Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | FALSE |
Document Period End Date | 30-Sep-13 |
Document Fiscal Year Focus | 2013 |
Document Fiscal Period Focus | Q3 |
Entity Registrant Name | FERRO CORP |
Entity Central Index Key | 35214 |
Current Fiscal Year End Date | -19 |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 86,601,495 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ||||
Net sales | $408,104 | $408,865 | $1,261,083 | $1,344,836 |
Cost of sales | 323,857 | 348,155 | 1,009,945 | 1,112,587 |
Gross profit | 84,247 | 60,710 | 251,138 | 232,249 |
Selling, general and administrative expenses | 59,078 | 63,863 | 184,986 | 202,675 |
Restructuring and impairment charges | 3,834 | 198,695 | 26,738 | 203,734 |
Other expense (income): | ||||
Interest expense | 6,766 | 6,716 | 21,034 | 19,566 |
Interest earned | -48 | -57 | -171 | -192 |
Foreign currency losses, net | 1,308 | 869 | 4,016 | 792 |
Miscellaneous (income) expense, net | -209 | 797 | -9,493 | 3,038 |
Income (loss) before income taxes | 13,518 | -210,173 | 24,028 | -197,364 |
Income tax expense | 474 | 105,447 | 4,025 | 113,115 |
Income (loss) from continuing operations | 13,044 | -315,620 | 20,003 | -310,479 |
(Loss) income from discontinued operations, net of income taxes | -118 | -8,421 | 917 | |
Net income (loss) | 13,044 | -315,738 | 11,582 | -309,562 |
Less: Net income attributable to noncontrolling interests | 392 | 376 | 177 | 830 |
Net income (loss) attributable to Ferro Corporation common shareholders | $12,652 | ($316,114) | $11,405 | ($310,392) |
Basic earnings (loss): | ||||
From continuing operations | $0.15 | ($3.66) | $0.23 | ($3.61) |
From discontinued operations | ($0.10) | $0.01 | ||
Total | $0.15 | ($3.66) | $0.13 | ($3.60) |
Diluted earnings (loss): | ||||
From continuing operations | $0.15 | ($3.66) | $0.23 | ($3.61) |
From discontinued operations | ($0.10) | $0.01 | ||
Total | $0.15 | ($3.66) | $0.13 | ($3.60) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $13,044 | ($315,738) | $11,582 | ($309,562) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation | 4,226 | 3,321 | -3,820 | -2,940 |
Postretirement benefit liabilities | -34 | 1,044 | -171 | -311 |
Total comprehensive income (loss) | 17,236 | -311,373 | 7,591 | -312,813 |
Less: Comprehensive income attributable to noncontrolling interests | 415 | 442 | 323 | 845 |
Comprehensive income (loss) attributable to Ferro Corporation | $16,821 | ($311,815) | $7,268 | ($313,658) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $35,853 | $29,576 |
Accounts receivable, net | 331,847 | 306,463 |
Inventories | 195,617 | 200,824 |
Deferred income taxes | 8,011 | 7,995 |
Other receivables | 32,371 | 31,554 |
Other current assets | 14,571 | 10,802 |
Current assets of discontinued operations | 6,289 | |
Total current assets | 618,270 | 593,503 |
Other assets | ||
Property, plant and equipment, net | 299,619 | 309,374 |
Goodwill | 63,234 | 62,975 |
Amortizable intangible assets, net | 12,268 | 14,410 |
Deferred income taxes | 20,527 | 21,554 |
Other non-current assets | 55,444 | 61,941 |
Other assets of discontinued operations | 15,346 | |
Total assets | 1,069,362 | 1,079,103 |
Current liabilities | ||
Loans payable and current portion of long-term debt | 59,665 | 85,152 |
Accounts payable | 183,044 | 182,024 |
Accrued payrolls | 44,081 | 31,643 |
Accrued expenses and other current liabilities | 67,514 | 76,384 |
Current liabilities of discontinued operations | 1,300 | |
Total current liabilities | 354,304 | 376,503 |
Other liabilities | ||
Long-term debt, less current portion | 278,119 | 261,624 |
Postretirement and pension liabilities | 199,922 | 216,167 |
Other non-current liabilities | 20,316 | 18,135 |
Total liabilities | 852,661 | 872,429 |
Equity | ||
Common stock, par value $1 per share; 300.0 million shares authorized; 93.4 million shares issued; 86.6 and 86.5 million shares outstanding in 2013 and 2012, respectively | 93,436 | 93,436 |
Paid-in capital | 320,216 | 321,652 |
Retained deficit | -75,201 | -86,606 |
Accumulated other comprehensive income | 12,513 | 16,650 |
Common shares in treasury, at cost | -147,608 | -151,605 |
Total Ferro Corporation shareholders' equity | 203,356 | 193,527 |
Noncontrolling interests | 13,345 | 13,147 |
Total equity | 216,701 | 206,674 |
Total liabilities and equity | $1,069,362 | $1,079,103 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $1 | $1 |
Common stock, authorized | 300 | 300 |
Common stock, issued | 93.4 | 93.4 |
Common stock, outstanding | 86.6 | 86.5 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Equity (USD $) | Total | Common Shares in Treasury [Member] | Common Stock [Member] | Paid-in Capital [Member] | Retained Earnings (Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Non-controlling Interests [Member] |
In Thousands | |||||||
Beginning Balances at Dec. 31, 2011 | $582,494 | ($153,617) | $93,436 | $320,882 | $287,662 | $23,899 | $10,232 |
Beginning Balances, shares at Dec. 31, 2011 | 6,865 | ||||||
Net (loss) income | -309,562 | -310,392 | 830 | ||||
Other comprehensive (loss) income | -3,251 | -3,266 | 15 | ||||
Stock-based compensation transactions | 4,843 | 588 | 4,255 | ||||
Stock-based compensation transactions, shares | 32 | ||||||
Distributions to noncontrolling interests | -380 | -380 | |||||
Ending Balances at Sep. 30, 2012 | 274,144 | -153,029 | 93,436 | 325,137 | -22,730 | 20,633 | 10,697 |
Ending Balances, shares at Sep. 30, 2012 | 6,897 | ||||||
Beginning Balances at Dec. 31, 2012 | 206,674 | -151,605 | 93,436 | 321,652 | -86,606 | 16,650 | 13,147 |
Beginning Balances, shares at Dec. 31, 2012 | 6,962 | ||||||
Net (loss) income | 11,582 | 11,405 | 177 | ||||
Other comprehensive (loss) income | -3,991 | -4,137 | 146 | ||||
Stock-based compensation transactions | 2,561 | 3,997 | -1,436 | ||||
Stock-based compensation transactions, shares | -129 | ||||||
Distributions to noncontrolling interests | -125 | -125 | |||||
Ending Balances at Sep. 30, 2013 | $216,701 | ($147,608) | $93,436 | $320,216 | ($75,201) | $12,513 | $13,345 |
Ending Balances, shares at Sep. 30, 2013 | 6,833 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | ||
Cash flows from operating activities | ||||
Net cash provided by operating activities | $3,003 | $19,536 | ||
Cash flows from investing activities | ||||
Capital expenditures for property, plant and equipment | -21,187 | -46,245 | ||
Proceeds from sale of assets | 16,034 | 2,386 | ||
Proceeds from sale of stock of Ferro Pfanstiehl Laboratories, Inc. | 16,912 | |||
Dividends received from affiliates | 1,119 | 96 | ||
Net cash provided by (used for) investing activities | 12,878 | -43,763 | ||
Cash flows from financing activities | ||||
Net borrowings under loans payable | 9,223 | [1] | 22,087 | [1] |
Proceeds from revolving credit facility | 368,317 | 323,151 | ||
Principal payments on revolving credit facility | -351,404 | -319,926 | ||
Extinguishment of convertible senior notes | -35,066 | |||
Other financing activities | -734 | 760 | ||
Net cash (used for) provided by financing activities | -9,664 | 26,072 | ||
Effect of exchange rate changes on cash and cash equivalents | 60 | -19 | ||
Increase in cash and cash equivalents | 6,277 | 1,826 | ||
Cash and cash equivalents at beginning of period | 29,576 | 22,991 | ||
Cash and cash equivalents at end of period | 35,853 | 24,817 | ||
Cash paid during the period for: | ||||
Interest | 25,484 | 25,343 | ||
Income taxes | $2,905 | $3,130 | ||
[1] | Includes cash flows related to our domestic accounts receivable program, international accounts receivable sales programs as well as loans payable to banks. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation |
The accompanying unaudited condensed consolidated financial statements of Ferro Corporation (“Ferro,” “we,” “us” or “the Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q, and Article 10 of Regulation S-X. These statements reflect all normal and recurring adjustments which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2012. Prior periods have been adjusted for the presentation of discontinued operations. | |
Operating results for the three and nine months ended September 30, 2013, are not necessarily indicative of the results expected in subsequent quarters or for the full year ending December 31, 2013. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Text Block [Abstract] | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements |
Accounting Standards Adopted in the Nine Months Ended September 30, 2013 | |
On January 1, 2013, we adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2011-11, Disclosures about Offsetting Assets and Liabilities, (“ASU 2011-11”) and ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, (“ASU 2013-01”). These pronouncements are codified in Accounting Standards Codification (“ASC”) Topic 210, Balance Sheet, and contain new disclosure requirements about a company’s right of setoff and related arrangements associated with its financial and derivative instruments. Adoption of this pronouncement did not have a material effect on our consolidated financial statements. | |
On January 1, 2013, we adopted FASB ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, (“ASU 2013-02”), which is codified in ASC Topic 220, Comprehensive Income. This pronouncement adds new disclosure requirements for items reclassified out of accumulated other comprehensive income. Adoption of this pronouncement did not have a material effect on our consolidated financial statements. |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | 3. Inventories | ||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Raw materials | $ | 59,272 | $ | 64,923 | |||||
Work in process | 35,716 | 35,028 | |||||||
Finished goods | 100,629 | 100,873 | |||||||
Total inventories | $ | 195,617 | $ | 200,824 | |||||
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 $0.7 million and $1.4 million for the three months ended September 30, 2013 and 2012, respectively, and were $2.5 million and $5.0 million for the nine months ended September 30, 2013 and 2012, respectively. We had on hand precious metals owned by participants in our precious metals consignment program of $89.5 million at September 30, 2013, and $112.2 million at December 31, 2012, measured at fair value based on market prices for identical assets and net of credits. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2013 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 4. Property, Plant and Equipment |
Property, plant and equipment is reported net of accumulated depreciation of $686.5 million at September 30, 2013, and $658.1 million at December 31, 2012. Unpaid capital expenditure liabilities, which are noncash investing activities, were $6.6 million at September 30, 2013, and $7.3 million at September 30, 2012. |
Debt
Debt | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt | 5. Debt | ||||||||
Loans payable and current portion of long-term debt consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Loans payable to banks | $ | 3,247 | $ | 2,477 | |||||
Domestic accounts receivable asset securitization program | 48,000 | 40,000 | |||||||
International accounts receivable sales programs | 5,554 | 6,122 | |||||||
Current portion of long-term debt | 2,864 | 36,553 | |||||||
Loans payable and current portion of long-term debt | $ | 59,665 | $ | 85,152 | |||||
Long-term debt consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
7.875% Senior Notes | $ | 250,000 | $ | 250,000 | |||||
6.50% Convertible Senior Notes, net of unamortized discounts | — | 34,417 | |||||||
Revolving credit facility | 19,509 | 2,596 | |||||||
Capital lease obligations | 6,053 | 6,433 | |||||||
Other notes | 5,421 | 4,731 | |||||||
Total long-term debt | 280,983 | 298,177 | |||||||
Current portion of long-term debt | (2,864 | ) | (36,553 | ) | |||||
Long-term debt, less current portion | $ | 278,119 | $ | 261,624 | |||||
Receivable Sales Programs | |||||||||
We have an asset securitization program for Ferro’s U.S. trade accounts receivable. We sell interests in our domestic receivables to various purchasers, and we may obtain up to $50.0 million in the form of cash or letters of credit. Advances received under this program are accounted for as borrowings secured by the receivables and included in net cash provided by financing activities. In the second quarter of 2013, we extended the maturity of this credit facility through May 2014. At September 30, 2013, advances received of $48.0 million were secured by $77.6 million of accounts receivable, and based on available and qualifying receivables, $2.0 million of additional borrowings were available under the program. During the third quarter of 2013 we amended the agreement. The interest rate under the amended agreement is the sum of (A) either (1) LIBOR rates or (2) the federal funds rate plus 0.5% or the prime rate and (B) a fixed margin. At September 30, 2013, the interest rate was 0.6%. | |||||||||
We also have several international programs to sell with recourse trade accounts receivable to financial institutions. Advances received under these programs are accounted for as borrowings secured by the receivables and included in net cash provided by financing activities. At September 30, 2013, the commitments supporting these programs totaled $18.9 million, the advances received of $5.6 million were secured by $8.7 million of accounts receivable, and based on available and qualifying receivables, $0.2 million of additional borrowings were available under the programs. The interest rates under these programs are based on EURIBOR rates plus 1.75%. At September 30, 2013, the weighted-average interest rate was 1.9%. | |||||||||
7.875% Senior Notes | |||||||||
The 7.875% Senior Notes (the “Senior Notes”) were issued in 2010 at par, bear interest at a rate of 7.875% per year, payable semi-annually in arrears on February 15th and August 15th, and mature on August 15, 2018. We may also redeem some or all of the Senior Notes prior to August 15, 2014, at a price equal to the principal amount plus a defined applicable premium. The applicable premium on any redemption date is the greater of 1% of the principal amount of the note or the excess of (1) the present value at such redemption date of the redemption price of the note at August 15, 2014, plus all required interest payments due on the note through August 15, 2014, computed using a discount rate equal to the Treasury Rate as of the redemption date plus 50 basis points; over (2) the principal amount of the note. In addition, we may redeem some or all of the Senior Notes beginning August 15, 2014, at prices ranging from 100% to 103.938% of the principal amount. | |||||||||
The Senior Notes are unsecured obligations and rank equally in right of payment with any other unsecured, unsubordinated obligations. The Senior Notes contain certain affirmative and negative covenants customary for high-yield debt securities, including, but not limited to, restrictions on our ability to incur additional debt, create liens, pay dividends or make other distributions or repurchase our common stock and sell assets outside the ordinary course of business. At September 30, 2013, we were in compliance with the covenants under the Senior Notes’ indenture. | |||||||||
6.50% Convertible Senior Notes | |||||||||
The 6.50% Convertible Senior Notes (the “Convertible Notes”) were repaid at maturity on August 15, 2013. The principal amount outstanding at maturity was $35.1 million. | |||||||||
Revolving Credit Facility | |||||||||
In 2010, we entered into the Third Amended and Restated Credit Agreement with a group of lenders for a five-year, $350 million multi-currency senior revolving credit facility (the “2010 Credit Facility”). In March 2013, we amended the 2010 Credit Facility (the “2013 Amended Credit Facility”) to provide additional operating flexibility. The primary effects of the 2013 Amended Credit Facility were to: | |||||||||
• | Decrease the Revolving Loan Commitment Amount from $350.0 million to $250.0 million; | ||||||||
• | Amend the calculation of EBITDA to provide for a restructuring expense add-back attributable to the Company’s restructuring programs of $30.0 million in 2013, $20.0 million in 2014 and $10.0 million in 2015, with no aggregate limit on restructuring expense; | ||||||||
• | Increase the maximum permitted leverage ratio such that for (i) the first, second and third quarters of 2013, it shall increase from 3.50 to 4.25; (ii) the fourth quarter of 2013 and first quarter of 2014, it shall increase from 3.50 to 4.00; (iii) the second and third quarters of 2014, it shall increase from 3.50 to 3.75; and (iv) the fourth quarter of 2014 and thereafter, it will be 3.50; and | ||||||||
• | Amend the requirements for Permitted Acquisitions such that for the Company to consummate a Permitted Acquisition the Company must have minimum liquidity of $100.0 million and the Company’s Secured Leverage Ratio must be less than 1.50. | ||||||||
The 2013 Amended Credit Facility matures on August 24, 2015, and is secured by substantially all of Ferro’s assets. After reductions for outstanding letters of credit, we had $225.0 million of additional borrowings available at September 30, 2013. The interest rate under the 2013 Amended Credit Facility is the sum of (A) either (1) LIBOR or (2) the higher of the Federal Funds Rate plus 0.5%, the Prime Rate, or LIBOR plus 1.0% and (B) a variable margin based on the Company’s leverage. At September 30, 2013, the interest rate was 3.4%. | |||||||||
Under the 2013 Amended Credit Facility, we are subject to a number of financial covenants, including limitations on the payment of common stock dividends. At September 30, 2013, we were in compliance with the covenants of the 2013 Amended Credit Facility. |
Financial_Instruments
Financial Instruments | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Investments All Other Investments [Abstract] | |||||||||||||||||||||
Financial Instruments | 6. Financial Instruments | ||||||||||||||||||||
The following financial instrument assets (liabilities) are presented at their respective carrying amount, fair value and classification within the fair value hierarchy: | |||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Cash and cash equivalents | $ | 35,853 | $ | 35,853 | $ | 35,853 | $ | — | $ | — | |||||||||||
Loans payable | (56,801 | ) | (56,801 | ) | — | (56,801 | ) | — | |||||||||||||
7.875% Senior Notes | (250,000 | ) | (262,500 | ) | — | (262,500 | ) | — | |||||||||||||
Revolving Credit Facility | (19,509 | ) | (19,936 | ) | — | (19,936 | ) | — | |||||||||||||
Other long-term notes payable | (5,421 | ) | (4,511 | ) | — | (4,511 | ) | — | |||||||||||||
Foreign currency forward contracts, net | (2,467 | ) | (2,467 | ) | — | (2,467 | ) | — | |||||||||||||
December 31, 2012 | |||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Cash and cash equivalents | $ | 29,576 | $ | 29,576 | $ | 29,576 | $ | — | $ | — | |||||||||||
Loans payable | (48,599 | ) | (48,599 | ) | — | (48,599 | ) | — | |||||||||||||
7.875% Senior Notes | (250,000 | ) | (231,500 | ) | — | (231,500 | ) | — | |||||||||||||
6.50% Convertible Senior Notes, net of unamortized discounts | (34,417 | ) | (34,803 | ) | — | (34,803 | ) | — | |||||||||||||
Revolving credit facility | (2,596 | ) | (2,634 | ) | — | (2,634 | ) | — | |||||||||||||
Other long-term notes payable | (4,731 | ) | (3,937 | ) | — | (3,937 | ) | — | |||||||||||||
Foreign currency forward contracts, net | (4,758 | ) | (4,758 | ) | — | (4,758 | ) | — | |||||||||||||
The fair values of cash and cash equivalents are based on the fair values of identical assets. The fair values of short-term 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 values of the Senior Notes and the Convertible Notes are based on third-party estimated bid prices. The fair values of the Revolving Credit Facility and the other long-term notes payable are based on the present value of expected future cash flows, assumptions about current interest rates and the creditworthiness of the Company that market participants would use in pricing the debt. | |||||||||||||||||||||
Foreign currency forward contracts. We manage foreign currency risks principally by entering into forward contracts to mitigate the impact of currency fluctuations on transactions, the majority of which are intercompany. These forward contracts are not designated as hedging instruments. Gains and losses on these foreign currency forward contracts are netted with gains and losses from currency fluctuations on transactions arising from international trade and reported as foreign currency losses, net in the condensed consolidated statements of operations. For the three and nine months ended September 30, 2013, net foreign currency loss was approximately $1.3 million and $4.0 million, respectively, which is primarily comprised of the foreign exchange impact on transactions in countries where it is not economically feasible for us to enter into hedging arrangements and hedging inefficiencies, including timing of transactions, etc. Net losses arising from the change in fair value of our financial instruments of $2.7 million and $6.7 million, for the three and nine months ended September 30, 2013, respectively, offset related net gains on the underlying intercompany transactions of approximately the same amounts. The fair values of these contracts are based on market prices for comparable contracts. We had foreign currency forward contracts with notional amounts of $231.3 million at September 30, 2013, and $250.7 million at December 31, 2012. | |||||||||||||||||||||
The following table presents the effect on our consolidated statements of operations for the three months ended September 30, 2013 and 2012, respectively, of our foreign currency forward contracts: | |||||||||||||||||||||
Amount of Loss | |||||||||||||||||||||
Recognized in | |||||||||||||||||||||
Earnings | |||||||||||||||||||||
2013 | 2012 | Location of Loss in Earnings | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Foreign currency forward contracts | $ | (2,652 | ) | $ | (4,148 | ) | Foreign currency losses, net | ||||||||||||||
The following table presents the effect on our consolidated statements of operations for the nine months ended September 30, 2013 and 2012, respectively, of our foreign currency forward contracts: | |||||||||||||||||||||
Amount of (Loss) | |||||||||||||||||||||
Gain Recognized in | |||||||||||||||||||||
Earnings | |||||||||||||||||||||
2013 | 2012 | Location of (Loss) Gain in Earnings | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Foreign currency forward contracts | $ | (6,652 | ) | $ | 5,385 | Foreign currency losses, net | |||||||||||||||
The following table presents the fair values on our consolidated balance sheets of foreign currency forward contracts: | |||||||||||||||||||||
September 30, | December 31, | Balance Sheet Location | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Asset derivatives: | |||||||||||||||||||||
Foreign currency forward contracts | 211 | 213 | Accrued expenses and other current liabilities | ||||||||||||||||||
Liability derivatives: | |||||||||||||||||||||
Foreign currency forward contracts | (2,678 | ) | (4,971 | ) | Accrued expenses and other current liabilities |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes |
Income tax expense for the nine months ended September 30, 2013, was $4.0 million, or 16.8% of pre-tax income. In the first nine months of 2012, we recorded income tax expense of $113.1 million, or (57.3)% of pre-tax income. The change in the effective tax rate was primarily due to the reserve for a significant portion of the Company’s deferred tax assets, that was recorded in the third quarter of 2012 compared to the expected usage of tax assets in 2013. |
Contingent_Liabilities
Contingent Liabilities | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingent Liabilities | 8. Contingent Liabilities |
We have recorded environmental liabilities of $8.2 million at September 30, 2013, and $9.6 million at December 31, 2012, for costs associated with the remediation of certain of our properties that have been contaminated, primarily a non-operating facility in Brazil. The costs include 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 and the ultimate cost of required remediation. | |
There are various lawsuits and claims pending against the Company and its subsidiaries. We do not currently expect the ultimate liabilities, if any, and expenses related to such lawsuits and claims to materially affect the consolidated financial position, results of operations, or cash flows of the Company. |
Retirement_Benefits
Retirement Benefits | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | |||||||||||||||||||||||||
Retirement Benefits | 9. Retirement Benefits | ||||||||||||||||||||||||
Net periodic benefit (credit) cost of our U.S. pension plans (including our unfunded nonqualified plans), non-U.S. pension plans, and postretirement health care and life insurance benefit plans for the three months ended September 30, 2013 and 2012, respectively, follow: | |||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | Other Benefit Plans | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Service cost | $ | 4 | $ | 4 | $ | 519 | $ | 493 | $ | — | $ | — | |||||||||||||
Interest cost | 4,485 | 4,867 | 1,224 | 1,313 | 285 | 396 | |||||||||||||||||||
Expected return on plan assets | (6,181 | ) | (5,158 | ) | (742 | ) | (748 | ) | — | — | |||||||||||||||
Amortization of prior service cost (credit) | 3 | 12 | 7 | — | (29 | ) | (33 | ) | |||||||||||||||||
Net periodic benefit (credit) cost | $ | (1,689 | ) | $ | (275 | ) | $ | 1,008 | $ | 1,058 | $ | 256 | $ | 363 | |||||||||||
Net periodic benefit (credit) cost for the nine months ended September 30, 2013 and 2012, respectively, follow: | |||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | Other Benefit Plans | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Service cost | $ | 12 | $ | 12 | $ | 1,577 | $ | 1,496 | $ | — | $ | — | |||||||||||||
Interest cost | 13,455 | 14,602 | 3,672 | 3,990 | 855 | 1,189 | |||||||||||||||||||
Expected return on plan assets | (18,543 | ) | (15,473 | ) | (2,229 | ) | (2,253 | ) | — | — | |||||||||||||||
Amortization of prior service cost (credit) | 9 | 36 | 21 | 1 | (87 | ) | (98 | ) | |||||||||||||||||
Curtailment and settlement effects | — | — | — | (2,394 | ) | — | — | ||||||||||||||||||
Net periodic benefit (credit) cost | $ | (5,067 | ) | $ | (823 | ) | $ | 3,041 | $ | 840 | $ | 768 | $ | 1,091 | |||||||||||
Net periodic benefit credit for our U.S. pension plans for the nine months ended September 30, 2013 increased from the effects of a lower discount rate and larger plan asset balances resulting in increased expected returns. Net periodic benefit cost for our non-U.S. pension plans increased due to the non-recurring credit recognized in the second quarter of 2012, resulting from curtailment of retirement benefit accumulations in the Netherlands. The affected employees in the Netherlands now receive benefits through a defined contribution plan. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||
Stock-Based Compensation | 10. Stock-Based Compensation | ||||
On May 22, 2013, our shareholders approved the 2013 Omnibus Incentive Plan (the “Plan”), which was adopted by the Board of Directors on February 22, 2013, subject to shareholder approval. 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, aligning their interests with those of its shareholders. The Plan reserves 4,400,000 shares of common stock to be issued for grants of several different types of long-term incentives including stock options, stock appreciation rights, restricted shares, performance shares, other common stock based awards, and dividend equivalent rights. | |||||
The 2010 Long Term 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. | |||||
In 2013, our Board of Directors granted 0.6 million stock options, 0.5 million performance share units and 0.4 million deferred stock units under The Previous Plan and The Plan. The following table details the weighted-average grant-date fair values and the assumptions used for estimating the fair values of stock option grants made during the nine months ended September 30, 2013: | |||||
Stock Options | |||||
Weighted-average grant-date fair value | $ | 4.01 | |||
Expected life, in years | 6 | ||||
Risk-free interest rate | 1.2% - 1.4 | % | |||
Expected volatility | 83.9% - 86.4 | % | |||
The weighted average grant date fair value of our performance share units was $5.69. These shares are currently expensed at target and are evaluated each reporting period for likelihood of achieving the performance criteria. | |||||
We measure the fair value of deferred stock units based on the closing market price of our common stock on the date of the grant. The weighted-average fair value per unit for grants made during the nine months ended September 30, 2013, was $5.70. | |||||
We recognized stock-based compensation expense of $4.4 million for the nine months ended September 30, 2013, and $5.7 million for the nine months ended September 30, 2012. At September 30, 2013, unearned compensation cost related to the unvested portion of all stock-based awards was approximately $8.4 million and is expected to be recognized over the remaining vesting period of the respective grants, through the first quarter of 2016. |
Restructuring_and_Cost_Reducti
Restructuring and Cost Reduction Programs | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Restructuring And Related Activities [Abstract] | |||||||||||||||||
Restructuring and Cost Reduction Programs | 11. Restructuring and Cost Reduction Programs | ||||||||||||||||
In the first quarter of 2013, we developed and initiated various restructuring programs across the organization with the objectives of realigning the business and lowering our cost structure. Specifically, the programs relate to our European operations, certain corporate functions, improvement of operational efficiencies, and the exit of the solar pastes product line. As a result of the restructuring actions, the Company expects to incur charges of approximately $40 million, the majority of which will be for severance costs and require future cash expenditures. The programs are subject to required consultations with employee representatives at the affected sites and other local legal requirements. Charges associated with these programs were $3.8 million and $26.7 million for the three and the nine months ended September 30, 2013, respectively. The cumulative charges incurred to date associated with these programs are $37.0 million. | |||||||||||||||||
The activities and accruals related to our restructuring and cost reduction programs are summarized below: | |||||||||||||||||
Employee | Other | Asset | Total | ||||||||||||||
Severance | Costs | Impairment | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Balance at December 31, 2012 | $ | 4,093 | $ | 6,139 | $ | 10,232 | |||||||||||
Restructuring charges | 19,647 | 7,094 | (3 | ) | 26,738 | ||||||||||||
Cash payments | (14,715 | ) | (7,671 | ) | (22,386 | ) | |||||||||||
Non-cash items | 92 | (820 | ) | 3 | (725 | ) | |||||||||||
Balance at September 30, 2013 | $ | 9,117 | $ | 4,742 | $ | — | $ | 13,859 | |||||||||
We expect to make cash payments to settle the remaining liability for employee termination benefits and other costs over the next twelve months, except where legal or contractual restrictions prevent us from doing so. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Discontinued Operations And Disposal Groups [Abstract] | |||||||||
Discontinued Operations | 12. Discontinued Operations | ||||||||
During the first quarter of 2013, we completed the sale of the stock of our pharmaceuticals business, Ferro Pfanstiehl Laboratories, Inc. (“FPL”), which was previously reported within the Pharmaceuticals reportable segment. Consideration was comprised of a $16.9 million cash payment, and the transaction also included an earn-out incentive of up to $8.0 million based on achieving certain earnings targets over a two-year period. In March 2013, prior to the sale, an impairment loss of $8.7 million associated with the long lived assets of FPL was recorded under ASC Topic 360 Property, Plant and Equipment. The write down was determined by estimating the fair value of the assets less cost to sell of $14.8 million using the market approach considering a bona fide purchase offer, a level three measurement within the fair value hierarchy. | |||||||||
The operations of FPL have been segregated from continuing operations and are included in discontinued operations in our condensed consolidated statements of operations. Interest expense has been allocated to the discontinued operation based on the ratio of net assets of FPL to consolidated net assets excluding debt. | |||||||||
Three months ended | |||||||||
September 30, | |||||||||
2012 | |||||||||
Net sales | $ | 5,975 | |||||||
Cost of sales | 4,346 | ||||||||
Gross profit | 1,629 | ||||||||
Selling, general and administrative expenses | 1,246 | ||||||||
Restructuring charges | 95 | ||||||||
Interest expense | 385 | ||||||||
Miscellaneous income, net | (5 | ) | |||||||
Loss from discontinued operations before income taxes | (92 | ) | |||||||
Income tax expense | 26 | ||||||||
Loss from discontinued operations, net of income taxes | $ | (118 | ) | ||||||
Nine months ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Net sales | $ | 4,791 | $ | 17,899 | |||||
Cost of sales | 2,762 | 11,641 | |||||||
Gross profit | 2,029 | 6,258 | |||||||
Selling, general and administrative expenses | 1,181 | 3,631 | |||||||
Restructuring and impairment charges | 8,682 | 95 | |||||||
Interest expense | 589 | 1,123 | |||||||
Miscellaneous income, net | (2 | ) | (11 | ) | |||||
(Loss) income from discontinued operations before income taxes | (8,421 | ) | 1,420 | ||||||
Income tax expense | — | 503 | |||||||
(Loss) income from discontinued operations, net of income taxes | $ | (8,421 | ) | $ | 917 | ||||
The following is a summary of the assets and liabilities of FPL at December 31, 2012, which are presented separately on the condensed consolidated balance sheet: | |||||||||
(Dollars in | |||||||||
thousands) | |||||||||
Inventories | $ | 6,267 | |||||||
Other current assets | 22 | ||||||||
Current assets of discontinued operations | 6,289 | ||||||||
Property, plant and equipment, net | 15,346 | ||||||||
Other assets of discontinued operations | 15,346 | ||||||||
Accounts payable | 880 | ||||||||
Accrued payrolls | 47 | ||||||||
Accrued expenses and other current liabilities | 373 | ||||||||
Current liabilities of discontinued operations | $ | 1,300 | |||||||
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Earnings (Loss) Per Share | 13. Earnings (Loss) Per Share | ||||||||||||||||
Details of the calculation of basic and diluted earnings (loss) per share are shown below: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | As adjusted | 2013 | As adjusted | ||||||||||||||
2012 | 2012 | ||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Basic earnings (loss) per share computation: | |||||||||||||||||
Net income (loss) attributable to Ferro Corporation common shareholders | $ | 12,652 | $ | (316,114 | ) | $ | 11,405 | $ | (310,392 | ) | |||||||
Adjustment for loss (income) from discontinued operations | — | 118 | 8,421 | (917 | ) | ||||||||||||
Total | $ | 12,652 | $ | (315,996 | ) | $ | 19,826 | $ | (311,309 | ) | |||||||
Weighted-average common shares outstanding | 86,426 | 86,296 | 86,464 | 86,274 | |||||||||||||
Basic earnings (loss) per share from continuing operations attributable to Ferro Corporation common shareholders | $ | 0.15 | $ | (3.66 | ) | $ | 0.23 | $ | (3.61 | ) | |||||||
Diluted earnings (loss) per share computation: | |||||||||||||||||
Net income (loss) attributable to Ferro Corporation common shareholders | $ | 12,652 | $ | (316,114 | ) | $ | 11,405 | $ | (310,392 | ) | |||||||
Adjustment for loss (income) from discontinued operations | — | 118 | 8,421 | (917 | ) | ||||||||||||
Total | $ | 12,652 | $ | (315,996 | ) | $ | 19,826 | $ | (311,309 | ) | |||||||
Weighted-average common shares outstanding | 86,426 | 86,296 | 86,464 | 86,274 | |||||||||||||
Assumed exercise of stock options | 200 | — | 112 | — | |||||||||||||
Assumed satisfaction of deferred stock unit conditions | 77 | — | 63 | — | |||||||||||||
Assumed satisfaction of restricted stock unit conditions | 120 | — | 84 | — | |||||||||||||
Assumed satisfaction of performance stock unit conditions | 375 | — | 247 | — | |||||||||||||
Assumed satisfaction of restricted share conditions | 52 | — | 63 | — | |||||||||||||
Weighted-average diluted shares outstanding | 87,250 | 86,296 | 87,033 | 86,274 | |||||||||||||
Diluted earnings (loss) per share from continuing operations attributable to Ferro Corporation common shareholders | $ | 0.15 | $ | (3.66 | ) | $ | 0.23 | $ | (3.61 | ) | |||||||
The number of anti-dilutive or unearned shares, including shares related to contingently convertible debt, was 2.0 million and 2.4 million for the three and nine months ended September 30, 2013, respectively, and 7.5 million for the three and nine months ended September 30, 2012. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | 14. Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Changes in accumulated other comprehensive income (loss) by component, net of tax, for the three months ended September 30, 2013, were as follows: | |||||||||||||||||
Postretirement | Translation | Other | Total | ||||||||||||||
Benefit Liability | Adjustments | Adjustments | |||||||||||||||
Adjustments | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Beginning accumulated other comprehensive income (loss) | $ | 2,510 | $ | 5,911 | $ | (77 | ) | $ | 8,344 | ||||||||
Other comprehensive income before reclassifications | — | 4,203 | — | 4,203 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (34 | ) | — | — | (34 | ) | |||||||||||
Net current period other comprehensive (loss) income | (34 | ) | 4,203 | — | 4,169 | ||||||||||||
Ending accumulated other comprehensive income (loss) | $ | 2,476 | $ | 10,114 | $ | (77 | ) | $ | 12,513 | ||||||||
Changes in accumulated other comprehensive income (loss) by component, net of tax, for the nine months ended September 30, 2013, were as follows: | |||||||||||||||||
Postretirement | Translation | Other | Total | ||||||||||||||
Benefit Liability | Adjustments | Adjustments | |||||||||||||||
Adjustments | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Beginning accumulated other comprehensive income (loss) | $ | 2,647 | $ | 14,080 | $ | (77 | ) | $ | 16,650 | ||||||||
Other comprehensive loss before reclassifications | — | (3,966 | ) | — | (3,966 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (171 | ) | — | — | (171 | ) | |||||||||||
Net current period other comprehensive loss | (171 | ) | (3,966 | ) | — | (4,137 | ) | ||||||||||
Ending accumulated other comprehensive income (loss) | $ | 2,476 | $ | 10,114 | $ | (77 | ) | $ | 12,513 | ||||||||
Reporting_for_Segments
Reporting for Segments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Reporting for Segments | 15. Reporting for Segments | ||||||||||||||||
During the first quarter of 2013, the Company reorganized its operating segments to reflect the current structure under which performance is evaluated, strategic decisions are made and resources are allocated. The new structure aligns the continuing product lines of our former Electronic Materials segment with our continuing operating segments. Under the new structure, we will continue to report Specialty Plastics, Polymer Additives and Performance Coatings, which aggregates our Tile Coating Systems and Porcelain Enamel operating segments, consistent with the manner in which they have historically been reported. The Glass Systems and Performance Pigments and Colors operating segments that aggregated into the historically reported Color and Glass Performance Materials segment, now include our continuing product lines that were historically reported within the Electronic Materials segment, and as a result of such inclusion, fail to meet the aggregation criteria for continuing to report as one segment. These operating segments will now be reported as the Pigments, Powders and Oxides, and Performance Colors and Glass segments. As discussed in Note 12, our pharmaceuticals business that comprised the Pharmaceuticals segment was sold in the first quarter, and is reported as a discontinued operation. | |||||||||||||||||
Net sales to external customers by segment are presented in the table below. Sales between segments were not material. | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | As adjusted | 2013 | As adjusted | ||||||||||||||
2012 | 2012 | ||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | ||||||||||||||||
Pigments, Powders and Oxides | $ | 47,647 | $ | 64,053 | $ | 155,948 | $ | 219,398 | |||||||||
Performance Colors and Glass | 94,059 | 86,398 | 298,633 | 294,806 | |||||||||||||
Performance Coatings | 151,873 | 137,228 | 445,969 | 447,065 | |||||||||||||
Polymer Additives | 71,599 | 79,881 | 229,266 | 251,055 | |||||||||||||
Specialty Plastics | 42,926 | 41,305 | 131,267 | 132,512 | |||||||||||||
Total net sales | $ | 408,104 | $ | 408,865 | $ | 1,261,083 | $ | 1,344,836 | |||||||||
In the first quarter, in conjunction with the changes to operating segments, we changed the profitability metric utilized by management to evaluate segment performance. The metric that was utilized historically was segment income, and segment gross profit is the metric that is now utilized. We measure segment gross profit for internal reporting purposes by excluding certain other cost of sales, which includes costs associated with facilities that have been idled or closed. Each segment’s gross profit and a reconciliation to income (loss) before income taxes from continuing operations follows: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | As adjusted | 2013 | As adjusted | ||||||||||||||
2012 | 2012 | ||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | ||||||||||||||||
Pigments, Powders and Oxides | $ | 8,390 | $ | 7,231 | $ | 25,882 | $ | 28,363 | |||||||||
Performance Colors and Glass | 28,713 | 21,086 | 87,203 | 77,220 | |||||||||||||
Performance Coatings | 36,410 | 23,858 | 100,237 | 85,328 | |||||||||||||
Polymer Additives | 6,251 | 8,907 | 20,616 | 26,871 | |||||||||||||
Specialty Plastics | 6,881 | 6,984 | 22,116 | 23,207 | |||||||||||||
Other cost of sales | (2,398 | ) | (7,356 | ) | (4,916 | ) | (8,740 | ) | |||||||||
Total gross profit | 84,247 | 60,710 | 251,138 | 232,249 | |||||||||||||
Selling, general and administrative expenses | 59,078 | 63,863 | 184,986 | 202,675 | |||||||||||||
Restructuring and impairment charges | 3,834 | 198,695 | 26,738 | 203,734 | |||||||||||||
Other expense, net | 7,817 | 8,325 | 15,386 | 23,204 | |||||||||||||
Income (loss) before income taxes | $ | 13,518 | $ | (210,173 | ) | $ | 24,028 | $ | (197,364 | ) | |||||||
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Investments All Other Investments [Abstract] | |||||||||||||||||
Accounting Standards Adopted | Accounting Standards Adopted in the Nine Months Ended September 30, 2013 | ||||||||||||||||
On January 1, 2013, we adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2011-11, Disclosures about Offsetting Assets and Liabilities, (“ASU 2011-11”) and ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, (“ASU 2013-01”). These pronouncements are codified in Accounting Standards Codification (“ASC”) Topic 210, Balance Sheet, and contain new disclosure requirements about a company’s right of setoff and related arrangements associated with its financial and derivative instruments. Adoption of this pronouncement did not have a material effect on our consolidated financial statements. | |||||||||||||||||
On January 1, 2013, we adopted FASB ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, (“ASU 2013-02”), which is codified in ASC Topic 220, Comprehensive Income. This pronouncement adds new disclosure requirements for items reclassified out of accumulated other comprehensive income. Adoption of this pronouncement did not have a material effect on our consolidated financial statements. | |||||||||||||||||
Fair Value of Financial Instruments | The fair values of cash and cash equivalents are based on the fair values of identical assets. The fair values of short-term 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 values of the Senior Notes and the Convertible Notes are based on third-party estimated bid prices. The fair values of the Revolving Credit Facility and the other long-term notes payable are based on the present value of expected future cash flows, assumptions about current interest rates and the creditworthiness of the Company that market participants would use in pricing the debt. | ||||||||||||||||
Segment Reporting | During the first quarter of 2013, the Company reorganized its operating segments to reflect the current structure under which performance is evaluated, strategic decisions are made and resources are allocated. The new structure aligns the continuing product lines of our former Electronic Materials segment with our continuing operating segments. Under the new structure, we will continue to report Specialty Plastics, Polymer Additives and Performance Coatings, which aggregates our Tile Coating Systems and Porcelain Enamel operating segments, consistent with the manner in which they have historically been reported. The Glass Systems and Performance Pigments and Colors operating segments that aggregated into the historically reported Color and Glass Performance Materials segment, now include our continuing product lines that were historically reported within the Electronic Materials segment, and as a result of such inclusion, fail to meet the aggregation criteria for continuing to report as one segment. These operating segments will now be reported as the Pigments, Powders and Oxides, and Performance Colors and Glass segments. As discussed in Note 12, our pharmaceuticals business that comprised the Pharmaceuticals segment was sold in the first quarter, and is reported as a discontinued operation. | ||||||||||||||||
Net sales to external customers by segment are presented in the table below. Sales between segments were not material. | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | As adjusted | 2013 | As adjusted | ||||||||||||||
2012 | 2012 | ||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | ||||||||||||||||
Pigments, Powders and Oxides | $ | 47,647 | $ | 64,053 | $ | 155,948 | $ | 219,398 | |||||||||
Performance Colors and Glass | 94,059 | 86,398 | 298,633 | 294,806 | |||||||||||||
Performance Coatings | 151,873 | 137,228 | 445,969 | 447,065 | |||||||||||||
Polymer Additives | 71,599 | 79,881 | 229,266 | 251,055 | |||||||||||||
Specialty Plastics | 42,926 | 41,305 | 131,267 | 132,512 | |||||||||||||
Total net sales | $ | 408,104 | $ | 408,865 | $ | 1,261,083 | $ | 1,344,836 | |||||||||
In the first quarter, in conjunction with the changes to operating segments, we changed the profitability metric utilized by management to evaluate segment performance. The metric that was utilized historically was segment income, and segment gross profit is the metric that is now utilized. We measure segment gross profit for internal reporting purposes by excluding certain other cost of sales, which includes costs associated with facilities that have been idled or closed. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Raw materials | $ | 59,272 | $ | 64,923 | |||||
Work in process | 35,716 | 35,028 | |||||||
Finished goods | 100,629 | 100,873 | |||||||
Total inventories | $ | 195,617 | $ | 200,824 | |||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Loans Payable and Current Portion of Long-Term Debt | Loans payable and current portion of long-term debt consisted of the following: | ||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Loans payable to banks | $ | 3,247 | $ | 2,477 | |||||
Domestic accounts receivable asset securitization program | 48,000 | 40,000 | |||||||
International accounts receivable sales programs | 5,554 | 6,122 | |||||||
Current portion of long-term debt | 2,864 | 36,553 | |||||||
Loans payable and current portion of long-term debt | $ | 59,665 | $ | 85,152 | |||||
Long-Term Debt | Long-term debt consisted of the following: | ||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
7.875% Senior Notes | $ | 250,000 | $ | 250,000 | |||||
6.50% Convertible Senior Notes, net of unamortized discounts | — | 34,417 | |||||||
Revolving credit facility | 19,509 | 2,596 | |||||||
Capital lease obligations | 6,053 | 6,433 | |||||||
Other notes | 5,421 | 4,731 | |||||||
Total long-term debt | 280,983 | 298,177 | |||||||
Current portion of long-term debt | (2,864 | ) | (36,553 | ) | |||||
Long-term debt, less current portion | $ | 278,119 | $ | 261,624 | |||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Investments All Other Investments [Abstract] | |||||||||||||||||||||
Financial Instruments Measured at Fair Value | The following financial instrument assets (liabilities) are presented at their respective carrying amount, fair value and classification within the fair value hierarchy: | ||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Cash and cash equivalents | $ | 35,853 | $ | 35,853 | $ | 35,853 | $ | — | $ | — | |||||||||||
Loans payable | (56,801 | ) | (56,801 | ) | — | (56,801 | ) | — | |||||||||||||
7.875% Senior Notes | (250,000 | ) | (262,500 | ) | — | (262,500 | ) | — | |||||||||||||
Revolving Credit Facility | (19,509 | ) | (19,936 | ) | — | (19,936 | ) | — | |||||||||||||
Other long-term notes payable | (5,421 | ) | (4,511 | ) | — | (4,511 | ) | — | |||||||||||||
Foreign currency forward contracts, net | (2,467 | ) | (2,467 | ) | — | (2,467 | ) | — | |||||||||||||
December 31, 2012 | |||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Cash and cash equivalents | $ | 29,576 | $ | 29,576 | $ | 29,576 | $ | — | $ | — | |||||||||||
Loans payable | (48,599 | ) | (48,599 | ) | — | (48,599 | ) | — | |||||||||||||
7.875% Senior Notes | (250,000 | ) | (231,500 | ) | — | (231,500 | ) | — | |||||||||||||
6.50% Convertible Senior Notes, net of unamortized discounts | (34,417 | ) | (34,803 | ) | — | (34,803 | ) | — | |||||||||||||
Revolving credit facility | (2,596 | ) | (2,634 | ) | — | (2,634 | ) | — | |||||||||||||
Other long-term notes payable | (4,731 | ) | (3,937 | ) | — | (3,937 | ) | — | |||||||||||||
Foreign currency forward contracts, net | (4,758 | ) | (4,758 | ) | — | (4,758 | ) | — | |||||||||||||
Effect on Derivative Instruments on Consolidated Financial Performance | The following table presents the effect on our consolidated statements of operations for the three months ended September 30, 2013 and 2012, respectively, of our foreign currency forward contracts: | ||||||||||||||||||||
Amount of Loss Recognized in | |||||||||||||||||||||
Earnings | |||||||||||||||||||||
2013 | 2012 | Location of Loss in Earnings | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Foreign currency forward contracts | $ | (2,652 | ) | $ | (4,148 | ) | Foreign currency losses, net | ||||||||||||||
The following table presents the effect on our consolidated statements of operations for the nine months ended September 30, 2013 and 2012, respectively, of our foreign currency forward contracts: | |||||||||||||||||||||
Amount of (Loss) Gain | |||||||||||||||||||||
Recognized in Earnings | |||||||||||||||||||||
2013 | 2012 | Location of (Loss) Gain in Earnings | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Foreign currency forward contracts | $ | (6,652 | ) | $ | 5,385 | Foreign currency losses, net | |||||||||||||||
Fair Values of Derivative Instruments on Consolidated Balance Sheets | The following table presents the fair values on our consolidated balance sheets of foreign currency forward contracts: | ||||||||||||||||||||
September 30, | December 31, | Balance Sheet Location | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Asset derivatives: | |||||||||||||||||||||
Foreign currency forward contracts | 211 | 213 | Accrued expenses and | ||||||||||||||||||
other current liabilities | |||||||||||||||||||||
Liability derivatives: | |||||||||||||||||||||
Foreign currency forward contracts | (2,678 | ) | (4,971 | ) | Accrued expenses and | ||||||||||||||||
other current liabilities |
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | |||||||||||||||||||||||||
Net Periodic Benefit (Credit) Cost | Net periodic benefit (credit) cost of our U.S. pension plans (including our unfunded nonqualified plans), non-U.S. pension plans, and postretirement health care and life insurance benefit plans for the three months ended September 30, 2013 and 2012, respectively, follow: | ||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | Other Benefit Plans | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Service cost | $ | 4 | $ | 4 | $ | 519 | $ | 493 | $ | — | $ | — | |||||||||||||
Interest cost | 4,485 | 4,867 | 1,224 | 1,313 | 285 | 396 | |||||||||||||||||||
Expected return on plan assets | (6,181 | ) | (5,158 | ) | (742 | ) | (748 | ) | — | — | |||||||||||||||
Amortization of prior service cost (credit) | 3 | 12 | 7 | — | (29 | ) | (33 | ) | |||||||||||||||||
Net periodic benefit (credit) cost | $ | (1,689 | ) | $ | (275 | ) | $ | 1,008 | $ | 1,058 | $ | 256 | $ | 363 | |||||||||||
Net periodic benefit (credit) cost for the nine months ended September 30, 2013 and 2012, respectively, follow: | |||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | Other Benefit Plans | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Service cost | $ | 12 | $ | 12 | $ | 1,577 | $ | 1,496 | $ | — | $ | — | |||||||||||||
Interest cost | 13,455 | 14,602 | 3,672 | 3,990 | 855 | 1,189 | |||||||||||||||||||
Expected return on plan assets | (18,543 | ) | (15,473 | ) | (2,229 | ) | (2,253 | ) | — | — | |||||||||||||||
Amortization of prior service cost (credit) | 9 | 36 | 21 | 1 | (87 | ) | (98 | ) | |||||||||||||||||
Curtailment and settlement effects | — | — | — | (2,394 | ) | — | — | ||||||||||||||||||
Net periodic benefit (credit) cost | $ | (5,067 | ) | $ | (823 | ) | $ | 3,041 | $ | 840 | $ | 768 | $ | 1,091 | |||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||
Details of Weighted-Average Grant-Date Fair Values and Assumptions Used for Estimating Fair Values | The following table details the weighted-average grant-date fair values and the assumptions used for estimating the fair values of stock option grants made during the nine months ended September 30, 2013: | ||||
Stock Options | |||||
Weighted-average grant-date fair value | $ | 4.01 | |||
Expected life, in years | 6 | ||||
Risk-free interest rate | 1.2% - 1.4 | % | |||
Expected volatility | 83.9% - 86.4 | % |
Restructuring_and_Cost_Reducti1
Restructuring and Cost Reduction Programs (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Restructuring And Related Activities [Abstract] | |||||||||||||||||
Summary of Accruals Related to Restructuring and Cost Reduction Programs | The activities and accruals related to our restructuring and cost reduction programs are summarized below: | ||||||||||||||||
Employee | Other Costs | Asset | Total | ||||||||||||||
Severance | Impairment | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Balance at December 31, 2012 | $ | 4,093 | $ | 6,139 | $ | 10,232 | |||||||||||
Restructuring charges | 19,647 | 7,094 | (3 | ) | 26,738 | ||||||||||||
Cash payments | (14,715 | ) | (7,671 | ) | (22,386 | ) | |||||||||||
Non-cash items | 92 | (820 | ) | 3 | (725 | ) | |||||||||||
Balance at September 30, 2013 | $ | 9,117 | $ | 4,742 | $ | — | $ | 13,859 | |||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Discontinued Operations And Disposal Groups [Abstract] | |||||||||
Summary of Discontinued Operations | The operations of FPL have been segregated from continuing operations and are included in discontinued operations in our condensed consolidated statements of operations. Interest expense has been allocated to the discontinued operation based on the ratio of net assets of FPL to consolidated net assets excluding debt. | ||||||||
Three months ended | |||||||||
September 30, | |||||||||
2012 | |||||||||
Net sales | $ | 5,975 | |||||||
Cost of sales | 4,346 | ||||||||
Gross profit | 1,629 | ||||||||
Selling, general and administrative expenses | 1,246 | ||||||||
Restructuring charges | 95 | ||||||||
Interest expense | 385 | ||||||||
Miscellaneous income, net | (5 | ) | |||||||
Loss from discontinued operations before income taxes | (92 | ) | |||||||
Income tax expense | 26 | ||||||||
Loss from discontinued operations, net of income taxes | $ | (118 | ) | ||||||
Nine months ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Net sales | $ | 4,791 | $ | 17,899 | |||||
Cost of sales | 2,762 | 11,641 | |||||||
Gross profit | 2,029 | 6,258 | |||||||
Selling, general and administrative expenses | 1,181 | 3,631 | |||||||
Restructuring and impairment charges | 8,682 | 95 | |||||||
Interest expense | 589 | 1,123 | |||||||
Miscellaneous income, net | (2 | ) | (11 | ) | |||||
(Loss) income from discontinued operations before income taxes | (8,421 | ) | 1,420 | ||||||
Income tax expense | — | 503 | |||||||
(Loss) income from discontinued operations, net of income taxes | $ | (8,421 | ) | $ | 917 | ||||
The following is a summary of the assets and liabilities of FPL at December 31, 2012, which are presented separately on the condensed consolidated balance sheet: | |||||||||
(Dollars in | |||||||||
thousands) | |||||||||
Inventories | $ | 6,267 | |||||||
Other current assets | 22 | ||||||||
Current assets of discontinued operations | 6,289 | ||||||||
Property, plant and equipment, net | 15,346 | ||||||||
Other assets of discontinued operations | 15,346 | ||||||||
Accounts payable | 880 | ||||||||
Accrued payrolls | 47 | ||||||||
Accrued expenses and other current liabilities | 373 | ||||||||
Current liabilities of discontinued operations | $ | 1,300 | |||||||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Calculations of Basic and Diluted Earnings (Loss) Per Share | Details of the calculation of basic and diluted earnings (loss) per share are shown below: | ||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | As adjusted | 2013 | As adjusted | ||||||||||||||
2012 | 2012 | ||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Basic earnings (loss) per share computation: | |||||||||||||||||
Net income (loss) attributable to Ferro Corporation common shareholders | $ | 12,652 | $ | (316,114 | ) | $ | 11,405 | $ | (310,392 | ) | |||||||
Adjustment for loss (income) from discontinued operations | — | 118 | 8,421 | (917 | ) | ||||||||||||
Total | $ | 12,652 | $ | (315,996 | ) | $ | 19,826 | $ | (311,309 | ) | |||||||
Weighted-average common shares outstanding | 86,426 | 86,296 | 86,464 | 86,274 | |||||||||||||
Basic earnings (loss) per share from continuing operations attributable to Ferro Corporation common shareholders | $ | 0.15 | $ | (3.66 | ) | $ | 0.23 | $ | (3.61 | ) | |||||||
Diluted earnings (loss) per share computation: | |||||||||||||||||
Net income (loss) attributable to Ferro Corporation common shareholders | $ | 12,652 | $ | (316,114 | ) | $ | 11,405 | $ | (310,392 | ) | |||||||
Adjustment for loss (income) from discontinued operations | — | 118 | 8,421 | (917 | ) | ||||||||||||
Total | $ | 12,652 | $ | (315,996 | ) | $ | 19,826 | $ | (311,309 | ) | |||||||
Weighted-average common shares outstanding | 86,426 | 86,296 | 86,464 | 86,274 | |||||||||||||
Assumed exercise of stock options | 200 | — | 112 | — | |||||||||||||
Assumed satisfaction of deferred stock unit conditions | 77 | — | 63 | — | |||||||||||||
Assumed satisfaction of restricted stock unit conditions | 120 | — | 84 | — | |||||||||||||
Assumed satisfaction of performance stock unit conditions | 375 | — | 247 | — | |||||||||||||
Assumed satisfaction of restricted share conditions | 52 | — | 63 | — | |||||||||||||
Weighted-average diluted shares outstanding | 87,250 | 86,296 | 87,033 | 86,274 | |||||||||||||
Diluted earnings (loss) per share from continuing operations attributable to Ferro Corporation common shareholders | $ | 0.15 | $ | (3.66 | ) | $ | 0.23 | $ | (3.61 | ) |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax | Changes in accumulated other comprehensive income (loss) by component, net of tax, for the three months ended September 30, 2013, were as follows: | ||||||||||||||||
Postretirement | Translation | Other | Total | ||||||||||||||
Benefit Liability | Adjustments | Adjustments | |||||||||||||||
Adjustments | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Beginning accumulated other comprehensive income (loss) | $ | 2,510 | $ | 5,911 | $ | (77 | ) | $ | 8,344 | ||||||||
Other comprehensive income before reclassifications | — | 4,203 | — | 4,203 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (34 | ) | — | — | (34 | ) | |||||||||||
Net current period other comprehensive (loss) income | (34 | ) | 4,203 | — | 4,169 | ||||||||||||
Ending accumulated other comprehensive income (loss) | $ | 2,476 | $ | 10,114 | $ | (77 | ) | $ | 12,513 | ||||||||
Changes in accumulated other comprehensive income (loss) by component, net of tax, for the nine months ended September 30, 2013, were as follows: | |||||||||||||||||
Postretirement | Translation | Other | Total | ||||||||||||||
Benefit Liability | Adjustments | Adjustments | |||||||||||||||
Adjustments | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Beginning accumulated other comprehensive income (loss) | $ | 2,647 | $ | 14,080 | $ | (77 | ) | $ | 16,650 | ||||||||
Other comprehensive loss before reclassifications | — | (3,966 | ) | — | (3,966 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (171 | ) | — | — | (171 | ) | |||||||||||
Net current period other comprehensive loss | (171 | ) | (3,966 | ) | — | (4,137 | ) | ||||||||||
Ending accumulated other comprehensive income (loss) | $ | 2,476 | $ | 10,114 | $ | (77 | ) | $ | 12,513 | ||||||||
Reporting_for_Segments_Tables
Reporting for Segments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Net Sales to External Customers by Segment | Net sales to external customers by segment are presented in the table below. Sales between segments were not material. | ||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | As adjusted | 2013 | As adjusted | ||||||||||||||
2012 | 2012 | ||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | ||||||||||||||||
Pigments, Powders and Oxides | $ | 47,647 | $ | 64,053 | $ | 155,948 | $ | 219,398 | |||||||||
Performance Colors and Glass | 94,059 | 86,398 | 298,633 | 294,806 | |||||||||||||
Performance Coatings | 151,873 | 137,228 | 445,969 | 447,065 | |||||||||||||
Polymer Additives | 71,599 | 79,881 | 229,266 | 251,055 | |||||||||||||
Specialty Plastics | 42,926 | 41,305 | 131,267 | 132,512 | |||||||||||||
Total net sales | $ | 408,104 | $ | 408,865 | $ | 1,261,083 | $ | 1,344,836 | |||||||||
Each Segment's Gross Profit and Reconciliation to Income (Loss) Before Income Taxes from Continuing Operations | Each segment’s gross profit and a reconciliation to income (loss) before income taxes from continuing operations follows: | ||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | As adjusted | 2013 | As adjusted | ||||||||||||||
2012 | 2012 | ||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | ||||||||||||||||
Pigments, Powders and Oxides | $ | 8,390 | $ | 7,231 | $ | 25,882 | $ | 28,363 | |||||||||
Performance Colors and Glass | 28,713 | 21,086 | 87,203 | 77,220 | |||||||||||||
Performance Coatings | 36,410 | 23,858 | 100,237 | 85,328 | |||||||||||||
Polymer Additives | 6,251 | 8,907 | 20,616 | 26,871 | |||||||||||||
Specialty Plastics | 6,881 | 6,984 | 22,116 | 23,207 | |||||||||||||
Other cost of sales | (2,398 | ) | (7,356 | ) | (4,916 | ) | (8,740 | ) | |||||||||
Total gross profit | 84,247 | 60,710 | 251,138 | 232,249 | |||||||||||||
Selling, general and administrative expenses | 59,078 | 63,863 | 184,986 | 202,675 | |||||||||||||
Restructuring and impairment charges | 3,834 | 198,695 | 26,738 | 203,734 | |||||||||||||
Other expense, net | 7,817 | 8,325 | 15,386 | 23,204 | |||||||||||||
Income (loss) before income taxes | $ | 13,518 | $ | (210,173 | ) | $ | 24,028 | $ | (197,364 | ) | |||||||
Inventories_Inventories_Detail
Inventories - Inventories (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $59,272 | $64,923 |
Work in process | 35,716 | 35,028 |
Finished goods | 100,629 | 100,873 |
Total inventories | $195,617 | $200,824 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Inventory Disclosure [Abstract] | |||||
Terms of precious metals consignment agreements, maximum | 1 year | ||||
Fees under precious metals consignment agreements | $0.70 | $1.40 | $2.50 | $5 | |
Fair value of precious metals on hand under consignment agreements | $89.50 | $89.50 | $112.20 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Property Plant And Equipment [Abstract] | |||
Property, plant and equipment net of accumulated depreciation | $686.50 | $658.10 | |
Unpaid capital expenditure liabilities | $6.60 | $7.30 |
Debt_Loans_Payable_and_Current
Debt - Loans Payable and Current Portion of Long-Term Debt (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Short-term Debt [Line Items] | ||
Loans payable and current portion of long-term debt | $59,665 | $85,152 |
Loans Payable to Banks [Member] | ||
Short-term Debt [Line Items] | ||
Loans payable and current portion of long-term debt | 3,247 | 2,477 |
Domestic Accounts Receivable Asset Securitization Program [Member] | ||
Short-term Debt [Line Items] | ||
Loans payable and current portion of long-term debt | 48,000 | 40,000 |
International Accounts Receivable Sales Programs [Member] | ||
Short-term Debt [Line Items] | ||
Loans payable and current portion of long-term debt | 5,554 | 6,122 |
Current Portion of Long-term Debt [Member] | ||
Short-term Debt [Line Items] | ||
Loans payable and current portion of long-term debt | $2,864 | $36,553 |
Debt_LongTerm_Debt_Detail
Debt - Long-Term Debt (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $280,983 | $298,177 |
Current portion of long-term debt | -2,864 | -36,553 |
Long-term debt, less current portion | 278,119 | 261,624 |
7.875% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 250,000 | 250,000 |
6.50% Convertible Senior Notes, Net of Unamortized Discounts [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 34,417 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 19,509 | 2,596 |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 6,053 | 6,433 |
Other Long-term Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $5,421 | $4,731 |
Debt_LongTerm_Debt_Parenthetic
Debt - Long-Term Debt (Parenthetical) (Detail) | Sep. 30, 2013 | Dec. 31, 2012 |
6.50% Convertible Senior Notes, Net of Unamortized Discounts [Member] | ||
Debt Instrument [Line Items] | ||
Debt stated interest rate | 6.50% | 6.50% |
7.875% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt stated interest rate | 7.88% | 7.88% |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
Domestic Accounts Receivable Asset Securitization Program [Member] | Domestic Accounts Receivable Asset Securitization Program [Member] | International Accounts Receivable Sales Programs [Member] | International Accounts Receivable Sales Programs [Member] | 6.50% Convertible Senior Notes, Net of Unamortized Discounts [Member] | 6.50% Convertible Senior Notes, Net of Unamortized Discounts [Member] | 2010 Credit Facility [Member] | 2013 Amended Credit Facility [Member] | 2013 Amended Credit Facility [Member] | 2013 Amended Credit Facility [Member] | 2013 Amended Credit Facility [Member] | 2013 Amended Credit Facility [Member] | 7.875% Senior Notes [Member] | 7.875% Senior Notes [Member] | 7.875% Senior Notes [Member] | 7.875% Senior Notes [Member] | |||
First, Second and Third Quarter 2013 [Member] | Fourth Quarter 2013 and First Quarter 2014 [Member] | Second and Third Quarter 2014 [Member] | Fourth Quarter 2014 and Thereafter [Member] | Prior to August 15, 2014 [Member] | Beginning August 15, 2014 [Member] | |||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, basis spread on variable Federal Funds Rate plus | 0.50% | 0.50% | ||||||||||||||||
Interest rate | 0.60% | |||||||||||||||||
Maximum available in form of cash or letters of credit | $50,000,000 | |||||||||||||||||
Loans payable and current portion of long-term debt | 59,665,000 | 85,152,000 | 48,000,000 | 40,000,000 | 5,554,000 | 6,122,000 | ||||||||||||
Accounts receivable securing advances | 77,600,000 | 8,700,000 | ||||||||||||||||
Additional availability under program | 2,000,000 | 200,000 | 225,000,000 | |||||||||||||||
Commitments supporting international programs | 18,900,000 | |||||||||||||||||
Interest rate terms, basis | EURIBOR | |||||||||||||||||
Weighted-average interest rate | 1.90% | |||||||||||||||||
Interest rate terms, rates plus | 1.75% | |||||||||||||||||
Debt stated interest rate | 6.50% | 6.50% | 7.88% | 7.88% | ||||||||||||||
Debt instrument, frequency of periodic payment | Interest payable semi-annually in arrears on February 15th and August 15th | |||||||||||||||||
Maturity date | 15-Aug-13 | 15-Aug-18 | ||||||||||||||||
Redemption Terms | We may also redeem some or all of the Senior Notes prior to August 15, 2014, at a price equal to the principal amount plus a defined applicable premium. The applicable premium on any redemption date is the greater of 1% of the principal amount of the note or the excess of (1) the present value at such redemption date of the redemption price of the note at August 15, 2014, plus all required interest payments due on the note through August 15, 2014, computed using a discount rate equal to the Treasury Rate as of the redemption date plus 50 basis points; over (2) the principal amount of the note. In addition, we may redeem some or all of the Senior Notes beginning August 15, 2014, at prices ranging from 100% to 103.938% of the principal amount. | |||||||||||||||||
Minimum premium percentage of principal amount | 1.00% | |||||||||||||||||
Debt instrument, basis spread on variable Treasury Rate | 0.50% | |||||||||||||||||
Percentage of principal amount redemption price, minimum | 100.00% | |||||||||||||||||
Percentage of principal amount redemption price, maximum | 103.94% | |||||||||||||||||
Principal amount outstanding | 35,100,000 | |||||||||||||||||
Debt facility amount | 350,000,000 | 250,000,000 | ||||||||||||||||
Term of credit facility | 5 years | |||||||||||||||||
Restructuring expenses related to credit facility 2013 | 30,000,000 | |||||||||||||||||
Restructuring expenses related to credit facility 2014 | 20,000,000 | |||||||||||||||||
Restructuring expenses related to credit facility 2015 | 10,000,000 | |||||||||||||||||
Leverage ratio minimum | 3.5 | 3.5 | 3.5 | 3.5 | ||||||||||||||
Leverage ratio maximum | 4.25 | 4 | 3.75 | |||||||||||||||
Minimum liquidity for permitted acquisitions | $100,000,000 | |||||||||||||||||
Leverage ratio | 1.5 | |||||||||||||||||
Maturity date | 24-Aug-15 | |||||||||||||||||
Interest rate terms | The interest rate under the 2013 Amended Credit Facility is the sum of (A) either (1) LIBOR or (2) the higher of the Federal Funds Rate plus 0.5%, the Prime Rate, or LIBOR plus 1.0% and (B) a variable margin based on the Company's leverage. | |||||||||||||||||
Debt instrument, basis spread on variable LIBOR Rate plus | 1.00% | |||||||||||||||||
Interest rate | 3.40% |
Financial_Instruments_Financia
Financial Instruments - Financial Instruments Measured at Fair Value (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Carrying Value [Member] | ||
Financial Instruments And Fair Value Measurements [Line Items] | ||
Cash and cash equivalents | $35,853 | $29,576 |
Loans payable | -56,801 | -48,599 |
7.875% Senior Notes | -250,000 | -250,000 |
6.50% Convertible Senior Notes, net of unamortized discounts | -34,417 | |
Revolving credit facility | -19,509 | -2,596 |
Other long-term notes payable | -5,421 | -4,731 |
Foreign currency forward contracts, net | -2,467 | -4,758 |
Total Fair Value [Member] | ||
Financial Instruments And Fair Value Measurements [Line Items] | ||
Cash and cash equivalents | 35,853 | 29,576 |
Loans payable | -56,801 | -48,599 |
7.875% Senior Notes | -262,500 | -231,500 |
6.50% Convertible Senior Notes, net of unamortized discounts | -34,803 | |
Revolving credit facility | -19,936 | -2,634 |
Other long-term notes payable | -4,511 | -3,937 |
Foreign currency forward contracts, net | -2,467 | -4,758 |
Level 1 [Member] | ||
Financial Instruments And Fair Value Measurements [Line Items] | ||
Cash and cash equivalents | 35,853 | 29,576 |
Loans payable | ||
7.875% Senior Notes | ||
6.50% Convertible Senior Notes, net of unamortized discounts | ||
Revolving credit facility | ||
Other long-term notes payable | ||
Foreign currency forward contracts, net | ||
Level 2 [Member] | ||
Financial Instruments And Fair Value Measurements [Line Items] | ||
Cash and cash equivalents | ||
Loans payable | -56,801 | -48,599 |
7.875% Senior Notes | -262,500 | -231,500 |
6.50% Convertible Senior Notes, net of unamortized discounts | -34,803 | |
Revolving credit facility | -19,936 | -2,634 |
Other long-term notes payable | -4,511 | -3,937 |
Foreign currency forward contracts, net | -2,467 | -4,758 |
Level 3 [Member] | ||
Financial Instruments And Fair Value Measurements [Line Items] | ||
Cash and cash equivalents | ||
Loans payable | ||
7.875% Senior Notes | ||
6.50% Convertible Senior Notes, net of unamortized discounts | ||
Revolving credit facility | ||
Other long-term notes payable | ||
Foreign currency forward contracts, net |
Financial_Instruments_Financia1
Financial Instruments - Financial Instruments Measured at Fair Value (Parenthetical) (Detail) | Sep. 30, 2013 | Dec. 31, 2012 |
7.875% Senior Notes [Member] | ||
Financial Instruments And Fair Value Measurements [Line Items] | ||
Debt stated interest rate | 7.88% | 7.88% |
6.50% Convertible Senior Notes, Net of Unamortized Discounts [Member] | ||
Financial Instruments And Fair Value Measurements [Line Items] | ||
Debt stated interest rate | 6.50% | 6.50% |
Total Fair Value [Member] | 7.875% Senior Notes [Member] | ||
Financial Instruments And Fair Value Measurements [Line Items] | ||
Debt stated interest rate | 7.88% | 7.88% |
Total Fair Value [Member] | 6.50% Convertible Senior Notes, Net of Unamortized Discounts [Member] | ||
Financial Instruments And Fair Value Measurements [Line Items] | ||
Debt stated interest rate | 6.50% |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | |||
Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | |||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Net foreign currency loss | $1,300,000 | $4,000,000 | ||
Net losses arising from the change in fair value | 2,700,000 | 6,700,000 | ||
Notional amount of foreign currency forward contract | $231,300,000 | $250,700,000 |
Financial_Instruments_Effect_o
Financial Instruments - Effect on Derivative Instruments on Consolidated Financial Performance (Detail) (Foreign Currency Forward Contracts [Member], Not Designated as Hedging Instrument [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Loss) Gain Recognized in Earnings | $1,300 | $4,000 | ||
Foreign Currency (Loss) Gain [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Loss) Gain Recognized in Earnings | ($2,652) | ($4,148) | ($6,652) | $5,385 |
Financial_Instruments_Fair_Val
Financial Instruments - Fair Values of Derivative Instruments on Consolidated Balance Sheets (Detail) (Not Designated as Hedging Instrument [Member], Accrued Expenses and Other Current Liabilities [Member], Foreign Currency Forward Contracts [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Not Designated as Hedging Instrument [Member] | Accrued Expenses and Other Current Liabilities [Member] | Foreign Currency Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $211 | $213 |
Liability derivatives | ($2,678) | ($4,971) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $474 | $105,447 | $4,025 | $113,115 |
Effective income tax rate | 16.80% | -57.30% |
Contingent_Liabilities_Additio
Contingent Liabilities - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Commitments And Contingencies Disclosure [Abstract] | ||
Undiscounted remediation liability associated with environmentally contaminated non-operating facility | $8.20 | $9.60 |
Retirement_Benefits_Net_Period
Retirement Benefits - Net Periodic Benefit (Credit) Cost (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
U.S. Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $4 | $4 | $12 | $12 |
Interest cost | 4,485 | 4,867 | 13,455 | 14,602 |
Expected return on plan assets | -6,181 | -5,158 | -18,543 | -15,473 |
Amortization of prior service cost (credit) | 3 | 12 | 9 | 36 |
Curtailment and settlement effects | ||||
Net periodic benefit (credit) cost | -1,689 | -275 | -5,067 | -823 |
Non-U.S. Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 519 | 493 | 1,577 | 1,496 |
Interest cost | 1,224 | 1,313 | 3,672 | 3,990 |
Expected return on plan assets | -742 | -748 | -2,229 | -2,253 |
Amortization of prior service cost (credit) | 7 | 21 | 1 | |
Curtailment and settlement effects | -2,394 | |||
Net periodic benefit (credit) cost | 1,008 | 1,058 | 3,041 | 840 |
Other Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | ||||
Interest cost | 285 | 396 | 855 | 1,189 |
Expected return on plan assets | ||||
Amortization of prior service cost (credit) | -29 | -33 | -87 | -98 |
Curtailment and settlement effects | ||||
Net periodic benefit (credit) cost | $256 | $363 | $768 | $1,091 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock reserved under plan | 4,400,000 | |
Recognized stock-based compensation expense | $4.40 | $5.70 |
Unearned compensation cost related to the unvested portion of all stock-based awards | $8.40 | |
Performance Share Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of share based compensation units granted | 500,000 | |
Weighted average grant date fair value | $5.69 | |
Deferred Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of share based compensation units granted | 400,000 | |
Weighted average grant date fair value | $5.70 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of share based compensation units granted | 600,000 |
StockBased_Compensation_Detail
Stock-Based Compensation - Details of Weighted-Average Grant-Date Fair Values and Assumptions Used for Estimating Fair Values (Detail) (Stock Options [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted-average grant-date fair value | $4.01 |
Expected life, in years | 6 years |
Risk-free interest rate, maximum | 1.40% |
Expected volatility, maximum | 86.40% |
Risk-free interest rate, minimum | 1.20% |
Expected volatility, minimum | 83.90% |
Restructuring_and_Cost_Reducti2
Restructuring and Cost Reduction Programs - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Restructuring And Related Activities [Abstract] | ||||
Severance costs | $40,000,000 | |||
Restructuring charges on new programs | 3,834,000 | 198,695,000 | 26,738,000 | 203,734,000 |
Cumulative Charges To Date | $37,000,000 | |||
Period expected for cash payments for employee benefits and other costs | Over the next twelve months |
Restructuring_and_Cost_Reducti3
Restructuring and Cost Reduction Programs - Summary of Accruals Related to Restructuring and Cost Reduction Programs (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Restructuring Cost and Reserve [Line Items] | ||||
Beginning Balance | $10,232 | |||
Restructuring charges | 3,834 | 198,695 | 26,738 | 203,734 |
Cash payments | -22,386 | |||
Non-cash items | -725 | |||
Ending Balance | 13,859 | 13,859 | ||
Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Beginning Balance | 4,093 | |||
Restructuring charges | 19,647 | |||
Cash payments | -14,715 | |||
Non-cash items | 92 | |||
Ending Balance | 9,117 | 9,117 | ||
Other Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Beginning Balance | 6,139 | |||
Restructuring charges | 7,094 | |||
Cash payments | -7,671 | |||
Non-cash items | -820 | |||
Ending Balance | 4,742 | 4,742 | ||
Asset Impairment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Beginning Balance | ||||
Restructuring charges | -3 | |||
Cash payments | ||||
Non-cash items | 3 | |||
Ending Balance |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended |
Sep. 30, 2013 | Mar. 31, 2013 | |
Ferro Pfanstiehl Laboratories, Inc [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash payment on sale of pharmaceuticals business | $16,912,000 | $16,900,000 |
Earn-out incentive payment payable over two years | 8,000,000 | |
Period of earn-out incentive payment | 2 years | |
Impairment loss associated with long lived assets of FPL | 8,700,000 | |
Write down determined by estimating fair value of assets less cost to sell | $14,800,000 |
Discontinued_Operations_Summar
Discontinued Operations - Summary of (Loss) Income from Discontinued Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Discontinued Operations And Disposal Groups [Abstract] | ||||
Net sales | $5,975 | $4,791 | $17,899 | |
Cost of sales | 4,346 | 2,762 | 11,641 | |
Gross profit | 1,629 | 2,029 | 6,258 | |
Selling, general and administrative expenses | 1,246 | 1,181 | 3,631 | |
Restructuring charges | 95 | |||
Restructuring and impairment charges | 8,682 | 95 | ||
Interest expense | 385 | 589 | 1,123 | |
Miscellaneous income, net | -5 | -2 | -11 | |
(Loss) income from discontinued operations before income taxes | -92 | -8,421 | 1,420 | |
Income tax expense | 26 | 503 | ||
(Loss) income from discontinued operations, net of income taxes | ($118) | ($8,421) | $917 |
Discontinued_Operations_Summar1
Discontinued Operations - Summary of Assets and Liabilities from Discontinued Operations (Detail) (USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
Discontinued Operations And Disposal Groups [Abstract] | |
Inventories | $6,267 |
Other current assets | 22 |
Current assets of discontinued operations | 6,289 |
Property, plant and equipment, net | 15,346 |
Other assets of discontinued operations | 15,346 |
Accounts payable | 880 |
Accrued payrolls | 47 |
Accrued expenses and other current liabilities | 373 |
Current liabilities of discontinued operations | $1,300 |
Earnings_Loss_Per_Share_Calcul
Earnings (Loss) Per Share - Calculations of Basic and Diluted Earnings (Loss) Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Basic earnings (loss) per share computation: | ||||
Net income (loss) attributable to Ferro Corporation common shareholders | $12,652 | ($316,114) | $11,405 | ($310,392) |
Adjustment for loss (income) from discontinued operations | 118 | 8,421 | -917 | |
Total | 12,652 | -315,996 | 19,826 | -311,309 |
Weighted-average common shares outstanding | 86,426 | 86,296 | 86,464 | 86,274 |
Basic earnings (loss) per share from continuing operations attributable to Ferro Corporation common shareholders | $0.15 | ($3.66) | $0.23 | ($3.61) |
Diluted earnings (loss) per share computation: | ||||
Net income (loss) attributable to Ferro Corporation common shareholders | 12,652 | -316,114 | 11,405 | -310,392 |
Adjustment for loss (income) from discontinued operations | 118 | 8,421 | -917 | |
Total | $12,652 | ($315,996) | $19,826 | ($311,309) |
Weighted-average common shares outstanding | 86,426 | 86,296 | 86,464 | 86,274 |
Assumed exercise of stock options | 200 | 112 | ||
Assumed satisfaction of deferred stock unit conditions | 77 | 63 | ||
Assumed satisfaction of restricted stock unit conditions | 120 | 84 | ||
Assumed satisfaction of performance stock unit conditions | 375 | 247 | ||
Assumed satisfaction of restricted share conditions | 52 | 63 | ||
Weighted-average diluted shares outstanding | 87,250 | 86,296 | 87,033 | 86,274 |
Diluted earnings (loss) per share from continuing operations attributable to Ferro Corporation common shareholders | $0.15 | ($3.66) | $0.23 | ($3.61) |
Earnings_Loss_Per_Share_Additi
Earnings (Loss) Per Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ||||
Anti-dilutive securities excluded from computation of earnings per share | 2 | 7.5 | 2.4 | 7.5 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||||
Beginning accumulated other comprehensive income (loss), Postretirement Benefit Liability Adjustments | $2,510 | $2,647 | ||
Other comprehensive income before reclassifications, Postretirement Benefit Liability Adjustments | ||||
Amounts reclassified from accumulated other comprehensive income (loss), Postretirement Benefit Liability Adjustments | -34 | 1,044 | -171 | -311 |
Net current period other comprehensive (loss) income, Postretirement Benefit Liability Adjustments | -34 | -171 | ||
Ending accumulated other comprehensive income (loss), Postretirement Benefit Liability Adjustments | 2,476 | 2,476 | ||
Beginning accumulated other comprehensive income (loss), Translation Adjustments | 5,911 | 14,080 | ||
Other comprehensive income before reclassifications, Translation Adjustments | 4,203 | -3,966 | ||
Amounts reclassified from accumulated other comprehensive income (loss), Translation Adjustments | ||||
Net current period other comprehensive (loss) income, Translation Adjustments | 4,203 | -3,966 | ||
Ending accumulated other comprehensive income (loss), Translation Adjustments | 10,114 | 10,114 | ||
Beginning accumulated other comprehensive income (loss), Other Adjustments | -77 | -77 | ||
Other comprehensive income before reclassifications, Other Adjustments | ||||
Amounts reclassified from accumulated other comprehensive income (loss), Other Adjustments | ||||
Net current period other comprehensive (loss) income, Other Adjustments | ||||
Ending accumulated other comprehensive income (loss), Other Adjustments | -77 | -77 | ||
Beginning accumulated other comprehensive income (loss) | 8,344 | 16,650 | ||
Other comprehensive income before reclassifications | 4,203 | -3,966 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | -34 | -171 | ||
Net current period other comprehensive (loss) income | -3,991 | -3,251 | ||
Ending accumulated other comprehensive income (loss) | 12,513 | 12,513 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||||
Net current period other comprehensive (loss) income | $4,169 | ($4,137) |
Reporting_for_Segments_Net_Sal
Reporting for Segments - Net Sales to External Customers by Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net sales | $408,104 | $408,865 | $1,261,083 | $1,344,836 |
Pigments, Powders and Oxides [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net sales | 47,647 | 64,053 | 155,948 | 219,398 |
Performance Colors and Glass [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net sales | 94,059 | 86,398 | 298,633 | 294,806 |
Performance Coatings [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net sales | 151,873 | 137,228 | 445,969 | 447,065 |
Polymer Additives [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net sales | 71,599 | 79,881 | 229,266 | 251,055 |
Specialty Plastics [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net sales | $42,926 | $41,305 | $131,267 | $132,512 |
Reporting_for_Segments_Each_Se
Reporting for Segments - Each Segment's Gross Profit and Reconciliation to Income (Loss) Before Income Taxes from Continuing Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Other cost of sales | ($2,398) | ($7,356) | ($4,916) | ($8,740) |
Total gross profit | 84,247 | 60,710 | 251,138 | 232,249 |
Selling, general and administrative expenses | 59,078 | 63,863 | 184,986 | 202,675 |
Restructuring and impairment charges | 3,834 | 198,695 | 26,738 | 203,734 |
Other expense, net | 7,817 | 8,325 | 15,386 | 23,204 |
Income (loss) before income taxes | 13,518 | -210,173 | 24,028 | -197,364 |
Pigments, Powders and Oxides [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total segment gross profit | 8,390 | 7,231 | 25,882 | 28,363 |
Performance Colors and Glass [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total segment gross profit | 28,713 | 21,086 | 87,203 | 77,220 |
Performance Coatings [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total segment gross profit | 36,410 | 23,858 | 100,237 | 85,328 |
Polymer Additives [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total segment gross profit | 6,251 | 8,907 | 20,616 | 26,871 |
Specialty Plastics [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total segment gross profit | $6,881 | $6,984 | $22,116 | $23,207 |