Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 31, 2021 | Jun. 30, 2020 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 1-584 | ||
Entity Registrant Name | FERRO CORPORATION | ||
Entity Incorporation State Country Code | OH | ||
Entity Tax Identification Number | 34-0217820 | ||
Entity Address Address Line One | 6060 Parkland Blvd. | ||
Entity Address Address Line Two | Suite 250 | ||
Entity Address City Or Town | Mayfield Heights | ||
Entity Address State Or Province | OH | ||
Entity Address Postal Zip Code | 44124 | ||
City Area Code | 216 | ||
Local Phone Number | 875-5600 | ||
Title of 12(b) Security | Common Stock, par value $1.00 | ||
Trading Symbol | FOE | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 964,203,000 | ||
Entity Common Stock, Shares Outstanding | 82,384,177 | ||
Documents Incorporated By Reference | Portions of the Proxy Statement for Ferro Corporation’s 2021 Annual Meeting of Shareholders are incorporated into Part III of this Annual Report on Form 10-K. | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000035214 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements Of Operations [Abstract] | |||
Net sales | $ 958,954 | $ 1,014,457 | $ 1,074,696 |
Cost of sales | 665,198 | 706,481 | 736,307 |
Gross profit | 293,756 | 307,976 | 338,389 |
Selling, general and administrative expenses | 202,413 | 212,365 | 219,708 |
Restructuring and impairment charges | 17,425 | 10,955 | 7,116 |
Other expense (income): | |||
Interest expense | 21,880 | 24,302 | 23,659 |
Interest earned | (1,995) | (3,325) | (3,672) |
Foreign currency losses, net | 3,627 | 9,166 | 6,335 |
Loss on extinguishment of debt | 3,226 | ||
Miscellaneous expense, net | 5,505 | 11,722 | 12,074 |
Income before income taxes | 44,901 | 42,791 | 69,943 |
Income tax expense | 14,861 | 7,965 | 13,893 |
Income from continuing operations | 30,040 | 34,826 | 56,050 |
Income (loss) from discontinued operations, net of income taxes | 14,003 | (27,411) | 24,896 |
Net income | 44,043 | 7,415 | 80,946 |
Less: Net income attributable to noncontrolling interests | 1,244 | 1,377 | 853 |
Net income attributable to Ferro Corporation common shareholders | 42,799 | 6,038 | 80,093 |
Amounts attributable to Ferro Corporation: | |||
Net income attributable to Ferro Corporation from continuing operations, net of income tax | 28,967 | 33,739 | 55,199 |
Net income (loss) attributable to Ferro Corporation from discontinued operations, net of income tax | 13,832 | (27,701) | 24,894 |
Income attributable to Ferro Corporation | $ 42,799 | $ 6,038 | $ 80,093 |
Weighted-average common shares outstanding | 82,232 | 82,083 | 83,940 |
Incremental common shares attributable to performance shares, deferred stock units, restricted stock units, and stock options | 792 | 808 | 1,145 |
Weighted-average diluted shares outstanding | 83,024 | 82,891 | 85,085 |
Basic earnings (loss): | |||
Continuing operations | $ 0.35 | $ 0.41 | $ 0.66 |
Discontinued operations | 0.17 | (0.34) | 0.29 |
Basic earnings | 0.52 | 0.07 | 0.95 |
Diluted earnings (loss): | |||
Continuing operations | 0.35 | 0.41 | 0.65 |
Discontinued operations | 0.17 | (0.34) | 0.29 |
Diluted earnings | $ 0.52 | $ 0.07 | $ 0.94 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net income | $ 44,043 | $ 7,415 | $ 80,946 |
Other comprehensive income (loss), net of income tax: | |||
Foreign currency translation income (loss) | 26,991 | 5,500 | (26,113) |
Cash flow hedging instruments unrealized loss | (9,420) | (9,710) | (4,242) |
Postretirement benefit liabilities gain (loss) | 1,993 | 80 | (39) |
Other comprehensive income (loss), net of income tax | 19,564 | (4,130) | (30,394) |
Total comprehensive income | 63,607 | 3,285 | 50,552 |
Less: Comprehensive income attributable to noncontrolling interests | 1,142 | 1,262 | 352 |
Comprehensive income attributable to Ferro Corporation | $ 62,465 | $ 2,023 | $ 50,200 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 174,077 | $ 96,202 |
Accounts receivable, net | 137,008 | 139,333 |
Inventories | 260,332 | 264,476 |
Other receivables | 72,272 | 69,365 |
Other current assets | 18,261 | 22,373 |
Current assets held-for-sale | 307,854 | 291,420 |
Total current assets | 969,804 | 883,169 |
Other assets | ||
Property, plant and equipment, net | 315,330 | 302,672 |
Goodwill | 175,351 | 172,212 |
Intangible assets, net | 119,500 | 127,815 |
Deferred income taxes | 115,962 | 98,714 |
Operating leased assets | 15,446 | 20,088 |
Other non-current assets | 80,618 | 72,020 |
Non-current assets held-for-sale | 168,922 | 157,931 |
Total assets | 1,960,933 | 1,834,621 |
Current liabilities | ||
Loans payable and current portion of long-term debt | 8,839 | 8,703 |
Accounts payable | 135,296 | 138,799 |
Accrued payrolls | 27,166 | 27,447 |
Accrued expenses and other current liabilities | 124,770 | 73,016 |
Current liabilities held-for-sale | 107,545 | 133,780 |
Total current liabilities | 403,616 | 381,745 |
Other liabilities | ||
Long-term debt, less current portion | 791,509 | 798,862 |
Postretirement and pension liabilities | 181,610 | 174,021 |
Operating leased non-current liabilities | 10,064 | 14,474 |
Other non-current liabilities | 62,050 | 56,976 |
Non-current liabilities held-for-sale | 71,149 | 38,341 |
Total liabilities | 1,519,998 | 1,464,419 |
Ferro Corporation shareholders' equity: | ||
Common stock, par value $1 per share; 300.0 million shares authorized; 93.4 million shares issued; 82.4 million and 82.0 million shares outstanding at December 31, 2020, and December 31, 2019, respectively | 93,436 | 93,436 |
Paid-in capital | 293,682 | 294,543 |
Retained earnings | 304,815 | 262,016 |
Accumulated other comprehensive loss | (89,710) | (109,376) |
Common shares in treasury, at cost | (172,256) | (180,243) |
Total Ferro Corporation shareholders' equity | 429,967 | 360,376 |
Noncontrolling interests | 10,968 | 9,826 |
Total equity | 440,935 | 370,202 |
Total liabilities and equity | $ 1,960,933 | $ 1,834,621 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Consolidated Balance Sheets [Abstract] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 300 | 300 |
Common stock, shares issued | 93.4 | 93.4 |
Common stock, shares outstanding | 82.4 | 82 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Thousands | Common Shares in Treasury [Member]Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Common Shares in Treasury [Member] | Common Stock [Member]Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Common Stock [Member] | Paid-in Capital [Member]Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Paid-in Capital [Member] | Retained Earnings [Member]Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member]Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Accumulated Other Comprehensive Loss [Member] | Non-controlling Interests [Member]Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Non-controlling Interests [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Total |
Beginning Balances at Dec. 31, 2017 | $ (147,056) | $ 93,436 | $ 302,158 | $ 171,744 | $ (75,468) | $ 11,866 | $ 356,680 | |||||||
Beginning Balances, shares at Dec. 31, 2017 | 9,386,000 | |||||||||||||
Net income (loss) | 80,093 | 853 | 80,946 | |||||||||||
Other comprehensive loss | (29,893) | (501) | (30,394) | |||||||||||
Purchase of treasury stock | $ (28,807) | $ (28,807) | ||||||||||||
Purchase of treasury stock, shares | 1,471,000 | 1,470,791 | ||||||||||||
Stock-based compensation transactions | $ 10,318 | (4,824) | $ 5,494 | |||||||||||
Stock-based compensation transactions, shares | (424,000) | |||||||||||||
Change in ownership interest | 789 | (2,228) | (1,439) | |||||||||||
Distributions to noncontrolling interests | (772) | (772) | ||||||||||||
Ending Balances (Accounting Standards Update 2016-06 [Member]) at Dec. 31, 2018 | $ 4,141 | $ 4,141 | ||||||||||||
Ending Balances at Dec. 31, 2018 | $ (165,545) | 93,436 | 298,123 | 255,978 | (105,361) | 9,218 | 385,849 | |||||||
Ending Balances, shares at Dec. 31, 2018 | 10,433,000 | |||||||||||||
Net income (loss) | 6,038 | 1,377 | 7,415 | |||||||||||
Other comprehensive loss | (4,015) | (115) | (4,130) | |||||||||||
Purchase of treasury stock | $ (25,000) | $ (25,000) | ||||||||||||
Purchase of treasury stock, shares | 1,441,000 | 1,440,678 | ||||||||||||
Stock-based compensation transactions | $ 10,302 | (3,580) | $ 6,722 | |||||||||||
Stock-based compensation transactions, shares | (443,000) | |||||||||||||
Distributions to noncontrolling interests | (654) | (654) | ||||||||||||
Ending Balances at Dec. 31, 2019 | $ (180,243) | 93,436 | 294,543 | 262,016 | (109,376) | 9,826 | 370,202 | |||||||
Ending Balances, shares at Dec. 31, 2019 | 11,431,000 | |||||||||||||
Net income (loss) | 42,799 | 1,244 | 44,043 | |||||||||||
Other comprehensive loss | 19,666 | (102) | $ 19,564 | |||||||||||
Purchase of treasury stock, shares | ||||||||||||||
Stock-based compensation transactions | $ 7,987 | (861) | $ 7,126 | |||||||||||
Stock-based compensation transactions, shares | (366,000) | |||||||||||||
Ending Balances at Dec. 31, 2020 | $ (172,256) | $ 93,436 | $ 293,682 | $ 304,815 | $ (89,710) | $ 10,968 | $ 440,935 | |||||||
Ending Balances, shares at Dec. 31, 2020 | 11,065,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Cash flows from operating activities | |||
Net income | $ 44,043 | $ 7,415 | $ 80,946 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Loss (gain) on sale of assets and businesses | 246 | (916) | 164 |
Depreciation and amortization | 40,289 | 55,879 | 53,974 |
Interest amortization | 3,974 | 3,755 | 3,577 |
Restructuring and impairment charges | 9,787 | 44,702 | 4,084 |
Loss on extinguishment of debt | 3,226 | ||
Provision for allowance for doubtful accounts | 530 | 1,086 | 681 |
Retirement benefits | 4,646 | 9,063 | 9,221 |
Deferred income taxes | (11,640) | (11,826) | (3,720) |
Stock-based compensation | 7,998 | 7,406 | 8,441 |
Changes in current assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable | (141,330) | (74,444) | 19,885 |
Inventories | 36,485 | (10,578) | (33,922) |
Accounts payable | (26,671) | (10,075) | 35,887 |
Other current asset liabilities and adjustements, net | 18,451 | (3,757) | 349 |
Net cash provided by (used in) operating activities | (13,192) | 17,710 | 182,793 |
Cash flows from investing activities | |||
Capital expenditures for property, plant and equipment and other long-lived assets | (31,783) | (64,970) | (80,619) |
Collections of financing receivables | 129,969 | 84,567 | 7,020 |
Business acquisitions, net of cash acquired | (251) | (74,954) | |
Other investing activities | 807 | 1,957 | 37 |
Net cash provided by (used in) investing activities | 98,993 | 21,303 | (148,516) |
Cash flows from financing activities | |||
Net borrowings under loans payable | (709) | 45 | (19,077) |
Principal payments on term loan facility - Credit Facility | (304,060) | ||
Principal payments on term loan facility - Amended Credit Facility | (8,200) | (8,200) | (6,150) |
Proceeds from term loan facility - Amended Credit Facility | 466,075 | ||
Proceeds from revolving credit facility - Credit Facility | 134,950 | ||
Principal payments on revolving credit facility - Credit Facility | (212,950) | ||
Proceeds from revolving credit facility - Amended Credit Facility | 399,110 | 227,101 | 240,035 |
Principal payments on revolving credit facility - Amended Credit Facility | (399,110) | (227,101) | (240,035) |
Payment of debt issuance costs | (3,466) | ||
Acquisition-related contingent consideration payment | (5,200) | (9,464) | |
Proceeds from the exercise of stock options | 756 | 1,052 | 764 |
Purchase of treasury stock | (25,000) | (28,807) | |
Other financing activities | (1,895) | (1,892) | (8,448) |
Net cash provided by (used in) financing activities | (10,048) | (39,195) | 9,367 |
Effect of exchange rate changes on cash and cash equivalents | 2,122 | 283 | (2,894) |
Increase in cash and cash equivalents | 77,875 | 101 | 40,750 |
Cash and cash equivalents at beginning of period | 104,402 | 104,301 | 63,551 |
Cash and cash equivalents at end of period | 182,277 | 104,402 | 104,301 |
Less: Cash and cash equivalents of discontinued operations at end of period | 8,200 | 8,200 | 8,200 |
Cash and cash equivalents of continuing operations at end of period | 174,077 | 96,202 | 96,101 |
Cash paid during the period for: | |||
Interest | 31,285 | 33,429 | 33,910 |
Income taxes | $ 19,648 | $ 21,682 | $ 36,789 |
Our Business
Our Business | 12 Months Ended |
Dec. 31, 2020 | |
Our Business [Abstract] | |
Our Business | 1. Our Business Ferro Corporation (“Ferro,” “we,” “us” or “the Company”) is a leading producer of specialty materials that are sold to a broad range of manufacturers who, in turn, make products for many end-use markets. Ferro’s products fall into two general categories: functional coatings, which perform specific functions in the manufacturing processes and end products of our customers; and color solutions, which provide aesthetic and performance characteristics to our customers’ products. We differentiate ourselves in our industry by innovation and new products and services and the consistent high quality of our products, combined with delivery of localized technical service and customized application technology support. Our value-added technical services assist customers in their material specification and evaluation, product design, and manufacturing process characterization in order to help them optimize the application of our products. We manage our businesses through four business units that are differentiated from one another by product type. The four business units are listed below:  Tile Coating Systems (1)  Porcelain Enamel (2)  Functional Coatings  Color Solutions (1) Tile Coating Systems was historically a part of the Performance Coatings reportable segment. As of December 31, 2019, the results of the Tile Coatings business portion of Tile Coating Systems are reported as discontinued operations, for financial reporting purposes. (2) Porcelain Enamel, previously a part of the Performance Coatings reportable segment, is integrated into the Functional Coatings reportable segment, for financial reporting purposes. We produce our products primarily in the Europe, Middle East and Africa (“EMEA”) region, the United States (“U.S.”), the Asia Pacific region, and Latin America. We sell our products directly to customers and through the use of agents or distributors throughout the world. Our products are sold principally in the EMEA region, the U.S., the Asia Pacific region, and Latin America. Our customers manufacture products to serve a variety of end markets, including appliances, automobiles, building and renovation, electronics, household furnishings, industrial products, packaging, and sanitation. During the fourth quarter of 2019, substantially all of the assets and liabilities of our Tile Coatings business were classified as held-for-sale in the accompanying consolidated balance sheets. As further discussed in Note 4, we entered into a definitive agreement to sell our Tile Coatings business which has historically been included in the Performance Coatings reportable segment. Therefore, the associated operating results, net of income tax, have been classified as discontinued operations in the accompanying consolidated statements of operations for all periods presented. Certain reclassifications have been made to the prior year financial statements to conform to current year classifications. The reclassification relates to the balance sheet presentation of assets and liabilities as held for sale and statement of operations presentation of results classified as discontinued operations in relation to the Tile Coatings business transaction. On February 25, 2021, we completed the sale of our Tile Coatings business to Pigments Spain, S.L., a company of the Esmalglass-Itaca-Fritta group, which is a portfolio company of certain Lone Star Funds. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Principles of Consolidation Our consolidated financial statements include the accounts of the parent company and the accounts of its subsidiaries and include the results of the Company and all entities in which the Company has a controlling interest. When we consolidate our financial statements, we eliminate intercompany transactions, accounts and profits. When we exert significant influence over an investee but do not control it, we account for the investment and the investment income using the equity method. These investments are reported in Other non-current assets on our consolidated balance sheet. We consolidate financial results for five legal entities in which we do not own 100% of the equity interests, either directly or indirectly through our subsidiaries. These entities have non-controlling interest ownerships ranging from 5 % to 41 %. When we acquire a subsidiary, its financial results are included in our consolidated financial statements from the date of the acquisition. When we dispose of a subsidiary, its financial results are included in our consolidated financial statements until the date of the disposition. In the event that a disposal group meets the criteria for discontinued operations, prior periods are adjusted to reflect the classification. Use of Estimates and Assumptions in the Preparation of Financial Statements We prepare our consolidated financial statements in conformity with accounting principles generally accepted in the United States, which requires us to make estimates and to use judgments and assumptions that affect the timing and amount of assets, liabilities, equity, revenues and expenses recorded and disclosed. The more significant estimates and judgments relate to revenue recognition, restructuring and cost reduction programs, asset impairment, income taxes, inventories, goodwill, pension and other postretirement benefits and environmental liabilities. Actual outcomes could differ from our estimates, resulting in changes in revenues or costs that could have a material impact on the Company’s results of operations, financial position, or cash flows. Foreign Currency Translation The financial results of our operations outside of the U.S. are recorded in local currencies, which generally are also the functional currencies for financial reporting purposes. The results of operations outside of the U.S. are translated from these functional currencies into U.S. dollars using the average monthly currency exchange rates. We use the average currency exchange rate for these results of operations as a reasonable approximation of the results had specific currency exchange rates been used for each individual transaction. Foreign currency transaction gains and losses are recorded, as incurred, as Other expense (income) in the consolidated statements of operations. Assets and liabilities are translated into U.S. dollars using exchange rates at the balance sheet dates, and we record the resulting foreign currency translation adjustments as a separate component of Accumulated other comprehensive loss in equity. Revenue Recognition Under Accounting Standards Codification (“ASC”) 606, revenues are recognized when control of the promised goods is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods. In order to achieve that core principle, the Company applies the following five-step approach: 1) identify the contract with a customer; 2) identify the performance obligations; 3) determine the transaction price; 4) allocate the transaction price to the performance obligations in the contract; and 5) recognize revenue when a performance obligation is satisfied. The Company considers confirmed customer purchase orders, which in some cases are governed by master sales agreements, to be the contracts, from an accounting perspective, with customers. Under our standard contracts, the only performance obligation is the delivery of manufactured goods and the performance obligation is satisfied at a point in time, when the Company transfers control of the manufactured goods. The Company may receive orders for products to be delivered over multiple dates that may extend across several reporting periods. The Company invoices for each order and recognizes revenue for each distinct product upon shipment, once transfer of control has occurred. Payment terms are standard for the industry and jurisdiction in which we operate. In determining the transaction price, the Company evaluates whether the price is subject to refund or adjustment, to determine the net consideration to which the Company expects to be entitled. Discounts or rebates are specifically stated in customer contracts or invoices, and are recorded as a reduction of revenue in the period the related revenue is recognized. The product price as specified on the customer confirmed orders is considered the standalone selling price. The Company allocates the transaction price to each distinct product based on its relative standalone selling price. Revenue is recognized when control of the product is transferred to the customer (i.e., when the Company’s performance obligation is satisfied), which generally occurs at shipment. We review material contracts to determine transfer of control based upon the business practices and legal requirements of each country. For sales of all products, including those containing precious metals, we report revenues on a gross basis, along with their corresponding cost of sales to arrive at gross profit. The amount of shipping and handling fees invoiced to our customers at the time our product is shipped is included in net sales as we are the principal in those activities. Sales, valued-added and other taxes collected from our customers and remitted to governmental authorities are excluded from net sales. Credit memos issued to customers for sales returns and sales adjustments are recorded when they are incurred as a reduction of sales. There were no changes in amounts previously reported in the Company’s consolidated financial statements due to adopting ASC 606. Practical Expedients and Exemptions All material contracts have an original duration of one year or less and, as such, the Company uses the practical expedient applicable to such contracts, and has not disclosed the transaction price for the remaining performance obligations as of the end of each reporting period, or when the Company expects to recognize this revenue. When the period of time between the transfer of control of the goods and the time the customer pays for the goods is one year or less, the Company uses the practical expedient allowed by ASC 606 that provides relief from adjusting the amount of promised consideration for the effects of a financing component. We generally expense sales commissions when incurred because the amortization period is one year or less. These costs are recorded within Selling, general and administrative expenses Research and Development Expenses Research and development expenses are expensed as incurred and are included in Selling, general and administrative expenses. Total expenditures for product and application technology, including research and development, customer technical support and other related activities, were approximately $ 35.6 million for 2020, $ 41.0 million for 2019 and $ 40.1 million for 2018. Restructuring Programs We expense costs associated with exit and disposal activities designed to restructure operations and reduce ongoing costs of operations when we incur the related liabilities or when other triggering events occur. After the appropriate level of management, having the authority, approves the detailed restructuring plan and the appropriate criteria for recognition are met, we establish accruals for employee termination and other costs, as applicable. The accruals are estimates that are based upon factors including statutory and union requirements, affected employees’ lengths of service, salary level, health care benefit choices and contract provisions. We also analyze the carrying value of affected long-lived assets for impairment and reductions in their remaining estimated useful lives. In addition, we record the fair value of any new or remaining obligations when existing operating lease contracts are terminated or abandoned as a result of our exit and disposal activities. Asset Impairment The Company’s long-lived and indefinite-lived assets include property, plant and equipment, goodwill, and intangible assets. We review property, plant and equipment and intangible assets for impairment whenever events or circumstances indicate that their carrying values may not be recoverable. The following are examples of such events or changes in circumstances:  An adverse change in the business climate of a long-lived asset or asset group;  An adverse change in the extent or manner in which a long-lived asset or asset group is used or in its physical condition;  Current operating losses for a long-lived asset or asset group combined with a history of such losses or projected or forecasted losses that demonstrate that the losses will continue; or  A current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise significantly disposed of before the end of its previously estimated useful life. The carrying amount of property, plant and equipment and intangible assets is not recoverable if the carrying value of the asset group exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset group. In the event of impairment, we recognize a loss for the excess of the recorded value over fair value. The long-term nature of these assets requires the estimation of cash inflows and outflows several years into the future and only takes into consideration technological advances known at the time of review. We review goodwill for impairment annually using a measurement date of October 31, primarily due to the timing of our annual budgeting process, or more frequently in the event of an impairment indicator. The fair value of each reporting unit that has goodwill is estimated using the average of both the income approach and the market approach, which we believe provides a reasonable estimate of the reporting unit’s fair value, unless facts or circumstances exist which indicate a more representative fair value. The income approach is a discounted cash flow model, which uses projected cash flows attributable to the reporting unit, including an allocation of certain corporate expenses based primarily on proportional sales. We use historical results, trends and our projections of market growth, internal sales efforts and anticipated cost structure assumptions to estimate future cash flows. Using a risk-adjusted, weighted-average cost of capital, we discount the cash flow projections to the measurement date. The market approach estimates a price reasonably expected to be paid by a market participant in the purchase of the reporting units based on a comparison to similar businesses. If the fair value of any reporting unit was determined to be less than its carrying value, we would obtain comparable market values or independent appraisals of its net assets. Derivative Financial Instruments As part of our risk management activities, we employ derivative financial instruments, primarily interest rate swaps, cross currency swaps and foreign currency forward contracts, to hedge certain anticipated transactions, firm commitments, or assets and liabilities denominated in foreign currencies. We also purchase portions of our energy and precious metal requirements under fixed price forward purchase contracts designated as normal purchase contracts. We record derivatives on our balance sheet as either assets or liabilities that are measured at fair value. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported as a component of Accumulated other comprehensive loss (“AOCL”) and reclassified from AOCL into earnings when the hedged transaction affects earnings. For derivatives that are designated and qualify as net investment hedges, the gain or loss on the derivative is reported as a component of the currency translation in AOCL. Time value is excluded and the cash payments are recognized as an adjustment to interest expense. For derivatives that are not designated as hedges, the gain or loss on the derivative is recognized in current earnings. We only use derivatives to manage well-defined risks and do not use derivatives for speculative purposes. Postretirement and Other Employee Benefits We recognize postretirement and other employee benefits expense as employees render the services necessary to earn those benefits. We determine defined benefit pension and other postretirement benefit costs and obligations with the assistance of third parties who perform certain actuarial calculations. The calculations and the resulting amounts recorded in our consolidated financial statements are affected by assumptions including the discount rate, expected long-term rate of return on plan assets, the annual rate of change in compensation for plan-eligible employees, estimated changes in costs of healthcare benefits, mortality tables, and other factors. We evaluate the assumptions used on an annual basis. All costs except the service cost component are recorded in Miscellaneous expense (income), net on the consolidated statement of operations. Income Taxes We account for income taxes in accordance with ASC Topic 740, Income Taxes , which requires the recognition of deferred tax assets and liabilities for the expected future tax effects of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We record deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing temporary differences, the availability of tax planning strategies, forecasted income, and recent financial operations. We recognize a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. We recognize interest and penalties related to uncertain tax positions within the income tax expense line in the accompanying consolidated statements of operations. Cash Equivalents We consider all highly liquid instruments with original maturities of three months or less when purchased to be cash equivalents. These instruments are carried at cost, which approximates fair value. Accounts Receivable and the Allowance for Doubtful Accounts Ferro sells its products to customers in diversified industries throughout the world. No customer or related group of customers represents greater than 10 % of net sales or accounts receivable. We perform ongoing credit evaluations of our customers and require collateral principally for export sales, when industry practices allow and as market conditions dictate, subject to our ability to negotiate secured terms relative to competitive offers. We regularly analyze significant customer accounts and provide for uncollectible accounts based on historical experience, customer payment history, the length of time the receivables are past due, the financial health of the customer, economic conditions and specific circumstances, as appropriate. Changes in these factors could result in additional allowances. Customer accounts we conclude to be uncollectible or to require excessive collection costs are written off against the allowance for doubtful accounts. Historically, write-offs of uncollectible accounts have been within our expectations. Detailed information about the allowance for doubtful accounts is provided below: (Dollars in thousands) 2020 2019 2018 Allowance for doubtful accounts $ 2,502 $ 1,756 $ 1,343 Bad debt expense 255 455 843 Inventories We value inventory at the lower of cost or net realizable value, with cost determined utilizing the first-in, first-out (“FIFO”) method. We periodically evaluate the net realizable value of inventories based primarily upon their age, but also upon assumptions of future usage in production, customer demand and market conditions. Inventory values have been reduced to the lower of cost or net realizable value by allowances for slow moving or obsolete goods. We maintain raw materials on our premises that we do not own, including precious metals consigned from financial institutions and customers. We also consign inventory from our vendors. Although we have physical possession of the goods, their value is not reflected on our balance sheet because we do not have legal title. We obtain precious metals under consignment agreements with financial institutions for periods of one year or less. These precious metals are primarily silver, gold, platinum, and palladium and are used in the production of certain products for our customers. Under these arrangements, the financial institutions own the precious metals, and accordingly, we do not report these precious metals as inventory on our consolidated balance sheets although they are physically in our possession. The financial institutions charge us fees for these consignment arrangements, and these fees are recorded as cost of sales. These agreements are cancelable by either party at the end of each consignment period, however, because we have access to a number of consignment arrangements with available capacity, our consignment needs can be shifted among the other participating institutions in order to ensure our supply. In certain cases, these financial institutions can require cash deposits to provide additional collateral beyond the value of the underlying precious metals. Property, Plant and Equipment We record property, plant and equipment at historical cost. In addition to the original purchased cost, including transportation, installation and taxes, we capitalize expenditures that increase the utility or useful life of existing assets. For constructed assets, we capitalize interest costs incurred during the period of construction. We expense repair and maintenance costs, as incurred. We depreciate property, plant and equipment on a straight-line basis, generally over the following estimated useful lives of the assets: Buildings 20 to 40 years Machinery and equipment 5 to 15 years Other Capitalized Costs We capitalize the costs of computer software developed or obtained for internal use after the preliminary project stage has been completed, and management, with the relevant authority, authorizes and commits to funding a computer software project, and it is probable that the project will be completed and the software will be used to perform the function intended. External direct costs of materials and services consumed in developing or obtaining internal-use computer software, payroll and payroll-related costs for employees who are directly associated with the project, and interest costs incurred when developing computer software for internal use are capitalized within Intangible assets. Capitalization ceases when the project is substantially complete, generally after all substantial testing is completed. We expense training costs and data conversion costs as incurred. We amortize software on a straight-line basis over its estimated useful life, which has historically been in a range of 1 to 10 years. Environmental Liabilities As part of the production of some of our products, we handle, process, use and store hazardous materials. As part of these routine processes, we expense recurring costs associated with control and disposal of hazardous materials as they are incurred. Occasionally, we are subject to ongoing, pending or threatened litigation related to the handling of these materials or other matters. If, based on available information, we believe that we have incurred a liability and we can reasonably estimate the amount, we accrue for environmental remediation and other contingent liabilities. We disclose material contingencies if the likelihood of the potential loss is reasonably possible but the amount is not reasonably estimable. In estimating the amount to be accrued for environmental remediation, we use assumptions about:  Remediation requirements at the contaminated site;  The nature of the remedy;  Existing technology;  The outcome of discussions with regulatory agencies;  Other potentially responsible parties at multi-party sites; and  The number and financial viability of other potentially responsible parties. We actively monitor the status of sites, and, as assessments and cleanups proceed, we update our assumptions and adjust our estimates as necessary. Because the timing of related payments is uncertain, we do not discount the estimated remediation costs. The following section provides a description of new accounting pronouncements ("Accounting Standard Update" or "ASU") issued by the Financial Accounting Standards Board ("FASB") that are applicable to the Company. Recently Adopted Accounting Pronouncement This section provides a description of new accounting pronouncements issued by the FASB that are applicable to the Company. The following ASUs were adopted as of January 1, 2020 and did not have a material impact on the consolidated financial statements: Standard Description ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , issued December, 2019 Simplifies the accounting for income taxes by removing certain exceptions and by: altering the recognition of franchise tax partially based on income; requiring evaluation of proper treatment of a step up in the tax basis of goodwill; specifying requirements regarding the allocation of tax expense to a legal entity that is not subject to tax; requiring the effect of an enacted change in tax laws or rates be reflected in the annual effective tax rate computation in the interim period that includes the enactment date, and; other minor codification improvements. ASU 2019-12 was early adopted by the Company. ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , issued June 2016 Changes the way entities recognize impairment of financial assets by requiring immediate recognition of estimated credit losses expected to occur over the remaining life of the financial asset. Additional disclosures are required regarding an entity’s assumptions, models and methods for estimating the expected credit loss. New Accounting Standards Not Yet Adopted We are currently evaluating the impact on our financial statements of the following ASUs: Standard Description ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , issued March, 2020 Along with ASU 2021-01, Reference Rate Reform (Topic 848): Scope , provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in these ASUs are effective for all entities through December 31, 2022. ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans , issued August, 2018 Modifies disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. This ASU is effective for fiscal years beginning after December 15, 2020 and is to be applied using a retrospective approach for all periods presented. Early adoption is permitted. No other new accounting pronouncements issued had, or are expected to have, a material impact of the Company’s consolidated financial statements. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue [Abstract] | |
Revenue | 3. Revenue Revenues disaggregated by geography and reportable segment for the year ended December 31, 2020, follow: (Dollars in thousands) EMEA United States Asia Pacific Latin America Total Functional Coatings $ 267,041 $ 195,027 $ 100,727 $ 45,397 $ 608,192 Color Solutions 129,222 146,434 40,221 34,885 350,762 Total net sales $ 396,263 $ 341,461 $ 140,948 $ 80,282 $ 958,954 Revenues disaggregated by geography and reportable segment for the year ended December 31, 2019, follow: (Dollars in thousands) EMEA United States Asia Pacific Latin America Total Functional Coatings $ 295,198 $ 197,494 $ 101,521 $ 50,570 $ 644,783 Color Solutions 136,934 161,773 37,485 33,482 369,674 Total net sales $ 432,132 $ 359,267 $ 139,006 $ 84,052 $ 1,014,457 Revenues disaggregated by geography and reportable segment for the year ended December 31, 2018, follow: (Dollars in thousands) EMEA United States Asia Pacific Latin America Total Functional Coatings $ 324,092 $ 207,012 $ 100,329 $ 52,236 $ 683,669 Color Solutions 142,102 172,901 41,642 34,382 391,027 Total net sales $ 466,194 $ 379,913 $ 141,971 $ 86,618 $ 1,074,696 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | 4. Discontinued Operations During the fourth quarter of 2019, substantially all of the assets and liabilities of our Tile Coatings business were classified as held-for-sale in the accompanying consolidated balance sheets. We entered into a definitive agreement to sell our Tile Coatings business which has historically been a part of our Performance Coatings reportable segment. Therefore, the associated operating results, net of income tax, have been classified as discontinued operations in the accompanying consolidated statements of operations for all periods presented. On February 25, 2021, we completed the sale of our Tile Coatings business to Pigments Spain, S.L., a company of the Esmalglass-Itaca-Fritta group (the “Buyer”), which is a portfolio company of certain Lone Star Funds, for $ 460.0 million in cash, subject to post-closing adjustments. The transaction resulted in net proceeds of approximately $ 420.0 million after expenses. We entered into a Transition Services Agreement (“TSA”) with the Buyer, which is designed to facilitate an orderly transfer of business operations. The services provided under the TSA will terminate within at various times between six to twelve months. Except for customary post-closing adjustments and transition services, we have no continuing involvement with the Buyer subsequent to the completion of the sale. The table below summarizes results for the Tile Coatings business for the year ended December 31, 2020, 2019 and 2018 which are reflected in our consolidated statements of operations as discontinued operations. Interest expense has been allocated to the discontinued operations based on the ratio of net assets of the business to consolidated net assets excluding debt. (Dollars in thousands) 2020 2019 2018 Net sales $ 440,501 $ 491,493 $ 537,712 Cost of sales 327,505 388,959 420,168 Gross profit 112,996 102,534 117,544 Selling, general and administrative expenses 72,033 71,591 58,858 Restructuring and impairment charges 2,290 44,378 6,179 Interest expense 10,650 11,556 12,835 Interest earned ( 184 ) ( 122 ) ( 125 ) Foreign currency losses (gains), net 6,608 ( 2,397 ) 1,852 Miscellaneous expense, net 2,281 2,127 3,896 Income (loss) from discontinued operations before income taxes 19,318 ( 24,599 ) 34,049 Income tax expense 5,315 2,812 9,153 Income (loss) from discontinued operations, net of income taxes 14,003 ( 27,411 ) 24,896 Less: Net income attributable to noncontrolling interests 171 290 2 Net income (loss) attributable to Tile Coatings business $ 13,832 $ ( 27,701 ) $ 24,894 The following table summarizes the assets and liabilities which are classified as held-for-sale at December 31, 2020 and 2019: December 31, December 31, (Dollars in thousands) 2020 2019 Cash and cash equivalents $ 8,200 $ 8,200 Accounts receivable, net 211,548 156,645 Inventories 84,239 101,127 Other receivables 1,630 22,442 Other current assets 2,237 3,006 Current assets held-for-sale 307,854 291,420 Property, plant and equipment, net 108,145 96,762 Amortizable intangible assets, net 42,126 39,692 Deferred income taxes 12,267 14,425 Other non-current assets 6,384 7,052 Non-current assets held-for-sale 168,922 157,931 Total assets held-for-sale $ 476,776 $ 449,351  Loans payable and current portion of long-term debt $ 3,927 $ 3,678 Accounts payable 85,308 96,998 Accrued payrolls 5,946 4,838 Accrued expenses and other current liabilities 12,364 28,266 Current liabilities held-for-sale 107,545 133,780 Long-term debt, less current portion 56,359 25,805 Postretirement and pension liabilities 8,119 7,473 Other non-current liabilities 6,671 5,063 Non-current liabilities held-for-sale 71,149 38,341 Total liabilities held-for-sale $ 178,694 $ 172,121 The following table summarizes cash flow data relating to discontinued operations for the years ended December 31, 2020, 2019 and 2018: (Dollars in thousands) 2020 2019 2018 Depreciation $ — $ 11,264 $ 10,778 Amortization of intangible assets — 3,192 3,219 Capital expenditures ( 4,713 ) ( 9,965 ) ( 5,830 ) Non-cash operating activities - fixed asset impairment — — — Non-cash operating activities - goodwill impairment — 42,515 — Non-cash operating activities - restructuring 1,080 127 — Non-cash investing activities - capital expenditures, consisting of unpaid capital expenditure liabilities at year end 1,493 1,087 5,926 |
Aquisitions
Aquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Acquisitions [Abstract] | |
Acquisitions | 5. Acquisitions Quimicer, S.A. On October 1, 2018, the Company acquired 100 % of the equity interests of Quimicer, S.A. (“Quimicer”), for € 32.2 million (approximately $ 37.4 million), including the assumption of debt of € 5.2 million (approximately $ 6.1 million) . Its products include frits, varnishes, silk-screen printing pastes, crushed frits, pellets, atomized varnishes, and ceramic colors, as well as pigmented inks for digital printing on ceramic tiles within the legacy Performance Coatings reportable segment. The information included herein has been prepared based on the allocation of the purchase price using fair value and useful lives of the assets acquired and liabilities assumed, which were determined with the assistance of third parties who performed independent valuations using discounted cash flow and comparative market approaches, and estimates made by management. The Company recorded $ 21.5 million of personal and real property, $ 15.9 million of net working capital, $ 3.0 million of goodwill and $ 3.0 million of deferred tax liability on the consolidated balance sheets. During the third quarter of 2019, the Company recorded a goodwill impairment charge of $ 3.0 million as a result of the finalization of purchase accounting. During the fourth quarter of 2019, substantially all of the assets and liabilities of Quimicer were classified as held-for-sale in the accompanying consolidated balance sheets and associated operating results, net of income tax, classified as discontinued operations in the accompanying consolidated statements of operations in conjunction with the planned sale of the Tile Coatings business discussed in Note 4. UWiZ Technology Co., Ltd. On September 25, 2018, the Company acquired 100 % of the equity interests of UWiZ Technology Co., Ltd. (“UWiZ”) for TWD 823.4 million (approximately $ 26.9 million) in cash . Its products include a range of slurry-based polishing products for the semiconductor and optoelectronics industry within the Color Solutions reportable segment. The information included herein has been prepared based on the allocation of the purchase price using fair value and useful lives of the assets acquired and liabilities assumed, which were determined with the assistance of third parties who performed independent valuations using discounted cash flow and comparative market approaches, and estimates made by management. The Company recorded $ 12.5 million of net working capital, $ 7.1 million of goodwill, $ 6.6 million of amortizable intangible assets, $ 2.4 million of personal and real property and $ 1.7 million of deferred tax liability on the consolidated balance sheets. Ernst Diegel GmbH On August 31, 2018, the Company acquired 100 % of the equity interests of Ernst Diegel GmbH (“Diegel”), including the real property of a related party, for 12.1 million euros (approximately $ 14.0 million) in cash . Its products include decorative coatings for glass and high-performance plastics coatings, primarily in automotive applications within the Functional Coatings reportable segment. The information included herein has been prepared based on the allocation of the purchase price using the fair value and useful lives of the assets acquired and liabilities assumed, which were determined with the assistance of third parties who performed independent valuations using discounted cash flow and comparative market approaches, and estimates made by management. The Company recorded $ 7.0 million of personal and real property, $ 4.8 million of net working capital, $ 2.0 million of amortizable intangible assets, $ 1.7 million of goodwill and $ 1.5 million of deferred tax liability on the consolidated balance sheets. MRA Laboratories, Inc. On July 12, 2018, the Company acquired 100 % of the equity interests of MRA Laboratories, Inc. (“MRA”) for $ 16.0 million in cash . Its products include dielectrics and electronic ink products for passive component applications within the Functional Coatings reportable segment. The information included herein has been prepared based on the allocation of the purchase price using the fair value and useful lives of the assets acquired and liabilities assumed, which were determined with the assistance of third parties who performed independent valuations using discounted cash flow and comparative market approaches, and estimates made by management. The Company recorded $ 7.2 million of goodwill, $ 6.7 million of amortizable intangible assets, $ 3.4 million of net working capital, $ 1.6 million of deferred tax liability and $ 0.3 million of personal and real property on the consolidated balance sheets. PT Ferro Materials Utama On June 29, 2018, the Company acquired 66 % of the equity interests of PT Ferro Materials Utama (“FMU”) for $ 2.7 million in cash, in addition to the forgiveness of debt of $ 9.2 million, bringing our total ownership to 100 %. Its products include additives and ceramics color products within the legacy Performance Coatings reportable segment. The Company previously recorded its investment in FMU as an equity method investment, and following this transaction, the Company fully consolidates FMU. Due to the change of control that occurred, the Company recorded a gain on purchase of $ 2.6 million, which is recorded in Miscellaneous expense (income), net, related to the difference between the Company’s carrying value and fair value of the previously held equity method investment during the second quarter of 2018. During the fourth quarter of 2019, substantially all of the assets and liabilities of FMU were classified as held-for-sale in the accompanying consolidated balance sheets and associated operating results, net of income tax, classified as discontinued operations in the accompanying consolidated statements of operations in conjunction with the planned sale of the Tile Coatings business discussed in Note 4. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventories [Abstract] | |
Inventories | 6. Inventories Inventory at December 31 consisted of the following: (Dollars in thousands) 2020 2019 Raw materials $ 81,344 $ 80,176 Work in process 48,770 49,717 Finished goods 130,218 134,583 Total inventories $ 260,332 $ 264,476 In the production of some of our products, we use precious metals, some of which we obtain from financial institutions under consignment agreements with terms of one year or less. The financial institutions retain ownership of the precious metals and charge us fees based on the amounts we consign. These fees were $ 2.9 million for 2020, $ 3.1 million for 2019, and $ 2.1 million for 2018. We had on hand precious metals owned by participants in our precious metals consignment program of $ 87.2 million at December 31, 2020 and $ 66.2 million at December 31, 2019, measured at fair value based on market prices for identical assets. |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant And Equipment [Abstract] | |
Property, Plant And Equipment | 7. Property, Plant and Equipment Property, Plant and Equipment at December 31 consisted of the following: (Dollars in thousands) 2020 2019 Land $ 38,283 $ 36,628 Buildings 176,306 157,862 Machinery and equipment 472,323 431,189 Construction in progress 76,800 92,460 Total property, plant and equipment 763,712 718,139 Total accumulated depreciation ( 448,382 ) ( 415,467 ) Property, plant and equipment, net $ 315,330 $ 302,672 Depreciation expense was $ 27.8 million for 2020, $ 28.3 million for 2019, and $ 27.3 million for 2018. Additional depreciation expense of $ 11.3 million for 2019, and $ 10.8 million for 2018 were classified within Income (loss) from discontinued operations, net of income taxes. Noncash investing activities for capital expenditures, consisting of new capital leases during the year and unpaid capital expenditure liabilities at year end, were $ 5.3 million for 2020, $ 3.5 million for 2019, and $ 7.7 million for 2018. As discussed in Note 4, the assets of our Tile Coatings business have been classified as held-for-sale under ASC Topic 360; Property, Plant and Equipment ; until the ultimate sale of the business. As such, at each historical reporting date, these assets were tested for impairment comparing the fair value of the assets less costs to sell to the carrying value. The fair value was determined using both the market approach and income approach, utilizing Level 3 measurements within the fair value hierarchy, which indicated the fair value less costs to sell exceeded the carrying value. As a result, we recorded no impairment charges related to property, plant and equipment as a result of the analysis. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill And Other Intangible Assets | 8. Goodwill and Other Intangible Assets Details and activity in the Company’s goodwill by segment are as follows: Functional Color (Dollars in thousands) Coatings Solutions Total Goodwill, net at December 31, 2018 $ 122,411 $ 50,545 $ 172,956 Foreign currency adjustments ( 506 ) ( 238 ) ( 744 ) Goodwill, net at December 31, 2019 $ 121,905 $ 50,307 $ 172,212 Foreign currency adjustments 1,665 1,474 3,139 Goodwill, net at December 31, 2020 $ 123,570 $ 51,781 $ 175,351 December 31, December 31, (Dollars in thousands) 2020 2019 Goodwill, gross $ 233,818 $ 230,679 Accumulated impairment losses ( 58,467 ) ( 58,467 ) Goodwill, net $ 175,351 $ 172,212 During the fourth quarter of 2020 and 2019, we performed our annual goodwill impairment testing. The test entailed comparing the fair value of our reporting units to their carrying value as of the measurement date of October 31, 2020 and October 31, 2019, respectively. We performed step 1 of the annual impairment test as defined in ASC Topic 350, Intangibles - Goodwill and Other . We estimate fair values of the reporting units using the average of both the income approach and the market approach, which we believe provides a reasonable estimate of the reporting units’ fair values, unless facts and circumstances exist that indicate more representative fair values. The income approach uses projected cash flows attributable to the reporting units and allocates certain corporate expenses to the reporting units. We use historical results, trends and our projections of market growth, internal sales efforts and anticipated cost structure assumptions to estimate future cash flows. Using a risk-adjusted, weighted-average cost of capital, we discount the cash flow projections to the measurement date. As a result of the 2020 assessment, there were no impairment indicators. The significant assumptions used in our impairment analysis of goodwill are the weighted-average cost of capital and revenue growth rates. D uring our 2020 and 2019 assessments, the result of the goodwill impairment test was that there were no indicators of impairment associated with our continuing operations. The Company is not aware of any events or circumstances that occurred between the annual assessment date and December 31, 2020, which would require further testing of goodwill for impairment. During 2019, the assets pertaining to our Tile Coatings business were classified as held-for-sale and the goodwill was immaterial at December 31, 2020 and 2019. At December 31, 2018, $ 43.5 million of goodwill, net was classified as Non-current assets held-for-sale. Refer to Note 4 for additional information on our Tile Coatings business classified as held-for-sale. During 2019, the Company recorded goodwill impairment charges of $ 42.5 million within our Tile Coatings business, which is included in Net income from discontinued operations, net of taxes. The fair value of the assets within the Tile Coatings business was valued below its carrying value, resulting in a $ 33.5 million goodwill impairment charge in the fourth quarter of 2019. There were additional $ 5.9 million and $ 3.1 million of goodwill impairment charges in the second and third quarter of 2019, respectively, which was a result of the finalization of purchase accounting of the Quimicer, FMU, and Gardenia acquisitions . A mortizable intangible assets at December 31 consisted of the following: Estimated (Dollars in thousands) Economic Life 2020 2019 Gross amortizable intangible assets: Patents 10 - 16 years $ 5,589 $ 5,434 Land rights 20 - 40 years 3,173 2,900 Technology/know-how and other 1 - 30 years 116,015 112,940 Customer relationships 10 - 20 years 68,142 66,454 Total gross amortizable intangible assets 192,919 187,728 Accumulated amortization: Patents ( 5,566 ) ( 5,413 ) Land rights ( 1,630 ) ( 1,378 ) Technology/know-how and other ( 61,104 ) ( 50,973 ) Customer relationships ( 18,317 ) ( 14,831 ) Total accumulated amortization ( 86,617 ) ( 72,595 ) Amortizable intangible assets, net $ 106,302 $ 115,133 We amortize amortizable intangible assets on a straight-line basis over the estimated useful lives of the assets. Amortization expense related to amortizable intangible assets was $ 12.0 million for 2020, $ 13.0 million for 2019, and $ 12.6 million for 2018. Amortization expense for amortizable intangible assets is expected to be approximately $ 12.7 million for 2021, $ 11.4 million for 2022, $ 11.3 million for 2023, $ 11.1 million for 2024, and $ 11.0 million for 2025. Indefinite-lived intangible assets at December 31 consisted of the following: (Dollars in thousands) 2020 2019 Indefinite-lived intangibles assets: Trade names and trademarks $ 13,198 $ 12,682 |
Debt And Other Financing
Debt And Other Financing | 12 Months Ended |
Dec. 31, 2020 | |
Debt And Other Financing [Abstract] | |
Debt And Other Financing | 9. Debt and Other Financing Loans payable and current portion of long-term debt at December 31 consisted of the following: (Dollars in thousands) 2020 2019 Current portion of long-term debt $ 8,839 $ 8,703 Loans payable and current portion of long-term debt $ 8,839 $ 8,703 Long-term debt at December 31 consisted of the following: (Dollars in thousands) 2020 2019 Term loan facility, net of unamortized issuance costs, maturing 2024 (1) $ 793,731 $ 801,764 Capital lease obligations 2,911 2,305 Other notes 3,706 3,496 Total long-term debt 800,348 807,565 Current portion of long-term debt ( 8,839 ) ( 8,703 ) Long-term debt, less current portion $ 791,509 $ 798,862 (1) The carrying value of the term loan facility, maturing 2024, is net of unamortized debt issuance costs of $ 3.7 million at December 31, 2020 and $ 3.9 million at December 31, 2019. The annual maturities of long-term debt for each of the five years after December 31, 2020, are as follows (in thousands): 2021 $ 9,116 2022 9,095 2023 8,957 2024 773,652 2025 691 Thereafter 3,309 Total maturities of long-term debt 804,820 Unamortized issuance costs on Term loan facility ( 3,719 ) Imputed interest and executory costs on capitalized lease obligations ( 753 ) Total long-term debt $ 800,348 Amended Credit Facility On April 25, 2018, the Company entered into an amendment (the “Amended Credit Facility”) to its existing credit facility (the “Credit Facility”), which Amended Credit Facility (a) provided a new revolving facility (the “2018 Revolving Facility”), which replaced the Company’s existing revolving facility, (b) repriced the (“Tranche B-1 Loans”), and (c) provided new tranches of term loans (“Tranche B-2 Loans” and “Tranche B-3 Loans”) denominated in U.S. dollars. The Amended Credit Facility will be used for ongoing working capital requirements and general corporate purposes. The Tranche B-2 Loans are borrowed by the Company and the Tranche B-3 Loans are borrowed on a joint and several basis by Ferro GmbH and Ferro Europe Holdings LLC. The Amended Credit Facility consists of a $ 500 million secured revolving line of credit with a maturity of February 14, 2023 , a $ 355 million secured term loan facility with a maturity of February 14, 2024 , a $ 235 million secured term loan facility with a maturity of February 14, 2024 and a $ 230 million secured term loan facility with a maturity of February 14, 2024 . The term loans are payable in equal quarterly installments in an amount equal to 0.25 % of the original principal amount of the term loans, with the remaining balance due on the maturity date thereof. In addition, the Company is required, on an annual basis, to make a prepayment in an amount equal to a portion of the Company’s excess cash flow, as calculated pursuant to the Amended Credit Facility, which prepayment will be applied first to the term loans until they are paid in full, and then to the revolving loans. Subject to the satisfaction of certain conditions, the Company can request additional commitments under the revolving line of credit or term loans in the aggregate principal amount of up to $ 250 million to the extent that existing or new lenders agree to provide such additional commitments and/or term loans. The Company can also raise certain additional debt or credit facilities subject to satisfaction of certain covenant levels. Certain of the Company’s U.S. subsidiaries have guaranteed the Company’s obligations under the Amended Credit Facility and such obligations are secured by (a) substantially all of the personal property of the Company and the U.S. subsidiary guarantors and (b) a pledge of 100 % of the stock of certain of the Company’s U.S. subsidiaries and 65 % of the stock of certain of the Company’s direct foreign subsidiaries. The Tranche B-3 Loans are guaranteed by the Company, the U.S. subsidiary guarantors and a cross-guaranty by the borrowers of the Tranche B-3 Loans, and are secured by the collateral securing the revolving loans and the other term loans, in addition to a pledge of the equity interests of Ferro GmbH. Interest Rate – Term Loans: The interest rates applicable to the term loans will be, at the Company’s option, equal to either a base rate or a LIBOR rate plus, in both cases, an applicable margin.  The base rate for term loans will be the highest of (i) the federal funds rate plus 0.50 %, (ii) syndication agent’s prime rate, (iii) the daily LIBOR rate plus 1.00 % or (iv) 0.00 %. The applicable margin for base rate loans is 1.25 %.  The LIBOR rate for term loans shall not be less than 0.0% and the applicable margin for LIBOR rate term loans is 2.25 %.  For LIBOR rate term loans, the Company may choose to set the duration on individual borrowings for periods of one, two, three or six months, with the interest rate based on the applicable LIBOR rate for the corresponding duration. At December 31, 2020, the Company had borrowed $ 345.2 million under the Tranche B-1 Loans at an interest rate of 2.50 %, $ 228.5 million under the Tranche B-2 Loans at an interest rate of 2.50 %, and $ 223.7 million under the Tranche B-3 Loans at an interest rate of 2.50 %. At December 31, 2020, there were no additional borrowings available under the Tranche B-1 Loans, Tranche B-2 Loans, and Tranche B-3 Loans. In connection with these borrowings, we entered into swap agreements in the second quarter of 2018. At December 31, 2020, the effective interest rate for the Tranche B-1 Loans, Tranche B-2 Loans, and Tranche B-3 Loans, after adjusting for the interest rate swap, was 4.93 %, 2.50 %, and 2.48 %, respectively. At December 31, 2019, the Company had borrowed $ 348.8 million under the Tranche B-1 Loans at an interest rate of 4.19 %, $ 230.9 million under the Tranche B-2 Loans at an interest rate of 4.19 %, and $ 226.0 million under the Tranche B-3 Loans at an interest rate of 4.19 %. At December 31, 2019, there were no additional borrowings available under the Tranche B-1 Loans, Tranche B-2 Loans, and Tranche B-3 Loans. In connection with these borrowings, we entered into swap agreements in the second quarter of 2018. At December 31, 2019, the effective interest rate for the Tranche B-1 Loans, Tranche B-2 Loans, and Tranche B-3 Loans, after adjusting for the interest rate swap, was 5.10 %, 2.96 %, and 2.48 %, respectively. Interest Rate – Revolving Credit Line: The interest rates applicable to loans under the 2018 Revolving Credit Facility will be, at the Company’s option, equal to either a base rate or a LIBOR rate plus, in both cases, an applicable variable margin. The variable margin will be based on the ratio of (a) the Company’s total consolidated net debt outstanding (as defined in the Amended Credit Agreement) at such time to (b) the Company’s consolidated EBITDA (as defined in the Amended Credit Agreement) computed for the period of four consecutive fiscal quarters most recently ended.  The base rate for revolving loans will be the highest of (i) the federal funds rate plus 0.50 %, (ii) the syndication agent’s prime rate, (iii) the daily LIBOR rate plus 1.00 % or (iv) 0.00 %. The applicable margin for base rate loans will vary between 0.50 % to 1.50 %.  The LIBOR rate for revolving loans shall not be less than 0 % and the applicable margin for LIBOR rate revolving loans will vary between 1.50 % and 2.50 %.  For LIBOR rate revolving loans, the Company may choose to set the duration on individual borrowings for periods of one, two, three or six months, with the interest rate based on the applicable LIBOR rate for the corresponding duration. At December 31, 2020, there were no borrowings under the 2018 Revolving Credit Facility. After reductions for outstanding letters of credit secured by these facilities, we had $ 495.8 million of borrowings available under the revolving credit facilities at December 31, 2020. The Amended Credit Facility contains customary restrictive covenants including, but not limited to, limitations on use of loan proceeds, limitations on the Company’s ability to pay dividends and repurchase stock, limitations on acquisitions and dispositions, and limitations on certain types of investments. The Amended Credit Facility also contains standard provisions relating to conditions of borrowing and customary events of default, including the non-payment of obligations by the Company and the bankruptcy of the Company. Specific to the 2018 Revolving Facility, the Company is subject to a financial covenant regarding the Company’s maximum leverage ratio. If an event of default occurs, all amounts outstanding under the Amended Credit Facility agreement may be accelerated and become immediately due and payable. At December 31, 2020, we were in compliance with the covenants of the Amended Credit Facility. As noted in Note 4, on February 25, 2021, we completed the sale of our Tile Coatings business. Proceeds from the close of the transaction, in addition to current cash balances, were used to pay down our term loan facility in the amount of $ 435.0 million on February 25, 2021. The debt pay-down reduced outstanding amounts of the Tranche B-1 Loans, Tranche B-2 Loans, and Tranche B-3 Loans, by $ 188.3 million, $ 124.7 million and $ 122.0 million, respectively. Credit Facility On February 14, 2017, the Company entered into a credit facility (the “Credit Facility”) with a group of lenders to refinance its then outstanding credit facility debt and to provide liquidity for ongoing working capital requirements and general corporate purposes. The Credit Facility consisted of a $ 400 million secured revolving line of credit with a term of five year s, a $ 357.5 million secured term loan facility with a term of seven year s and a € 250 million secured Euro term loan facility with a term of seven year s. The term loans were payable in equal quarterly installments in an amount equal to 0.25 % of the original principal amount of the term loans, with the remaining balance due on the maturity date thereof. In addition, the Company was required, on an annual basis, to make a prepayment of term loans until they were fully paid and then to the revolving loans in an amount equal to a portion of the Company’s excess cash flow, as calculated pursuant to the Credit Facility. In conjunction with the refinancing of the Credit Facility in April, 2018, as discussed above, we recorded a charge of $ 3.2 million in connection with the write-off of unamortized issuance costs, which is recorded within Loss on extinguishment of debt in our consolidated statement of operations for the year ended December 31, 2018. Receivable Sales Programs We have several international programs to sell without recourse trade accounts receivable to financial institutions. During the third quarter of 2020, these programs were amended to include a domestic program. These transactions are treated as a sale and are accounted for as a reduction in accounts receivable because the agreements transfer effective control over and risk related to the receivables to the buyers. The Company continues to service the receivables sold in exchange for a fee. The servicing fee for the years ended December 31, 2020, 2019 and 2018, was immaterial. The program, whose maximum capacity is € 85 million, is scheduled to expire on December 31, 2023 . Generally, at the transfer date, the Company receives cash equal to approximately 85 % of the value of the sold receivable. Cash proceeds at the transfer date from these arrangements are reflected in operating activities in our consolidated statement of cash flows. The proceeds from the deferred purchase price are reflected in investing activities. The outstanding principal amount of receivables sold under this program , which has not yet been collected from the customer, was $ 24.5 million at December 31, 2020 and $ 19.3 million at December 31, 2019. The carrying amount of the deferred purchase was $ 9.8 million and $ 6.6 million at December 31, 2020 and December 31, 2019, respectively, and is recorded in Other receivables. As discussed in Note 4, during the fourth quarter of 2019, we entered into a definitive agreement to sell our Tile Coatings business. As such, our Tile Coatings business was classified as held-for-sale. At December 31, 2019, outstanding principal amount of receivables sold under this program , which has not yet been collected from the customer and which pertained to the Tile Coatings business, was $ 52.6 million. The carrying amount of the deferred purchase price at December 31, 2019 was $ 20.5 million , and, at December 31, 2020, no amount remained . Both are recorded in Current assets held-for-sale in our consolidated balance sheets. (Dollars in thousands) 2020 2019 Trade accounts receivable sold to financial institutions $ 340,516 $ 59,293 Cash proceeds from financial institutions (1) 241,937 39,958 Trade accounts receivable collected to be remitted (2) 35,982 12,817 (1) Excluded from the table above, in 2020 and 2019, our Tile Coatings business received cash proceeds from financial institutions of $ 47.3 million and $ 131.5 million, respectively. Refer to Note 4 for additional discussion of the Tile Coatings business and its classification as discontinued operations. (2) Included in Accrued expense and other current liabilities. During 2019, trade accounts receivable collected to be remitted of $ 12.8 million, which pertained to the Tile Coatings business, was excluded from the table above and is included in Current liabilities held-for-sale in our consolidated balance sheets. Other Financing Arrangements We maintain other lines of credit to provide global flexibility for Ferro’s short-term liquidity requirements. These facilities are uncommitted lines for our international operations and totaled $ 28.1 million at December 31, 2020 and December 31, 2019. The unused portions of these lines provided additional liquidity of $ 25.0 million at December 31, 2020 and December 31, 2019. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments [Abstract] | |
Financial Instruments | 10. Financial Instruments The following table presents financial instrument assets (liabilities) at the carrying amount, fair value and classification within the fair value hierarchy: December 31, 2020 Carrying Fair Value (Dollars in thousands) Amount Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 174,077 $ 174,077 $ 174,077 $ — $ — Term loan facility - Amended Credit Facility (1) ( 793,731 ) ( 783,143 ) — ( 783,143 ) — Other long-term notes payable ( 3,706 ) ( 1,887 ) — ( 1,887 ) — Cross currency swaps ( 5,162 ) ( 5,162 ) — ( 5,162 ) — Interest rate swaps ( 24,694 ) ( 24,694 ) — ( 24,694 ) — Foreign currency forward contracts, net 2,019 2,019 — 2,019 — December 31, 2019 Carrying Fair Value (Dollars in thousands) Amount Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 96,202 $ 96,202 $ 96,202 $ — $ — Term loan facility - Credit Facility (1) ( 801,764 ) ( 799,750 ) — ( 799,750 ) — Other long-term notes payable ( 3,496 ) ( 1,557 ) — ( 1,557 ) — Cross currency swaps 22,111 22,111 — 22,111 — Interest rate swaps ( 14,698 ) ( 14,698 ) — ( 14,698 ) — Foreign currency forward contracts, net 601 601 — 601 — (1) The carrying values of the term loan facilities are net of unamortized debt issuance costs of $ 3.7 million and $ 3.9 million for the period ended December 31, 2020, and December 31, 2019, respectively. The fair values of cash and cash equivalents are based on the fair values of identical assets. The fair values of loans payable are based on the present value of expected future cash flows and approximate their carrying amounts due to the short periods to maturity. The fair value of the term loan facility is based on market price information and is measured using the last available bid price of the instrument on a secondary market. The revolving credit facility and other long-term notes payable are based on the present value of expected future cash flows and interest rates that would be currently available to the Company for issuance of similar types of debt instruments with similar terms and remaining maturities adjusted for the Company's performance risk. The fair values of our interest rate swaps and cross currency swaps are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. The fair values of the foreign currency forward contracts are based on market prices for comparable contracts. Derivative Instruments The Company may use derivative instruments to partially offset its business exposure to foreign currency and interest rate risk on expected future cash flows, on net investment in certain foreign subsidiaries and on certain existing assets and liabilities. However, the Company may choose not to hedge in countries where it is not economically feasible to enter into hedging arrangements or where hedging inefficiencies exist, such as timing of transactions. Derivatives Designated as Hedging Instruments Cash Flow Hedges. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is recorded as a component of AOCL and reclassified into earnings in the same period during which the hedged transaction affects earnings. The Company utilizes interest rate swaps to limit exposure to market fluctuations on floating-rate debt. During the second quarter of 2017, the Company entered into interest rate swap agreements that converted $ 150 million and € 90 million of our term loans from variable interest rates to fixed interest rates. These swaps qualified for, and were designated as, cash flow hedges. The interest rate swap agreements were terminated in the second quarter of 2018 in connection with the refinancing of the Credit Facility. During the second quarter of 2018, the Company entered into variable to fixed interest rate swaps with a maturity date of February 14, 2024 . The notional amount was $ 311.2 million at December 31, 2020. These swaps are hedging risk associated with the Tranche B-1 Loans. These interest rate swaps are designated as cash flow hedges. As of December 31, 2020, the Company expects it will reclassify net losses of approximately $ 8.5 million, currently recorded in AOCL, into interest expense in earnings within the next twelve months. However, the actual amount reclassified could vary due to future changes in the fair value of these derivatives. The Company has converted a U.S. dollar denominated, variable rate debt obligation into a Euro fixed rate obligation using receive-float, pay-fixed cross currency swaps in the second quarter of 2018. These swaps are hedging currency and interest rate risk associated with the Tranche B-3 Loans. These cross currency swaps are designated as cash flow hedges. The notional amount was $ 223.7 million at December 31, 2020, with a maturity date of February 14, 2024 . The spot to spot change is recorded in Foreign currency losses, net, to offset the gain or loss recognized on the foreign denominated debt. As of December 31, 2020, the Company expects it will reclassify net losses of approximately $ 0.1 million , currently recorded in AOCL, into interest expense in earnings within the next twelve months. However, the actual amount reclassified could vary due to future changes in the fair value of these derivatives. The amount of gain (loss) recognized in AOCL and the amount of loss (gain) reclassified into earnings for the year ended December 31, 2020 and 2019, follow: Amount of Loss (Gain) Amount of Gain (Loss) Reclassified from Location of Gain (Loss) Recognized in AOCL AOCL into Income Reclassified from (Dollars in thousands) 2020 2019 2020 2019 AOCL into Income Interest rate swaps $ ( 16,274 ) $ ( 11,050 ) $ ( 4,757 ) $ ( 441 ) Interest expense Cross currency swaps ( 18,415 ) 8,319 2,137 5,844 Interest expense $ ( 2,620 ) $ 5,403 Total Interest expense Cross currency swaps ( 19,845 ) 4,759 Foreign currency losses, net $ ( 19,845 ) $ 4,759 Total Foreign currency losses, net The total amounts of expense and the respective line items in which the effect of cash flow hedges is presented in the condensed consolidated statement of operations for the year ended December 31, 2020 and 2019, are as follows: (Dollars in thousands) 2020 2019 Interest expense $ 21,880 $ 24,302 Foreign currency losses, net 3,627 9,166 Net Investment Hedge. For derivatives that are designated and qualify as net investment hedges, the gain or loss on the derivative is reported as a component of the currency translation adjustment in AOCL. These cross currency swaps are designated as hedges of our net investment in European operations. Time value is excluded from the assessment of effectiveness and the amount of interest paid or received on the swaps will be recognized as an adjustment to interest expense in earnings over the life of the swaps. In the second quarter of 2017, the Company designated a portion of its Euro denominated debt as a net investment hedge for accounting purposes. This net investment hedge was terminated in the second quarter of 2018. In the second quarter of 2018, the Company entered into cross currency swap agreements where we pay variable rate interest in Euros and receive variable rate interest in U.S. dollars. This net investment hedge was terminated in the fourth quarter of 2020. These swaps were hedging risk associated with the net investment in Euro denominated operations due to fluctuating exchange rates and are designated as net investment hedges. The changes in the fair value of these designated cross-currency swaps were recognized in AOCL. The amount of gain (loss) on net investment hedges recognized in AOCL, the amount reclassified into earnings and the amount of gain recognized in income on derivative (amount excluded from effectiveness testing) for the year ended December 31, 2020 and 2019, follow: Amount of Gain Recognized in Income on Amount of Gain (Loss) Derivative (Amount Excluded Recognized in AOCL from Effectiveness Testing) Location of Gain (Dollars in thousands) 2020 2019 2020 2019 in Earnings Cross currency swaps $ ( 7,655 ) $ 6,330 $ 1,468 $ 3,688 Interest expense Derivatives Not Designated as Hedging Instruments Foreign currency forward contracts. We manage foreign currency risks principally by entering into forward contracts to mitigate the impact of currency fluctuations on transactions. These forward contracts are not formally designated as hedges. Gains and losses on these foreign currency forward contracts are netted with gains and losses from currency fluctuations on transactions arising from international trade, primarily intercompany transactions, and reported as Foreign currency losses, net in the consolidated statements of operations. We incurred net gains of $ 6.6 million in 2020, net losses of $ 2.5 million in 2019, and approximately zero in 2018, arising from the change in fair value of our financial instruments, which are netted against the related net gains and losses on international trade transactions. The fair values of these contracts are based on market prices for comparable contracts. The notional amount of foreign currency forward contracts was $ 494.2 million at December 31, 2020 and $ 625.9 million at December 31, 2019. The following table presents the effect on our consolidated statements of operations for the years ended December 31, 2020, 2019 and 2018, respectively, of foreign currency forward contracts: Amount of Gain (Loss) Recognized in Earnings (Dollars in thousands) 2020 2019 2018 Location of Gain (Loss) in Earnings Foreign currency forward contracts $ 6,589 $ ( 2,462 ) $ ( 12 ) Foreign currency losses, net Location and Fair Value Amount of Derivative Instruments The following table presents the fair values of our derivative instruments on our consolidated balance sheets at December 31, 2020 and 2019. All derivatives are reported on a gross basis. (Dollars in thousands) 2020 2019 Balance Sheet Location Cross currency swaps $ 9 $ 6,711 Other current assets Cross currency swaps — 15,400 Other non-current assets Foreign currency forward contracts 2,649 1,474 Other current assets Liability derivatives: Interest rate swaps $ ( 8,436 ) $ ( 3,723 ) Accrued expenses and other current liabilities Interest rate swaps ( 16,258 ) ( 10,975 ) Other non-current liabilities Cross currency swaps ( 67 ) — Accrued expenses and other current liabilities Cross currency swaps ( 5,104 ) — Other non-current liabilities Foreign currency forward contracts ( 630 ) ( 873 ) Accrued expenses and other current liabilities |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | 11. Income Taxes Income tax expense (benefit) is based on our earnings from continuing operations before income taxes as presented in the following table: (Dollars in thousands) 2020 2019 2018 U.S. $ 7,961 $ 18,709 $ 13,854 Foreign 36,940 24,082 56,089 Total $ 44,901 $ 42,791 $ 69,943 Our income tax expense (benefit) from continuing operations consists of the following components: (Dollars in thousands) 2020 2019 2018 Current: U.S. federal $ ( 3,298 ) $ 475 $ 449 Foreign 20,238 18,204 19,311 State and local 104 168 211 Total current 17,044 18,847 19,971 Deferred: U.S. federal 3,935 ( 3,832 ) 3,265 Foreign ( 6,856 ) ( 8,340 ) ( 9,157 ) State and local 738 1,290 ( 186 ) Total deferred ( 2,183 ) ( 10,882 ) ( 6,078 ) Total income tax expense (benefit) $ 14,861 $ 7,965 $ 13,893 In addition, income tax expense (benefit) that we allocated directly to Ferro Corporation shareholders’ equity is detailed in the following table: (Dollars in thousands) 2020 2019 2018 Interest rate swaps $ ( 2,848 ) $ ( 3,210 ) $ ( 1,529 ) Postretirement benefit liability adjustments 153 11 ( 32 ) Net investment hedge ( 2,113 ) 654 954 Foreign currency translations 44 27 — Total income tax (benefit) expense allocated to Ferro Corporation shareholders' equity $ ( 4,764 ) $ ( 2,518 ) $ ( 607 ) A reconciliation of the U.S. federal statutory income tax rate and our effective tax rate follows: 2020 2019 2018 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Foreign tax rate difference 7.2 9.8 7.4 Non-deductible expenses 4.5 4.4 2.9 Foreign currency 4.1 1.4 0.3 Global intangible low-taxed income, net 2.5 2.8 1.8 Tax rate changes 1.1 0.9 ( 3.0 ) State taxes 1.0 1.3 0.7 Foreign withholding taxes 0.7 1.3 1.0 Net adjustment of prior year accrual 1.3 ( 5.0 ) ( 4.2 ) Goodwill dispositions, impairments and amortization — ( 1.2 ) — Foreign derived intangible income deduction ( 0.7 ) ( 3.2 ) ( 1.6 ) Adjustment of valuation allowances ( 0.9 ) ( 16.1 ) ( 6.0 ) Other ( 1.7 ) 2.7 ( 2.5 ) Uncertain tax positions, net of tax audit settlements ( 2.6 ) 1.7 3.8 Tax credits ( 4.4 ) ( 3.2 ) ( 1.7 ) Effective tax rate 33.1 % 18.6 % 19.9 % We have refundable income taxes of $ 9.5 million at December 31, 2020 and $ 16.9 million at December 31, 2019, classified as Other receivables on our consolidated balance sheets. We also have income taxes payable of $ 16.0 million at December 31, 2020, and $ 8.4 million at December 31, 2019, classified as Accrued expenses and other current liabilities on our consolidated balance sheets. The components of deferred tax assets and liabilities at December 31, 2020 and 2019 were: (Dollars in thousands) 2020 2019 Deferred tax assets: Foreign operating loss carryforwards $ 36,631 $ 35,394 Pension and other benefit programs 41,968 39,633 Foreign tax credit carryforwards 12,306 11,423 Accrued liabilities 12,883 10,726 Other credit carryforwards 8,639 6,707 Disallowed interest 7,692 2,633 Other 7,217 8,528 State and local operating loss carryforwards 1,900 2,058 Inventories 2,879 2,366 Allowance for doubtful accounts 589 746 Currency differences 5,605 1,407 Total deferred tax assets 138,309 121,621 Deferred tax liabilities: Property, plant and equipment and intangibles -- depreciation and amortization 16,024 23,617 Unremitted earnings of foreign subsidiaries 1,903 1,594 Deferred gain 2,351 99 Other 2,030 2,016 Total deferred tax liabilities 22,308 27,326 Net deferred tax assets before valuation allowance 116,001 94,295 Valuation allowance ( 10,872 ) ( 10,447 ) Net deferred tax assets $ 105,129 $ 83,848 The amounts of foreign operating loss carryforwards, foreign tax credit carryforwards, and other credit carryforwards included in the table of temporary differences are net of reserves for unrecognized tax benefits. At December 31, 2020, we had $ 28.1 million of state and local operating loss carryforwards and $ 167.1 million of foreign operating loss carryforwards, which can be carried forward indefinitely and others expire in 1 to 20 years. At December 31, 2020, we had $ 22.6 million in tax credit carryforwards, some of which can be carried forward indefinitely . These operating loss carryforwards and tax credit carryforwards expire as follows: Operating Loss Tax Credit (Dollars in thousands) Carryforwards Carryforwards Expiring in: 2021 $ 3,612 $ 91 2022-2026 24,593 12,180 2027-2031 21,159 4,979 2032-2036 12,276 3,467 2037-2041 1,250 936 2042-Indefinitely 132,288 936 Total $ 195,178 $ 22,589 We assess the available positive and negative evidence to determine if sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant piece of objective negative evidence evaluated by jurisdiction was whether a cumulative loss over the three-year period ended December 31, 2020 had been incurred. Such objective evidence limits the ability to consider other subjective evidence such as our projections for future income. Based on this assessment as of December 31, 2020, the Company has recorded a valuation allowance of $ 10.9 million in order to measure only the portion of the deferred tax assets that more likely than not will be realized. We classified net deferred income tax assets as of December 31, 2020 and 2019 as detailed in the following table: (Dollars in thousands) 2020 2019 Non-current assets $ 115,962 $ 98,714 Non-current liabilities ( 10,833 ) ( 14,866 ) Net deferred tax assets $ 105,129 $ 83,848 Activity and balances of unrecognized tax benefits are summarized below: (Dollars in thousands) 2020 2019 2018 Balance at beginning of year $ 26,000 $ 24,869 $ 28,470 Additions based on tax positions related to the current year 153 3,425 4,041 Additions for tax positions of prior years 260 — 24 Reductions for tax positions of prior years ( 3,781 ) — ( 1,710 ) Reductions as a results of expiring statutes of limitations ( 1,394 ) ( 688 ) ( 420 ) Foreign currency adjustments 1,245 ( 660 ) ( 786 ) Settlements with taxing authorities — ( 946 ) ( 4,750 ) Balance at end of year $ 22,483 $ 26,000 $ 24,869 The total amount of unrecognized tax benefits that, if recognized, would affect the effective rate was $ 8.5 million at December 31, 2020, $ 8.7 million at December 31, 2019, and $ 9.2 million at December 31, 2018. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as part of income tax expense. The Company recognized $ 0.6 million of expense in 2020, $ 0.5 million of expense in 2019, and $ 0.4 million of expense in 2018 for interest, net of tax, and related penalties. The Company accrued $ 2.9 million at December 31, 2020, $ 2.9 million at December 31, 2019, and $ 1.8 million at December 31, 2018 for payment of interest, net of tax, and penalties. We anticipate that $ 7.0 million of liabilities for unrecognized tax benefits, including accrued interest and penalties, may be reversed within the next 12 months. These liabilities relate to international tax issues and are expected to reverse due to the expiration of the applicable statute of limitations periods and the anticipation of the closure of tax examinations. The Company conducts business globally, and, as a result, the U.S. parent company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the U.S. parent company and its subsidiaries are subject to examination by taxing authorities. With few exceptions, we are not subject to federal, state, local or non-U.S. income tax examinations for years before 2005. At December 31, 2020, we provided $ 1.9 million for deferred income taxes on $ 13.8 million of undistributed earnings of foreign subsidiaries that are not considered to be indefinitely reinvested. For certain other of the Company’s foreign subsidiaries, undistributed earnings of approximately $ 232.9 million are considered to be indefinitely reinvested, and we have not provided for deferred taxes on such earnings. We have not disclosed deferred income taxes on undistributed earnings of foreign subsidiaries where they are considered to be indefinitely reinvested, as it is not practicable to estimate the additional taxes that might be payable on the eventual remittance of such earnings, given the uncertain timing of when any such eventual remittance may occur, the significant number of foreign subsidiaries we have, the multiple layers within our legal entity structure, and the complexities of tax regulations across those foreign subsidiaries. |
Contingent Liabilities
Contingent Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Contingent Liabilities [Abstract] | |
Contingent Liabilities | 12. Contingent Liabilities The Company had bank guarantees and standby letters of credit issued by financial institutions that totaled $ 5.1 million at December 31, 2020 and $ 4.8 million at December 31, 2019. These agreements primarily relate to Ferro’s insurance programs, foreign energy purchase contracts and foreign tax payments. If the Company fails to perform its obligations, the guarantees and letters of credit may be drawn down by their holders, and we would be liable to the financial institutions for the amounts drawn. We have recorded environmental liabilities of $ 5.7 million at December 31, 2020 and $ 7.2 million at December 31, 2019, for costs associated with the remediation of certain of our current or former properties that have been contaminated. The balance at December 31, 2020 and December 31, 2019, were primarily comprised of liabilities related to a non-operating facility in Brazil, and for retained environmental obligations related to a site in the United States that was part of the sale of our North American and Asian metal powders product lines in 2013. These costs include, but are not limited to, legal and consulting fees, site studies, the design and implementation of remediation plans, post-remediation monitoring, and related activities. The ultimate liability could be affected by numerous uncertainties, including the extent of contamination found, the required period of monitoring, the ultimate cost of required remediation and other circumstances. In November 2017, Suffolk County Water Authority filed a complaint, Suffolk County Water Authority v. The Dow Chemical Company et al., against the Company and a number of other companies in the U.S. Federal Court for the Eastern District of New York with regard to the product 1,4 dioxane. The plaintiff alleges, among other things, that the Suffolk County water supply is contaminated with 1,4 dioxane and that the defendants are liable for unspecified costs of cleanup and remediation of the water supply, among other damages. The Company has not manufactured 1,4 dioxane since 2008, denies the allegations related to liability for the plaintiff’s claims, and is vigorously defending this proceeding. Since December 2018, additional complaints were filed in the same court by 25 other New York municipal water suppliers and in New York State Supreme Court by one water supplier against the Company and others making substantially similar allegations regarding the contamination of their respective water supplies with 1,4 dioxane. The Company is likewise vigorously defending these additional actions. The Company currently does not expect the outcome of these proceedings to have a material adverse impact on its consolidated financial condition, results of operations, or cash flows, net of any insurance coverage. However, it is not possible to predict the ultimate outcome of these proceedings due to the unpredictable nature of litigation. In addition to the proceedings described above, the Company and its consolidated subsidiaries are subject from time to time to various claims, lawsuits, investigations, and proceedings related to products, services, contracts, environmental, health and safety, employment, intellectual property, and other matters, including with respect to divested businesses. The outcome of such matters is unpredictable, our assessment of them may change, and resolution of them could have a material adverse effect on the Company’s consolidated financial position, results of operations, or cash flows. We do not currently expect the resolution of such matters to materially affect the consolidated financial position, results of operations, or cash flows of the Company. |
Retirement Benefits
Retirement Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | 13. Retirement Benefits Defined Benefit Pension Plans U.S. Pension Plans Non-U.S. Plans (Dollars in thousands) 2020 2019 2018 2020 2019 2018 Service cost $ 10 $ 10 $ 11 $ 1,555 $ 1,410 $ 1,392 Interest cost 9,479 11,787 11,308 1,788 2,264 2,166 Expected return on plan assets ( 14,782 ) ( 12,622 ) ( 15,982 ) ( 601 ) ( 758 ) ( 755 ) Amortization of prior service cost — — — 13 7 6 Mark-to-market actuarial net losses 10,938 1,228 16,633 2,977 11,033 2,444 Curtailment and settlement effects losses (gains) — — — 66 292 156 Special termination benefits 114 — — 26 — 106 Net periodic benefit cost $ 5,759 $ 403 $ 11,970 $ 5,824 $ 14,248 $ 5,515 Weighted-average assumptions: Discount rate 3.35 % 4.40 % 3.80 % 1.76 % 2.61 % 2.35 % Rate of compensation increase N/A N/A N/A 3.11 % 3.19 % 3.18 % Expected return on plan assets 7.70 % 7.70 % 7.70 % 2.04 % 2.74 % 2.55 % For the majority of our U.S. defined benefit pension plans, the participants stopped accruing benefit service costs on or before January 1, 2011. In 2020, the mark-to-market actuarial net loss on the U.S. pension plans of $ 10.9 million consisted of a charge of $ 23.0 million to remeasure the liability based on a lower discount rate compared with the prior year, partially offset by a gain of $ 10.7 million from actual returns on plan assets exceeding expected returns and a $ 1.4 million gain on demographic experience and actuarial assumptions. The mark-to-market actuarial net loss of $ 3.0 million for non-U.S. plans was primarily consisted of a charge of $ 5.9 million to remeasure the liability based on a lower discount rate compared with the prior year, partially offset by a $ 2.1 million gain on demographic experience and actuarial assumptions. In 2019, the mark-to-market actuarial net loss on the U.S. pension plans of $ 1.2 million consisted of a charge of $ 28.3 million to remeasure the liability based on a lower discount rate compared with the prior year, partially offset by a gain of $ 23.3 million from actual returns on plan assets exceeding expected returns and a $ 3.8 million gain on demographic experience and actuarial assumptions. The mark-to-market actuarial net loss of $ 11.0 million for non-U.S. plans was primarily driven by remeasurement of the respective liabilities at lower discount rates. In 2018, the mark-to-market actuarial net loss on the U.S. pension plans of $ 16.6 million was driven by a loss of $ 31.0 million from expected returns on plan assets being lower than actual returns, partially offset by a gain of $ 17.9 million from the change in the discount rate compared with the prior year. The mark-to-market actuarial net loss of $ 2.4 million for non-U.S. plans was primarily driven by expected returns on plan assets being lower than actual returns. U.S. Pension Plans Non-U.S. Pension Plans (Dollars in thousands) 2020 2019 2020 2019 Change in benefit obligation Benefit obligation at beginning of year $ 296,181 $ 279,885 $ 116,698 $ 106,098 Service cost 10 10 1,555 1,410 Interest cost 9,479 11,787 1,788 2,264 Curtailments — — — ( 45 ) Amendments — — ( 714 ) 23 Settlements — — ( 835 ) ( 734 ) Special termination benefits 114 — 26 — Plan participants' contributions — — — 14 Benefits paid ( 21,119 ) ( 19,978 ) ( 3,145 ) ( 5,367 ) Actuarial loss 21,645 24,477 4,907 14,949 Exchange rate effect — — 9,852 ( 1,914 ) Benefit obligation at end of year $ 306,310 $ 296,181 $ 130,132 $ 116,698 Accumulated benefit obligation at end of year $ 306,310 $ 296,181 $ 119,914 $ 107,332 Change in plan assets: Fair value of plan assets at beginning of year $ 223,227 $ 204,425 $ 33,898 $ 32,979 Actual return on plan assets 25,489 35,871 2,465 4,336 Employer contributions 1,648 2,909 2,363 3,277 Plan participants' contributions — — — 14 Benefits paid ( 21,119 ) ( 19,978 ) ( 3,145 ) ( 5,367 ) Effect of settlements — — ( 835 ) ( 734 ) Exchange rate effect — — 2,841 ( 607 ) Fair value of plan assets at end of year $ 229,245 $ 223,227 $ 37,587 $ 33,898 Amounts recognized in the balance sheet: Other non-current assets $ — $ — $ 59 $ 44 Accrued expenses and other current liabilities ( 389 ) ( 410 ) ( 2,575 ) ( 2,589 ) Postretirement and pension liabilities ( 76,676 ) ( 72,544 ) ( 90,029 ) ( 80,255 ) Funded status $ ( 77,065 ) $ ( 72,954 ) $ ( 92,545 ) ( 82,800 ) U.S. Pension Plans Non-U.S. Pension Plans (Dollars in thousands) 2020 2019 2020 2019 Weighted-average assumptions as of December 31: Discount rate 2.55 % 3.35 % 1.29 % 1.76 % Rate of compensation increase N/A N/A 2.98 % 3.11 % Pension plans with benefit obligations in excess of plan assets: Benefit obligations $ 306,310 $ 296,181 $ 94,567 $ 84,791 Plan assets 229,245 223,227 1,963 1,946 Pension plans with accumulated benefit obligations in excess of plan assets: Projected benefit obligations $ 306,310 $ 296,181 $ 94,057 $ 84,338 Accumulated benefit obligations 306,310 296,181 83,923 75,073 Plan assets 229,245 223,227 1,518 1,553 Activity and balances in Accumulated other comprehensive loss related to defined benefit pension plans are summarized below: U.S. Pension Plans Non-U.S. Pension Plans (Dollars in thousands) 2020 2019 2020 2019 Prior service (cost): Balance at beginning of year $ — $ — $ ( 44 ) $ ( 22 ) Amounts recognized as net periodic benefit costs — — ( 13 ) ( 7 ) Plan amendments — — ( 604 ) ( 14 ) Exchange rate effects — — ( 11 ) ( 1 ) Balance at end of year $ — $ — $ ( 672 ) $ ( 44 ) The overall investment objective for our defined benefit pension plan assets is to achieve the highest level of investment return that is compatible with prudent investment practices, asset class risk and current and future benefit obligations of the plans. Based on the potential risks and expected returns of various asset classes, the Company establishes asset allocation ranges for major asset classes. For U.S. plans, the target allocations are 35 % fixed income, 60 % equity, and 5 % other investments . Non-U.S. plan allocations are primarily comprised of fixed income securities. The Company invests in funds and with asset managers that track broad investment indices. The equity funds generally capture the returns of the equity markets in the U.S., Europe, and Asia Pacific and also reflect various investment styles, such as growth, value, and large or small capitalization. The fixed income funds generally capture the returns of government and investment-grade corporate fixed income securities in the U.S. and Europe and also reflect various durations of these securities. We derive our assumption for expected return on plan assets at the beginning of the year based on the weighted-average expected return for the target asset allocations of the major asset classes held by each plan. In determining the expected return, the Company considers both historical performance and an estimate of future long-term rates of return. The Company consults with, and considers the opinion of, its actuaries in developing appropriate return assumptions. The fair values of our pension plan assets at December 31, 2020, by asset category are as follows: (Dollars in thousands) Level 1 Level 2 Level 3 Total U.S. plans: Fixed income: Guaranteed deposits $ — $ 1,699 $ — $ 1,699 Mutual funds 72,424 — — 72,424 Commingled funds — 423 182 605 Equities: U.S. common stocks 4,142 — — 4,142 Mutual funds 135,791 — — 135,791 Commingled funds — 628 — 628 Total assets in the fair value hierarchy $ 212,357 $ 2,750 $ 182 $ 215,289 Investments measured at net asset value — — — 13,956 Investments at fair value $ 212,357 $ 2,750 $ 182 $ 229,245 Non-U.S. plans Fixed income: Cash and cash equivalents $ 183 $ — $ — $ 183 Guaranteed deposits — 782 33,733 34,515 Mutual funds 1,519 1,093 — 2,612 Other 84 — — 84 Equities: Mutual funds 193 — — 193 Total $ 1,979 $ 1,875 $ 33,733 $ 37,587 The fair values of our pension plan assets at December 31, 2019, by asset category are as follows: (Dollars in thousands) Level 1 Level 2 Level 3 Total U.S. plans: Fixed income: Guaranteed deposits $ — $ 1,863 $ — $ 1,863 Mutual funds 73,563 — — 73,563 Commingled funds — 434 244 678 Equities: U.S. common stocks 4,198 — — 4,198 Mutual funds 128,546 — — 128,546 Commingled funds — 706 — 706 Total assets in the fair value hierarchy $ 206,307 $ 3,003 $ 244 $ 209,554 Investments measured at net asset value — — — 13,673 Investments at fair value $ 206,307 $ 3,003 $ 244 $ 223,227 Non-U.S. plans Fixed income: Cash and cash equivalents $ 10 $ — $ — $ 10 Guaranteed deposits — 748 30,155 30,903 Mutual funds 2,352 — — 2,352 Other 89 — — 89 Equities: Mutual funds 544 — — 544 Total $ 2,995 $ 748 $ 30,155 $ 33,898 The Company’s U.S. pension plans held 0.3 million shares of the Company’s common stock with a market value of $ 4.1 million at December 31, 2020 and 0.3 million shares with a market value of $ 4.2 million at December 31, 2019. Level 3 assets consist primarily of guaranteed deposits. The guaranteed deposits in Level 3 are in the form of contracts with insurance companies that secure the payment of benefits and are valued based on discounted cash flow models using the same discount rate used to value the related plan liabilities. The investments measured at net investment value, which is a practical expedient to estimating fair value, seek both current income and long term capital appreciation through investing in underlying funds that acquire, manage, and dispose of commercial real estate properties. A rollforward of Level 3 assets is presented below. Unrealized gains included in earnings were $ 4.1 million in 2020 and unrealized gains included in earnings were $ 3.9 million in 2019. Guaranteed Commingled (Dollars in thousands) deposits funds Total Balance at December 31, 2018 $ 27,318 $ 226 $ 27,544 Sales ( 473 ) — ( 473 ) Gains (losses) included in earnings 3,885 18 3,903 Exchange rate effect ( 575 ) — ( 575 ) Balance at December 31, 2019 $ 30,155 $ 244 $ 30,399 Sales ( 616 ) — ( 616 ) Gains (losses) included in earnings 4,194 ( 62 ) 4,132 Exchange rate effect — — — Balance at December 31, 2020 $ 33,733 $ 182 $ 33,915 We expect to contribute approximately $ 15.0 million to our U.S. pension plans and $ 2.6 million to our non-U.S. pension plans in 2021. We estimate that future pension benefit payments, will be as follows: U.S. Non-U.S. (Dollars in thousands) Plans Plans 2021 $ 20,587 $ 4,040 2022 20,696 4,876 2023 20,262 4,063 2024 20,087 4,088 2025 20,004 4,266 2026-2030 93,327 24,858 Postretirement Health Care and Life Insurance Benefit Plans (Dollars in thousands) 2020 2019 2018 Net periodic benefit cost: Interest expense $ 529 $ 702 $ 732 Service cost 3 2 — Amortization of prior service costs ( 4,240 ) — — Mark-to-market actuarial net loss (gain) 101 1,080 ( 2,580 ) Total net periodic benefit cost (credit) $ ( 3,607 ) $ 1,784 $ ( 1,848 ) Weighted-average assumptions: Discount rate 3.25 % 4.30 % 3.70 % Current trend rate for health care costs 6.10 % 6.30 % 6.40 % Ultimate trend rate for health care costs 4.50 % 4.50 % 4.50 % Year that ultimate trend rate is reached 2036 2036 2036 (Dollars in thousands) 2020 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 17,149 $ 17,198 Service cost 3 2 Interest cost 529 702 Plan amendments ( 4,240 ) — Benefits paid ( 1,688 ) ( 1,833 ) Actuarial loss (gain) 101 1,080 Benefit obligation at end of year $ 11,854 $ 17,149 Change in plan assets: Fair value of plan assets at beginning of year $ — $ — Employer contributions 1,688 1,836 Benefits paid ( 1,688 ) ( 1,836 ) Fair value of plan assets at end of year $ — $ — Amounts recognized in the balance sheet: Accrued expenses and other current liabilities $ ( 1,047 ) $ ( 1,945 ) Postretirement and pension liabilities ( 10,807 ) ( 15,204 ) Funded status $ ( 11,854 ) $ ( 17,149 ) Weighted-average assumptions as of December 31: Discount rate 2.40 % 3.25 % Current trend rate for health care costs 6.00 % 6.10 % Ultimate trend rate for health care costs 4.50 % 4.50 % Year that ultimate trend rate is reached 2036 2036 The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 provides subsidies for certain drug costs to companies that provide coverage that is actuarially equivalent to the drug coverage under Medicare Part D. We estimate that future postretirement health care and life insurance benefit payments will be as follows: Before After Medicare Medicare (Dollars in thousands) Subsidy Subsidy 2021 $ 1,046 $ 1,016 2022 1,001 971 2023 957 926 2024 918 889 2025 867 837 2026-2030 3,733 3,595 Other Retirement Plans We also have defined contribution retirement plans covering certain employees. Our contributions are determined by the terms of the plans and are limited to amounts that are deductible for income taxes. Generally, benefits under these plans vest over a period of five year s from date of employment. The largest plan covers salaried and most hourly employees in the U.S. In this plan, the Company contributes a percentage of eligible employee basic compensation and also a percentage of employee contributions. The expense applicable to these plans was $ 3.2 million, $ 3.7 million, and $ 2.9 million in 2020, 2019, and 2018, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 14. Stock-based Compensation On May 3, 2018, our shareholders approved the 2018 Omnibus Incentive Plan (the “Plan”), which was adopted by the Board of Directors on February 22, 2018. The Plan’s purpose is to promote the Company’s long-term financial interests and growth by attracting, retaining and motivating high-quality key employees and directors, motivating such employees and directors to achieve the Company’s short- and long-range performance goals and objectives, and thereby align their interests with those of the Company’s shareholders. The Plan reserves 4,500,000 shares of common stock to be issued for grants of several different types of long-term incentives including stock options, stock appreciation rights, restricted awards, performance awards, other common stock-based awards, and dividend equivalent rights. The 2013 Omnibus Incentive Plan (the “Previous Plan”), was replaced by the Plan, and no future grants may be made under the Previous Plan. However, any outstanding awards or grants made under the Previous Plan will continue until the end of their specified terms. Stock options, performance share units, deferred stock units and restricted stock units were the only grant types outstanding at December 31, 2020. Stock options, performance share units, and restricted stock units are discussed below. Activities in other grant types were not significant. Stock Options General Information Stock options outstanding at December 31, 2020, have a term of 10 years, vest evenly over three year s on the anniversary of the grant date, and have an exercise price equal to the per share fair market value of our common stock on the grant date. Accelerated vesting is used for options held by employees who meet both the age and years of service requirements to retire prior to the end of the vesting period. In the case of death or retirement, the stock options become 100 % vested and exercisable. Stock Option Valuation Model and Method Information We estimate the fair value of each stock option on the date of grant using the Black-Scholes option pricing model. We use judgment in selecting assumptions for the model, which may significantly impact the timing and amount of compensation expense, and we base our judgments primarily on historical data. When appropriate, we adjust the historical data for circumstances that are not likely to occur in the future. The following table details the determination of the assumptions used to estimate the fair value of stock options: Assumption Estimation Method Expected life, in years Historical stock option exercise experience Risk-free interest rate Yield of U.S. Treasury Bonds with remaining maturity equal to expected life of the stock option Expected volatility Historical daily price observations of the Company’s common stock over a period equal to the expected life of the stock option Expected dividend yield Historical dividend rate at the date of grant The following table details the weighted-average grant-date fair values and the assumptions used for estimating the fair values of stock options granted in the respective years: 2020 2019 2018 Weighted-average grant-date fair value $ 5.28 $ 6.47 $ 8.91 Expected life, in years 5.2 5.6 5.4 Risk-free interest rate 1.4 % 2.5 % 2.7 % Expected volatility 35.1 % 33.9 % 39.7 % Expected dividend yield — % — % — % Stock Option Activity Information A summary of stock option activity follows: Weighted- Average Weighted- Remaining Aggregate Number of Average Contractual Intrinsic Options Exercise Price Term Value Outstanding at December 31, 2019 1,728,999 $ 12.49 Granted 345,100 14.64 Exercised ( 115,033 ) 6.57 Forfeited or expired ( 25,167 ) 14.65 Outstanding at December 31, 2020 1,933,899 $ 13.20 5.4 $ 4,959 Exercisable at December 31, 2020 1,381,365 $ 11.96 4.1 $ 4,916 Vested or expected to vest at December 31, 2020 1,933,899 $ 13.20 5.4 $ 4,959 We calculated the aggregate intrinsic value in the table above by taking the total pretax difference between our common stock’s closing market value per share on the last trading day of the year and the stock option exercise price for each grant and multiplying that result by the number of shares that would have been received by the option holders had they exercised all their in-the-money stock options. Information related to stock options exercised follows: (Dollars in thousands) 2020 2019 2018 Proceeds from the exercise of stock options $ 756 $ 1,052 $ 727 Intrinsic value of stock options exercised 867 750 1,590 Income tax benefit related to stock options exercised 182 158 334 Stock Options Expense Information A summary of amounts recorded and to be recorded for stock-based compensation related to stock options follows: (Dollars in thousands) 2020 2019 2018 Compensation expense recorded in Selling, general and administrative expenses $ 2,304 $ 1,801 $ 1,528 Deferred income tax benefits related to compensation expense 484 378 321 Total fair value of stock options vested 465 1,387 1,390 Unrecognized compensation cost 2,039 1,469 606 Expected weighted-average recognition period for unrecognized compensation, in years 1.8 2.2 2.7 Performance Share Units General Information Performance share units, expressed as shares of the Company’s common stock, are earned only if the Company meets specific performance targets over a three year period. The grants have a vesting period of three year s. The Plan allows for payout of up to 200 % of the vesting-date fair value of the awards. We pay half of the earned value in cash and half in unrestricted shares of common stock. The portion of the grants that will be paid in cash are treated as liability awards, and therefore, we remeasure our liability and the related compensation expense at each balance sheet date, based on fair value. We treat the portion of the grants that will be settled with common stock as equity awards, and therefore, the amount of stock-based compensation we record over the performance period is based on the fair value on the grant date. The compensation expense and number of shares expected to vest for all performance share units are adjusted each reporting period for the achievement of the performance share units’ performance metrics, based upon our best estimate using available information. Performance Share Unit Valuation Model and Method Information The estimated fair value of performance share units granted in 2020, 2019 and 2018 is based on the closing price of the Company’s common stock on the date of issuance and recorded based on achievement of target performance metrics. As of December 31, 2020, we had 0.2 million and 0.2 million performance share units outstanding associated with our 2020 and 2019 grants, respectively. The weighted average grant date fair value of our performance share units was $ 14.64 for shares granted in 2020, $ 17.61 for shares granted in 2019 and $ 22.92 for shares granted in 2018. All performance share units are initially expensed at target and are evaluated each reporting period for likelihood of achieving the performance metrics, and the expense is adjusted, as appropriate. Performance Share Unit Activity Information A summary of performance share unit activity follows: Weighted- Average Remaining Number of Contractual Units Term Outstanding at December 31, 2019 452,000 Granted 284,894 Earned ( 243,394 ) Forfeited or expired ( 11,502 ) Outstanding at December 31, 2020 481,998 1.2 Vested or expected to vest at December 31, 2020 481,998 1.2 Performance Share Unit Expense Information A summary of amounts recorded and to be recorded for stock-based compensation related to performance share units follows: (Dollars in thousands) 2020 2019 2018 Compensation expense recorded in Selling, general and administrative expenses $ 3,270 $ 3,607 $ 4,152 Deferred income tax benefits related to compensation expense 773 757 872 Unrecognized compensation cost 3,417 2,730 3,599 Expected weighted-average recognition period for unrecognized compensation, in years 1.5 1.6 1.4 Restricted Stock Units We granted 0.2 million, 0.2 million and 0.1 million restricted stock units in 2020, 2019, and 2018, respectively. Fair value of restricted stock units is determined based on the closing price of the Company’s common stock on the date of issuance. Restricted stock units are expressed as equivalent shares of the Company’s common stock, and have a three year vesting period. Total expense included in Selling, general and administrative expense related to restricted stock units granted in 2020, 2019 and 2018 was $ 2.4 million, $ 1.7 million and $ 2.2 million, respectively. Total unrecognized compensation cost in 2020, 2019 and 2018 was $ 2.8 million, $ 2.8 million and $ 2.8 million, respectively. Directors’ Deferred Compensation Separate from the Plan, the Company has established the Ferro Corporation Deferred Compensation Plan for Non-employee Directors, permitting its non-employee directors to voluntarily defer all or a portion of their compensation. The voluntarily deferred amounts are placed in individual accounts in a benefit trust known as a “rabbi trust” and invested in the Company’s common stock with dividends reinvested in additional shares. All disbursements from the trust are made in the Company’s common stock. The stock held in the rabbi trust is classified as treasury stock in shareholders’ equity and the deferred compensation obligation that is required to be settled in shares of the Company’s common stock, is classified as paid-in capital. The rabbi trust held 0.1 million shares, valued at $ 1.6 million, at December 31, 2020, and 0.1 million shares, valued at $ 1.6 million, at December 31, 2019. |
Restructuring And Cost Reductio
Restructuring And Cost Reduction Programs | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring And Cost Reduction Programs [Abstract] | |
Restructuring And Cost Reduction Programs | 15. Restructuring and Cost Reduction Programs Our restructuring and cost reduction programs have been developed with the objective of realigning the business and lowering our cost structure. Total restructuring charges resulting from these activities were $ 17.4 million in 2020, $ 11.0 million in 2019, and $ 7.1 million in 2018, which are reported in Restructuring and impairment charges in our consolidated statement of operations. As discussed in Note 4, our Tile Coatings business was classified as held-for-sale. As such, the restructuring costs pertaining to the Tile Coatings business of $ 2.3 million in 2020, $ 1.9 million in 2019, and $ 6.2 million in 2018 are reported in Income (loss) from discontinued operations, net of taxes. Organizational Optimization Plan In conjunction with the pending sale of the Tile Coatings business, discussed in Note 4, we developed our Organizational Optimization Plan and initiated a program across the organization with the objective of realigning the business and lowering our cost structure in anticipation of the pending sale. The remaining activities of the program are expected to be recognized throughout 2021. Americas Manufacturing Optimization Plan In the second quarter of 2019, we developed our Americas Manufacturing Optimization Plan and initiated a program across the organization with the objective of realigning the business and lowering our cost structure. The Americas Manufacturing Optimization Plan is focused on the construction of a new manufacturing center of excellence located in Villagran, Mexico. We are in the process of consolidating two plants located in the United States and two sites in Latin America into the expanded Villagran location. The remaining activities of the program are expected to be recognized within the next 12 months . Global Optimization Plan The program involves our global operations and certain functions and initiatives to increase operational efficiencies, some of which is associated with integration of our recent acquisitions. Actions associated with the Global Optimization Plan were substantially completed during 2020, and as such, we do not anticipate further material charges related to this plan. The charges associated with these restructuring programs are summarized by major type below: Employee (Dollars in thousands) Severance Other Costs Total Expected restructuring charges: Organizational Optimization Program $ 3,883 $ — $ 3,883 American Manufacturing Optimization Program 8,644 77 8,721 Global Optimization Program — — — Total expected restructuring charges $ 12,527 $ 77 $ 12,604 Restructuring charges incurred: Global Optimization Program $ 3,560 $ 3,556 $ 7,116 Charges incurred in 2018 3,560 3,556 7,116 Global Optimization Program 7,163 3,792 10,955 Charges incurred in 2019 7,163 3,792 10,955 Organizational Optimization Program 2,980 — 2,980 American Manufacturing Optimization Program 1,040 — 1,040 Global Optimization Program 5,670 7,735 13,405 Charges incurred in 2020 $ 9,690 $ 7,735 $ 17,425 Cumulative restructuring charges incurred: Organizational Optimization Program $ 2,980 $ — $ 2,980 American Manufacturing Optimization Program 7,617 77 7,694 Global Optimization Program 43,344 40,720 84,064 Cumulative restructuring charges incurred as of December 31, 2020 $ 53,941 $ 40,797 $ 94,738 The charges associated with the restructuring programs are summarized by segments below: Total Cumulative Expected Charges To (Dollars in thousands) Charges 2020 2019 2018 Date Functional Coatings $ 169 $ 27 $ ( 5 ) $ 23 $ 26,954 Color Solutions 99 101 124 148 4,562 Segment Total 268 128 119 171 31,516 Corporate Restructuring Charges 12,336 17,297 10,836 6,945 63,222 Total Restructuring Charges $ 12,604 $ 17,425 $ 10,955 $ 7,116 $ 94,738 The activities and accruals related to our global optimization programs are below: Employee (Dollars in thousands) Severance Other Costs Total Balance at December 31, 2017 $ 1,309 $ 990 $ 2,299 Restructuring charges 3,560 3,556 7,116 Cash payments ( 3,678 ) ( 597 ) ( 4,275 ) Non-cash items ( 180 ) ( 3,117 ) ( 3,297 ) Balance at December 31, 2018 1,011 832 1,843 Restructuring charges 7,163 3,792 10,955 Cash payments ( 6,987 ) ( 1,831 ) ( 8,818 ) Non-cash items ( 440 ) ( 1,301 ) ( 1,741 ) Balance at December 31, 2019 747 1,492 2,239 Restructuring charges 9,690 7,735 17,425 Cash payments ( 4,363 ) ( 4,526 ) ( 8,889 ) Non-cash items ( 564 ) ( 241 ) ( 805 ) Balance at December 31, 2020 $ 5,510 $ 4,460 $ 9,970 We expect to make cash payments to settle the remaining liability for employee severance benefits and other costs over the next twelve month s, except where legal or contractual obligations would require it to extend beyond that period. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 16. Leases The Company has leases for equipment, office space, plant sites and distribution centers. Certain of these leases include options to extend the lease and some include options to terminate the lease early. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the lease term. There are no leases that have not yet commenced that create significant rights and obligations for the Company. The components of lease cost are shown below: (Dollars in thousands) 2020 2019 Income Statement Location Lease Cost Operating lease cost (1) $ 4,716 $ 5,318 Selling, general and administrative expenses Operating lease cost (2) 7,406 9,090 Cost of sales Finance lease cost Amortization of right-of-use assets 298 233 Cost of sales Interest of lease liabilities 33 17 Interest expense Net lease cost $ 12,453 $ 14,658 (1) Included in operating lease cost is $ 0.9 million of short-term lease costs for the years ended December 31, 2020 and 2019, respectively, and $ 0.4 million of variable lease costs for the years ended December 31, 2020 and 2019, respectively. (2) Included in operating lease cost is $ 2.7 million and $ 2.6 million of short-term lease costs for the years ended December 31, 2020 and 2019, respectively, and $ 0.7 million and $ 1.1 million of variable lease costs for the years ended December 31, 2020 and 2019, respectively. Rent expense, as previously defined under ASC 840, for all operating leases was $ 12.7 million in 2018. Supplemental balance sheet information related to leases are shown below: (Dollars in thousands) 2020 2019 Balance Sheet Location Assets Operating leased assets $ 15,446 $ 20,088 Operating leased assets Finance leased assets (1) 1,410 859 Property, plant and equipment, net Total leased assets $ 16,856 $ 20,947 Liabilities Current Operating $ 5,431 $ 6,515 Accrued expenses and other current liabilities Finance 640 438 Loans payable and current portion of long-term debt Noncurrent Operating 10,064 14,474 Operating lease non-current liabilities Finance 2,271 1,867 Long-term debt, less current portion Total lease liabilities $ 18,406 $ 23,294 (1) Finance leases are net of accumulated depreciation of $ 3.1 million and $ 3.4 million for December 31, 2020 and 2019, respectively. Supplemental cash flow information related to leases are shown below: (Dollars in thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 33 $ 17 Operating cash flows from operating leases 7,959 9,757 Financing cash flows from finance leases 331 229 Leased assets obtained in exchange for new finance lease liabilities 961 755 Leased assets obtained in exchange for new operating lease liabilities 4,686 30,411 2020 Weighted-average remaining lease term (years) Operating leases 3.9 Finance leases 5.1 Weighted-average discount rate Operating leases 4.1 % Finance leases 4.7 % Maturities of lease liabilities are shown below as of December 31, 2020: Finance Operating (Dollars in thousands) Leases Leases 2021 $ 773 $ 6,967 2022 752 4,167 2023 673 2,222 2024 560 1,183 2025 449 933 Thereafter 457 1,778 Net minimum lease payments $ 3,664 $ 17,250 Less: interest 753 1,755 Present value of lease liabilities $ 2,911 $ 15,495 |
Miscellaneous Expense (Income),
Miscellaneous Expense (Income), Net | 12 Months Ended |
Dec. 31, 2020 | |
Miscellaneous Expense (Income), Net [Abstract] | |
Miscellaneous Expense (Income), Net | 17. Miscellaneous Expense (Income), Net Components of Miscellaneous expense, net follow: (Dollars in thousands) 2020 2019 2018 Pension expense $ 6,425 $ 14,845 $ 14,142 Argentina export tax matter — 217 507 Gain on change of control — — ( 2,586 ) Modification of debt — — 1,046 Dividends/royalty from affiliates, net ( 264 ) ( 529 ) ( 720 ) Loss (gain) on sale of assets 87 ( 1,412 ) ( 514 ) Contingent consideration adjustment ( 67 ) ( 2,723 ) ( 1,637 ) Bank fees 1,498 1,798 1,656 Other, net ( 2,174 ) ( 474 ) 180 Total Miscellaneous expense, net $ 5,505 $ 11,722 $ 12,074 In 2018, we adopted ASU 2017-07, which requires all other components of net benefit costs (credit) besides service cost to be presented outside a subtotal of income from operations. As such, we recorded pension expense of $ 6.4 million in 2020, $ 14.8 million in 2019 and $ 14.1 million in 2018 related to these costs. In 2018, the Company acquired 66 % of the equity interests of FMU (Note 5), bringing our total ownership to 100 %. Due to the change of control that occurred, the Company recorded a gain on purchase of $ 2.6 million, related to the difference between the Company’s carrying value and fair value of the previously held equity method investment . |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 18. Earnings per Share Details of the calculations of basic and diluted earnings per share follow: (Dollars in thousands, except per share amounts) 2020 2019 2018 Basic earnings per share computation: Income from continuing operations $ 30,040 $ 34,826 $ 56,050 Less: Net income attributable to noncontrolling interests from continuing operations 1,073 1,087 851 Net income attributable to Ferro Corporation from continuing operations 28,967 33,739 55,199 Income (loss) from discontinued operations, net of income taxes 14,003 ( 27,411 ) 24,896 Less: Net income attributable to noncontrolling interests from discontinued operations 171 290 2 Net income attributable to Ferro Corporation from discontinued operations 13,832 ( 27,701 ) 24,894 Total $ 42,799 $ 6,038 $ 80,093 Weighted-average common shares outstanding 82,232 82,083 83,940 Basic earnings per share from continuing operations attributable to Ferro Corporation common shareholders $ 0.35 $ 0.41 $ 0.66 Diluted earnings per share computation: Net income attributable to Ferro Corporation common shareholders $ 28,967 $ 33,739 $ 55,199 Adjustment for income from discontinued operations 13,832 ( 27,701 ) 24,894 Total $ 42,799 $ 6,038 $ 80,093 Weighted-average common shares outstanding 82,232 82,083 83,940 Assumed exercise of stock options 272 407 772 Assumed satisfaction of restricted stock unit conditions 362 369 301 Assumed satisfaction of performance stock unit conditions 158 32 72 Weighted-average diluted shares outstanding 83,024 82,891 85,085 Diluted earnings per share from continuing operations attributable to Ferro Corporation common shareholders $ 0.35 $ 0.41 $ 0.65 The number of anti-dilutive shares were 2.5 million , 2.1 million, and 1.7 million for 2020, 2019, and 2018, respectively. These shares were excluded from the calculation of diluted earnings per share due to their anti-dilutive impact. |
Share Repurchase Program
Share Repurchase Program | 12 Months Ended |
Dec. 31, 2020 | |
Share Repurchase Program [Abstract] | |
Share Repurchase Program | 19. Share Repurchase Program In October 2018, the Company’s Board of Directors approved a new share repurchase program under which the Company is authorized to repurchase up to an additional $ 50 million of the Company’s outstanding common stock on the open market, including through Rule 10b5-1 plans, in privately negotiated transactions, or otherwise. This new program is in addition to the $ 100 million of authorization previously approved and announced. The timing and amount of shares to be repurchased will be determined by the Company, based on evaluation of market and business conditions, share price, and other factors. The share repurchase programs do not obligate the Company to repurchase any dollar amount or number of common shares, and may be suspended or discontinued at any time. The Company made no repurchases during 2020. The Company repurchased 1,440,678 shares of common stock at an average price of $ 17.35 per share for a total cost of $ 25.0 million during 2019. The Company repurchased 1,470,791 shares of common stock at an average price of $ 19.59 per share for a total cost of $ 28.8 million during 2018. As of December 31, 2020, $ 46.2 million of common stock could still be repurchased under the programs. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | 20. Accumulated Other Comprehensive Loss Changes in Accumulated other comprehensive loss by component, net of income tax, were as follows: Postretirement Foreign Net Gain (Loss) Benefit Liability Currency on Cash Flow (Dollars in thousands) Adjustments Items Hedges Total Balance at December 31, 2017 $ 1,165 $ ( 77,578 ) $ 945 $ ( 75,468 ) Other comprehensive income (loss) before reclassifications, before tax — ( 24,658 ) 11,388 ( 13,270 ) Reclassification to earnings: Cash flow hedge gain (loss), before tax — — ( 17,159 ) ( 17,159 ) Postretirement benefit liabilities gain (loss), before tax ( 55 ) — — ( 55 ) Current period other comprehensive income (loss), before tax ( 55 ) ( 24,658 ) ( 5,771 ) ( 30,484 ) Tax effect ( 16 ) 954 ( 1,529 ) ( 591 ) Current period other comprehensive income (loss), net of tax ( 39 ) ( 25,612 ) ( 4,242 ) ( 29,893 ) Balance at December 31, 2018 $ 1,126 $ ( 103,190 ) $ ( 3,297 ) $ ( 105,361 ) Other comprehensive income (loss) before reclassifications, before tax — 6,269 ( 2,731 ) 3,538 Reclassification to earnings: Cash flow hedge gain (loss), before tax — — ( 10,162 ) ( 10,162 ) Postretirement benefit liabilities gain (loss), before tax 91 — — 91 Current period other comprehensive income (loss), before tax 91 6,269 ( 12,893 ) ( 6,533 ) Tax effect 11 654 ( 3,183 ) ( 2,518 ) Current period other comprehensive income (loss), net of tax 80 5,615 ( 9,710 ) ( 4,015 ) Balance at December 31, 2019 $ 1,206 $ ( 97,575 ) $ ( 13,007 ) $ ( 109,376 ) Other comprehensive income (loss) before reclassifications, before tax — 24,980 ( 34,689 ) ( 9,709 ) Reclassification to earnings: Cash flow hedge gain (loss), before tax — — 22,465 22,465 Postretirement benefit liabilities gain (loss), before tax 2,146 — — 2,146 Current period other comprehensive income (loss), before tax 2,146 24,980 ( 12,224 ) 14,902 Tax effect 153 ( 2,113 ) ( 2,804 ) ( 4,764 ) Current period other comprehensive income (loss), net of tax 1,993 27,093 ( 9,420 ) 19,666 Balance at December 31, 2020 $ 3,199 $ ( 70,482 ) $ ( 22,427 ) $ ( 89,710 ) |
Reporting For Segments
Reporting For Segments | 12 Months Ended |
Dec. 31, 2020 | |
Reporting For Segments [Abstract] | |
Reporting For Segments | 21. Reporting for Segments As discussed in Note 4, during the fourth quarter of 2019, we entered into a definitive agreement to sell our Tile Coatings business which has historically been the majority of our Performance Coatings reportable segment. Substantially all of the assets and liabilities of our Tile Coatings business were classified as held-for-sale in the accompanying consolidated balance sheets and results are included within discontinued operations in the consolidated statement of operations for all years presented. The retained assets, liabilities and operations of the Performance Coatings reportable segment are reflected within our Functional Coatings reportable segment. The Company’s reportable segments are Functional Coatings and Color Solutions. Net sales to external customers by segment are presented in the table below. Sales between segments were not material. (Dollars in thousands) 2020 2019 2018 Functional Coatings $ 608,192 $ 644,783 $ 683,669 Color Solutions 350,762 369,674 391,027 Total net sales $ 958,954 $ 1,014,457 $ 1,074,696 Segment gross profit is the metric utilized by management to evaluate segment performance. We measure segment gross profit for internal reporting purposes by excluding certain other cost of sales not directly attributable to business units. Assets by segment are not regularly reviewed by the chief operating decision maker. Each segment’s gross profit and reconciliations to Income before income taxes are presented in the table below: (Dollars in thousands) 2020 2019 2018 Functional Coatings $ 175,601 $ 192,668 $ 211,018 Color Solutions 119,071 114,939 124,852 Other cost of sales ( 916 ) 369 2,519 Total gross profit 293,756 307,976 338,389 Selling, general and administrative expenses 202,413 212,365 219,708 Restructuring and impairment charges 17,425 10,955 7,116 Other expense, net 29,017 41,865 41,622 Income before income taxes $ 44,901 $ 42,791 $ 69,943 Each segment’s capital expenditures for long-lived assets are detailed below: (Dollars in thousands) 2020 2019 2018 Functional Coatings $ 12,266 $ 46,304 $ 49,964 Color Solutions 17,626 16,597 24,940 Total segment expenditures for long-lived assets 29,892 62,901 74,904 Unallocated corporate expenditures for long-lived assets 1,891 2,069 5,715 Total expenditures for long lived assets (1) $ 31,783 $ 64,970 $ 80,619 (1) Includes capital expenditures for discontinued operation of $ 4.7 million, $ 10.0 million and $ 5.8 million in 2020, 2019 and 2018, respectively, integrated within Functional Coatings . We sell our products throughout the world and we attribute sales to countries based on the country where we generate the customer invoice. No single country other than the U.S . and Germany rep resent greater than 10% of our net sales. Net sales by geography are as follows: (Dollars in thousands) 2020 2019 2018 United States $ 341,461 $ 359,267 $ 379,912 Germany 143,861 149,270 148,706 Other international 473,632 505,920 546,078 Total net sales $ 958,954 $ 1,014,457 $ 1,074,696 No ne of our operations in countries other than the U.S., Mexico, Germany and Columbia ow ns greater than 10% of consolidated long-lived assets. Long-lived assets that consist of property, plant, and equipment by geography at December 31, 2020 and 2019 are as follows: (Dollars in thousands) 2020 2019 United States $ 69,088 $ 71,617 Mexico 58,503 51,224 Germany 39,733 34,996 Columbia 30,888 32,475 Other international 117,118 112,360 Total long-lived assets $ 315,330 $ 302,672 |
Unconsolidated Affiliates Accou
Unconsolidated Affiliates Accounted For Under The Equity Method | 12 Months Ended |
Dec. 31, 2020 | |
Unconsolidated Affiliates Accounted For Under The Equity Method [Abstract] | |
Unconsolidated Affiliates Accounted For Under The Equity Method | 22. Unconsolidated Affiliates Accounted For Under the Equity Method Our investments have been accounted for under the equity method because we exert significant influence over these affiliates, but we do not control them. Investment income from these equity method investments, which is reported in Miscellaneous expense (income), net was approximately zero in 2020, approximately zero in 2019, and income of $ 0.1 million in 2018. The balance of our equity method investments, which is reported in Other non-current assets, was $ 7.4 million at December 31, 2020, and $ 8.0 million at December 31, 2019. The income (loss) that we record for these investments is equal to our proportionate share of the affiliates’ income or loss and our investments are equal to our proportionate share of the affiliates’ shareholders’ equity based on our ownership percentage. We have summarized below condensed income statement and balance sheet information for the combined equity method investees: (Dollars in thousands) 2020 2019 2018 Net sales $ 12,444 $ 16,563 $ 18,950 Gross profit 1,150 2,507 3,343 Income (loss) from continuing operations ( 1,362 ) ( 861 ) 746 Net income (loss) ( 1,090 ) ( 689 ) 596 (Dollars in thousands) 2020 2019 Current assets $ 12,353 $ 13,623 Non-current assets 3,644 4,214 Current liabilities ( 1,938 ) ( 2,994 ) Non-current liabilities ( 27 ) ( 161 ) We had the following transactions with our equity-method investees: (Dollars in thousands) 2020 2019 2018 Sales $ 11,013 $ 7,308 $ 4,898 Purchases 146 316 15 Dividends and interest received 144 154 415 Commission and royalties received 108 363 305 Commissions and royalties paid 12 11 — |
Quarterly Data
Quarterly Data | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Data [Abstract] | |
Quarterly Data | 23. Quarterly Data (Unaudited ) Net Income Earnings (Loss) Attributable (Loss) to Ferro Corporation Common Attributable Shareholders Per Common Net Income to Ferro Share (Dollars in thousands, except per share data) Net Sales Gross Profit (Loss) Corporation Basic Diluted 2019 Quarter 1 $ 263,382 $ 77,859 $ 13,878 $ 13,604 $ 0.16 $ 0.16 Quarter 2 260,958 79,130 11,109 10,871 0.13 0.13 Quarter 3 245,339 76,062 13,210 12,820 0.16 0.16 Quarter 4 244,778 74,925 ( 30,782 ) ( 31,257 ) ( 0.38 ) ( 0.38 ) Total $ 1,014,457 $ 307,976 $ 7,415 $ 6,038 $ 0.07 $ 0.07 2020 Quarter 1 $ 252,326 $ 80,738 $ 16,133 $ 16,123 $ 0.19 $ 0.19 Quarter 2 204,801 63,744 ( 5,164 ) ( 5,540 ) ( 0.07 ) ( 0.07 ) Quarter 3 241,877 70,166 14,914 14,474 0.18 0.17 Quarter 4 259,950 79,108 18,160 17,742 0.22 0.22 Total $ 958,954 $ 293,756 $ 44,043 $ 42,799 $ 0.52 $ 0.52 Quarterly earnings per share amounts do not always add to the full-year amounts due to the averaging of shares. Restructuring and impairment charges in 2020 were $ 1.2 million in the first quarter, $ 8.6 million in the second quarter, $ 2.4 million in the third quarter, and $ 5.2 million in the fourth quarter. Restructuring and impairment charges in 2019 were $ 1.7 million in the first quarter, $ 4.1 million in the second quarter, $ 2.1 million in the third quarter, and $ 3.1 million in the fourth quarter. Additionally, Net income (loss) and Net income (loss) attributable to Ferro Corporation during the fourth quarter of 2019 include an impairment charge of $ 33.5 million associated with the Tile Coatings business. The impairment charge and related assets are recorded within discontinued operations and as assets held-for-sale, respectively, in our consolidated financial statements as of December 31, 2019. Mark-to-market net losses on our postretirement benefit plans w as $ 14.0 million in the fourth quarter of 2020 and net loses of $ 13.3 million i n the fourth quarter of 2019. |
Schedule II - Valuation And Qua
Schedule II - Valuation And Qualifying Accounts And Reserves | 12 Months Ended |
Dec. 31, 2020 | |
Schedule II - Valuation And Qualifying Accounts And Reserves [Abstract] | |
Schedule II - Valuation And Qualifying Accounts And Reserves | FERRO CORPORATION AND SUBSIDIARIES SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES 1 Years Ended December 31, 2020, 2019 and 2018 Balance at Additions Charged Adjustment for Beginning of (Reductions Credited) Differences in Balance at (Dollars in thousands) Period to Costs and Expenses Deductions Exchange Rates End of Period Allowance for Possible Losses on Collection of Accounts Receivable: Year ended December 31, 2020 $ 1,938 530 ( 205 ) 57 $ 2,320 Year ended December 31, 2019 $ 5,504 1,086 ( 4,487 ) ( 165 ) $ 1,938 Year ended December 31, 2018 $ 7,821 681 ( 2,642 ) ( 356 ) $ 5,504 Valuation Allowance on Net Deferred Tax Assets: Year ended December 31, 2020 $ 11,434 215 ( 84 ) 2 115 $ 11,680 Year ended December 31, 2019 $ 25,596 — ( 13,978 ) 2 ( 184 ) $ 11,434 Year ended December 31, 2018 $ 32,579 — ( 5,617 ) 2 ( 1,366 ) $ 25,596 (1) Schedule II is presented on a total Ferro basis, inclusive of discontinued operations. (2) Included within this deduction is $ 0.1 million, $ 5.4 million and $ 1.7 million for the years ended December 31, 2020, 2019, and 2018 respectively, of valuation allowance release, resulting from the conclusion that the underlying deferred tax assets are more likely than not to be realized. |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2020 | |
Significant Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation Our consolidated financial statements include the accounts of the parent company and the accounts of its subsidiaries and include the results of the Company and all entities in which the Company has a controlling interest. When we consolidate our financial statements, we eliminate intercompany transactions, accounts and profits. When we exert significant influence over an investee but do not control it, we account for the investment and the investment income using the equity method. These investments are reported in Other non-current assets on our consolidated balance sheet. We consolidate financial results for five legal entities in which we do not own 100% of the equity interests, either directly or indirectly through our subsidiaries. These entities have non-controlling interest ownerships ranging from 5 % to 41 %. When we acquire a subsidiary, its financial results are included in our consolidated financial statements from the date of the acquisition. When we dispose of a subsidiary, its financial results are included in our consolidated financial statements until the date of the disposition. In the event that a disposal group meets the criteria for discontinued operations, prior periods are adjusted to reflect the classification. |
Use of Estimates and Assumptions in the Preparation of Financial Statements | Use of Estimates and Assumptions in the Preparation of Financial Statements We prepare our consolidated financial statements in conformity with accounting principles generally accepted in the United States, which requires us to make estimates and to use judgments and assumptions that affect the timing and amount of assets, liabilities, equity, revenues and expenses recorded and disclosed. The more significant estimates and judgments relate to revenue recognition, restructuring and cost reduction programs, asset impairment, income taxes, inventories, goodwill, pension and other postretirement benefits and environmental liabilities. Actual outcomes could differ from our estimates, resulting in changes in revenues or costs that could have a material impact on the Company’s results of operations, financial position, or cash flows. |
Foreign Currency Translation | Foreign Currency Translation The financial results of our operations outside of the U.S. are recorded in local currencies, which generally are also the functional currencies for financial reporting purposes. The results of operations outside of the U.S. are translated from these functional currencies into U.S. dollars using the average monthly currency exchange rates. We use the average currency exchange rate for these results of operations as a reasonable approximation of the results had specific currency exchange rates been used for each individual transaction. Foreign currency transaction gains and losses are recorded, as incurred, as Other expense (income) in the consolidated statements of operations. Assets and liabilities are translated into U.S. dollars using exchange rates at the balance sheet dates, and we record the resulting foreign currency translation adjustments as a separate component of Accumulated other comprehensive loss in equity. |
Revenue Recognition | Revenue Recognition Under Accounting Standards Codification (“ASC”) 606, revenues are recognized when control of the promised goods is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods. In order to achieve that core principle, the Company applies the following five-step approach: 1) identify the contract with a customer; 2) identify the performance obligations; 3) determine the transaction price; 4) allocate the transaction price to the performance obligations in the contract; and 5) recognize revenue when a performance obligation is satisfied. The Company considers confirmed customer purchase orders, which in some cases are governed by master sales agreements, to be the contracts, from an accounting perspective, with customers. Under our standard contracts, the only performance obligation is the delivery of manufactured goods and the performance obligation is satisfied at a point in time, when the Company transfers control of the manufactured goods. The Company may receive orders for products to be delivered over multiple dates that may extend across several reporting periods. The Company invoices for each order and recognizes revenue for each distinct product upon shipment, once transfer of control has occurred. Payment terms are standard for the industry and jurisdiction in which we operate. In determining the transaction price, the Company evaluates whether the price is subject to refund or adjustment, to determine the net consideration to which the Company expects to be entitled. Discounts or rebates are specifically stated in customer contracts or invoices, and are recorded as a reduction of revenue in the period the related revenue is recognized. The product price as specified on the customer confirmed orders is considered the standalone selling price. The Company allocates the transaction price to each distinct product based on its relative standalone selling price. Revenue is recognized when control of the product is transferred to the customer (i.e., when the Company’s performance obligation is satisfied), which generally occurs at shipment. We review material contracts to determine transfer of control based upon the business practices and legal requirements of each country. For sales of all products, including those containing precious metals, we report revenues on a gross basis, along with their corresponding cost of sales to arrive at gross profit. The amount of shipping and handling fees invoiced to our customers at the time our product is shipped is included in net sales as we are the principal in those activities. Sales, valued-added and other taxes collected from our customers and remitted to governmental authorities are excluded from net sales. Credit memos issued to customers for sales returns and sales adjustments are recorded when they are incurred as a reduction of sales. There were no changes in amounts previously reported in the Company’s consolidated financial statements due to adopting ASC 606. Practical Expedients and Exemptions All material contracts have an original duration of one year or less and, as such, the Company uses the practical expedient applicable to such contracts, and has not disclosed the transaction price for the remaining performance obligations as of the end of each reporting period, or when the Company expects to recognize this revenue. When the period of time between the transfer of control of the goods and the time the customer pays for the goods is one year or less, the Company uses the practical expedient allowed by ASC 606 that provides relief from adjusting the amount of promised consideration for the effects of a financing component. We generally expense sales commissions when incurred because the amortization period is one year or less. These costs are recorded within Selling, general and administrative expenses |
Research and Development Expenses | Research and Development Expenses Research and development expenses are expensed as incurred and are included in Selling, general and administrative expenses. Total expenditures for product and application technology, including research and development, customer technical support and other related activities, were approximately $ 35.6 million for 2020, $ 41.0 million for 2019 and $ 40.1 million for 2018. |
Restructuring Programs | Restructuring Programs We expense costs associated with exit and disposal activities designed to restructure operations and reduce ongoing costs of operations when we incur the related liabilities or when other triggering events occur. After the appropriate level of management, having the authority, approves the detailed restructuring plan and the appropriate criteria for recognition are met, we establish accruals for employee termination and other costs, as applicable. The accruals are estimates that are based upon factors including statutory and union requirements, affected employees’ lengths of service, salary level, health care benefit choices and contract provisions. We also analyze the carrying value of affected long-lived assets for impairment and reductions in their remaining estimated useful lives. In addition, we record the fair value of any new or remaining obligations when existing operating lease contracts are terminated or abandoned as a result of our exit and disposal activities. |
Asset Impairment | Asset Impairment The Company’s long-lived and indefinite-lived assets include property, plant and equipment, goodwill, and intangible assets. We review property, plant and equipment and intangible assets for impairment whenever events or circumstances indicate that their carrying values may not be recoverable. The following are examples of such events or changes in circumstances:  An adverse change in the business climate of a long-lived asset or asset group;  An adverse change in the extent or manner in which a long-lived asset or asset group is used or in its physical condition;  Current operating losses for a long-lived asset or asset group combined with a history of such losses or projected or forecasted losses that demonstrate that the losses will continue; or  A current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise significantly disposed of before the end of its previously estimated useful life. The carrying amount of property, plant and equipment and intangible assets is not recoverable if the carrying value of the asset group exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset group. In the event of impairment, we recognize a loss for the excess of the recorded value over fair value. The long-term nature of these assets requires the estimation of cash inflows and outflows several years into the future and only takes into consideration technological advances known at the time of review. We review goodwill for impairment annually using a measurement date of October 31, primarily due to the timing of our annual budgeting process, or more frequently in the event of an impairment indicator. The fair value of each reporting unit that has goodwill is estimated using the average of both the income approach and the market approach, which we believe provides a reasonable estimate of the reporting unit’s fair value, unless facts or circumstances exist which indicate a more representative fair value. The income approach is a discounted cash flow model, which uses projected cash flows attributable to the reporting unit, including an allocation of certain corporate expenses based primarily on proportional sales. We use historical results, trends and our projections of market growth, internal sales efforts and anticipated cost structure assumptions to estimate future cash flows. Using a risk-adjusted, weighted-average cost of capital, we discount the cash flow projections to the measurement date. The market approach estimates a price reasonably expected to be paid by a market participant in the purchase of the reporting units based on a comparison to similar businesses. If the fair value of any reporting unit was determined to be less than its carrying value, we would obtain comparable market values or independent appraisals of its net assets. |
Derivative Financial Instruments | Derivative Financial Instruments As part of our risk management activities, we employ derivative financial instruments, primarily interest rate swaps, cross currency swaps and foreign currency forward contracts, to hedge certain anticipated transactions, firm commitments, or assets and liabilities denominated in foreign currencies. We also purchase portions of our energy and precious metal requirements under fixed price forward purchase contracts designated as normal purchase contracts. We record derivatives on our balance sheet as either assets or liabilities that are measured at fair value. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported as a component of Accumulated other comprehensive loss (“AOCL”) and reclassified from AOCL into earnings when the hedged transaction affects earnings. For derivatives that are designated and qualify as net investment hedges, the gain or loss on the derivative is reported as a component of the currency translation in AOCL. Time value is excluded and the cash payments are recognized as an adjustment to interest expense. For derivatives that are not designated as hedges, the gain or loss on the derivative is recognized in current earnings. We only use derivatives to manage well-defined risks and do not use derivatives for speculative purposes. |
Postretirement and Other Employee Benefits | Postretirement and Other Employee Benefits We recognize postretirement and other employee benefits expense as employees render the services necessary to earn those benefits. We determine defined benefit pension and other postretirement benefit costs and obligations with the assistance of third parties who perform certain actuarial calculations. The calculations and the resulting amounts recorded in our consolidated financial statements are affected by assumptions including the discount rate, expected long-term rate of return on plan assets, the annual rate of change in compensation for plan-eligible employees, estimated changes in costs of healthcare benefits, mortality tables, and other factors. We evaluate the assumptions used on an annual basis. All costs except the service cost component are recorded in Miscellaneous expense (income), net on the consolidated statement of operations. |
Income Taxes | Income Taxes We account for income taxes in accordance with ASC Topic 740, Income Taxes , which requires the recognition of deferred tax assets and liabilities for the expected future tax effects of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We record deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing temporary differences, the availability of tax planning strategies, forecasted income, and recent financial operations. We recognize a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. We recognize interest and penalties related to uncertain tax positions within the income tax expense line in the accompanying consolidated statements of operations. |
Cash Equivalents | Cash Equivalents We consider all highly liquid instruments with original maturities of three months or less when purchased to be cash equivalents. These instruments are carried at cost, which approximates fair value. |
Accounts Receivable and the Allowance for Doubtful Accounts | Accounts Receivable and the Allowance for Doubtful Accounts Ferro sells its products to customers in diversified industries throughout the world. No customer or related group of customers represents greater than 10 % of net sales or accounts receivable. We perform ongoing credit evaluations of our customers and require collateral principally for export sales, when industry practices allow and as market conditions dictate, subject to our ability to negotiate secured terms relative to competitive offers. We regularly analyze significant customer accounts and provide for uncollectible accounts based on historical experience, customer payment history, the length of time the receivables are past due, the financial health of the customer, economic conditions and specific circumstances, as appropriate. Changes in these factors could result in additional allowances. Customer accounts we conclude to be uncollectible or to require excessive collection costs are written off against the allowance for doubtful accounts. Historically, write-offs of uncollectible accounts have been within our expectations. Detailed information about the allowance for doubtful accounts is provided below: (Dollars in thousands) 2020 2019 2018 Allowance for doubtful accounts $ 2,502 $ 1,756 $ 1,343 Bad debt expense 255 455 843 |
Inventories | Inventories We value inventory at the lower of cost or net realizable value, with cost determined utilizing the first-in, first-out (“FIFO”) method. We periodically evaluate the net realizable value of inventories based primarily upon their age, but also upon assumptions of future usage in production, customer demand and market conditions. Inventory values have been reduced to the lower of cost or net realizable value by allowances for slow moving or obsolete goods. We maintain raw materials on our premises that we do not own, including precious metals consigned from financial institutions and customers. We also consign inventory from our vendors. Although we have physical possession of the goods, their value is not reflected on our balance sheet because we do not have legal title. We obtain precious metals under consignment agreements with financial institutions for periods of one year or less. These precious metals are primarily silver, gold, platinum, and palladium and are used in the production of certain products for our customers. Under these arrangements, the financial institutions own the precious metals, and accordingly, we do not report these precious metals as inventory on our consolidated balance sheets although they are physically in our possession. The financial institutions charge us fees for these consignment arrangements, and these fees are recorded as cost of sales. These agreements are cancelable by either party at the end of each consignment period, however, because we have access to a number of consignment arrangements with available capacity, our consignment needs can be shifted among the other participating institutions in order to ensure our supply. In certain cases, these financial institutions can require cash deposits to provide additional collateral beyond the value of the underlying precious metals. |
Property, Plant and Equipment | Property, Plant and Equipment We record property, plant and equipment at historical cost. In addition to the original purchased cost, including transportation, installation and taxes, we capitalize expenditures that increase the utility or useful life of existing assets. For constructed assets, we capitalize interest costs incurred during the period of construction. We expense repair and maintenance costs, as incurred. We depreciate property, plant and equipment on a straight-line basis, generally over the following estimated useful lives of the assets: Buildings 20 to 40 years Machinery and equipment 5 to 15 years |
Other Capitalized Costs | Other Capitalized Costs We capitalize the costs of computer software developed or obtained for internal use after the preliminary project stage has been completed, and management, with the relevant authority, authorizes and commits to funding a computer software project, and it is probable that the project will be completed and the software will be used to perform the function intended. External direct costs of materials and services consumed in developing or obtaining internal-use computer software, payroll and payroll-related costs for employees who are directly associated with the project, and interest costs incurred when developing computer software for internal use are capitalized within Intangible assets. Capitalization ceases when the project is substantially complete, generally after all substantial testing is completed. We expense training costs and data conversion costs as incurred. We amortize software on a straight-line basis over its estimated useful life, which has historically been in a range of 1 to 10 years. |
Environmental Liabilities | Environmental Liabilities As part of the production of some of our products, we handle, process, use and store hazardous materials. As part of these routine processes, we expense recurring costs associated with control and disposal of hazardous materials as they are incurred. Occasionally, we are subject to ongoing, pending or threatened litigation related to the handling of these materials or other matters. If, based on available information, we believe that we have incurred a liability and we can reasonably estimate the amount, we accrue for environmental remediation and other contingent liabilities. We disclose material contingencies if the likelihood of the potential loss is reasonably possible but the amount is not reasonably estimable. In estimating the amount to be accrued for environmental remediation, we use assumptions about: ď‚· Remediation requirements at the contaminated site; ď‚· The nature of the remedy; ď‚· Existing technology; ď‚· The outcome of discussions with regulatory agencies; ď‚· Other potentially responsible parties at multi-party sites; and ď‚· The number and financial viability of other potentially responsible parties. We actively monitor the status of sites, and, as assessments and cleanups proceed, we update our assumptions and adjust our estimates as necessary. Because the timing of related payments is uncertain, we do not discount the estimated remediation costs. The following section provides a description of new accounting pronouncements ("Accounting Standard Update" or "ASU") issued by the Financial Accounting Standards Board ("FASB") that are applicable to the Company. |
Recently Adopted Accounting Pronouncement | Recently Adopted Accounting Pronouncement This section provides a description of new accounting pronouncements issued by the FASB that are applicable to the Company. The following ASUs were adopted as of January 1, 2020 and did not have a material impact on the consolidated financial statements: Standard Description ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , issued December, 2019 Simplifies the accounting for income taxes by removing certain exceptions and by: altering the recognition of franchise tax partially based on income; requiring evaluation of proper treatment of a step up in the tax basis of goodwill; specifying requirements regarding the allocation of tax expense to a legal entity that is not subject to tax; requiring the effect of an enacted change in tax laws or rates be reflected in the annual effective tax rate computation in the interim period that includes the enactment date, and; other minor codification improvements. ASU 2019-12 was early adopted by the Company. ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , issued June 2016 Changes the way entities recognize impairment of financial assets by requiring immediate recognition of estimated credit losses expected to occur over the remaining life of the financial asset. Additional disclosures are required regarding an entity’s assumptions, models and methods for estimating the expected credit loss. |
New Accounting Standards Not Yet Adopted | New Accounting Standards Not Yet Adopted We are currently evaluating the impact on our financial statements of the following ASUs: Standard Description ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , issued March, 2020 Along with ASU 2021-01, Reference Rate Reform (Topic 848): Scope , provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in these ASUs are effective for all entities through December 31, 2022. ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans , issued August, 2018 Modifies disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. This ASU is effective for fiscal years beginning after December 15, 2020 and is to be applied using a retrospective approach for all periods presented. Early adoption is permitted. No other new accounting pronouncements issued had, or are expected to have, a material impact of the Company’s consolidated financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Significant Accounting Policies [Abstract] | |
Detailed Information about Allowance for Doubtful Accounts | (Dollars in thousands) 2020 2019 2018 Allowance for doubtful accounts $ 2,502 $ 1,756 $ 1,343 Bad debt expense 255 455 843 |
Estimated Lives of Prperty, Plant and Equipment | Buildings 20 to 40 years Machinery and equipment 5 to 15 years |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue [Abstract] | |
Revenues Disaggregated By Geography And Reportable Segment | Revenues disaggregated by geography and reportable segment for the year ended December 31, 2020, follow: (Dollars in thousands) EMEA United States Asia Pacific Latin America Total Functional Coatings $ 267,041 $ 195,027 $ 100,727 $ 45,397 $ 608,192 Color Solutions 129,222 146,434 40,221 34,885 350,762 Total net sales $ 396,263 $ 341,461 $ 140,948 $ 80,282 $ 958,954 Revenues disaggregated by geography and reportable segment for the year ended December 31, 2019, follow: (Dollars in thousands) EMEA United States Asia Pacific Latin America Total Functional Coatings $ 295,198 $ 197,494 $ 101,521 $ 50,570 $ 644,783 Color Solutions 136,934 161,773 37,485 33,482 369,674 Total net sales $ 432,132 $ 359,267 $ 139,006 $ 84,052 $ 1,014,457 Revenues disaggregated by geography and reportable segment for the year ended December 31, 2018, follow: (Dollars in thousands) EMEA United States Asia Pacific Latin America Total Functional Coatings $ 324,092 $ 207,012 $ 100,329 $ 52,236 $ 683,669 Color Solutions 142,102 172,901 41,642 34,382 391,027 Total net sales $ 466,194 $ 379,913 $ 141,971 $ 86,618 $ 1,074,696 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations [Abstract] | |
Summary Of Discontinued Operations | The table below summarizes results for the Tile Coatings business for the year ended December 31, 2020, 2019 and 2018 which are reflected in our consolidated statements of operations as discontinued operations. Interest expense has been allocated to the discontinued operations based on the ratio of net assets of the business to consolidated net assets excluding debt. (Dollars in thousands) 2020 2019 2018 Net sales $ 440,501 $ 491,493 $ 537,712 Cost of sales 327,505 388,959 420,168 Gross profit 112,996 102,534 117,544 Selling, general and administrative expenses 72,033 71,591 58,858 Restructuring and impairment charges 2,290 44,378 6,179 Interest expense 10,650 11,556 12,835 Interest earned ( 184 ) ( 122 ) ( 125 ) Foreign currency losses (gains), net 6,608 ( 2,397 ) 1,852 Miscellaneous expense, net 2,281 2,127 3,896 Income (loss) from discontinued operations before income taxes 19,318 ( 24,599 ) 34,049 Income tax expense 5,315 2,812 9,153 Income (loss) from discontinued operations, net of income taxes 14,003 ( 27,411 ) 24,896 Less: Net income attributable to noncontrolling interests 171 290 2 Net income (loss) attributable to Tile Coatings business $ 13,832 $ ( 27,701 ) $ 24,894 The following table summarizes the assets and liabilities which are classified as held-for-sale at December 31, 2020 and 2019: December 31, December 31, (Dollars in thousands) 2020 2019 Cash and cash equivalents $ 8,200 $ 8,200 Accounts receivable, net 211,548 156,645 Inventories 84,239 101,127 Other receivables 1,630 22,442 Other current assets 2,237 3,006 Current assets held-for-sale 307,854 291,420 Property, plant and equipment, net 108,145 96,762 Amortizable intangible assets, net 42,126 39,692 Deferred income taxes 12,267 14,425 Other non-current assets 6,384 7,052 Non-current assets held-for-sale 168,922 157,931 Total assets held-for-sale $ 476,776 $ 449,351  Loans payable and current portion of long-term debt $ 3,927 $ 3,678 Accounts payable 85,308 96,998 Accrued payrolls 5,946 4,838 Accrued expenses and other current liabilities 12,364 28,266 Current liabilities held-for-sale 107,545 133,780 Long-term debt, less current portion 56,359 25,805 Postretirement and pension liabilities 8,119 7,473 Other non-current liabilities 6,671 5,063 Non-current liabilities held-for-sale 71,149 38,341 Total liabilities held-for-sale $ 178,694 $ 172,121 The following table summarizes cash flow data relating to discontinued operations for the years ended December 31, 2020, 2019 and 2018: (Dollars in thousands) 2020 2019 2018 Depreciation $ — $ 11,264 $ 10,778 Amortization of intangible assets — 3,192 3,219 Capital expenditures ( 4,713 ) ( 9,965 ) ( 5,830 ) Non-cash operating activities - fixed asset impairment — — — Non-cash operating activities - goodwill impairment — 42,515 — Non-cash operating activities - restructuring 1,080 127 — Non-cash investing activities - capital expenditures, consisting of unpaid capital expenditure liabilities at year end 1,493 1,087 5,926 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventories [Abstract] | |
Inventories | (Dollars in thousands) 2020 2019 Raw materials $ 81,344 $ 80,176 Work in process 48,770 49,717 Finished goods 130,218 134,583 Total inventories $ 260,332 $ 264,476 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant And Equipment [Abstract] | |
Property, Plant and Equipment | (Dollars in thousands) 2020 2019 Land $ 38,283 $ 36,628 Buildings 176,306 157,862 Machinery and equipment 472,323 431,189 Construction in progress 76,800 92,460 Total property, plant and equipment 763,712 718,139 Total accumulated depreciation ( 448,382 ) ( 415,467 ) Property, plant and equipment, net $ 315,330 $ 302,672 |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Other Intangible Assets [Abstract] | |
Details And Activity Of Goodwill By Segment | Functional Color (Dollars in thousands) Coatings Solutions Total Goodwill, net at December 31, 2018 $ 122,411 $ 50,545 $ 172,956 Foreign currency adjustments ( 506 ) ( 238 ) ( 744 ) Goodwill, net at December 31, 2019 $ 121,905 $ 50,307 $ 172,212 Foreign currency adjustments 1,665 1,474 3,139 Goodwill, net at December 31, 2020 $ 123,570 $ 51,781 $ 175,351 |
Schedule Of Impairment Of Goodwill | December 31, December 31, (Dollars in thousands) 2020 2019 Goodwill, gross $ 233,818 $ 230,679 Accumulated impairment losses ( 58,467 ) ( 58,467 ) Goodwill, net $ 175,351 $ 172,212 |
Details Of Amortizable Intangible Assets | Estimated (Dollars in thousands) Economic Life 2020 2019 Gross amortizable intangible assets: Patents 10 - 16 years $ 5,589 $ 5,434 Land rights 20 - 40 years 3,173 2,900 Technology/know-how and other 1 - 30 years 116,015 112,940 Customer relationships 10 - 20 years 68,142 66,454 Total gross amortizable intangible assets 192,919 187,728 Accumulated amortization: Patents ( 5,566 ) ( 5,413 ) Land rights ( 1,630 ) ( 1,378 ) Technology/know-how and other ( 61,104 ) ( 50,973 ) Customer relationships ( 18,317 ) ( 14,831 ) Total accumulated amortization ( 86,617 ) ( 72,595 ) Amortizable intangible assets, net $ 106,302 $ 115,133 |
Schedule Of Indefinite-Lived Intangible Assets | (Dollars in thousands) 2020 2019 Indefinite-lived intangibles assets: Trade names and trademarks $ 13,198 $ 12,682 |
Debt And Other Financing (Table
Debt And Other Financing (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt And Other Financing [Abstract] | |
Loans Payable And Current Portion Of Long-Term Debt | (Dollars in thousands) 2020 2019 Current portion of long-term debt $ 8,839 $ 8,703 Loans payable and current portion of long-term debt $ 8,839 $ 8,703 |
Summary Of Long-Term Debt | (Dollars in thousands) 2020 2019 Term loan facility, net of unamortized issuance costs, maturing 2024 (1) $ 793,731 $ 801,764 Capital lease obligations 2,911 2,305 Other notes 3,706 3,496 Total long-term debt 800,348 807,565 Current portion of long-term debt ( 8,839 ) ( 8,703 ) Long-term debt, less current portion $ 791,509 $ 798,862 (1) The carrying value of the term loan facility, maturing 2024, is net of unamortized debt issuance costs of $ 3.7 million at December 31, 2020 and $ 3.9 million at December 31, 2019. |
Annual Maturities Of Long-term Debt | 2021 $ 9,116 2022 9,095 2023 8,957 2024 773,652 2025 691 Thereafter 3,309 Total maturities of long-term debt 804,820 Unamortized issuance costs on Term loan facility ( 3,719 ) Imputed interest and executory costs on capitalized lease obligations ( 753 ) Total long-term debt $ 800,348 |
Schedule Of Trade Accounts Receivable In International Receivable Sales Programs | (Dollars in thousands) 2020 2019 Trade accounts receivable sold to financial institutions $ 340,516 $ 59,293 Cash proceeds from financial institutions (1) 241,937 39,958 Trade accounts receivable collected to be remitted (2) 35,982 12,817 (1) Excluded from the table above, in 2020 and 2019, our Tile Coatings business received cash proceeds from financial institutions of $ 47.3 million and $ 131.5 million, respectively. Refer to Note 4 for additional discussion of the Tile Coatings business and its classification as discontinued operations. (2) Included in Accrued expense and other current liabilities. During 2019, trade accounts receivable collected to be remitted of $ 12.8 million, which pertained to the Tile Coatings business, was excluded from the table above and is included in Current liabilities held-for-sale in our consolidated balance sheets. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments Assets (Liabilities) Measured At Fair Value | December 31, 2020 Carrying Fair Value (Dollars in thousands) Amount Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 174,077 $ 174,077 $ 174,077 $ — $ — Term loan facility - Amended Credit Facility (1) ( 793,731 ) ( 783,143 ) — ( 783,143 ) — Other long-term notes payable ( 3,706 ) ( 1,887 ) — ( 1,887 ) — Cross currency swaps ( 5,162 ) ( 5,162 ) — ( 5,162 ) — Interest rate swaps ( 24,694 ) ( 24,694 ) — ( 24,694 ) — Foreign currency forward contracts, net 2,019 2,019 — 2,019 — December 31, 2019 Carrying Fair Value (Dollars in thousands) Amount Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 96,202 $ 96,202 $ 96,202 $ — $ — Term loan facility - Credit Facility (1) ( 801,764 ) ( 799,750 ) — ( 799,750 ) — Other long-term notes payable ( 3,496 ) ( 1,557 ) — ( 1,557 ) — Cross currency swaps 22,111 22,111 — 22,111 — Interest rate swaps ( 14,698 ) ( 14,698 ) — ( 14,698 ) — Foreign currency forward contracts, net 601 601 — 601 — (1) The carrying values of the term loan facilities are net of unamortized debt issuance costs of $ 3.7 million and $ 3.9 million for the period ended December 31, 2020, and December 31, 2019, respectively. |
Schedule Of Gain (Loss) Recognized In AOCI And The Amount Of Gain (Loss) Reclassified Into Earnings | Amount of Loss (Gain) Amount of Gain (Loss) Reclassified from Location of Gain (Loss) Recognized in AOCL AOCL into Income Reclassified from (Dollars in thousands) 2020 2019 2020 2019 AOCL into Income Interest rate swaps $ ( 16,274 ) $ ( 11,050 ) $ ( 4,757 ) $ ( 441 ) Interest expense Cross currency swaps ( 18,415 ) 8,319 2,137 5,844 Interest expense $ ( 2,620 ) $ 5,403 Total Interest expense Cross currency swaps ( 19,845 ) 4,759 Foreign currency losses, net $ ( 19,845 ) $ 4,759 Total Foreign currency losses, net |
Gain (Loss) On Net Investment Hedges Recognized In AOCI, Amount Reclassified Into Earnings And Gain Recognized In Income On Derivative | Amount of Gain Recognized in Income on Amount of Gain (Loss) Derivative (Amount Excluded Recognized in AOCL from Effectiveness Testing) Location of Gain (Dollars in thousands) 2020 2019 2020 2019 in Earnings Cross currency swaps $ ( 7,655 ) $ 6,330 $ 1,468 $ 3,688 Interest expense |
Fair Value Of Derivative Instruments On Consolidated Balance Sheets | (Dollars in thousands) 2020 2019 Balance Sheet Location Cross currency swaps $ 9 $ 6,711 Other current assets Cross currency swaps — 15,400 Other non-current assets Foreign currency forward contracts 2,649 1,474 Other current assets Liability derivatives: Interest rate swaps $ ( 8,436 ) $ ( 3,723 ) Accrued expenses and other current liabilities Interest rate swaps ( 16,258 ) ( 10,975 ) Other non-current liabilities Cross currency swaps ( 67 ) — Accrued expenses and other current liabilities Cross currency swaps ( 5,104 ) — Other non-current liabilities Foreign currency forward contracts ( 630 ) ( 873 ) Accrued expenses and other current liabilities |
Net Investment Hedging [Member] | |
Effect On Derivative Instruments On Consolidated Statements Of Operations | (Dollars in thousands) 2020 2019 Interest expense $ 21,880 $ 24,302 Foreign currency losses, net 3,627 9,166 |
Foreign Currency Forward Contracts [Member] | |
Effect On Derivative Instruments On Consolidated Statements Of Operations | Amount of Gain (Loss) Recognized in Earnings (Dollars in thousands) 2020 2019 2018 Location of Gain (Loss) in Earnings Foreign currency forward contracts $ 6,589 $ ( 2,462 ) $ ( 12 ) Foreign currency losses, net |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Earnings Before Income Taxe Expense | (Dollars in thousands) 2020 2019 2018 U.S. $ 7,961 $ 18,709 $ 13,854 Foreign 36,940 24,082 56,089 Total $ 44,901 $ 42,791 $ 69,943 |
Income Tax Expense From Continuing Operations | (Dollars in thousands) 2020 2019 2018 Current: U.S. federal $ ( 3,298 ) $ 475 $ 449 Foreign 20,238 18,204 19,311 State and local 104 168 211 Total current 17,044 18,847 19,971 Deferred: U.S. federal 3,935 ( 3,832 ) 3,265 Foreign ( 6,856 ) ( 8,340 ) ( 9,157 ) State and local 738 1,290 ( 186 ) Total deferred ( 2,183 ) ( 10,882 ) ( 6,078 ) Total income tax expense (benefit) $ 14,861 $ 7,965 $ 13,893 |
Income Tax Expense (Benefit) Allocated Directly to Ferro Corporation Shareholders' Equity | (Dollars in thousands) 2020 2019 2018 Interest rate swaps $ ( 2,848 ) $ ( 3,210 ) $ ( 1,529 ) Postretirement benefit liability adjustments 153 11 ( 32 ) Net investment hedge ( 2,113 ) 654 954 Foreign currency translations 44 27 — Total income tax (benefit) expense allocated to Ferro Corporation shareholders' equity $ ( 4,764 ) $ ( 2,518 ) $ ( 607 ) |
Reconciliation of U.S. Federal Statutory Income Tax Rate and Effective Tax Rate | 2020 2019 2018 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Foreign tax rate difference 7.2 9.8 7.4 Non-deductible expenses 4.5 4.4 2.9 Foreign currency 4.1 1.4 0.3 Global intangible low-taxed income, net 2.5 2.8 1.8 Tax rate changes 1.1 0.9 ( 3.0 ) State taxes 1.0 1.3 0.7 Foreign withholding taxes 0.7 1.3 1.0 Net adjustment of prior year accrual 1.3 ( 5.0 ) ( 4.2 ) Goodwill dispositions, impairments and amortization — ( 1.2 ) — Foreign derived intangible income deduction ( 0.7 ) ( 3.2 ) ( 1.6 ) Adjustment of valuation allowances ( 0.9 ) ( 16.1 ) ( 6.0 ) Other ( 1.7 ) 2.7 ( 2.5 ) Uncertain tax positions, net of tax audit settlements ( 2.6 ) 1.7 3.8 Tax credits ( 4.4 ) ( 3.2 ) ( 1.7 ) Effective tax rate 33.1 % 18.6 % 19.9 % |
Components of Deferred Tax Assets and Liabilities | (Dollars in thousands) 2020 2019 Deferred tax assets: Foreign operating loss carryforwards $ 36,631 $ 35,394 Pension and other benefit programs 41,968 39,633 Foreign tax credit carryforwards 12,306 11,423 Accrued liabilities 12,883 10,726 Other credit carryforwards 8,639 6,707 Disallowed interest 7,692 2,633 Other 7,217 8,528 State and local operating loss carryforwards 1,900 2,058 Inventories 2,879 2,366 Allowance for doubtful accounts 589 746 Currency differences 5,605 1,407 Total deferred tax assets 138,309 121,621 Deferred tax liabilities: Property, plant and equipment and intangibles -- depreciation and amortization 16,024 23,617 Unremitted earnings of foreign subsidiaries 1,903 1,594 Deferred gain 2,351 99 Other 2,030 2,016 Total deferred tax liabilities 22,308 27,326 Net deferred tax assets before valuation allowance 116,001 94,295 Valuation allowance ( 10,872 ) ( 10,447 ) Net deferred tax assets $ 105,129 $ 83,848 |
Expirations of Operating Loss Carryforwards and Tax Credit Carryforwards | Operating Loss Tax Credit (Dollars in thousands) Carryforwards Carryforwards Expiring in: 2021 $ 3,612 $ 91 2022-2026 24,593 12,180 2027-2031 21,159 4,979 2032-2036 12,276 3,467 2037-2041 1,250 936 2042-Indefinitely 132,288 936 Total $ 195,178 $ 22,589 |
Classification of Net Deferred Income Tax Assets | (Dollars in thousands) 2020 2019 Non-current assets $ 115,962 $ 98,714 Non-current liabilities ( 10,833 ) ( 14,866 ) Net deferred tax assets $ 105,129 $ 83,848 |
Activity and Balances of Unrecognized Tax Benefits | (Dollars in thousands) 2020 2019 2018 Balance at beginning of year $ 26,000 $ 24,869 $ 28,470 Additions based on tax positions related to the current year 153 3,425 4,041 Additions for tax positions of prior years 260 — 24 Reductions for tax positions of prior years ( 3,781 ) — ( 1,710 ) Reductions as a results of expiring statutes of limitations ( 1,394 ) ( 688 ) ( 420 ) Foreign currency adjustments 1,245 ( 660 ) ( 786 ) Settlements with taxing authorities — ( 946 ) ( 4,750 ) Balance at end of year $ 22,483 $ 26,000 $ 24,869 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Cost (Credit) | U.S. Pension Plans Non-U.S. Plans (Dollars in thousands) 2020 2019 2018 2020 2019 2018 Service cost $ 10 $ 10 $ 11 $ 1,555 $ 1,410 $ 1,392 Interest cost 9,479 11,787 11,308 1,788 2,264 2,166 Expected return on plan assets ( 14,782 ) ( 12,622 ) ( 15,982 ) ( 601 ) ( 758 ) ( 755 ) Amortization of prior service cost — — — 13 7 6 Mark-to-market actuarial net losses 10,938 1,228 16,633 2,977 11,033 2,444 Curtailment and settlement effects losses (gains) — — — 66 292 156 Special termination benefits 114 — — 26 — 106 Net periodic benefit cost $ 5,759 $ 403 $ 11,970 $ 5,824 $ 14,248 $ 5,515 Weighted-average assumptions: Discount rate 3.35 % 4.40 % 3.80 % 1.76 % 2.61 % 2.35 % Rate of compensation increase N/A N/A N/A 3.11 % 3.19 % 3.18 % Expected return on plan assets 7.70 % 7.70 % 7.70 % 2.04 % 2.74 % 2.55 % |
Defined Benefit Pension Plans | U.S. Pension Plans Non-U.S. Pension Plans (Dollars in thousands) 2020 2019 2020 2019 Change in benefit obligation Benefit obligation at beginning of year $ 296,181 $ 279,885 $ 116,698 $ 106,098 Service cost 10 10 1,555 1,410 Interest cost 9,479 11,787 1,788 2,264 Curtailments — — — ( 45 ) Amendments — — ( 714 ) 23 Settlements — — ( 835 ) ( 734 ) Special termination benefits 114 — 26 — Plan participants' contributions — — — 14 Benefits paid ( 21,119 ) ( 19,978 ) ( 3,145 ) ( 5,367 ) Actuarial loss 21,645 24,477 4,907 14,949 Exchange rate effect — — 9,852 ( 1,914 ) Benefit obligation at end of year $ 306,310 $ 296,181 $ 130,132 $ 116,698 Accumulated benefit obligation at end of year $ 306,310 $ 296,181 $ 119,914 $ 107,332 Change in plan assets: Fair value of plan assets at beginning of year $ 223,227 $ 204,425 $ 33,898 $ 32,979 Actual return on plan assets 25,489 35,871 2,465 4,336 Employer contributions 1,648 2,909 2,363 3,277 Plan participants' contributions — — — 14 Benefits paid ( 21,119 ) ( 19,978 ) ( 3,145 ) ( 5,367 ) Effect of settlements — — ( 835 ) ( 734 ) Exchange rate effect — — 2,841 ( 607 ) Fair value of plan assets at end of year $ 229,245 $ 223,227 $ 37,587 $ 33,898 Amounts recognized in the balance sheet: Other non-current assets $ — $ — $ 59 $ 44 Accrued expenses and other current liabilities ( 389 ) ( 410 ) ( 2,575 ) ( 2,589 ) Postretirement and pension liabilities ( 76,676 ) ( 72,544 ) ( 90,029 ) ( 80,255 ) Funded status $ ( 77,065 ) $ ( 72,954 ) $ ( 92,545 ) ( 82,800 ) U.S. Pension Plans Non-U.S. Pension Plans (Dollars in thousands) 2020 2019 2020 2019 Weighted-average assumptions as of December 31: Discount rate 2.55 % 3.35 % 1.29 % 1.76 % Rate of compensation increase N/A N/A 2.98 % 3.11 % Pension plans with benefit obligations in excess of plan assets: Benefit obligations $ 306,310 $ 296,181 $ 94,567 $ 84,791 Plan assets 229,245 223,227 1,963 1,946 Pension plans with accumulated benefit obligations in excess of plan assets: Projected benefit obligations $ 306,310 $ 296,181 $ 94,057 $ 84,338 Accumulated benefit obligations 306,310 296,181 83,923 75,073 Plan assets 229,245 223,227 1,518 1,553 Activity and balances in Accumulated other comprehensive loss related to defined benefit pension plans are summarized below: U.S. Pension Plans Non-U.S. Pension Plans (Dollars in thousands) 2020 2019 2020 2019 Prior service (cost): Balance at beginning of year $ — $ — $ ( 44 ) $ ( 22 ) Amounts recognized as net periodic benefit costs — — ( 13 ) ( 7 ) Plan amendments — — ( 604 ) ( 14 ) Exchange rate effects — — ( 11 ) ( 1 ) Balance at end of year $ — $ — $ ( 672 ) $ ( 44 ) |
Fair Value of Pension Plan Assets | (Dollars in thousands) Level 1 Level 2 Level 3 Total U.S. plans: Fixed income: Guaranteed deposits $ — $ 1,699 $ — $ 1,699 Mutual funds 72,424 — — 72,424 Commingled funds — 423 182 605 Equities: U.S. common stocks 4,142 — — 4,142 Mutual funds 135,791 — — 135,791 Commingled funds — 628 — 628 Total assets in the fair value hierarchy $ 212,357 $ 2,750 $ 182 $ 215,289 Investments measured at net asset value — — — 13,956 Investments at fair value $ 212,357 $ 2,750 $ 182 $ 229,245 Non-U.S. plans Fixed income: Cash and cash equivalents $ 183 $ — $ — $ 183 Guaranteed deposits — 782 33,733 34,515 Mutual funds 1,519 1,093 — 2,612 Other 84 — — 84 Equities: Mutual funds 193 — — 193 Total $ 1,979 $ 1,875 $ 33,733 $ 37,587 The fair values of our pension plan assets at December 31, 2019, by asset category are as follows: (Dollars in thousands) Level 1 Level 2 Level 3 Total U.S. plans: Fixed income: Guaranteed deposits $ — $ 1,863 $ — $ 1,863 Mutual funds 73,563 — — 73,563 Commingled funds — 434 244 678 Equities: U.S. common stocks 4,198 — — 4,198 Mutual funds 128,546 — — 128,546 Commingled funds — 706 — 706 Total assets in the fair value hierarchy $ 206,307 $ 3,003 $ 244 $ 209,554 Investments measured at net asset value — — — 13,673 Investments at fair value $ 206,307 $ 3,003 $ 244 $ 223,227 Non-U.S. plans Fixed income: Cash and cash equivalents $ 10 $ — $ — $ 10 Guaranteed deposits — 748 30,155 30,903 Mutual funds 2,352 — — 2,352 Other 89 — — 89 Equities: Mutual funds 544 — — 544 Total $ 2,995 $ 748 $ 30,155 $ 33,898 |
Schedule of Rollforward of Level 3 Assets | Guaranteed Commingled (Dollars in thousands) deposits funds Total Balance at December 31, 2018 $ 27,318 $ 226 $ 27,544 Sales ( 473 ) — ( 473 ) Gains (losses) included in earnings 3,885 18 3,903 Exchange rate effect ( 575 ) — ( 575 ) Balance at December 31, 2019 $ 30,155 $ 244 $ 30,399 Sales ( 616 ) — ( 616 ) Gains (losses) included in earnings 4,194 ( 62 ) 4,132 Exchange rate effect — — — Balance at December 31, 2020 $ 33,733 $ 182 $ 33,915 |
Future Pension Benefit Payments | U.S. Non-U.S. (Dollars in thousands) Plans Plans 2021 $ 20,587 $ 4,040 2022 20,696 4,876 2023 20,262 4,063 2024 20,087 4,088 2025 20,004 4,266 2026-2030 93,327 24,858 |
Postretirement Health Care and Life Insurance Benefit Plans | (Dollars in thousands) 2020 2019 2018 Net periodic benefit cost: Interest expense $ 529 $ 702 $ 732 Service cost 3 2 — Amortization of prior service costs ( 4,240 ) — — Mark-to-market actuarial net loss (gain) 101 1,080 ( 2,580 ) Total net periodic benefit cost (credit) $ ( 3,607 ) $ 1,784 $ ( 1,848 ) Weighted-average assumptions: Discount rate 3.25 % 4.30 % 3.70 % Current trend rate for health care costs 6.10 % 6.30 % 6.40 % Ultimate trend rate for health care costs 4.50 % 4.50 % 4.50 % Year that ultimate trend rate is reached 2036 2036 2036 (Dollars in thousands) 2020 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 17,149 $ 17,198 Service cost 3 2 Interest cost 529 702 Plan amendments ( 4,240 ) — Benefits paid ( 1,688 ) ( 1,833 ) Actuarial loss (gain) 101 1,080 Benefit obligation at end of year $ 11,854 $ 17,149 Change in plan assets: Fair value of plan assets at beginning of year $ — $ — Employer contributions 1,688 1,836 Benefits paid ( 1,688 ) ( 1,836 ) Fair value of plan assets at end of year $ — $ — Amounts recognized in the balance sheet: Accrued expenses and other current liabilities $ ( 1,047 ) $ ( 1,945 ) Postretirement and pension liabilities ( 10,807 ) ( 15,204 ) Funded status $ ( 11,854 ) $ ( 17,149 ) Weighted-average assumptions as of December 31: Discount rate 2.40 % 3.25 % Current trend rate for health care costs 6.00 % 6.10 % Ultimate trend rate for health care costs 4.50 % 4.50 % Year that ultimate trend rate is reached 2036 2036 |
Future Postretirement Health Care and Life Insurance Benefit Payments | Before After Medicare Medicare (Dollars in thousands) Subsidy Subsidy 2021 $ 1,046 $ 1,016 2022 1,001 971 2023 957 926 2024 918 889 2025 867 837 2026-2030 3,733 3,595 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stock Options [Member] | |
Details Of Weighted-Average Grant-Date Fair Values And Assumptions Used For Estimating Fair Values | 2020 2019 2018 Weighted-average grant-date fair value $ 5.28 $ 6.47 $ 8.91 Expected life, in years 5.2 5.6 5.4 Risk-free interest rate 1.4 % 2.5 % 2.7 % Expected volatility 35.1 % 33.9 % 39.7 % Expected dividend yield — % — % — % |
Summary of Stock-Based Compensation Activity | Weighted- Average Weighted- Remaining Aggregate Number of Average Contractual Intrinsic Options Exercise Price Term Value Outstanding at December 31, 2019 1,728,999 $ 12.49 Granted 345,100 14.64 Exercised ( 115,033 ) 6.57 Forfeited or expired ( 25,167 ) 14.65 Outstanding at December 31, 2020 1,933,899 $ 13.20 5.4 $ 4,959 Exercisable at December 31, 2020 1,381,365 $ 11.96 4.1 $ 4,916 Vested or expected to vest at December 31, 2020 1,933,899 $ 13.20 5.4 $ 4,959 |
Information Related to Stock Options Exercised | (Dollars in thousands) 2020 2019 2018 Proceeds from the exercise of stock options $ 756 $ 1,052 $ 727 Intrinsic value of stock options exercised 867 750 1,590 Income tax benefit related to stock options exercised 182 158 334 |
Summary of Stock-Based Compensation Expense | (Dollars in thousands) 2020 2019 2018 Compensation expense recorded in Selling, general and administrative expenses $ 2,304 $ 1,801 $ 1,528 Deferred income tax benefits related to compensation expense 484 378 321 Total fair value of stock options vested 465 1,387 1,390 Unrecognized compensation cost 2,039 1,469 606 Expected weighted-average recognition period for unrecognized compensation, in years 1.8 2.2 2.7 |
Performance Share Units [Member] | |
Summary of Stock-Based Compensation Activity | Weighted- Average Remaining Number of Contractual Units Term Outstanding at December 31, 2019 452,000 Granted 284,894 Earned ( 243,394 ) Forfeited or expired ( 11,502 ) Outstanding at December 31, 2020 481,998 1.2 Vested or expected to vest at December 31, 2020 481,998 1.2 |
Summary of Stock-Based Compensation Expense | (Dollars in thousands) 2020 2019 2018 Compensation expense recorded in Selling, general and administrative expenses $ 3,270 $ 3,607 $ 4,152 Deferred income tax benefits related to compensation expense 773 757 872 Unrecognized compensation cost 3,417 2,730 3,599 Expected weighted-average recognition period for unrecognized compensation, in years 1.5 1.6 1.4 |
Restructuring And Cost Reduct_2
Restructuring And Cost Reduction Programs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring And Cost Reduction Programs [Abstract] | |
Summary of Charges Associated with Restructuring Programs by Major Type of Charges | Employee (Dollars in thousands) Severance Other Costs Total Expected restructuring charges: Organizational Optimization Program $ 3,883 $ — $ 3,883 American Manufacturing Optimization Program 8,644 77 8,721 Global Optimization Program — — — Total expected restructuring charges $ 12,527 $ 77 $ 12,604 Restructuring charges incurred: Global Optimization Program $ 3,560 $ 3,556 $ 7,116 Charges incurred in 2018 3,560 3,556 7,116 Global Optimization Program 7,163 3,792 10,955 Charges incurred in 2019 7,163 3,792 10,955 Organizational Optimization Program 2,980 — 2,980 American Manufacturing Optimization Program 1,040 — 1,040 Global Optimization Program 5,670 7,735 13,405 Charges incurred in 2020 $ 9,690 $ 7,735 $ 17,425 Cumulative restructuring charges incurred: Organizational Optimization Program $ 2,980 $ — $ 2,980 American Manufacturing Optimization Program 7,617 77 7,694 Global Optimization Program 43,344 40,720 84,064 Cumulative restructuring charges incurred as of December 31, 2020 $ 53,941 $ 40,797 $ 94,738 |
Summary of Charges Associated with Restructuring Programs by Segments | Total Cumulative Expected Charges To (Dollars in thousands) Charges 2020 2019 2018 Date Functional Coatings $ 169 $ 27 $ ( 5 ) $ 23 $ 26,954 Color Solutions 99 101 124 148 4,562 Segment Total 268 128 119 171 31,516 Corporate Restructuring Charges 12,336 17,297 10,836 6,945 63,222 Total Restructuring Charges $ 12,604 $ 17,425 $ 10,955 $ 7,116 $ 94,738 |
Summary Of Accruals Related To Restructuring And Optimization Programs | Employee (Dollars in thousands) Severance Other Costs Total Balance at December 31, 2017 $ 1,309 $ 990 $ 2,299 Restructuring charges 3,560 3,556 7,116 Cash payments ( 3,678 ) ( 597 ) ( 4,275 ) Non-cash items ( 180 ) ( 3,117 ) ( 3,297 ) Balance at December 31, 2018 1,011 832 1,843 Restructuring charges 7,163 3,792 10,955 Cash payments ( 6,987 ) ( 1,831 ) ( 8,818 ) Non-cash items ( 440 ) ( 1,301 ) ( 1,741 ) Balance at December 31, 2019 747 1,492 2,239 Restructuring charges 9,690 7,735 17,425 Cash payments ( 4,363 ) ( 4,526 ) ( 8,889 ) Non-cash items ( 564 ) ( 241 ) ( 805 ) Balance at December 31, 2020 $ 5,510 $ 4,460 $ 9,970 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Components Of Lease Costs | (Dollars in thousands) 2020 2019 Income Statement Location Lease Cost Operating lease cost (1) $ 4,716 $ 5,318 Selling, general and administrative expenses Operating lease cost (2) 7,406 9,090 Cost of sales Finance lease cost Amortization of right-of-use assets 298 233 Cost of sales Interest of lease liabilities 33 17 Interest expense Net lease cost $ 12,453 $ 14,658 (1) Included in operating lease cost is $ 0.9 million of short-term lease costs for the years ended December 31, 2020 and 2019, respectively, and $ 0.4 million of variable lease costs for the years ended December 31, 2020 and 2019, respectively. (2) Included in operating lease cost is $ 2.7 million and $ 2.6 million of short-term lease costs for the years ended December 31, 2020 and 2019, respectively, and $ 0.7 million and $ 1.1 million of variable lease costs for the years ended December 31, 2020 and 2019, respectively. |
Supplemental Balance Sheet Information Related To Leases | (Dollars in thousands) 2020 2019 Balance Sheet Location Assets Operating leased assets $ 15,446 $ 20,088 Operating leased assets Finance leased assets (1) 1,410 859 Property, plant and equipment, net Total leased assets $ 16,856 $ 20,947 Liabilities Current Operating $ 5,431 $ 6,515 Accrued expenses and other current liabilities Finance 640 438 Loans payable and current portion of long-term debt Noncurrent Operating 10,064 14,474 Operating lease non-current liabilities Finance 2,271 1,867 Long-term debt, less current portion Total lease liabilities $ 18,406 $ 23,294 (1) Finance leases are net of accumulated depreciation of $ 3.1 million and $ 3.4 million for December 31, 2020 and 2019, respectively. |
Supplemental Cash Flow Information Related To Leases | (Dollars in thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 33 $ 17 Operating cash flows from operating leases 7,959 9,757 Financing cash flows from finance leases 331 229 Leased assets obtained in exchange for new finance lease liabilities 961 755 Leased assets obtained in exchange for new operating lease liabilities 4,686 30,411 2020 Weighted-average remaining lease term (years) Operating leases 3.9 Finance leases 5.1 Weighted-average discount rate Operating leases 4.1 % Finance leases 4.7 % |
Maturities Of Lease Liabilities | Finance Operating (Dollars in thousands) Leases Leases 2021 $ 773 $ 6,967 2022 752 4,167 2023 673 2,222 2024 560 1,183 2025 449 933 Thereafter 457 1,778 Net minimum lease payments $ 3,664 $ 17,250 Less: interest 753 1,755 Present value of lease liabilities $ 2,911 $ 15,495 |
Miscellaneous Expense (Income_2
Miscellaneous Expense (Income), Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Miscellaneous Expense (Income), Net [Abstract] | |
Components Of Miscellaneous Expense (Income), Net | (Dollars in thousands) 2020 2019 2018 Pension expense $ 6,425 $ 14,845 $ 14,142 Argentina export tax matter — 217 507 Gain on change of control — — ( 2,586 ) Modification of debt — — 1,046 Dividends/royalty from affiliates, net ( 264 ) ( 529 ) ( 720 ) Loss (gain) on sale of assets 87 ( 1,412 ) ( 514 ) Contingent consideration adjustment ( 67 ) ( 2,723 ) ( 1,637 ) Bank fees 1,498 1,798 1,656 Other, net ( 2,174 ) ( 474 ) 180 Total Miscellaneous expense, net $ 5,505 $ 11,722 $ 12,074 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Calculations Of Basic And Diluted Earnings Per Share | (Dollars in thousands, except per share amounts) 2020 2019 2018 Basic earnings per share computation: Income from continuing operations $ 30,040 $ 34,826 $ 56,050 Less: Net income attributable to noncontrolling interests from continuing operations 1,073 1,087 851 Net income attributable to Ferro Corporation from continuing operations 28,967 33,739 55,199 Income (loss) from discontinued operations, net of income taxes 14,003 ( 27,411 ) 24,896 Less: Net income attributable to noncontrolling interests from discontinued operations 171 290 2 Net income attributable to Ferro Corporation from discontinued operations 13,832 ( 27,701 ) 24,894 Total $ 42,799 $ 6,038 $ 80,093 Weighted-average common shares outstanding 82,232 82,083 83,940 Basic earnings per share from continuing operations attributable to Ferro Corporation common shareholders $ 0.35 $ 0.41 $ 0.66 Diluted earnings per share computation: Net income attributable to Ferro Corporation common shareholders $ 28,967 $ 33,739 $ 55,199 Adjustment for income from discontinued operations 13,832 ( 27,701 ) 24,894 Total $ 42,799 $ 6,038 $ 80,093 Weighted-average common shares outstanding 82,232 82,083 83,940 Assumed exercise of stock options 272 407 772 Assumed satisfaction of restricted stock unit conditions 362 369 301 Assumed satisfaction of performance stock unit conditions 158 32 72 Weighted-average diluted shares outstanding 83,024 82,891 85,085 Diluted earnings per share from continuing operations attributable to Ferro Corporation common shareholders $ 0.35 $ 0.41 $ 0.65 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Changes In Accumulated Other Comprehensive Loss By Component, Net Of Tax | Postretirement Foreign Net Gain (Loss) Benefit Liability Currency on Cash Flow (Dollars in thousands) Adjustments Items Hedges Total Balance at December 31, 2017 $ 1,165 $ ( 77,578 ) $ 945 $ ( 75,468 ) Other comprehensive income (loss) before reclassifications, before tax — ( 24,658 ) 11,388 ( 13,270 ) Reclassification to earnings: Cash flow hedge gain (loss), before tax — — ( 17,159 ) ( 17,159 ) Postretirement benefit liabilities gain (loss), before tax ( 55 ) — — ( 55 ) Current period other comprehensive income (loss), before tax ( 55 ) ( 24,658 ) ( 5,771 ) ( 30,484 ) Tax effect ( 16 ) 954 ( 1,529 ) ( 591 ) Current period other comprehensive income (loss), net of tax ( 39 ) ( 25,612 ) ( 4,242 ) ( 29,893 ) Balance at December 31, 2018 $ 1,126 $ ( 103,190 ) $ ( 3,297 ) $ ( 105,361 ) Other comprehensive income (loss) before reclassifications, before tax — 6,269 ( 2,731 ) 3,538 Reclassification to earnings: Cash flow hedge gain (loss), before tax — — ( 10,162 ) ( 10,162 ) Postretirement benefit liabilities gain (loss), before tax 91 — — 91 Current period other comprehensive income (loss), before tax 91 6,269 ( 12,893 ) ( 6,533 ) Tax effect 11 654 ( 3,183 ) ( 2,518 ) Current period other comprehensive income (loss), net of tax 80 5,615 ( 9,710 ) ( 4,015 ) Balance at December 31, 2019 $ 1,206 $ ( 97,575 ) $ ( 13,007 ) $ ( 109,376 ) Other comprehensive income (loss) before reclassifications, before tax — 24,980 ( 34,689 ) ( 9,709 ) Reclassification to earnings: Cash flow hedge gain (loss), before tax — — 22,465 22,465 Postretirement benefit liabilities gain (loss), before tax 2,146 — — 2,146 Current period other comprehensive income (loss), before tax 2,146 24,980 ( 12,224 ) 14,902 Tax effect 153 ( 2,113 ) ( 2,804 ) ( 4,764 ) Current period other comprehensive income (loss), net of tax 1,993 27,093 ( 9,420 ) 19,666 Balance at December 31, 2020 $ 3,199 $ ( 70,482 ) $ ( 22,427 ) $ ( 89,710 ) |
Reporting For Segments (Tables)
Reporting For Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Reporting For Segments [Abstract] | |
Net Sales To External Customers By Segment | (Dollars in thousands) 2020 2019 2018 Functional Coatings $ 608,192 $ 644,783 $ 683,669 Color Solutions 350,762 369,674 391,027 Total net sales $ 958,954 $ 1,014,457 $ 1,074,696 |
Segment's Gross Profit And Reconciliations To Income Before Income Taxes | (Dollars in thousands) 2020 2019 2018 Functional Coatings $ 175,601 $ 192,668 $ 211,018 Color Solutions 119,071 114,939 124,852 Other cost of sales ( 916 ) 369 2,519 Total gross profit 293,756 307,976 338,389 Selling, general and administrative expenses 202,413 212,365 219,708 Restructuring and impairment charges 17,425 10,955 7,116 Other expense, net 29,017 41,865 41,622 Income before income taxes $ 44,901 $ 42,791 $ 69,943 |
Summary of Segment's Expenditures for Long-Lived Assets | (Dollars in thousands) 2020 2019 2018 Functional Coatings $ 12,266 $ 46,304 $ 49,964 Color Solutions 17,626 16,597 24,940 Total segment expenditures for long-lived assets 29,892 62,901 74,904 Unallocated corporate expenditures for long-lived assets 1,891 2,069 5,715 Total expenditures for long lived assets (1) $ 31,783 $ 64,970 $ 80,619 (1) Includes capital expenditures for discontinued operation of $ 4.7 million, $ 10.0 million and $ 5.8 million in 2020, 2019 and 2018, respectively, integrated within Functional Coatings . |
Summary of Net Sales by Geographic Region | (Dollars in thousands) 2020 2019 2018 United States $ 341,461 $ 359,267 $ 379,912 Germany 143,861 149,270 148,706 Other international 473,632 505,920 546,078 Total net sales $ 958,954 $ 1,014,457 $ 1,074,696 |
Summary of Long-Lived Assets by Geographic Region | (Dollars in thousands) 2020 2019 United States $ 69,088 $ 71,617 Mexico 58,503 51,224 Germany 39,733 34,996 Columbia 30,888 32,475 Other international 117,118 112,360 Total long-lived assets $ 315,330 $ 302,672 |
Unconsolidated Affiliates Acc_2
Unconsolidated Affiliates Accounted For Under The Equity Method (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Unconsolidated Affiliates Accounted For Under The Equity Method [Abstract] | |
Summarized Condensed Income Statement | (Dollars in thousands) 2020 2019 2018 Net sales $ 12,444 $ 16,563 $ 18,950 Gross profit 1,150 2,507 3,343 Income (loss) from continuing operations ( 1,362 ) ( 861 ) 746 Net income (loss) ( 1,090 ) ( 689 ) 596 |
Summarized Balance Sheet | (Dollars in thousands) 2020 2019 Current assets $ 12,353 $ 13,623 Non-current assets 3,644 4,214 Current liabilities ( 1,938 ) ( 2,994 ) Non-current liabilities ( 27 ) ( 161 ) |
Transactions with Equity-Method Investees | (Dollars in thousands) 2020 2019 2018 Sales $ 11,013 $ 7,308 $ 4,898 Purchases 146 316 15 Dividends and interest received 144 154 415 Commission and royalties received 108 363 305 Commissions and royalties paid 12 11 — |
Quarterly Data (Tables)
Quarterly Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Data [Abstract] | |
Summary of Quarterly Financial Information | Net Income Earnings (Loss) Attributable (Loss) to Ferro Corporation Common Attributable Shareholders Per Common Net Income to Ferro Share (Dollars in thousands, except per share data) Net Sales Gross Profit (Loss) Corporation Basic Diluted 2019 Quarter 1 $ 263,382 $ 77,859 $ 13,878 $ 13,604 $ 0.16 $ 0.16 Quarter 2 260,958 79,130 11,109 10,871 0.13 0.13 Quarter 3 245,339 76,062 13,210 12,820 0.16 0.16 Quarter 4 244,778 74,925 ( 30,782 ) ( 31,257 ) ( 0.38 ) ( 0.38 ) Total $ 1,014,457 $ 307,976 $ 7,415 $ 6,038 $ 0.07 $ 0.07 2020 Quarter 1 $ 252,326 $ 80,738 $ 16,133 $ 16,123 $ 0.19 $ 0.19 Quarter 2 204,801 63,744 ( 5,164 ) ( 5,540 ) ( 0.07 ) ( 0.07 ) Quarter 3 241,877 70,166 14,914 14,474 0.18 0.17 Quarter 4 259,950 79,108 18,160 17,742 0.22 0.22 Total $ 958,954 $ 293,756 $ 44,043 $ 42,799 $ 0.52 $ 0.52 |
Our Business (Details)
Our Business (Details) | 12 Months Ended |
Dec. 31, 2020segment | |
Our Business [Abstract] | |
Business units | 4 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)customerentity | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Significant Accounting Policies [Line Items] | |||
Number of legal entities consolidated | entity | 5 | ||
Expenditures for company-sponsored research and development activities | $ | $ 35.6 | $ 41 | $ 40.1 |
Number of customers representing greater than 10% of net sales or accounts receivable | customer | 0 | ||
Percentage of net sales or accounts receivable to be considered a major customer | 10.00% | ||
Minimum [Member] | Software and Software Development Costs [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful lives | 1 year | ||
Minimum [Member] | Five Entities [Member] | |||
Significant Accounting Policies [Line Items] | |||
Non-controlling interest ownerships in consolidated entities | 5.00% | ||
Maximum [Member] | Software and Software Development Costs [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful lives | 10 years | ||
Maximum [Member] | Five Entities [Member] | |||
Significant Accounting Policies [Line Items] | |||
Non-controlling interest ownerships in consolidated entities | 41.00% |
Significant Accounting Polici_5
Significant Accounting Policies (Detailed Information about Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Significant Accounting Policies [Abstract] | |||
Allowance for doubtful accounts | $ 2,502 | $ 1,756 | $ 1,343 |
Bad debt expense | $ 255 | $ 455 | $ 843 |
Significant Accounting Polici_6
Significant Accounting Policies (Estimated Lives of Prperty, Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum [Member] | Buildings [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Maximum [Member] | Buildings [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Revenue (Revenues Disaggregated
Revenue (Revenues Disaggregated By Geography And Reportable Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Total net sales | $ 958,954 | $ 1,014,457 | $ 1,074,696 |
Functional Coatings [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 608,192 | 644,783 | 683,669 |
Color Solutions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 350,762 | 369,674 | 391,027 |
EMEA [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 396,263 | 432,132 | 466,194 |
EMEA [Member] | Functional Coatings [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 267,041 | 295,198 | 324,092 |
EMEA [Member] | Color Solutions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 129,222 | 136,934 | 142,102 |
United States [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 341,461 | 359,267 | 379,913 |
United States [Member] | Functional Coatings [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 195,027 | 197,494 | 207,012 |
United States [Member] | Color Solutions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 146,434 | 161,773 | 172,901 |
Asia Pacific [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 140,948 | 139,006 | 141,971 |
Asia Pacific [Member] | Functional Coatings [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 100,727 | 101,521 | 100,329 |
Asia Pacific [Member] | Color Solutions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 40,221 | 37,485 | 41,642 |
Latin America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 80,282 | 84,052 | 86,618 |
Latin America [Member] | Functional Coatings [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 45,397 | 50,570 | 52,236 |
Latin America [Member] | Color Solutions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | $ 34,885 | $ 33,482 | $ 34,382 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - Tile Coatings [Member] - Subsequent Event [Member] $ in Millions | Feb. 25, 2021USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Cash from sale of buisness | $ 460 |
Net proceeds after expenses | $ 420 |
Discontinued Operations (Summar
Discontinued Operations (Summary Of Statements Of Operations As Discontinued Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Income (loss) from discontinued operations, net of income taxes | $ 14,003 | $ (27,411) | $ 24,896 |
Less: Net income attributable to noncontrolling interests | 1,244 | 1,377 | 853 |
Net income (loss) attributable to Tile Coatings business | 42,799 | 6,038 | 80,093 |
Discontinued Operations [Member] | Tile Coatings [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Net sales | 440,501 | 491,493 | 537,712 |
Cost of sales | 327,505 | 388,959 | 420,168 |
Gross profit | 112,996 | 102,534 | 117,544 |
Selling, general and administrative expenses | 72,033 | 71,591 | 58,858 |
Restructuring and impairment charges | 2,290 | 44,378 | 6,179 |
Interest expense | 10,650 | 11,556 | 12,835 |
Interest earned | (184) | (122) | (125) |
Foreign currency losses (gains), net | 6,608 | (2,397) | 1,852 |
Miscellaneous expense, net | 2,281 | 2,127 | 3,896 |
Income (loss) from discontinued operations before income taxes | 19,318 | (24,599) | 34,049 |
Income tax expense | 5,315 | 2,812 | 9,153 |
Income (loss) from discontinued operations, net of income taxes | 14,003 | (27,411) | 24,896 |
Less: Net income attributable to noncontrolling interests | 171 | 290 | 2 |
Net income (loss) attributable to Tile Coatings business | $ 13,832 | $ (27,701) | $ 24,894 |
Discontinued Operations (Summ_2
Discontinued Operations (Summary Of Assets And Liabilities Classified As Held-For-Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash and cash equivalents | $ 8,200 | $ 8,200 | $ 8,200 |
Current assets held-for-sale | 307,854 | 291,420 | |
Deferred income taxes | 115,962 | 98,714 | |
Non-current assets held-for-sale | 168,922 | 157,931 | |
Current liabilities held-for-sale | 107,545 | 133,780 | |
Non-current liabilities held-for-sale | 71,149 | 38,341 | |
Tile Coatings [Member] | Discontinued Operations, Held-For-Sale [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash and cash equivalents | 8,200 | 8,200 | |
Accounts receivable, net | 211,548 | 156,645 | |
Inventories | 84,239 | 101,127 | |
Other receivables | 1,630 | 22,442 | |
Other current assets | 2,237 | 3,006 | |
Current assets held-for-sale | 307,854 | 291,420 | |
Property, plant and equipment, net | 108,145 | 96,762 | |
Amortizable intangible assets, net | 42,126 | 39,692 | |
Deferred income taxes | 12,267 | 14,425 | |
Other non-current assets | 6,384 | 7,052 | |
Non-current assets held-for-sale | 168,922 | 157,931 | |
Total assets held-for-sale | 476,776 | 449,351 | |
Loans payable and current portion of long-term debt | 3,927 | 3,678 | |
Accounts payable | 85,308 | 96,998 | |
Accrued payrolls | 5,946 | 4,838 | |
Accrued expenses and other current liabilities | 12,364 | 28,266 | |
Current liabilities held-for-sale | 107,545 | 133,780 | |
Long-term debt, less current portion | 56,359 | 25,805 | |
Postretirement and pension liabilities | 8,119 | 7,473 | |
Other non-current liabilities | 6,671 | 5,063 | |
Non-current liabilities held-for-sale | 71,149 | 38,341 | |
Total liabilities held-for-sale | $ 178,694 | $ 172,121 |
Discontinued Operations (Summ_3
Discontinued Operations (Summary Of Cash Flow Data Related To Discontinued Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Non-cash investing activities - capital expenditures, consisting of of unpaid capital expenditure liabilities at year end | $ 5,300 | $ 3,500 | $ 7,700 |
Tile Coatings [Member] | Discontinued Operations [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Depreciation | 11,264 | 10,778 | |
Amortization of intangible assets | 3,192 | 3,219 | |
Capital expenditures | (4,713) | (9,965) | (5,830) |
Non-cash operating activities - goodwill impairment | 42,515 | ||
Non-cash operating activities - restructuring | 1,080 | 127 | |
Non-cash investing activities - capital expenditures, consisting of of unpaid capital expenditure liabilities at year end | $ 1,493 | $ 1,087 | $ 5,926 |
Aquisitions (Narrative) (Detail
Aquisitions (Narrative) (Details) $ in Thousands, € in Millions, $ in Millions | Oct. 01, 2018USD ($) | Oct. 01, 2018EUR (€) | Sep. 25, 2018USD ($) | Sep. 25, 2018TWD ($) | Aug. 31, 2018USD ($) | Aug. 31, 2018EUR (€) | Jul. 12, 2018USD ($) | Jun. 29, 2018USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($) | Oct. 01, 2018EUR (€) |
Business Acquisition [Line Items] | ||||||||||||||
Gain on change of control | $ 2,586 | |||||||||||||
Goodwill | $ 172,212 | $ 172,956 | $ 175,351 | |||||||||||
Deferred tax liabilities | $ 14,866 | $ 10,833 | ||||||||||||
Quimicer, S.A. ("Quimicer") [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business acquisition, percentage of voting interests acquired | 100.00% | 100.00% | ||||||||||||
Business acquisition | $ 37,400 | € 32.2 | ||||||||||||
Business Combination, Liabilities Arising from Contingencies, Amount Recognized | 6,100 | € 5.2 | ||||||||||||
Goodwill | 3,000 | |||||||||||||
Goodwill impairment charge | $ 3,000 | |||||||||||||
Personal and real property | 21,500 | |||||||||||||
Deferred tax liabilities | 3,000 | |||||||||||||
Net working capital | $ 15,900 | |||||||||||||
UWiZ Technology Co., Ltd. ("UWiZ") [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business acquisition, percentage of voting interests acquired | 100.00% | |||||||||||||
Cash payments to acquire business | $ 26,900 | $ 823.4 | ||||||||||||
Amortizable intangible assets | 6,600 | |||||||||||||
Goodwill | 7,100 | |||||||||||||
Personal and real property | 2,400 | |||||||||||||
Deferred tax liabilities | 1,700 | |||||||||||||
Net working capital | $ 12,500 | |||||||||||||
Ernst Diegel GmbH ("Diegel") [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business acquisition, percentage of voting interests acquired | 100.00% | |||||||||||||
Cash payments to acquire business | $ 14,000 | € 12.1 | ||||||||||||
Amortizable intangible assets | 2,000 | |||||||||||||
Goodwill | 1,700 | |||||||||||||
Personal and real property | 7,000 | |||||||||||||
Deferred tax liabilities | 1,500 | |||||||||||||
Net working capital | $ 4,800 | |||||||||||||
MRA Laboratories, Inc. ("MRA") [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business acquisition, percentage of voting interests acquired | 100.00% | |||||||||||||
Cash payments to acquire business | $ 16,000 | |||||||||||||
Amortizable intangible assets | 6,700 | |||||||||||||
Goodwill | 7,200 | |||||||||||||
Personal and real property | 300 | |||||||||||||
Deferred tax liabilities | 1,600 | |||||||||||||
Net working capital | $ 3,400 | |||||||||||||
PT Ferro Materials Utama ("FMU") [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business acquisition, percentage of voting interests acquired | 66.00% | 66.00% | ||||||||||||
Gain on change of control | $ 2,600 | $ (2,600) | ||||||||||||
Cash payments to acquire business | $ 2,700 | |||||||||||||
Forgiveness of debt | $ 9,200 | |||||||||||||
PT Ferro Materials Utama ("FMU") [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Total ownership | 100.00% | 100.00% |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Inventories [Abstract] | |||
Terms of precious metals consignment agreements, maximum | 1 year | ||
Fees under precious metals consignment agreements | $ 2.9 | $ 3.1 | $ 2.1 |
Fair value of precious metals on hand under consignment agreements | $ 87.2 | $ 66.2 |
Inventories (Inventories) (Deta
Inventories (Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventories [Abstract] | ||
Raw materials | $ 81,344 | $ 80,176 |
Work in process | 48,770 | 49,717 |
Finished goods | 130,218 | 134,583 |
Total inventories | $ 260,332 | $ 264,476 |
Property, Plant And Equipment_2
Property, Plant And Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 27.8 | $ 28.3 | $ 27.3 |
Unpaid capital expenditure liabilities | 5.3 | 3.5 | 7.7 |
Impairment charges related to property, plant and equipment | $ 0 | ||
Discontinued Operations [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 11.3 | $ 10.8 |
Property, Plant And Equipment_3
Property, Plant And Equipment (Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | $ 763,712 | $ 718,139 |
Total accumulated depreciation | (448,382) | (415,467) |
Property, plant and equipment, net | 315,330 | 302,672 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | 38,283 | 36,628 |
Buildings [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | 176,306 | 157,862 |
Machinery and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | 472,323 | 431,189 |
Construction in Progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | $ 76,800 | $ 92,460 |
Goodwill And Other Intangible_3
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill And Other Intangible Asset [Line Items] | ||||||
Amortization expense related to amortizable intangible assets | $ 12 | $ 13 | $ 12.6 | |||
Expected amortization expense for amortizable intangible assets for 2021 | 12.7 | |||||
Expected amortization expense for amortizable intangible assets for 2022 | 11.4 | |||||
Expected amortization expense for amortizable intangible assets for 2023 | 11.3 | |||||
Expected amortization expense for amortizable intangible assets for 2024 | 11.1 | |||||
Expected amortization expense for amortizable intangible assets for 2025 | $ 11 | |||||
Quimicer, FMU And Gardenia [Member] | ||||||
Goodwill And Other Intangible Asset [Line Items] | ||||||
Goodwill impairment charge | $ 3.1 | $ 5.9 | ||||
Tile Coating Systems [Member] | ||||||
Goodwill And Other Intangible Asset [Line Items] | ||||||
Goodwill | $ 43.5 | |||||
Goodwill impairment charge | $ 33.5 | |||||
Tile Coating Systems [Member] | Tile Coatings [Member] | ||||||
Goodwill And Other Intangible Asset [Line Items] | ||||||
Goodwill impairment charge | $ 42.5 |
Goodwill And Other Intangible_4
Goodwill And Other Intangible Assets (Details And Activity Of Goodwill By Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Goodwill, net at beginning | $ 172,212 | $ 172,956 |
Foreign currency adjustments | 3,139 | (744) |
Goodwill, net at ending | 175,351 | 172,212 |
Functional Coatings [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Goodwill, net at beginning | 121,905 | 122,411 |
Foreign currency adjustments | 1,665 | (506) |
Goodwill, net at ending | 123,570 | 121,905 |
Color Solutions [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Goodwill, net at beginning | 50,307 | 50,545 |
Foreign currency adjustments | 1,474 | (238) |
Goodwill, net at ending | $ 51,781 | $ 50,307 |
Goodwill And Other Intangible_5
Goodwill And Other Intangible Assets (Schedule Of Impairment Of Goodwill) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill And Other Intangible Assets [Abstract] | |||
Goodwill, gross | $ 233,818 | $ 230,679 | |
Accumulated impairment losses | (58,467) | (58,467) | |
Goodwill, net | $ 175,351 | $ 172,212 | $ 172,956 |
Goodwill And Other Intangible_6
Goodwill And Other Intangible Assets (Details Of Amortizable Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Amortization Of Intangible Assets [Line Items] | ||
Total gross amortizable intangible assets | $ 192,919 | $ 187,728 |
Total accumulated amortization | (86,617) | (72,595) |
Amortizable intangible assets, net | 106,302 | 115,133 |
Patents [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Total gross amortizable intangible assets | 5,589 | 5,434 |
Total accumulated amortization | (5,566) | (5,413) |
Land Rights [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Total gross amortizable intangible assets | 3,173 | 2,900 |
Total accumulated amortization | (1,630) | (1,378) |
Technology/Know-how And Other [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Total gross amortizable intangible assets | 116,015 | 112,940 |
Total accumulated amortization | (61,104) | (50,973) |
Customer Relationships [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Total gross amortizable intangible assets | 68,142 | 66,454 |
Total accumulated amortization | $ (18,317) | $ (14,831) |
Minimum [Member] | Patents [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Estimated Economic Life | 10 years | |
Minimum [Member] | Land Rights [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Estimated Economic Life | 20 years | |
Minimum [Member] | Technology/Know-how And Other [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Estimated Economic Life | 1 year | |
Minimum [Member] | Customer Relationships [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Estimated Economic Life | 10 years | |
Maximum [Member] | Patents [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Estimated Economic Life | 16 years | |
Maximum [Member] | Land Rights [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Estimated Economic Life | 40 years | |
Maximum [Member] | Technology/Know-how And Other [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Estimated Economic Life | 30 years | |
Maximum [Member] | Customer Relationships [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Estimated Economic Life | 20 years |
Goodwill And Other Intangible_7
Goodwill And Other Intangible Assets (Schedule Of Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Trade Names and Trademarks [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | $ 13,198 | $ 12,682 |
Debt And Other Financing (Narra
Debt And Other Financing (Narrative) (Details) | Feb. 25, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | Apr. 25, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2017EUR (€) | Feb. 14, 2017USD ($) | Feb. 14, 2017EUR (€) |
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 800,348,000 | $ 807,565,000 | ||||||||
Other Financing Arrangements [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum available in form of cash or letters of credit | 28,100,000 | 28,100,000 | ||||||||
Borrowings available | $ 25,000,000 | 25,000,000 | ||||||||
Receivable Sales Programs [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt amount issued | € | € 85,000,000 | |||||||||
Maturity date | Dec. 31, 2023 | |||||||||
Outstanding amount | $ 24,500,000 | 19,300,000 | ||||||||
Pecentage of cash receivable of sold receivable | 85.00% | |||||||||
Other receivables | $ 9,800,000 | 6,600,000 | ||||||||
Amended Credit Facility [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Additional commitments under the revolving line of credit or term loans | $ 250,000,000 | |||||||||
Amended Credit Facility [Member] | Secured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Applicable margin percentage | 2.25% | 2.25% | ||||||||
Amended Credit Facility [Member] | Secured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 0.00% | |||||||||
Amended Credit Facility [Member] | Secured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 1.00% | |||||||||
Amended Credit Facility [Member] | Secured Term Loan Facility [Member] | Base Rate [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Applicable margin percentage | 1.25% | 1.25% | ||||||||
Amended Credit Facility [Member] | Secured Term Loan Facility [Member] | Federal Funds Effective Swap Rate [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 0.50% | |||||||||
2018 Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Write off of unamortized issuance costs | $ 3,200,000 | |||||||||
2018 Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 0.00% | |||||||||
2018 Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 0.00% | |||||||||
Applicable margin percentage | 1.50% | 1.50% | ||||||||
2018 Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 1.00% | |||||||||
Applicable margin percentage | 2.50% | 2.50% | ||||||||
2018 Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Applicable margin percentage | 0.50% | 0.50% | ||||||||
2018 Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Applicable margin percentage | 1.50% | 1.50% | ||||||||
2018 Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 0.50% | |||||||||
Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Equal quarterly installments in an amount equal to percentage of the original principal amount of the term loans | 0.25% | |||||||||
Secured Debt [Member] | Amended Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt facility amount | $ 500,000,000 | |||||||||
Maturity date | Feb. 14, 2023 | |||||||||
Secured Debt [Member] | Amended Credit Facility [Member] | Secured Term Loan Facility $355 Million [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt amount issued | 355,000,000 | |||||||||
Maturity date | Feb. 14, 2024 | |||||||||
Secured Debt [Member] | Amended Credit Facility [Member] | Secured Term Loan Facility $235 Million [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt amount issued | 235,000,000 | |||||||||
Maturity date | Feb. 14, 2024 | |||||||||
Secured Debt [Member] | Amended Credit Facility [Member] | Secured Term Loan Facility $230 Million [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt amount issued | $ 230,000,000 | |||||||||
Maturity date | Feb. 14, 2024 | |||||||||
Secured Debt [Member] | Amended Credit Facility [Member] | Tranche B-1 Loans [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt facility amount | $ 345,200,000 | $ 348,800,000 | ||||||||
Debt stated interest rate | 2.50% | 2.50% | 4.19% | |||||||
Secured Debt [Member] | Amended Credit Facility [Member] | Tranche B-1 Loans [Member] | Subsequent Event [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding amount | $ 188,300,000 | |||||||||
Secured Debt [Member] | Amended Credit Facility [Member] | Tranche B-1 Loans [Member] | Interest Rate Swaps [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt stated interest rate | 4.93% | 4.93% | 5.10% | |||||||
Secured Debt [Member] | Amended Credit Facility [Member] | Tranche B-2 Loans [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt facility amount | $ 228,500,000 | $ 230,900,000 | ||||||||
Debt stated interest rate | 2.50% | 2.50% | 4.19% | |||||||
Secured Debt [Member] | Amended Credit Facility [Member] | Tranche B-2 Loans [Member] | Subsequent Event [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding amount | 124,700,000 | |||||||||
Secured Debt [Member] | Amended Credit Facility [Member] | Tranche B-2 Loans [Member] | Interest Rate Swaps [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt stated interest rate | 2.50% | 2.50% | 2.96% | |||||||
Secured Debt [Member] | Amended Credit Facility [Member] | Tranche B-3 Loans [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt facility amount | $ 223,700,000 | $ 226,000,000 | ||||||||
Debt stated interest rate | 2.50% | 2.50% | 4.19% | |||||||
Secured Debt [Member] | Amended Credit Facility [Member] | Tranche B-3 Loans [Member] | Subsequent Event [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding amount | 122,000,000 | |||||||||
Secured Debt [Member] | Amended Credit Facility [Member] | Tranche B-3 Loans [Member] | Interest Rate Swaps [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt stated interest rate | 2.48% | 2.48% | 2.48% | |||||||
Secured Debt [Member] | Amended Credit Facility [Member] | Tranche B-1, B-2, And B-3 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowings available | $ 0 | $ 0 | ||||||||
Secured Debt [Member] | Amended Credit Facility [Member] | Tranche B-1, B-2, And B-3 [Member] | Subsequent Event [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Pay down amount | $ 435,000,000 | |||||||||
Secured Debt [Member] | 2018 Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt amount issued | 0 | |||||||||
Borrowings available | $ 495,800,000 | |||||||||
Secured Debt [Member] | Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term of debt instrument/credit facility | 5 years | |||||||||
Debt amount issued | $ 400,000,000 | |||||||||
Secured Term Loan [Member] | Interest Rate Swaps [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt amount issued | $ 150,000,000 | |||||||||
Secured Term Loan [Member] | Amended Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Equal quarterly installments in an amount equal to percentage of the original principal amount of the term loans | 0.25% | |||||||||
Secured Term Loan [Member] | Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term of debt instrument/credit facility | 7 years | |||||||||
Debt amount issued | $ 357,500,000 | |||||||||
Secured Euro Term Loan [Member] | Interest Rate Swaps [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt amount issued | € | € 90,000,000 | |||||||||
Secured Euro Term Loan [Member] | Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term of debt instrument/credit facility | 7 years | |||||||||
Debt amount issued | € | € 250,000,000 | |||||||||
U.S. Subsidiaries [Member] | Secured Debt [Member] | Amended Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stock pledged as collateral, percentage | 100.00% | |||||||||
Foreign Subsidiaries [Member] | Secured Debt [Member] | Amended Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stock pledged as collateral, percentage | 65.00% | |||||||||
Tile Coating Systems [Member] | Receivable Sales Programs [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding amount | 52,600,000 | |||||||||
Other receivables | $ 0 | $ 20,500,000 |
Debt And Other Financing (Loans
Debt And Other Financing (Loans Payable And Current Portion Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Short-term Debt [Line Items] | ||
Current portion of long-term debt | $ 8,839 | $ 8,703 |
Current portion of long-term debt [Member] | ||
Short-term Debt [Line Items] | ||
Current portion of long-term debt | $ 8,839 | $ 8,703 |
Debt And Other Financing (Summa
Debt And Other Financing (Summary Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Total long-term debt | $ 800,348 | $ 807,565 | |
Current portion of long-term debt | (8,839) | (8,703) | |
Long-term debt, less current portion | 791,509 | 798,862 | |
Unamortized debt issuance costs | 3,719 | ||
Term Loan Facility, Net Of Unamortized Issuance Costs, Maturing 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | [1] | 793,731 | 801,764 |
Unamortized debt issuance costs | 3,700 | 3,900 | |
Capital Lease Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 2,911 | 2,305 | |
Other Notes [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 3,706 | $ 3,496 | |
[1] | The carrying value of the term loan facility, maturing 2024, is net of unamortized debt issuance costs of $ 3.7 million at December 31, 2020 and $ 3.9 million at December 31, 2019. |
Debt And Other Financing (Annua
Debt And Other Financing (Annual Maturities Of Long-term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt And Other Financing [Abstract] | ||
2021 | $ 9,116 | |
2022 | 9,095 | |
2023 | 8,957 | |
2024 | 773,652 | |
2025 | 691 | |
Thereafter | 3,309 | |
Total maturities of long-term debt | 804,820 | |
Unamortized issuance costs on Term loan facility | (3,719) | |
Imputed interest and executory costs on capitalized lease obligations | (753) | |
Total long-term debt | $ 800,348 | $ 807,565 |
Debt And Other Financing (Sched
Debt And Other Financing (Schedule Of Trade Accounts Receivable In International Receivable Sales Programs) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Trade accounts receivable sold to financial institutions | $ 340,516 | $ 59,293 | |
Cash proceeds from financial institutions | [1] | 241,937 | 39,958 |
Trade accounts receivable collected to be remitted | [2] | 35,982 | 12,817 |
Tile Coating Systems [Member] | |||
Debt Instrument [Line Items] | |||
Cash proceeds from financial institutions | $ 47,300 | 131,500 | |
Trade accounts receivable collected to be remitted | $ 12,800 | ||
[1] | Excluded from the table above, in 2020 and 2019, our Tile Coatings business received cash proceeds from financial institutions of $ 47.3 million and $ 131.5 million, respectively. Refer to Note 4 for additional discussion of the Tile Coatings business and its classification as discontinued operations. | ||
[2] | Included in Accrued expense and other current liabilities. During 2019, trade accounts receivable collected to be remitted of $ 12.8 million, which pertained to the Tile Coatings business, was excluded from the table above and is included in Current liabilities held-for-sale in our consolidated balance sheets. |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2017EUR (€) | |
Gain (loss) from the change in fair value of financial instruments | $ 6,600,000 | $ (2,500,000) | $ 0 | ||
Notional amount | $ 494,200,000 | $ 625,900,000 | |||
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | |||||
Derivative, maturity date | Feb. 14, 2024 | ||||
Notional amount | $ 311,200,000 | ||||
Net loss to be reclassified during next 12 months, net | $ (8,500,000) | ||||
Cross Currency Swaps [Member] | Cash Flow Hedging [Member] | |||||
Derivative, maturity date | Feb. 14, 2024 | ||||
Notional amount | $ 223,700,000 | ||||
Net loss to be reclassified during next 12 months, net | $ 100,000 | ||||
Secured Term Loan [Member] | Interest Rate Swaps [Member] | |||||
Debt amount issued | $ 150,000,000 | ||||
Secured Euro Term Loan [Member] | Interest Rate Swaps [Member] | |||||
Debt amount issued | € | € 90,000,000 |
Financial Instruments (Financia
Financial Instruments (Financial Instruments Assets (Liabilities) Measured At Fair Value) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Cash and cash equivalents, Carrying Amount | $ 174,077 | $ 96,202 | $ 96,101 | |
Long-term debt, Carrying Amount | (800,348) | (807,565) | ||
Foreign currency forward contracts, net, Carrying amount | 2,019 | 601 | ||
Cash and cash equivalents, Fair Value | 174,077 | 96,202 | ||
Foreign currency forward contracts, net, Fair Value | 2,019 | 601 | ||
Unamortized debt issuance costs | 3,719 | |||
Cross Currency Swaps [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Cross currency swaps-assets, Carrying Amount | 22,111 | |||
Cross currency swaps-liabilities, Carrying Amount | (5,162) | |||
Cross currency swaps, Fair Value | (5,162) | |||
Cross currency swaps, Fair Value | 22,111 | |||
Interest Rate Swaps [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Interest rate swaps-liabilities, Carrying Amount | (24,694) | (14,698) | ||
Interest rate swaps-liabilities, Fair Value | (24,694) | (14,698) | ||
Term Loan Facility - Amended Credit Facility [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Carrying Amount | [1] | (793,731) | ||
Long-term debt, Fair Value | [1] | (783,143) | ||
Unamortized debt issuance costs | 3,700 | 3,900 | ||
Term Loan Facility - Credit Facility [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Carrying Amount | [1] | (801,764) | ||
Long-term debt, Fair Value | [1] | (799,750) | ||
Other Long-Term Notes Payable [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Carrying Amount | (3,706) | (3,496) | ||
Long-term debt, Fair Value | (1,887) | (1,557) | ||
Level 1 [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Cash and cash equivalents, Fair Value | 174,077 | 96,202 | ||
Foreign currency forward contracts, net, Fair Value | ||||
Level 1 [Member] | Cross Currency Swaps [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Cross currency swaps, Fair Value | ||||
Level 1 [Member] | Interest Rate Swaps [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Interest rate swaps-liabilities, Fair Value | ||||
Level 1 [Member] | Term Loan Facility - Amended Credit Facility [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Fair Value | [1] | |||
Level 1 [Member] | Other Long-Term Notes Payable [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Fair Value | ||||
Level 2 [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Foreign currency forward contracts, net, Fair Value | 2,019 | 601 | ||
Level 2 [Member] | Cross Currency Swaps [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Cross currency swaps, Fair Value | (5,162) | |||
Cross currency swaps, Fair Value | 22,111 | |||
Level 2 [Member] | Interest Rate Swaps [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Interest rate swaps-liabilities, Fair Value | (24,694) | (14,698) | ||
Level 2 [Member] | Term Loan Facility - Amended Credit Facility [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Fair Value | [1] | (783,143) | ||
Level 2 [Member] | Term Loan Facility - Credit Facility [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Fair Value | [1] | (799,750) | ||
Level 2 [Member] | Other Long-Term Notes Payable [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Fair Value | (1,887) | $ (1,557) | ||
Level 3 [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Cash and cash equivalents, Fair Value | ||||
Foreign currency forward contracts, net, Fair Value | ||||
Level 3 [Member] | Cross Currency Swaps [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Cross currency swaps, Fair Value | ||||
Level 3 [Member] | Interest Rate Swaps [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Interest rate swaps-liabilities, Fair Value | ||||
Level 3 [Member] | Term Loan Facility - Amended Credit Facility [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Fair Value | [1] | |||
Level 3 [Member] | Other Long-Term Notes Payable [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Fair Value | ||||
[1] | The carrying values of the term loan facilities are net of unamortized debt issuance costs of $ 3.7 million and $ 3.9 million for the period ended December 31, 2020, and December 31, 2019, respectively. |
Financial Instruments (Schedule
Financial Instruments (Schedule Of Gain (Loss) Recognized In AOCI And The Amount Of Gain (Loss) Reclassified Into Earnings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flow Hedging [Member] | Interest Expense [Member] | ||
Amount of Loss (Gain) Reclassified from AOCL into Income | $ (2,620) | $ 5,403 |
Cash Flow Hedging [Member] | Foreign Currency Losses, Net [Member] | ||
Amount of Loss (Gain) Reclassified from AOCL into Income | (19,845) | 4,759 |
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | ||
Amount of Gain (Loss) Recognized in AOCL | (16,274) | (11,050) |
Amount of Loss (Gain) Reclassified from AOCL into Income | (4,757) | (441) |
Cross Currency Swaps [Member] | Interest Expense [Member] | ||
Amount of Gain (Loss) Recognized in AOCL | (7,655) | 6,330 |
Cross Currency Swaps [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | ||
Amount of Gain (Loss) Recognized in AOCL | (18,415) | 8,319 |
Amount of Loss (Gain) Reclassified from AOCL into Income | 2,137 | 5,844 |
Cross Currency Swaps [Member] | Cash Flow Hedging [Member] | Foreign Currency Losses, Net [Member] | ||
Amount of Loss (Gain) Reclassified from AOCL into Income | $ (19,845) | $ 4,759 |
Financial Instruments (Effect O
Financial Instruments (Effect On Derivative Instruments On Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Earnings | $ 21,880 | $ 24,302 | |
Foreign Currency Losses, Net [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Earnings | 3,627 | 9,166 | |
Foreign Currency Forward Contracts [Member] | Foreign Currency Losses, Net [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Earnings | $ 6,589 | $ (2,462) | $ (12) |
Financial Instruments (Gain (Lo
Financial Instruments (Gain (Loss) On Net Investment Hedges Recognized In AOCI, Amount Reclassified Into Earnings And Gain Recognized In Income On Derivative) (Details) - Cross Currency Swaps [Member] - Interest Expense [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Amount of Gain (Loss) Recognized in AOCL | $ (7,655) | $ 6,330 |
Amount of Gain Recognized in Income of Derivative (Amount Excluded from Effectiveness Testing) | $ 1,468 | $ 3,688 |
Financial Instruments (Fair Val
Financial Instruments (Fair Value Of Derivative Instruments On Consolidated Balance Sheets) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Current Assets [Member] | Cross Currency Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $ 9 | $ 6,711 |
Other Current Assets [Member] | Foreign Currency Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 2,649 | 1,474 |
Other Non-Current Assets [Member] | Cross Currency Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 15,400 | |
Accrued Expenses And Other Current Liabilities [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | (8,436) | (3,723) |
Accrued Expenses And Other Current Liabilities [Member] | Cross Currency Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | (67) | |
Accrued Expenses And Other Current Liabilities [Member] | Foreign Currency Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | (630) | (873) |
Other Non-Current Liabilities [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | (16,258) | $ (10,975) |
Other Non-Current Liabilities [Member] | Cross Currency Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | $ (5,104) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Refundable income taxes | $ 9,500 | $ 16,900 | |
Income taxes payable | 16,000 | 8,400 | |
State and local operating loss carryforwards | 28,100 | ||
Foreign operating loss carryforwards | $ 167,100 | ||
Minimum duration of operating loss carryforwards that expire | 1 year | ||
Maximum duration of operating loss carryforwards that expire | 20 years | ||
Tax credit carryforwards | $ 22,589 | ||
Deferred tax asset valuation allowance | 10,872 | 10,447 | |
Unrecognized tax benefits that would impact effective tax rate | 8,500 | 8,700 | $ 9,200 |
Expense (benefit) for interest, net of tax, and penalties related to unrecognized tax benefits | 600 | 500 | 400 |
Accrued amount for payment of interest, net of tax, and penalties related to unrecognized tax benefits | 2,900 | 2,900 | $ 1,800 |
Anticipated reversal within next 12 months of liabilities for unrecognized tax benefits | 7,000 | ||
Deferred income taxes provided on undistributed earnings of foreign subsidiaries | 1,903 | $ 1,594 | |
Undistributed earnings of foreign subsidiaries not indefinitely reinvested | 13,800 | ||
Undistributed earning of foreign subsidiaries indefinitely reinvested | $ 232,900 |
Income Taxes (Earnings Before I
Income Taxes (Earnings Before Income Taxe Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
U.S. | $ 7,961 | $ 18,709 | $ 13,854 |
Foreign | 36,940 | 24,082 | 56,089 |
Income before income taxes | $ 44,901 | $ 42,791 | $ 69,943 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense From Continuing Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
U.S. federal | $ (3,298) | $ 475 | $ 449 |
Foreign | 20,238 | 18,204 | 19,311 |
State and local | 104 | 168 | 211 |
Total current | 17,044 | 18,847 | 19,971 |
Deferred: | |||
U.S. federal | 3,935 | (3,832) | 3,265 |
Foreign | (6,856) | (8,340) | (9,157) |
State and local | 738 | 1,290 | (186) |
Total deferred | (2,183) | (10,882) | (6,078) |
Total income tax expense (benefit) | $ 14,861 | $ 7,965 | $ 13,893 |
Income Taxes (Income Tax Expe_2
Income Taxes (Income Tax Expense (Benefit) Allocated Directly to Ferro Corporation Shareholders' Equity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Interest rate swaps | $ (2,848) | $ (3,210) | $ (1,529) |
Postretirement benefit liability adjustments | 153 | 11 | (32) |
Net investment hedge | (2,113) | 654 | 954 |
Foreign currency translations | 44 | 27 | |
Total income tax (benefit) expense allocated to Ferro Corporation shareholders' equity | $ (4,764) | $ (2,518) | $ (607) |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of U.S. Federal Statutory Income Tax Rate and Effective Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
Foreign tax rate difference | 7.20% | 9.80% | 7.40% |
Non-deductible expenses | 4.50% | 4.40% | 2.90% |
Foreign currency | 4.10% | 1.40% | 0.30% |
Global intangible low-taxed income, net | 2.50% | 2.80% | 1.80% |
Tax rate changes | 1.10% | 0.90% | (3.00%) |
State taxes | 1.00% | 1.30% | 0.70% |
Foreign withholding taxes | 0.70% | 1.30% | 1.00% |
Net adjustment of prior year accrual | 1.30% | (5.00%) | (4.20%) |
Goodwill dispositions and impairments | (1.20%) | ||
Foreign derived intangible income deduction | (0.70%) | (3.20%) | (1.60%) |
Adjustment of valuation allowances | (0.90%) | (16.10%) | (6.00%) |
Other | (1.70%) | 2.70% | (2.50%) |
Uncertain tax positions, net of tax audit settlements | (2.60%) | 1.70% | 3.80% |
Tax credits | (4.40%) | (3.20%) | (1.70%) |
Effective tax rate | 33.10% | 18.60% | 19.90% |
Income Taxes (Components of Def
Income Taxes (Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Foreign operating loss carryforwards | $ 36,631 | $ 35,394 |
Pension and other benefit programs | 41,968 | 39,633 |
Foreign tax credit carryforwards | 12,306 | 11,423 |
Accrued liabilities | 12,883 | 10,726 |
Other credit carryforwards | 8,639 | 6,707 |
Disallowed interest | 7,692 | 2,633 |
Other | 7,217 | 8,528 |
State and local operating loss carryforwards | 1,900 | 2,058 |
Inventories | 2,879 | 2,366 |
Allowance for doubtful accounts | 589 | 746 |
Currency differences | 5,605 | 1,407 |
Total deferred tax assets | 138,309 | 121,621 |
Deferred tax liabilities: | ||
Property, plant and equipment and intangibles -- depreciation and amortization | 16,024 | 23,617 |
Unremitted earnings of foreign subsidiaries | 1,903 | 1,594 |
Deferred gain | 2,351 | 99 |
Other | 2,030 | 2,016 |
Total deferred tax liabilities | 22,308 | 27,326 |
Net deferred tax assets before valuation allowance | 116,001 | 94,295 |
Valuation allowance | (10,872) | (10,447) |
Net deferred tax assets | $ 105,129 | $ 83,848 |
Income Taxes (Expirations of Op
Income Taxes (Expirations of Operating Loss Carryforwards and Tax Credit Carryforwards) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Income Tax And Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 195,178 |
Tax Credit Carryforwards | 22,589 |
Expiring In 2021 [Member] | |
Income Tax And Carryforwards [Line Items] | |
Operating Loss Carryforwards | 3,612 |
Tax Credit Carryforwards | 91 |
Expiring In 2022-2026 [Member] | |
Income Tax And Carryforwards [Line Items] | |
Operating Loss Carryforwards | 24,593 |
Tax Credit Carryforwards | 12,180 |
Expiring In 2027-2031 [Member] | |
Income Tax And Carryforwards [Line Items] | |
Operating Loss Carryforwards | 21,159 |
Tax Credit Carryforwards | 4,979 |
Expiring In 2032-2036 [Member] | |
Income Tax And Carryforwards [Line Items] | |
Operating Loss Carryforwards | 12,276 |
Tax Credit Carryforwards | 3,467 |
Expiring In 2037-2041 [Member] | |
Income Tax And Carryforwards [Line Items] | |
Operating Loss Carryforwards | 1,250 |
Tax Credit Carryforwards | 936 |
Expiring In 2042-Indefinitely [Member] | |
Income Tax And Carryforwards [Line Items] | |
Operating Loss Carryforwards | 132,288 |
Tax Credit Carryforwards | $ 936 |
Income Taxes (Classification of
Income Taxes (Classification of Net Deferred Income Tax Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Taxes [Abstract] | ||
Non-current assets | $ 115,962 | $ 98,714 |
Non-current liabilities | (10,833) | (14,866) |
Net deferred tax assets | $ 105,129 | $ 83,848 |
Income Taxes (Activity and Bala
Income Taxes (Activity and Balances of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Balance at beginning of year | $ 26,000 | $ 24,869 | $ 28,470 |
Additions based on tax positions related to the current year | 153 | 3,425 | 4,041 |
Additions for tax positions of prior years | 260 | 24 | |
Reductions for tax positions of prior years | (3,781) | (1,710) | |
Reductions as a result of expiring statutes of limitations | (1,394) | (688) | (420) |
Foreign currency adjustments | 1,245 | (660) | (786) |
Settlements with taxing authorities | (946) | (4,750) | |
Balance at end of year | $ 22,483 | $ 26,000 | $ 24,869 |
Contingent Liabilities (Narrati
Contingent Liabilities (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Contingent Liabilities [Abstract] | ||
Amount of bank guarantees and standby letters of credit issued by financial institutions | $ 5.1 | $ 4.8 |
Undiscounted remediation liability associated with environmentally contaminated non-operating facility | $ 5.7 | $ 7.2 |
Retirement Benefits (Narrative)
Retirement Benefits (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Postretirement And Other Retirement Plans [Line Items] | |||||
Mark-to-market actuarial net losses | $ 14,000 | $ 13,300 | |||
Shares of company common stock | 82.4 | 82 | 82.4 | 82 | |
Unrealized gains included in earnings | $ 4,100 | $ 3,900 | |||
Defined contribution plan vesting period | 5 years | ||||
Defined contribution retirement plans expense | $ 3,200 | 3,700 | $ 2,900 | ||
Fixed Income Securities [Member] | |||||
Pension Postretirement And Other Retirement Plans [Line Items] | |||||
Target allocation percentage for fixed income, equity and other investments | 35.00% | 35.00% | |||
Equity Securities [Member] | |||||
Pension Postretirement And Other Retirement Plans [Line Items] | |||||
Target allocation percentage for fixed income, equity and other investments | 60.00% | 60.00% | |||
Other Investments [Member] | |||||
Pension Postretirement And Other Retirement Plans [Line Items] | |||||
Target allocation percentage for fixed income, equity and other investments | 5.00% | 5.00% | |||
Pension Plan [Member] | |||||
Pension Postretirement And Other Retirement Plans [Line Items] | |||||
Mark-to-market actuarial net losses | $ 10,900 | 1,200 | 16,600 | ||
Charge to remeasure liability based on lower discount rate | 23,000 | 28,300 | |||
Actuarial gains | 17,900 | ||||
Gains (losses) from returns on plan assets | 10,700 | 23,300 | (31,000) | ||
Gain on demographic experience and actuarial assumptions | $ 1,400 | $ 3,800 | |||
Shares of company common stock | 0.3 | 0.3 | 0.3 | 0.3 | |
Market value of shares held of company common stock | $ 4,100 | $ 4,200 | $ 4,100 | $ 4,200 | |
Expected contribution to pension plans | 15,000 | 15,000 | |||
Pension Plan [Member] | United States [Member] | |||||
Pension Postretirement And Other Retirement Plans [Line Items] | |||||
Mark-to-market actuarial net losses | 10,938 | 1,228 | 16,633 | ||
Actuarial gains | (21,645) | (24,477) | |||
Pension Plan [Member] | Non-U.S. Pension Plans [Member] | |||||
Pension Postretirement And Other Retirement Plans [Line Items] | |||||
Mark-to-market actuarial net losses | 2,977 | 11,033 | 2,444 | ||
Charge to remeasure liability based on lower discount rate | 5,900 | ||||
Actuarial gains | (4,907) | (14,949) | |||
Gain on demographic experience and actuarial assumptions | 2,100 | ||||
Expected contribution to pension plans | $ 2,600 | 2,600 | |||
Postretirement Health Care And Life Insurance Benefit Plans [Member] | |||||
Pension Postretirement And Other Retirement Plans [Line Items] | |||||
Mark-to-market actuarial net losses | 101 | 1,080 | $ (2,580) | ||
Actuarial gains | $ (101) | $ (1,080) |
Retirement Benefits (Defined Be
Retirement Benefits (Defined Benefit Pension Plans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net periodic benefit cost: | |||||
Mark-to-market actuarial net losses | $ 14,000 | $ 13,300 | |||
Amounts recognized in the balance sheet: | |||||
Accrued expenses and other current liabilities | (124,770) | (73,016) | $ (124,770) | $ (73,016) | |
Postretirement and pension liabilities | (181,610) | (174,021) | (181,610) | (174,021) | |
Pension Plan [Member] | |||||
Net periodic benefit cost: | |||||
Mark-to-market actuarial net losses | 10,900 | 1,200 | $ 16,600 | ||
Change in benefit obligation: | |||||
Actuarial loss (gain) | (17,900) | ||||
Fair value of plan assets at beginning of year | 223,227 | ||||
Fair value of plan assets at end of year | 229,245 | 223,227 | 229,245 | 223,227 | |
United States [Member] | Pension Plan [Member] | |||||
Net periodic benefit cost: | |||||
Service cost | 10 | 10 | 11 | ||
Interest cost | 9,479 | 11,787 | 11,308 | ||
Expected return on plan assets | (14,782) | (12,622) | (15,982) | ||
Mark-to-market actuarial net losses | 10,938 | 1,228 | 16,633 | ||
Special termination benefits | 114 | ||||
Net periodic benefit cost | 5,759 | 403 | 11,970 | ||
Change in benefit obligation: | |||||
Benefit obligation at beginning of year | 296,181 | 279,885 | |||
Service cost | 10 | 10 | 11 | ||
Interest cost | 9,479 | 11,787 | 11,308 | ||
Curtailments | |||||
Amendments | |||||
Settlements | |||||
Special termination benefits | 114 | ||||
Plan participants' contributions | |||||
Benefits paid | (21,119) | (19,978) | |||
Actuarial loss (gain) | 21,645 | 24,477 | |||
Exchange rate effect | |||||
Benefit obligation at end of year | 306,310 | 296,181 | 306,310 | 296,181 | 279,885 |
Accumulated benefit obligation at end of year | 306,310 | 296,181 | 306,310 | 296,181 | |
Fair value of plan assets at beginning of year | 223,227 | 204,425 | |||
Actual return on plan assets | 25,489 | 35,871 | |||
Employer contributions | 1,648 | 2,909 | |||
Plan participants' contributions | |||||
Benefits paid | (21,119) | (19,978) | |||
Effect of settlements | |||||
Exchange rate effect | |||||
Fair value of plan assets at end of year | 229,245 | 223,227 | 229,245 | 223,227 | $ 204,425 |
Amounts recognized in the balance sheet: | |||||
Other non-current assets | |||||
Accrued expenses and other current liabilities | (389) | (410) | (389) | (410) | |
Postretirement and pension liabilities | (76,676) | (72,544) | (76,676) | (72,544) | |
Funded status | $ (77,065) | $ (72,954) | $ (77,065) | $ (72,954) | |
Weighted-average assumptions as of December 31: | |||||
Discount rate - net cost | 3.35% | 4.40% | 3.80% | ||
Discount rate - benefit obligations | 2.55% | 3.35% | 2.55% | 3.35% | |
Expected return on plan assets | 7.70% | 7.70% | 7.70% | ||
Pension plans with benefit obligations in excess of plan assets: | |||||
Benefit obligations | $ 306,310 | $ 296,181 | $ 306,310 | $ 296,181 | |
Plan assets | 229,245 | 223,227 | 229,245 | 223,227 | |
Pension plans with accumulated benefit obligations in excess of plan assets: | |||||
Projected benefit obligations | 306,310 | 296,181 | 306,310 | 296,181 | |
Accumulated benefit obligations | 306,310 | 296,181 | 306,310 | 296,181 | |
Plan assets | 229,245 | 223,227 | 229,245 | 223,227 | |
Prior service (cost): | |||||
Balance at beginning of year | |||||
Amounts recognized as net periodic benefit costs | |||||
Plan amendments | |||||
Exchange rate effects | |||||
Balance at end of year | |||||
Non-U.S. Pension Plans [Member] | Pension Plan [Member] | |||||
Net periodic benefit cost: | |||||
Service cost | 1,555 | 1,410 | 1,392 | ||
Interest cost | 1,788 | 2,264 | 2,166 | ||
Expected return on plan assets | (601) | (758) | (755) | ||
Amortization of prior service cost | 13 | 7 | 6 | ||
Mark-to-market actuarial net losses | 2,977 | 11,033 | 2,444 | ||
Curtailment and settlement effects losses (gains) | 66 | 292 | 156 | ||
Special termination benefits | 26 | 106 | |||
Net periodic benefit cost | 5,824 | 14,248 | 5,515 | ||
Change in benefit obligation: | |||||
Benefit obligation at beginning of year | 116,698 | 106,098 | |||
Service cost | 1,555 | 1,410 | 1,392 | ||
Interest cost | 1,788 | 2,264 | 2,166 | ||
Curtailments | (45) | ||||
Amendments | (714) | 23 | |||
Settlements | (835) | (734) | |||
Special termination benefits | 26 | ||||
Plan participants' contributions | 14 | ||||
Benefits paid | (3,145) | (5,367) | |||
Actuarial loss (gain) | 4,907 | 14,949 | |||
Exchange rate effect | 9,852 | (1,914) | |||
Benefit obligation at end of year | 130,132 | 116,698 | 130,132 | 116,698 | 106,098 |
Accumulated benefit obligation at end of year | 119,914 | 107,332 | 119,914 | 107,332 | |
Fair value of plan assets at beginning of year | 33,898 | 32,979 | |||
Actual return on plan assets | 2,465 | 4,336 | |||
Employer contributions | 2,363 | 3,277 | |||
Plan participants' contributions | 14 | ||||
Benefits paid | (3,145) | (5,367) | |||
Effect of settlements | (835) | (734) | |||
Exchange rate effect | 2,841 | (607) | |||
Fair value of plan assets at end of year | 37,587 | 33,898 | 37,587 | 33,898 | $ 32,979 |
Amounts recognized in the balance sheet: | |||||
Other non-current assets | 59 | 44 | 59 | 44 | |
Accrued expenses and other current liabilities | (2,575) | (2,589) | (2,575) | (2,589) | |
Postretirement and pension liabilities | (90,029) | (80,255) | (90,029) | (80,255) | |
Funded status | $ (92,545) | $ (82,800) | $ (92,545) | $ (82,800) | |
Weighted-average assumptions as of December 31: | |||||
Discount rate - net cost | 1.76% | 2.61% | 2.35% | ||
Discount rate - benefit obligations | 1.29% | 1.76% | 1.29% | 1.76% | |
Rate of compensation increase - net cost | 3.11% | 3.19% | 3.18% | ||
Rate of compensation increase - benefit obligations | 2.98% | 3.11% | 2.98% | 3.11% | |
Expected return on plan assets | 2.04% | 2.74% | 2.55% | ||
Pension plans with benefit obligations in excess of plan assets: | |||||
Benefit obligations | $ 94,567 | $ 84,791 | $ 94,567 | $ 84,791 | |
Plan assets | 1,963 | 1,946 | 1,963 | 1,946 | |
Pension plans with accumulated benefit obligations in excess of plan assets: | |||||
Projected benefit obligations | 94,057 | 84,338 | 94,057 | 84,338 | |
Accumulated benefit obligations | 83,923 | 75,073 | 83,923 | 75,073 | |
Plan assets | 1,518 | 1,553 | 1,518 | 1,553 | |
Prior service (cost): | |||||
Balance at beginning of year | (44) | (22) | |||
Amounts recognized as net periodic benefit costs | (13) | (7) | |||
Plan amendments | (604) | (14) | |||
Exchange rate effects | (11) | (1) | |||
Balance at end of year | $ (672) | $ (44) | $ (672) | $ (44) | $ (22) |
Retirement Benefits (Fair Value
Retirement Benefits (Fair Value of Pension Plan Assets) (Details) - Pension Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | $ 229,245 | $ 223,227 | |
Total Assets In The Fair Value Hierarchy [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 215,289 | 209,554 | |
Investments Measured At Net Asset Value [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 13,956 | 13,673 | |
Guaranteed Deposits [Member] | Total Assets In The Fair Value Hierarchy [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Fair value of plan assets | 1,699 | 1,863 | |
Fixed Income Mutual Funds [Member] | Total Assets In The Fair Value Hierarchy [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Fair value of plan assets | 72,424 | 73,563 | |
Commingled Funds [Member] | Total Assets In The Fair Value Hierarchy [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Fair value of plan assets | 605 | 678 | |
Common Stock [Member] | Total Assets In The Fair Value Hierarchy [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Fair value of plan assets | 4,142 | 4,198 | |
Equities: Mutual Funds [Member] | Total Assets In The Fair Value Hierarchy [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Fair value of plan assets | 135,791 | 128,546 | |
Equities: Commingled Funds [Member] | Total Assets In The Fair Value Hierarchy [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Fair value of plan assets | 628 | 706 | |
United States [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 229,245 | 223,227 | $ 204,425 |
Non-U.S. Pension Plans [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 37,587 | 33,898 | $ 32,979 |
Non-U.S. Pension Plans [Member] | Cash And Cash Equivalents [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Fair value of plan assets | 183 | 10 | |
Non-U.S. Pension Plans [Member] | Guaranteed Deposits [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Fair value of plan assets | 34,515 | 30,903 | |
Non-U.S. Pension Plans [Member] | Fixed Income Mutual Funds [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Fair value of plan assets | 2,612 | 2,352 | |
Non-U.S. Pension Plans [Member] | Equities: Mutual Funds [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Fair value of plan assets | 193 | 544 | |
Non-U.S. Pension Plans [Member] | Fixed Income: Other [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Fair value of plan assets | 84 | 89 | |
Level 1 [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 212,357 | 206,307 | |
Level 1 [Member] | Total Assets In The Fair Value Hierarchy [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 212,357 | 206,307 | |
Level 1 [Member] | Fixed Income Mutual Funds [Member] | Total Assets In The Fair Value Hierarchy [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Fair value of plan assets | 72,424 | 73,563 | |
Level 1 [Member] | Common Stock [Member] | Total Assets In The Fair Value Hierarchy [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Fair value of plan assets | 4,142 | 4,198 | |
Level 1 [Member] | Equities: Mutual Funds [Member] | Total Assets In The Fair Value Hierarchy [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Fair value of plan assets | 135,791 | 128,546 | |
Level 1 [Member] | Non-U.S. Pension Plans [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 1,979 | 2,995 | |
Level 1 [Member] | Non-U.S. Pension Plans [Member] | Cash And Cash Equivalents [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Fair value of plan assets | 183 | 10 | |
Level 1 [Member] | Non-U.S. Pension Plans [Member] | Fixed Income Mutual Funds [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Fair value of plan assets | 1,519 | 2,352 | |
Level 1 [Member] | Non-U.S. Pension Plans [Member] | Equities: Mutual Funds [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Fair value of plan assets | 193 | 544 | |
Level 1 [Member] | Non-U.S. Pension Plans [Member] | Fixed Income: Other [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Fair value of plan assets | 84 | 89 | |
Level 2 [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 2,750 | 3,003 | |
Level 2 [Member] | Total Assets In The Fair Value Hierarchy [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 2,750 | 3,003 | |
Level 2 [Member] | Guaranteed Deposits [Member] | Total Assets In The Fair Value Hierarchy [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Fair value of plan assets | 1,699 | 1,863 | |
Level 2 [Member] | Commingled Funds [Member] | Total Assets In The Fair Value Hierarchy [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Fair value of plan assets | 423 | 434 | |
Level 2 [Member] | Equities: Commingled Funds [Member] | Total Assets In The Fair Value Hierarchy [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Fair value of plan assets | 628 | 706 | |
Level 2 [Member] | Non-U.S. Pension Plans [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 1,875 | 748 | |
Level 2 [Member] | Non-U.S. Pension Plans [Member] | Guaranteed Deposits [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Fair value of plan assets | 782 | 748 | |
Level 2 [Member] | Non-U.S. Pension Plans [Member] | Fixed Income Mutual Funds [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Fair value of plan assets | 1,093 | ||
Level 3 [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 182 | 244 | |
Level 3 [Member] | Total Assets In The Fair Value Hierarchy [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 182 | 244 | |
Level 3 [Member] | Commingled Funds [Member] | Total Assets In The Fair Value Hierarchy [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Fair value of plan assets | 182 | 244 | |
Level 3 [Member] | Non-U.S. Pension Plans [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 33,733 | 30,155 | |
Level 3 [Member] | Non-U.S. Pension Plans [Member] | Guaranteed Deposits [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Fair value of plan assets | $ 33,733 | $ 30,155 |
Retirement Benefits (Schedule o
Retirement Benefits (Schedule of Rollforward of Level 3 Assets) (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 30,399 | $ 27,544 |
Sales | (616) | (473) |
Gains (losses) included in earnings | 4,132 | 3,903 |
Exchange rate effect | (575) | |
Ending Balance | 33,915 | 30,399 |
Guaranteed Deposits [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 30,155 | 27,318 |
Sales | (616) | (473) |
Gains (losses) included in earnings | 4,194 | 3,885 |
Exchange rate effect | (575) | |
Ending Balance | 33,733 | 30,155 |
Commingled Funds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 244 | 226 |
Sales | ||
Gains (losses) included in earnings | (62) | 18 |
Exchange rate effect | ||
Ending Balance | $ 182 | $ 244 |
Retirement Benefits (Future Pen
Retirement Benefits (Future Pension Benefit Payments) (Details) - Pension Plan [Member] $ in Thousands | Dec. 31, 2020USD ($) |
United States [Member] | |
Pension Postretirement And Other Retirement Plans [Line Items] | |
2021 | $ 20,587 |
2022 | 20,696 |
2023 | 20,262 |
2024 | 20,087 |
2025 | 20,004 |
2026-2030 | 93,327 |
Non-U.S. Pension Plans [Member] | |
Pension Postretirement And Other Retirement Plans [Line Items] | |
2021 | 4,040 |
2022 | 4,876 |
2023 | 4,063 |
2024 | 4,088 |
2025 | 4,266 |
2026-2030 | $ 24,858 |
Retirement Benefits (Postretire
Retirement Benefits (Postretirement Health Care and Life Insurance Benefit Plans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net periodic benefit cost: | |||||
Mark-to-market actuarial net losses | $ 14,000 | $ 13,300 | |||
Change in benefit obligation: | |||||
Mark-to-market actuarial net losses | 14,000 | 13,300 | |||
Amounts recognized in the balance sheet: | |||||
Accrued expenses and other current liabilities | (124,770) | (73,016) | $ (124,770) | $ (73,016) | |
Postretirement and pension liabilities | (181,610) | (174,021) | (181,610) | (174,021) | |
Postretirement Health Care And Life Insurance Benefit Plans [Member] | |||||
Net periodic benefit cost: | |||||
Interest cost | 529 | 702 | $ 732 | ||
Service cost | 3 | 2 | |||
Amortization of prior service cost | (4,240) | ||||
Mark-to-market actuarial net losses | 101 | 1,080 | (2,580) | ||
Net periodic benefit cost | (3,607) | 1,784 | (1,848) | ||
Change in benefit obligation: | |||||
Benefit obligation at beginning of year | 17,149 | 17,198 | |||
Service cost | 3 | 2 | |||
Interest cost | 529 | 702 | 732 | ||
Plan amendments | (4,240) | ||||
Amortization of prior service cost | (4,240) | ||||
Benefits paid | (1,688) | (1,833) | |||
Mark-to-market actuarial net losses | 101 | 1,080 | (2,580) | ||
Actuarial loss (gain) | 101 | 1,080 | |||
Total net periodic benefit (income) cost | (3,607) | 1,784 | (1,848) | ||
Benefit obligation at end of year | 11,854 | 17,149 | 11,854 | 17,149 | 17,198 |
Fair value of plan assets at beginning of year | |||||
Employer contributions | 1,688 | 1,836 | |||
Benefits paid | (1,688) | (1,836) | |||
Fair value of plan assets at end of year | |||||
Amounts recognized in the balance sheet: | |||||
Accrued expenses and other current liabilities | (1,047) | (1,945) | (1,047) | (1,945) | |
Postretirement and pension liabilities | (10,807) | (15,204) | (10,807) | (15,204) | |
Funded status | $ (11,854) | $ (17,149) | $ (11,854) | $ (17,149) | |
Weighted-average assumptions as of December 31: | |||||
Discount rate - net cost | 3.25% | 4.30% | 3.70% | ||
Discount rate - benefit obligations | 2.40% | 3.25% | 2.40% | 3.25% | |
Current trend rate for health care costs - net cost | 6.10% | 6.30% | 6.10% | 6.30% | 6.40% |
Current trend rate for health care costs - benefit obligations | 6.00% | 6.10% | |||
Ultimate trend rate for health care costs | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% |
Year that ultimate trend rate is reached | 2036 | 2036 | 2036 |
Retirement Benefits (Future Pos
Retirement Benefits (Future Postretirement Health Care and Life Insurance Benefit Payments) (Details) - Postretirement Health Care And Life Insurance Benefit Plans [Member] $ in Thousands | Dec. 31, 2020USD ($) |
Pension Postretirement And Other Retirement Plans [Line Items] | |
Before Medicare Subsidy 2021 | $ 1,046 |
Before Medicare Subsidy 2022 | 1,001 |
Before Medicare Subsidy 2023 | 957 |
Before Medicare Subsidy 2024 | 918 |
Before Medicare Subsidy 2025 | 867 |
Before Medicare Subsidy 2026-2030 | 3,733 |
After Medicare Subsidy, 2021 | 1,016 |
After Medicare Subsidy, 2022 | 971 |
After Medicare Subsidy, 2023 | 926 |
After Medicare Subsidy, 2024 | 889 |
After Medicare Subsidy, 2025 | 837 |
After Medicare Subsidy, 2026-2030 | $ 3,595 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares of common stock reserved under plan | 4,500,000 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term of stock option or unit granted | 10 years | ||
Stock option vesting period option | 3 years | ||
Percentage of stock options to become vested and exercisable | 100.00% | ||
Weighted-average grant-date fair value | $ 5.28 | $ 6.47 | $ 8.91 |
Recognized stock-based compensation expense | $ 2,304 | $ 1,801 | $ 1,528 |
Unearned compensation cost related to the unvested portion of all stock-based awards | $ 2,039 | $ 1,469 | $ 606 |
Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term of stock option or unit granted | 3 years | ||
Number of share based compensation units granted | 284,894 | ||
Maximum payout percentage | 200.00% | ||
Weighted-average grant-date fair value | $ 14.64 | $ 17.61 | $ 22.92 |
Vesting period | 3 years | ||
Recognized stock-based compensation expense | $ 3,270 | $ 3,607 | $ 4,152 |
Unearned compensation cost related to the unvested portion of all stock-based awards | $ 3,417 | $ 2,730 | $ 3,599 |
Performance Share Units Associated With 2020 Grants [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance shares outstanding | 200,000 | ||
Performance Share Units Associated With 2019 Grants [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance shares outstanding | 200,000 | ||
Restricted Stock Units[Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of share based compensation units granted | 200,000 | 200,000 | 100,000 |
Vesting period | 3 years | ||
Recognized stock-based compensation expense | $ 2,400 | $ 1,700 | $ 2,200 |
Unearned compensation cost related to the unvested portion of all stock-based awards | $ 2,800 | $ 2,800 | $ 2,800 |
Director's Deferred Compensation [Member] | Common Shares in Treasury [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock held in rabbi trust | 100,000 | 100,000 | |
Value of common stock held in rabbi trust | $ 1,600 | $ 1,600 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Of Weighted-Average Grant-Date Fair Values And Assumptions Used For Estimating Fair Values) (Details) - Stock Options [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant-date fair value | $ 5.28 | $ 6.47 | $ 8.91 |
Expected life, in years | 5 years 2 months 12 days | 5 years 7 months 6 days | 5 years 4 months 24 days |
Risk-free interest rate | 1.40% | 2.50% | 2.70% |
Expected volatility | 35.10% | 33.90% | 39.70% |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Stock-Based Compensation Activity) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Weighted-Average Remaining Contractual Term, Outstanding, Ending Balance | 5 years 4 months 24 days |
Weighted-Average Remaining Contractual Term, Exercisable, Ending Balance | 4 years 1 month 6 days |
Weighted-Average Remaining Contractual Term, Vested or expected to vest, Ending Balance | 5 years 4 months 24 days |
Aggregate Intrinsic Value, Outstanding, Ending Balance | $ | $ 4,959 |
Aggregate Intrinsic Value, Exercisable, Ending Balance | $ | 4,916 |
Aggregate Intrinsic Value, Vested or expected to vest, Ending Balance | $ | $ 4,959 |
Weighted-Average Remaining Contractual Term, Outstanding, Ending Balance | 1 year 2 months 12 days |
Weighted- Average Remaining Contractual Term, Vested or expected to vest, Ending Balance | 1 year 2 months 12 days |
Stock Options [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Options, Outstanding at Beginning | 1,728,999 |
Number of Options, Granted | 345,100 |
Number of Options, Exercised | (115,033) |
Number of Options, Forfeited or expired | (25,167) |
Number of Options, Outstanding at Ending | 1,933,899 |
Number of Options, Exercisable, Ending Balance | 1,381,365 |
Number of Options, Vested or expected to vest, Ending Balance | 1,933,899 |
Weighted-Average Exercise Price, Outstanding at Beginning | $ / shares | $ 12.49 |
Weighted-Average Exercise Price, Granted | $ / shares | 14.64 |
Weighted-Average Exercise Price, Exercised | $ / shares | 6.57 |
Weighted-Average Exercise Price, Forfeited or expired | $ / shares | 14.65 |
Weighted-Average Exercise Price, Outstanding at Ending | $ / shares | 13.20 |
Weighted-Average Exercise Price, Exercisable, Ending Balance | $ / shares | 11.96 |
Weighted-Average Exercise Price, Vested or expected to vest, Ending Balance | $ / shares | $ 13.20 |
Performance Share Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Units, Outstanding at Beginning | 452,000 |
Number of Units, Granted | 284,894 |
Number of Units, Earned | (243,394) |
Number of Units, Forfeited or expired | (11,502) |
Number of Units, Outstanding at Ending | 481,998 |
Number of Units, Expected to vest, Ending Balance | 481,998 |
Stock-Based Compensation (Infor
Stock-Based Compensation (Information Related to Stock Options Exercised) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Proceeds from the exercise of stock options | $ 756 | $ 1,052 | $ 764 |
Continuing Operations [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Proceeds from the exercise of stock options | 756 | 1,052 | 727 |
Intrinsic value of stock options exercised | 867 | 750 | 1,590 |
Income tax benefit related to stock options exercised | $ 182 | $ 158 | $ 334 |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock Options [Member] | |||
Schedule Of Share Based Compensation Arrangements [Line Items] | |||
Compensation expense recorded in selling, general and administrative expenses | $ 2,304 | $ 1,801 | $ 1,528 |
Deferred income tax benefits related to compensation expense | 484 | 378 | 321 |
Total fair value of stock options vested | 465 | 1,387 | 1,390 |
Unrecognized compensation cost | $ 2,039 | $ 1,469 | $ 606 |
Expected weighted-average recognition period for unrecognized compensation, in years | 1 year 9 months 18 days | 2 years 2 months 12 days | 2 years 8 months 12 days |
Performance Share Units [Member] | |||
Schedule Of Share Based Compensation Arrangements [Line Items] | |||
Compensation expense recorded in selling, general and administrative expenses | $ 3,270 | $ 3,607 | $ 4,152 |
Deferred income tax benefits related to compensation expense | 773 | 757 | 872 |
Unrecognized compensation cost | $ 3,417 | $ 2,730 | $ 3,599 |
Expected weighted-average recognition period for unrecognized compensation, in years | 1 year 6 months | 1 year 7 months 6 days | 1 year 4 months 24 days |
Restructuring And Cost Reduct_3
Restructuring And Cost Reduction Programs (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total restructuring charges | $ 17,400 | $ 11,000 | $ 7,100 |
Total expected restructuring charges | $ 12,604 | ||
Period expected for cash payments for employee benefits and other costs | 12 months | ||
Tile Coating Systems [Member] | |||
Additional restructuring charges | $ 2,300 | $ 1,900 | $ 6,200 |
Restructuring And Cost Reduct_4
Restructuring And Cost Reduction Programs (Summary of Charges Associated with Restructuring Programs by Major Type of Charges) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost And Reserve [Line Items] | |||
Total expected restructuring charges | $ 12,604 | ||
Restructuring charges | 17,425 | $ 10,955 | $ 7,116 |
Cumulative restructuring charges incurred | 94,738 | ||
Organizational Optimization Program [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Total expected restructuring charges | 3,883 | ||
Restructuring charges | 2,980 | ||
Cumulative restructuring charges incurred | 2,980 | ||
American Manufacturing Optimization Program [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Total expected restructuring charges | 8,721 | ||
Restructuring charges | 1,040 | ||
Cumulative restructuring charges incurred | 7,694 | ||
Global Optimization Program [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | 13,405 | 10,955 | 7,116 |
Cumulative restructuring charges incurred | 84,064 | ||
Employee Severance [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Total expected restructuring charges | 12,527 | ||
Restructuring charges | 9,690 | 7,163 | 3,560 |
Cumulative restructuring charges incurred | 53,941 | ||
Employee Severance [Member] | Organizational Optimization Program [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Total expected restructuring charges | 3,883 | ||
Restructuring charges | 2,980 | ||
Cumulative restructuring charges incurred | 2,980 | ||
Employee Severance [Member] | American Manufacturing Optimization Program [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Total expected restructuring charges | 8,644 | ||
Restructuring charges | 1,040 | ||
Cumulative restructuring charges incurred | 7,617 | ||
Employee Severance [Member] | Global Optimization Program [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | 5,670 | 7,163 | 3,560 |
Cumulative restructuring charges incurred | 43,344 | ||
Other Costs [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Total expected restructuring charges | 77 | ||
Restructuring charges | 7,735 | 3,792 | 3,556 |
Cumulative restructuring charges incurred | 40,797 | ||
Other Costs [Member] | American Manufacturing Optimization Program [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Total expected restructuring charges | 77 | ||
Cumulative restructuring charges incurred | 77 | ||
Other Costs [Member] | Global Optimization Program [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring charges | $ 7,735 | 3,792 | $ 3,556 |
Cumulative restructuring charges incurred | $ 40,720 |
Restructuring And Cost Reduct_5
Restructuring And Cost Reduction Programs (Summary of Charges Associated with Restructuring Programs by Segments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost And Reserve [Line Items] | |||
Total Expected Charges | $ 12,604 | ||
Restructuring charges incurred | 17,425 | $ 10,955 | $ 7,116 |
Cumulative charges to date | 94,738 | ||
Operating Segments [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Total Expected Charges | 268 | ||
Restructuring charges incurred | 128 | 119 | 171 |
Cumulative charges to date | 31,516 | ||
Functional Coatings [Member] | Operating Segments [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Total Expected Charges | 169 | ||
Restructuring charges incurred | 27 | (5) | 23 |
Cumulative charges to date | 26,954 | ||
Color Solutions [Member] | Operating Segments [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Total Expected Charges | 99 | ||
Restructuring charges incurred | 101 | 124 | 148 |
Cumulative charges to date | 4,562 | ||
Corporate Restructuring Charges [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Total Expected Charges | 12,336 | ||
Restructuring charges incurred | 17,297 | $ 10,836 | $ 6,945 |
Cumulative charges to date | $ 63,222 |
Restructuring And Cost Reduct_6
Restructuring And Cost Reduction Programs (Summary Of Accruals Related To Restructuring And Optimization Programs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | $ 2,239 | $ 1,843 | $ 2,299 |
Restructuring charges | 17,425 | 10,955 | 7,116 |
Cash payments | (8,889) | (8,818) | (4,275) |
Non-cash items | (805) | (1,741) | (3,297) |
Ending balance | 9,970 | 2,239 | 1,843 |
Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 747 | 1,011 | 1,309 |
Restructuring charges | 9,690 | 7,163 | 3,560 |
Cash payments | (4,363) | (6,987) | (3,678) |
Non-cash items | (564) | (440) | |
Non-cash items | (180) | ||
Ending balance | 5,510 | 747 | 1,011 |
Other Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 1,492 | 832 | 990 |
Restructuring charges | 7,735 | 3,792 | 3,556 |
Cash payments | (4,526) | (1,831) | (597) |
Non-cash items | (241) | (1,301) | (3,117) |
Ending balance | $ 4,460 | $ 1,492 | $ 832 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Initial lease term | 12 months | |
Rent expense for all operating leases | $ 12.7 |
Leases (Components Of Lease Cos
Leases (Components Of Lease Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Leases [Line Items] | |||
Net lease cost | $ 12,453 | $ 14,658 | |
Selling, General And Administrative Expenses [Member] | |||
Leases [Line Items] | |||
Operating lease cost | [1] | 4,716 | 5,318 |
Short-term lease costs | 900 | 900 | |
Variable lease costs | 400 | 400 | |
Cost Of Sales [Member] | |||
Leases [Line Items] | |||
Operating lease cost | [2] | 7,406 | 9,090 |
Amortization of right-of-use assets | 298 | 233 | |
Short-term lease costs | 2,700 | 2,600 | |
Variable lease costs | 700 | 1,100 | |
Interest Expense [Member] | |||
Leases [Line Items] | |||
Interest of lease liabilities | $ 33 | $ 17 | |
[1] | Included in operating lease cost is $ 0.9 million of short-term lease costs for the years ended December 31, 2020 and 2019, respectively, and $ 0.4 million of variable lease costs for the years ended December 31, 2020 and 2019, respectively. | ||
[2] | Included in operating lease cost is $ 2.7 million and $ 2.6 million of short-term lease costs for the years ended December 31, 2020 and 2019, respectively, and $ 0.7 million and $ 1.1 million of variable lease costs for the years ended December 31, 2020 and 2019, respectively. |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Assets | |||
Operating leased assets | $ 15,446 | $ 20,088 | |
Finance leased assets | [1] | 1,410 | 859 |
Total leased assets | 16,856 | 20,947 | |
Liabilities | |||
Current, Operating | 5,431 | 6,515 | |
Current, Finance | 640 | 438 | |
Noncurrent, Operating | 10,064 | 14,474 | |
Noncurrent, Finance | 2,271 | 1,867 | |
Total leased liabilities | 18,406 | 23,294 | |
Finance leases, net accumulated depreciation | $ 3,100 | $ 3,400 | |
[1] | Finance leases are net of accumulated depreciation of $ 3.1 million and $ 3.4 million for December 31, 2020 and 2019, respectively. |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating cash flows from finance leases | $ 33 | $ 17 |
Operating cash flows from operating leases | 7,959 | 9,757 |
Financing cash flows from finance leases | 331 | 229 |
Leased assets obtained in exchange for new finance lease liabilities | 961 | 755 |
Leased assets obtained in exchange for new operating lease liabilities | $ 4,686 | $ 30,411 |
Weighted-average remaining lease term, Operating leases | 3 years 10 months 24 days | |
Weighted-average remaining lease term, Finance leases | 5 years 1 month 6 days | |
Weighted-average discount rate, Operating leases | 4.10% | |
Weighted-average discount rate, Finance leases | 4.70% |
Leases (Maturities Of Lease Lia
Leases (Maturities Of Lease Liabilities) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
Finance Leases, 2021 | $ 773 |
Finance Leases, 2022 | 752 |
Finance Leases, 2023 | 673 |
Finance Leases, 2024 | 560 |
Finance Leases, 2025 | 449 |
Finance Leases, Thereafter | 457 |
Finance Leases, Net minimum lease payments | 3,664 |
Finance Leases, Less: interest | 753 |
Finance Leases, Present value of lease liabilities | 2,911 |
Operating Leases, 2021 | 6,967 |
Operating Leases, 2022 | 4,167 |
Operating Leases, 2023 | 2,222 |
Operating Leases, 2024 | 1,183 |
Operating Leases, 2025 | 933 |
Operating Leases, Thereafter | 1,778 |
Operating Leases, Net minimum lease payments | 17,250 |
Operating Leases, Less: interest | 1,755 |
Operating Leases, Present value of lease liabilities | $ 15,495 |
Miscellaneous Expense (Income_3
Miscellaneous Expense (Income), Net (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 29, 2018 | |
Pension expense | $ 6,425 | $ 14,845 | $ 14,142 | ||
Gain on change of control | $ (2,586) | ||||
PT Ferro Materials Utama ("FMU") [Member] | |||||
Business acquisition, percentage of voting interests acquired | 66.00% | 66.00% | |||
Gain on change of control | $ (2,600) | $ 2,600 | |||
PT Ferro Materials Utama ("FMU") [Member] | |||||
Total ownership | 100.00% | 100.00% |
Miscellaneous Expense (Income_4
Miscellaneous Expense (Income), Net (Components Of Miscellaneous Expense (Income), Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Miscellaneous Expense (Income), Net [Abstract] | |||
Pension expense | $ 6,425 | $ 14,845 | $ 14,142 |
Argentina export tax matter | 217 | 507 | |
Gain on change of control | (2,586) | ||
Modification of debt | 1,046 | ||
Dividends/royalty from affiliates, net | (264) | (529) | (720) |
Loss (gain) on sale of assets | 87 | (1,412) | (514) |
Contingent consideration adjustment | (67) | (2,723) | (1,637) |
Bank fees | 1,498 | 1,798 | 1,656 |
Other, net | (2,174) | (474) | 180 |
Total Miscellaneous expense, net | $ 5,505 | $ 11,722 | $ 12,074 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Anti-dilutive securities excluded from computation of earnings per share | 2.5 | 2.1 | 1.7 |
Earnings Per Share (Calculation
Earnings Per Share (Calculations Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Basic earnings per share computation: | |||
Income from continuing operations | $ 30,040 | $ 34,826 | $ 56,050 |
Less: Net income attributable to noncontrolling interests from continuing operations | 1,073 | 1,087 | 851 |
Net income attributable to Ferro Corporation from continuing operations | 28,967 | 33,739 | 55,199 |
Income (loss) from discontinued operations, net of income taxes | 14,003 | (27,411) | 24,896 |
Less: Net income attributable to noncontrolling interests from discontinued operations | 171 | 290 | 2 |
Net income (loss) attributable to Ferro Corporation from discontinued operations | 13,832 | (27,701) | 24,894 |
Net income attributable to Ferro Corporation common shareholders | $ 42,799 | $ 6,038 | $ 80,093 |
Weighted-average common shares outstanding | 82,232 | 82,083 | 83,940 |
Basic earnings per share from continuing operations attributable to Ferro Corporation common shareholders | $ 0.35 | $ 0.41 | $ 0.66 |
Diluted earnings per share computation: | |||
Net income attributable to Ferro Corporation from continuing operations | $ 28,967 | $ 33,739 | $ 55,199 |
Net income (loss) attributable to Ferro Corporation from discontinued operations | 13,832 | (27,701) | 24,894 |
Total | $ 42,799 | $ 6,038 | $ 80,093 |
Weighted-average common shares outstanding | 82,232 | 82,083 | 83,940 |
Assumed exercise of stock options | 272 | 407 | 772 |
Assumed satisfaction of restricted stock unit conditions | 362 | 369 | 301 |
Assumed satisfaction of performance stock unit conditions | 158 | 32 | 72 |
Weighted-average diluted shares outstanding | 83,024 | 82,891 | 85,085 |
Diluted earnings per share from continuing operations attributable to Ferro Corporation common shareholders | $ 0.35 | $ 0.41 | $ 0.65 |
Share Repurchase Program (Narra
Share Repurchase Program (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 31, 2018 | |
Share Repurchase Program [Abstract] | ||||
Stock repurchase program, additional authorized amount | $ 100 | $ 50 | ||
Purchase of treasury stock, shares | 1,440,678 | 1,470,791 | ||
Treasury stock acquired, average cost per share | $ 17.35 | $ 19.59 | ||
Stock repurchase program, remaining authorized amount | $ 46.2 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Changes In Accumulated Other Comprehensive Loss by Component, Net of Tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balances | $ 360,376 | ||
Ending Balances | 429,967 | $ 360,376 | |
Accumulated Other Comprehensive Loss [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balances | (109,376) | (105,361) | $ (75,468) |
Other comprehensive income (loss) before reclassifications, before tax | (9,709) | 3,538 | (13,270) |
Reclassification to earnings: Postretirement benefit liabilities gain (loss), before tax | 2,146 | 91 | (55) |
Reclassification to earnings: Cash flow hedge gain (loss), before tax | 22,465 | (10,162) | (17,159) |
Current period other comprehensive income (loss), before tax | 14,902 | (6,533) | (30,484) |
Tax effect | (4,764) | (2,518) | (591) |
Current period other comprehensive income (loss), net of tax | 19,666 | (4,015) | (29,893) |
Ending Balances | (89,710) | (109,376) | (105,361) |
Postretirement Benefit Liability Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balances | 1,206 | 1,126 | 1,165 |
Other comprehensive income (loss) before reclassifications, before tax | |||
Reclassification to earnings: Postretirement benefit liabilities gain (loss), before tax | 2,146 | 91 | (55) |
Reclassification to earnings: Cash flow hedge gain (loss), before tax | |||
Current period other comprehensive income (loss), before tax | 2,146 | 91 | (55) |
Tax effect | 153 | 11 | (16) |
Current period other comprehensive income (loss), net of tax | 1,993 | 80 | (39) |
Ending Balances | 3,199 | 1,206 | 1,126 |
Foreign Currency Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balances | (97,575) | (103,190) | (77,578) |
Other comprehensive income (loss) before reclassifications, before tax | 24,980 | 6,269 | (24,658) |
Reclassification to earnings: Postretirement benefit liabilities gain (loss), before tax | |||
Reclassification to earnings: Cash flow hedge gain (loss), before tax | |||
Current period other comprehensive income (loss), before tax | 24,980 | 6,269 | (24,658) |
Tax effect | (2,113) | 654 | 954 |
Current period other comprehensive income (loss), net of tax | 27,093 | 5,615 | (25,612) |
Ending Balances | (70,482) | (97,575) | (103,190) |
Net Gain (Loss) from Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balances | (13,007) | (3,297) | 945 |
Other comprehensive income (loss) before reclassifications, before tax | (34,689) | (2,731) | 11,388 |
Reclassification to earnings: Postretirement benefit liabilities gain (loss), before tax | |||
Reclassification to earnings: Cash flow hedge gain (loss), before tax | 22,465 | (10,162) | (17,159) |
Current period other comprehensive income (loss), before tax | (12,224) | (12,893) | (5,771) |
Tax effect | (2,804) | (3,183) | (1,529) |
Current period other comprehensive income (loss), net of tax | (9,420) | (9,710) | (4,242) |
Ending Balances | $ (22,427) | $ (13,007) | $ (3,297) |
Reporting For Segments (Narrati
Reporting For Segments (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2020country | |
Reporting For Segments [Abstract] | |
Number of countries other than the U.S. and Germany representing greater than 10% of net sales | 0 |
Number of countries other than the U.S., Mexico, Germany and Columbia representing greater than 10% of long-lived assets | 0 |
Reporting For Segments (Net Sal
Reporting For Segments (Net Sales To External Customers By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 259,950 | $ 241,877 | $ 204,801 | $ 252,326 | $ 244,778 | $ 245,339 | $ 260,958 | $ 263,382 | $ 958,954 | $ 1,014,457 | $ 1,074,696 |
Functional Coatings [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 608,192 | 644,783 | 683,669 | ||||||||
Color Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 350,762 | $ 369,674 | $ 391,027 |
Reporting For Segments (Segment
Reporting For Segments (Segment's Gross Profit And Reconciliations To Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Total gross profit | $ 79,108 | $ 70,166 | $ 63,744 | $ 80,738 | $ 74,925 | $ 76,062 | $ 79,130 | $ 77,859 | $ 293,756 | $ 307,976 | $ 338,389 |
Selling, general and administrative expenses | 202,413 | 212,365 | 219,708 | ||||||||
Restructuring and impairment charges | $ 5,200 | $ 2,400 | $ 8,600 | $ 1,200 | $ 3,100 | $ 2,100 | $ 4,100 | $ 1,700 | 17,425 | 10,955 | 7,116 |
Other expense, net | 29,017 | 41,865 | 41,622 | ||||||||
Income before income taxes | 44,901 | 42,791 | 69,943 | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Total gross profit | 293,756 | 307,976 | 338,389 | ||||||||
Functional Coatings [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Total gross profit | 175,601 | 192,668 | 211,018 | ||||||||
Color Solutions [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Total gross profit | 119,071 | 114,939 | 124,852 | ||||||||
Other Cost Of Sales [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Total gross profit | $ (916) | $ 369 | $ 2,519 |
Reporting For Segments (Summary
Reporting For Segments (Summary of Segment's Expenditures for Long-Lived Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Segment Reporting Information [Line Items] | ||||
Total expenditures for long lived assets | [1] | $ 31,783 | $ 64,970 | $ 80,619 |
Functional Coatings [Member] | Discontinued Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total expenditures for long lived assets | 4,700 | 10,000 | 5,800 | |
Corporate Restructuring Charges [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total expenditures for long lived assets | 1,891 | 2,069 | 5,715 | |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total expenditures for long lived assets | 29,892 | 62,901 | 74,904 | |
Operating Segments [Member] | Functional Coatings [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total expenditures for long lived assets | 12,266 | 46,304 | 49,964 | |
Operating Segments [Member] | Color Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total expenditures for long lived assets | $ 17,626 | $ 16,597 | $ 24,940 | |
[1] | Includes capital expenditures for discontinued operation of $ 4.7 million, $ 10.0 million and $ 5.8 million in 2020, 2019 and 2018, respectively, integrated within Functional Coatings . |
Reporting For Segments (Summa_2
Reporting For Segments (Summary of Net Sales by Geographic Region) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | $ 259,950 | $ 241,877 | $ 204,801 | $ 252,326 | $ 244,778 | $ 245,339 | $ 260,958 | $ 263,382 | $ 958,954 | $ 1,014,457 | $ 1,074,696 |
United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 341,461 | 359,267 | 379,912 | ||||||||
Germany [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 143,861 | 149,270 | 148,706 | ||||||||
Other International [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | $ 473,632 | $ 505,920 | $ 546,078 |
Reporting For Segments (Summa_3
Reporting For Segments (Summary of Long-Lived Assets by Geographic Region) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 315,330 | $ 302,672 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 69,088 | 71,617 |
Mexico [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 58,503 | 51,224 |
Germany [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 39,733 | 34,996 |
Columbia [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 30,888 | 32,475 |
Other International [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 117,118 | $ 112,360 |
Unconsolidated Affiliates Acc_3
Unconsolidated Affiliates Accounted For Under The Equity Method (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Unconsolidated Affiliates Accounted For Under The Equity Method [Abstract] | |||
Investment income from equity-method investments | $ 0 | $ 0 | $ 0.1 |
Equity-method investments | $ 7.4 | $ 8 |
Unconsolidated Affiliates Acc_4
Unconsolidated Affiliates Accounted For Under The Equity Method (Summarized Condensed Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Net sales | $ 259,950 | $ 241,877 | $ 204,801 | $ 252,326 | $ 244,778 | $ 245,339 | $ 260,958 | $ 263,382 | $ 958,954 | $ 1,014,457 | $ 1,074,696 |
Gross profit | 79,108 | 70,166 | 63,744 | 80,738 | 74,925 | 76,062 | 79,130 | 77,859 | 293,756 | 307,976 | 338,389 |
Income (loss) from continuing operations | 30,040 | 34,826 | 56,050 | ||||||||
Net income (loss) | $ 18,160 | $ 14,914 | $ (5,164) | $ 16,133 | $ (30,782) | $ 13,210 | $ 11,109 | $ 13,878 | 44,043 | 7,415 | 80,946 |
Unconsolidated Affiliates [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Net sales | 12,444 | 16,563 | 18,950 | ||||||||
Gross profit | 1,150 | 2,507 | 3,343 | ||||||||
Income (loss) from continuing operations | (1,362) | (861) | 746 | ||||||||
Net income (loss) | $ (1,090) | $ (689) | $ 596 |
Unconsolidated Affiliates Acc_5
Unconsolidated Affiliates Accounted For Under The Equity Method (Summarized Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | |||
Current assets | $ 969,804 | $ 883,169 | |
Current liabilities | $ (403,616) | (381,745) | |
Unconsolidated Affiliates [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 13,623 | $ 12,353 | |
Non-current assets | 4,214 | 3,644 | |
Current liabilities | (2,994) | (1,938) | |
Non-current liabilities | $ (161) | $ (27) |
Unconsolidated Affiliates Acc_6
Unconsolidated Affiliates Accounted For Under The Equity Method (Transactions with Equity-Method Investees) (Details) - Unconsolidated Affiliates [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Sales | $ 11,013 | $ 7,308 | $ 4,898 |
Purchases | 146 | 316 | 15 |
Dividends and interest received | 144 | 154 | 415 |
Commission and royalties received | 108 | 363 | $ 305 |
Commissions and royalties paid | $ 12 | $ 11 |
Quarterly Data (Narrative) (Det
Quarterly Data (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Selected Quarterly Financial Data [Line Items] | |||||||||||
Restructuring and impairment charges | $ 5,200 | $ 2,400 | $ 8,600 | $ 1,200 | $ 3,100 | $ 2,100 | $ 4,100 | $ 1,700 | $ 17,425 | $ 10,955 | $ 7,116 |
Mark-to-market actuarial net losses | $ 14,000 | 13,300 | |||||||||
Tile Coatings [Member] | |||||||||||
Selected Quarterly Financial Data [Line Items] | |||||||||||
Restructuring and impairment charges | $ 33,500 |
Quarterly Data (Summary of Quar
Quarterly Data (Summary of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Data [Abstract] | |||||||||||
Net sales | $ 259,950 | $ 241,877 | $ 204,801 | $ 252,326 | $ 244,778 | $ 245,339 | $ 260,958 | $ 263,382 | $ 958,954 | $ 1,014,457 | $ 1,074,696 |
Gross profit | 79,108 | 70,166 | 63,744 | 80,738 | 74,925 | 76,062 | 79,130 | 77,859 | 293,756 | 307,976 | 338,389 |
Net income | 18,160 | 14,914 | (5,164) | 16,133 | (30,782) | 13,210 | 11,109 | 13,878 | 44,043 | 7,415 | 80,946 |
Net Income (Loss) Attributable to Ferro Corporation | $ 17,742 | $ 14,474 | $ (5,540) | $ 16,123 | $ (31,257) | $ 12,820 | $ 10,871 | $ 13,604 | $ 42,799 | $ 6,038 | $ 80,093 |
Earnings (Loss) Attributable to Ferro Corporation Common Shareholders Per Common Share, Basic | $ 0.22 | $ 0.18 | $ (0.07) | $ 0.19 | $ (0.38) | $ 0.16 | $ 0.13 | $ 0.16 | $ 0.52 | $ 0.07 | $ 0.95 |
Earnings (Loss) Attributable to Ferro Corporation Common Shareholders Per Common Share, Diluted | $ 0.22 | $ 0.17 | $ (0.07) | $ 0.19 | $ (0.38) | $ 0.16 | $ 0.13 | $ 0.16 | $ 0.52 | $ 0.07 | $ 0.94 |
Schedule II - Valuation And Q_2
Schedule II - Valuation And Qualifying Accounts And Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Valuation allowance release | $ 100 | $ 5,400 | $ 1,700 | |
Allowance for Possible Losses on Collection of Accounts Receivable [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | [1] | 1,938 | 5,504 | 7,821 |
Additions Charged (Reductions Credited) to Costs and Expenses | [1] | 530 | 1,086 | 681 |
Deductions | [1] | (205) | (4,487) | (2,642) |
Adjustment for Differences in Exchange Rates | [1] | 57 | (165) | (356) |
Balance at End of Period | [1] | 2,320 | 1,938 | 5,504 |
Valuation Allowance on Net Deferred Tax Assets [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | [1] | 11,434 | 25,596 | 32,579 |
Additions Charged (Reductions Credited) to Costs and Expenses | [1] | 215 | ||
Deductions | [1],[2] | (84) | (13,978) | (5,617) |
Adjustment for Differences in Exchange Rates | [1] | 115 | (184) | (1,366) |
Balance at End of Period | [1] | $ 11,680 | $ 11,434 | $ 25,596 |
[1] | Schedule II is presented on a total Ferro basis, inclusive of discontinued operations. | |||
[2] | Included within this deduction is $ 0.1 million, $ 5.4 million and $ 1.7 million for the years ended December 31, 2020, 2019, and 2018 respectively, of valuation allowance release, resulting from the conclusion that the underlying deferred tax assets are more likely than not to be realized. |