2024	Mar. 31, 2023
Class Of Warrant Or Right [Line Items]
Proceeds from issuance of common stock and warrants		$ 0	$ 0
Common Stock [Member]
Class Of Warrant Or Right [Line Items]
Common stock issued	5,507,889
Series A Warrants [Member]
Class Of Warrant Or Right [Line Items]
Warrants to purchase common stock	12,339,256
Exercise price per warrants	$ 2.5668
Series A Warrants [Member] \| Common Stock [Member]
Class Of Warrant Or Right [Line Items]
Number of shares can purchase for each warrant	0.4464
Exercise price per share of warrants	$ 5.75
Class of warrant or right, expiration date	Aug. 01, 2025

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, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 71,571	$ 112,649
Net change	(2,472)	1,632
Ending Balance	67,239	115,893
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(23,161)	(26,170)
Net change	(2,445)	1,912
Ending Balance	(25,606)	(24,258)
Unrecognized Employee Benefit Costs [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(40,490)	(32,623)
Net change	(90)	(344)
Ending Balance	(40,580)	(32,967)
Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	186	152
Net change	63	64
Ending Balance	249	216
Less: Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(476)	(229)
Net change	(204)	39
Ending Balance	(680)	(190)
Accumulated Other Comprehensive Loss Attributable to Ampco-Pittsburgh [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(62,989)	(58,412)
Net change	(2,268)	1,593
Ending Balance	(65,257)	(56,819)
Total Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(63,465)	(58,641)
Net change	(2,472)	1,632
Ending Balance	$ (65,937)	$ (57,009)

Accumulated Other Comprehensive Loss - Line Items Affected on Consolidated Statements of Operations for Components Reclassified from Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Depreciation and amortization (foreign currency purchase contracts)	$ (4,670)	$ (4,374)
Costs of products sold (excluding depreciation and amortization) (futures contracts - copper and aluminum)	(92,490)	(86,372)
(Loss) Income before income taxes	(1,752)	1,298
Other loss - net	904	1,367
Income tax (provision) benefit	(454)	(313)
Net (loss) income attributable to Ampco-Pittsburgh	(2,717)	676
Amortization of Unrecognized Employee Benefit Costs [Member] \| Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Other loss - net	(183)	(182)
Income tax (provision) benefit		(13)
Net (loss) income attributable to Ampco-Pittsburgh	(183)	(195)
Settlements of Cash Flow Hedges [Member] \| Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Depreciation and amortization (foreign currency purchase contracts)	(6)	(6)
Costs of products sold (excluding depreciation and amortization) (futures contracts - copper and aluminum)	18	(111)
(Loss) Income before income taxes	12	(117)
Income tax (provision) benefit	(1)	3
Net (loss) income attributable to Ampco-Pittsburgh	$ 11	$ (114)

Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Valuation Allowance Against Gross Deferred Income Tax Assets [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax effect due to certain amounts	$ 0	$ 0

Accumulated Other Comprehensive Loss - Summary of Income Tax Effect Associated With Various Components of Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Fair value of cash flow hedges	$ 2	$ 6
Amortization of unrecognized employee benefit costs		(13)
Settlement of cash flow hedges	$ (1)	$ 3

Derivative Instruments - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024 USD ($) Customer Derivative	Mar. 31, 2023 USD ($) Customer
Derivative [Line Items]
Number of subsidiaries for purchases of natural gas under existing commitments \| Customer	2	2
Purchases of natural gas under existing commitments description	for two of its subsidiaries	for two of its subsidiaries
Number of subsidiaries for usage of electricity under existing commitments \| Customer	2	2
Usage of electricity under existing commitments description	for two of its subsidiaries.	for two of its subsidiaries
Number of derivative instruments holds for trading purposes \| Derivative	0
Gain (loss) on foreign exchange transactions included in other income net	$ (492,000)	$ 85,000
Natural Gas Usage [Member]
Derivative [Line Items]
Percentage of anticipated purchases hedged	6.00%	35.00%
Anticipated purchases, hedged	$ 2,365,000	$ 4,022,000
Time period for hedged usage description	natural gas usage through December 31, 2025	natural gas usage through December 31, 2025
Electricity Usage [Member]
Derivative [Line Items]
Percentage of anticipated purchases hedged	12.00%	23.00%
Anticipated purchases, hedged	$ 1,440,000	$ 1,711,000
Time period for hedged usage description	electricity usage through December 31, 2025	electricity usage through December 31, 2025
Natural Gas And Electricity Purchased [Member]
Derivative [Line Items]
Purchase of natural gas or electricity	$ 979,000	$ 533,000
Copper Purchases [Member]
Derivative [Line Items]
Percentage of anticipated purchases hedged	52.00%	45.00%
Time period for hedged purchases	9 months	8 months
Copper Purchases [Member] \| Cash Flow Hedges [Member]
Derivative [Line Items]
Anticipated purchases, hedged	$ 2,787,000	$ 2,463,000
Aluminum Purchases [Member]
Derivative [Line Items]
Percentage of anticipated purchases hedged	56.00%	61.00%
Time period for hedged purchases	6 months	6 months
Aluminum Purchases [Member] \| Cash Flow Hedges [Member]
Derivative [Line Items]
Anticipated purchases, hedged	$ 566,000	$ 714,000

Derivative Instruments - Summary of Amount Recognized as and Reclassified from Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Beginning of the Period	$ 186	$ 152
Recognized	52	178
Reclassified	(11)	114
End of the Period	249	216
Foreign Currency Purchase Contracts [Member]
Derivative [Line Items]
Beginning of the Period	81	108
Reclassified	6	6
End of the Period	75	102
Futures Contracts - Copper and Aluminum [Member]
Derivative [Line Items]
Beginning of the Period	105	44
Recognized	52	178
Reclassified	(17)	108
End of the Period	$ 174	$ 114

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, 2024	Mar. 31, 2023
Derivative [Line Items]
Depreciation and amortization	$ 4,670	$ 4,374
Costs of products sold (excluding depreciation and amortization)	92,490	86,372
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] \| Settlements of Cash Flow Hedges [Member]
Derivative [Line Items]
Depreciation and amortization	6	6
Costs of products sold (excluding depreciation and amortization)	(18)	111
Foreign Currency Purchase Contracts [Member] \| Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] \| Settlements of Cash Flow Hedges [Member]
Derivative [Line Items]
Estimated to be Reclassified in the Next 12 Months	24
Depreciation and amortization	6	6
Futures Contracts - Copper and Aluminum [Member] \| Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] \| Settlements of Cash Flow Hedges [Member]
Derivative [Line Items]
Estimated to be Reclassified in the Next 12 Months	180
Costs of products sold (excluding depreciation and amortization)	$ (18)	$ 111

Fair Value - Fair Value of Financial Assets and Liabilities (Detail) - Investments [Member] - Other Noncurrent Assets [Member] - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value	$ 3,475	$ 3,245
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value	$ 3,475	$ 3,245

Net Sales and (Loss) Income Before Income Taxes - Additional Information (Detail)	Mar. 31, 2024	Mar. 31, 2023
Net Sales And Income Loss Before Income Taxes [Abstract]
Percentage of foreign net sales	95.00%	95.00%

Net Sales and (Loss) Income Before Income Taxes - Net Sales and (Loss) Income Before Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation Of Revenue [Line Items]
Net sales	$ 110,215	$ 104,803
(Loss) Income before income taxes	(1,752)	1,298
U.S. [Member]
Disaggregation Of Revenue [Line Items]
Net sales	69,764	55,377
(Loss) Income before income taxes	(2,223)	(1,128)
Foreign [Member]
Disaggregation Of Revenue [Line Items]
Net sales	40,451	49,426
(Loss) Income before income taxes	$ 471	$ 2,426

Net Sales and (Loss) Income Before Income Taxes - Net Sales and (Loss) Income Before Income Taxes (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Sales And Income Loss Before Income Taxes [Abstract]
Corporate costs	$ 3,476	$ 3,184

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 346	$ 627
Incentive Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under Omnibus Incentive Plan	3,700,000
Equity based awards grant date fair value	$ 200

Litigation - Schedule of Loss Contingencies by Contingency (Detail) - Asbestos Claims [Member]	3 Months Ended
	Mar. 31, 2024 USD ($) Claim	Mar. 31, 2023 USD ($) Claim
Loss Contingencies [Line Items]
Total claims pending at the beginning of the period	6,310	6,259
New claims served	324	481
Claims dismissed	(222)	(153)
Claims settled	(116)	(79)
Total claims pending at the end of period	6,296	6,508
Administrative closures	(3,228)	(3,102)
Total active claims at the end of the period	3,068	3,406
Gross settlement and defense costs paid in period \| $	$ 6,907,000	$ 4,318,000
Avg. gross settlement and defense costs per claim resolved \| $	$ 20,430	$ 18,610

Litigation - Schedule of Loss Contingencies by Contingency (Parenthetical) (Detail) - Claim	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Loss Contingencies [Line Items]
Number of claims inactive or transferred to MDL panel	1,641	655
Mesothelioma Claims [Member]
Loss Contingencies [Line Items]
Administrative closures claims period	5 years	6 years
Non Mesothelioma Claims [Member]
Loss Contingencies [Line Items]
Administrative closures claims period	6 years

Litigation - Summary of Activity Relating to Asbestos Liability (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Asbestos liability, beginning of the year	$ 238,679	$ 153,575
Settlement and defense costs paid	(6,907)	(4,318)
Asbestos liability, end of the period	$ 231,772	$ 149,257

Litigation - Summary of Activity in Asbestos Insurance Recoveries (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Loss Contingencies [Line Items]
Insurance receivable -- asbestos, beginning of the year	$ 708
Insurance receivable – asbestos, end of the period	708
Asbestos Claims [Member]
Loss Contingencies [Line Items]
Insurance receivable -- asbestos, beginning of the year	160,245	$ 105,434
Settlement and defense costs paid by insurance carriers	(3,285)	(2,601)
Insurance receivable – asbestos, end of the period	$ 156,960	$ 102,833

Litigation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Increase (decrease) to estimated asbestos liability for claims pending or projected	$ 112,640
Defense-to-indemnity cost ratio	60.00%	65.00%
Effect of asbestos liability from a lower defense-to-indemnity ratio	$ 4,162
Asbestos receivable due to increase in asbestos liability and lower defense to indemnity ratio	$ 67,591

Environmental Matters - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Environmental Remediation Obligations [Abstract]
Undiscounted potential liability for all environmental compliance	$ 100	$ 100
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent

Related Parties - Additional Information (Detail) ¥ in Thousands, $ in Thousands			3 Months Ended
	Feb. 20, 2024	Feb. 16, 2024	Mar. 31, 2024 USD ($)	Mar. 31, 2024 CNY (¥)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Sales to related parties			$ 110,215		$ 104,803
Trade receivable			$ 84,281			$ 78,939
Subsidiary [Member] \| Crawford Group [Member]
Related Party Transaction [Line Items]
Trade receivable						722
Schedule 13D filed date	Feb. 20, 2024
Ceased date of beneficial stock ownership		Feb. 16, 2024
Minimum [Member] \| Subsidiary [Member] \| Crawford Group [Member]
Related Party Transaction [Line Items]
Beneficial stock ownership percentage			5.00%	5.00%
Ceased beneficially stock ownership percentage		5.00%
ATR [Member]
Related Party Transaction [Line Items]
Effective interest rate			4.35%		4.35%
Interest paid			$ 2	¥ 17	$ 0
Accrued interest			$ 0			$ 0
ATR [Member] \| Minimum [Member]
Related Party Transaction [Line Items]
Interest accrual period			3 years	3 years
ATR [Member] \| Maximum [Member]
Related Party Transaction [Line Items]
Interest accrual period			5 years	5 years

Related Parties - Summary of Loan Activity (Detail) ¥ in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 CNY (¥)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 CNY (¥)
Related Party Transaction [Line Items]
Borrowings			$ 229
Repayments	$ (664)
ATR [Member]
Related Party Transaction [Line Items]
Balance at beginning of the period	665	¥ 4,713	0	¥ 0
Borrowings			229	1,570
Repayments	(664)	(4,713)
Foreign exchange	(1)	0	0	0
Balance at end of the period	$ 0	¥ 0	$ 229	¥ 1,570

Related Parties - Summary of Sales to and Purchases from ATR's Minority Shareholder and Its Affiliates (Detail) ¥ in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 CNY (¥)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 CNY (¥)
Related Party Transaction [Line Items]
Sales to related parties	$ 110,215		$ 104,803
ATR [Member]
Related Party Transaction [Line Items]
Purchases from related parties	1,237	¥ 8,848	1,443	¥ 9,910
ATR [Member] \| Related Party [Member]
Related Party Transaction [Line Items]
Sales to related parties	$ 190	¥ 1,356	$ 2,420	¥ 16,618

Related Parties - Summary of Balances Outstanding with ATR's Minority Shareholder and Its Affiliates (Detail) ¥ in Thousands, $ in Thousands	Mar. 31, 2024 USD ($)	Mar. 31, 2024 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)
Related Party Transaction [Line Items]
Accounts receivable from related parties	$ 84,281		$ 78,939
Accounts payable to related parties	41,387		36,830
ATR [Member]
Related Party Transaction [Line Items]
Customer deposits	105	¥ 761	149	¥ 1,056
ATR [Member] \| Related Party [Member]
Related Party Transaction [Line Items]
Accounts receivable from related parties	0	0	190	1,350
Accounts payable to related parties	$ 1,068	¥ 7,713	$ 401	¥ 2,841

Business Segments - Additional Information (Detail)	3 Months Ended
Business Segments - Additional Information (Detail)	Mar. 31, 2024 Company Segment
Segment Reporting Information [Line Items]
Number of reportable business segments \| Segment	2
Chinese Joint Venture Company [Member]
Segment Reporting Information [Line Items]
Equity interest in number of joint venture \| Company	3

Business Segments - Business Segment Net Sales and Income before Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from External Customer [Line Items]
Net sales	$ 110,215	$ 104,803
(Loss) Income before income taxes	(1,752)	1,298
Operating Segments [Member]
Revenue from External Customer [Line Items]
Net sales	110,215	104,803
(Loss) Income before income taxes	3,558	5,177
Operating Segments [Member] \| Forged and Cast Mill Rolls [Member]
Revenue from External Customer [Line Items]
Net sales	73,396	71,699
Operating Segments [Member] \| FEP [Member]
Revenue from External Customer [Line Items]
Net sales	3,793	5,099
Operating Segments [Member] \| Forged and Cast Engineered Products [Member]
Revenue from External Customer [Line Items]
Net sales	77,189	76,798
(Loss) Income before income taxes	1,576	2,224
Operating Segments [Member] \| Air and Liquid Processing [Member]
Revenue from External Customer [Line Items]
Net sales	33,026	28,005
(Loss) Income before income taxes	1,982	2,953
Operating Segments [Member] \| Air Handling Systems [Member]
Revenue from External Customer [Line Items]
Net sales	12,510	9,204
Operating Segments [Member] \| Heat Exchange Coils [Member]
Revenue from External Customer [Line Items]
Net sales	10,823	10,635
Operating Segments [Member] \| Centrifugal Pumps [Member]
Revenue from External Customer [Line Items]
Net sales	9,693	8,166
Other Expense, Including Corporate Costs - Net [Member]
Revenue from External Customer [Line Items]
(Loss) Income before income taxes	$ (5,310)	$ (3,879)

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