Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 8,735 $ 10,337 [1]
Receivables, less allowance for doubtful accounts of $763 in 2022 and $1,240 in 2021 77,426 68,829 [1]
Receivables from related parties 1,066  
Inventories 121,739 108,717 [1]
Insurance receivable – asbestos 15,000 16,000 [1]
Other current assets 7,442 4,933 [1]
Total current assets 231,408 208,816 [1]
Property, plant and equipment, net 154,998 158,563 [1]
Operating lease right-of-use assets, net 3,522 4,056 [1]
Insurance receivable – asbestos 90,910 105,297 [1]
Deferred income tax assets 2,141 1,985 [1]
Intangible assets, net 5,194 6,204 [1]
Investments in joint ventures 2,175 2,175 [1]
Prepaid pensions 7,242 11,963 [1]
Other noncurrent assets 5,184 6,901 [1]
Total assets 502,774 505,960 [1]
Current liabilities:    
Accounts payable 43,209 43,105 [1]
Accounts payable to related parties 412 1,125 [1]
Accrued payrolls and employee benefits 11,796 15,954 [1]
Debt – current portion 12,410 20,007 [1]
Operating lease liabilities – current portion 635 641 [1]
Asbestos liability – current portion 23,000 23,000 [1]
Other current liabilities 24,763 21,210 [1]
Total current liabilities 116,225 125,042 [1]
Employee benefit obligations 43,431 62,114 [1]
Asbestos liability 130,575 157,314 [1]
Long-term debt 93,061 40,912 [1]
Noncurrent operating lease liabilities 2,886 3,415 [1]
Deferred income tax liabilities 2,518 3,858 [1]
Other noncurrent liabilities 682 1,171 [1]
Total liabilities 389,378 393,826 [1]
Commitments and contingent liabilities (Note 12)
Shareholders’ equity:    
Common stock-- par value $1; authorized 40,000 shares; issued and outstanding 19,404 shares at December 31, 2022 and 19,184 shares at December 31, 2021 19,404 19,184 [1]
Additional paid-in capital 175,656 174,561 [1]
Retained deficit (32,322) (35,738) [1]
Accumulated other comprehensive loss (58,412) (55,106) [1]
Total Ampco-Pittsburgh shareholders’ equity 104,326 102,901 [1]
Noncontrolling interest 9,070 9,233 [1]
Total shareholders’ equity [2] 113,396 112,134 [1]
Total liabilities and shareholders’ equity $ 502,774 $ 505,960 [1]
[1] The December 31, 2021 balance sheet was adjusted to present inventory using the FIFO basis of costing. See Note 2.
[2] Retained deficit as of January 1, 2021, net loss for 2021 and retained deficit as of December 31, 2021 were adjusted to include inventory costs using the FIFO basis of costing. See Note 2.

 

See Notes to Consolidated Financial Statements.