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Accumulated Other Comprehensive Loss
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Loss

NOTE 14 – ACCUMULATED OTHER COMPREHENSIVE LOSS:

Net changes and ending balances for the various components of accumulated other comprehensive loss as of and for the years ended December 31, 2024 and 2023 are summarized below. All amounts are net of tax where applicable.

 

 

Foreign
Currency
Translation
Adjustments

 

 

Unrecognized
Components
of Employee
Benefit Plans

 

 

Derivatives

 

 

Total Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling Interest

 

 

Accumulated
Other
Comprehensive
Loss Attributable to Ampco-Pittsburgh

 

January 1, 2023

 

$

(26,170

)

 

$

(32,623

)

 

$

152

 

 

$

(58,641

)

 

$

(229

)

 

$

(58,412

)

Net change

 

 

3,009

 

 

 

(7,867

)

 

 

34

 

 

 

(4,824

)

 

 

(247

)

 

 

(4,577

)

December 31, 2023

 

 

(23,161

)

 

 

(40,490

)

 

 

186

 

 

 

(63,465

)

 

 

(476

)

 

 

(62,989

)

Net change

 

 

(4,530

)

 

 

634

 

 

 

(288

)

 

 

(4,184

)

 

 

(337

)

 

 

(3,847

)

December 31, 2024

 

$

(27,691

)

 

$

(39,856

)

 

$

(102

)

 

$

(67,649

)

 

$

(813

)

 

$

(66,836

)

The following summarizes the line items affected on the consolidated statements of operations for components reclassified from accumulated other comprehensive loss for the years ended December 31, 2024 and 2023. Amounts in parentheses represent credits to net income (loss).

 

 

2024

 

 

2023

 

Amortization of unrecognized employee benefit costs:

 

 

 

 

 

 

Other – net

 

$

(725

)

 

$

(891

)

Income tax provision

 

 

—

 

 

 

—

 

Net of income tax

 

$

(725

)

 

$

(891

)

Settlement of cash flow hedges:

 

 

 

 

 

 

Depreciation and amortization (foreign currency purchase contracts)

 

$

(27

)

 

$

(27

)

Costs of products sold (excluding depreciation and amortization)
   (futures contracts – copper and aluminum)

 

 

(227

)

 

 

59

 

Total before income tax

 

 

(254

)

 

 

32

 

Income tax provision

 

 

6

 

 

 

(2

)

Net of income tax

 

$

(248

)

 

$

30

 

The income tax effect associated with the various components of other comprehensive loss for the years ended December 31, 2024 and 2023 is summarized below. Amounts in parentheses represent credits to net income (loss) 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 re-invested for an indefinite period of time.

 

 

2024

 

 

2023

 

Income tax effect associated with changes in:

 

 

 

 

 

 

Unrecognized employee benefit costs

 

$

—

 

 

$

37

 

Fair value of cash flow hedges

 

 

2

 

 

 

—

 

Income tax effect associated with reclassification adjustments:

 

 

 

 

 

 

Amortization of unrecognized employee benefit costs

 

 

—

 

 

 

—

 

Settlement of cash flow hedges

 

 

6

 

 

 

(2

)