Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'FOE | ' | ' |
Entity Registrant Name | 'FERRO CORP | ' | ' |
Entity Central Index Key | '0000035214 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 86,718,915 | ' |
Entity Public Float | ' | ' | $595,503,000 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $1,635,406 | $1,744,613 | $2,130,853 |
Cost of sales | 1,305,682 | 1,455,043 | 1,728,048 |
Gross profit | 329,724 | 289,570 | 402,805 |
Selling, general and administrative expenses | 176,282 | 297,755 | 330,450 |
Restructuring and impairment charges | 41,733 | 225,724 | 17,030 |
Other expense (income): | ' | ' | ' |
Interest expense | 27,333 | 26,461 | 27,190 |
Interest earned | -271 | -311 | -285 |
Losses on extinguishment of debt | 0 | ' | 45 |
Foreign currency losses, net | 4,183 | 2,186 | 4,758 |
Miscellaneous (income) expense, net | -15,269 | 3,095 | 2,527 |
Income (loss) before income taxes | 95,733 | -265,340 | 21,090 |
Income tax expense | 14,867 | 108,850 | 18,132 |
Net income (loss) from continuing operations | 80,866 | -374,190 | 2,958 |
(Loss) income from discontinued operations, net of income tax | -8,421 | 1,156 | 2,176 |
Net income (loss) | 72,445 | -373,034 | 5,134 |
Less: Net income attributable to noncontrolling interests | 503 | 1,234 | 730 |
Income (loss) attributable to Ferro Corporation | 71,942 | -374,268 | 4,404 |
Dividends on preferred stock | 0 | ' | -165 |
Net income (loss) attributable to Ferro Corporation common shareholders | 71,942 | -374,268 | 4,239 |
Amounts attributable to Ferro Corporation: | ' | ' | ' |
Income (loss) from continuing operations, net of income tax | 80,363 | -375,424 | 2,228 |
(Loss) income from discontinued operations, net of income tax | -8,421 | 1,156 | 2,176 |
Income (loss) attributable to Ferro Corporation | $71,942 | ($374,268) | $4,404 |
Weighted-average common shares outstanding | 86,484 | 86,288 | 86,119 |
Incremental common shares attributable to convertible preferred stock, performance shares, deferred stock units, and stock options | 1,013 | ' | 659 |
Weighted-average diluted shares outstanding | 87,497 | 86,288 | 86,778 |
Basic earnings (loss) per share: | ' | ' | ' |
From continuing operations | $0.93 | ($4.35) | $0.02 |
From discontinued operations | ($0.10) | $0.01 | $0.03 |
Total | $0.83 | ($4.34) | $0.05 |
Diluted earnings (loss) per share: | ' | ' | ' |
From continuing operations | $0.92 | ($4.35) | $0.02 |
From discontinued operations | ($0.10) | $0.01 | $0.03 |
Total | $0.82 | ($4.34) | $0.05 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net income (loss) | $72,445 | ($373,034) | $5,134 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Foreign currency translation | -7,459 | -4,253 | -3,473 |
Postretirement benefit liabilities | -705 | -910 | -220 |
Other | 7 | -25 | ' |
Other comprehensive income (loss), net of income tax | -8,157 | -5,188 | -3,693 |
Total comprehensive income (loss) | 64,288 | -378,222 | 1,441 |
Less: Comprehensive (loss) income attributable to noncontrolling interests | 732 | 3,295 | 930 |
Comprehensive income (loss) attributable to Ferro Corporation | $63,556 | ($381,517) | $511 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $28,328 | $29,576 |
Accounts receivable, net | 287,925 | 306,463 |
Inventories | 190,216 | 200,824 |
Deferred income taxes | 6,584 | 7,995 |
Other receivables | 25,775 | 31,554 |
Other current assets | 16,561 | 10,802 |
Current assets of discontinued operations | ' | 6,289 |
Total current assets | 555,389 | 593,503 |
Other assets | ' | ' |
Property, plant and equipment, net | 297,104 | 309,374 |
Goodwill | 63,473 | 62,975 |
Amortizable intangible assets, net | 13,027 | 14,410 |
Deferred income taxes | 19,451 | 21,554 |
Other non-current assets | 59,748 | 61,941 |
Other assets of discontinued operations | ' | 15,346 |
Total assets | 1,008,192 | 1,079,103 |
Current liabilities | ' | ' |
Loans payable and current portion of long-term debt | 44,230 | 85,152 |
Accounts payable | 153,877 | 182,024 |
Accrued payrolls | 44,509 | 31,643 |
Accrued expenses and other current liabilities | 71,115 | 76,384 |
Current liabilities of discontinued operations | ' | 1,300 |
Total current liabilities | 313,731 | 376,503 |
Other liabilities | ' | ' |
Long-term debt, less current portion | 267,469 | 261,624 |
Postretirement and pension liabilities | 120,527 | 216,167 |
Other non-current liabilities | 32,622 | 18,135 |
Total liabilities | 734,349 | 872,429 |
Equity | ' | ' |
Common stock, par value $1 per share; 300.0 million shares authorized and 93.4 million shares issued at December 31, 2013 and 2012; 86.7 million and 86.5 million shares outstanding at December 31, 2013 and 2012, respectively | 93,436 | 93,436 |
Paid-in capital | 318,055 | 321,652 |
Accumulated deficit | -14,664 | -86,606 |
Accumulated other comprehensive income | 8,493 | 16,650 |
Common shares in treasury, at cost | -143,802 | -151,605 |
Total Ferro Corporation shareholders' equity | 261,518 | 193,527 |
Noncontrolling interests | 12,325 | 13,147 |
Total equity | 273,843 | 206,674 |
Total liabilities and equity | $1,008,192 | $1,079,103 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 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 | 86.7 | 86.5 |
CONSOLIDATED_STATEMENTS_OF_EQU
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, 2010 | $574,180 | ($164,257) | $93,436 | $323,015 | $283,423 | $27,792 | [1] | $10,771 | |
Beginning Balances, shares at Dec. 31, 2010 | ' | 7,242 | ' | ' | ' | ' | ' | ||
Net (loss) income | 5,134 | ' | ' | ' | 4,404 | ' | 730 | ||
Other comprehensive (loss) income | -3,693 | ' | ' | ' | ' | -3,893 | [1] | 200 | |
Cash dividends on preferred shares | [2] | -165 | ' | ' | ' | -165 | ' | ' | |
Stock-based compensation transactions | 8,507 | 10,640 | ' | -2,133 | ' | ' | ' | ||
Stock-based compensation transactions, shares | ' | -377 | ' | ' | ' | ' | ' | ||
Distributions to noncontrolling interests | -1,469 | ' | ' | ' | ' | ' | -1,469 | ||
Ending Balances at Dec. 31, 2011 | 582,494 | -153,617 | 93,436 | 320,882 | 287,662 | 23,899 | [1] | 10,232 | |
Ending Balances, shares at Dec. 31, 2011 | ' | 6,865 | ' | ' | ' | ' | ' | ||
Net (loss) income | -373,034 | ' | ' | ' | -374,268 | ' | 1,234 | ||
Other comprehensive (loss) income | -5,188 | ' | ' | ' | ' | -7,249 | [1] | 2,061 | |
Stock-based compensation transactions | 2,782 | 2,012 | ' | 770 | ' | ' | ' | ||
Stock-based compensation transactions, shares | ' | 97 | ' | ' | ' | ' | ' | ||
Distributions to noncontrolling interests | -380 | ' | ' | ' | ' | ' | -380 | ||
Ending Balances at Dec. 31, 2012 | 206,674 | -151,605 | 93,436 | 321,652 | -86,606 | 16,650 | [1] | 13,147 | |
Ending Balances, shares at Dec. 31, 2012 | ' | 6,962 | ' | ' | ' | ' | ' | ||
Net (loss) income | 72,445 | ' | ' | ' | 71,942 | ' | 503 | ||
Other comprehensive (loss) income | -7,928 | ' | ' | ' | ' | -8,157 | [1] | 229 | |
Stock-based compensation transactions | 4,206 | 7,803 | ' | -3,597 | ' | ' | ' | ||
Stock-based compensation transactions, shares | ' | -232 | ' | ' | ' | ' | ' | ||
Distributions to noncontrolling interests | -1,554 | ' | ' | ' | ' | ' | -1,554 | ||
Ending Balances at Dec. 31, 2013 | $273,843 | ($143,802) | $93,436 | $318,055 | ($14,664) | $8,493 | [1] | $12,325 | |
Ending Balances, shares at Dec. 31, 2013 | ' | 6,730 | ' | ' | ' | ' | ' | ||
[1] | Accumulated translation adjustments were $6,621, $14,080, and $20,394 and accumulated postretirement benefit liability adjustments were $1,942, $2,647, and $3,557 at December 31, 2013, 2012, and 2011, respectively, all net of tax. | ||||||||
[2] | Dividends per share of convertible preferred stock were $0.8125 in 2011. |
CONSOLIDATED_STATEMENTS_OF_EQU1
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Stockholders Equity [Abstract] | ' | ' | ' |
Accumulated translation adjustments | $20,394 | $6,621 | $14,080 |
Accumulated postretirement benefit liability adjustments | $3,557 | $1,942 | $2,647 |
Dividends per share of convertible preferred stock | $0.81 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Cash flows from operating activities | ' | ' | ' | |||
Net income (loss) | $72,445 | ($373,034) | $5,134 | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' | |||
(Gain) loss on sale of assets and businesses | -15,604 | 505 | -244 | |||
Depreciation and amortization | 50,028 | 57,384 | 63,493 | |||
Restructuring and impairment charges | 20,581 | 221,596 | 7,472 | |||
Losses on extinguishment of debt | 0 | ' | 45 | |||
Provision for allowance for doubtful accounts | 4,074 | 5,217 | 2,349 | |||
Retirement benefits | -97,053 | 339 | 8,337 | |||
Deferred income taxes | 7,853 | 107,575 | 20,575 | |||
Non-cash foreign currency (losses) gains | -13,028 | -6,815 | 12,443 | |||
Changes in current assets and liabilities, net of effects of acquisitions: | ' | ' | ' | |||
Accounts receivable | 16,224 | -5,258 | -13,444 | |||
Inventories | 18,056 | 22,287 | -29,790 | |||
Deposits for precious metals | ' | ' | 28,086 | |||
Other receivables and other current assets | -826 | 13,192 | -19,673 | |||
Accounts payable | -27,963 | -18,359 | 4,715 | |||
Accrued expenses and other current liabilities | -6,939 | 4,409 | -31,205 | |||
Other operating activities | -9,384 | -5,380 | -5,060 | |||
Net cash provided by operating activities | 18,464 | 23,658 | 53,233 | |||
Cash flows from investing activities | ' | ' | ' | |||
Capital expenditures for property, plant and equipment and other long-lived assets | -34,220 | -58,685 | -72,713 | |||
Proceeds from sale of assets and businesses | 50,173 | 3,043 | 6,441 | |||
Other investing activities | 1,215 | 334 | 1,145 | |||
Net cash provided by (used for) investing activities | 17,168 | -55,308 | -65,127 | |||
Cash flows from financing activities | ' | ' | ' | |||
Net (repayments) borrowings under loans payable | -5,884 | [1] | 39,934 | [1] | 8,661 | [1] |
Proceeds from revolving credit facility | 449,268 | 395,576 | 646,834 | |||
Payments on revolving credit facility | -442,659 | -400,687 | -639,128 | |||
Extinguishment of Convertible Senior Notes | -35,066 | ' | -725 | |||
Redemption of convertible preferred stock | ' | ' | -9,427 | |||
Cash dividends | ' | ' | -165 | |||
Proceeds from exercise of stock options | 666 | 107 | 1,053 | |||
Other financing activities | -3,040 | 1,527 | -1,199 | |||
Net cash (used for) provided by financing activities | -36,715 | 36,457 | 5,904 | |||
Effect of exchange rate changes on cash and cash equivalents | -165 | 1,778 | -54 | |||
(Decrease) increase in cash and cash equivalents | -1,248 | 6,585 | -6,044 | |||
Cash and cash equivalents at beginning of period | 29,576 | 22,991 | 29,035 | |||
Cash and cash equivalents at end of period | 28,328 | 29,576 | 22,991 | |||
Cash paid during the period for: | ' | ' | ' | |||
Interest | 26,775 | 26,468 | 25,920 | |||
Income taxes | $5,815 | $4,657 | $22,060 | |||
[1] | (1) Includes cash flows related to our domestic accounts receivable program, international accounts receivable sales programs as well as loans payable to banks. |
Our_Business
Our Business | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Our Business | ' | ||
1 | Our Business | ||
Ferro Corporation (“Ferro,” “we,” “us” or “the Company”) produces performance materials for a broad range of manufacturers in diversified industries throughout the world. Our products are classified as performance materials, rather than commodities, because they are formulated to perform specific and important functions both in the manufacturing processes and in the finished products of our customers. We use inorganic and organic chemical processes, polymer science and materials science to develop and produce these performance materials. Performance materials require a high degree of technical service on an individual customer basis. The value of our products stems from the results and performance they achieve in actual use. We manage our diverse businesses through six business units that are differentiated from one another by product type. We have grouped these units by their product group below: | |||
Performance Materials | Performance Chemicals | ||
• Tile Coating Systems | • Polymer Additives | ||
• Porcelain Enamel | • Specialty Plastics | ||
• Performance Colors and Glass | |||
• Pigments, Powders and Oxides | |||
We produce our products primarily in the United States (“U.S.”), Europe-Middle East-Africa, the Asia-Pacific region, and Latin America. | |||
We sell our products directly to customers and through the use of agents or distributors throughout the world. Our products are sold principally in the U.S., Europe, the Asia-Pacific region, and Latin America. Our customers manufacture products to serve a variety of end markets, including building and renovation, electronics, automobiles, appliances, household furnishings, packaging, and industrial products. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Significant Accounting Policies | ' | ||||||||||||
2 | Significant Accounting Policies | ||||||||||||
Principles of Consolidation | |||||||||||||
Our consolidated financial statements include the accounts of the parent company and the accounts of its subsidiaries. When we consolidate our financial statements, we eliminate intercompany transactions, accounts and profits. When we exert significant influence over an investee but do not control it, we account for the investment and the investment income using the equity method. These investments are reported in the other non-current assets section of our balance sheet. We consolidate five legal entities in which we do not own 100% of the equity interests, either directly or indirectly through our subsidiaries. These entities have non-controlling interest ownerships ranging from 5% to 49%. | |||||||||||||
When we acquire a subsidiary, its financial results are included in our consolidated financial statements from the date of the acquisition. When we dispose of a subsidiary, its financial results are included in our consolidated financial statements until the date of the disposition. In the event that a disposal group meets the criteria for discontinued operations, prior periods are adjusted to reflect the disposition. | |||||||||||||
Use of Estimates and Assumptions in the Preparation of Financial Statements | |||||||||||||
We prepare our consolidated financial statements in conformity with accounting principles generally accepted in the United States, which requires us to make estimates and to use judgments and assumptions that affect the timing and amount of assets, liabilities, equity, revenues and expenses recorded and disclosed. The more significant estimates and judgments relate to revenue recognition, restructuring and cost reduction programs, goodwill, asset impairment, income taxes, pension and other postretirement benefits, inventories, and environmental liabilities. Actual outcomes could differ from our estimates, resulting in changes in revenues or costs that could have a material impact on the Company’s results of operations, financial position, or cash flows. | |||||||||||||
Foreign Currency Translation | |||||||||||||
The financial results of our operations outside of the U.S. are recorded in local currencies, which generally are also the functional currencies for financial reporting purposes. The results of operations outside of the U.S. are translated from these functional currencies into U.S. dollars using the average monthly currency exchange rates. We use the average currency exchange rate for these results of operations as a reasonable approximation of the results had specific currency exchange rates been used for each individual transaction. Foreign currency transaction gains and losses are recorded as incurred as other expense (income) in the consolidated statements of operations. Assets and liabilities are translated into U.S. dollars using exchange rates at the balance sheet dates, and we record the resulting foreign currency translation adjustment as a separate component of accumulated other comprehensive loss in equity. | |||||||||||||
Revenue Recognition | |||||||||||||
We typically recognize sales when we ship goods to our customers and when all of the following criteria are met: | |||||||||||||
• | Persuasive evidence of an arrangement exists; | ||||||||||||
• | The selling price is fixed or determinable; | ||||||||||||
• | Collection is reasonably assured; and | ||||||||||||
• | Title and risk of loss has passed to our customers. | ||||||||||||
In order to ensure the revenue recognition in the proper period, we review material sales contracts for proper cut-off based upon the business practices and legal requirements of each country. For sales of all products, including those containing precious metals, we report revenues gross along with their corresponding cost of sales to arrive at gross profit. We record revenues this way because we act as the principal in the transactions into which we enter. | |||||||||||||
The amount of shipping and handling fees invoiced to our customers at the time our product is shipped is included in net sales. Credit memos issued to customers for sales returns, discounts allowed and sales adjustments are recorded when they are incurred as a reduction of sales. | |||||||||||||
Additionally, we provide certain of our customers with incentive rebate programs to promote customer loyalty and encourage greater product sales. We accrue customer rebates over the rebate periods based upon estimated attainments of the provisions in the rebate agreements using available information and record these rebate accruals as reductions of sales. | |||||||||||||
Research and Development Expenses | |||||||||||||
Research and development expenses are expensed as incurred and are included in selling, general and administrative expenses. Expenditures for company-sponsored research and development activities were approximately $ 26.9 million for 2013 and $30.0 million for 2012, and $30.4 million for 2011. | |||||||||||||
Restructuring Programs | |||||||||||||
We expense costs associated with exit and disposal activities designed to restructure operations and reduce ongoing costs of operations when we incur the related liabilities or when other triggering events occur. After the appropriate level of management having the authority approves the detailed restructuring plan and the appropriate criteria for recognition are met, we establish accruals for employee termination costs. The accruals are estimates that are based upon factors including statutory and union requirements, affected employees’ lengths of service, contract provisions, salary level, and health care benefit choices. We also analyze the carrying value of affected long-lived assets for impairment and reductions in their remaining estimated useful lives. In addition, we record the fair value of any new or remaining obligations when existing operating lease contracts are terminated or abandoned as a result of our exit and disposal activities. | |||||||||||||
Asset Impairment | |||||||||||||
The Company’s long-lived assets include property, plant and equipment, goodwill, and amortizable intangible assets. We review property, plant and equipment and amortizable intangible assets for impairment whenever events or circumstances indicate that their carrying values may not be recoverable. The following are examples of such events or changes in circumstances: | |||||||||||||
• | An adverse change in the business climate or market price of a long-lived asset or asset group; | ||||||||||||
• | An adverse change in the extent or manner in which a long-lived asset or asset group is used or in its physical condition; | ||||||||||||
• | Current operating losses for a long-lived asset or asset group combined with a history of such losses or projected or forecasted losses that demonstrate that the losses will continue; or | ||||||||||||
• | A current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise significantly disposed of before the end of its previously estimated useful life. | ||||||||||||
The carrying amount of property, plant and equipment and amortizable intangible assets is not recoverable if the carrying value of the asset group exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset group. In the event of impairment, we recognize a loss for the excess of the recorded value over fair value. The long-term nature of these assets requires the estimation of cash inflows and outflows several years into the future and only takes into consideration technological advances known at the time of review. | |||||||||||||
We review goodwill for impairment annually using a measurement date of October 31st, primarily due to the timing of our annual budgeting process, or more frequently in the event of an impairment indicator. The fair value of each reporting unit that has goodwill is estimated using the average of both the income approach and the market approach, which we believe provides a reasonable estimate of the reporting unit’s fair value, unless facts or circumstances exist which indicate a more representative fair value. The income approach is a discounted cash flow model, which uses projected cash flows attributable to the reporting unit, including an allocation of certain corporate expenses based primarily on a proportional sales method. We use historical results, trends and our projections of market growth, internal sales efforts and anticipated cost structure assumptions to estimate future cash flows. Using a risk-adjusted, weighted-average cost of capital, we discount the cash flow projections to the measurement date. The market approach estimates a price reasonably expected to be paid by a market participant in the purchase of the reporting units based on a comparison to similar businesses. If the fair value of any of the reporting units were determined to be less than its carrying value, we would obtain comparable market values or independent appraisals of its net assets. | |||||||||||||
Derivative Financial Instruments | |||||||||||||
As part of our risk management activities, we employ derivative financial instruments, primarily foreign currency forward contracts, to hedge certain anticipated transactions, firm commitments, or assets and liabilities denominated in foreign currencies. We also purchase portions of our energy and precious metal requirements under fixed price forward purchase contracts designated as normal purchase contracts. | |||||||||||||
We record derivatives on our balance sheet as either assets or liabilities that are measured at fair value. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified from accumulated other comprehensive income into earnings when the hedged transaction affects earnings. As of December 31, 2013, we did not have any derivative instruments classified as cash flow hedges. The ineffective portion, if any, in the change in value of these derivatives is immediately recognized in earnings. For derivatives that are not designated as hedges, the gain or loss on the derivative is recognized in current earnings. We use derivatives only to manage well-defined risks and do not use derivatives for speculative purposes. | |||||||||||||
Postretirement and Other Employee Benefits | |||||||||||||
We recognize postretirement and other employee benefits as employees render the services necessary to earn those benefits. We determine defined benefit pension and other postretirement benefit costs and obligations with the assistance of actuarial calculations performed by third parties. The calculations and the resulting amounts recorded in our consolidated financial statements are affected by assumptions including the discount rate, expected long-term rate of return on plan assets, the annual rate of change in compensation for plan-eligible employees, estimated changes in costs of healthcare benefits, and other factors. We evaluate the assumptions used on an annual basis. | |||||||||||||
Income Taxes | |||||||||||||
We account for income taxes in accordance with Accounting Standards Codification (“ASC”) Topic 740, Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected future tax effects of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. | |||||||||||||
We record deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future income, tax planning strategies, and recent financial operations. | |||||||||||||
We recognize a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. | |||||||||||||
We recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying consolidated statements of operations. | |||||||||||||
Cash Equivalents | |||||||||||||
We consider all highly liquid instruments with original maturities of three months or less when purchased to be cash equivalents. These instruments are carried at cost. | |||||||||||||
Accounts Receivable and the Allowance for Doubtful Accounts | |||||||||||||
Ferro sells its products to customers in diversified industries throughout the world. No customer or related group of customers represents greater than 10% of net sales or accounts receivable. We perform ongoing credit evaluations of our customers and require collateral principally for export sales, when industry practices allow and as market conditions dictate, subject to our ability to negotiate secured terms relative to competitive offers. We regularly analyze significant customer accounts and provide for uncollectible accounts based on historical experience, customer payment history, the length of time the receivables are past due, the financial health of the customer, economic conditions and specific circumstances, as appropriate. Changes in these factors could result in additional allowances. Customer accounts we conclude to be uncollectible or to require excessive collection costs are written off against the allowance for doubtful accounts. Historically, write-offs of uncollectible accounts have been within our expectations. Detailed information about the allowance for doubtful accounts is provided below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Allowance for doubtful accounts | $ | 12,428 | $ | 14,353 | $ | 10,443 | |||||||
Bad debt expense | 4,074 | 5,202 | 2,349 | ||||||||||
We have receivables sales programs in place for the U.S. where we sell our receivables to various purchasers. Due to the terms of such programs, these programs are recorded similar to secured borrowings on our balance sheet. The underlying receivables are derecognized when collection occurs, at which time repayment of the borrowings is made to the purchasers. The cash flows for the underlying receivables are categorized as operating activities. The related cash flows for the secured borrowings are categorized as financing activities and presented net as the turnover of such activities is quick, the amounts are large, and the maturities are short, generally three months or less. These programs accelerate cash collections at favorable financing costs. In December 2013, the international factoring program expired and was not renewed. | |||||||||||||
Inventories | |||||||||||||
We value inventory at the lower of cost or market, with cost determined utilizing the first-in, first-out (FIFO) method. We periodically evaluate the net realizable value of inventories based primarily upon their age, but also upon assumptions of future usage in production, customer demand and market conditions. Inventories have been reduced to the lower of cost or realizable value by allowances for slow moving or obsolete goods. | |||||||||||||
We maintain raw materials on our premises that we do not own, including precious metals consigned from financial institutions and customers, and raw materials consigned from vendors. Although we have physical possession of the goods, their value is not reflected on our balance sheet because we do not have title. | |||||||||||||
We obtain precious metals under consignment agreements with financial institutions for periods of one year or less. These precious metals are primarily silver, gold, platinum, and palladium and are used in the production of certain products for our customers. Under these arrangements, the financial institutions own the precious metals, and accordingly, we do not report these precious metals as inventory on our consolidated balance sheet although they physically are in our possession. These agreements are cancelable by either party at the end of each consignment period, however, because we have access to a number of consignment arrangements with available capacity, our consignment needs can be shifted among the other participating institutions in order to ensure our supply. In certain cases, these financial institutions require cash deposits to provide additional collateral beyond the value of the underlying precious metals. The financial institutions charge us fees for these consignment arrangements, and these fees are recorded as cost of sales. | |||||||||||||
Property, Plant and Equipment | |||||||||||||
We record property, plant and equipment at historical cost. In addition to the original purchased cost, including transportation, installation and taxes, we capitalize expenditures that increase the utility or useful life of existing assets. For constructed assets, we capitalize interest costs incurred during the period of construction. We expense repair and maintenance costs, including the costs of major planned overhauls of equipment, as incurred. We depreciate property, plant and equipment on a straight-line basis, generally over the following estimated useful lives of the assets: | |||||||||||||
Buildings | 20 to 40 years | ||||||||||||
Machinery and equipment | 5 to 15 years | ||||||||||||
Other Capitalized Costs | |||||||||||||
We capitalize the costs of computer software developed or obtained for internal use after the preliminary project stage has been completed, and management, with the relevant authority, authorizes and commits to funding a computer software project, and it is probable that the project will be completed and the software will be used to perform the function intended. External direct costs of materials and services consumed in developing or obtaining internal-use computer software, payroll and payroll-related costs for employees who are directly associated with the project, and interest costs incurred when developing computer software for internal use are capitalized within other non-current assets. Capitalization ceases when the project is substantially complete, generally after all substantial testing is completed. We expense training costs and data conversion costs as incurred. We amortize software on a straight-line basis over its estimated useful life, which has historically been in a range of 1 to 12 years. | |||||||||||||
Environmental Liabilities | |||||||||||||
As part of the production of some of our products, we handle, process, use and store hazardous materials. As part of these routine processes, we expense recurring costs associated with control and disposal of hazardous materials as they are incurred. Occasionally we are subject to ongoing, pending or threatened litigation related to the handling of these materials or other matters. If, based on available information, we believe that we have incurred a liability and we can reasonably estimate the amount, we accrue for environmental remediation and other contingent liabilities. We disclose material contingencies if the likelihood of the potential loss is reasonably possible but the amount is not reasonably estimable. | |||||||||||||
In estimating the amount to be accrued for environmental remediation, we use assumptions about: | |||||||||||||
• | Remediation requirements at the contaminated site; | ||||||||||||
• | The nature of the remedy; | ||||||||||||
• | Existing technology; | ||||||||||||
• | The outcome of discussions with regulatory agencies; | ||||||||||||
• | Other potentially responsible parties at multi-party sites; and | ||||||||||||
• | The number and financial viability of other potentially responsible parties. | ||||||||||||
We actively monitor the status of sites, and, as assessments and cleanups proceed, we update our assumptions and adjust our estimates as necessary. Because we are uncertain about the timing of related payments, we do not discount the estimated remediation costs. | |||||||||||||
Recently Adopted Accounting Pronouncements | |||||||||||||
On January 1, 2013, we adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2011-11, Disclosures about Offsetting Assets and Liabilities, and ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. These pronouncements are codified in 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, 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. | |||||||||||||
New Accounting Pronouncements Not Yet Adopted | |||||||||||||
In March 2013, the FASB issued ASU 2013-05, Parent’s Accounting for the Cumulative Translation Adjustments upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investments in a Foreign Entity, which is codified in ASC Topic 830, Foreign Currency Matters. This pronouncement clarifies the application of Subtopic 810-10, Consolidation — Overall, and Subtopic 830-30, Foreign Currency Matters — Translation of Financial Statements, to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a foreign entity, and the treatment of business combinations achieved in stages involving a foreign entity. The pronouncement is effective for our fiscal year that begins January 1, 2014. We do not expect that the adoption of this pronouncement will have a material effect on our consolidated financial statements. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
3 | Inventories | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Raw materials | $ | 58,765 | $ | 64,923 | |||||
Work in process | 30,266 | 35,028 | |||||||
Finished goods | 101,185 | 100,873 | |||||||
Total | $ | 190,216 | $ | 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 $3.0 million for 2013, $6.5 million for 2012, and $9.5 million for 2011. We had on hand precious metals owned by participants in our precious metals consignment program of $30.8 million at December 31, 2013, and $112.2 million at December 31, 2012, measured at fair value based on market prices for identical assets. The decline in precious metals is primarily the result of the sale of both our solar pastes and metal powders operations during 2013. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||
Property, Plant and Equipment | ' | ||||||||||
4 | Property, Plant and Equipment | ||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
(Dollars in thousands) | |||||||||||
Land | $ | 12,388 | $ | 14,179 | |||||||
Buildings | 211,084 | 228,348 | |||||||||
Machinery and equipment | 678,392 | 706,008 | |||||||||
Construction in progress | 20,889 | 18,961 | |||||||||
Total property, plant and equipment | 922,753 | 967,496 | |||||||||
Total accumulated depreciation | (625,649 | ) | (658,122 | ) | |||||||
Property, plant and equipment, net | $ | 297,104 | $ | 309,374 | |||||||
Depreciation expense was $44.9 million for 2013, $49.5 million for 2012, and $53.7 million for 2011. Noncash investing activities for capital expenditures, consisting of new capital leases during the year and unpaid capital expenditure liabilities at year end, were $8.8 million for 2013, $5.6 million for 2012, and $19.0 million for 2011. | |||||||||||
In 2013, we tested certain property, plant, and equipment held for use for impairment under ASC Topic 360, Property, Plant, and Equipment. Triggered by a change in expected use of one of our Performance Coatings operating facilities in Suzhou, China in the fourth quarter of 2013, we performed the two step impairment analysis as prescribed by ASC Topic 360. As that analysis indicated that the carrying value of those assets were no longer recoverable, we estimated the fair value of the assets within the asset group using adjusted market prices for similar assets, a level 3 classification in the fair value hierarchy. As a result of the analysis, assets held for use with a carrying value of $20.5 million were written down to $13.0 million. The impairment charge of $7.5 million is included in restructuring and impairment charges in our statements of operations. | |||||||||||
In the first quarter of 2013, prior to the sale of Ferro Pfanstiehl Laboratories, Inc, we recorded an impairment loss of $8.7 million, which is recorded in loss from discontinued operations on our statements of operations. Refer to Note 16 for additional detail regarding the sale of the reportable segment. | |||||||||||
In 2012, due to deterioration in our forecast for our solar assets, we tested certain property, plant, and equipment held for use for impairment under ASC Topic 360, Property, Plant, and Equipment. We estimated the fair value of these assets using discounted cash flow models, Level 3 measurements within the fair value hierarchy. As a result, assets held for use with a carrying value of $38.9 million were written off, and the impairment charge of $38.9 million is included in restructuring and impairment charges in our statements of operations. Further, additional assets with a carrying value of $12.5 million were written down to $4.6 million under ASC Topic 350, Intangibles — Goodwill and Other. The $7.9 million impairment charge is included in restructuring and impairment charges in our statements of operations. | |||||||||||
In 2011, assets held for use with a carrying value of $4.4 million were written off, and the impairment charge of $4.4 million is included in restructuring and impairment charges in our statements of operations. Various operational challenges indicated possible impairment of the property, plant and equipment at our facilities in Argentina and Belgium. The impairment charges by segment were $2.6 million in Performance Coatings and $1.8 million in Polymer Additives. We estimated the fair values of these assets using discounted cash flow models. | |||||||||||
Fair Value | Fair Value Measurements Using | Total Gains | |||||||||
Description | Level 1 | Level 2 | Level 3 | (Losses) | |||||||
(Dollars in thousands) | |||||||||||
Assets held for use: | |||||||||||
2013 | $ 13,000 | $ — | $ — | $ 13,000 | $ (7,484) | ||||||
2012 | — | — | — | — | -38,942 | ||||||
2011 | — | — | — | — | -4,436 | ||||||
The inputs to the valuation techniques used to measure fair value are classified into the following categories: | |||||||||||
Level 1: Quoted market prices in active markets for identical assets or liabilities. | |||||||||||
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. | |||||||||||
Level 3: Unobservable inputs that are not corroborated by market data. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||
5 | Goodwill and Other Intangible Assets | ||||||||||||||||||||||||
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 change in the operating segments resulted in a change in reporting units and consequently a change in the allocation of goodwill. The goodwill previously recorded within the Color and Glass Performance Materials segment was allocated between the Pigments, Powders and Oxides and Performance Colors and Glass Segments based on relative fair value at the time of the change in operating segments. The Performance Coatings, Polymer Additives and Specialty Plastics segments remain unchanged. | |||||||||||||||||||||||||
Details and activity of goodwill by segment follow: | |||||||||||||||||||||||||
Electronic | Performance | Color and | Pigments, | Performance | Total | ||||||||||||||||||||
Materials | Coatings | Glass | Powders and | Colors and | |||||||||||||||||||||
Performance | Oxides | Glass | |||||||||||||||||||||||
Materials | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Balance at December 31, 2011: | |||||||||||||||||||||||||
Gross goodwill | $ | 152,950 | $ | 45,841 | $ | 62,079 | $ | — | $ | — | $ | 260,870 | |||||||||||||
Accumulated impairment losses | — | (45,269 | ) | — | — | — | (45,269 | ) | |||||||||||||||||
152,950 | 572 | 62,079 | — | — | 215,601 | ||||||||||||||||||||
Impairments | (153,566 | ) | — | — | — | (153,566 | ) | ||||||||||||||||||
Other adjustments | (1 | ) | — | (21 | ) | — | — | (22 | ) | ||||||||||||||||
Foreign currency adjustment | 617 | 3 | 342 | — | — | 962 | |||||||||||||||||||
Balance at December 31, 2012: | |||||||||||||||||||||||||
Gross goodwill | 153,566 | 45,844 | 62,400 | — | — | 261,810 | |||||||||||||||||||
Accumulated impairment losses | (153,566 | ) | (45,269 | ) | — | (198,835 | ) | ||||||||||||||||||
— | 575 | 62,400 | — | — | 62,975 | ||||||||||||||||||||
Segment reorganization(1) | — | — | (62,400 | ) | 9,435 | 52,965 | — | ||||||||||||||||||
Other adjustments | — | — | (3 | ) | (15 | ) | (18 | ) | |||||||||||||||||
Foreign currency adjustment | — | 11 | — | 76 | 429 | 516 | |||||||||||||||||||
Balance at December 31, 2013: | |||||||||||||||||||||||||
Gross goodwill | — | 45,855 | — | 9,508 | 53,379 | 108,742 | |||||||||||||||||||
Accumulated impairment losses | — | (45,269 | ) | — | — | — | (45,269 | ) | |||||||||||||||||
$ | — | $ | 586 | $ | — | $ | 9,508 | $ | 53,379 | $ | 63,473 | ||||||||||||||
-1 | Reallocation of goodwill based on changes in reportable segments. Refer to footnote 19 for additional detail. | ||||||||||||||||||||||||
The significant assumptions and ranges of assumptions we used in our impairment analysis of goodwill follow: | |||||||||||||||||||||||||
Significant Assumptions | 2013 | 2012 | |||||||||||||||||||||||
Weighted-average cost of capital | 12.0% - 12.5% | 12.0% - 15.5% | |||||||||||||||||||||||
Residual growth rate | 3.00% | 3.00% | |||||||||||||||||||||||
During the fourth quarter of 2013 we performed our annual goodwill impairment testing. The test involved comparing the fair value of our new reporting units to their carrying value as of the measurement date of October 31, 2013. We performed step 1 of the annual impairment test as defined in ASC Topic 350, Intangibles — Goodwill and Other. The result of that test was that there were no indicators of impairment. | |||||||||||||||||||||||||
During 2012, deterioration in our forecast for our Electronic Materials reporting unit indicated that the carrying value of the Electronic Materials reporting unit exceeded its fair value. We estimated this fair value using the average of both the income approach and the market approach, resulting in a full impairment of its goodwill with an impairment charge of $153.6 million being included in restructuring and impairment charges in our statements of operations. | |||||||||||||||||||||||||
During 2011, our Tile Coating Systems reporting unit in our Performance Coatings segment experienced a decline in profitability, as well as a reduction in anticipated profitability levels, thereby decreasing the reporting unit’s fair value below its carrying value. As a result, a measurement of the reporting unit’s fair value indicated a full impairment of its goodwill. We estimated its fair value using the average of both the income approach and the market approach. An impairment loss of $3.9 million for the Performance Coatings segment has been included in restructuring and impairment charges in the consolidated statements of operations. | |||||||||||||||||||||||||
Fair Value | Fair Value Measurements Using | Total Gains | |||||||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | (Losses) | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Goodwill: | |||||||||||||||||||||||||
2012 | $ — | $ — | $ — | $ — | $ (153,566) | ||||||||||||||||||||
2011 | — | — | — | — | (3,881) | ||||||||||||||||||||
Details of amortizable intangible assets follow: | |||||||||||||||||||||||||
Estimated | December 31, | ||||||||||||||||||||||||
Economic Life | 2013 | 2012 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Gross amortizable intangible assets: | |||||||||||||||||||||||||
Patents | 10 - 16 years | $ | 5,634 | $ | 5,560 | ||||||||||||||||||||
Land rights | 20 - 40 years | 5,172 | 5,078 | ||||||||||||||||||||||
Technological know-how and other | 5 - 30 years | 15,996 | 16,710 | ||||||||||||||||||||||
Total gross amortizable intangible assets | 26,802 | 27,348 | |||||||||||||||||||||||
Accumulated amortization: | |||||||||||||||||||||||||
Patents | (4,880 | ) | (4,659 | ) | |||||||||||||||||||||
Land rights | (2,529 | ) | (2,391 | ) | |||||||||||||||||||||
Technological know-how and other | (6,366 | ) | (5,888 | ) | |||||||||||||||||||||
Total accumulated amortization | (13,775 | ) | (12,938 | ) | |||||||||||||||||||||
Amortizable intangible assets, net | $ | 13,027 | $ | 14,410 | |||||||||||||||||||||
In the fourth quarter of 2013, we began to explore options related to the sale of an intangible asset associated with our grinding fluids operations, and determined it was more likely than not that the intangible asset would be disposed of significantly before the end of its previously determined useful life. At December 31, 2013, the net book value of the intangible asset was approximately $2.1 million and it had a remaining useful life of approximately 11 years. We performed the analysis required under ASC Topic 350 Intangibles — Goodwill and Other, and concluded under step 1 that the carrying value of the intangible asset was not recoverable. Further analysis under step 2 resulted in an impairment of $2.1 million. The fair value of the asset was determined utilizing the market approach based on bona fide third party offers for the asset, a level 3 classification in the fair value hierarchy. | |||||||||||||||||||||||||
Description | Fair Value | Fair Value Measurements Using | Total Gains | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | (Losses) | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Amortizable intangible asset: | |||||||||||||||||||||||||
2013 | $ | — | $ | — | $ | — | $ | — | $ | (2,102) | |||||||||||||||
We amortize amortizable intangible assets on a straight-line basis over the estimated useful lives of the assets. Amortization expense related to amortizable intangible assets was $2.5 million for 2013, $1.9 million for 2012, and $1.0 million for 2011. Aggregate amortization expense for amortizable intangible assets is expected to be approximately $1.6 million annually for 2014 through 2016 and approximately $1.0 million annually for 2017 and 2018. |
Debt_and_Other_Financing
Debt and Other Financing | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt and Other Financing | ' | ||||||||
6 | Debt and Other Financing | ||||||||
Loans payable and current portion of long-term debt at December 31st consisted of the following: | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Loans payable to banks | $ | 2,062 | $ | 2,477 | |||||
Domestic accounts receivable asset securitization program | 41,000 | 40,000 | |||||||
International accounts receivable sales programs | — | 6,122 | |||||||
Current portion of long-term debt | 1,168 | 36,553 | |||||||
Total loans payable and current portion of long-term debt | $ | 44,230 | $ | 85,152 | |||||
Long-term debt at December 31st consisted of the following: | |||||||||
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 | 9,204 | 2,596 | |||||||
Capitalized lease obligations (see Note 14) | 5,816 | 6,433 | |||||||
Other notes | 3,617 | 4,731 | |||||||
Total long-term debt | 268,637 | 298,177 | |||||||
Current portion | (1,168 | ) | (36,553 | ) | |||||
Long-term debt, less current portion | $ | 267,469 | $ | 261,624 | |||||
The annual maturities of long-term debt for each of the five years after December 31, 2013, were as follows: | |||||||||
(Dollars in | |||||||||
thousands) | |||||||||
2014 | $ | 1,555 | |||||||
2015 | 10,955 | ||||||||
2016 | 1,407 | ||||||||
2017 | 1,235 | ||||||||
2018 | 251,063 | ||||||||
Thereafter | 4,673 | ||||||||
Total maturities of long-term debt | 270,888 | ||||||||
Imputed interest and executory costs on capitalized lease obligations | (2,251 | ) | |||||||
Total long-term debt | $ | 268,637 | |||||||
Receivable Sales Programs | |||||||||
We have an asset securitization program for Ferro’s U.S. trade accounts receivable. We sell undivided variable percentage 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. The purchasers have no recourse to Ferro’s other assets for failure of payment of the receivables as a result of the lack of creditworthiness, or financial inability to pay, of the related obligor. In May 2013, we extended the maturity of this credit facility through May 2014. At December 31, 2013, advances received of $41.0 million were secured by $63.8 million of accounts receivable. After reductions for any non-qualifying receivables and outstanding letters of credit, we had additional borrowings available under the program of $0.6 million at December 31, 2013, and $9.0 million at December 31, 2012. During the third quarter 2013, we amended the agreement to account for changes in the underlying funding source for the securitization process. 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 December 31, 2013, the interest rate was 0.6%. | |||||||||
Ferro Finance Corporation (“FFC”), a wholly-owned, consolidated subsidiary, holds Ferro’s U.S. trade accounts receivable. The program contains operating covenants that limit FFC’s ability to engage in certain activities, including borrowings, creation of liens, mergers, and investing in other companies. The program also requires FFC and Ferro to provide periodic financial statements and reports on the accounts receivable and limits our ability to make significant changes in receivable collection practices. In addition, FFC is required to maintain a minimum tangible net worth. The program is subject to customary termination events, including nonperformance, deterioration in the quality of the accounts receivable pool, and cross-default provisions with Ferro’s 2013 revolving credit facility (described below) and other debt obligations with principal outstanding of at least $5 million. If a termination event occurs and is not cured, the program may be terminated or a third party may be selected to act as administrator in collecting the accounts receivable. | |||||||||
In 2011, we entered into 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. During the fourth quarter of 2013, the international factoring programs expired and were not renewed. Ferro had no commitments supporting these programs at December 31, 2013, and $18.5 million at December 31, 2012. There were no advances at December 31, 2013, and $6.1 million at December 31, 2012 was secured by $9.3 million of accounts receivables at December 31, 2012. Additional borrowings available under the programs was $0.2 million at December 31, 2012. The interest rates under these programs are based on EURIBOR rates plus 1.75%. | |||||||||
7.875% Senior Notes | |||||||||
In 2010, we issued $250 million of 7.875% Senior Notes due 2018 (the “Senior Notes”). The Senior Notes were issued at par and bear interest at a rate of 7.875% per year, payable semi-annually in arrears on February 15 and August 15 of each year. | |||||||||
The Senior Notes mature on August 15, 2018. We may 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 1.0% 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; or (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, without limitation, 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 December 31, 2013, we were in compliance with the covenants under the Senior Notes’ indenture. | |||||||||
6.50% Convertible Senior Notes | |||||||||
In 2008, Ferro issued $172.5 million of 6.50% Convertible Senior Notes due 2013 (the “Convertible Notes”). The Convertible Notes bear interest at a rate of 6.5% per year, payable semi-annually in arrears on February 15 and August 15 of each year. | |||||||||
The 6.50% Convertible Notes were repaid at maturity on August 15, 2013. The principal amount outstanding at maturity was $35.1 million. | |||||||||
Revolving Credit Facilities | |||||||||
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 2012, we amended the 2010 Credit Facility (the “2012 Amended Credit Facility”) primarily to provide additional operating flexibility. | |||||||||
In March 2013, we again 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 to the levels stated below. | ||||||||
• | 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 borrowings and outstanding letters of credit secured by these facilities, we had $235.3 million of additional borrowings available at December 31, 2013, and $343.2 million at December 31, 2012. 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 December 31, 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. The covenants include requirements for a leverage ratio, an interest coverage ratio, and capital expenditures as follows: | |||||||||
• | The leverage ratio must be less than (i) 4.25 to 1.00 the first, second and third quarters of 2013 and (ii) 4.00 to 1.00 in the fourth quarter of 2013 and first quarter of 2014, (iii) 3.75 to 1.00 for the second and third quarters of 2014, and (iv) 3.50 to 1.00 thereafter. In the leverage ratio, the numerator is total debt, which consists of borrowings and certain letters of credit outstanding on the 2013 Amended Credit Facility and our international facilities, the principal amount outstanding on our senior notes, capitalized lease obligations, and amounts outstanding on our domestic receivables sales programs. The denominator is the sum of earnings before interest, income taxes, depreciation, and amortization (“EBITDA”), and as adjusted for certain special charges over the last four fiscal quarters. | ||||||||
• | The interest coverage ratio must be not less than (i) 3.00 for the first quarter of 2013 and thereafter. In the interest coverage ratio, the numerator is EBITDA and the denominator is cash paid for interest expense and certain other financing expenses. | ||||||||
• | Capital expenditures are limited to (i) $20.0 million for the three months ended June 30, 2012, (ii) $35.0 million for the six months ended September 30, 2012, (iii) $50.0 million for the nine months ended December 31, 2012. Currently, (i) $65.0 million for the twelve months ended March 31, 2013, and (ii) $65.0 million for the 2013 fiscal year and each fiscal year thereafter. Certain unused capital expenditures will be permitted to be carried forward to the following fiscal year. | ||||||||
Our ability to meet these covenants is primarily driven by our EBITDA; our total debt; our interest payments; and our capital expenditures. Our total debt is primarily driven by cash flow items, including net income before amortization, depreciation, and other noncash charges; our capital expenditures; requirements for deposits from participants in our precious metals consignment program; our customers’ ability to make payments for purchases and the timing of such payments; and our ability to manage inventory and other working capital items. Our interest payments are driven by our debt level, external fees, and interest rates, primarily the Prime rate and LIBOR. Our capital expenditures are driven by our desire to invest in growth opportunities, to maintain existing property, plant and equipment, and to meet environmental, health and safety requirements. At December 31, 2013, we were in compliance with the covenants of the 2013 Amended Credit Facility. | |||||||||
Our ability to pay common stock dividends is limited by certain covenants in our 2013 Amended Credit Facility and the bond indenture governing the Senior Notes. The covenant in our 2013 Amended Credit Facility is the more limiting of the two covenants and limits our ability to make restricted payments, which include, but are not limited to, common stock dividends and the repurchase of equity interests. We are not permitted to make restricted payments in excess of $30 million in any calendar year. However, if we make less than $30 million of restricted payments in any calendar year, the unused amount can be carried over for restricted payments in future years, provided that the maximum amount of restricted payments in any calendar year does not exceed $60 million. | |||||||||
Other Financing Arrangements | |||||||||
We maintain other lines of credit to provide global flexibility for Ferro’s short-term liquidity requirements. These facilities are uncommitted lines for our international operations and totaled $17.1 million at December 31, 2013, and $21.5 million at December 31, 2012. The unused portions of these lines provided additional liquidity of $10.1 million at December 31, 2013, and $9.1 million at December 31, 2012. |
Financial_Instruments
Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Investments All Other Investments [Abstract] | ' | ||||||||||||||||||||||||||||
Financial Instruments | ' | ||||||||||||||||||||||||||||
7 | Financial Instruments | ||||||||||||||||||||||||||||
The following financial instrument assets (liabilities) are presented at carrying amount, fair value and classification within the fair value hierarchy: | |||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | Amount | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 28,328 | $ | 28,328 | $ | 28,328 | $ | — | $ | — | $ | 29,576 | $ | 29,576 | |||||||||||||||
Loans payable | (43,062 | ) | (43,062 | ) | — | (43,062 | ) | — | (48,599 | ) | (48,599 | ) | |||||||||||||||||
7.875% Senior Notes | (250,000 | ) | (266,250 | ) | (266,250 | ) | — | — | (250,000 | ) | (231,500 | ) | |||||||||||||||||
6.50% Convertible Senior Notes, net of unamortized discounts | — | — | — | — | — | (34,417 | ) | (34,803 | ) | ||||||||||||||||||||
Revolving credit facility | (9,204 | ) | (9,496 | ) | — | (9,496 | ) | — | (2,596 | ) | (2,634 | ) | |||||||||||||||||
Other long-term notes | (3,617 | ) | (2,988 | ) | — | (2,988 | ) | — | (4,731 | ) | (3,937 | ) | |||||||||||||||||
Foreign currency forward contracts, net | (2,255 | ) | (2,255 | ) | — | (2,255 | ) | — | (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 loans payable are based on the present value of expected future cash flows and approximate their carrying amounts due to the short periods to maturity. The fair value of the 7.875% Senior Notes is based on trades in an active market. At December 31, 2013, the quoted market price was $106.50 per $100 reflecting a yield of 6.23%. The fair value of the 6.50% Convertible Notes was historically based on third-party estimated bid prices. The fair values of the revolving credit facility and the other long-term notes are based on the present value of expected future cash flows and assumptions about current interest rates and the creditworthiness of the Company that market participants would use in pricing the debt. | |||||||||||||||||||||||||||||
Derivative Instruments | |||||||||||||||||||||||||||||
Foreign currency forward contracts. We manage foreign currency risks principally by entering into forward contracts to mitigate the impact of currency fluctuations on transactions. These forward contracts are not formally designated as hedges. Gains and losses on these foreign currency forward contracts are netted with gains and losses from currency fluctuations on transactions arising from international trade and reported as foreign currency losses, net in the consolidated statements of operations. Net foreign currency loss was approximately $4.2 million in 2013, $2.2 million in 2012, and $4.8 million in 2011, 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, such as timing of transactions. We incurred net losses of $8.1 million in 2013, and recognized net gains of $0.5 million in 2012 respectively, arising from the change in fair value of our financial instruments, which offset the related net gains and losses on international trade transactions of approximately the same amounts. The fair values of these contracts are based on market prices for comparable contracts. The notional amount of foreign currency forward contracts was $244.9 million at December 31, 2013, and $250.7 million at December 31, 2012. | |||||||||||||||||||||||||||||
The following table presents the effect on our consolidated statements of operations of foreign currency forward contracts: | |||||||||||||||||||||||||||||
Amount of (Loss) Gain | Location of (Loss) Gain in Income | ||||||||||||||||||||||||||||
Recognized in Income | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Foreign currency forward contracts | $ | (8,060) | $ | 474 | Foreign currency losses, net | ||||||||||||||||||||||||
The following table presents the fair value on our consolidated balance sheets at December 31st of foreign currency forward contracts: | |||||||||||||||||||||||||||||
2013 | 2012 | Balance Sheet Location | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Asset derivatives: | |||||||||||||||||||||||||||||
Foreign currency forward contracts | $ | 186 | $ | — | Other current assets | ||||||||||||||||||||||||
Foreign currency forward contracts | — | 213 | Accrued expenses and other current liabilities | ||||||||||||||||||||||||||
Total fair value | $ | 186 | $ | 213 | |||||||||||||||||||||||||
Liability derivatives: | |||||||||||||||||||||||||||||
Foreign currency forward contracts | $ | (2,441 | ) | $ | (4,971 | ) | Accrued expenses and other current liabilities | ||||||||||||||||||||||
Total fair value | $ | (2,441) | $ | (4,971) | |||||||||||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
8 | Income Taxes | ||||||||||||
Income tax (benefit) expense is based on our earnings (losses) before income taxes as presented in the following table: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
U.S. | $ | 98,839 | $ | (218,314 | ) | $ | 23,862 | ||||||
Foreign | (3,106 | ) | (47,026 | ) | (2,772 | ) | |||||||
Total | $ | 95,733 | $ | (265,340 | ) | $ | 21,090 | ||||||
Our income tax expense (benefit) consists of the following components: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Current: | |||||||||||||
U.S. federal | $ | (10,370) | $ | (1,825) | $ | (11,250) | |||||||
Foreign | 17,219 | 2,525 | 8,704 | ||||||||||
State and local | 165 | 575 | 517 | ||||||||||
Total current | 7,014 | 1,275 | (2,029 | ) | |||||||||
Deferred: | |||||||||||||
U.S. federal | 12,145 | 77,875 | 18,380 | ||||||||||
Foreign | (4,292 | ) | 21,399 | 2,944 | |||||||||
State and local | — | 8,301 | (1,163 | ) | |||||||||
Total deferred | 7,853 | 107,575 | 20,161 | ||||||||||
Total income tax expense | $ | 14,867 | $ | 108,850 | $ | 18,132 | |||||||
In addition, income tax (benefit) expense that we allocated directly to Ferro Corporation shareholders’ equity is detailed in the following table: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Foreign currency translation adjustments | $ | — | $ | 144 | $ | 38 | |||||||
Postretirement benefit liability adjustments | (244 | ) | (140 | ) | (139 | ) | |||||||
Stock options exercised | — | 249 | (1,184 | ) | |||||||||
Total income tax (benefit) expense allocated to Ferro Corporation shareholders’ equity | $ | (244) | $ | 253 | $ | (1,285) | |||||||
A reconciliation of the U.S. federal statutory income tax rate and our effective tax rate follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. federal statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Adjustment of valuation allowance | (28.4 | ) | (68.9 | ) | 52.8 | ||||||||
State taxes | 0.1 | 2 | 3.7 | ||||||||||
Goodwill dispositions and impairments | (0.2 | ) | (4.2 | ) | 3.5 | ||||||||
Uncertain tax positions | 0.3 | (0.1 | ) | 3.3 | |||||||||
Foreign tax rate difference | 0.3 | (1.0 | ) | 0.2 | |||||||||
Research and development credit | — | 0.2 | (10.9 | ) | |||||||||
Domestic production activities deduction | — | — | (5.8 | ) | |||||||||
Net adjustment of prior-year accrual | 1.6 | (1.0 | ) | (1.9 | ) | ||||||||
U.S. tax cost of foreign dividends | 1.3 | (0.2 | ) | (0.2 | ) | ||||||||
Stock options | — | — | (0.4 | ) | |||||||||
Medicare subsidy | — | — | (0.2 | ) | |||||||||
Book to tax difference on sale of asset | (2.4 | ) | — | ||||||||||
Expired tax credits | 7.2 | (1.5 | ) | — | |||||||||
Miscellaneous | 0.7 | (1.3 | ) | 6.9 | |||||||||
Effective tax rate | 15.5 | % | (41.0 | )% | 86 | % | |||||||
We have refundable income taxes of $3.6 million at December 31, 2013, and $9.8 million at December 31, 2012, classified as other receivables on our balance sheets. We also have income taxes payable of $1.0 million at December 31, 2013, and $2.5 million at December 31, 2012, classified as accrued expenses and other current liabilities on our balance sheets. | |||||||||||||
The components of deferred tax assets and liabilities at December 31st were: | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Pension and other benefit programs | $ | 31,545 | $ | 68,522 | |||||||||
Foreign operating loss carryforwards | 62,256 | 66,993 | |||||||||||
Domestic operating loss carryforwards | 17,484 | — | |||||||||||
Foreign tax credit carryforwards | 30,322 | 29,188 | |||||||||||
Other credit carryforwards | 16,294 | 14,259 | |||||||||||
Capitalized research costs | 3,578 | 5,409 | |||||||||||
Accrued liabilities | 18,066 | 16,414 | |||||||||||
State operating loss carryforwards | 8,956 | 4,258 | |||||||||||
Allowance for doubtful accounts | 3,062 | 2,937 | |||||||||||
Property, equipment and intangibles — depreciation and amortization | 9,932 | 18,613 | |||||||||||
Capitalized interest | 4,903 | 4,712 | |||||||||||
Inventories | 3,756 | 5,656 | |||||||||||
Other | 7,979 | 10,103 | |||||||||||
Total deferred tax assets | 218,133 | 247,064 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Convertible debt instruments | — | 227 | |||||||||||
Unremitted earnings of foreign subsidiaries | 1,795 | 1,363 | |||||||||||
Other | 357 | 767 | |||||||||||
Total deferred tax liabilities | 2,152 | 2,357 | |||||||||||
Net deferred tax assets before valuation allowance | 215,981 | 244,707 | |||||||||||
Valuation allowance | (193,984 | ) | (216,882 | ) | |||||||||
Net deferred tax assets | $ | 21,997 | $ | 27,825 | |||||||||
The amounts of foreign operating loss carryforwards, foreign tax credit carryforwards, and other credit carryforwards included in the table of temporary differences are net of reserves for unrecognized tax benefits. | |||||||||||||
At December 31, 2013, we had $21.1 million of tax benefits from state operating loss carryforwards and $71.9 million from foreign operating loss carryforwards, some of which can be carried forward indefinitely and others expire in one to twenty years. At December 31, 2013, we had $62.0 million of tax benefits from tax credit carryforwards, some of which can be carried forward indefinitely. These operating loss carryforwards and tax credit carryforwards expire as follows: | |||||||||||||
Operating Loss | Tax Credit | ||||||||||||
Carryforwards | Carryforwards | ||||||||||||
(Dollars in thousands) | |||||||||||||
Expiring in: | |||||||||||||
2014 | $ | 5,108 | $ | 4,901 | |||||||||
2015-2019 | 20,567 | 32,516 | |||||||||||
2020-2024 | 2,889 | 13,360 | |||||||||||
2025-2029 | 7,146 | 7,864 | |||||||||||
2030-2034 | 17,623 | 1,314 | |||||||||||
2035-Indefinitely | 39,716 | 2,068 | |||||||||||
Total | $ | 93,049 | $ | 62,023 | |||||||||
We assess the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant piece of objective negative evidence evaluated by jurisdiction is cumulative loss incurred over the three-year period ended December 31, 2013. Such objective evidence limits the ability to consider other subjective evidence, such as our projections for future income. | |||||||||||||
Based on this assessment, the Company has recorded a valuation allowance of $194.0 million in order to measure only the portion of the deferred tax asset that more likely than not will be realized. The decrease in valuation allowances in 2013 was driven by release of valuation allowances related to deferred tax assets that were utilized or expired in the current year offset by additions to operating losses in certain jurisdictions where it is not more likely than not that these assets will be realized. | |||||||||||||
We classified net deferred income tax assets as of December 31st as detailed in the following table: | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Current assets | $ | 6,584 | $ | 7,995 | |||||||||
Non-current assets | 19,451 | 21,554 | |||||||||||
Current liabilities | (1,660 | ) | (950 | ) | |||||||||
Non-current liabilities | (2,378 | ) | (774 | ) | |||||||||
Net deferred tax assets | $ | 21,997 | $ | 27,825 | |||||||||
Activity and balances of unrecognized tax benefits are summarized below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Balance at beginning of year | $ | 28,686 | $ | 32,131 | $ | 33,455 | |||||||
Additions based on tax positions related to the current year | 3,701 | 4,567 | 1,886 | ||||||||||
Additions for tax positions of prior years | 8,524 | 560 | 487 | ||||||||||
Reductions for tax positions of prior years | (153 | ) | (354 | ) | (167 | ) | |||||||
Reductions as a result of expiring statutes of limitations | (449 | ) | (5,272 | ) | (2,455 | ) | |||||||
Foreign currency translation of non-U.S. dollar denominated reserves | 292 | 222 | (449 | ) | |||||||||
Settlements with taxing authorities | (1,862 | ) | (3,168 | ) | (626 | ) | |||||||
Balance at end of year | $ | 38,739 | $ | 28,686 | $ | 32,131 | |||||||
Additions for tax positions of prior years for 2013 in the above table are primarily comprised of immaterial prior period adjustments recorded in the current year. The impact in the 2013 income tax provision for these prior period adjustments is $3.4 million. | |||||||||||||
The total amount of unrecognized tax benefits that, if recognized, would affect the effective rate was $13.2 million at December 31, 2013, and $12.9 million at December 31, 2012. The Company recognizes interest accrued and penalties related to unrecognized tax benefits as part of income tax expense. The Company recognized $1.3 million of expense in 2013, $0.3 million of benefit in 2012, and $0.3 million of benefit in 2011 for interest, net of tax, and penalties. The Company accrued $2.3 million at December 31, 2013, and $1.3 million at December 31, 2012, for payment of interest, net of tax, and penalties. | |||||||||||||
We anticipate that $6.6 million of liabilities for unrecognized tax benefits, including accrued interest and penalties, may be reversed within the next 12 months. These liabilities relate to international tax issues and are expected to reverse due to the expiration of the applicable statute of limitations periods and the anticipation of the closure of tax examinations. | |||||||||||||
The Company conducts business globally, and, as a result, the U.S. parent company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the U.S. parent company and its subsidiaries are subject to examination by taxing authorities throughout the world. With few exceptions, we are not subject to U.S. federal, foreign, or state and local income tax examinations for years before 2004. | |||||||||||||
At December 31, 2013, we provided $1.8 million for deferred income taxes on $12.3 million of undistributed earnings of foreign subsidiaries. We have not provided deferred income taxes on undistributed earnings of approximately $101.7 million, since we intend to indefinitely reinvest the earnings and it is not practicable to estimate the additional taxes that might be payable on the eventual remittance of such earnings. |
Contingent_Liabilities
Contingent Liabilities | 12 Months Ended | |
Dec. 31, 2013 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Contingent Liabilities | ' | |
9 | Contingent Liabilities | |
The Company had bank guarantees and standby letters of credit issued by financial institutions that totaled $10.1 million at December 31, 2013, and $9.7 million at December 31, 2012. These agreements primarily relate to Ferro’s insurance programs, foreign energy purchase contracts and foreign tax payments. If the Company fails to perform its obligations, the guarantees and letters of credit may be drawn down by their holders, and we would be liable to the financial institutions for the amounts drawn. | ||
We have recorded environmental liabilities of $9.7 million at December 31, 2013, and $9.6 million at December 31, 2012, for costs associated with the remediation of certain of our properties that have been contaminated. The balance at December 31, 2013 was primarily comprised of liabilities related to a non-operating facility in Brazil, and for environmental obligations that we retained related to a site in the United States from the sale of our North American and Asian metal powders product lines during the fourth quarter of 2013. 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. | ||
In the fourth quarter of 2013, the Supreme Court in Argentina ruled unfavorably related to certain export taxes associated with a divested operation. As a result of this ruling, we recorded a $6.8 million liability. The liability that has been recorded at December 31, 2013 represents our estimate of the amount that is probable and estimable. | ||
There are various lawsuits and claims pending against the Company and its consolidated 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 | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Retirement Benefits | ' | ||||||||||||||||||||||||
10 | Retirement Benefits | ||||||||||||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||||||||
Service cost | $ | 19 | $ | 16 | $ | 16 | $ | 2,095 | $ | 1,995 | $ | 2,095 | |||||||||||||
Interest cost | 18,123 | 19,469 | 20,468 | 4,927 | 5,344 | 5,525 | |||||||||||||||||||
Expected return on plan assets | (24,730 | ) | (20,631 | ) | (20,601 | ) | (2,994 | ) | (3,022 | ) | (3,137 | ) | |||||||||||||
Amortization of prior service cost (credit) | 13 | 48 | 73 | 29 | 2 | (142 | ) | ||||||||||||||||||
Mark-to-market actuarial net (gains) losses | (63,405 | ) | 20,125 | 49,866 | (2,506 | ) | 9,529 | 4,578 | |||||||||||||||||
Curtailment and settlement effects | — | — | — | (632 | ) | (2,524 | ) | 23 | |||||||||||||||||
Special termination benefits | — | — | — | 96 | 2 | 3 | |||||||||||||||||||
Total net periodic benefit (income) cost | $ | (69,980) | $ | 19,027 | $ | 49,822 | $ | 1,015 | $ | 11,326 | $ | 8,945 | |||||||||||||
Weighted-average assumptions: | |||||||||||||||||||||||||
Discount rate | 4.3 | % | 5.1 | % | 5.85 | % | 4 | % | 5.01 | % | 5.51 | % | |||||||||||||
Rate of compensation increase | N/A | N/A | N/A | 2.89 | % | 3.03 | % | 3.44 | % | ||||||||||||||||
Expected return on plan assets | 8.2 | % | 8.2 | % | 8.5 | % | 4.45 | % | 4.86 | % | 5.6 | % | |||||||||||||
In 2013, the mark-to-market actuarial net gain for U.S. plans consisted of actuarial gains of $38.0 million primarily due to an increase in the discount rate, in addition to $25.6 million of gains from actual returns on plan assets exceeding expected returns. The mark-to-market actuarial net gains for non-U.S. plans consisted of actuarial gains of $0.6 million, primarily due to an increase in the discount rate, in addition to $1.9 million of gains from actual returns on plan assets exceeding expectations. Also in 2013, we recorded curtailment gains related to the cessation of retirement benefit accumulations in Japan. | |||||||||||||||||||||||||
In 2012, the mark-to-market actuarial net loss for U.S. plans consisted of actuarial losses of $39.0 million primarily due to a decrease in the discount rate, partially offset by $18.9 million of gains from actual returns on plan assets exceeding expectations. The mark-to-market actuarial net loss for non-U.S. plans consisted of actuarial losses of $15.7 million primarily due to a decrease in the discount rate, partially offset by $6.2 million of gains from actual returns on plan assets exceeding expectations. Also in 2012, we recorded curtailment gains related to the cessation of retirement benefit accumulations in the Netherlands. The affected employees in the Netherlands now receive benefits through a defined contribution plan. | |||||||||||||||||||||||||
For U.S. plans in 2011, the improvement through December 2010 in the valuation of pension investments increased the amount of our expected return on plan assets. The mark-to-market actuarial net loss consisted of actuarial losses of $32.6 million primarily due to a decrease in the discount rate and $17.3 million of losses from expected returns exceeding actual returns on plan assets. For non-U.S. plans in 2011, curtailments and settlements in 2010 decreased benefit obligations, which reduced interest cost. These curtailments and settlements also decreased plan assets, which reduced expected returns. The mark-to-market actuarial net loss consisted of actuarial losses of $5.7 million primarily due to a decrease in the discount rate, partially offset by $0.9 million of gains from actual returns on plan assets exceeding expectations. | |||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 428,584 | $ | 392,820 | $ | 126,967 | $ | 110,674 | |||||||||||||||||
Service cost | 19 | 16 | 2,095 | 1,995 | |||||||||||||||||||||
Interest cost | 18,123 | 19,469 | 4,927 | 5,344 | |||||||||||||||||||||
Curtailments | — | — | (369 | ) | (1,617 | ) | |||||||||||||||||||
Settlements | — | — | (2,175 | ) | (2,984 | ) | |||||||||||||||||||
Special termination benefits | — | — | 97 | 2 | |||||||||||||||||||||
Plan participants’ contributions | — | — | 27 | 133 | |||||||||||||||||||||
Benefits paid | (22,179 | ) | (22,693 | ) | (4,063 | ) | (5,176 | ) | |||||||||||||||||
Actuarial (gain) loss | (37,829 | ) | 38,972 | (619 | ) | 15,691 | |||||||||||||||||||
Exchange rate effect | — | — | 2,839 | 2,905 | |||||||||||||||||||||
Benefit obligation at end of year | $ | 386,718 | $ | 428,584 | $ | 129,726 | $ | 126,967 | |||||||||||||||||
Accumulated benefit obligation at end of year | $ | 386,718 | $ | 428,584 | $ | 129,726 | $ | 119,777 | |||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 302,575 | $ | 261,715 | $ | 70,004 | $ | 62,554 | |||||||||||||||||
Actual return on plan assets | 50,306 | 39,479 | 4,924 | 9,309 | |||||||||||||||||||||
Employer contributions | 23,968 | 24,074 | 3,749 | 3,903 | |||||||||||||||||||||
Plan participants’ contributions | — | — | 27 | 133 | |||||||||||||||||||||
Benefits paid | (22,179 | ) | (22,693 | ) | (4,063 | ) | (5,176 | ) | |||||||||||||||||
Effect of settlements | — | — | (2,175 | ) | (2,984 | ) | |||||||||||||||||||
Exchange rate effect | — | — | 1,144 | 2,265 | |||||||||||||||||||||
Fair value of plan assets at end of year | $ | 354,670 | $ | 302,575 | $ | 73,610 | $ | 70,004 | |||||||||||||||||
Amounts recognized in the balance sheet: | |||||||||||||||||||||||||
Other non-current assets | $ | — | $ | — | $ | 6,909 | $ | 5,024 | |||||||||||||||||
Accrued expenses and other current liabilities | (542 | ) | (365 | ) | (1,946 | ) | (1,906 | ) | |||||||||||||||||
Postretirement and pension liabilities | (31,506 | ) | (125,644 | ) | (61,081 | ) | (60,082 | ) | |||||||||||||||||
Funded status | $ | (32,048 | ) | $ | (126,009 | ) | $ | (56,118 | ) | $ | (56,964 | ) | |||||||||||||
U.S. Plans | Non-U.S. Plans | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Weighted-average assumptions as of December 31: | |||||||||||||||||||||||||
Discount rate | 5.25 | % | 4.3 | % | 4.12 | % | 4 | % | |||||||||||||||||
Rate of compensation increase | N/A | N/A | 2.88 | % | 2.83 | % | |||||||||||||||||||
Pension plans with benefit obligations in excess of plan assets: | |||||||||||||||||||||||||
Benefit obligations | $ | 386,718 | $ | 428,584 | $ | 91,116 | $ | 89,017 | |||||||||||||||||
Plan assets | 354,670 | 302,575 | 28,089 | 27,029 | |||||||||||||||||||||
Pension plans with accumulated benefit obligations in excess of plan assets: | |||||||||||||||||||||||||
Projected benefit obligations | $ | 386,718 | $ | 428,584 | $ | 90,882 | $ | 88,783 | |||||||||||||||||
Accumulated benefit obligations | 386,718 | 428,584 | 85,565 | 82,462 | |||||||||||||||||||||
Plan assets | 354,670 | 302,575 | 27,868 | 26,824 | |||||||||||||||||||||
Activity and balances in accumulated other comprehensive income (loss) related to defined benefit pension plans are summarized below: | |||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Prior service (cost) credit: | |||||||||||||||||||||||||
Balance at beginning of year | $ | (55 | ) | $ | (103 | ) | $ | (103 | ) | $ | 954 | ||||||||||||||
Amounts recognized as net periodic benefit costs | 13 | 48 | (328 | ) | (780 | ) | |||||||||||||||||||
Exchange rate effects | — | — | (229 | ) | (277 | ) | |||||||||||||||||||
Balance at end of year | $ | (42 | ) | $ | (55 | ) | $ | (660 | ) | $ | (103 | ) | |||||||||||||
Estimated amounts to be amortized in 2014 | $ | (12 | ) | $ | (63 | ) | |||||||||||||||||||
The overall investment objective for defined benefit pension plan assets is to achieve the highest level of investment return that is compatible with prudent investment practices, asset class risk and current and future benefit obligations of the plans. Based on the potential risks and expected returns of various asset classes, the Company establishes asset allocation ranges for major asset classes. For U.S. plans, the target allocations are 35% fixed income, 60% equity, and 5% other investments. For non-U.S. plans, the target allocations are 75% fixed income, 24% equity, and 1% other investments. The Company invests in funds and with asset managers that track broad investment indices. The equity funds generally capture the returns of the equity markets in the U.S., Europe, Japan, and Asia-Pacific and also reflect various investment styles, such as growth, value, and large or small capitalization. The fixed income funds generally capture the returns of government and investment-grade corporate fixed income securities in the U.S. and Europe and also reflect various durations of these securities. | |||||||||||||||||||||||||
We base the expected return on plan assets at the beginning of the year on the weighted-average expected return for the target asset allocations of the major asset classes held by each plan. In determining the expected return, the Company considers both historical performance and an estimate of future long-term rates of return. The Company consults with and considers the opinion of its actuaries in developing appropriate return assumptions. | |||||||||||||||||||||||||
The fair values of our pension plan assets at December 31, 2013, by asset category are as follows: | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
U.S. plans: | |||||||||||||||||||||||||
Fixed income: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 7,574 | $ | — | $ | — | $ | 7,574 | |||||||||||||||||
Guaranteed deposits | — | 2,054 | — | 2,054 | |||||||||||||||||||||
U.S. government agencies | 15,048 | — | — | 15,048 | |||||||||||||||||||||
Mutual funds | 84,650 | — | — | 84,650 | |||||||||||||||||||||
Commingled funds | 1,328 | 468 | 1,796 | ||||||||||||||||||||||
Equities: | |||||||||||||||||||||||||
U.S. common stocks | 3,632 | — | — | 3,632 | |||||||||||||||||||||
Mutual funds | 222,363 | — | — | 222,363 | |||||||||||||||||||||
Commingled funds | — | 1,875 | — | 1,875 | |||||||||||||||||||||
Real estate | — | — | 15,678 | 15,678 | |||||||||||||||||||||
Total | $ | 333,267 | $ | 5,257 | $ | 16,146 | $ | 354,670 | |||||||||||||||||
Non-U.S. plans: | |||||||||||||||||||||||||
Fixed income: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 686 | $ | — | $ | — | $ | 686 | |||||||||||||||||
Guaranteed deposits | — | 2,614 | 22,985 | 25,599 | |||||||||||||||||||||
Mutual funds | 497 | — | — | 497 | |||||||||||||||||||||
Commingled funds | — | 22,896 | — | 22,896 | |||||||||||||||||||||
Other | 4,181 | — | — | 4,181 | |||||||||||||||||||||
Equities: | |||||||||||||||||||||||||
Mutual funds | 465 | — | — | 465 | |||||||||||||||||||||
Commingled funds | — | 18,369 | — | 18,369 | |||||||||||||||||||||
Real estate | — | — | 484 | 484 | |||||||||||||||||||||
Other assets | 232 | — | 201 | 433 | |||||||||||||||||||||
Total | $ | 6,061 | $ | 43,879 | $ | 23,670 | $ | 73,610 | |||||||||||||||||
The fair values of our pension plan assets at December 31, 2012, by asset category are as follows: | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
U.S. plans: | |||||||||||||||||||||||||
Fixed income: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 7 | $ | — | $ | — | $ | 7 | |||||||||||||||||
Guaranteed deposits | — | 2,208 | — | 2,208 | |||||||||||||||||||||
U.S. government agencies | 18,256 | — | — | 18,256 | |||||||||||||||||||||
Mutual funds | 84,041 | — | — | 84,041 | |||||||||||||||||||||
Commingled funds | — | 1,400 | 675 | 2,075 | |||||||||||||||||||||
Equities: | |||||||||||||||||||||||||
U.S. common stocks | 1,775 | — | — | 1,775 | |||||||||||||||||||||
Mutual funds | 184,528 | — | — | 184,528 | |||||||||||||||||||||
Commingled funds | — | 1,710 | — | 1,710 | |||||||||||||||||||||
Real estate | — | — | 7,975 | 7,975 | |||||||||||||||||||||
Total | $ | 288,607 | $ | 5,318 | $ | 8,650 | $ | 302,575 | |||||||||||||||||
Non-U.S. plans: | |||||||||||||||||||||||||
Fixed income: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,071 | $ | — | $ | — | $ | 1,071 | |||||||||||||||||
Guaranteed deposits | — | 3,561 | 20,589 | 24,150 | |||||||||||||||||||||
Mutual funds | 373 | — | — | 373 | |||||||||||||||||||||
Commingled funds | — | 22,218 | — | 22,218 | |||||||||||||||||||||
Other | 3,636 | — | — | 3,636 | |||||||||||||||||||||
Equities: | |||||||||||||||||||||||||
Mutual funds | 403 | — | — | 403 | |||||||||||||||||||||
Commingled funds | — | 17,152 | — | 17,152 | |||||||||||||||||||||
Real estate | — | — | 605 | 605 | |||||||||||||||||||||
Other assets | 177 | — | 219 | 396 | |||||||||||||||||||||
Total | $ | 5,660 | $ | 42,931 | $ | 21,413 | $ | 70,004 | |||||||||||||||||
The Company’s U.S. pension plans held 0.3 million shares of the Company’s common stock with a market value of $3.6 million at December 31, 2013, and 0.4 million shares with a market value of $1.8 million at December 31, 2012. | |||||||||||||||||||||||||
Level 3 assets consist primarily of guaranteed deposits and real estate investments. The guaranteed deposits in Level 3 are in the form of contracts with insurance companies that secure the payment of benefits and are valued based on discounted cash flow models using the same discount rate used to value the related plan liabilities. The real estate investments in Level 3 are in the form of commingled funds invested in non-public real estate development and investment companies and are valued based on estimated capitalization factors applied to the earnings streams from portfolio properties and fee income, discounted cash flows of development projects, and estimated market values of undeveloped land, all of which are reduced by reported liabilities and appropriate taxes. | |||||||||||||||||||||||||
A rollforward of Level 3 assets is presented below. Transfers into Level 3 during 2012 represent the correction of the classification within the fair value hierarchy of certain guaranteed deposits that were previously classified within Level 2. Unrealized gains included in earnings were $3.6 million in 2013 and $5.1 million in 2012. | |||||||||||||||||||||||||
Guaranteed | Real estate | Commingled | Other assets | Total | |||||||||||||||||||||
deposits | funds | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Balance at December 31, 2011 | $ | — | $ | 831 | $ | 647 | $ | 363 | $ | 1,841 | |||||||||||||||
Transfers into Level 3 | 16,520 | — | — | — | 16,520 | ||||||||||||||||||||
Purchases | 598 | 8,072 | — | 48 | 8,718 | ||||||||||||||||||||
Sales | (1,977 | ) | (349 | ) | — | (170 | ) | (2,496 | ) | ||||||||||||||||
Gains (losses) included in earnings | 5,057 | 11 | 28 | (28 | ) | 5,068 | |||||||||||||||||||
Exchange rate effect | 391 | 15 | — | 6 | 412 | ||||||||||||||||||||
Balance at December 31, 2012 | $ | 20,589 | $ | 8,580 | $ | 675 | $ | 219 | $ | 30,063 | |||||||||||||||
Purchases | — | 6,540 | — | 7 | 6,547 | ||||||||||||||||||||
Sales | — | (75 | ) | (216 | ) | (15 | ) | (306 | ) | ||||||||||||||||
Gains (losses) included in earnings | 2,396 | 1,176 | 9 | 21 | 3,602 | ||||||||||||||||||||
Exchange rate effect | — | (58 | ) | — | (32 | ) | (90 | ) | |||||||||||||||||
Balance at December 31, 2013 | $ | 22,985 | $ | 16,163 | $ | 468 | $ | 200 | $ | 39,816 | |||||||||||||||
We expect to contribute approximately $22.5 million to our U.S. pension plans and $2.7 million to our non-U.S. pension plans in 2014. | |||||||||||||||||||||||||
We estimate that future pension benefit payments, which reflect expected future service, will be as follows: | |||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
2014 | $ | 22,582 | $ | 5,463 | |||||||||||||||||||||
2015 | 23,051 | 5,041 | |||||||||||||||||||||||
2016 | 23,511 | 5,107 | |||||||||||||||||||||||
2017 | 24,309 | 6,144 | |||||||||||||||||||||||
2018 | 24,718 | 6,187 | |||||||||||||||||||||||
2019-2023 | 130,643 | 30,424 | |||||||||||||||||||||||
Postretirement Health Care and Life Insurance Benefit Plans | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||||||||
Interest cost | $ | 1,139 | $ | 1,585 | $ | 1,929 | |||||||||||||||||||
Amortization of prior service credit | (115 | ) | (130 | ) | (401 | ) | |||||||||||||||||||
Mark-to-market actuarial net losses | (3,904 | ) | (2,743 | ) | (2,684 | ) | |||||||||||||||||||
Total net periodic benefit cost | $ | (2,880 | ) | $ | (1,288 | ) | $ | (1,156 | ) | ||||||||||||||||
Weighted-average assumptions: | |||||||||||||||||||||||||
Discount rate | 3.85 | % | 4.85 | % | 5.45 | % | |||||||||||||||||||
Current trend rate for health care costs | 7.5 | % | 7.7 | % | 7.9 | % | |||||||||||||||||||
Ultimate trend rate for health care costs | 4.5 | % | 4.5 | % | 4.5 | % | |||||||||||||||||||
Year that ultimate trend rate is reached | 2028 | 2028 | 2028 | ||||||||||||||||||||||
A one-percentage-point change in the assumed health care cost trend rates would have the following effect: | |||||||||||||||||||||||||
1-Percentage- | 1-Percentage- | ||||||||||||||||||||||||
Point Increase | Point Decrease | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 78 | $ | (68) | |||||||||||||||||||||
Effect on postretirement benefit obligation | 1,523 | -1,342 | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 30,943 | $ | 34,286 | |||||||||||||||||||||
Interest cost | 1,139 | 1,585 | |||||||||||||||||||||||
Benefits paid | (2,367 | ) | (2,185 | ) | |||||||||||||||||||||
Actuarial gain | (3,904 | ) | (2,743 | ) | |||||||||||||||||||||
Benefit obligation at end of year | $ | 25,811 | $ | 30,943 | |||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | |||||||||||||||||||||
Employer contributions | 2,367 | 2,185 | |||||||||||||||||||||||
Benefits paid | (2,367 | ) | (2,185 | ) | |||||||||||||||||||||
Fair value of plan assets at end of year | $ | — | $ | — | |||||||||||||||||||||
Amounts recognized in the balance sheet: | |||||||||||||||||||||||||
Accrued expenses and other current liabilities | $ | (2,531 | ) | $ | (2,735 | ) | |||||||||||||||||||
Postretirement and pension liabilities | (23,280 | ) | (28,208 | ) | |||||||||||||||||||||
Funded status | $ | (25,811 | ) | $ | (30,943 | ) | |||||||||||||||||||
Weighted-average assumptions as of December 31: | |||||||||||||||||||||||||
Discount rate | 4.9 | % | 3.85 | % | |||||||||||||||||||||
Current trend rate for health care costs | 7.3 | % | 7.5 | % | |||||||||||||||||||||
Ultimate trend rate for health care costs | 4.5 | % | 4.5 | % | |||||||||||||||||||||
Year that ultimate trend rate is reached | 2028 | 2028 | |||||||||||||||||||||||
Activity and balances in accumulated other comprehensive income related to our postretirement health care and life insurance benefit plans are summarized below: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Prior service credit: | |||||||||||||||||||||||||
Balance at beginning of year | $ | 1,130 | $ | 1,260 | |||||||||||||||||||||
Amounts recognized as net periodic benefit costs | (115 | ) | (130 | ) | |||||||||||||||||||||
Balance at end of year | $ | 1,015 | $ | 1,130 | |||||||||||||||||||||
Estimated amounts to be amortized in 2014 | $ | 105 | |||||||||||||||||||||||
The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 provides subsidies for certain drug costs to companies that provide coverage that is actuarially equivalent to the drug coverage under Medicare Part D. We estimate that future postretirement health care and life insurance benefit payments will be as follows: | |||||||||||||||||||||||||
Before Medicare | After Medicare | ||||||||||||||||||||||||
Subsidy | Subsidy | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
2014 | $ | 2,531 | $ | 2,239 | |||||||||||||||||||||
2015 | 2,459 | 2,171 | |||||||||||||||||||||||
2016 | 2,376 | 2,097 | |||||||||||||||||||||||
2017 | 2,296 | 2,029 | |||||||||||||||||||||||
2018 | 2,207 | 1,953 | |||||||||||||||||||||||
2019-2023 | 9,512 | 8,455 | |||||||||||||||||||||||
Other Retirement Plans | |||||||||||||||||||||||||
We also have defined contribution retirement plans covering certain employees. Our contributions are determined by the terms of the plans and are limited to amounts that are deductible for income taxes. Generally, benefits under these plans vest gradually over a period of five years from date of employment. The largest plan covers salaried and most hourly employees in the U.S. In this plan, the Company contributes a percentage of eligible employee basic compensation and also a percentage of employee contributions. The expense applicable to these plans was $5.8 million, $7.6 million, and $8.1 million in 2013, 2012, and 2011, respectively. |
Serial_Convertible_Preferred_S
Serial Convertible Preferred Stock | 12 Months Ended | |
Dec. 31, 2013 | ||
Text Block [Abstract] | ' | |
Serial Convertible Preferred Stock | ' | |
11 | Serial Convertible Preferred Stock | |
We are authorized to issue up to 2,000,000 shares of serial convertible preferred stock without par value. In 1989, Ferro issued 1,520,215 shares of 7% Series A ESOP Convertible Preferred Stock (“Series A Preferred Stock”) to the Trustee of the Ferro Employee Stock Ownership Plan (“ESOP”) at a price of $46.375 per share for a total consideration of $70.5 million. Subsequently, all shares of the Series A Preferred Stock were allocated to participating individual employee accounts, and most of the shares were redeemed or converted by the Trustee to provide for distributions to, loans to, or withdrawals by participants or to satisfy an investment election provided to participants. In the first quarter of 2011, we redeemed in cash all outstanding Series A Preferred Stock for $9.4 million plus earned but unpaid dividends. The number of shares redeemed was 203,282 in 2011. |
Stockbased_Compensation
Stock-based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock-based Compensation | ' | ||||||||||||||||
12 | 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. | |||||||||||||||||
Stock options, performance share units, deferred stock units, and restricted share awards were the only grant types outstanding at December 31, 2013. Stock options and performance share units are discussed below. Activities in other grant types were not significant. | |||||||||||||||||
Stock Options | |||||||||||||||||
General Information | |||||||||||||||||
Stock options outstanding at December 31, 2013, have a term of 10 years, vest evenly over three or four years on the anniversary of the grant date, and have an exercise price equal to the per share fair market value of our common stock on the grant date. Accelerated vesting is used for options held by employees who meet both the age and years of service requirements to retire prior to the end of the vesting period. In the case of death, retirement or change in control, the stock options become 100% vested and exercisable. | |||||||||||||||||
Stock Option Valuation Model and Method Information | |||||||||||||||||
We estimate the fair value of each stock option on the date of grant using the Black-Scholes option pricing model. We use judgment in selecting assumptions for the model, which may significantly impact the timing and amount of compensation expense, and we base our judgments primarily on historical data. When appropriate, we adjust the historical data for circumstances that are not likely to occur in the future. We adjust the assumptions each year based upon new information. | |||||||||||||||||
The following table details the determination of the assumptions used to estimate the fair value of stock options: | |||||||||||||||||
Assumption | Estimation Method | ||||||||||||||||
Expected life, in years | Historical stock option exercise experience | ||||||||||||||||
Risk-free interest rate | Yield of U.S. Treasury Bonds with remaining maturity equal to expected life of the stock option | ||||||||||||||||
Expected volatility | Historical daily price observations of the Company’s common stock over a period equal to the expected life of the stock option | ||||||||||||||||
Expected dividend yield | Historical dividend rate at the date of grant | ||||||||||||||||
The following table details the weighted-average grant-date fair values and the assumptions used for estimating the fair values: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Weighted-average grant-date fair value | $4.01 | $4.68 | $10.55 | ||||||||||||||
Expected life, in years | 6 | 6 | 6.9 | ||||||||||||||
Risk-free interest rate | 1.13%—1.36 | % | 1.20%—1.67 | % | 2.67%—3.07 | % | |||||||||||
Expected volatility | 85.6%—86.4 | % | 81.1%—83.9 | % | 71.9%—73.3 | % | |||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
Stock Option Activity Information | |||||||||||||||||
A summary of stock option activity follows: | |||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||||
Options | Average | Average | Intrinsic Value | ||||||||||||||
Exercise Price | Remaining | ||||||||||||||||
Contractual | |||||||||||||||||
Term | |||||||||||||||||
(In years) | (Dollars in | ||||||||||||||||
thousands) | |||||||||||||||||
Outstanding at December 31, 2012 | 3,760,640 | $ | 16.62 | ||||||||||||||
Granted | 566,400 | 5.59 | |||||||||||||||
Exercised | (129,630 | ) | 5.14 | ||||||||||||||
Forfeited or expired | (1,537,674 | ) | 18.33 | ||||||||||||||
Outstanding at December 31, 2013 | 2,659,736 | 13.84 | 5.1 | $ | 8,383 | ||||||||||||
Exercisable at December 31, 2013 | 1,736,545 | $ | 21.19 | 3.3 | $ | 2,782 | |||||||||||
Vested or expected to vest at December 31, 2013 | 2,558,609 | $ | 14.06 | 5 | $ | 7,844 | |||||||||||
We calculated the aggregate intrinsic value in the table above by taking the total pretax difference between our common stock’s closing market value per share on the last trading day of the year and the stock option exercise price for each grant and multiplying that result by the number of shares that would have been received by the option holders had they exercised all their in-the-money stock options. | |||||||||||||||||
Information related to stock options exercised follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Proceeds from the exercise of stock options | $ | 666 | $ | 107 | $ | 1,053 | |||||||||||
Intrinsic value of stock options exercised | 859 | 122 | 2,060 | ||||||||||||||
Income tax benefit related to stock options exercised | 301 | 43 | 721 | ||||||||||||||
Stock-Based Compensation Expense Information | |||||||||||||||||
A summary of amounts recorded and to be recorded for stock-based compensation related to stock options follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Compensation expense recorded in selling, general and administrative expenses | $ | 1,679 | $ | 2,446 | $ | 4,462 | |||||||||||
Deferred income tax benefits related to compensation expense | 588 | 856 | 1,562 | ||||||||||||||
Total fair value of stock options vested | 2,228 | 3,973 | 7,736 | ||||||||||||||
Unrecognized compensation cost | 1,282 | 1,976 | 6,117 | ||||||||||||||
Expected weighted-average recognition period for unrecognized compensation, in years | 0.9 | 1.6 | 1.2 | ||||||||||||||
Performance Share Units | |||||||||||||||||
General Information | |||||||||||||||||
Performance share units, expressed as shares of the Company’s common stock, are earned only if the Company meets specific performance targets over a three-year period. The grants have a duration of three years. No performance share units were granted in 2011. | |||||||||||||||||
The Plan allows us to pay up to 200% of the vesting-date fair value. We pay half of the earned value in cash and half in unrestricted shares of common stock. The portions of the grants that will be paid in cash are treated as liabilities, and therefore, we remeasure our liability and the related compensation expense at the balance sheet date, based on fair value. We treat the portions of the grants that will be settled with common stock as equity awards, and therefore, the amount of stock-based compensation we record over the performance period is based on the fair value on the grant date. The compensation expense and number of shares expected to vest for all performance share units are adjusted for the achievement of the performance share units’ performance conditions, based upon our best estimate using available facts and circumstances. | |||||||||||||||||
Performance Share Unit Valuation Model and Method Information | |||||||||||||||||
The estimated fair value for performance share units granted in 2013 is based on the closing price of company’s stock on the date of issuance and recorded based on achievement of target performance metrics. As of December 31, 2013 we have 0.5 million performance shares outstanding associated with our 2013 grant. | |||||||||||||||||
We estimated fair value of performance share units granted in 2012 based on assumptions underlying the Black-Scholes methodology to produce a Monte-Carlo simulation model. We use judgment in selecting assumptions for the model, which may significantly impact the timing and amount of compensation expense, and we base our judgments primarily on historical data. When appropriate, we adjust the historical data for circumstances that are not likely to occur in the future. We adjust the assumptions each year based upon new information. | |||||||||||||||||
The weighted average grant date fair value of our performance share units was $5.69 for shares granted in 2013 and $10.22 for shares granted in 2012. All performance share units are currently expensed at target and are evaluated each reporting period for likelihood of achieving the performance criteria. | |||||||||||||||||
Performance Share Unit Activity Information | |||||||||||||||||
A summary of performance share unit activity follows: | |||||||||||||||||
Number of | Weighted- | ||||||||||||||||
Units | Average | ||||||||||||||||
Remaining | |||||||||||||||||
Contractual | |||||||||||||||||
Term | |||||||||||||||||
(In years) | |||||||||||||||||
Outstanding at December 31, 2012 | 305,200 | ||||||||||||||||
Granted | 511,230 | ||||||||||||||||
Forfeited or expired | (55,100 | ) | |||||||||||||||
Outstanding at December 31, 2013 | 761,330 | 1.7 | |||||||||||||||
Expected to vest at December 31, 2013 | 761,330 | 1.7 | |||||||||||||||
Stock-Based Compensation Expense Information | |||||||||||||||||
A summary of amounts recorded and to be recorded for stock-based compensation related to performance share units follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Compensation expense recorded in selling, general and administrative expenses | $ | 3,277 | $ | 611 | |||||||||||||
Deferred income tax benefits related to compensation expense | 1,147 | 214 | |||||||||||||||
Unrecognized compensation cost | 4,681 | 1,584 | |||||||||||||||
Expected weighted-average recognition period for unrecognized compensation, in years | 1.7 | 2 | |||||||||||||||
Directors’ Deferred Compensation | |||||||||||||||||
Separate from the Plan, the Company has established the Ferro Corporation Deferred Compensation Plan for Non-employee Directors, permitting its non-employee directors to voluntarily defer all or a portion of their compensation. The voluntarily deferred amounts are placed in individual accounts in a benefit trust known as a “rabbi trust” and invested in the Company’s common stock with dividends reinvested in additional shares. All disbursements from the trust are made in the Company’s common stock. The stock held in the rabbi trust is classified as treasury stock in shareholders’ equity and the deferred compensation obligation that is required to be settled in shares of Company’s common stock is classified as paid-in capital. The rabbi trust held 0.2 million shares, valued at $2.7 million, at December 31, 2013, and 0.3 million shares, valued at $3.9 million, at December 31, 2012. |
Restructuring_and_Cost_Reducti
Restructuring and Cost Reduction Programs | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||||||||||
Restructuring and Cost Reduction Programs | ' | ||||||||||||||||||||
13 | Restructuring and Cost Reduction Programs | ||||||||||||||||||||
Our restructuring and cost reduction programs have been developed with the objectives of leveraging our global scale, realigning and lowering our cost structure and optimizing capacity utilization. Through 2013, we have made significant progress against these objectives by completing various actions that were initiated in 2012, as well as achieving significant progress on our Global Cost Reduction Program that was initiated in 2013. | |||||||||||||||||||||
In 2013, 2012, and 2011, total charges resulting from these activities were $32.1 million, $25.5 million, and $9.0 million, respectively, of which zero in 2013 and 2012 and $0.3 million in 2011, was recorded in cost of sales related to accelerated depreciation of assets to be disposed. The remainder was reported as restructuring and impairment charges. Descriptions of these restructuring programs follow: | |||||||||||||||||||||
Global Cost Reduction Program | |||||||||||||||||||||
In 2013, we initiated a Global Cost Reduction Program that was designed to address 3 key areas of the company — (1) business realignment, (2) operational efficiency and (3) corporate and back office functions. Business realignment was targeted at right-sizing our commercial management organizations globally. The operational efficiency component of the program was designed to improve the efficiency of our plant operations across our global footprint, as well as supply chain. Corporate and back office is principally comprised of work that we are doing with our strategic partners in the areas of finance and accounting and information technology outsourcing, and procurement. | |||||||||||||||||||||
Performance Coatings Restructuring Program | |||||||||||||||||||||
In 2012, we developed and initiated restructuring programs related to our Performance Coatings business in Europe. As a result of these programs, the Company eliminated positions within the Performance Coatings sales, technical service, product development, manufacturing, supply chain and general administration organizations throughout Europe. The programs are subject to required consultations with employee representatives at the affected sites and other local legal requirements. | |||||||||||||||||||||
European Manufacturing Restructuring Program | |||||||||||||||||||||
In July 2006, we announced a multi-year, multi-phase program to restructure our European Manufacturing. Activities related to that program continued through 2012; however the majority of the programs activities were completed in prior years. Major activities are listed below: | |||||||||||||||||||||
• | Manufacturing facilities in Casiglie, Italy, and Castanheira do Ribatejo, Portugal, were closed. Manufacturing capacity was transferred to Almazora, Spain, and Aveiro, Portugal. Our Casiglie facility was sold in 2013. | ||||||||||||||||||||
• | Manufacturing facility in Limoges, France, was closed. The site was sold in 2012. | ||||||||||||||||||||
• | Manufacturing facility in Burslem, United Kingdom, was partially closed, and production was transferred to Frankfurt, Germany, and Almazora, Spain. | ||||||||||||||||||||
• | Manufacturing facility in Rotterdam, Netherlands, was closed. The site was sold in 2013. | ||||||||||||||||||||
• | Manufacturing facility in Nules, Spain was closed and production was transferred to Almazora, Spain. The site was sold in 2013. | ||||||||||||||||||||
• | |||||||||||||||||||||
Electronic Materials Restructuring Program | |||||||||||||||||||||
In 2010, we announced the closure of the Uden, Netherlands, facility due to excess capacity for production of dielectric and industrial ceramic products. Major activities are listed below: | |||||||||||||||||||||
• | Manufacturing facility in Uden, Netherlands, was closed, and the site was sold in 2012. | ||||||||||||||||||||
• | Certain production from Uden, Netherlands, was transferred to Penn Yan, New York, and St. Dizier, France. | ||||||||||||||||||||
We have summarized the charges associated with these restructuring programs by major type of charges below: | |||||||||||||||||||||
Employee | Other Costs | Asset | Total | ||||||||||||||||||
Severance | Impairment | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Expected restructuring charges: | |||||||||||||||||||||
European manufacturing restructuring | $ | 3,494 | $ | 3,418 | $ | 16,646 | $ | 23,558 | |||||||||||||
Performance Coatings restructuring | 4,062 | — | — | 4,062 | |||||||||||||||||
Electronic Materials restructuring | — | (1 | ) | 1,439 | 1,438 | ||||||||||||||||
Global Cost Reduction Program | 23,626 | 9,499 | 33,125 | ||||||||||||||||||
Other restructuring programs | 1,252 | 3,300 | 637 | 5,189 | |||||||||||||||||
Total expected restructuring charges | $ | 32,434 | $ | 16,216 | $ | 18,722 | $ | 67,372 | |||||||||||||
Restructuring charges incurred: | |||||||||||||||||||||
European manufacturing restructuring | $ | 3,222 | $ | 3,317 | $ | 2,352 | $ | 8,891 | |||||||||||||
Electronic Materials restructuring | — | (1 | ) | 1,439 | 1,438 | ||||||||||||||||
Other restructuring programs | — | (1,640 | ) | 18 | (1,622 | ) | |||||||||||||||
Charges incurred in 2011 | $ | 3,222 | $ | 1,676 | $ | 3,809 | $ | 8,707 | |||||||||||||
European manufacturing restructuring | $ | 272 | $ | 101 | $ | 14,294 | $ | 14,667 | |||||||||||||
Performance Coatings restructuring | 5,701 | — | — | 5,701 | |||||||||||||||||
Other restructuring programs | 1,252 | 3,214 | 619 | 5,085 | |||||||||||||||||
Charges incurred in 2012 | $ | 7,225 | $ | 3,315 | $ | 14,913 | $ | 25,453 | |||||||||||||
Performance Coatings restructuring | $ | (1,639 | ) | $ | — | $ | — | $ | (1,639 | ) | |||||||||||
Global Cost Reduction Program | 22,561 | 9,499 | 32,060 | ||||||||||||||||||
Other restructuring programs | — | 1,726 | — | 1,726 | |||||||||||||||||
Charges incurred in 2013 | $ | 20,922 | $ | 11,225 | $ | — | $ | 32,147 | |||||||||||||
Cumulative restructuring charges incurred: | |||||||||||||||||||||
European manufacturing restructuring | $ | 3,494 | $ | 3,418 | $ | 16,646 | $ | 23,558 | |||||||||||||
Performance Coatings restructuring | 4,062 | — | — | 4,062 | |||||||||||||||||
Electronic Materials restructuring | — | (1 | ) | 1,439 | 1,438 | ||||||||||||||||
Global Cost Reduction Program | 22,561 | 9,499 | 32,060 | ||||||||||||||||||
Other restructuring programs | 1,252 | 3,300 | 637 | 5,189 | |||||||||||||||||
Cumulative restructuring charges incurred as of December 31, 2013 | $ | 31,369 | $ | 16,216 | $ | 18,722 | $ | 66,307 | |||||||||||||
We have summarized the charges associated with the restructuring programs by segments below: | |||||||||||||||||||||
Total | 2013 | 2012 | 2011 | Cumulative | |||||||||||||||||
Expected | Charges To | ||||||||||||||||||||
Charges | Date | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Pigments, Powders and Oxides | $ | 7,072 | $ | 589 | $ | 4,972 | $ | 1,511 | $ | 7,072 | |||||||||||
Performance Colors and Glass | 22,556 | 16,673 | — | 4,998 | 21,671 | ||||||||||||||||
Performance Coatings | 18,753 | 1,542 | 16,481 | 715 | 18,738 | ||||||||||||||||
Polymer Additives | 390 | 382 | — | 8 | 390 | ||||||||||||||||
Specialty Plastics | 1,909 | 434 | — | 1,475 | 1,909 | ||||||||||||||||
Segment Total | 50,680 | 19,620 | 21,453 | 8,707 | 49,780 | ||||||||||||||||
Corporate Restructuring Charges | 16,692 | 12,527 | 4,000 | — | 16,527 | ||||||||||||||||
Total Restructuring Charges | $ | 67,372 | $ | 32,147 | $ | 25,453 | $ | 8,707 | $ | 66,307 | |||||||||||
We have summarized the activities and accruals related to our restructuring and cost reduction programs below: | |||||||||||||||||||||
Employee | Other | Asset | Total | ||||||||||||||||||
Severance | Costs | Impairment | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Balance at December 31, 2010 | $ | 2,429 | $ | 5,863 | $ | — | $ | 8,292 | |||||||||||||
Restructuring charges | 3,222 | 1,676 | 3,809 | 8,707 | |||||||||||||||||
Cash payments | (5,461 | ) | (3,983 | ) | — | (9,444 | ) | ||||||||||||||
Non-cash items | 28 | (137 | ) | (3,809 | ) | (3,918 | ) | ||||||||||||||
Balance at December 31, 2011 | 218 | 3,419 | — | 3,637 | |||||||||||||||||
Restructuring charges | 7,225 | 3,315 | 14,913 | 25,453 | |||||||||||||||||
Cash payments | (3,423 | ) | (811 | ) | — | (4,234 | ) | ||||||||||||||
Non-cash items | 73 | 216 | (14,913 | ) | (14,624 | ) | |||||||||||||||
Balance at December 31, 2012 | 4,093 | 6,139 | — | 10,232 | |||||||||||||||||
Restructuring charges | 20,922 | 11,225 | — | 32,147 | |||||||||||||||||
Cash payments | (18,226 | ) | (11,607 | ) | — | (29,833 | ) | ||||||||||||||
Non-cash items | 210 | (1,178 | ) | (968 | ) | ||||||||||||||||
Balance at December 31, 2013 | $ | 6,999 | $ | 4,579 | $ | — | $ | 11,578 | |||||||||||||
In 2013, we did not incur restructuring related impairment charges. Other costs in the 2013 restructuring charges include $1.2 million related to lease termination costs for the corporate plane. | |||||||||||||||||||||
In 2012, we reevaluated in accordance with ASC Topic 360, Property, Plant, and Equipment, certain property, plant, and equipment that was already classified as assets held for sale. As a result, assets held for sale with a carrying value of $19.8 million were written down to their fair value of $4.9 million, and the impairment charge of $14.9 million is included in restructuring and impairment charges in our statements of operations. We estimated the fair value of these assets based on third-party appraisals. During 2012, we sold our Toccoa, Georgia, facility; our Uden, Netherlands, facility; and our Limoges, France, facility. At December 31, 2012, total assets held for sale were $3.1 million and are classified as other non-current assets due to the nature of the underlying assets, although we expect to sell these assets within the next twelve months. The assets include land and buildings at our Casiglie, Italy, facility; our Nules, Spain, facility; and our Rotterdam, Netherlands, facility. The impairment charges by segment were $10.9 million in Performance Coatings and $4.0 million in Pigments, Powders & Oxides. | |||||||||||||||||||||
Other costs in the 2012 restructuring charges include $3.2 million related to lease termination costs for the corporate plane. | |||||||||||||||||||||
In 2011, we recorded asset impairments of $3.8 million related to assets held for sale. Our review of certain idled assets in the Netherlands and France indicated that the carrying values were in excess of the respective fair values, less cost to sell, due to ongoing poor local economic conditions. We estimated the fair value of the Netherlands assets based on third-party appraisals and the fair value of the France assets using discounted cash flow models. The impairment charges of $3.8 million were included in the Pigments, Powders & Oxides segment. | |||||||||||||||||||||
Description | Fair Value | Fair Value Measurements Using | Total Gains | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | (Losses) | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Assets held for sale: | |||||||||||||||||||||
2012 | $ 3,000 | $ — | $ — | $ 3,000 | $ (14,913) | ||||||||||||||||
2011 | 6,303 | — | — | 6,303 | -3,809 | ||||||||||||||||
We expect to make cash payments to settle the remaining liability for employee termination benefits and other costs primarily over the next twelve months, except where legal or contractual restrictions prevent us from doing so. |
Leases
Leases | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases [Abstract] | ' | ||||||||
Leases | ' | ||||||||
14 | Leases | ||||||||
Rent expense for all operating leases was $17.9 million in 2013, $23.1 million in 2012, and $21.2 million in 2011. Amortization of assets recorded under capital leases is recorded as depreciation expense. | |||||||||
The Company has a number of capital lease arrangements relating primarily to buildings and production equipment. Assets held under capital leases and included in property, plant and equipment at December 31st follow: | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Gross amounts capitalized: | |||||||||
Buildings | $ | 3,100 | $ | 3,100 | |||||
Equipment | 5,982 | 8,987 | |||||||
9,082 | 12,087 | ||||||||
Accumulated amortization: | |||||||||
Buildings | (3,100 | ) | (3,100 | ) | |||||
Equipment | (2,752 | ) | (5,245 | ) | |||||
(5,852 | ) | (8,345 | ) | ||||||
Net assets under capital leases | $ | 3,230 | $ | 3,742 | |||||
At December 31, 2013, future minimum lease payments under all non-cancelable leases follow: | |||||||||
Capital Leases | Operating Leases | ||||||||
(Dollars in thousands) | |||||||||
2014 | $ | 1,211 | $ | 13,739 | |||||
2015 | 1,178 | 8,116 | |||||||
2016 | 818 | 5,768 | |||||||
2017 | 818 | 4,957 | |||||||
2018 | 818 | 4,516 | |||||||
Thereafter | 3,224 | 21,061 | |||||||
Net minimum lease payments | 8,067 | $ | 58,157 | ||||||
Less amount representing imputed interest | 2,251 | ||||||||
Present value of net minimum lease payments | 5,816 | ||||||||
Less current portion | 824 | ||||||||
Long-term obligations at December 31, 2013 | $ | 4,992 |
Miscellaneous_Income_Expense_N
Miscellaneous (Income) Expense, Net | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Income And Expenses [Abstract] | ' | ||||||||||||
Miscellaneous (Income) Expense, Net | ' | ||||||||||||
15 | Miscellaneous (Income) Expense, Net | ||||||||||||
Components of miscellaneous (income) expense, net follow: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
(Gain) loss on sale of assets | $ | (24,075 | ) | $ | 432 | $ | 278 | ||||||
Argentina export tax matter | 8,334 | — | — | ||||||||||
Other, net | 472 | 2,663 | 2,249 | ||||||||||
Total miscellaneous (income) expense, net | $ | (15,269 | ) | $ | 3,095 | $ | 2,527 | ||||||
In the first quarter of 2013, we sold assets associated with our solar pastes product line. The assets sold included, among other things, certain machinery and equipment, and inventory items related to open orders as well as intellectual property. The sale resulted in a gain of $9.0 million. In the fourth quarter of 2013, we sold assets related to our North American and Asian metal powders product line for a gain of $13.3 million. The transaction included the sale of manufacturing assets at the South Plainfield, New Jersey; facility. Consideration received in the sale included a favorable supply agreement for materials to be used in our ongoing operations. As the supply agreement represents significant continuing involvement with the disposed operations, the transaction did not qualify as a discontinued operation. | |||||||||||||
In the fourth quarter of 2013, the Supreme Court in Argentina ruled unfavorably related to certain export taxes associated with a divested operation. As a result of this ruling, we recorded an $8.3 million charge related to the exposures. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||
Discontinued Operations | ' | ||||||||||||
16 | 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 3 measurement within the fair value hierarchy. The impairment loss is included as an adjustment to reconcile net income to cash on the face of the statement of cash flows and included within (loss) income from 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. In 2013 we did not record a tax benefit associated with the loss from discontinued operations as a result of the full valuation allowance in the jurisdiction. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Net sales | $ | 4,791 | $ | 24,018 | $ | 24,939 | |||||||
Cost of sales | 2,762 | 15,726 | 15,512 | ||||||||||
Gross profit | 2,029 | 8,292 | 9,427 | ||||||||||
Selling, general and administrative expenses | 1,181 | 4,903 | 4,861 | ||||||||||
Restructuring and impairment charges | 8,682 | 95 | — | ||||||||||
Interest expense | 589 | 1,518 | 1,219 | ||||||||||
Miscellaneous income, net | (2 | ) | (15 | ) | (35 | ) | |||||||
(Loss) income from discontinued operations before income taxes | (8,421 | ) | 1,791 | 3,382 | |||||||||
Income tax expense | — | 635 | 1,206 | ||||||||||
(Loss) income from discontinued operations, net of income taxes | $ | (8,421 | ) | $ | 1,156 | $ | 2,176 | ||||||
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: | |||||||||||||
2012 | |||||||||||||
(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 payroll | 47 | ||||||||||||
Accrued expenses and other current liabilities | 373 | ||||||||||||
Current liabilities of discontinued operations | $ | 1,300 | |||||||||||
Earnings_Loss_per_Share
Earnings (Loss) per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings (Loss) per Share | ' | ||||||||||||
17 | Earnings (Loss) per Share | ||||||||||||
Details of the calculations of basic and diluted earnings (loss) per share follow: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands, except per share amounts) | |||||||||||||
Basic earnings (loss) per share computation: | |||||||||||||
Net income (loss) attributable to Ferro Corporation common shareholders | $ | 71,942 | $ | (374,268 | ) | $ | 4,239 | ||||||
Adjustment for income (loss) from discontinued operations | 8,421 | (1,156 | ) | (2,176 | ) | ||||||||
Total | $ | 80,363 | $ | (375,424 | ) | $ | 2,063 | ||||||
Weighted-average common shares outstanding | 86,484 | 86,288 | 86,119 | ||||||||||
Basic earnings (loss) per share attributable to Ferro Corporation common shareholders | $ | 0.93 | $ | (4.35 | ) | $ | 0.02 | ||||||
Diluted earnings (loss) per share computation: | |||||||||||||
Net income (loss) attributable to Ferro Corporation common shareholders | $ | 71,942 | $ | (374,268 | ) | $ | 4,239 | ||||||
Adjustment for income (loss) from discontinued operations | 8,421 | (1,156 | ) | (2,176 | ) | ||||||||
Total | $ | 80,363 | $ | (375,424 | ) | $ | 2,063 | ||||||
Weighted-average common shares outstanding | 86,484 | 86,288 | 86,119 | ||||||||||
Assumed exercise of stock options | 309 | — | 225 | ||||||||||
Assumed satisfaction of deferred stock unit conditions | 189 | — | 44 | ||||||||||
Assumed satisfaction of restricted share conditions | 132 | — | 390 | ||||||||||
Assumed conversion of performance share units | 383 | — | — | ||||||||||
Weighted-average diluted shares outstanding | 87,497 | 86,288 | 86,778 | ||||||||||
Diluted earnings (loss) per shares attributable to Ferro Corporation common shareholders | $ | 0.92 | $ | (4.35 | ) | $ | 0.02 | ||||||
The number of anti-dilutive or unearned shares, including shares related to contingently convertible debt, was 1.7 million, 6.4 million, and 5.2 million common shares for 2013, 2012, and 2011, respectively. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
18 | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Changes in accumulated other comprehensive income (loss) by component, net of income tax, for the twelve months ended December 31, 2013, were as follows: | |||||||||||||||||
Postretirement | Translation | Other | Total | ||||||||||||||
Benefit | Adjustments | Adjustments | |||||||||||||||
Liability | |||||||||||||||||
Adjustments | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Beginning accumulated other comprehensive income (loss) | $ | 2,647 | $ | 14,080 | $ | (77 | ) | $ | 16,650 | ||||||||
Other comprehensive (loss) before reclassifications | (274 | ) | (7,459 | ) | — | (7,733 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | (431 | ) | — | 7 | (424 | ) | |||||||||||
Net current period other comprehensive (loss) income | (705 | ) | (7,459 | ) | 7 | (8,157 | ) | ||||||||||
Ending accumulated other comprehensive income (loss) | $ | 1,942 | $ | 6,621 | $ | (70 | ) | $ | 8,493 | ||||||||
Reporting_for_Segments
Reporting for Segments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Reporting for Segments | ' | ||||||||||||
19 | 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 under ASC Topic 280, Segment Reporting, for continuing to report as one segment. These operating segments will now be reported as the Pigments, Powders and Oxides and the Performance Colors and Glass segments. As discussed in Note 16, our pharmaceuticals business that comprised the Pharmaceuticals segment was sold in the first quarter of 2013, 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. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Pigments, Powders and Oxides | $ | 190,326 | $ | 279,025 | $ | 601,542 | |||||||
Performance Colors and Glass | 390,007 | 386,538 | 417,752 | ||||||||||
Performance Coatings | 591,975 | 587,698 | 602,566 | ||||||||||
Polymer Additives | 292,568 | 320,635 | 336,965 | ||||||||||
Specialty Plastics | 170,530 | 170,717 | 172,028 | ||||||||||
Total net sales | $ | 1,635,406 | $ | 1,744,613 | $ | 2,130,853 | |||||||
In 2013, 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. Assets by segment are not regularly reviewed by the chief operating decision maker. Each segment’s gross profit and reconciliations to income (loss) before income taxes are presented in the table below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Pigments, Powders and Oxides | $ | 34,225 | $ | 31,780 | $ | 119,173 | |||||||
Performance Colors and Glass | 112,825 | 101,847 | 111,187 | ||||||||||
Performance Coatings | 132,695 | 111,609 | 120,752 | ||||||||||
Polymer Additives | 27,139 | 29,951 | 33,829 | ||||||||||
Specialty Plastics | 28,366 | 29,186 | 25,043 | ||||||||||
Total segment gross profit | 335,250 | 304,373 | 409,984 | ||||||||||
Other cost of sales | (5,526 | ) | (14,803 | ) | (7,179 | ) | |||||||
Total gross profit | 329,724 | 289,570 | 402,805 | ||||||||||
Selling, general and administrative expenses | 176,282 | 297,755 | 330,450 | ||||||||||
Restructuring and impairment charges | 41,733 | 225,724 | 17,030 | ||||||||||
Other expense, net | 15,976 | 31,431 | 34,235 | ||||||||||
Income (loss) before income taxes | $ | 95,733 | $ | (265,340 | ) | $ | 21,090 | ||||||
Each segment’s capital expenditures for long-lived assets, including acquisitions, are detailed below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in Thousands) | |||||||||||||
Pigments, Powders and Oxides | $ | 2,035 | $ | 9,466 | $ | 13,158 | |||||||
Performance Colors and Glass | 7,970 | 16,594 | 11,823 | ||||||||||
Performance Coatings | 7,949 | 14,237 | 22,550 | ||||||||||
Polymer Additives | 10,708 | 6,310 | 10,093 | ||||||||||
Specialty Plastics | 1,197 | 546 | 1,261 | ||||||||||
Total segment expenditures for long-lived assets | 29,859 | 47,153 | 58,885 | ||||||||||
Unallocated corporate expenditures for long-lived assets | 4,361 | 11,149 | 12,863 | ||||||||||
Total expenditures for long-lived assets(1) | $ | 34,220 | $ | 58,302 | $ | 71,748 | |||||||
-1 | Excludes capital expenditures of discontinued operations of $0.4 million and $1.0 million in 2012 and 2011, respectively. | ||||||||||||
We sell our products throughout the world and we attribute sales to countries based on the country where we generate the customer invoice. No single country other than the U.S. and Spain represents greater than 10% of our net sales. We have detailed net sales by geographic region in the table below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
United States | $ | 644,354 | $ | 740,578 | $ | 997,181 | |||||||
Spain | 270,449 | 258,210 | 340,588 | ||||||||||
Other international | 720,603 | 745,825 | 793,084 | ||||||||||
Total net sales | $ | 1,635,406 | $ | 1,744,613 | $ | 2,130,853 | |||||||
None of our operations in countries other than the U.S. and Spain owns greater than 10% of consolidated long-lived assets. We have detailed long-lived assets that consist of property, plant and equipment, goodwill, and amortizable intangible assets by geographic region at December 31st in the table below: | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
United States | $ | 143,670 | $ | 154,605 | |||||||||
Spain | 67,820 | 70,707 | |||||||||||
Other international | 162,114 | 161,447 | |||||||||||
Total long-lived assets | $ | 373,604 | $ | 386,759 |
Unconsolidated_Affiliates_Acco
Unconsolidated Affiliates Accounted For Under the Equity Method | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Unconsolidated Affiliates Accounted For Under the Equity Method | ' | ||||||||||||
20 | Unconsolidated Affiliates Accounted For Under the Equity Method | ||||||||||||
At December 31, 2013, our percentage of ownership interest in these affiliates ranged from 36% to 50%. Because we exert significant influence over these affiliates, but we do not control them, our investments have been accounted for under the equity method. Investment income from these equity method investments, which is reported in miscellaneous (income) expense, net was $0.1 million in 2013, $0.9 million in 2012, and $3.0 million in 2011. The balance of our equity method investments, which is reported in other non-current assets, was $17.4 million at December 31, 2013, and $18.0 million at December 31, 2012. In 2013 we sold our joint venture interest located in Thailand. | |||||||||||||
The income that we record for these investments is equal to our proportionate share of the affiliates’ income and our investments are equal to our proportionate share of the affiliates’ shareholders’ equity based on our ownership percentage. We have summarized below condensed income statement and balance sheet information for the combined equity method investees: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Net sales | $ | 62,419 | $ | 91,545 | $ | 104,377 | |||||||
Gross profit | 4,572 | 21,328 | 26,206 | ||||||||||
Income from continuing operations | 1,859 | 3,510 | 7,735 | ||||||||||
Net income | 1,266 | 2,388 | 5,644 | ||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Current assets | $ | 45,685 | $ | 57,962 | |||||||||
Non-current assets | 23,862 | 26,483 | |||||||||||
Current liabilities | (20,701 | ) | (19,027 | ) | |||||||||
Non-current liabilities | (8,874 | ) | (554 | ) | |||||||||
We had the following transactions with our equity-method investees: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Sales | $ | 5,347 | $ | 4,630 | $ | 8,893 | |||||||
Purchases | 9,342 | 8,093 | 9,655 | ||||||||||
Dividends and interest received | 426 | 1,324 | 1,162 | ||||||||||
Commissions and royalties received | 400 | 436 | 402 | ||||||||||
Commissions and royalties paid | 37 | 77 | 77 |
Quarterly_Data_Unaudited
Quarterly Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Quarterly Data (Unaudited) | ' | ||||||||||||||||||||||||
21 | Quarterly Data (Unaudited) | ||||||||||||||||||||||||
Net Sales | Gross Profit | Net Income | Net Income | Earnings (Loss) Attributable to | |||||||||||||||||||||
(Loss) | (Loss) | Ferro Corporation Common | |||||||||||||||||||||||
Attributable | Shareholders Per Common | ||||||||||||||||||||||||
to Ferro | Share | ||||||||||||||||||||||||
Corporation | Basic | Diluted | |||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Quarter 1 | $ | 460,425 | $ | 85,721 | $ | 3,970 | $ | 3,846 | $ | 0.04 | $ | 0.04 | |||||||||||||
Quarter 2 | 475,546 | 85,818 | 2,206 | 1,876 | 0.02 | 0.02 | |||||||||||||||||||
Quarter 3 | 408,865 | 60,710 | (315,738 | ) | (316,114 | ) | (3.66 | ) | (3.66 | ) | |||||||||||||||
Quarter 4 as adjusted | 399,777 | 57,321 | (63,472 | ) | (63,876 | ) | (0.74 | ) | (0.74 | ) | |||||||||||||||
Total | $ | 1,744,613 | $ | 289,570 | $ | (373,034 | ) | $ | (374,268 | ) | $ | (4.34 | ) | $ | (4.34 | ) | |||||||||
2013 | |||||||||||||||||||||||||
Quarter 1 | $ | 417,524 | $ | 79,237 | $ | 520 | $ | 883 | $ | 0.01 | $ | 0.01 | |||||||||||||
Quarter 2 | 435,455 | 87,654 | (1,982 | ) | (2,130 | ) | (0.02 | ) | (0.02 | ) | |||||||||||||||
Quarter 3 | 408,104 | 84,247 | 13,044 | 12,652 | 0.15 | 0.15 | |||||||||||||||||||
Quarter 4 | 374,323 | 78,586 | 60,863 | 60,537 | 0.7 | 0.69 | |||||||||||||||||||
Total | $ | 1,635,406 | $ | 329,724 | $ | 72,445 | $ | 71,942 | $ | 0.83 | $ | 0.82 | |||||||||||||
Quarterly earnings per share amounts do not always add to the full-year amounts due to the averaging of shares. | |||||||||||||||||||||||||
The fourth quarter of 2012 has been adjusted for discontinued operations associated with the sale FPL discussed in Note 16. Net sales has been reduced by $6.1 million and gross profit as been reduced by $2.0 million from amounts previously reported. | |||||||||||||||||||||||||
Pre-tax restructuring and impairment charges in 2013 were $9.5 million in the first quarter, $13.4 million in the second quarter, $3.8 million in the third quarter, and $15.0 million in the fourth quarter. Pre-tax restructuring and impairment charges in 2012 were $0.3 million in the first quarter, $4.7 million in the second quarter, $198.8 million in the third quarter, and $22.0 million in the fourth quarter. Mark-to-market actuarial net gains were $69.8 million in 2013 and mark-to-market net losses were $26.9 million in 2012. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts and Reserves | ' | ||||||||||||||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | |||||||||||||||||||||||||
Years Ended December 31, 2013, 2011 and 2010 | |||||||||||||||||||||||||
Balance at | Additions Charged | Deductions | Adjustment for | Balance at | |||||||||||||||||||||
Beginning of | (Reductions Credited) to | Differences in | End of Period | ||||||||||||||||||||||
Period | Costs and | Other | Exchange Rates | ||||||||||||||||||||||
Expenses | Accounts | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Allowance for Possible Losses on Collection of Accounts Receivable: | |||||||||||||||||||||||||
Year ended December 31, 2013 | $ | 14,353 | 4,074 | — | (6,370 | ) | 371 | $ | 12,428 | ||||||||||||||||
Year ended December 31, 2012 | $ | 10,443 | 5,202 | — | (1,487 | ) | 195 | $ | 14,353 | ||||||||||||||||
Year ended December 31, 2011 | $ | 11,156 | 2,349 | — | (2,782 | ) | (280 | ) | $ | 10,443 | |||||||||||||||
Valuation Allowance on Net Deferred Tax Assets: | |||||||||||||||||||||||||
Year ended December 31, 2013 | $ | 216,882 | — | — | (25,568 | ) | 2,670 | $ | 193,984 | ||||||||||||||||
Year ended December 31, 2012 | $ | 37,060 | 178,350 | — | — | 1,472 | $ | 216,882 | |||||||||||||||||
Year ended December 31, 2011 | $ | 26,815 | 11,335 | — | — | (1,090 | ) | $ | 37,060 |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Principles of Consolidation | ' | ||||||||||||
Principles of Consolidation | |||||||||||||
Our consolidated financial statements include the accounts of the parent company and the accounts of its subsidiaries. When we consolidate our financial statements, we eliminate intercompany transactions, accounts and profits. When we exert significant influence over an investee but do not control it, we account for the investment and the investment income using the equity method. These investments are reported in the other non-current assets section of our balance sheet. We consolidate five legal entities in which we do not own 100% of the equity interests, either directly or indirectly through our subsidiaries. These entities have non-controlling interest ownerships ranging from 5% to 49%. | |||||||||||||
When we acquire a subsidiary, its financial results are included in our consolidated financial statements from the date of the acquisition. When we dispose of a subsidiary, its financial results are included in our consolidated financial statements until the date of the disposition. In the event that a disposal group meets the criteria for discontinued operations, prior periods are adjusted to reflect the disposition. | |||||||||||||
Use of Estimates and Assumptions in the Preparation of Financial Statements | ' | ||||||||||||
Use of Estimates and Assumptions in the Preparation of Financial Statements | |||||||||||||
We prepare our consolidated financial statements in conformity with accounting principles generally accepted in the United States, which requires us to make estimates and to use judgments and assumptions that affect the timing and amount of assets, liabilities, equity, revenues and expenses recorded and disclosed. The more significant estimates and judgments relate to revenue recognition, restructuring and cost reduction programs, goodwill, asset impairment, income taxes, pension and other postretirement benefits, inventories, and environmental liabilities. Actual outcomes could differ from our estimates, resulting in changes in revenues or costs that could have a material impact on the Company’s results of operations, financial position, or cash flows. | |||||||||||||
Foreign Currency Translation | ' | ||||||||||||
Foreign Currency Translation | |||||||||||||
The financial results of our operations outside of the U.S. are recorded in local currencies, which generally are also the functional currencies for financial reporting purposes. The results of operations outside of the U.S. are translated from these functional currencies into U.S. dollars using the average monthly currency exchange rates. We use the average currency exchange rate for these results of operations as a reasonable approximation of the results had specific currency exchange rates been used for each individual transaction. Foreign currency transaction gains and losses are recorded as incurred as other expense (income) in the consolidated statements of operations. Assets and liabilities are translated into U.S. dollars using exchange rates at the balance sheet dates, and we record the resulting foreign currency translation adjustment as a separate component of accumulated other comprehensive loss in equity. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition | |||||||||||||
We typically recognize sales when we ship goods to our customers and when all of the following criteria are met: | |||||||||||||
• | Persuasive evidence of an arrangement exists; | ||||||||||||
• | The selling price is fixed or determinable; | ||||||||||||
• | Collection is reasonably assured; and | ||||||||||||
• | Title and risk of loss has passed to our customers. | ||||||||||||
In order to ensure the revenue recognition in the proper period, we review material sales contracts for proper cut-off based upon the business practices and legal requirements of each country. For sales of all products, including those containing precious metals, we report revenues gross along with their corresponding cost of sales to arrive at gross profit. We record revenues this way because we act as the principal in the transactions into which we enter. | |||||||||||||
The amount of shipping and handling fees invoiced to our customers at the time our product is shipped is included in net sales. Credit memos issued to customers for sales returns, discounts allowed and sales adjustments are recorded when they are incurred as a reduction of sales. | |||||||||||||
Additionally, we provide certain of our customers with incentive rebate programs to promote customer loyalty and encourage greater product sales. We accrue customer rebates over the rebate periods based upon estimated attainments of the provisions in the rebate agreements using available information and record these rebate accruals as reductions of sales. | |||||||||||||
Research and Development Expenses | ' | ||||||||||||
Research and Development Expenses | |||||||||||||
Research and development expenses are expensed as incurred and are included in selling, general and administrative expenses. Expenditures for company-sponsored research and development activities were approximately $ 26.9 million for 2013 and $30.0 million for 2012, and $30.4 million for 2011. | |||||||||||||
Restructuring Programs | ' | ||||||||||||
Restructuring Programs | |||||||||||||
We expense costs associated with exit and disposal activities designed to restructure operations and reduce ongoing costs of operations when we incur the related liabilities or when other triggering events occur. After the appropriate level of management having the authority approves the detailed restructuring plan and the appropriate criteria for recognition are met, we establish accruals for employee termination costs. The accruals are estimates that are based upon factors including statutory and union requirements, affected employees’ lengths of service, contract provisions, salary level, and health care benefit choices. We also analyze the carrying value of affected long-lived assets for impairment and reductions in their remaining estimated useful lives. In addition, we record the fair value of any new or remaining obligations when existing operating lease contracts are terminated or abandoned as a result of our exit and disposal activities. | |||||||||||||
Asset Impairment | ' | ||||||||||||
Asset Impairment | |||||||||||||
The Company’s long-lived assets include property, plant and equipment, goodwill, and amortizable intangible assets. We review property, plant and equipment and amortizable intangible assets for impairment whenever events or circumstances indicate that their carrying values may not be recoverable. The following are examples of such events or changes in circumstances: | |||||||||||||
• | An adverse change in the business climate or market price of a long-lived asset or asset group; | ||||||||||||
• | An adverse change in the extent or manner in which a long-lived asset or asset group is used or in its physical condition; | ||||||||||||
• | Current operating losses for a long-lived asset or asset group combined with a history of such losses or projected or forecasted losses that demonstrate that the losses will continue; or | ||||||||||||
• | A current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise significantly disposed of before the end of its previously estimated useful life. | ||||||||||||
The carrying amount of property, plant and equipment and amortizable intangible assets is not recoverable if the carrying value of the asset group exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset group. In the event of impairment, we recognize a loss for the excess of the recorded value over fair value. The long-term nature of these assets requires the estimation of cash inflows and outflows several years into the future and only takes into consideration technological advances known at the time of review. | |||||||||||||
We review goodwill for impairment annually using a measurement date of October 31st, primarily due to the timing of our annual budgeting process, or more frequently in the event of an impairment indicator. The fair value of each reporting unit that has goodwill is estimated using the average of both the income approach and the market approach, which we believe provides a reasonable estimate of the reporting unit’s fair value, unless facts or circumstances exist which indicate a more representative fair value. The income approach is a discounted cash flow model, which uses projected cash flows attributable to the reporting unit, including an allocation of certain corporate expenses based primarily on a proportional sales method. We use historical results, trends and our projections of market growth, internal sales efforts and anticipated cost structure assumptions to estimate future cash flows. Using a risk-adjusted, weighted-average cost of capital, we discount the cash flow projections to the measurement date. The market approach estimates a price reasonably expected to be paid by a market participant in the purchase of the reporting units based on a comparison to similar businesses. If the fair value of any of the reporting units were determined to be less than its carrying value, we would obtain comparable market values or independent appraisals of its net assets. | |||||||||||||
Derivative Financial Instruments | ' | ||||||||||||
Derivative Financial Instruments | |||||||||||||
As part of our risk management activities, we employ derivative financial instruments, primarily foreign currency forward contracts, to hedge certain anticipated transactions, firm commitments, or assets and liabilities denominated in foreign currencies. We also purchase portions of our energy and precious metal requirements under fixed price forward purchase contracts designated as normal purchase contracts. | |||||||||||||
We record derivatives on our balance sheet as either assets or liabilities that are measured at fair value. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified from accumulated other comprehensive income into earnings when the hedged transaction affects earnings. As of December 31, 2013, we did not have any derivative instruments classified as cash flow hedges. The ineffective portion, if any, in the change in value of these derivatives is immediately recognized in earnings. For derivatives that are not designated as hedges, the gain or loss on the derivative is recognized in current earnings. We use derivatives only to manage well-defined risks and do not use derivatives for speculative purposes. | |||||||||||||
Postretirement and Other Employee Benefits | ' | ||||||||||||
Postretirement and Other Employee Benefits | |||||||||||||
We recognize postretirement and other employee benefits as employees render the services necessary to earn those benefits. We determine defined benefit pension and other postretirement benefit costs and obligations with the assistance of actuarial calculations performed by third parties. The calculations and the resulting amounts recorded in our consolidated financial statements are affected by assumptions including the discount rate, expected long-term rate of return on plan assets, the annual rate of change in compensation for plan-eligible employees, estimated changes in costs of healthcare benefits, and other factors. We evaluate the assumptions used on an annual basis. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
We account for income taxes in accordance with Accounting Standards Codification (“ASC”) Topic 740, Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected future tax effects of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. | |||||||||||||
We record deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future income, tax planning strategies, and recent financial operations. | |||||||||||||
We recognize a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. | |||||||||||||
We recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying consolidated statements of operations. | |||||||||||||
Cash Equivalents | ' | ||||||||||||
Cash Equivalents | |||||||||||||
We consider all highly liquid instruments with original maturities of three months or less when purchased to be cash equivalents. These instruments are carried at cost. | |||||||||||||
Accounts Receivable and the Allowance for Doubtful Accounts | ' | ||||||||||||
Accounts Receivable and the Allowance for Doubtful Accounts | |||||||||||||
Ferro sells its products to customers in diversified industries throughout the world. No customer or related group of customers represents greater than 10% of net sales or accounts receivable. We perform ongoing credit evaluations of our customers and require collateral principally for export sales, when industry practices allow and as market conditions dictate, subject to our ability to negotiate secured terms relative to competitive offers. We regularly analyze significant customer accounts and provide for uncollectible accounts based on historical experience, customer payment history, the length of time the receivables are past due, the financial health of the customer, economic conditions and specific circumstances, as appropriate. Changes in these factors could result in additional allowances. Customer accounts we conclude to be uncollectible or to require excessive collection costs are written off against the allowance for doubtful accounts. Historically, write-offs of uncollectible accounts have been within our expectations. Detailed information about the allowance for doubtful accounts is provided below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Allowance for doubtful accounts | $ | 12,428 | $ | 14,353 | $ | 10,443 | |||||||
Bad debt expense | 4,074 | 5,202 | 2,349 | ||||||||||
We have receivables sales programs in place for the U.S. where we sell our receivables to various purchasers. Due to the terms of such programs, these programs are recorded similar to secured borrowings on our balance sheet. The underlying receivables are derecognized when collection occurs, at which time repayment of the borrowings is made to the purchasers. The cash flows for the underlying receivables are categorized as operating activities. The related cash flows for the secured borrowings are categorized as financing activities and presented net as the turnover of such activities is quick, the amounts are large, and the maturities are short, generally three months or less. These programs accelerate cash collections at favorable financing costs. In December 2013, the international factoring program expired and was not renewed. | |||||||||||||
Inventories | ' | ||||||||||||
Inventories | |||||||||||||
We value inventory at the lower of cost or market, with cost determined utilizing the first-in, first-out (FIFO) method. We periodically evaluate the net realizable value of inventories based primarily upon their age, but also upon assumptions of future usage in production, customer demand and market conditions. Inventories have been reduced to the lower of cost or realizable value by allowances for slow moving or obsolete goods. | |||||||||||||
We maintain raw materials on our premises that we do not own, including precious metals consigned from financial institutions and customers, and raw materials consigned from vendors. Although we have physical possession of the goods, their value is not reflected on our balance sheet because we do not have title. | |||||||||||||
We obtain precious metals under consignment agreements with financial institutions for periods of one year or less. These precious metals are primarily silver, gold, platinum, and palladium and are used in the production of certain products for our customers. Under these arrangements, the financial institutions own the precious metals, and accordingly, we do not report these precious metals as inventory on our consolidated balance sheet although they physically are in our possession. These agreements are cancelable by either party at the end of each consignment period, however, because we have access to a number of consignment arrangements with available capacity, our consignment needs can be shifted among the other participating institutions in order to ensure our supply. In certain cases, these financial institutions require cash deposits to provide additional collateral beyond the value of the underlying precious metals. The financial institutions charge us fees for these consignment arrangements, and these fees are recorded as cost of sales. | |||||||||||||
Property, Plant and Equipment | ' | ||||||||||||
Property, Plant and Equipment | |||||||||||||
We record property, plant and equipment at historical cost. In addition to the original purchased cost, including transportation, installation and taxes, we capitalize expenditures that increase the utility or useful life of existing assets. For constructed assets, we capitalize interest costs incurred during the period of construction. We expense repair and maintenance costs, including the costs of major planned overhauls of equipment, as incurred. We depreciate property, plant and equipment on a straight-line basis, generally over the following estimated useful lives of the assets: | |||||||||||||
Buildings | 20 to 40 years | ||||||||||||
Machinery and equipment | 5 to 15 years | ||||||||||||
Other Capitalized Costs | ' | ||||||||||||
Other Capitalized Costs | |||||||||||||
We capitalize the costs of computer software developed or obtained for internal use after the preliminary project stage has been completed and management, with the relevant authority, authorizes and commits to funding a computer software project, and it is probable that the project will be completed and the software will be used to perform the function intended. External direct costs of materials and services consumed in developing or obtaining internal-use computer software, payroll and payroll-related costs for employees who are directly associated with the project, and interest costs incurred when developing computer software for internal use are capitalized within other non-current assets. Capitalization ceases when the project is substantially complete, generally after all substantial testing is completed. We expense training costs and data conversion costs as incurred. We amortize software on a straight-line basis over its estimated useful life, which has historically been in a range of 1 to 12 years. | |||||||||||||
Environmental Liabilities | ' | ||||||||||||
Environmental Liabilities | |||||||||||||
As part of the production of some of our products, we handle, process, use and store hazardous materials. As part of these routine processes, we expense recurring costs associated with control and disposal of hazardous materials as they are incurred. Occasionally we are subject to ongoing, pending or threatened litigation related to the handling of these materials or other matters. If, based on available information, we believe that we have incurred a liability and we can reasonably estimate the amount, we accrue for environmental remediation and other contingent liabilities. We disclose material contingencies if the likelihood of the potential loss is reasonably possible but the amount is not reasonably estimable. | |||||||||||||
In estimating the amount to be accrued for environmental remediation, we use assumptions about: | |||||||||||||
• | Remediation requirements at the contaminated site; | ||||||||||||
• | The nature of the remedy; | ||||||||||||
• | Existing technology; | ||||||||||||
• | The outcome of discussions with regulatory agencies; | ||||||||||||
• | Other potentially responsible parties at multi-party sites; and | ||||||||||||
• | The number and financial viability of other potentially responsible parties. | ||||||||||||
We actively monitor the status of sites, and, as assessments and cleanups proceed, we update our assumptions and adjust our estimates as necessary. Because we are uncertain about the timing of related payments, we do not discount the estimated remediation costs. | |||||||||||||
Recently Adopted Accounting Pronouncements | ' | ||||||||||||
Recently Adopted Accounting Pronouncements | |||||||||||||
On January 1, 2013, we adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2011-11, Disclosures about Offsetting Assets and Liabilities, and ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. These pronouncements are codified in 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, 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. | |||||||||||||
New Accounting Pronouncements Not Yet Adopted | ' | ||||||||||||
New Accounting Pronouncements Not Yet Adopted | |||||||||||||
In March 2013, the FASB issued ASU 2013-05, Parent’s Accounting for the Cumulative Translation Adjustments upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investments in a Foreign Entity, which is codified in ASC Topic 830, Foreign Currency Matters. This pronouncement clarifies the application of Subtopic 810-10, Consolidation — Overall, and Subtopic 830-30, Foreign Currency Matters — Translation of Financial Statements, to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a foreign entity, and the treatment of business combinations achieved in stages involving a foreign entity. The pronouncement is effective for our fiscal year that begins January 1, 2014. We do not expect that the adoption of this pronouncement will 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 loans payable are based on the present value of expected future cash flows and approximate their carrying amounts due to the short periods to maturity. The fair value of the 7.875% Senior Notes is based on trades in an active market. At December 31, 2013, the quoted market price was $106.50 per $100 reflecting a yield of 6.23%. The fair value of the 6.50% Convertible Notes was historically based on third-party estimated bid prices. The fair values of the revolving credit facility and the other long-term notes are based on the present value of expected future cash flows and 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 under ASC Topic 280, Segment Reporting, for continuing to report as one segment. These operating segments will now be reported as the Pigments, Powders and Oxides and the Performance Colors and Glass segments. As discussed in Note 16, our pharmaceuticals business that comprised the Pharmaceuticals segment was sold in the first quarter of 2013, 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. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Pigments, Powders and Oxides | $ | 190,326 | $ | 279,025 | $ | 601,542 | |||||||
Performance Colors and Glass | 390,007 | 386,538 | 417,752 | ||||||||||
Performance Coatings | 591,975 | 587,698 | 602,566 | ||||||||||
Polymer Additives | 292,568 | 320,635 | 336,965 | ||||||||||
Specialty Plastics | 170,530 | 170,717 | 172,028 | ||||||||||
Total net sales | $ | 1,635,406 | $ | 1,744,613 | $ | 2,130,853 | |||||||
In 2013, 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. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Detailed Information about Allowance for Doubtful Accounts | ' | ||||||||||||
Detailed information about the allowance for doubtful accounts is provided below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Allowance for doubtful accounts | $ | 12,428 | $ | 14,353 | $ | 10,443 | |||||||
Bad debt expense | 4,074 | 5,202 | 2,349 | ||||||||||
Estimated Useful Lives of Property, Plant and Equipment | ' | ||||||||||||
We depreciate property, plant and equipment on a straight-line basis, generally over the following estimated useful lives of the assets: | |||||||||||||
Buildings | 20 to 40 years | ||||||||||||
Machinery and equipment | 5 to 15 years |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Raw materials | $ | 58,765 | $ | 64,923 | |||||
Work in process | 30,266 | 35,028 | |||||||
Finished goods | 101,185 | 100,873 | |||||||
Total | $ | 190,216 | $ | 200,824 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||
Property, Plant and Equipment | ' | ||||||||||
2013 | 2012 | ||||||||||
(Dollars in thousands) | |||||||||||
Land | $ | 12,388 | $ | 14,179 | |||||||
Buildings | 211,084 | 228,348 | |||||||||
Machinery and equipment | 678,392 | 706,008 | |||||||||
Construction in progress | 20,889 | 18,961 | |||||||||
Total property, plant and equipment | 922,753 | 967,496 | |||||||||
Total accumulated depreciation | (625,649 | ) | (658,122 | ) | |||||||
Property, plant and equipment, net | $ | 297,104 | $ | 309,374 | |||||||
Summary of Fair Value and Impairment of Long Lived Assets | ' | ||||||||||
Fair Value | Fair Value Measurements Using | Total Gains | |||||||||
Description | Level 1 | Level 2 | Level 3 | (Losses) | |||||||
(Dollars in thousands) | |||||||||||
Assets held for use: | |||||||||||
2013 | $ 13,000 | $ — | $ — | $ 13,000 | $ (7,484) | ||||||
2012 | — | — | — | — | -38,942 | ||||||
2011 | — | — | — | — | -4,436 |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Summary of Amortizable Intangible Asset | ' | ||||||||||||||||||||||||
Description | Fair Value | Fair Value Measurements Using | Total Gains | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | (Losses) | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Amortizable intangible asset: | |||||||||||||||||||||||||
2013 | $ | — | $ | — | $ | — | $ | — | $ | (2,102) | |||||||||||||||
Details and Activity of Goodwill by Segment | ' | ||||||||||||||||||||||||
Details and activity of goodwill by segment follow: | |||||||||||||||||||||||||
Electronic | Performance | Color and | Pigments, | Performance | Total | ||||||||||||||||||||
Materials | Coatings | Glass | Powders and | Colors and | |||||||||||||||||||||
Performance | Oxides | Glass | |||||||||||||||||||||||
Materials | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Balance at December 31, 2011: | |||||||||||||||||||||||||
Gross goodwill | $ | 152,950 | $ | 45,841 | $ | 62,079 | $ | — | $ | — | $ | 260,870 | |||||||||||||
Accumulated impairment losses | — | (45,269 | ) | — | — | — | (45,269 | ) | |||||||||||||||||
152,950 | 572 | 62,079 | — | — | 215,601 | ||||||||||||||||||||
Impairments | (153,566 | ) | — | — | — | (153,566 | ) | ||||||||||||||||||
Other adjustments | (1 | ) | — | (21 | ) | — | — | (22 | ) | ||||||||||||||||
Foreign currency adjustment | 617 | 3 | 342 | — | — | 962 | |||||||||||||||||||
Balance at December 31, 2012: | |||||||||||||||||||||||||
Gross goodwill | 153,566 | 45,844 | 62,400 | — | — | 261,810 | |||||||||||||||||||
Accumulated impairment losses | (153,566 | ) | (45,269 | ) | — | (198,835 | ) | ||||||||||||||||||
— | 575 | 62,400 | — | — | 62,975 | ||||||||||||||||||||
Segment reorganization(1) | — | — | (62,400 | ) | 9,435 | 52,965 | — | ||||||||||||||||||
Other adjustments | — | — | (3 | ) | (15 | ) | (18 | ) | |||||||||||||||||
Foreign currency adjustment | — | 11 | — | 76 | 429 | 516 | |||||||||||||||||||
Balance at December 31, 2013: | |||||||||||||||||||||||||
Gross goodwill | — | 45,855 | — | 9,508 | 53,379 | 108,742 | |||||||||||||||||||
Accumulated impairment losses | — | (45,269 | ) | — | — | — | (45,269 | ) | |||||||||||||||||
$ | — | $ | 586 | $ | — | $ | 9,508 | $ | 53,379 | $ | 63,473 | ||||||||||||||
-1 | Reallocation of goodwill based on changes in reportable segments. Refer to footnote 19 for additional detail. | ||||||||||||||||||||||||
Significant Assumptions and Ranges of Assumptions Used in Impairment Analysis of Goodwill | ' | ||||||||||||||||||||||||
The significant assumptions and ranges of assumptions we used in our impairment analysis of goodwill follow: | |||||||||||||||||||||||||
Significant Assumptions | 2013 | 2012 | |||||||||||||||||||||||
Weighted-average cost of capital | 12.0% - 12.5% | 12.0% - 15.5% | |||||||||||||||||||||||
Residual growth rate | 3.00% | 3.00% | |||||||||||||||||||||||
Summary of Fair Value and Impairment of Goodwill | ' | ||||||||||||||||||||||||
Fair Value | Fair Value Measurements Using | Total Gains | |||||||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | (Losses) | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Goodwill: | |||||||||||||||||||||||||
2012 | $ — | $ — | $ — | $ — | $ (153,566) | ||||||||||||||||||||
2011 | — | — | — | — | (3,881) | ||||||||||||||||||||
Details of Amortizable Intangible Assets | ' | ||||||||||||||||||||||||
Details of amortizable intangible assets follow: | |||||||||||||||||||||||||
Estimated | December 31, | ||||||||||||||||||||||||
Economic Life | 2013 | 2012 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Gross amortizable intangible assets: | |||||||||||||||||||||||||
Patents | 10 - 16 years | $ | 5,634 | $ | 5,560 | ||||||||||||||||||||
Land rights | 20 - 40 years | 5,172 | 5,078 | ||||||||||||||||||||||
Technological know-how and other | 5 - 30 years | 15,996 | 16,710 | ||||||||||||||||||||||
Total gross amortizable intangible assets | 26,802 | 27,348 | |||||||||||||||||||||||
Accumulated amortization: | |||||||||||||||||||||||||
Patents | (4,880 | ) | (4,659 | ) | |||||||||||||||||||||
Land rights | (2,529 | ) | (2,391 | ) | |||||||||||||||||||||
Technological know-how and other | (6.366 | ) | (5,888 | ) | |||||||||||||||||||||
Total accumulated amortization | (13,775 | ) | (12,938 | ) | |||||||||||||||||||||
Amortizable intangible assets, net | $ | 13,027 | $ | 14,410 | |||||||||||||||||||||
Debt_and_Other_Financing_Table
Debt and Other Financing (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Loans Payable and Current Portion of Long-Term Debt | ' | ||||||||
Loans payable and current portion of long-term debt at December 31st consisted of the following: | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Loans payable to banks | $ | 2,062 | $ | 2,477 | |||||
Domestic accounts receivable asset securitization program | 41,000 | 40,000 | |||||||
International accounts receivable sales programs | — | 6,122 | |||||||
Current portion of long-term debt | 1,168 | 36,553 | |||||||
Total loans payable and current portion of long-term debt | $ | 44,230 | $ | 85,152 | |||||
Summary of Long-Term Debt | ' | ||||||||
Long-term debt at December 31st consisted of the following: | |||||||||
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 | 9,204 | 2,596 | |||||||
Capitalized lease obligations (see Note 14) | 5,816 | 6,433 | |||||||
Other notes | 3,617 | 4,731 | |||||||
Total long-term debt | 268,637 | 298,177 | |||||||
Current portion | (1,168 | ) | (36,553 | ) | |||||
Long-term debt, less current portion | $ | 267,469 | $ | 261,624 | |||||
Annual Maturities of Long-Term Debt | ' | ||||||||
The annual maturities of long-term debt for each of the five years after December 31, 2013, were as follows: | |||||||||
(Dollars in | |||||||||
thousands) | |||||||||
2014 | $ | 1,555 | |||||||
2015 | 10,955 | ||||||||
2016 | 1,407 | ||||||||
2017 | 1,235 | ||||||||
2018 | 251,063 | ||||||||
Thereafter | 4,673 | ||||||||
Total maturities of long-term debt | 270,888 | ||||||||
Imputed interest and executory costs on capitalized lease obligations | (2,251 | ) | |||||||
Total long-term debt | $ | 268,637 |
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Investments All Other Investments [Abstract] | ' | ||||||||||||||||||||||||||||
Financial Instruments Measured at Fair Value | ' | ||||||||||||||||||||||||||||
The following financial instrument assets (liabilities) are presented at carrying amount, fair value and classification within the fair value hierarchy: | |||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | Amount | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 28,328 | $ | 28,328 | $ | 28,328 | $ | — | $ | — | $ | 29,576 | $ | 29,576 | |||||||||||||||
Loans payable | (43,062 | ) | (43,062 | ) | — | (43,062 | ) | — | (48,599 | ) | (48,599 | ) | |||||||||||||||||
7.875% Senior Notes | (250,000 | ) | (266,250 | ) | (266,250 | ) | — | — | (250,000 | ) | (231,500 | ) | |||||||||||||||||
6.50% Convertible Senior Notes, net of unamortized discounts | — | — | — | — | — | (34,417 | ) | (34,803 | ) | ||||||||||||||||||||
Revolving credit facility | (9,204 | ) | (9,496 | ) | — | (9,496 | ) | — | (2,596 | ) | (2,634 | ) | |||||||||||||||||
Other long-term notes | (3,617 | ) | (2,988 | ) | — | (2,988 | ) | — | (4,731 | ) | (3,937 | ) | |||||||||||||||||
Foreign currency forward contracts, net | (2,255 | ) | (2,255 | ) | — | (2,255 | ) | — | (4,758 | ) | (4,758 | ) | |||||||||||||||||
Effect on Derivative Instruments on Consolidated Financial Performance | ' | ||||||||||||||||||||||||||||
The following table presents the effect on our consolidated statements of operations of foreign currency forward contracts: | |||||||||||||||||||||||||||||
Amount of (Loss) Gain | Location of (Loss) Gain in Income | ||||||||||||||||||||||||||||
Recognized in Income | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Foreign currency forward contracts | $ | (8,060) | $ | 474 | Foreign currency losses, net | ||||||||||||||||||||||||
Fair Value of Derivative Instruments on Consolidated Balance Sheets | ' | ||||||||||||||||||||||||||||
The following table presents the fair value on our consolidated balance sheets at December 31st of foreign currency forward contracts: | |||||||||||||||||||||||||||||
2013 | 2012 | Balance Sheet Location | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Asset derivatives: | |||||||||||||||||||||||||||||
Foreign currency forward contracts | $ | 186 | $ | — | Other current assets | ||||||||||||||||||||||||
Foreign currency forward contracts | — | 213 | Accrued expenses and other current liabilities | ||||||||||||||||||||||||||
Total fair value | $ | 186 | $ | 213 | |||||||||||||||||||||||||
Liability derivatives: | |||||||||||||||||||||||||||||
Foreign currency forward contracts | $ | (2,441 | ) | $ | (4,971 | ) | Accrued expenses and other current liabilities | ||||||||||||||||||||||
Total fair value | $ | (2,441) | $ | (4,971) | |||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
(Losses) Earnings before Income Taxes | ' | ||||||||||||
Income tax expense (benefit) is based on our earnings (losses) before income taxes as presented in the following table: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
U.S. | $ | 98,839 | $ | (218,314 | ) | $ | 23,862 | ||||||
Foreign | (3,106 | ) | (47,026 | ) | (2,772 | ) | |||||||
Total | $ | 95,733 | $ | (265,340 | ) | $ | 21,090 | ||||||
Income Tax Expense (Benefit) | ' | ||||||||||||
Our income tax expense (benefit) consists of the following components: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Current: | |||||||||||||
U.S. federal | $ | (10,370) | $ | (1,825) | $ | (11,250) | |||||||
Foreign | 17,219 | 2,525 | 8,704 | ||||||||||
State and local | 165 | 575 | 517 | ||||||||||
Total current | 7,014 | 1,275 | (2,029 | ) | |||||||||
Deferred: | |||||||||||||
U.S. federal | 12,145 | 77,875 | 18,380 | ||||||||||
Foreign | (4,292 | ) | 21,399 | 2,944 | |||||||||
State and local | — | 8,301 | (1,163 | ) | |||||||||
Total deferred | 7,853 | 107,575 | 20,161 | ||||||||||
Total income tax expense | $ | 14,867 | $ | 108,850 | $ | 18,132 | |||||||
Income Tax Expense (Benefit) Allocated Directly to Ferro Corporation Shareholders' Equity | ' | ||||||||||||
In addition, income tax (benefit) expense that we allocated directly to Ferro Corporation shareholders’ equity is detailed in the following table: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Foreign currency translation adjustments | $ | — | $ | 144 | $ | 38 | |||||||
Postretirement benefit liability adjustments | (244 | ) | (140 | ) | (139 | ) | |||||||
Stock options exercised | — | 249 | (1,184 | ) | |||||||||
Total income tax (benefit) expense allocated to Ferro Corporation shareholders’ equity | $ | (244) | $ | 253 | $ | (1,285) | |||||||
Reconciliation of U.S. Federal Statutory Income Tax Rate and Effective Tax Rate | ' | ||||||||||||
A reconciliation of the U.S. federal statutory income tax rate and our effective tax rate follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. federal statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Adjustment of valuation allowance | (28.4 | ) | (68.9 | ) | 52.8 | ||||||||
State taxes | 0.1 | 2 | 3.7 | ||||||||||
Goodwill dispositions and impairments | (0.2 | ) | (4.2 | ) | 3.5 | ||||||||
Uncertain tax positions | 0.3 | (0.1 | ) | 3.3 | |||||||||
Foreign tax rate difference | 0.3 | (1.0 | ) | 0.2 | |||||||||
Research and development credit | — | 0.2 | (10.9 | ) | |||||||||
Domestic production activities deduction | — | — | (5.8 | ) | |||||||||
Net adjustment of prior-year accrual | 1.6 | (1.0 | ) | (1.9 | ) | ||||||||
U.S. tax cost of foreign dividends | 1.3 | (0.2 | ) | (0.2 | ) | ||||||||
Stock options | — | — | (0.4 | ) | |||||||||
Medicare subsidy | — | — | (0.2 | ) | |||||||||
Book to tax difference on sale of asset | (2.4 | ) | — | ||||||||||
Expired tax credits | 7.2 | (1.5 | ) | — | |||||||||
Miscellaneous | 0.7 | (1.3 | ) | 6.9 | |||||||||
Effective tax rate | 15.5 | % | (41.0 | )% | 86 | % | |||||||
Components of Deferred Tax Assets and Liabilities | ' | ||||||||||||
The components of deferred tax assets and liabilities at December 31st were: | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Pension and other benefit programs | $ | 31,545 | $ | 68,522 | |||||||||
Foreign operating loss carryforwards | 62,256 | 66,993 | |||||||||||
Domestic operating loss carryforwards | 17,484 | — | |||||||||||
Foreign tax credit carryforwards | 30,322 | 29,188 | |||||||||||
Other credit carryforwards | 16,294 | 14,259 | |||||||||||
Capitalized research costs | 3,578 | 5,409 | |||||||||||
Accrued liabilities | 18,066 | 16,414 | |||||||||||
State operating loss carryforwards | 8,956 | 4,258 | |||||||||||
Allowance for doubtful accounts | 3,062 | 2,937 | |||||||||||
Property, equipment and intangibles — depreciation and amortization | 9,932 | 18,613 | |||||||||||
Capitalized interest | 4,903 | 4,712 | |||||||||||
Inventories | 3,756 | 5,656 | |||||||||||
Other | 7,979 | 10,103 | |||||||||||
Total deferred tax assets | 218,133 | 247,064 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Convertible debt instruments | — | 227 | |||||||||||
Unremitted earnings of foreign subsidiaries | 1,795 | 1,363 | |||||||||||
Other | 357 | 767 | |||||||||||
Total deferred tax liabilities | 2,152 | 2,357 | |||||||||||
Net deferred tax assets before valuation allowance | 215,981 | 244,707 | |||||||||||
Valuation allowance | (193,984 | ) | (216,882 | ) | |||||||||
Net deferred tax assets | $ | 21,997 | $ | 27,825 | |||||||||
Expirations of Operating Loss Carryforwards and Tax Credit Carryforwards | ' | ||||||||||||
These operating loss carryforwards and tax credit carryforwards expire as follows: | |||||||||||||
Operating Loss | Tax Credit | ||||||||||||
Carryforwards | Carryforwards | ||||||||||||
(Dollars in thousands) | |||||||||||||
Expiring in: | |||||||||||||
2014 | $ | 5,108 | $ | 4,901 | |||||||||
2015-2019 | 20,567 | 32,516 | |||||||||||
2020-2024 | 2,889 | 13,360 | |||||||||||
2025-2029 | 7,146 | 7,864 | |||||||||||
2030-2034 | 17,623 | 1,314 | |||||||||||
2035-Indefinitely | 39,716 | 2,068 | |||||||||||
Total | $ | 93,049 | $ | 62,023 | |||||||||
Classification of Net Deferred Income Tax Assets | ' | ||||||||||||
We classified net deferred income tax assets as of December 31st as detailed in the following table: | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Current assets | $ | 6,584 | $ | 7,995 | |||||||||
Non-current assets | 19,451 | 21,554 | |||||||||||
Current liabilities | (1,660 | ) | (950 | ) | |||||||||
Non-current liabilities | (2,378 | ) | (774 | ) | |||||||||
Net deferred tax assets | $ | 21,997 | $ | 27,825 | |||||||||
Activity and Balances of Unrecognized Tax Benefits | ' | ||||||||||||
Activity and balances of unrecognized tax benefits are summarized below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Balance at beginning of year | $ | 28,686 | $ | 32,131 | $ | 33,455 | |||||||
Additions based on tax positions related to the current year | 3,701 | 4,567 | 1,886 | ||||||||||
Additions for tax positions of prior years | 8,524 | 560 | 487 | ||||||||||
Reductions for tax positions of prior years | (153 | ) | (354 | ) | (167 | ) | |||||||
Reductions as a result of expiring statutes of limitations | (449 | ) | (5,272 | ) | (2,455 | ) | |||||||
Foreign currency translation of non-U.S. dollar denominated reserves | 292 | 222 | (449 | ) | |||||||||
Settlements with taxing authorities | (1,862 | ) | (3,168 | ) | (626 | ) | |||||||
Balance at end of year | $ | 38,739 | $ | 28,686 | $ | 32,131 | |||||||
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Defined Benefit Pension Plans | ' | ||||||||||||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||||||||
Service cost | $ | 19 | $ | 16 | $ | 16 | $ | 2,095 | $ | 1,995 | $ | 2,095 | |||||||||||||
Interest cost | 18,123 | 19,469 | 20,468 | 4,927 | 5,344 | 5,525 | |||||||||||||||||||
Expected return on plan assets | (24,730 | ) | (20,631 | ) | (20,601 | ) | (2,994 | ) | (3,022 | ) | (3,137 | ) | |||||||||||||
Amortization of prior service cost (credit) | 13 | 48 | 73 | 29 | 2 | (142 | ) | ||||||||||||||||||
Mark-to-market actuarial net (gains) losses | (63,405 | ) | 20,125 | 49,866 | (2,506 | ) | 9,529 | 4,578 | |||||||||||||||||
Curtailment and settlement effects | — | — | — | (632 | ) | (2,524 | ) | 23 | |||||||||||||||||
Special termination benefits | — | — | — | 96 | 2 | 3 | |||||||||||||||||||
Total net periodic benefit (income) cost | $ | (69,980) | $ | 19,027 | $ | 49,822 | $ | 1,015 | $ | 11,326 | $ | 8,945 | |||||||||||||
Weighted-average assumptions: | |||||||||||||||||||||||||
Discount rate | 4.3 | % | 5.1 | % | 5.85 | % | 4 | % | 5.01 | % | 5.51 | % | |||||||||||||
Rate of compensation increase | N/A | N/A | N/A | 2.89 | % | 3.03 | % | 3.44 | % | ||||||||||||||||
Expected return on plan assets | 8.2 | % | 8.2 | % | 8.5 | % | 4.45 | % | 4.86 | % | 5.6 | % | |||||||||||||
U.S. Plans | Non-U.S. Plans | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 428,584 | $ | 392,820 | $ | 126,967 | $ | 110,674 | |||||||||||||||||
Service cost | 19 | 16 | 2,095 | 1,995 | |||||||||||||||||||||
Interest cost | 18,123 | 19,469 | 4,927 | 5,344 | |||||||||||||||||||||
Curtailments | — | — | (369 | ) | (1,617 | ) | |||||||||||||||||||
Settlements | — | — | (2,175 | ) | (2,984 | ) | |||||||||||||||||||
Special termination benefits | — | — | 97 | 2 | |||||||||||||||||||||
Plan participants’ contributions | — | — | 27 | 133 | |||||||||||||||||||||
Benefits paid | (22,179 | ) | (22,693 | ) | (4,063 | ) | (5,176 | ) | |||||||||||||||||
Actuarial (gain) loss | (37,829 | ) | 38,972 | (619 | ) | 15,691 | |||||||||||||||||||
Exchange rate effect | — | — | 2,839 | 2,905 | |||||||||||||||||||||
Benefit obligation at end of year | $ | 386,718 | $ | 428,584 | $ | 129,726 | $ | 126,967 | |||||||||||||||||
Accumulated benefit obligation at end of year | $ | 386,718 | $ | 428,584 | $ | 129,726 | $ | 119,777 | |||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 302,575 | $ | 261,715 | $ | 70,004 | $ | 62,554 | |||||||||||||||||
Actual return on plan assets | 50,306 | 39,479 | 4,924 | 9,309 | |||||||||||||||||||||
Employer contributions | 23,968 | 24,074 | 3,749 | 3,903 | |||||||||||||||||||||
Plan participants’ contributions | — | — | 27 | 133 | |||||||||||||||||||||
Benefits paid | (22,179 | ) | (22,693 | ) | (4,063 | ) | (5,176 | ) | |||||||||||||||||
Effect of settlements | — | — | (2,175 | ) | (2,984 | ) | |||||||||||||||||||
Exchange rate effect | — | — | 1,144 | 2,265 | |||||||||||||||||||||
Fair value of plan assets at end of year | $ | 354,670 | $ | 302,575 | $ | 73,610 | $ | 70,004 | |||||||||||||||||
Amounts recognized in the balance sheet: | |||||||||||||||||||||||||
Other non-current assets | $ | — | $ | — | $ | 6,909 | $ | 5,024 | |||||||||||||||||
Accrued expenses and other current liabilities | (542 | ) | (365 | ) | (1,946 | ) | (1,906 | ) | |||||||||||||||||
Postretirement and pension liabilities | (31,506 | ) | (125,644 | ) | (61,081 | ) | (60,082 | ) | |||||||||||||||||
Funded status | $ | (32,048 | ) | $ | (126,009 | ) | $ | (56,118 | ) | $ | (56,964 | ) | |||||||||||||
U.S. Plans | Non-U.S. Plans | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Weighted-average assumptions as of December 31: | |||||||||||||||||||||||||
Discount rate | 5.25 | % | 4.3 | % | 4.12 | % | 4 | % | |||||||||||||||||
Rate of compensation increase | N/A | N/A | 2.88 | % | 2.83 | % | |||||||||||||||||||
Pension plans with benefit obligations in excess of plan assets: | |||||||||||||||||||||||||
Benefit obligations | $ | 386,718 | $ | 428,584 | $ | 91,116 | $ | 89,017 | |||||||||||||||||
Plan assets | 354,670 | 302,575 | 28,089 | 27,029 | |||||||||||||||||||||
Pension plans with accumulated benefit obligations in excess of plan assets: | |||||||||||||||||||||||||
Projected benefit obligations | $ | 386,718 | $ | 428,584 | $ | 90,882 | $ | 88,783 | |||||||||||||||||
Accumulated benefit obligations | 386,718 | 428,584 | 85,565 | 82,462 | |||||||||||||||||||||
Plan assets | 354,670 | 302,575 | 27,868 | 26,824 | |||||||||||||||||||||
Activity and balances in accumulated other comprehensive income (loss) related to defined benefit pension plans are summarized below: | |||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Prior service (cost) credit: | |||||||||||||||||||||||||
Balance at beginning of year | $ | (55 | ) | $ | (103 | ) | $ | (103 | ) | $ | 954 | ||||||||||||||
Amounts recognized as net periodic benefit costs | 13 | 48 | (328 | ) | (780 | ) | |||||||||||||||||||
Exchange rate effects | — | — | (229 | ) | (277 | ) | |||||||||||||||||||
Balance at end of year | $ | (42 | ) | $ | (55 | ) | $ | (660 | ) | $ | (103 | ) | |||||||||||||
Estimated amounts to be amortized in 2014 | $ | (12 | ) | $ | (63 | ) | |||||||||||||||||||
Fair Value of Pension Plan Assets | ' | ||||||||||||||||||||||||
The fair values of our pension plan assets at December 31, 2013, by asset category are as follows: | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
U.S. plans: | |||||||||||||||||||||||||
Fixed income: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 7,574 | $ | — | $ | — | $ | 7,574 | |||||||||||||||||
Guaranteed deposits | — | 2,054 | — | 2,054 | |||||||||||||||||||||
U.S. government agencies | 15,048 | — | — | 15,048 | |||||||||||||||||||||
Mutual funds | 84,650 | — | — | 84,650 | |||||||||||||||||||||
Commingled funds | 1,328 | 468 | 1,796 | ||||||||||||||||||||||
Equities: | |||||||||||||||||||||||||
U.S. common stocks | 3,632 | — | — | 3,632 | |||||||||||||||||||||
Mutual funds | 222,363 | — | — | 222,363 | |||||||||||||||||||||
Commingled funds | — | 1,875 | — | 1,875 | |||||||||||||||||||||
Real estate | — | — | 15,678 | 15,678 | |||||||||||||||||||||
Total | $ | 333,267 | $ | 5,257 | $ | 16,146 | $ | 354,670 | |||||||||||||||||
Non-U.S. plans: | |||||||||||||||||||||||||
Fixed income: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 686 | $ | — | $ | — | $ | 686 | |||||||||||||||||
Guaranteed deposits | — | 2,614 | 22,985 | 25,599 | |||||||||||||||||||||
Mutual funds | 497 | — | — | 497 | |||||||||||||||||||||
Commingled funds | — | 22,896 | — | 22,896 | |||||||||||||||||||||
Other | 4,181 | — | — | 4,181 | |||||||||||||||||||||
Equities: | |||||||||||||||||||||||||
Mutual funds | 465 | — | — | 465 | |||||||||||||||||||||
Commingled funds | — | 18,369 | — | 18,369 | |||||||||||||||||||||
Real estate | — | — | 484 | 484 | |||||||||||||||||||||
Other assets | 232 | — | 201 | 433 | |||||||||||||||||||||
Total | $ | 6,061 | $ | 43,879 | $ | 23,670 | $ | 73,610 | |||||||||||||||||
The fair values of our pension plan assets at December 31, 2012, by asset category are as follows: | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
U.S. plans: | |||||||||||||||||||||||||
Fixed income: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 7 | $ | — | $ | — | $ | 7 | |||||||||||||||||
Guaranteed deposits | — | 2,208 | — | 2,208 | |||||||||||||||||||||
U.S. government agencies | 18,256 | — | — | 18,256 | |||||||||||||||||||||
Mutual funds | 84,041 | — | — | 84,041 | |||||||||||||||||||||
Commingled funds | — | 1,400 | 675 | 2,075 | |||||||||||||||||||||
Equities: | |||||||||||||||||||||||||
U.S. common stocks | 1,775 | — | — | 1,775 | |||||||||||||||||||||
Mutual funds | 184,528 | — | — | 184,528 | |||||||||||||||||||||
Commingled funds | — | 1,710 | — | 1,710 | |||||||||||||||||||||
Real estate | — | — | 7,975 | 7,975 | |||||||||||||||||||||
Total | $ | 288,607 | $ | 5,318 | $ | 8,650 | $ | 302,575 | |||||||||||||||||
Non-U.S. plans: | |||||||||||||||||||||||||
Fixed income: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,071 | $ | — | $ | — | $ | 1,071 | |||||||||||||||||
Guaranteed deposits | — | 3,561 | 20,589 | 24,150 | |||||||||||||||||||||
Mutual funds | 373 | — | — | 373 | |||||||||||||||||||||
Commingled funds | — | 22,218 | — | 22,218 | |||||||||||||||||||||
Other | 3,636 | — | — | 3,636 | |||||||||||||||||||||
Equities: | |||||||||||||||||||||||||
Mutual funds | 403 | — | — | 403 | |||||||||||||||||||||
Commingled funds | — | 17,152 | — | 17,152 | |||||||||||||||||||||
Real estate | — | — | 605 | 605 | |||||||||||||||||||||
Other assets | 177 | — | 219 | 396 | |||||||||||||||||||||
Total | $ | 5,660 | $ | 42,931 | $ | 21,413 | $ | 70,004 | |||||||||||||||||
Schedule of Rollforward of Level 3 Assets | ' | ||||||||||||||||||||||||
A rollforward of Level 3 assets is presented below. Transfers into Level 3 during 2012 represent the correction of the classification within the fair value hierarchy of certain guaranteed deposits that were previously classified within Level 2. Unrealized gains included in earnings were $3.6 million in 2013 and $5.1 million in 2012. | |||||||||||||||||||||||||
Guaranteed | Real estate | Commingled | Other assets | Total | |||||||||||||||||||||
deposits | funds | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Balance at December 31, 2011 | $ | — | $ | 831 | $ | 647 | $ | 363 | $ | 1,841 | |||||||||||||||
Transfers into Level 3 | 16,520 | — | — | — | 16,520 | ||||||||||||||||||||
Purchases | 598 | 8,072 | — | 48 | 8,718 | ||||||||||||||||||||
Sales | (1,977 | ) | (349 | ) | — | (170 | ) | (2,496 | ) | ||||||||||||||||
Gains (losses) included in earnings | 5,057 | 11 | 28 | (28 | ) | 5,068 | |||||||||||||||||||
Exchange rate effect | 391 | 15 | — | 6 | 412 | ||||||||||||||||||||
Balance at December 31, 2012 | $ | 20,589 | $ | 8,580 | $ | 675 | $ | 219 | $ | 30,063 | |||||||||||||||
Purchases | — | 6,540 | — | 7 | 6,547 | ||||||||||||||||||||
Sales | — | (75 | ) | (216 | ) | (15 | ) | (306 | ) | ||||||||||||||||
Gains (losses) included in earnings | 2,396 | 1,176 | 9 | 21 | 3,602 | ||||||||||||||||||||
Exchange rate effect | — | (58 | ) | — | (32 | ) | (90 | ) | |||||||||||||||||
Balance at December 31, 2013 | $ | 22,985 | $ | 16,163 | $ | 468 | $ | 200 | $ | 39,816 | |||||||||||||||
Future Pension Benefit Payments | ' | ||||||||||||||||||||||||
We estimate that future pension benefit payments, which reflect expected future service, will be as follows: | |||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
2014 | $ | 22,582 | $ | 5,463 | |||||||||||||||||||||
2015 | 23,051 | 5,041 | |||||||||||||||||||||||
2016 | 23,511 | 5,107 | |||||||||||||||||||||||
2017 | 24,309 | 6,144 | |||||||||||||||||||||||
2018 | 24,718 | 6,187 | |||||||||||||||||||||||
2019-2023 | 130,643 | 30,424 | |||||||||||||||||||||||
Postretirement Health Care and Life Insurance Benefit Plans | ' | ||||||||||||||||||||||||
Postretirement Health Care and Life Insurance Benefit Plans | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||||||||
Interest cost | $ | 1,139 | $ | 1,585 | $ | 1,929 | |||||||||||||||||||
Amortization of prior service credit | (115 | ) | (130 | ) | (401 | ) | |||||||||||||||||||
Mark-to-market actuarial net losses | (3,904 | ) | (2,743 | ) | (2,684 | ) | |||||||||||||||||||
Total net periodic benefit cost | $ | (2,880 | ) | $ | (1,288 | ) | $ | (1,156 | ) | ||||||||||||||||
Weighted-average assumptions: | |||||||||||||||||||||||||
Discount rate | 3.85 | % | 4.85 | % | 5.45 | % | |||||||||||||||||||
Current trend rate for health care costs | 7.5 | % | 7.7 | % | 7.9 | % | |||||||||||||||||||
Ultimate trend rate for health care costs | 4.5 | % | 4.5 | % | 4.5 | % | |||||||||||||||||||
Year that ultimate trend rate is reached | 2028 | 2028 | 2028 | ||||||||||||||||||||||
A one-percentage-point change in the assumed health care cost trend rates would have the following effect: | |||||||||||||||||||||||||
1-Percentage- | 1-Percentage- | ||||||||||||||||||||||||
Point Increase | Point Decrease | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 78 | $ | (68) | |||||||||||||||||||||
Effect on postretirement benefit obligation | 1,523 | -1,342 | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 30,943 | $ | 34,286 | |||||||||||||||||||||
Interest cost | 1,139 | 1,585 | |||||||||||||||||||||||
Benefits paid | (2,367 | ) | (2,185 | ) | |||||||||||||||||||||
Actuarial gain | (3,904 | ) | (2,743 | ) | |||||||||||||||||||||
Benefit obligation at end of year | $ | 25,811 | $ | 30,943 | |||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | |||||||||||||||||||||
Employer contributions | 2,367 | 2,185 | |||||||||||||||||||||||
Benefits paid | (2,367 | ) | (2,185 | ) | |||||||||||||||||||||
Fair value of plan assets at end of year | $ | — | $ | — | |||||||||||||||||||||
Amounts recognized in the balance sheet: | |||||||||||||||||||||||||
Accrued expenses and other current liabilities | $ | (2,531 | ) | $ | (2,735 | ) | |||||||||||||||||||
Postretirement and pension liabilities | (23,280 | ) | (28,208 | ) | |||||||||||||||||||||
Funded status | $ | (25,811 | ) | $ | (30,943 | ) | |||||||||||||||||||
Weighted-average assumptions as of December 31: | |||||||||||||||||||||||||
Discount rate | 4.9 | % | 3.85 | % | |||||||||||||||||||||
Current trend rate for health care costs | 7.3 | % | 7.5 | % | |||||||||||||||||||||
Ultimate trend rate for health care costs | 4.5 | % | 4.5 | % | |||||||||||||||||||||
Year that ultimate trend rate is reached | 2028 | 2028 | |||||||||||||||||||||||
Activity and balances in accumulated other comprehensive income related to our postretirement health care and life insurance benefit plans are summarized below: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Prior service credit: | |||||||||||||||||||||||||
Balance at beginning of year | $ | 1,130 | $ | 1,260 | |||||||||||||||||||||
Amounts recognized as net periodic benefit costs | (115 | ) | (130 | ) | |||||||||||||||||||||
Balance at end of year | $ | 1,015 | $ | 1,130 | |||||||||||||||||||||
Estimated amounts to be amortized in 2014 | $ | 105 | |||||||||||||||||||||||
Future Postretirement Health Care and Life Insurance Benefit Payments | ' | ||||||||||||||||||||||||
We estimate that future postretirement health care and life insurance benefit payments will be as follows: | |||||||||||||||||||||||||
Before Medicare | After Medicare | ||||||||||||||||||||||||
Subsidy | Subsidy | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
2014 | $ | 2,531 | $ | 2,239 | |||||||||||||||||||||
2015 | 2,459 | 2,171 | |||||||||||||||||||||||
2016 | 2,376 | 2,097 | |||||||||||||||||||||||
2017 | 2,296 | 2,029 | |||||||||||||||||||||||
2018 | 2,207 | 1,953 | |||||||||||||||||||||||
2019-2023 | 9,512 | 8,455 |
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock Options [Member] | ' | ||||||||||||||||
Details of Weighted-Average Grant-Date Fair Value 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: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Weighted-average grant-date fair value | $4.01 | $4.68 | $10.55 | ||||||||||||||
Expected life, in years | 6 | 6 | 6.9 | ||||||||||||||
Risk-free interest rate | 1.13%—1.36 | % | 1.20%—1.67 | % | 2.67%—3.07 | % | |||||||||||
Expected volatility | 85.6%—86.4 | % | 81.1%—83.9 | % | 71.9%—73.3 | % | |||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
Summary of Stock-Based Compensation Activity | ' | ||||||||||||||||
A summary of stock option activity follows: | |||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||||
Options | Average | Average | Intrinsic Value | ||||||||||||||
Exercise Price | Remaining | ||||||||||||||||
Contractual | |||||||||||||||||
Term | |||||||||||||||||
(In years) | (Dollars in | ||||||||||||||||
thousands) | |||||||||||||||||
Outstanding at December 31, 2012 | 3,760,640 | $ | 16.62 | ||||||||||||||
Granted | 566,400 | 5.59 | |||||||||||||||
Exercised | (129,630 | ) | 5.14 | ||||||||||||||
Forfeited or expired | (1,537,674 | ) | 18.33 | ||||||||||||||
Outstanding at December 31, 2013 | 2,659,736 | 13.84 | 5.1 | $ | 8,383 | ||||||||||||
Exercisable at December 31, 2013 | 1,736,545 | $ | 21.19 | 3.3 | $ | 2,782 | |||||||||||
Vested or expected to vest at December 31, 2013 | 2,558,609 | $ | 14.06 | 5 | $ | 7,844 | |||||||||||
Information Related to Stock Options Exercised | ' | ||||||||||||||||
Information related to stock options exercised follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Proceeds from the exercise of stock options | $ | 666 | $ | 107 | $ | 1,053 | |||||||||||
Intrinsic value of stock options exercised | 859 | 122 | 2,060 | ||||||||||||||
Income tax benefit related to stock options exercised | 301 | 43 | 721 | ||||||||||||||
Summary of Stock-Based Compensation Expense | ' | ||||||||||||||||
A summary of amounts recorded and to be recorded for stock-based compensation related to stock options follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Compensation expense recorded in selling, general and administrative expenses | $ | 1,679 | $ | 2,446 | $ | 4,462 | |||||||||||
Deferred income tax benefits related to compensation expense | 588 | 856 | 1,562 | ||||||||||||||
Total fair value of stock options vested | 2,228 | 3,973 | 7,736 | ||||||||||||||
Unrecognized compensation cost | 1,282 | 1,976 | 6,117 | ||||||||||||||
Expected weighted-average recognition period for unrecognized compensation, in years | 0.9 | 1.6 | 1.2 | ||||||||||||||
Performance Share Units [Member] | ' | ||||||||||||||||
Summary of Stock-Based Compensation Activity | ' | ||||||||||||||||
A summary of performance share unit activity follows: | |||||||||||||||||
Number of | Weighted- | ||||||||||||||||
Units | Average | ||||||||||||||||
Remaining | |||||||||||||||||
Contractual | |||||||||||||||||
Term | |||||||||||||||||
(In years) | |||||||||||||||||
Outstanding at December 31, 2012 | 305,200 | ||||||||||||||||
Granted | 511,230 | ||||||||||||||||
Forfeited or expired | (55,100 | ) | |||||||||||||||
Outstanding at December 31, 2013 | 761,330 | 1.7 | |||||||||||||||
Expected to vest at December 31, 2013 | 761,330 | 1.7 | |||||||||||||||
Summary of Stock-Based Compensation Expense | ' | ||||||||||||||||
A summary of amounts recorded and to be recorded for stock-based compensation related to performance share units follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Compensation expense recorded in selling, general and administrative expenses | $ | 3,277 | $ | 611 | |||||||||||||
Deferred income tax benefits related to compensation expense | 1,147 | 214 | |||||||||||||||
Unrecognized compensation cost | 4,681 | 1,584 | |||||||||||||||
Expected weighted-average recognition period for unrecognized compensation, in years | 1.7 | 2 |
Restructuring_and_Cost_Reducti1
Restructuring and Cost Reduction Programs (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||||||||||
Summary of Charges Associated with Restructuring Programs by Major Type of Charges | ' | ||||||||||||||||||||
We have summarized the charges associated with these restructuring programs by major type of charges below: | |||||||||||||||||||||
Employee | Other Costs | Asset | Total | ||||||||||||||||||
Severance | Impairment | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Expected restructuring charges: | |||||||||||||||||||||
European manufacturing restructuring | $ | 3,494 | $ | 3,418 | $ | 16,646 | $ | 23,558 | |||||||||||||
Performance Coatings restructuring | 4,062 | — | — | 4,062 | |||||||||||||||||
Electronic Materials restructuring | — | (1 | ) | 1,439 | 1,438 | ||||||||||||||||
Global Cost Reduction Program | 23,626 | 9,499 | 33,125 | ||||||||||||||||||
Other restructuring programs | 1,252 | 3,300 | 637 | 5,189 | |||||||||||||||||
Total expected restructuring charges | $ | 32,434 | $ | 16,216 | $ | 18,722 | $ | 67,372 | |||||||||||||
Restructuring charges incurred: | |||||||||||||||||||||
European manufacturing restructuring | $ | 3,222 | $ | 3,317 | $ | 2,352 | $ | 8,891 | |||||||||||||
Electronic Materials restructuring | — | (1 | ) | 1,439 | 1,438 | ||||||||||||||||
Other restructuring programs | — | (1,640 | ) | 18 | (1,622 | ) | |||||||||||||||
Charges incurred in 2011 | $ | 3,222 | $ | 1,676 | $ | 3,809 | $ | 8,707 | |||||||||||||
European manufacturing restructuring | $ | 272 | $ | 101 | $ | 14,294 | $ | 14,667 | |||||||||||||
Performance Coatings restructuring | 5,701 | — | — | 5,701 | |||||||||||||||||
Other restructuring programs | 1,252 | 3,214 | 619 | 5,085 | |||||||||||||||||
Charges incurred in 2012 | $ | 7,225 | $ | 3,315 | $ | 14,913 | $ | 25,453 | |||||||||||||
Performance Coatings restructuring | $ | (1,639 | ) | $ | — | $ | — | $ | (1,639 | ) | |||||||||||
Global Cost Reduction Program | 22,561 | 9,499 | 32,060 | ||||||||||||||||||
Other restructuring programs | — | 1,726 | — | 1,726 | |||||||||||||||||
Charges incurred in 2013 | $ | 20,922 | $ | 11,225 | $ | — | $ | 32,147 | |||||||||||||
Cumulative restructuring charges incurred: | |||||||||||||||||||||
European manufacturing restructuring | $ | 3,494 | $ | 3,418 | $ | 16,646 | $ | 23,558 | |||||||||||||
Performance Coatings restructuring | 4,062 | — | — | 4,062 | |||||||||||||||||
Electronic Materials restructuring | — | (1 | ) | 1,439 | 1,438 | ||||||||||||||||
Global Cost Reduction Program | 22,561 | 9,499 | 32,060 | ||||||||||||||||||
Other restructuring programs | 1,252 | 3,300 | 637 | 5,189 | |||||||||||||||||
Cumulative restructuring charges incurred as of December 31, 2013 | $ | 31,369 | $ | 16,216 | $ | 18,722 | $ | 66,307 | |||||||||||||
Summary of Charges Associated with Restructuring Programs by Segments | ' | ||||||||||||||||||||
We have summarized the charges associated with the restructuring programs by segments below: | |||||||||||||||||||||
Total | 2013 | 2012 | 2011 | Cumulative | |||||||||||||||||
Expected | Charges To | ||||||||||||||||||||
Charges | Date | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Pigments, Powders and Oxides | $ | 7,072 | $ | 589 | $ | 4,972 | $ | 1,511 | $ | 7,072 | |||||||||||
Performance Colors and Glass | 22,556 | 16,673 | — | 4,998 | 21,671 | ||||||||||||||||
Performance Coatings | 18,753 | 1,542 | 16,481 | 715 | 18,738 | ||||||||||||||||
Polymer Additives | 390 | 382 | — | 8 | 390 | ||||||||||||||||
Specialty Plastics | 1,909 | 434 | — | 1,475 | 1,909 | ||||||||||||||||
Segment Total | 50,680 | 19,620 | 21,453 | 8,707 | 49,780 | ||||||||||||||||
Corporate Restructuring Charges | 16,692 | 12,527 | 4,000 | — | 16,527 | ||||||||||||||||
Total Restructuring Charges | $ | 67,372 | $ | 32,147 | $ | 25,453 | $ | 8,707 | $ | 66,307 | |||||||||||
Summary of Accruals Related to Restructuring and Cost Reduction Programs | ' | ||||||||||||||||||||
We have summarized the activities and accruals related to our restructuring and cost reduction programs below: | |||||||||||||||||||||
Employee | Other | Asset | Total | ||||||||||||||||||
Severance | Costs | Impairment | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Balance at December 31, 2010 | $ | 2,429 | $ | 5,863 | $ | — | $ | 8,292 | |||||||||||||
Restructuring charges | 3,222 | 1,676 | 3,809 | 8,707 | |||||||||||||||||
Cash payments | (5,461 | ) | (3,983 | ) | — | (9,444 | ) | ||||||||||||||
Non-cash items | 28 | (137 | ) | (3,809 | ) | (3,918 | ) | ||||||||||||||
Balance at December 31, 2011 | 218 | 3,419 | — | 3,637 | |||||||||||||||||
Restructuring charges | 7,225 | 3,315 | 14,913 | 25,453 | |||||||||||||||||
Cash payments | (3,423 | ) | (811 | ) | — | (4,234 | ) | ||||||||||||||
Non-cash items | 73 | 216 | (14,913 | ) | (14,624 | ) | |||||||||||||||
Balance at December 31, 2012 | 4,093 | 6,139 | — | 10,232 | |||||||||||||||||
Restructuring charges | 20,922 | 11,225 | — | 32,147 | |||||||||||||||||
Cash payments | (18,226 | ) | (11,607 | ) | — | (29,833 | ) | ||||||||||||||
Non-cash items | 210 | (1,178 | ) | (968 | ) | ||||||||||||||||
Balance at December 31, 2013 | $ | 6,999 | $ | 4,579 | $ | — | $ | 11,578 | |||||||||||||
Summary of Fair Value and Impairment of Long Lived Assets | ' | ||||||||||||||||||||
Description | Fair Value | Fair Value Measurements Using | Total Gains | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | (Losses) | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Assets held for sale: | |||||||||||||||||||||
2012 | $ 3,000 | $ — | $ — | $ 3,000 | $ (14,913) | ||||||||||||||||
2011 | 6,303 | — | — | 6,303 | -3,809 |
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases [Abstract] | ' | ||||||||
Assets Held under Capital Leases and Included in Property, Plant and Equipment | ' | ||||||||
Assets held under capital leases and included in property, plant and equipment at December 31st follow: | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Gross amounts capitalized: | |||||||||
Buildings | $ | 3,100 | $ | 3,100 | |||||
Equipment | 5,982 | 8,987 | |||||||
9,082 | 12,087 | ||||||||
Accumulated amortization: | |||||||||
Buildings | (3,100 | ) | (3,100 | ) | |||||
Equipment | (2,752 | ) | (5,245 | ) | |||||
(5,852 | ) | (8,345 | ) | ||||||
Net assets under capital leases | $ | 3,230 | $ | 3,742 | |||||
Future Minimum Lease Payments under All Non-Cancelable Leases | ' | ||||||||
At December 31, 2013, future minimum lease payments under all non-cancelable leases follow: | |||||||||
Capital Leases | Operating Leases | ||||||||
(Dollars in thousands) | |||||||||
2014 | $ | 1,211 | $ | 13,739 | |||||
2015 | 1,178 | 8,116 | |||||||
2016 | 818 | 5,768 | |||||||
2017 | 818 | 4,957 | |||||||
2018 | 818 | 4,516 | |||||||
Thereafter | 3,224 | 21,061 | |||||||
Net minimum lease payments | 8,067 | $ | 58,157 | ||||||
Less amount representing imputed interest | 2,251 | ||||||||
Present value of net minimum lease payments | 5,816 | ||||||||
Less current portion | 824 | ||||||||
Long-term obligations at December 31, 2013 | $ | 4,992 |
Miscellaneous_Income_Expense_N1
Miscellaneous (Income) Expense, Net (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Income And Expenses [Abstract] | ' | ||||||||||||
Components of Miscellaneous (Income) Expense, Net | ' | ||||||||||||
Components of miscellaneous (income) expense, net follow: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
(Gain) loss on sale of assets | $ | (24,075 | ) | $ | 432 | $ | 278 | ||||||
Argentina export tax matter | 8,334 | — | — | ||||||||||
Other, net | 472 | 2,663 | 2,249 | ||||||||||
Total miscellaneous (income) expense, net | $ | (15,269 | ) | $ | 3,095 | $ | 2,527 |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 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. In 2013. we did not record a tax benefit associated with the loss from discontinued operations as a result of the full valuation allowance in the jurisdiction. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Net sales | $ | 4,791 | $ | 24,018 | $ | 24,939 | |||||||
Cost of sales | 2,762 | 15,726 | 15,512 | ||||||||||
Gross profit | 2,029 | 8,292 | 9,427 | ||||||||||
Selling, general and administrative expenses | 1,181 | 4,903 | 4,861 | ||||||||||
Restructuring and impairment charges | 8,682 | 95 | — | ||||||||||
Interest expense | 589 | 1,518 | 1,219 | ||||||||||
Miscellaneous income, net | (2 | ) | (15 | ) | (35 | ) | |||||||
(Loss) income from discontinued operations before income taxes | (8,421 | ) | 1,791 | 3,382 | |||||||||
Income tax expense | — | 635 | 1,206 | ||||||||||
(Loss) income from discontinued operations, net of income taxes | $ | (8,421 | ) | $ | 1,156 | $ | 2,176 | ||||||
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: | |||||||||||||
2012 | |||||||||||||
(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 payroll | 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) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Calculations of Basic and Diluted Earnings (Loss) Per Share | ' | ||||||||||||
Details of the calculations of basic and diluted earnings (loss) per share follow: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands, except per share amounts) | |||||||||||||
Basic earnings (loss) per share computation: | |||||||||||||
Net income (loss) attributable to Ferro Corporation common shareholders | $ | 71,942 | $ | (374,268 | ) | $ | 4,239 | ||||||
Adjustment for income (loss) from discontinued operations | 8,421 | (1,156 | ) | (2,176 | ) | ||||||||
Total | $ | 80,363 | $ | (375,424 | ) | $ | 2,063 | ||||||
Weighted-average common shares outstanding | 86,484 | 86,288 | 86,119 | ||||||||||
Basic earnings (loss) per share attributable to Ferro Corporation common shareholders | $ | 0.93 | $ | (4.35 | ) | $ | 0.02 | ||||||
Diluted earnings (loss) per share computation: | |||||||||||||
Net income (loss) attributable to Ferro Corporation common shareholders | $ | 71,942 | $ | (374,268 | ) | $ | 4,239 | ||||||
Adjustment for income (loss) from discontinued operations | 8,421 | (1,156 | ) | (2,176 | ) | ||||||||
Total | $ | 80,363 | $ | (375,424 | ) | $ | 2,063 | ||||||
Weighted-average common shares outstanding | 86,484 | 86,288 | 86,119 | ||||||||||
Assumed exercise of stock options | 309 | — | 225 | ||||||||||
Assumed satisfaction of deferred stock unit conditions | 189 | — | 44 | ||||||||||
Assumed satisfaction of restricted share conditions | 132 | — | 390 | ||||||||||
Assumed conversion of performance share units | 383 | — | — | ||||||||||
Weighted-average diluted shares outstanding | 87,497 | 86,288 | 86,778 | ||||||||||
Diluted earnings (loss) per shares attributable to Ferro Corporation common shareholders | $ | 0.92 | $ | (4.35 | ) | $ | 0.02 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 income tax, for the twelve months ended December 31, 2013, were as follows: | |||||||||||||||||
Postretirement | Translation | Other | Total | ||||||||||||||
Benefit | Adjustments | Adjustments | |||||||||||||||
Liability | |||||||||||||||||
Adjustments | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Beginning accumulated other comprehensive income (loss) | $ | 2,647 | $ | 14,080 | $ | (77 | ) | $ | 16,650 | ||||||||
Other comprehensive (loss) before reclassifications | (274 | ) | (7,459 | ) | — | (7,733 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | (431 | ) | — | 7 | (424 | ) | |||||||||||
Net current period other comprehensive (loss) income | (705 | ) | (7,459 | ) | 7 | (8,157 | ) | ||||||||||
Ending accumulated other comprehensive income (loss) | $ | 1,942 | $ | 6,621 | $ | (70 | ) | $ | 8,493 | ||||||||
Reporting_for_Segments_Tables
Reporting for Segments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 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. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Pigments, Powders and Oxides | $ | 190,326 | $ | 279,025 | $ | 601,542 | |||||||
Performance Colors and Glass | 390,007 | 386,538 | 417,752 | ||||||||||
Performance Coatings | 591,975 | 587,698 | 602,566 | ||||||||||
Polymer Additives | 292,568 | 320,635 | 336,965 | ||||||||||
Specialty Plastics | 170,530 | 170,717 | 172,028 | ||||||||||
Total net sales | $ | 1,635,406 | $ | 1,744,613 | $ | 2,130,853 | |||||||
Segment's Income (Loss) and Reconciliations to (Loss) Income before Income Taxes | ' | ||||||||||||
Segment’s gross profit and reconciliations to income (loss) before income taxes are presented in the table below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Pigments, Powders and Oxides | $ | 34,225 | $ | 31,780 | $ | 119,173 | |||||||
Performance Colors and Glass | 112,825 | 101,847 | 111,187 | ||||||||||
Performance Coatings | 132,695 | 111,609 | 120,752 | ||||||||||
Polymer Additives | 27,139 | 29,951 | 33,829 | ||||||||||
Specialty Plastics | 28,366 | 29,186 | 25,043 | ||||||||||
Total segment gross profit | 335,250 | 304,373 | 409,984 | ||||||||||
Other cost of sales | (5,526 | ) | (14,803 | ) | (7,179 | ) | |||||||
Total gross profit | 329,724 | 289,570 | 402,805 | ||||||||||
Selling, general and administrative expenses | 176,282 | 297,755 | 330,450 | ||||||||||
Restructuring and impairment charges | 41,733 | 225,724 | 17,030 | ||||||||||
Other expense, net | 15,976 | 31,431 | 34,235 | ||||||||||
Income (loss) before income taxes | $ | 95,733 | $ | (265,340 | ) | $ | 21,090 | ||||||
Summary of Segment's Expenditures for Long-Lived Assets, Including Acquisitions | ' | ||||||||||||
Segment’s capital expenditures for long-lived assets, including acquisitions, are detailed below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in Thousands) | |||||||||||||
Pigments, Powders and Oxides | $ | 2,035 | $ | 9,466 | $ | 13,158 | |||||||
Performance Colors and Glass | 7,970 | 16,594 | 11,823 | ||||||||||
Performance Coatings | 7,949 | 14,237 | 22,550 | ||||||||||
Polymer Additives | 10,708 | 6,310 | 10,093 | ||||||||||
Specialty Plastics | 1,197 | 546 | 1,261 | ||||||||||
Total segment expenditures for long-lived assets | 29,859 | 47,153 | 58,885 | ||||||||||
Unallocated corporate expenditures for long-lived assets | 4,361 | 11,149 | 12,863 | ||||||||||
Total expenditures for long-lived assets(1) | $ | 34,220 | $ | 58,302 | $ | 71,748 | |||||||
-1 | Excludes capital expenditures of discontinued operations of $0.4 million and $1.0 million in 2012 and 2011, respectively. | ||||||||||||
Summary of Net Sales by Geographic Region | ' | ||||||||||||
Net sales by geographic region in the table below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
United States | $ | 644,354 | $ | 740,578 | $ | 997,181 | |||||||
Spain | 270,449 | 258,210 | 340,588 | ||||||||||
Other international | 720,603 | 745,825 | 793,084 | ||||||||||
Total net sales | $ | 1,635,406 | $ | 1,744,613 | $ | 2,130,853 | |||||||
Summary of Long-Lived Assets by Geographic Region | ' | ||||||||||||
long-lived assets that consist of property, plant and equipment, goodwill, and amortizable intangible assets by geographic region at December 31st in the table below: | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
United States | $ | 143,670 | $ | 154,605 | |||||||||
Spain | 67,820 | 70,707 | |||||||||||
Other international | 163,114 | 161,447 | |||||||||||
Total long-lived assets | $ | 373,604 | $ | 386,759 | |||||||||
Unconsolidated_Affiliates_Acco1
Unconsolidated Affiliates Accounted For Under the Equity Method (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Summarized Condensed Income Statement | ' | ||||||||||||
Condensed income statement information for the combined equity method investees: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Net sales | $ | 62,419 | $ | 91,545 | $ | 104,377 | |||||||
Gross profit | 4,572 | 21,328 | 26,206 | ||||||||||
Income from continuing operations | 1,859 | 3,510 | 7,735 | ||||||||||
Net income | 1,266 | 2,388 | 5,644 | ||||||||||
Summarized Balance Sheet | ' | ||||||||||||
Balance sheet information for the combined equity method investees: | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Current assets | $ | 45,685 | $ | 57,962 | |||||||||
Non-current assets | 23,862 | 26,483 | |||||||||||
Current liabilities | (20,701 | ) | (19,027 | ) | |||||||||
Non-current liabilities | (8,874 | ) | (554 | ) | |||||||||
Transactions with Equity-Method Investees | ' | ||||||||||||
We had the following transactions with our equity-method investees: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Sales | $ | 5,347 | $ | 4,630 | $ | 8,893 | |||||||
Purchases | 9,342 | 8,093 | 9,655 | ||||||||||
Dividends and interest received | 426 | 1,324 | 1,162 | ||||||||||
Commissions and royalties received | 400 | 436 | 402 | ||||||||||
Commissions and royalties paid | 37 | 77 | 77 | ||||||||||
Quarterly_Data_Unaudited_Table
Quarterly Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Summary of Quarterly Financial Information | ' | ||||||||||||||||||||||||
Quarterly Data (Unaudited) | |||||||||||||||||||||||||
Net Sales | Gross Profit | Net Income | Net Income | Earnings (Loss) Attributable to | |||||||||||||||||||||
(Loss) | (Loss) | Ferro Corporation Common | |||||||||||||||||||||||
Attributable | Shareholders Per Common | ||||||||||||||||||||||||
to Ferro | Share | ||||||||||||||||||||||||
Corporation | Basic | Diluted | |||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Quarter 1 | $ | 460,425 | $ | 85,721 | $ | 3,970 | $ | 3,846 | $ | 0.04 | $ | 0.04 | |||||||||||||
Quarter 2 | 475,546 | 85,818 | 2,206 | 1,876 | 0.02 | 0.02 | |||||||||||||||||||
Quarter 3 | 408,865 | 60,710 | (315,738 | ) | (316,114 | ) | (3.66 | ) | (3.66 | ) | |||||||||||||||
Quarter 4 as adjusted | 399,777 | 57,321 | (63,472 | ) | (63,876 | ) | (0.74 | ) | (0.74 | ) | |||||||||||||||
Total | $ | 1,744,613 | $ | 289,570 | $ | (373,034 | ) | $ | (374,268 | ) | $ | (4.34 | ) | $ | (4.34 | ) | |||||||||
2013 | |||||||||||||||||||||||||
Quarter 1 | $ | 417,524 | $ | 79,237 | $ | 520 | $ | 883 | $ | 0.01 | $ | 0.01 | |||||||||||||
Quarter 2 | 435,455 | 87,654 | (1,982 | ) | (2,130 | ) | (0.02 | ) | (0.02 | ) | |||||||||||||||
Quarter 3 | 408,104 | 84,247 | 13,044 | 12,652 | 0.15 | 0.15 | |||||||||||||||||||
Quarter 4 | 374,323 | 78,586 | 60,863 | 60,537 | 0.7 | 0.69 | |||||||||||||||||||
Total | $ | 1,635,406 | $ | 329,724 | $ | 72,445 | $ | 71,942 | $ | 0.83 | $ | 0.82 |
Significant_Accounting_Policie3
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Customer | |||
Entity | |||
Derivative | |||
Number of legal entities consolidated | 6 | ' | ' |
Expenditures for company-sponsored research and development activities | $26.90 | $30 | $30.40 |
Number of derivative instruments classified as hedges | 0 | ' | ' |
Number of customers representing greater than 10% of net sales or accounts receivable | 0 | ' | ' |
Percentage of net sales or accounts receivable to be considered a major customer | 10.00% | ' | ' |
Minimum [Member] | ' | ' | ' |
Non-controlling interest ownerships in consolidated entities | 5.00% | ' | ' |
Minimum [Member] | Software [Member] | ' | ' | ' |
Property, plant and equipment, useful lives | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' |
Non-controlling interest ownerships in consolidated entities | 49.00% | ' | ' |
Maximum [Member] | Software [Member] | ' | ' | ' |
Property, plant and equipment, useful lives | '12 years | ' | ' |
Significant_Accounting_Policie4
Significant Accounting Policies - Detailed Information about Allowance for Doubtful Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance For Doubtful Accounts Receivable [Line Items] | ' | ' | ' |
Allowance for doubtful accounts | $12,428 | $14,353 | $10,443 |
Bad debt expense | $4,074 | $5,202 | $2,349 |
Significant_Accounting_Policie5
Significant Accounting Policies - Estimated Useful Lives of Property, Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | Buildings [Member] | ' |
Property Plant And Equipment Estimated Useful Lives [Line Items] | ' |
Property, plant and equipment, useful lives | '20 years |
Minimum [Member] | Machinery and equipment [Member] | ' |
Property Plant And Equipment Estimated Useful Lives [Line Items] | ' |
Property, plant and equipment, useful lives | '5 years |
Maximum [Member] | Buildings [Member] | ' |
Property Plant And Equipment Estimated Useful Lives [Line Items] | ' |
Property, plant and equipment, useful lives | '40 years |
Maximum [Member] | Machinery and equipment [Member] | ' |
Property Plant And Equipment Estimated Useful Lives [Line Items] | ' |
Property, plant and equipment, useful lives | '15 years |
Inventories_Inventories_Detail
Inventories - Inventories (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $58,765 | $64,923 |
Work in process | 30,266 | 35,028 |
Finished goods | 101,185 | 100,873 |
Total inventories | $190,216 | $200,824 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Inventory Disclosure [Abstract] | ' | ' | ' |
Terms of precious metals consignment agreements, maximum | '1 year | ' | ' |
Fees under precious metals consignment agreements | $3 | $6.50 | $9.50 |
Fair value of precious metals on hand under consignment agreements | $30.80 | $112.20 | ' |
Property_Plant_and_Equipment_P
Property, Plant and Equipment - Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment | $922,753 | $967,496 |
Total accumulated depreciation | -625,649 | -658,122 |
Property, plant and equipment, net | 297,104 | 309,374 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment | 12,388 | 14,179 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment | 211,084 | 228,348 |
Machinery and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment | 678,392 | 706,008 |
Construction in progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment | $20,889 | $18,961 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation expense | $44,900,000 | $49,500,000 | $53,700,000 |
Unpaid capital expenditure liabilities | 8,800,000 | 5,600,000 | 19,000,000 |
Assets held for use at carrying value | 20,500,000 | ' | 4,400,000 |
Assets held for use at written down value | 13,000,000 | ' | ' |
Impairment charge | 7,500,000 | ' | ' |
Impairments of assets held for use | 7,484,000 | 38,942,000 | 4,436,000 |
Assets held for use at fair value | 13,000,000 | ' | ' |
Additional assets [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Assets held for use at carrying value | ' | 12,500,000 | ' |
Impairments of assets held for use | ' | 7,900,000 | ' |
Assets held for use at fair value | ' | 4,600,000 | ' |
Electronic Materials [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Assets held for use at carrying value | ' | 38,900,000 | ' |
Impairments of assets held for use | ' | 38,900,000 | ' |
FPL [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Impairments of assets held for use | 8,700,000 | ' | ' |
Performance Coatings [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Impairments of assets held for use | ' | ' | 2,600,000 |
Polymer Additives [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Impairments of assets held for use | ' | ' | $1,800,000 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Summary of Fair Value and Impairment of Long Lived Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Assets held for use | $13,000 | ' | ' |
Total Gains (Losses) on assets held for use | -7,484 | -38,942 | -4,436 |
Level 1 [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Assets held for use | ' | ' | ' |
Level 2 [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Assets held for use | ' | ' | ' |
Level 3 [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Assets held for use | $13,000 | ' | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Details and Activity of Goodwill by Segment (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross goodwill, beginning balance | $261,810,000 | $260,870,000 | ' |
Segment reorganization | ' | ' | ' |
Accumulated impairment losses, beginning balance | -198,835,000 | -45,269,000 | ' |
Goodwill net, beginning balance | 62,975,000 | 215,601,000 | ' |
Impairments | ' | -153,566,000 | ' |
Other adjustments | -18,000 | -22,000 | ' |
Foreign currency adjustment | 516,000 | 962,000 | ' |
Gross goodwill, ending balance | 108,742,000 | 261,810,000 | ' |
Accumulated impairment losses | -45,269,000 | -198,835,000 | ' |
Goodwill net, ending balance | 63,473,000 | 62,975,000 | ' |
Electronic Materials [Member] | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross goodwill, beginning balance | 153,566,000 | 152,950,000 | ' |
Segment reorganization | ' | ' | ' |
Accumulated impairment losses, beginning balance | -153,566,000 | ' | ' |
Goodwill net, beginning balance | ' | 152,950,000 | ' |
Impairments | ' | -153,566,000 | ' |
Other adjustments | ' | -1,000 | ' |
Foreign currency adjustment | ' | 617,000 | ' |
Gross goodwill, ending balance | ' | 153,566,000 | ' |
Accumulated impairment losses | ' | -153,566,000 | ' |
Goodwill net, ending balance | ' | ' | ' |
Performance Coatings [Member] | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross goodwill, beginning balance | 45,844,000 | 45,841,000 | ' |
Segment reorganization | ' | ' | ' |
Accumulated impairment losses, beginning balance | -45,269,000 | -45,269,000 | ' |
Goodwill net, beginning balance | 575,000 | 572,000 | ' |
Impairments | ' | ' | -3,881,000 |
Other adjustments | ' | ' | ' |
Foreign currency adjustment | 11,000 | 3,000 | ' |
Gross goodwill, ending balance | 45,855,000 | 45,844,000 | 45,841,000 |
Accumulated impairment losses | -45,269,000 | -45,269,000 | -45,269,000 |
Goodwill net, ending balance | 586,000 | 575,000 | 572,000 |
Color and Glass Performance Materials [Member] | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross goodwill, beginning balance | 62,400,000 | 62,079,000 | ' |
Segment reorganization | -62,400,000 | ' | ' |
Accumulated impairment losses, beginning balance | ' | ' | ' |
Goodwill net, beginning balance | 62,400,000 | 62,079,000 | ' |
Impairments | ' | ' | ' |
Other adjustments | 0 | -21,000 | ' |
Foreign currency adjustment | 0 | 342,000 | ' |
Gross goodwill, ending balance | ' | 62,400,000 | ' |
Accumulated impairment losses | ' | ' | ' |
Goodwill net, ending balance | 0 | 62,400,000 | ' |
Pigments, Powders and Oxides [Member] | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross goodwill, beginning balance | ' | ' | ' |
Segment reorganization | 9,435,000 | ' | ' |
Accumulated impairment losses, beginning balance | ' | ' | ' |
Goodwill net, beginning balance | ' | ' | ' |
Impairments | ' | ' | ' |
Other adjustments | -3,000 | ' | ' |
Foreign currency adjustment | 76,000 | ' | ' |
Gross goodwill, ending balance | 9,508,000 | ' | ' |
Accumulated impairment losses | ' | ' | ' |
Goodwill net, ending balance | 9,508,000 | ' | ' |
Performance Colors and Glass [Member] | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross goodwill, beginning balance | ' | ' | ' |
Segment reorganization | 52,965,000 | ' | ' |
Accumulated impairment losses, beginning balance | ' | ' | ' |
Goodwill net, beginning balance | ' | ' | ' |
Impairments | ' | ' | ' |
Other adjustments | -15,000 | ' | ' |
Foreign currency adjustment | 429,000 | ' | ' |
Gross goodwill, ending balance | 53,379,000 | ' | ' |
Accumulated impairment losses | ' | ' | ' |
Goodwill net, ending balance | $53,379,000 | ' | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Significant Assumptions and Ranges of Assumptions Used in Impairment Analysis of Goodwill (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule Of Impaired Intangible Assets And Goodwill [Line Items] | ' | ' |
Residual growth rate | 3.00% | 3.00% |
Minimum [Member] | ' | ' |
Schedule Of Impaired Intangible Assets And Goodwill [Line Items] | ' | ' |
Weighted-average cost of capital | 12.00% | 12.00% |
Maximum [Member] | ' | ' |
Schedule Of Impaired Intangible Assets And Goodwill [Line Items] | ' | ' |
Weighted-average cost of capital | 12.50% | 15.50% |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill And Other Intangible Asset [Line Items] | ' | ' | ' |
Impairment charges | $7,500,000 | ' | ' |
Goodwill impairment charge | ' | -153,566,000 | ' |
Impairment of intangible asset | 2,100,000 | ' | ' |
Net book value of the intangible asset | 2,100,000 | ' | ' |
Intangible asset remaining useful life | '11 years | ' | ' |
Amortization expense related to amortizable intangible assets | 2,500,000 | 1,900,000 | 1,000,000 |
Expected aggregate amortization expense 2014 | 1,600,000 | ' | ' |
Expected aggregate amortization expense 2015 | 1,600,000 | ' | ' |
Expected aggregate amortization expense 2016 | 1,600,000 | ' | ' |
Expected aggregate amortization expense 2017 | 1,000,000 | ' | ' |
Expected aggregate amortization expense 2018 | 1,000,000 | ' | ' |
Performance Coatings [Member] | ' | ' | ' |
Goodwill And Other Intangible Asset [Line Items] | ' | ' | ' |
Goodwill impairment charge | ' | ' | -3,881,000 |
Electronic Materials [Member] | ' | ' | ' |
Goodwill And Other Intangible Asset [Line Items] | ' | ' | ' |
Impairment charges | ' | 153,600,000 | ' |
Goodwill impairment charge | ' | ($153,566,000) | ' |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Summary of Fair Value and Impairment of Goodwill (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill [Line Items] | ' | ' |
Goodwill impairment charge | ($153,566,000) | ' |
Electronic Materials [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Fair Value | ' | ' |
Goodwill impairment charge | -153,566,000 | ' |
Performance Coatings [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Fair Value | ' | ' |
Goodwill impairment charge | ' | -3,881,000 |
Level 1 [Member] | Electronic Materials [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Fair Value | ' | ' |
Level 1 [Member] | Performance Coatings [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Fair Value | ' | ' |
Level 2 [Member] | Electronic Materials [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Fair Value | ' | ' |
Level 2 [Member] | Performance Coatings [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Fair Value | ' | ' |
Level 3 [Member] | Electronic Materials [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Fair Value | ' | ' |
Level 3 [Member] | Performance Coatings [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Fair Value | ' | ' |
Goodwill_and_Other_Intangible_6
Goodwill and Other Intangible Assets - Details of Amortizable Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Patents [Member] | Patents [Member] | Patents [Member] | Patents [Member] | Land rights [Member] | Land rights [Member] | Land rights [Member] | Land rights [Member] | Technological know-how and other [Member] | Technological know-how and other [Member] | Technological know-how and other [Member] | Technological know-how and other [Member] | ||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||
Amortization Of Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Economic Life | ' | ' | ' | ' | '10 years | '16 years | ' | ' | '20 years | '40 years | ' | ' | '5 years | '30 years |
Total gross amortizable intangible assets | $26,802 | $27,348 | $5,634 | $5,560 | ' | ' | $5,172 | $5,078 | ' | ' | $15,996 | $16,710 | ' | ' |
Total accumulated amortization | -13,775 | -12,938 | -4,880 | -4,659 | ' | ' | -2,529 | -2,391 | ' | ' | -6,366 | -5,888 | ' | ' |
Amortizable intangible assets, net | $13,027 | $14,410 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill_and_Other_Intangible_7
Goodwill and Other Intangible Assets - Summary of Amortizable Intangible Asset (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | ' |
Amortizable intangible asset Fair Value | ' |
Level 1 [Member] | ' |
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | ' |
Amortizable intangible asset Fair Value | ' |
Level 2 [Member] | ' |
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | ' |
Amortizable intangible asset Fair Value | ' |
Level 3 [Member] | ' |
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | ' |
Amortizable intangible asset Fair Value | ' |
Finite-Lived Intangible Assets [Member] | ' |
Schedule Of Amortized And Unamortized Intangible Assets [Line Items] | ' |
Amortizable intangible asset Total Gain or loss | ($2,102) |
Debt_and_Other_Financing_Loans
Debt and Other Financing - Loans Payable and Current Portion of Long-Term Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Short-term Debt [Line Items] | ' | ' |
Loans payable and current portion of long-term debt | $44,230,000 | $85,152,000 |
Loans payable to banks [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Loans payable and current portion of long-term debt | 2,062,000 | 2,477,000 |
Domestic accounts receivable asset securitization program [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Loans payable and current portion of long-term debt | 41,000,000 | 40,000,000 |
International accounts receivable sales programs [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Loans payable and current portion of long-term debt | ' | 6,122,000 |
Current portion of long-term debt [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Loans payable and current portion of long-term debt | $1,168,000 | $36,553,000 |
Debt_and_Other_Financing_Summa
Debt and Other Financing - Summary of Long-Term Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $268,637 | $298,177 |
Current portion | -1,168 | -36,553 |
Long-term debt, less current portion | 267,469 | 261,624 |
7.875% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 250,000 | 250,000 |
6.50% Convertible Senior Notes, net of unamortized discounts [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | ' | 34,417 |
Revolving credit facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 9,204 | 2,596 |
Capitalized lease obligations [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 5,816 | 6,433 |
Other notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $3,617 | $4,731 |
Debt_and_Other_Financing_Summa1
Debt and Other Financing - Summary of Long-Term Debt (Parenthetical) (Detail) | Dec. 31, 2013 | Dec. 31, 2012 |
7.875% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt stated interest rate | 7.88% | 7.88% |
6.50% Convertible Senior Notes, net of unamortized discounts [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt stated interest rate | 6.50% | 6.50% |
Debt_and_Other_Financing_Annua
Debt and Other Financing - Annual Maturities of Long-Term Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 | $1,555 | ' |
2015 | 10,955 | ' |
2016 | 1,407 | ' |
2017 | 1,235 | ' |
2018 | 251,063 | ' |
Thereafter | 4,673 | ' |
Total maturities of long-term debt | 270,888 | ' |
Imputed interest and executory costs on capitalized lease obligations | -2,251 | ' |
Total long-term debt | $268,637 | $298,177 |
Debt_and_Other_Financing_Addit
Debt and Other Financing - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | 7.875% Senior Notes [Member] | 7.875% Senior Notes [Member] | 7.875% Senior Notes [Member] | 7.875% Senior Notes [Member] | 6.50% Convertible Senior Notes, Net of Unamortized Discounts [Member] | 2013 Amended Credit Facility [Member] | 2013 Amended Credit Facility [Member] | Two Thousand And Fourteen Credit Facility [Member] | Two Thousand And Fifteen Credit Facility [Member] | 2012 Amended Credit Facility [Member] | 2010 Credit Facility [Member] | 2010 Credit Facility [Member] | 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] | Other financing arrangements [Member] | Other financing arrangements [Member] | ||||||||||
Prior to August 15, 2014 [Member] | Beginning August 15, 2014 [Member] | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum available in form of cash or letter of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000,000 | ' | ' | ' | $17,100,000 | $21,500,000 |
Loans payable and current portion of long-term debt | 44,230,000 | ' | ' | ' | ' | ' | 85,152,000 | 44,230,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,000,000 | 40,000,000 | ' | 6,122,000 | ' | ' |
Accounts receivable securing advances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,800,000 | ' | ' | 9,300,000 | ' | ' |
Additional availability under credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 235,300,000 | 343,200,000 | ' | ' | ' | ' | ' | 600,000 | 9,000,000 | ' | 200,000 | 10,100,000 | 9,100,000 |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.60% | ' | ' | ' | ' | ' |
Debt instrument basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | 1.75% | ' | ' | ' |
Minimum principal outstanding of other debt obligations for credit facility cross default | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' |
Commitments to buy accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 18,500,000 | ' | ' |
Interest rate terms, basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'EURIBOR | ' | ' | ' |
Debt amount issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | 172,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.88% | 7.88% | ' | ' | 6.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, frequency of periodic payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Payable semi-annually in arrears on February 15 and August 15 of each year. | ' | ' | ' | 'Interest Payable semi-annually in arrears on February 15th and August 15th of each year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Aug-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt facility amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | ' | ' | ' | ' |
Term of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' |
Restructuring Add back line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | 20,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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. At December 31, 2013, the interest rate was 3.4%. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, basis spread on variable Federal Funds Rate plus | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, basis spread on variable LIBOR Rate plus | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage ratio | 0.04 | 0.0425 | 0.0425 | 0.0425 | ' | ' | ' | ' | ' | 0.0375 | 0.0375 | 0.04 | 0.035 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest coverage ratio | ' | ' | ' | 0.03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | 20,000,000 | 35,000,000 | 50,000,000 | 65,000,000 | 65,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted payments, Annual | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted payments, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Financial_Instruments_Financia
Financial Instruments - Financial Instruments Measured at Fair Value (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $28,328 | $29,576 | $22,991 | $29,035 |
Loans payable | -43,062 | -48,599 | ' | ' |
Carrying Amount | -268,637 | -298,177 | ' | ' |
Foreign currency forward contracts, net | -2,255 | -4,758 | ' | ' |
Cash and cash equivalents | 28,328 | 29,576 | ' | ' |
Loans payable | -43,062 | -48,599 | ' | ' |
Foreign currency forward contracts, net | -2,255 | -4,758 | ' | ' |
7.875% Senior Notes [Member] | ' | ' | ' | ' |
Financial Instruments And Fair Value Measurements [Line Items] | ' | ' | ' | ' |
Carrying Amount | ' | -250,000 | ' | ' |
6.50% Convertible Senior Notes, net of unamortized discounts | -266,250 | -231,500 | ' | ' |
6.50% Convertible Senior Notes, Net of Unamortized Discounts [Member] | ' | ' | ' | ' |
Financial Instruments And Fair Value Measurements [Line Items] | ' | ' | ' | ' |
Carrying Amount | ' | -34,417 | ' | ' |
6.50% Convertible Senior Notes, net of unamortized discounts | ' | -34,803 | ' | ' |
Revolving credit facility [Member] | ' | ' | ' | ' |
Financial Instruments And Fair Value Measurements [Line Items] | ' | ' | ' | ' |
Carrying Amount | -9,204 | -2,596 | ' | ' |
6.50% Convertible Senior Notes, net of unamortized discounts | -9,496 | -2,634 | ' | ' |
Other notes [Member] | ' | ' | ' | ' |
Financial Instruments And Fair Value Measurements [Line Items] | ' | ' | ' | ' |
Carrying Amount | -3,617 | -4,731 | ' | ' |
6.50% Convertible Senior Notes, net of unamortized discounts | -2,988 | -3,937 | ' | ' |
7.875% Senior Notes [Member] | ' | ' | ' | ' |
Financial Instruments And Fair Value Measurements [Line Items] | ' | ' | ' | ' |
Carrying Amount | -250,000 | -250,000 | ' | ' |
Level 1 [Member] | ' | ' | ' | ' |
Financial Instruments And Fair Value Measurements [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 28,328 | ' | ' | ' |
Loans payable | ' | ' | ' | ' |
Foreign currency forward contracts, net | ' | ' | ' | ' |
Level 1 [Member] | 7.875% Senior Notes [Member] | ' | ' | ' | ' |
Financial Instruments And Fair Value Measurements [Line Items] | ' | ' | ' | ' |
6.50% Convertible Senior Notes, net of unamortized discounts | -266,250 | ' | ' | ' |
Level 1 [Member] | 6.50% Convertible Senior Notes, Net of Unamortized Discounts [Member] | ' | ' | ' | ' |
Financial Instruments And Fair Value Measurements [Line Items] | ' | ' | ' | ' |
6.50% Convertible Senior Notes, net of unamortized discounts | ' | ' | ' | ' |
Level 1 [Member] | Revolving credit facility [Member] | ' | ' | ' | ' |
Financial Instruments And Fair Value Measurements [Line Items] | ' | ' | ' | ' |
6.50% Convertible Senior Notes, net of unamortized discounts | ' | ' | ' | ' |
Level 1 [Member] | Other notes [Member] | ' | ' | ' | ' |
Financial Instruments And Fair Value Measurements [Line Items] | ' | ' | ' | ' |
6.50% Convertible Senior Notes, net of unamortized discounts | ' | ' | ' | ' |
Level 2 [Member] | ' | ' | ' | ' |
Financial Instruments And Fair Value Measurements [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' |
Loans payable | -43,062 | ' | ' | ' |
Foreign currency forward contracts, net | -2,255 | ' | ' | ' |
Level 2 [Member] | 7.875% Senior Notes [Member] | ' | ' | ' | ' |
Financial Instruments And Fair Value Measurements [Line Items] | ' | ' | ' | ' |
6.50% Convertible Senior Notes, net of unamortized discounts | ' | ' | ' | ' |
Level 2 [Member] | 6.50% Convertible Senior Notes, Net of Unamortized Discounts [Member] | ' | ' | ' | ' |
Financial Instruments And Fair Value Measurements [Line Items] | ' | ' | ' | ' |
6.50% Convertible Senior Notes, net of unamortized discounts | ' | ' | ' | ' |
Level 2 [Member] | Revolving credit facility [Member] | ' | ' | ' | ' |
Financial Instruments And Fair Value Measurements [Line Items] | ' | ' | ' | ' |
6.50% Convertible Senior Notes, net of unamortized discounts | -9,496 | ' | ' | ' |
Level 2 [Member] | Other notes [Member] | ' | ' | ' | ' |
Financial Instruments And Fair Value Measurements [Line Items] | ' | ' | ' | ' |
6.50% Convertible Senior Notes, net of unamortized discounts | -2,988 | ' | ' | ' |
Level 3 [Member] | ' | ' | ' | ' |
Financial Instruments And Fair Value Measurements [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' |
Loans payable | ' | ' | ' | ' |
Foreign currency forward contracts, net | ' | ' | ' | ' |
Level 3 [Member] | 7.875% Senior Notes [Member] | ' | ' | ' | ' |
Financial Instruments And Fair Value Measurements [Line Items] | ' | ' | ' | ' |
6.50% Convertible Senior Notes, net of unamortized discounts | ' | ' | ' | ' |
Level 3 [Member] | 6.50% Convertible Senior Notes, Net of Unamortized Discounts [Member] | ' | ' | ' | ' |
Financial Instruments And Fair Value Measurements [Line Items] | ' | ' | ' | ' |
6.50% Convertible Senior Notes, net of unamortized discounts | ' | ' | ' | ' |
Level 3 [Member] | Revolving credit facility [Member] | ' | ' | ' | ' |
Financial Instruments And Fair Value Measurements [Line Items] | ' | ' | ' | ' |
6.50% Convertible Senior Notes, net of unamortized discounts | ' | ' | ' | ' |
Level 3 [Member] | Other notes [Member] | ' | ' | ' | ' |
Financial Instruments And Fair Value Measurements [Line Items] | ' | ' | ' | ' |
6.50% Convertible Senior Notes, net of unamortized discounts | ' | ' | ' | ' |
Financial_Instruments_Financia1
Financial Instruments - Financial Instruments Measured at Fair Value (Parenthetical) (Detail) | Dec. 31, 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% | ' |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financial Instruments And Fair Value Measurements [Line Items] | ' | ' | ' |
Net foreign currency loss | $4.20 | $2.20 | $4.80 |
Gain loss from the change in fair value of financial instruments | 8.1 | 0.5 | ' |
Notional amount | $244.90 | $250.70 | ' |
7.875% Senior Notes [Member] | ' | ' | ' |
Financial Instruments And Fair Value Measurements [Line Items] | ' | ' | ' |
Quoted market price | $106 | ' | ' |
Yield | 6.23% | ' | ' |
Debt instrument interest rate stated percentage | 7.88% | 7.88% | ' |
6.50% Convertible Senior Notes, net of unamortized discounts [Member] | ' | ' | ' |
Financial Instruments And Fair Value Measurements [Line Items] | ' | ' | ' |
Debt instrument interest rate stated percentage | 6.50% | 6.50% | ' |
Financial_Instruments_Effect_o
Financial Instruments - Effect on Derivative Instruments on Consolidated Financial Performance (Detail) (Foreign Currency Forward Contracts [Member], Foreign Currency (Loss) Gain [Member], Not Designated as Hedging Instrument [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Foreign Currency Forward Contracts [Member] | Foreign Currency (Loss) Gain [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of (Loss) Gain Recognized in Income | ($8,060) | $474 |
Financial_Instruments_Fair_Val
Financial Instruments - Fair Value of Derivative Instruments on Consolidated Balance Sheets (Detail) (Not Designated as Hedging Instrument [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivatives | $186 | $213 |
Liability derivatives | -2,441 | -4,971 |
Other Current Assets [Member] | Foreign Currency Forward Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivatives | 186 | ' |
Accrued Expenses and Other Current Liabilities [Member] | Foreign Currency Forward Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivatives | ' | 213 |
Liability derivatives | ($2,441) | ($4,971) |
Income_Taxes_Losses_Earnings_b
Income Taxes - (Losses) Earnings before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U.S. | $98,839 | ($218,314) | $23,862 |
Foreign | -3,106 | -47,026 | -2,772 |
Income (loss) before income taxes | $95,733 | ($265,340) | $21,090 |
Income_Taxes_Income_Tax_Expens
Income Taxes - Income Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
U.S. federal | ($10,370) | ($1,825) | ($11,250) |
Foreign | 17,219 | 2,525 | 8,704 |
State and local | 165 | 575 | 517 |
Total current | 7,014 | 1,275 | -2,029 |
Deferred: | ' | ' | ' |
U.S. federal | 12,145 | 77,875 | 18,380 |
Foreign | -4,292 | 21,399 | 2,944 |
State and local | 0 | 8,301 | -1,163 |
Total deferred | 7,853 | 107,575 | 20,161 |
Total income tax expense | $14,867 | $108,850 | $18,132 |
Income_Taxes_Income_Tax_Expens1
Income Taxes - Income Tax Expense (Benefit) Allocated Directly to Ferro Corporation Shareholders' Equity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Foreign currency translation adjustments | ' | $144 | $38 |
Postretirement benefit liability adjustments | -244 | -140 | -139 |
Stock options exercised | ' | 249 | -1,184 |
Total income tax (benefit) expense allocated to Ferro Corporation shareholders' equity | ($244) | $253 | ($1,285) |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of U.S. Federal Statutory Income Tax Rate and Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
Adjustment of valuation allowance | -28.40% | -68.90% | 52.80% |
State taxes | 0.10% | 2.00% | 3.70% |
Goodwill dispositions and impairments | -0.20% | -4.20% | 3.50% |
Uncertain tax positions | 0.30% | -0.10% | 3.30% |
Foreign tax rate difference | 0.30% | -1.00% | 0.20% |
Research and development credit | ' | 0.20% | -10.90% |
Domestic production activities deduction | ' | ' | -5.80% |
Net adjustment of prior-year accrual | 1.60% | -1.00% | -1.90% |
U.S. tax cost of foreign dividends | 1.30% | -0.20% | -0.20% |
Stock options | ' | ' | -0.40% |
Medicare subsidy | ' | ' | -0.20% |
Book to tax difference on sale of asset | -2.40% | ' | ' |
Expired tax credits | 7.20% | -1.50% | ' |
Miscellaneous | 0.70% | -1.30% | 6.90% |
Effective tax rate | 15.50% | -41.00% | 86.00% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Refundable income taxes | $3,600,000 | $9,800,000 | ' |
Income taxes payable | 1,000,000 | 2,500,000 | ' |
State operating loss carryforwards | 8,956,000 | 4,258,000 | ' |
Foreign operating loss carryforwards | 71,900,000 | ' | ' |
Minimum duration of operating loss carryforwards that expire | '1 year | ' | ' |
Maximum duration of operating loss carryforwards that expire | '20 years | ' | ' |
Tax Credit Carryforwards | 62,023,000 | ' | ' |
Deferred tax asset valuation allowance | 193,984,000 | 216,882,000 | ' |
Impact on income tax provision for prior period adjustments | 3,400,000 | ' | ' |
Unrecognized tax benefits that would impact effective tax rate | 13,200,000 | 12,900,000 | ' |
Expense (benefit) for interest, net of tax, and penalties related to unrecognized tax benefits | 1,300,000 | 300,000 | 300,000 |
Accrued amount for payment of interest, net of tax, and penalties related to unrecognized tax benefits | 2,300,000 | 1,300,000 | ' |
Anticipated reversal within next 12 months of liabilities for unrecognized tax benefits | 6,600,000 | ' | ' |
Deferred income taxes provided on undistributed earnings of foreign subsidiaries | 1,795,000 | 1,363,000 | ' |
Undistributed earnings of foreign subsidiaries not indefinitely reinvested | 12,300,000 | ' | ' |
Undistributed earning of foreign subsidiaries indefinitely reinvested | $101,700,000 | ' | ' |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Pension and other benefit programs | $31,545 | $68,522 |
Foreign operating loss carryforwards | 62,256 | 66,993 |
Domestic operating loss carryforwards | 17,484 | ' |
Foreign tax credit carryforwards | 30,322 | 29,188 |
Other credit carryforwards | 16,294 | 14,259 |
Capitalized research costs | 3,578 | 5,409 |
Accrued liabilities | 18,066 | 16,414 |
State operating loss carryforwards | 8,956 | 4,258 |
Allowance for doubtful accounts | 3,062 | 2,937 |
Property, equipment and intangibles - depreciation and amortization | 9,932 | 18,613 |
Capitalized interest | 4,903 | 4,712 |
Inventories | 3,756 | 5,656 |
Other | 7,979 | 10,103 |
Total deferred tax assets | 218,133 | 247,064 |
Deferred tax liabilities: | ' | ' |
Convertible debt instruments | ' | 227 |
Unremitted earnings of foreign subsidiaries | 1,795 | 1,363 |
Other | 357 | 767 |
Total deferred tax liabilities | 2,152 | 2,357 |
Net deferred tax assets before valuation allowance | 215,981 | 244,707 |
Valuation allowance | -193,984 | -216,882 |
Net deferred tax assets | $21,997 | $27,825 |
Income_Taxes_Expirations_of_Op
Income Taxes - Expirations of Operating Loss Carryforwards and Tax Credit Carryforwards (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Income Tax And Carryforwards [Line Items] | ' |
Operating Loss Carryforwards | $93,049 |
Tax Credit Carryforwards | 62,023 |
Expiring in 2014 [Member] | ' |
Income Tax And Carryforwards [Line Items] | ' |
Operating Loss Carryforwards | 5,108 |
Tax Credit Carryforwards | 4,901 |
Expiring in 2015-2019 [Member] | ' |
Income Tax And Carryforwards [Line Items] | ' |
Operating Loss Carryforwards | 20,567 |
Tax Credit Carryforwards | 32,516 |
Expiring in 2020-2024 [Member] | ' |
Income Tax And Carryforwards [Line Items] | ' |
Operating Loss Carryforwards | 2,889 |
Tax Credit Carryforwards | 13,360 |
Expiring in 2025-2029 [Member] | ' |
Income Tax And Carryforwards [Line Items] | ' |
Operating Loss Carryforwards | 7,146 |
Tax Credit Carryforwards | 7,864 |
Expiring in 2030-2034 [Member] | ' |
Income Tax And Carryforwards [Line Items] | ' |
Operating Loss Carryforwards | 17,623 |
Tax Credit Carryforwards | 1,314 |
Expiring in 2035-Indefinitely [Member] | ' |
Income Tax And Carryforwards [Line Items] | ' |
Operating Loss Carryforwards | 39,716 |
Tax Credit Carryforwards | $2,068 |
Income_Taxes_Classification_of
Income Taxes - Classification of Net Deferred Income Tax Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Current assets | $6,584 | $7,995 |
Non-current assets | 19,451 | 21,554 |
Current liabilities | -1,660 | -950 |
Non-current liabilities | -2,378 | -774 |
Net deferred tax assets | $21,997 | $27,825 |
Income_Taxes_Activity_and_Bala
Income Taxes - Activity and Balances of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Balance at beginning of year | $28,686 | $32,131 | $33,455 |
Additions based on tax positions related to the current year | 3,701 | 4,567 | 1,886 |
Additions for tax positions of prior years | 8,524 | 560 | 487 |
Reductions for tax positions of prior years | -153 | -354 | -167 |
Reductions as a result of expiring statutes of limitations | -449 | -5,272 | -2,455 |
Foreign currency translation of non-U.S. dollar denominated reserves | 292 | 222 | -449 |
Settlements with taxing authorities | -1,862 | -3,168 | -626 |
Balance at end of year | $38,739 | $28,686 | $32,131 |
Contingent_Liabilities_Additio
Contingent Liabilities - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments And Contingencies Disclosure [Abstract] | ' | ' |
Amount of bank guarantees and standby letters of credit issued by financial institutions | $10.10 | $9.70 |
Undiscounted remediation liability associated with environmentally contaminated non-operating facility | 9.7 | 9.6 |
Litigation settlement contingent liability | $6.80 | ' |
Retirement_Benefits_Defined_Be
Retirement Benefits - Defined Benefit Pension Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net periodic benefit cost: | ' | ' | ' |
Mark-to-market actuarial net (gains) losses | ($69,800) | ($26,900) | ' |
Amounts recognized in the balance sheet: | ' | ' | ' |
Other non-current assets | 59,748 | 61,941 | ' |
Accrued expenses and other current liabilities | -71,115 | -76,384 | ' |
Postretirement and pension liabilities | -120,527 | -216,167 | ' |
U.S. Plans [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 428,584 | 392,820 | ' |
Service cost | 19 | 16 | 16 |
Interest cost | 18,123 | 19,469 | 20,468 |
Benefits paid | -22,179 | -22,693 | ' |
Actuarial (gain) loss | -37,829 | 38,972 | 32,600 |
Benefit obligation at end of year | 386,718 | 428,584 | 392,820 |
Net periodic benefit cost: | ' | ' | ' |
Service cost | 19 | 16 | 16 |
Interest cost | 18,123 | 19,469 | 20,468 |
Expected return on plan assets | -24,730 | -20,631 | -20,601 |
Amortization of prior service cost (credit) | 13 | 48 | 73 |
Mark-to-market actuarial net (gains) losses | -63,405 | 20,125 | 49,866 |
Total net periodic benefit (income) cost | -69,980 | 19,027 | 49,822 |
Accumulated benefit obligation at end of year | 386,718 | 428,584 | ' |
Fair value of plan assets at beginning of year | 302,575 | 261,715 | ' |
Actual return on plan assets | 50,306 | 39,479 | ' |
Employer contributions | 23,968 | 24,074 | ' |
Benefits paid | -22,179 | -22,693 | ' |
Fair value of plan assets at end of year | 354,670 | 302,575 | 261,715 |
Amounts recognized in the balance sheet: | ' | ' | ' |
Accrued expenses and other current liabilities | -542 | -365 | ' |
Postretirement and pension liabilities | -31,506 | -125,644 | ' |
Funded status | -32,048 | -126,009 | ' |
Weighted-average assumptions as of December 31: | ' | ' | ' |
Discount rate | 525.00% | 430.00% | ' |
Discount rate | 4.30% | 5.10% | 5.85% |
Expected return on plan assets | 8.20% | 8.20% | 8.50% |
Pension plans with benefit obligations in excess of plan assets: | ' | ' | ' |
Benefit obligations | 386,718 | 428,584 | ' |
Plan assets | 354,670 | 302,575 | ' |
Pension plans with accumulated benefit obligations in excess of plan assets: | ' | ' | ' |
Projected benefit obligations | 386,718 | 428,584 | ' |
Accumulated benefit obligations | 386,718 | 428,584 | ' |
Plan assets | 354,670 | 302,575 | ' |
Prior service (cost) credit: | ' | ' | ' |
Balance at beginning of year | -55 | -103 | ' |
Amounts recognized as net periodic benefit costs | 13 | 48 | ' |
Balance at end of year | -42 | -55 | -103 |
Estimated amounts to be amortized in 2014 | -12 | ' | ' |
Non-U.S. Plans [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 126,967 | 110,674 | ' |
Service cost | 2,095 | 1,995 | 2,095 |
Interest cost | 4,927 | 5,344 | 5,525 |
Curtailments | -369 | -1,617 | ' |
Settlements | -2,175 | -2,984 | ' |
Special termination benefits | 97 | 2 | ' |
Plan participants' contributions | 27 | 133 | ' |
Benefits paid | -4,063 | -5,176 | ' |
Actuarial (gain) loss | -619 | 15,691 | 5,700 |
Exchange rate effect | 2,839 | 2,905 | ' |
Benefit obligation at end of year | 129,726 | 126,967 | 110,674 |
Net periodic benefit cost: | ' | ' | ' |
Service cost | 2,095 | 1,995 | 2,095 |
Interest cost | 4,927 | 5,344 | 5,525 |
Expected return on plan assets | -2,994 | -3,022 | -3,137 |
Amortization of prior service cost (credit) | 29 | 2 | -142 |
Mark-to-market actuarial net (gains) losses | -2,506 | 9,529 | 4,578 |
Curtailment and settlement effects | -632 | -2,524 | 23 |
Special termination benefits | 96 | 2 | 3 |
Total net periodic benefit (income) cost | 1,015 | 11,326 | 8,945 |
Accumulated benefit obligation at end of year | 129,726 | 119,777 | ' |
Fair value of plan assets at beginning of year | 70,004 | 62,554 | ' |
Actual return on plan assets | 4,924 | 9,309 | ' |
Employer contributions | 3,749 | 3,903 | ' |
Plan participants' contributions | 27 | 133 | ' |
Benefits paid | -4,063 | -5,176 | ' |
Effect of settlements | -2,175 | -2,984 | ' |
Exchange rate effect | 1,144 | 2,265 | ' |
Fair value of plan assets at end of year | 73,610 | 70,004 | 62,554 |
Amounts recognized in the balance sheet: | ' | ' | ' |
Other non-current assets | 6,909 | 5,024 | ' |
Accrued expenses and other current liabilities | -1,946 | -1,906 | ' |
Postretirement and pension liabilities | -61,081 | -60,082 | ' |
Funded status | -56,118 | -56,964 | ' |
Weighted-average assumptions as of December 31: | ' | ' | ' |
Discount rate | 412.00% | 400.00% | ' |
Discount rate | 4.00% | 5.01% | 5.51% |
Rate of compensation increase | 288.00% | 283.00% | ' |
Rate of compensation increase | 2.89% | 3.03% | 3.44% |
Expected return on plan assets | 4.45% | 4.86% | 5.60% |
Pension plans with benefit obligations in excess of plan assets: | ' | ' | ' |
Benefit obligations | 91,116 | 89,017 | ' |
Plan assets | 28,089 | 27,029 | ' |
Pension plans with accumulated benefit obligations in excess of plan assets: | ' | ' | ' |
Projected benefit obligations | 90,882 | 88,783 | ' |
Accumulated benefit obligations | 85,565 | 82,462 | ' |
Plan assets | 27,868 | 26,824 | ' |
Prior service (cost) credit: | ' | ' | ' |
Balance at beginning of year | -103 | 954 | ' |
Amounts recognized as net periodic benefit costs | -328 | -780 | ' |
Exchange rate effects | 229 | -277 | ' |
Balance at end of year | -660 | -103 | 954 |
Estimated amounts to be amortized in 2014 | ($63) | ' | ' |
Retirement_Benefits_Additional
Retirement Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Shares of company common stock | 86.7 | 86.5 | ' |
Unrealized gains | $600,000 | $5,100,000 | ' |
Defined contribution plan vesting period | '5 years | ' | ' |
Defined contribution retirement plans expense | 5,800,000 | 7,600,000 | 8,100,000 |
U.S. Plans [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Actuarial gains | -37,829,000 | 38,972,000 | 32,600,000 |
Gains (losses) from returns on plan assets | 25,600,000 | 18,900,000 | 17,300,000 |
Shares of company common stock | 0.3 | 0.4 | ' |
Market value of shares held of company common stock | 3,600,000 | 1,800,000 | ' |
Expected contribution to pension plans | 22,500,000 | ' | ' |
U.S. Plans [Member] | Fixed income [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Target allocation percentage for fixed income, equity and other investments | 35.00% | ' | ' |
U.S. Plans [Member] | Equity [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Target allocation percentage for fixed income, equity and other investments | 60.00% | ' | ' |
U.S. Plans [Member] | Other investments [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Target allocation percentage for fixed income, equity and other investments | 5.00% | ' | ' |
Non-U.S. Plans [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Actuarial gains | -619,000 | 15,691,000 | 5,700,000 |
Gains (losses) from returns on plan assets | 1,900,000 | 6,200,000 | 900,000 |
Expected contribution to pension plans | $2,700,000 | ' | ' |
Non-U.S. Plans [Member] | Fixed income [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Target allocation percentage for fixed income, equity and other investments | 75.00% | ' | ' |
Non-U.S. Plans [Member] | Equity [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Target allocation percentage for fixed income, equity and other investments | 24.00% | ' | ' |
Non-U.S. Plans [Member] | Other investments [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Target allocation percentage for fixed income, equity and other investments | 1.00% | ' | ' |
Retirement_Benefits_Fair_Value
Retirement Benefits - Fair Value of Pension Plan Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
U.S. Plans [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | $354,670 | $302,575 | $261,715 |
U.S. Plans [Member] | Fixed income: Cash and cash equivalents [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 7,574 | 7 | ' |
U.S. Plans [Member] | Guaranteed deposits [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 2,054 | 2,208 | ' |
U.S. Plans [Member] | U.S. government agencies [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 15,048 | 18,256 | ' |
U.S. Plans [Member] | Fixed income: Mutual funds [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 84,650 | 84,041 | ' |
U.S. Plans [Member] | Commingled funds [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 1,796 | 2,075 | ' |
U.S. Plans [Member] | Common Stock [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 3,632 | 1,775 | ' |
U.S. Plans [Member] | Equities: Mutual funds [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 222,363 | 184,528 | ' |
U.S. Plans [Member] | Equities: Commingled funds [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 1,875 | 1,710 | ' |
U.S. Plans [Member] | Real estate [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 15,679 | 7,975 | ' |
U.S. Plans [Member] | Level 1 [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 334,267 | 288,607 | ' |
U.S. Plans [Member] | Level 1 [Member] | Fixed income: Cash and cash equivalents [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 7,574 | 7 | ' |
U.S. Plans [Member] | Level 1 [Member] | Guaranteed deposits [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 0 | ' | ' |
U.S. Plans [Member] | Level 1 [Member] | U.S. government agencies [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 15,048 | 18,256 | ' |
U.S. Plans [Member] | Level 1 [Member] | Fixed income: Mutual funds [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 84,650 | 84,041 | ' |
U.S. Plans [Member] | Level 1 [Member] | Common Stock [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 3,632 | 1,775 | ' |
U.S. Plans [Member] | Level 1 [Member] | Equities: Mutual funds [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 222,363 | 184,528 | ' |
U.S. Plans [Member] | Level 2 [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 5,257 | 5,318 | ' |
U.S. Plans [Member] | Level 2 [Member] | Fixed income: Cash and cash equivalents [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 0 | ' | ' |
U.S. Plans [Member] | Level 2 [Member] | Guaranteed deposits [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 2,054 | 2,208 | ' |
U.S. Plans [Member] | Level 2 [Member] | U.S. government agencies [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 0 | ' | ' |
U.S. Plans [Member] | Level 2 [Member] | Commingled funds [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 1,328 | 1,400 | ' |
U.S. Plans [Member] | Level 2 [Member] | Equities: Commingled funds [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 1,875 | 1,710 | ' |
U.S. Plans [Member] | Level 3 [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 16,146 | 8,650 | ' |
U.S. Plans [Member] | Level 3 [Member] | Fixed income: Cash and cash equivalents [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 0 | ' | ' |
U.S. Plans [Member] | Level 3 [Member] | Guaranteed deposits [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 0 | ' | ' |
U.S. Plans [Member] | Level 3 [Member] | U.S. government agencies [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 0 | ' | ' |
U.S. Plans [Member] | Level 3 [Member] | Commingled funds [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 468 | 675 | ' |
U.S. Plans [Member] | Level 3 [Member] | Real estate [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 15,678 | 7,975 | ' |
Non-U.S. Plans [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 73,610 | 70,004 | 62,554 |
Non-U.S. Plans [Member] | Fixed income: Cash and cash equivalents [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 686 | 1,071 | ' |
Non-U.S. Plans [Member] | Guaranteed deposits [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 25,599 | 24,150 | ' |
Non-U.S. Plans [Member] | Fixed income: Mutual funds [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 497 | 373 | ' |
Non-U.S. Plans [Member] | Commingled funds [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 22,896 | 22,218 | ' |
Non-U.S. Plans [Member] | Equities: Mutual funds [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 465 | 403 | ' |
Non-U.S. Plans [Member] | Equities: Commingled funds [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 18,369 | 17,152 | ' |
Non-U.S. Plans [Member] | Real estate [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 484 | 605 | ' |
Non-U.S. Plans [Member] | Fixed income: Other [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 4,181 | 3,636 | ' |
Non-U.S. Plans [Member] | Other assets [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 433 | 396 | ' |
Non-U.S. Plans [Member] | Level 1 [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 6,061 | 5,660 | ' |
Non-U.S. Plans [Member] | Level 1 [Member] | Fixed income: Cash and cash equivalents [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 686 | 1,071 | ' |
Non-U.S. Plans [Member] | Level 1 [Member] | Fixed income: Mutual funds [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 497 | 373 | ' |
Non-U.S. Plans [Member] | Level 1 [Member] | Commingled funds [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 0 | ' | ' |
Non-U.S. Plans [Member] | Level 1 [Member] | Equities: Mutual funds [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 465 | 403 | ' |
Non-U.S. Plans [Member] | Level 1 [Member] | Fixed income: Other [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 4,181 | 3,636 | ' |
Non-U.S. Plans [Member] | Level 1 [Member] | Other assets [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 232 | 177 | ' |
Non-U.S. Plans [Member] | Level 2 [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 43,879 | 42,931 | ' |
Non-U.S. Plans [Member] | Level 2 [Member] | Guaranteed deposits [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 2,614 | 3,561 | ' |
Non-U.S. Plans [Member] | Level 2 [Member] | Commingled funds [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 22,896 | 22,218 | ' |
Non-U.S. Plans [Member] | Level 2 [Member] | Equities: Commingled funds [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 18,369 | 17,152 | ' |
Non-U.S. Plans [Member] | Level 3 [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 23,670 | 21,413 | ' |
Non-U.S. Plans [Member] | Level 3 [Member] | Guaranteed deposits [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 22,985 | 20,589 | ' |
Non-U.S. Plans [Member] | Level 3 [Member] | Real estate [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | 484 | 605 | ' |
Non-U.S. Plans [Member] | Level 3 [Member] | Other assets [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Total fair value of plan assets | $201 | $219 | ' |
Retirement_Benefits_Schedule_o
Retirement Benefits - Schedule of Rollforward of Level 3 Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning Balance | $30,063 | $1,841 |
Transfers into Level 3 | ' | 16,520 |
Purchases | 6,547 | 8,718 |
Sales | -306 | -2,496 |
Gains (losses) included in earnings | 3,602 | 5,068 |
Exchange rate effect | -90 | 412 |
Ending Balance | 39,816 | 30,063 |
Guaranteed deposits [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning Balance | ' | ' |
Transfers into Level 3 | ' | 16,520 |
Purchases | ' | 598 |
Sales | ' | -1,977 |
Gains (losses) included in earnings | ' | 5,057 |
Exchange rate effect | ' | 391 |
Ending Balance | 22,985 | 20,589 |
Real estate [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning Balance | 8,580 | 831 |
Transfers into Level 3 | ' | ' |
Purchases | 6,540 | 8,072 |
Sales | -75 | -349 |
Gains (losses) included in earnings | 1,176 | 11 |
Exchange rate effect | -58 | 15 |
Ending Balance | 16,163 | 8,580 |
Commingled funds [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning Balance | 675 | 647 |
Transfers into Level 3 | ' | ' |
Purchases | ' | ' |
Sales | -216 | ' |
Gains (losses) included in earnings | 9 | 28 |
Ending Balance | 468 | 675 |
Other assets [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning Balance | 219 | 363 |
Transfers into Level 3 | ' | ' |
Purchases | 239 | 48 |
Sales | -15 | -170 |
Gains (losses) included in earnings | 21 | -28 |
Exchange rate effect | -32 | 6 |
Ending Balance | $200 | $219 |
Retirement_Benefits_Future_Pen
Retirement Benefits - Future Pension Benefit Payments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
U.S. Plans [Member] | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' |
2014 | $22,582 |
2015 | 23,051 |
2016 | 23,511 |
2017 | 24,309 |
2018 | 24,718 |
2019-2023 | 130,643 |
Non-U.S. Plans [Member] | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' |
2014 | 5,463 |
2015 | 5,041 |
2016 | 5,107 |
2017 | 6,144 |
2018 | 6,187 |
2019-2023 | $30,424 |
Retirement_Benefits_Postretire
Retirement Benefits - Postretirement Health Care and Life Insurance Benefit Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Mark-to-market actuarial net losses | ($69,800) | ($26,900) | ' |
Accrued expenses and other current liabilities | -71,115 | -76,384 | ' |
Postretirement and pension liabilities | -120,527 | -216,167 | ' |
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' | ' | ' |
Effect on total of service and interest cost components, Percentage Point Increase | 78 | ' | ' |
Effect on total of service and interest cost components, Percentage Point Decrease | -68 | ' | ' |
Effect on postretirement benefit obligation, Percentage Point Increase | 1,523 | ' | ' |
Effect on postretirement benefit obligation, Percentage Point Decrease | -1,342 | ' | ' |
Benefit obligation at beginning of year | 30,943 | 34,286 | ' |
Interest cost | 1,139 | 1,585 | 1,929 |
Service cost | 0 | ' | ' |
Amortization of prior service credit | -115 | -130 | -401 |
Benefits paid | -2,367 | -2,185 | ' |
Mark-to-market actuarial net losses | -3,904 | -2,743 | -2,684 |
Actuarial gain | -3,904 | -2,743 | ' |
Total net periodic benefit (income) cost | -2,880 | -1,288 | -1,156 |
Benefit obligation at end of year | 25,811 | 30,943 | 34,286 |
Fair value of plan assets at beginning of year | ' | ' | ' |
Employer contributions | 2,367 | 2,185 | ' |
Benefits paid | -2,367 | -2,185 | ' |
Fair value of plan assets at end of year | ' | ' | ' |
Accrued expenses and other current liabilities | -2,531 | -2,735 | ' |
Postretirement and pension liabilities | -23,280 | -28,208 | ' |
Funded status | -25,811 | -30,943 | ' |
Discount rate | 4.90% | 3.85% | ' |
Discount rate | 3.85% | 4.85% | 5.45% |
Current trend rate for health care costs | 7.30% | 7.50% | ' |
Current trend rate for health care costs | 7.50% | 7.70% | 7.90% |
Ultimate trend rate for health care costs | 4.50% | 4.50% | ' |
Ultimate trend rate for health care costs | 4.50% | 4.50% | 4.50% |
Year that ultimate trend rate is reached | '2028 | '2028 | ' |
Year that ultimate trend rate is reached | '2028 | '2028 | '2028 |
Prior service credit: | ' | ' | ' |
Balance at beginning of year | 1,130 | 1,260 | ' |
Amounts recognized as net periodic benefit costs | -115 | -130 | ' |
Balance at end of year | 1,015 | 1,130 | 1,260 |
Estimated amounts to be amortized in 2014 | $105 | ' | ' |
Retirement_Benefits_Future_Pos
Retirement Benefits - Future Postretirement Health Care and Life Insurance Benefit Payments (Detail) (United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member], USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member] | ' |
Pension Postretirement And Other Retirement Plans [Line Items] | ' |
Before Medicare Subsidy 2014 | $2,531 |
Before Medicare Subsidy 2015 | 2,459 |
Before Medicare Subsidy 2016 | 2,376 |
Before Medicare Subsidy 2017 | 2,296 |
Before Medicare Subsidy 2018 | 2,207 |
Before Medicare Subsidy 2019-2023 | 9,512 |
After Medicare Subsidy, 2014 | 2,239 |
After Medicare Subsidy, 2015 | 2,171 |
After Medicare Subsidy, 2016 | 2,097 |
After Medicare Subsidy, 2017 | 2,029 |
After Medicare Subsidy, 2018 | 1,953 |
After Medicare Subsidy, 2019-2023 | $8,455 |
Serial_Convertible_Preferred_S1
Serial Convertible Preferred Stock - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 |
Class of Stock [Line Items] | ' | ' | ' |
Serial convertible preferred stock authorized | ' | 2,000,000 | ' |
Par value of serial convertible preferred stock authorized | ' | ' | ' |
7% Series A ESOP Convertible Preferred Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Number of shares issued | ' | 1,520,215 | ' |
Price per share | ' | $46.38 | ' |
Consideration for stock issued | ' | $70.50 | ' |
Value of shares redeemed | $9.40 | ' | ' |
Number of shares redeemed | ' | ' | 203,282 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares of common stock reserved under plan | 4,400,000 | ' | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Term of stock option or unit granted | '10 years | ' | ' |
Stock option vesting period option one | '3 years | ' | ' |
Stock option vesting period option two | '4 years | ' | ' |
Percentage of stock options to become vested and exercisable | 100.00% | ' | ' |
Weighted-average grant-date fair value | $4.01 | $4.68 | $10.55 |
Performance Share Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Term of stock option or unit granted | '3 years | ' | ' |
Performance share units granted | 511,230 | ' | 0 |
Maximum payout percentage | 200.00% | ' | ' |
Performance shares outstanding | 500,000 | ' | ' |
Weighted-average grant-date fair value | $5.69 | $10.22 | ' |
Directors' Deferred Compensation [Member] | Common Shares in Treasury [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Common stock held in rabbi trust | 200,000 | 300,000 | ' |
Value of common stock held in rabbi trust | $2.70 | $3.90 | ' |
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 $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted-average grant-date fair value | $4.01 | $4.68 | $10.55 |
Expected life, in years | '6 years | '6 years | '6 years 10 months 24 days |
Risk-free interest rate, minimum | 1.13% | 1.20% | 2.67% |
Risk-free interest rate, maximum | 1.36% | 1.67% | 3.07% |
Expected volatility, minimum | 85.60% | 81.10% | 71.90% |
Expected volatility, maximum | 86.40% | 83.90% | 73.30% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Activity (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 |
Stock Options [Member] | ' | ' |
Schedule Of Performance Share Units Activity [Line Items] | ' | ' |
Number of Options/Units, Beginning balance | 3,760,640 | ' |
Number of Options/Units, Granted | 566,400 | ' |
Number of Options/Units, Exercised | -129,630 | ' |
Number of Options/Units, Forfeited or expired | -1,537,674 | ' |
Number of Options/Units, Ending balance | 2,659,736 | ' |
Number of Options/Units, Exercisable at December 31, 2013 | 1,736,545 | ' |
Number of Options/Units, Vested or expected to vest at December 31, 2013 | 2,558,609 | ' |
Weighted-Average Exercise Price, Beginning balance | 16.62 | ' |
Weighted-Average Exercise Price, option, Granted | 5.59 | ' |
Weighted-Average Exercise Price, Exercised | 5.14 | ' |
Weighted-Average Exercise Price, Forfeited or expired | 18.33 | ' |
Weighted-Average Exercise Price, Ending balance | 13.84 | ' |
Weighted-Average Exercise Price, Exercisable at December 31, 2013 | 21.19 | ' |
Weighted-Average Exercise Price, Vested or expected to vest at December 31, 2013 | 14.06 | ' |
Aggregate Intrinsic Value, Outstanding at December 31, 2013 | 8,383 | ' |
Aggregate Intrinsic Value, Exercisable at December 31, 2013 | 2,782 | ' |
Aggregate Intrinsic Value, Vested or expected to vest at December 31, 2013 | 7,844 | ' |
Performance Share Units [Member] | ' | ' |
Schedule Of Performance Share Units Activity [Line Items] | ' | ' |
Weighted-Average Remaining Contractual Term, Outstanding at December 31, 2013 | '5 years 1 month 6 days | ' |
Weighted-Average Remaining Contractual Term, Exercisable at December 31, 2013 | '3 years 3 months 18 days | ' |
Weighted-Average Remaining Contractual Term, Vested or expected to vest at December 31, 2013 | '5 years | ' |
Number of Units, Beginning balance | 305,200 | ' |
Number of Units, Granted | 511,230 | 0 |
Number of Units, Forfeited or expired | -55,100 | ' |
Number of Units, Ending balance | 761,330 | ' |
Number of Units, Expected to vest at December 31, 2013 | 761,330 | ' |
Weighted-Average Remaining Contractual Term, Outstanding at December 31, 2013 | '1 year 8 months 12 days | ' |
Weighted- Average Remaining Contractual Term, Expected to vest at December 31, 2013 | '1 year 8 months 12 days | ' |
StockBased_Compensation_Inform
Stock-Based Compensation - Information Related to Stock Options Exercised (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Proceeds from the exercise of stock options | $666 | $107 | $1,053 |
Intrinsic value of stock options exercised | 859 | 122 | 2,060 |
Income tax benefit related to stock options exercised | $301 | $43 | $721 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Options [Member] | ' | ' | ' |
Schedule Of Share Based Compensation Arrangements [Line Items] | ' | ' | ' |
Compensation expense recorded in selling, general and administrative expenses | $1,679 | $2,446 | $4,462 |
Deferred income tax benefits related to compensation expense | 588 | 856 | 1,562 |
Total fair value of stock options vested | 2,228 | 3,973 | 7,736 |
Unrecognized compensation cost | 1,282 | 1,976 | 6,117 |
Expected weighted-average recognition period for unrecognized compensation, in years | '10 months 24 days | '1 year 7 months 6 days | '1 year 2 months 12 days |
Performance Share Units [Member] | ' | ' | ' |
Schedule Of Share Based Compensation Arrangements [Line Items] | ' | ' | ' |
Compensation expense recorded in selling, general and administrative expenses | 3,277 | 611 | ' |
Deferred income tax benefits related to compensation expense | 1,147 | 214 | ' |
Unrecognized compensation cost | $4,681 | $1,584 | ' |
Expected weighted-average recognition period for unrecognized compensation, in years | '1 year 8 months 12 days | '2 years | ' |
Restructuring_and_Cost_Reducti2
Restructuring and Cost Reduction Programs - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Charges from restructuring and cost reduction activities | $32,100,000 | $25,500,000 | $9,000,000 |
Restructuring changes recorded in cost of sales | 0 | 0 | 300,000 |
Restructuring charges | 32,147,000 | 25,453,000 | 8,707,000 |
Impairment charges of long lived assets | ' | ' | 3,800,000 |
Lease Termination Costs [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 1,200,000 | 3,200,000 | ' |
Assets Held For Sale [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Assets held for sale at carrying value | ' | 19,800,000 | ' |
Assets held for sale at fair value | ' | 4,900,000 | ' |
Impairment charges of long lived assets | ' | 14,900,000 | ' |
Assets Held For Sale [Member] | Other Noncurrent Assets [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Assets held for sale at fair value | ' | 3,000,000 | 6,303,000 |
Impairment charges of long lived assets | ' | 14,913,000 | 3,809,000 |
Total assets held for sale | ' | 3,100,000 | ' |
Performance Coatings [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 1,542,000 | 16,481,000 | 715,000 |
Impairment charges of long lived assets | ' | 10,900,000 | ' |
Electronic Materials [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Impairment charges of long lived assets | ' | 4,000,000 | ' |
Color and Glass Performance Materials [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Impairment charges of long lived assets | ' | ' | $3,800,000 |
Restructuring_and_Cost_Reducti3
Restructuring and Cost Reduction Programs - Summary of Charges Associated with Restructuring Programs by Major Type of Charges (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Expected restructuring charges: | ' | ' | ' |
Total expected restructuring charges | $67,372 | ' | ' |
Restructuring charges incurred: | ' | ' | ' |
Restructuring charges incurred | 32,147 | 25,453 | 8,707 |
Restructuring charges incurred | 32,147 | 25,453 | 8,707 |
Cumulative restructuring charges incurred: | ' | ' | ' |
Cumulative restructuring charges incurred | 66,307 | ' | ' |
European manufacturing restructuring [Member] | ' | ' | ' |
Expected restructuring charges: | ' | ' | ' |
Total expected restructuring charges | 23,558 | ' | ' |
Restructuring charges incurred: | ' | ' | ' |
Restructuring charges incurred | ' | 14,667 | 8,891 |
Restructuring charges incurred | ' | 14,667 | 8,891 |
Cumulative restructuring charges incurred: | ' | ' | ' |
Cumulative restructuring charges incurred | 23,558 | ' | ' |
Performance Coatings [Member] | ' | ' | ' |
Expected restructuring charges: | ' | ' | ' |
Total expected restructuring charges | 4,062 | ' | ' |
Restructuring charges incurred: | ' | ' | ' |
Restructuring charges incurred | -1,639 | 5,701 | ' |
Restructuring charges incurred | -1,639 | 5,701 | ' |
Cumulative restructuring charges incurred: | ' | ' | ' |
Cumulative restructuring charges incurred | 4,062 | ' | ' |
Electronic Materials [Member] | ' | ' | ' |
Expected restructuring charges: | ' | ' | ' |
Total expected restructuring charges | 1,438 | ' | ' |
Restructuring charges incurred: | ' | ' | ' |
Restructuring charges incurred | ' | ' | 1,438 |
Restructuring charges incurred | ' | ' | 1,438 |
Cumulative restructuring charges incurred: | ' | ' | ' |
Cumulative restructuring charges incurred | 1,438 | ' | ' |
Global Cost Reduction program [Member] | ' | ' | ' |
Expected restructuring charges: | ' | ' | ' |
Total expected restructuring charges | 33,125 | ' | ' |
Restructuring charges incurred: | ' | ' | ' |
Restructuring charges incurred | 32,060 | ' | ' |
Restructuring charges incurred | 32,060 | ' | ' |
Cumulative restructuring charges incurred: | ' | ' | ' |
Cumulative restructuring charges incurred | 32,060 | ' | ' |
Other restructuring programs [Member] | ' | ' | ' |
Expected restructuring charges: | ' | ' | ' |
Total expected restructuring charges | 5,189 | ' | ' |
Restructuring charges incurred: | ' | ' | ' |
Restructuring charges incurred | 1,726 | 5,085 | -1,622 |
Restructuring charges incurred | 1,726 | 5,085 | -1,622 |
Cumulative restructuring charges incurred: | ' | ' | ' |
Cumulative restructuring charges incurred | 5,189 | ' | ' |
Employee Severance [Member] | ' | ' | ' |
Expected restructuring charges: | ' | ' | ' |
Total expected restructuring charges | 32,434 | ' | ' |
Restructuring charges incurred: | ' | ' | ' |
Restructuring charges incurred | 20,922 | 7,225 | 3,222 |
Restructuring charges incurred | 20,922 | 7,225 | 3,222 |
Cumulative restructuring charges incurred: | ' | ' | ' |
Cumulative restructuring charges incurred | 31,369 | ' | ' |
Employee Severance [Member] | European manufacturing restructuring [Member] | ' | ' | ' |
Expected restructuring charges: | ' | ' | ' |
Total expected restructuring charges | 3,494 | ' | ' |
Restructuring charges incurred: | ' | ' | ' |
Restructuring charges incurred | ' | 272 | 3,222 |
Restructuring charges incurred | ' | 272 | 3,222 |
Cumulative restructuring charges incurred: | ' | ' | ' |
Cumulative restructuring charges incurred | 3,494 | ' | ' |
Employee Severance [Member] | Performance Coatings [Member] | ' | ' | ' |
Expected restructuring charges: | ' | ' | ' |
Total expected restructuring charges | 4,062 | ' | ' |
Restructuring charges incurred: | ' | ' | ' |
Restructuring charges incurred | -1,639 | 5,701 | ' |
Restructuring charges incurred | -1,639 | 5,701 | ' |
Cumulative restructuring charges incurred: | ' | ' | ' |
Cumulative restructuring charges incurred | 4,062 | ' | ' |
Employee Severance [Member] | Electronic Materials [Member] | ' | ' | ' |
Cumulative restructuring charges incurred: | ' | ' | ' |
Cumulative restructuring charges incurred | ' | ' | ' |
Employee Severance [Member] | Global Cost Reduction program [Member] | ' | ' | ' |
Expected restructuring charges: | ' | ' | ' |
Total expected restructuring charges | 23,626 | ' | ' |
Restructuring charges incurred: | ' | ' | ' |
Restructuring charges incurred | 22,561 | ' | ' |
Restructuring charges incurred | 22,561 | ' | ' |
Cumulative restructuring charges incurred: | ' | ' | ' |
Cumulative restructuring charges incurred | 22,561 | ' | ' |
Employee Severance [Member] | Other restructuring programs [Member] | ' | ' | ' |
Expected restructuring charges: | ' | ' | ' |
Total expected restructuring charges | 1,252 | ' | ' |
Restructuring charges incurred: | ' | ' | ' |
Restructuring charges incurred | ' | 1,252 | ' |
Restructuring charges incurred | ' | 1,252 | ' |
Cumulative restructuring charges incurred: | ' | ' | ' |
Cumulative restructuring charges incurred | 1,252 | ' | ' |
Other Costs [Member] | ' | ' | ' |
Expected restructuring charges: | ' | ' | ' |
Total expected restructuring charges | 16,216 | ' | ' |
Restructuring charges incurred: | ' | ' | ' |
Restructuring charges incurred | 11,225 | 3,315 | 1,676 |
Restructuring charges incurred | 11,225 | 3,315 | 1,676 |
Cumulative restructuring charges incurred: | ' | ' | ' |
Cumulative restructuring charges incurred | 16,216 | ' | ' |
Other Costs [Member] | European manufacturing restructuring [Member] | ' | ' | ' |
Expected restructuring charges: | ' | ' | ' |
Total expected restructuring charges | 3,418 | ' | ' |
Restructuring charges incurred: | ' | ' | ' |
Restructuring charges incurred | ' | 101 | 3,317 |
Restructuring charges incurred | ' | 101 | 3,317 |
Cumulative restructuring charges incurred: | ' | ' | ' |
Cumulative restructuring charges incurred | 3,418 | ' | ' |
Other Costs [Member] | Performance Coatings [Member] | ' | ' | ' |
Restructuring charges incurred: | ' | ' | ' |
Restructuring charges incurred | ' | ' | ' |
Restructuring charges incurred | ' | ' | ' |
Cumulative restructuring charges incurred: | ' | ' | ' |
Cumulative restructuring charges incurred | ' | ' | ' |
Other Costs [Member] | Electronic Materials [Member] | ' | ' | ' |
Expected restructuring charges: | ' | ' | ' |
Total expected restructuring charges | -1 | ' | ' |
Restructuring charges incurred: | ' | ' | ' |
Restructuring charges incurred | ' | ' | -1 |
Restructuring charges incurred | ' | ' | -1 |
Cumulative restructuring charges incurred: | ' | ' | ' |
Cumulative restructuring charges incurred | -1 | ' | ' |
Other Costs [Member] | Global Cost Reduction program [Member] | ' | ' | ' |
Expected restructuring charges: | ' | ' | ' |
Total expected restructuring charges | 9,499 | ' | ' |
Restructuring charges incurred: | ' | ' | ' |
Restructuring charges incurred | 9,499 | ' | ' |
Restructuring charges incurred | 9,499 | ' | ' |
Cumulative restructuring charges incurred: | ' | ' | ' |
Cumulative restructuring charges incurred | 9,499 | ' | ' |
Other Costs [Member] | Other restructuring programs [Member] | ' | ' | ' |
Expected restructuring charges: | ' | ' | ' |
Total expected restructuring charges | 3,300 | ' | ' |
Restructuring charges incurred: | ' | ' | ' |
Restructuring charges incurred | 1,726 | 3,214 | -1,640 |
Restructuring charges incurred | 1,726 | 3,214 | -1,640 |
Cumulative restructuring charges incurred: | ' | ' | ' |
Cumulative restructuring charges incurred | 3,300 | ' | ' |
Asset Impairment [Member] | ' | ' | ' |
Expected restructuring charges: | ' | ' | ' |
Total expected restructuring charges | 18,722 | ' | ' |
Restructuring charges incurred: | ' | ' | ' |
Restructuring charges incurred | ' | 14,913 | 3,809 |
Restructuring charges incurred | ' | 14,913 | 3,809 |
Cumulative restructuring charges incurred: | ' | ' | ' |
Cumulative restructuring charges incurred | 18,722 | ' | ' |
Asset Impairment [Member] | European manufacturing restructuring [Member] | ' | ' | ' |
Expected restructuring charges: | ' | ' | ' |
Total expected restructuring charges | 16,646 | ' | ' |
Restructuring charges incurred: | ' | ' | ' |
Restructuring charges incurred | ' | 14,294 | 2,352 |
Restructuring charges incurred | ' | 14,294 | 2,352 |
Cumulative restructuring charges incurred: | ' | ' | ' |
Cumulative restructuring charges incurred | 16,646 | ' | ' |
Asset Impairment [Member] | Performance Coatings [Member] | ' | ' | ' |
Restructuring charges incurred: | ' | ' | ' |
Restructuring charges incurred | ' | ' | ' |
Restructuring charges incurred | ' | ' | ' |
Cumulative restructuring charges incurred: | ' | ' | ' |
Cumulative restructuring charges incurred | ' | ' | ' |
Asset Impairment [Member] | Electronic Materials [Member] | ' | ' | ' |
Expected restructuring charges: | ' | ' | ' |
Total expected restructuring charges | 1,439 | ' | ' |
Restructuring charges incurred: | ' | ' | ' |
Restructuring charges incurred | ' | ' | 1,439 |
Restructuring charges incurred | ' | ' | 1,439 |
Cumulative restructuring charges incurred: | ' | ' | ' |
Cumulative restructuring charges incurred | 1,439 | ' | ' |
Asset Impairment [Member] | Global Cost Reduction program [Member] | ' | ' | ' |
Restructuring charges incurred: | ' | ' | ' |
Restructuring charges incurred | ' | ' | ' |
Restructuring charges incurred | ' | ' | ' |
Cumulative restructuring charges incurred: | ' | ' | ' |
Cumulative restructuring charges incurred | ' | ' | ' |
Asset Impairment [Member] | Other restructuring programs [Member] | ' | ' | ' |
Expected restructuring charges: | ' | ' | ' |
Total expected restructuring charges | 637 | ' | ' |
Restructuring charges incurred: | ' | ' | ' |
Restructuring charges incurred | ' | 619 | 18 |
Restructuring charges incurred | ' | 619 | 18 |
Cumulative restructuring charges incurred: | ' | ' | ' |
Cumulative restructuring charges incurred | $637 | ' | ' |
Restructuring_and_Cost_Reducti4
Restructuring and Cost Reduction Programs - Summary of Charges Associated with Restructuring Programs by Segments (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Total Expected Charges | $67,372 | ' | ' |
Restructuring charges incurred | 32,147 | 25,453 | 8,707 |
Cumulative Charges To Date | 66,307 | ' | ' |
Pigments, Powders and Oxides [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Total Expected Charges | 7,072 | ' | ' |
Restructuring charges incurred | 589 | 4,972 | 1,511 |
Cumulative Charges To Date | 7,072 | ' | ' |
Performance Colors and Glass [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Total Expected Charges | 22,556 | ' | ' |
Restructuring charges incurred | 16,673 | ' | 4,998 |
Cumulative Charges To Date | 21,671 | ' | ' |
Performance Coatings [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Total Expected Charges | 18,753 | ' | ' |
Restructuring charges incurred | 1,542 | 16,481 | 715 |
Cumulative Charges To Date | 18,738 | ' | ' |
Polymer Additives [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Total Expected Charges | 390 | ' | ' |
Restructuring charges incurred | 382 | ' | 8 |
Cumulative Charges To Date | 390 | ' | ' |
Specialty Plastics [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Total Expected Charges | 1,909 | ' | ' |
Restructuring charges incurred | 434 | ' | 1,475 |
Cumulative Charges To Date | 1,909 | ' | ' |
Segment Total [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Total Expected Charges | 50,680 | ' | ' |
Restructuring charges incurred | 19,620 | 21,453 | 8,707 |
Cumulative Charges To Date | 49,780 | ' | ' |
Corporate Restructuring Charges [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Total Expected Charges | 16,692 | ' | ' |
Restructuring charges incurred | 12,527 | 4,000 | ' |
Cumulative Charges To Date | $16,527 | ' | ' |
Restructuring_and_Cost_Reducti5
Restructuring and Cost Reduction Programs - Summary of Accruals Related to Restructuring and Cost Reduction Programs (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Beginning Balance | $10,232 | $3,637 | $8,292 |
Restructuring charges | 32,147 | 25,453 | 8,707 |
Cash payments | -29,833 | -4,234 | -9,444 |
Non-cash items | -968 | -14,624 | -3,918 |
Ending Balance | 11,578 | 10,232 | 3,637 |
Employee Severance [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Beginning Balance | 4,093 | 218 | 2,429 |
Restructuring charges | 20,922 | 7,225 | 3,222 |
Cash payments | -18,226 | -3,423 | -5,461 |
Non-cash items | 210 | 73 | 28 |
Ending Balance | 6,999 | 4,093 | 218 |
Other Costs [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Beginning Balance | 6,139 | 3,419 | 5,863 |
Restructuring charges | 11,225 | 3,315 | 1,676 |
Cash payments | -11,607 | -811 | -3,983 |
Non-cash items | -1,178 | 216 | -137 |
Ending Balance | 4,579 | 6,139 | 3,419 |
Asset Impairment [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Beginning Balance | ' | ' | ' |
Restructuring charges | ' | 14,913 | 3,809 |
Cash payments | ' | ' | ' |
Non-cash items | ' | -14,913 | -3,809 |
Ending Balance | ' | ' | ' |
Restructuring_and_Cost_Reducti6
Restructuring and Cost Reduction Programs - Summary of Fair Value and Impairment of Long Lived Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total Gains (Losses) on assets held for sale | ' | ($3,800) |
Assets Held For Sale [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Assets held for sale at fair value | 4,900 | ' |
Total Gains (Losses) on assets held for sale | -14,900 | ' |
Assets Held For Sale [Member] | Other Noncurrent Assets [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Assets held for sale at fair value | 3,000 | 6,303 |
Total Gains (Losses) on assets held for sale | -14,913 | -3,809 |
Assets Held For Sale [Member] | Other Noncurrent Assets [Member] | Level 1 [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Assets held for sale at fair value | ' | ' |
Assets Held For Sale [Member] | Other Noncurrent Assets [Member] | Level 2 [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Assets held for sale at fair value | ' | ' |
Assets Held For Sale [Member] | Other Noncurrent Assets [Member] | Level 3 [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Assets held for sale at fair value | $3,000 | $6,303 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases [Abstract] | ' | ' | ' |
Rent expense for all operating leases | $17.90 | $23.10 | $21.20 |
Leases_Assets_Held_under_Capit
Leases - Assets Held under Capital Leases and Included in Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Gross amounts capitalized: | ' | ' |
Gross amounts capitalized | $9,082 | $12,087 |
Net assets under capital leases | 3,230 | 3,742 |
Accumulated amortization | -5,852 | -8,345 |
Buildings [Member] | ' | ' |
Gross amounts capitalized: | ' | ' |
Gross amounts capitalized | 3,100 | 3,100 |
Accumulated amortization | -3,100 | -3,100 |
Equipment [Member] | ' | ' |
Gross amounts capitalized: | ' | ' |
Gross amounts capitalized | 5,982 | 8,987 |
Accumulated amortization | ($2,752) | ($5,245) |
Leases_Future_Minimum_Lease_Pa
Leases - Future Minimum Lease Payments under All Non-Cancelable Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
Capital Leases, 2014 | $1,211 |
Capital Leases, 2015 | 1,178 |
Capital Leases, 2016 | 818 |
Capital Leases, 2017 | 818 |
Capital Leases, 2018 | 818 |
Capital Leases, Thereafter | 3,224 |
Capital Leases, Total minimum lease payments | 8,067 |
Capital Leases, Less amount representing imputed interest | 2,251 |
Capital Leases, Present value of net minimum lease payments | 5,816 |
Capital Leases, Less current portion | 824 |
Capital Leases, Long-term obligations at December 31, 2013 | 4,992 |
Operating Leases, 2014 | 13,739 |
Operating Leases, 2015 | 8,116 |
Operating Leases, 2016 | 5,768 |
Operating Leases, 2017 | 4,957 |
Operating Leases, 2018 | 4,516 |
Operating Leases, Thereafter | 21,061 |
Operating Leases, Total minimum lease payments | $58,157 |
Miscellaneous_Expense_Net_Comp
Miscellaneous Expense, Net - Components of Miscellaneous Expense (Income), Net (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Offsetting [Abstract] | ' | ' | ' | ' |
(Gain) loss on sale of assets | $9,000 | ($24,075) | $432 | $278 |
Argentina export tax matter | ' | 8,334 | ' | ' |
Other, net | ' | 472 | 2,663 | 2,249 |
Total miscellaneous (income) expense, net | ' | ($15,269) | $3,095 | $2,527 |
Miscellaneous_Expense_Net_Addi
Miscellaneous Expense, Net - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Offsetting [Abstract] | ' | ' | ' | ' | ' |
Gain on sale of business | ' | ($9,000,000) | $24,075,000 | ($432,000) | ($278,000) |
Gain on assets sold | -13,300,000 | ' | ' | ' | ' |
Legal charges paid | $8,300,000 | ' | ' | ' | ' |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended |
Dec. 31, 2011 | Mar. 31, 2013 | |
FPL [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Cash payment on sale of pharmaceuticals business | ' | $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 | 3,800,000 | 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 | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discontinued Operations [Line Items] | ' | ' | ' | ' |
(Loss) income from discontinued operations, net of income taxes | ' | ($8,421) | $1,156 | $2,176 |
FPL [Member] | ' | ' | ' | ' |
Discontinued Operations [Line Items] | ' | ' | ' | ' |
Net sales | -6,100 | 4,791 | 24,018 | 24,939 |
Cost of sales | ' | 2,762 | 15,726 | 15,512 |
Gross profit | -2,000 | 2,029 | 8,292 | 9,427 |
Selling, general and administrative expenses | ' | 1,181 | 4,903 | 4,861 |
Restructuring and impairment charges | ' | 8,682 | 95 | ' |
Interest expense | ' | 589 | 1,518 | 1,219 |
Miscellaneous income, net | ' | -2 | -15 | -35 |
(Loss) income from discontinued operations before income taxes | ' | -8,421 | 1,791 | 3,382 |
Income tax expense | ' | ' | 635 | 1,206 |
(Loss) income from discontinued operations, net of income taxes | ' | ($8,421) | $1,156 | $2,176 |
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 [Line Items] | ' |
Current assets of discontinued operations | $6,289 |
Other assets of discontinued operations | 15,346 |
Current liabilities of discontinued operations | 1,300 |
FPL [Member] | ' |
Discontinued Operations [Line Items] | ' |
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 payroll | 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 $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Basic earnings (loss) per share computation: | ' | ' | ' |
Net income (loss) attributable to Ferro Corporation common shareholders | $71,942 | ($374,268) | $4,239 |
Adjustment for income (loss) from discontinued operations | 8,421 | -1,156 | -2,176 |
Total | 80,363 | -375,424 | 2,063 |
Weighted-average common shares outstanding | 86,484 | 86,288 | 86,119 |
Basic earnings (loss) per share attributable to Ferro Corporation common shareholders | $0.93 | ($4.35) | $0.02 |
Diluted earnings (loss) per share computation: | ' | ' | ' |
Net income (loss) attributable to Ferro Corporation common shareholders | 71,942 | -374,268 | 4,239 |
Adjustment for income (loss) from discontinued operations | 8,421 | -1,156 | -2,176 |
Total | $80,363 | ($375,424) | $2,063 |
Weighted-average common shares outstanding | 86,484 | 86,288 | 86,119 |
Assumed exercise of stock options | 309 | ' | 225 |
Assumed satisfaction of deferred stock unit conditions | 189 | ' | 44 |
Assumed satisfaction of restricted share conditions | 132 | ' | 390 |
Assumed conversion of performance share units | 383 | ' | ' |
Weighted-average diluted shares outstanding | 87,497 | 86,288 | 86,778 |
Diluted earnings (loss) per shares attributable to Ferro Corporation common shareholders | $0.92 | ($4.35) | $0.02 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning accumulated other comprehensive income (loss), Postretirement Benefit Liability Adjustments | $2,647 | $3,557 | ' |
Other comprehensive (loss)before reclassifications, Postretirement Benefit Liability Adjustments | -274 | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss), Postretirement Benefit Liability Adjustments | -431 | ' | ' |
Net current period other comprehensive (loss) income, Postretirement Benefit Liability Adjustments | -705 | ' | ' |
Ending accumulated other comprehensive income (loss), Postretirement Benefit Liability Adjustments | 1,942 | 2,647 | 3,557 |
Beginning accumulated other comprehensive income (loss), Translation Adjustments | 14,080 | ' | ' |
Other comprehensive (loss)before reclassifications, Translation Adjustments | -7,459 | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss), Translation Adjustments | ' | ' | ' |
Net current period other comprehensive (loss) income, Translation Adjustments | -7,459 | ' | ' |
Ending accumulated other comprehensive income (loss), Translation Adjustments | 6,621 | 14,080 | ' |
Beginning accumulated other comprehensive income (loss), Other Adjustments | -77 | ' | ' |
Other comprehensive (loss)before reclassifications, Other Adjustments | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss), Other Adjustments | 7 | ' | ' |
Net current period other comprehensive (loss) income, Other Adjustments | 7 | ' | ' |
Ending accumulated other comprehensive income (loss), Other Adjustments | -70 | -77 | ' |
Beginning accumulated other comprehensive income (loss) | 16,650 | ' | ' |
Other comprehensive (loss)before reclassifications | -7,733 | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | -424 | ' | ' |
Net current period other comprehensive (loss) income | -8,157 | -5,188 | -3,693 |
Ending accumulated other comprehensive income (loss) | 8,493 | 16,650 | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Net current period other comprehensive (loss) income | ($8,157) | ' | ' |
Reporting_for_Segments_Net_Sal
Reporting for Segments - Net Sales to External Customers by Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $374,323 | $408,104 | $435,455 | $417,524 | $399,777 | $408,865 | $475,546 | $460,425 | $1,635,406 | $1,744,613 | $2,130,853 |
Pigments, Powders and Oxides [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 190,326 | 279,025 | 601,542 |
Color and Glass Performance Materials [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 390,007 | 386,538 | 417,752 |
Performance Coatings [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 591,975 | 587,698 | 602,566 |
Polymer Additives [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 292,568 | 320,635 | 336,965 |
Specialty Plastics [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $170,530 | $170,717 | $172,028 |
Reporting_for_Segments_Segment
Reporting for Segments - Segment's Income (Loss) and Reconciliations to (Loss) Income before Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total segment gross profit | ' | ' | ' | ' | ' | ' | ' | ' | $335,250 | $304,373 | $409,984 |
Other cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | -5,526 | -14,803 | -7,179 |
Gross profit | 78,586 | 84,247 | 87,654 | 79,237 | 57,321 | 60,710 | 85,818 | 85,721 | 329,724 | 289,570 | 402,805 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 176,282 | 297,755 | 330,450 |
Restructuring and impairment charges | 13,200 | 3,800 | 13,400 | 9,500 | 22,000 | 198,800 | 4,700 | 300 | 41,733 | 225,724 | 17,030 |
Other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 15,976 | 31,431 | 34,235 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 95,733 | -265,340 | 21,090 |
Pigments, Powders and Oxides [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total segment gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 34,225 | 31,780 | 119,173 |
Color and Glass Performance Materials [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total segment gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 112,825 | 101,847 | 111,187 |
Performance Coatings [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total segment gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 132,695 | 111,609 | 120,752 |
Polymer Additives [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total segment gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 27,139 | 29,951 | 33,829 |
Specialty Plastics [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total segment gross profit | ' | ' | ' | ' | ' | ' | ' | ' | $28,366 | $29,186 | $25,043 |
Reporting_for_Segments_Summary
Reporting for Segments - Summary of Segment's Expenditures for Long-Lived Assets, Including Acquisitions (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total segment expenditures for long-lived assets | $29,859 | $47,153 | $58,885 |
Unallocated corporate expenditures for long-lived assets | 4,361 | 11,149 | 12,863 |
Total expenditures for long-lived assets | 34,220 | 58,302 | 71,748 |
Pigments, Powders and Oxides [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total segment expenditures for long-lived assets | 2,035 | 9,466 | 13,158 |
Color and Glass Performance Materials [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total segment expenditures for long-lived assets | 7,970 | 16,594 | 11,823 |
Performance Coatings [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total segment expenditures for long-lived assets | 7,949 | 14,237 | 22,550 |
Polymer Additives [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total segment expenditures for long-lived assets | 10,708 | 6,310 | 10,093 |
Specialty Plastics [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total segment expenditures for long-lived assets | $1,197 | $546 | $1,261 |
Reporting_for_Segments_Summary1
Reporting for Segments - Summary of Segment's Expenditures for Long-Lived Assets, Including Acquisitions (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting [Abstract] | ' | ' |
Capital expenditure for discontinued operations | $0.40 | $1 |
Reporting_for_Segments_Additio
Reporting for Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Country | |
Segment Reporting [Abstract] | ' |
Number of countries other than the U.S. and Spain representing greater than 10% of net sales | 0 |
Maximum percentage of net sales held by single country | 10.00% |
Number of countries other than the U.S. and Spain representing greater than 10% of long-lived assets | 0 |
Maximum percentage of consolidated long-lived assets held by single country | 10.00% |
Reporting_for_Segments_Summary2
Reporting for Segments - Summary of Net Sales by Geographic Region (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | $374,323 | $408,104 | $435,455 | $417,524 | $399,777 | $408,865 | $475,546 | $460,425 | $1,635,406 | $1,744,613 | $2,130,853 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 644,354 | 740,578 | 997,181 |
Spain [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 270,449 | 258,210 | 340,588 |
Other international [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | $720,603 | $745,825 | $793,084 |
Reporting_for_Segments_Summary3
Reporting for Segments - Summary of Long-Lived Assets by Geographic Region (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total long-lived assets | $373,604 | $386,759 |
United States [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total long-lived assets | 143,670 | 154,605 |
Spain [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total long-lived assets | 67,820 | 70,707 |
Other international [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total long-lived assets | $162,114 | $161,447 |
Unconsolidated_Affiliates_Acco2
Unconsolidated Affiliates Accounted for Under the Equity Method - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Investment income from equity-method investments | $0.10 | $0.90 | $3 |
Equity-method investments | $17.40 | $18 | ' |
Minimum [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity method investment, ownership percentage | 36.00% | ' | ' |
Maximum [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity method investment, ownership percentage | 50.00% | ' | ' |
Unconsolidated_Affiliates_Acco3
Unconsolidated Affiliates Accounted for Under the Equity Method - Summarized Condensed Income Statement (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity Method Investments And Joint Ventures [Abstract] | ' | ' | ' |
Net sales | $62,419 | $91,545 | $104,377 |
Gross profit | 4,572 | 21,328 | 26,206 |
Income from continuing operations | 1,859 | 3,510 | 7,735 |
Net income | $1,266 | $2,388 | $5,644 |
Unconsolidated_Affiliates_Acco4
Unconsolidated Affiliates Accounted for Under the Equity Method - Summarized Balance Sheet (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Equity Method Investments And Joint Ventures [Abstract] | ' | ' |
Current assets | $45,685 | $57,962 |
Non-current assets | 23,862 | 26,483 |
Current liabilities | -20,701 | -19,027 |
Non-current liabilities | ($8,874) | ($554) |
Unconsolidated_Affiliates_Acco5
Unconsolidated Affiliates Accounted for Under the Equity Method - Transactions with Equity-Method Investees (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transactions [Abstract] | ' | ' | ' |
Sales | $5,347 | $4,630 | $8,893 |
Purchases | 9,342 | 8,093 | 9,655 |
Dividends and interest received | 426 | 1,324 | 1,162 |
Commissions and royalties received | 400 | 436 | 402 |
Commissions and royalties paid | $37 | $77 | $77 |
Quarterly_Data_Unaudited_Summa
Quarterly Data (Unaudited) - Summary of Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $374,323 | $408,104 | $435,455 | $417,524 | $399,777 | $408,865 | $475,546 | $460,425 | $1,635,406 | $1,744,613 | $2,130,853 |
Gross profit | 78,586 | 84,247 | 87,654 | 79,237 | 57,321 | 60,710 | 85,818 | 85,721 | 329,724 | 289,570 | 402,805 |
Net income (loss) | 60,863 | 13,044 | -1,982 | 520 | -63,472 | -315,738 | 2,206 | 3,970 | 72,445 | -373,034 | 5,134 |
Net Income (Loss) Attributable to Ferro Corporation | $60,537 | $12,652 | ($2,130) | $883 | ($63,876) | ($316,114) | $1,876 | $3,846 | $71,942 | ($374,268) | $4,404 |
Earnings (Loss) Attributable to Ferro Corporation Common Shareholders Per Common Share, Basic | $0.70 | $0.15 | ($0.02) | $0.01 | ($0.74) | ($3.66) | $0.02 | $0.04 | $0.83 | ($4.34) | $0.05 |
Earnings (Loss) Attributable to Ferro Corporation Common Shareholders Per Common Share, Diluted | $0.69 | $0.15 | ($0.02) | $0.01 | ($0.74) | ($3.66) | $0.02 | $0.04 | $0.82 | ($4.34) | $0.05 |
Quarterly_Data_Unaudited_Addit
Quarterly Data (Unaudited) - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Selected Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax restructuring and impairment charges | $13,200 | $3,800 | $13,400 | $9,500 | $22,000 | $198,800 | $4,700 | $300 | $41,733 | $225,724 | $17,030 |
Mark-to-market actuarial net losses | ' | ' | ' | ' | ' | ' | ' | ' | 69,800 | 26,900 | ' |
FPL [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selected Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | -6,100 | ' | ' | ' | 4,791 | 24,018 | 24,939 |
Gross profit | ' | ' | ' | ' | ($2,000) | ' | ' | ' | $2,029 | $8,292 | $9,427 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts and Reserves (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Possible Losses on Collection of Accounts Receivable [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | $14,353 | $10,443 | $11,156 |
Additions Charged (Reductions Credited) to Costs and Expenses | 4,074 | 5,202 | 2,349 |
Additions Charged (Reductions Credited) to Other Accounts | ' | ' | ' |
Deductions | -6,370 | -1,487 | -2,782 |
Adjustment for Differences in Exchange Rates | 371 | 195 | -280 |
Balance at End of Period | 12,428 | 14,353 | 10,443 |
Valuation Allowance on Net Deferred Tax Assets [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | 216,882 | 37,060 | 26,815 |
Additions Charged (Reductions Credited) to Costs and Expenses | ' | 178,350 | 11,335 |
Additions Charged (Reductions Credited) to Other Accounts | ' | ' | ' |
Deductions | -25,568 | ' | ' |
Adjustment for Differences in Exchange Rates | 2,670 | 1,472 | -1,090 |
Balance at End of Period | $193,984 | $216,882 | $37,060 |