Document And Entity Information
Document And Entity Information | 3 Months Ended |
Mar. 31, 2017shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q1 |
Entity Registrant Name | FERRO CORP |
Entity Central Index Key | 35,214 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 83,633,794 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Condensed Consolidated Statements Of Operations [Abstract] | ||
Net sales | $ 320,555 | $ 277,451 |
Cost of sales | 221,761 | 193,222 |
Gross profit | 98,794 | 84,229 |
Selling, general and administrative expenses | 58,958 | 52,646 |
Restructuring and impairment charges | 3,018 | 881 |
Other expense (income): | ||
Interest expense | 6,224 | 4,847 |
Interest earned | (180) | (85) |
Foreign currency (gains) losses, net | (314) | 1,611 |
Loss on extinguishment of debt | 3,905 | |
Miscellaneous (income), net | (2,076) | (3,453) |
Income before income taxes | 29,259 | 27,782 |
Income tax expense | 7,138 | 8,018 |
Income from continuing operations | 22,121 | 19,764 |
(Loss) from discontinued operations, net of income taxes | (29,494) | |
Net income (loss) | 22,121 | (9,730) |
Less: Net income attributable to noncontrolling interests | 223 | 236 |
Net income (loss) attributable to Ferro Corporation common shareholders | $ 21,898 | $ (9,966) |
Basic earnings (loss): | ||
Continuing operations | $ 0.26 | $ 0.23 |
Discontinued operations | (0.35) | |
Total | 0.26 | (0.12) |
Diluted earnings (loss): | ||
Continuing operations | 0.26 | 0.23 |
Discontinued operations | (0.35) | |
Total | $ 0.26 | $ (0.12) |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||
Net income (loss) | $ 22,121 | $ (9,730) |
Other comprehensive income (loss), net of income tax: | ||
Foreign currency translation income (loss) | 7,211 | (1,678) |
Postretirement benefit liabilities (loss) gain | (4) | 268 |
Other comprehensive income (loss), net of income tax | 7,207 | (1,410) |
Total comprehensive income (loss) | 29,328 | (11,140) |
Less: Comprehensive income attributable to noncontrolling interests | 263 | 268 |
Comprehensive income (loss) attributable to Ferro Corporation | $ 29,065 | $ (11,408) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 92,829 | $ 45,582 |
Accounts receivable, net | 289,476 | 259,687 |
Inventories | 250,590 | 229,847 |
Other receivables | 38,280 | 37,814 |
Other current assets | 10,183 | 9,087 |
Total current assets | 681,358 | 582,017 |
Other assets | ||
Property, plant and equipment, net | 257,993 | 262,026 |
Goodwill | 148,203 | 148,296 |
Intangible assets, net | 136,030 | 137,850 |
Deferred income taxes | 109,555 | 106,454 |
Other non-current assets | 51,094 | 47,126 |
Total assets | 1,384,233 | 1,283,769 |
Current liabilities | ||
Loans payable and current portion of long-term debt | 16,632 | 17,310 |
Accounts payable | 139,880 | 127,655 |
Accrued payrolls | 29,858 | 35,859 |
Accrued expenses and other current liabilities | 70,433 | 65,203 |
Total current liabilities | 256,803 | 246,027 |
Other liabilities | ||
Long-term debt, less current portion | 618,335 | 557,175 |
Postretirement and pension liabilities | 163,279 | 162,941 |
Other non-current liabilities | 59,489 | 62,594 |
Total liabilities | 1,097,906 | 1,028,737 |
Equity | ||
Common stock, par value $1 per share; 300.0 million shares authorized; 93.4 million shares issued; 83.6 million and 83.4 million shares outstanding at March 31, 2017, and December 31, 2016, respectively | 93,436 | 93,436 |
Paid-in capital | 303,304 | 306,566 |
Retained earnings | 136,588 | 114,690 |
Accumulated other comprehensive loss | (99,476) | (106,643) |
Common shares in treasury, at cost | (155,707) | (160,936) |
Total Ferro Corporation shareholders' equity | 278,145 | 247,113 |
Noncontrolling interests | 8,182 | 7,919 |
Total equity | 286,327 | 255,032 |
Total liabilities and equity | $ 1,384,233 | $ 1,283,769 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 93,400,000 | 93,400,000 |
Common stock, shares outstanding | 83,633,794 | 83,400,000 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Equity - USD ($) $ in Thousands | Common Shares in Treasury [Member] | Common Stock [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) [Member] | Non-controlling Interests [Member] | Total |
Beginning Balances at Dec. 31, 2015 | $ (166,020) | $ 93,436 | $ 314,854 | $ 135,507 | $ (61,318) | $ 7,822 | $ 324,281 |
Beginning Balances, shares at Dec. 31, 2015 | 9,431,000 | ||||||
Net income (loss) | (9,966) | 236 | (9,730) | ||||
Other comprehensive (loss) income | (1,442) | 32 | (1,410) | ||||
Purchase of treasury stock | $ (11,429) | $ (11,429) | |||||
Purchase of treasury stock, shares | 1,175,000 | 1,175,437 | |||||
Stock-based compensation transactions | $ 9,858 | (8,030) | $ 1,828 | ||||
Stock-based compensation transactions, shares | (352,000) | ||||||
Ending Balances at Mar. 31, 2016 | $ (167,591) | 93,436 | 306,824 | 125,541 | (62,760) | 8,090 | 303,540 |
Ending Balances, shares at Mar. 31, 2016 | 10,254,000 | ||||||
Beginning Balances at Dec. 31, 2016 | $ (160,936) | 93,436 | 306,566 | 114,690 | (106,643) | 7,919 | 255,032 |
Beginning Balances, shares at Dec. 31, 2016 | 9,996,000 | ||||||
Net income (loss) | 21,898 | 223 | 22,121 | ||||
Other comprehensive (loss) income | 7,167 | 40 | 7,207 | ||||
Stock-based compensation transactions | $ 5,229 | (3,262) | 1,967 | ||||
Stock-based compensation transactions, shares | (195,000) | ||||||
Ending Balances at Mar. 31, 2017 | $ (155,707) | $ 93,436 | $ 303,304 | $ 136,588 | $ (99,476) | $ 8,182 | $ 286,327 |
Ending Balances, shares at Mar. 31, 2017 | 9,801,000 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities | ||
Net cash provided by (used in) operating activities | $ 1,630 | $ (10,161) |
Cash flows from investing activities | ||
Capital expenditures for property, plant and equipment and other long lived assets | (6,766) | (7,365) |
Proceeds from sale of assets | 2 | 3,586 |
Business acquisitions, net of cash acquired | (7,909) | |
Net cash (used in) investing activities | (6,764) | (11,688) |
Cash flows from financing activities | ||
Net (repayments) borrowings under loans payable | (3,985) | 3,561 |
Proceeds from revolving credit facility, maturing 2019 | 15,628 | 117,834 |
Principal payments on revolving credit facility, maturing 2019 | (327,183) | (40,212) |
Proceeds from term loan facility, maturing 2024 | 623,827 | |
Principal payments on term loan facility, maturing 2021 | (243,250) | (50,750) |
Payment of debt issuance costs | (12,712) | (301) |
Purchase of treasury stock | (11,429) | |
Other financing activities | (390) | 497 |
Net cash provided by financing activities | 51,935 | 19,200 |
Effect of exchange rate changes on cash and cash equivalents | 446 | 134 |
Increase (decrease) in cash and cash equivalents | 47,247 | (2,515) |
Cash and cash equivalents at beginning of period | 45,582 | 58,380 |
Cash and cash equivalents at end of period | 92,829 | 55,865 |
Cash paid during the period for: | ||
Interest | 6,535 | 4,763 |
Income taxes | $ 4,097 | $ 2,669 |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Ferro Corporation (“Ferro,” “we,” “us” or “the Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q, and Article 10 of Regulation S-X. These statements reflect all normal and recurring adjustments which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2016 . As discussed in Note 3, in the third quarter of 2016, w e completed the disposition of the Europe-based Polymer Additives business and have classified the related operating results, net of income tax, as discontinued operations in the accompanying condensed consolidated statements of oper ations for the three months ended March 31, 2016 . During the first quarter of 2017, the Company renamed the Pigments, Powders and Oxides segment “Color Solutions” to align with our go-to-market strategy. Operating results for the three months ended March 31, 2017 , are not necessarily indicative of the results expected in subsequent quarters or for the full year ending December 31, 2017 . |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements Recently Adopted Accounting Standards In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, Compensation – Stock Compensation: ( Topic 718 ) : Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This new guidance requires all income tax effects of awards to be recognized as income tax expense or benefit in the income statement when the awards vest or are settled. Cash flow related to excess tax benefits will no longer be classified as a financing activity on the statement of cash flows but will be presented with all other income tax cash flows as an operating activity. The new guidance also provides an accounting policy election to account for forfeitures as they occur. Finally, the updated standard also allows the Company to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting and clarifies that all cash tax payments made on an employee’s behalf for withhe ld shares should be presented as financing activities on the statement of cash flows. The Company adopted ASU 2016-09, in the first quarter of 2017. As a result of the adoption, tax benefits of $ 0.3 million were r ecorded in income tax expense. The Company has elected to account for forfeitures as they occur. In addition, the Company elected to apply the presentation requirements for cash flows related to excess tax benefits prospectively. The presentation requirements for cash flows related to employee taxes paid for withheld shares had no impact on the statements of cash flows since the Company has historically presented such payments as financing activities. New Accounting Standards In March 2017, the FASB issued ASU 2017-07, Compensation – Retirement Benefits: ( Topic 715 ) : Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Costs. ASU 2017-07 requires that an employer report the service cost component in the same line item as other compensation costs arising from services rendered during the period. The other components of net benefit costs are to be presented in the income statement separately from the service costs component and outside a subtotal of income from operations. Employers will have to disclose the line(s) used to present the other components of net periodic benefit cost, if the components are not presented separately in the income statement . This pronouncement is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted. The Company is in the process of assessing the impact that the adoption of this ASU will have on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other: ( Topic 350 ) : Simplifying the Test for Goodwill Impairment. ASU 2017-04 is intended to simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. This pr onouncement is effective for the annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company is in the process of assessing the impact that the adoption of this ASU will have on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations: ( Topic 805 ) : Clarifying the Definition of a Business. ASU 2017-01 is intended to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or dispositions) of assets or businesses. This pr onouncement is effective for the annual periods beginning after December 15, 2017, including inte rim periods within those fiscal years . The Company is in the process of assessing the impact that the adoption of this ASU will have on our consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes: ( Topic 740 ) : Intra-Entity Transfers of Assets Other Than Inventory. ASU 2016-16 is intended to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory and requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. This pr onouncement is effective for the annual periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is in the process of assessing the impact that the adoption of this ASU will have on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flow: ( Topic 230 ) : Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 is intended to address eight specific cash flow issues with the objective of reducing the existing diversity in practice. This pronouncement is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company is in the process of assessing the impact the adoption of this ASU will have on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases: ( Topic 842 ) . ASU 2016-02 requires companies to recognize a lease liability and asset on the balance sheet for operating leases with a term greater than one year. This pronouncement is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company is in the process of assessing the impact the adoption of this ASU will have on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers: ( Topic 606 ) . This ASU replaces nearly all existing U.S. GAAP guidance on revenue recognition. The standard prescribes a five-step model for recognizing revenue, the application of which will require significant judgment. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Our evaluation of ASU 2014-09 is ongoing. While we anticipate some changes to revenue recognition for certain customer contracts, we do not currently believe ASU 2014-09 will have a material effect on our consolidated financial statements. No other new accounting pronouncements issued or with effective dates during fiscal 2017 had or are expected to have a material impact of the Company’s consolidated financial statements. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2017 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | 3. Discontinued Operations During 2014, we commenced a process to market for sale our Europe-based Polymer Additives business. We determined that the criteria to classify these assets as held-for-sal e under ASC Topic 360, Property, Plant and Equipment, were met. On August 22, 2016, we completed the disposition of the Europe-based Polymer Additives business to Plahoma Two AG, an affiliate of the LIVIA Group. We have classified the Europe-based Polymer Additives operating results, net of income tax, as discontinued operations in the accompanying condensed consolidated statements of operations for the three months ended March 31, 2016 . The table below summarizes results for the Europe-based Polymer Additives assets, for the three months ended March 31, 2016 , which are reflected in our condensed consolidated statements of operations as discontinued operations. Interest expense has been allocated to the discontinued operations based on the ratio of net assets of each business to consolidated net assets excluding debt. Three Months Ended March 31, 2016 (Dollars in thousands) Net sales $ 7,750 Cost of sales 12,030 Gross loss (4,280) Selling, general and administrative expenses 1,003 Restructuring and impairment charges 24,059 Interest expense 237 Miscellaneous income (418) Loss from discontinued operations before income taxes (29,161) Income tax expense 333 Loss from discontinued operations, net of income taxes $ (29,494) |
Aquisitions
Aquisitions | 3 Months Ended |
Mar. 31, 2017 | |
Acquisitions [Abstract] | |
Acquisitions | 4. Acquisitions Cappelle On December 9, 2016, the Company acquired 100% of the share capital of Belgium-based Cappelle Pigments NV (“Cappelle”), a leader in specialty, high-performance inorganic and organic pigments used in coatings, inks and plastics, for €40.0 million (approximately $42.4 million). The acquired business contributed net sales of $19. 0 million and net income attributable to Ferro Corporation of $0. 6 million for the three months ended March 31, 2017 . The information included herein has been prepared based on the preliminary allocation of the purchase price using estimates of the fair value and useful lives of the assets acquired and liabilities assumed, which were determined with the assistance of third parties who performed independent valuations using discounted cash flow and comparative market approaches and estimates made by management. As of March 31, 2017 , the purchase price allocation is subject to further adjustment until all information is fully evaluated by the Company. The Com pany preliminarily recorded $28.6 million of net working capital, $24.1 million of pers onal and real property, $10.3 million of debt , $3.5 million of goodwill and $3.5 million of a deferred tax liability on the condensed consolidated balance sheet. ESL On October 31, 2016, the Company acquired 100% of the membership interest of Electro-Science Laboratories, Inc. (“ESL”), a leader in electronic packaging materials, for $78. 5 million. ESL is headquartered in King of Prussia, Pennsylvania. The acquisition of ESL enhances the Company’s position in the electronic packaging materials space with complementary products, and provides a platform for growth in our Performance Colors and Glass segment. ESL produces thick-film pastes and ceramics tape systems that enable important functionality in a wide variety of industrial and consumer applications. The acquired business con tributed net sales of $10. 8 million and net income attributable to Ferro Corporation of $0. 8 million for the three months ended March 31, 2017 . The Company incurred acquisition costs for the three months ended March 31, 2017 , of $0. 3 million, which is included in Selling, general and administrative expenses in our condensed consolidated statements of operations. The information included herein has been prepared based on the preliminary allocation of the purchase price using estimates of the fair value and useful lives of the assets acquired and liabilities assumed, which were determined with the assistance of third parties who performed independent valuations using discounted cash flow and comparative market approaches and estimates made by management. As of March 31, 2017 , the purchase price allocation is subject to further adjustment until all information is fully evaluated by the Company. The Company preliminarily recorded $39. 7 million of intangible assets, $19. 0 million of goodwill, $18. 9 million of net working capital, $2.9 million of personal and real property and $2.0 million of a deferred tax liability related to the amortizable intangibles assets on the condensed consolidated balance sheet. Delta Performance Products On August 1 , 2016, the Company acquired certain assets of Delta Performance Products, LLC, for a cash purchase price of $4.4 million. The information included herein has been prepared based on the preliminary allocation of the purchase price using estimates of the fair value and useful lives of the assets acquired and liabilities assumed, which were determined with the assistance of third parties who performed independent valuations using discounted cash flow and comparative market approaches and estimates made by management. As of March 31, 2017 , the purchase price allocation is subject to further adjustment until all information is fully evaluated by the Company. The Company preliminarily recorded $3.2 million of amortizable intangible assets, $0.6 million of net working capital , $0. 4 million of goodwill and $0.2 mil lion of a deferred tax asset on the condensed consolidated balance sheet. Pinturas On June 1, 2016, the Company acquired 100% of the equity of privately held Pinturas Benicarló, S.L. (“Pinturas”) for €16. 5 million in cash (approximately $18. 4 million). The information included herein has been prepared based on the preliminary allocation of the purchase price using estimates of the fair value and useful lives of the assets acquired and liabilities assumed, which were determined with the assistance of third parties who performed independent valuations using discounted cash flow and comparative market approaches and estimates made by management. As of March 31, 2017 , the purchase price allocation is subject to further adjustment until all information is fully evaluated by the Company. The Company preliminarily recorded $8. 8 million of amortizable intangible assets, $7. 7 million of net working capital , $3. 9 million of goodwill, $2. 7 million of a deferred tax liability related to the amortizable intangible assets , and $0.7 million of personal and real property on the condensed consolidated balance sheet. Ferer On January 5, 2016, the Company completed the purchase of 100% of the equity of privately held Istanbul-based Ferer Dis Ticaret Ve Kimyasallar Anonim Sirketi A.S. (“Ferer”) on a cash-free and debt-free basis for approximately $9. 4 million in cash. The information included herein has been p repared based on the allocation of the p urchase price using the fair value and useful lives of the assets acquired and liabilities assumed, which were determined with the assistance of third parties who performed independent valuations using discounted cash flow and comparative market approaches and estimates made by management. The Company recorded $4. 5 million of goodwill , $3. 3 million of amortizable intangible assets, $1. 7 million of net working capital, $0. 7 million of a deferred tax liability related to the amortizable intangible assets and $0. 6 million of personal and real property on the condensed consolidated balance sheet. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2017 | |
Inventories [Abstract] | |
Inventories | 5. Inventories March 31, December 31, 2017 2016 (Dollars in thousands) Raw materials $ 84,913 $ 72,943 Work in process 43,267 38,859 Finished goods 122,410 118,045 Total inventories $ 250,590 $ 229,847 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 amou nts we consign. These fees were $0.2 million for the three months ended March 31, 2017 and 2016 . We had on- hand precious metals owned by participants in our precious metals consignment program of $31.9 million at March 31, 2017 , and $28.7 m illion at December 31, 2016 , measured at fair value based on market prices for identical assets and net of credits. |
Property, Plant And Equipment
Property, Plant And Equipment | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant And Equipment [Abstract] | |
Property, Plant And Equipment | 6. Property, Plant and Equipment Property, plant and equipment is reported net of accumulated depreciation of $452.2 million at March 31, 2017 , and $439.4 million at December 31, 2016 . Unpaid capital expenditure liabilities, which are non-cash investing activities, were $2.5 million at March 31, 2017 , and $3.5 million at March 31, 2016 . We recorded a $3.9 million gain on sale of a closed site in Australia which was recorded in Miscellaneous (income), net in our condensed consolidated statements of operations for the three months ended March 31, 2016. As discussed in Note 3, o ur Europe-based Polymer Additives assets had been classified as held-for-sale under ASC Topic 360, Property, Plant and Equipment until the ultimate sale of the business in August 2016 . As such, at each historical reporting date, these assets were tested for impairment comparing the fair value of the assets, less costs to sell, to the carrying value. The fair value was determined using both the m arket approach and income approach, utilizing Level 3 measurements within the fair value hierarchy, which indicated the fair value , less costs to sell , was less than the carrying value during the first quarter of 2016, resulting in an impairment charge of $24.1 million, representing the remaining carrying value of long-lived assets at that reporting date . The impairment charge of $24.1 million is included in Loss from discontinued operations, net of income taxes in our condensed consolidated statements of operations for the three months ended March 31, 2016 . |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill And Other Intangible Assets | 7. Goodwill and Other Intangible Assets Details and activity in the Company’s goodwill by segment follow: Performance Performance Color Colors and Coatings Solutions Glass Total (Dollars in thousands) Goodwill, net at December 31, 2016 $ 28,090 $ 40,421 $ 79,785 $ 148,296 Acquisitions — — (854) 1 (854) Foreign currency adjustments 279 211 271 761 Goodwill, net at March 31, 2017 $ 28,369 $ 40,632 $ 79,202 $ 148,203 (1) During the first quarter of 2017, the Company recorded a purchase price adjustment within the measurement period for goodwill related to the ESL acquisition. Goodwill is calculated as the excess of the purchase price over the estimated fair values of the assets acquired and the liabilities assumed in the acquisition. March 31, December 31, 2017 2016 (Dollars in thousands) Goodwill, gross $ 206,670 $ 206,763 Accumulated impairment losses (58,467) (58,467) Goodwill, net $ 148,203 $ 148,296 Goodwill is tested for impairment at the reporting unit level on an annual basis in the fourth quarter and between annual tests if an event occurs, or circumstances change, that would more likely than not reduce the fair value of a reporting unit below its carrying value. As of March 31, 2017, the Company is not aware of any events or circumstances that occurred which would require a goodwill impairment test. Amortizable intangible assets consisted of the following: March 31, December 31, 2017 2016 (Dollars in thousands) Gross amortizable intangible assets: Patents $ 5,170 $ 5,147 Land rights 4,770 4,746 Technology/know-how and other 86,028 84,837 Customer relationships 80,505 80,153 Total gross amortizable intangible assets 176,473 174,883 Accumulated amortization: Patents (5,023) (4,981) Land rights (2,733) (2,698) Technology/know-how and other (37,051) (34,775) Customer relationships (6,479) (5,311) Total accumulated amortization (51,286) (47,765) Amortizable intangible assets, net $ 125,187 $ 127,118 Indefinite-lived intangible assets consisted of the following: March 31, December 31, 2017 2016 (Dollars in thousands) Indefinite-lived intangibles assets: Trade names and trademarks $ 10,843 $ 10,732 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2017 | |
Debt [Abstract] | |
Debt | 8. Debt Loans payable and current portion of long-term debt consisted of the following: March 31, December 31, 2017 2016 (Dollars in thousands) Loans payable $ 8,029 $ 11,452 Current portion of long-term debt 8,603 5,858 Loans payable and current portion of long-term debt $ 16,632 $ 17,310 Long-term debt consisted of the following: March 31, December 31, 2017 2016 (Dollars in thousands) Term loan facility, net of unamortized issuance costs, maturing 2021 (1) $ — $ 239,530 Term loan facility, net of unamortized issuance costs, maturing 2024 (2) 615,594 — Revolving credit facility, maturing 2019 — 311,555 Capital lease obligations 3,562 3,720 Other notes 7,782 8,228 Total long-term debt 626,938 563,033 Current portion of long-term debt (8,603) (5,858) Long-term debt, less current portion $ 618,335 $ 557,175 (1) The carrying value of the term loan facility, maturing 2021, is net of unamortized debt issuance costs of $3.7 million. (2) The carrying value of the term loan facility, maturing 2024, is net of unamortized debt issuance costs of $8.2 million. 2014 Credit Facility In 2014, the Company entered into a credit facility that was amended on January 25, 2016 , and August 29, 2016 , resulting in a $400 million secured revolving line of credit with a term of five years and a $300 million secured term loan facility with a term of seven years from the original issuance date (the “Previous Credit Facility”) with a group of lenders that was replaced on February 14, 2017 by the Credit Facility (as defined below). For discussion of the Company’s Previous Credit Facility, refer to Note 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . In conjunction with the refinancing of the Previous Credit Facility, we recorded a charge of $3.9 million in connection with the write-off of unamortized issuance costs, which is recorded within Loss of extinguishment of debt in our condensed consolidated statement of operations for the three months ended March 31, 2017. 2017 Credit Facility On February 14, 2017, the Company entered into a new credit facility (the “Credit Facility”) with a group of lenders to refinance its then outstanding credit facility debt and to provide liquidity for ongoing working capital requirements and general corporate purposes. The Credit Facility consists of a $400 million secured revolving line of credit with a term of five years, a $357.5 million secured term loan facility with a term of seven years and a €250 million secured euro term loan facility with a term of seven years. The term loans are payable in equal quarterly installments in an amount equal to 0.25% of the original principal amount of the term loans, with the remaining balance due on the maturity date thereof. In addition, the Company is required, on an annual basis, to make a prepayment of term loans until they are fully paid and then to the revolving loans in an amount equal to a portion of the Company’s excess cash flow, as calculated pursuant to the Credit Facility. Subject to the satisfaction of certain conditions, the Company can request additional commitments under the revolving line of credit or term loans in the aggregate principal amount of up to $250 million to the extent that existing or new lenders agree to provide such additional commitments and/or term loans and, certain additional debt subject to satisfaction of certain covenant levels. Certain of the Company’s U.S. subsidiaries have guaranteed the Company’s obligations under the Credit Facility and such obligations are secured by (a) substantially all of the personal property of the Company and the U.S. subsidiary guarantors and (b) a pledge of 100% of the stock of certain of the Company’s U.S. subsidiaries and 65% of the stock of certain of the Company’s direct foreign subsidiaries. Interest Rate – Term Loans: The interest rates applicable to the U.S. term loans will be, at the Company’s option, equal to either a base rate or a LIBOR rate plus, in both cases, an applicable margin. The interest rates applicable to the Euro term loans will be a Euro Interbank Offered Rate (“EURIBOR”) rate plus an applicable margin. · The base rate for U.S. term loans will be the highest of (i) the federal funds rate plus 0.50% , (ii) syndication agent’s prime rate or (iii) the daily LIBOR rate plus 1.00% . The applicable margin for base rate loans is 1.50% . · The LIBOR rate for U.S. term loans shall not be less than 0.75% and the applicable margin for LIBOR rate U.S. term loans is 2.50% . · The EURIBOR rate for Euro term loans shall not be less than 0% and the applicable margin for EURIBOR rate loans is 2.75% . · For LIBOR rate term loans and EURIBOR rate term loans, the Company may choose to set the duration on individual borrowings for periods of one, two, three or six months, with the interest rate based on the applicable LIBOR rate or EURIBOR rate, as applicable, for the corresponding duration. At March 31, 2017, the Company had borrowed $357.5 million under the secured t erm loan facility at an interest rate of 3.54% and €250 million under the secured euro term loan facility at an interest rate of 2.75% . At March 31, 2017, there were no additional borrowings available under the term loan facilities. Interest Rate – Revolving Credit Line: The interest rates applicable to loans under the revolving credit line will be, at the Company’s option, equal to either a base rate or a LIBOR rate plus, in both cases, an applicable variable margin. The variable margin will be based on the ratio of (a) the Company’s total consolidated net debt outstanding at such time to (b) the Company’s consolidated EBITDA computed for the period of four consecutive fiscal quarters most recently ended. · The base rate for revolving loans will be the highest of (i) the federal funds rate plus 0.50% , (ii) syndication agent’s prime rate or (iii) the daily LIBOR rate plus 1.00% . The applicable margin for base rate loans will vary between 0.75% and 1.75% . · The LIBOR rate for revolving loans shall not be less than 0% and the applicable margin for LIBOR rate revolving loans will vary between 1.75% and 2.75% . · For LIBOR rate revolving loans, the Company may choose to set the duration on individual borrowings for periods of one, two, three or six months, with the interest rate based on the applicable LIBOR rate for the corresponding duration. At March 31, 201 7, there were no borrowings under the revolving credit line. After reductions for outstanding letters of credit secured by these facilities, we had $ 395.6 million of additional borrowings available under the revolving credit facilities at March 31, 201 7. The Credit Facility contains customary restrictive covenants including, but not limited to, limitations on use of loan proceeds, limitations on the Company’s ability to pay dividends and repurchase stock, limitations on acquisitions and dispositions, and limitations on certain types of investments. The Credit Facility also contains standard provisions relating to conditions of borrowing and customary events of default, including the non-payment of obligations by the Company and the bankruptcy of the Company. Specific to the revolving credit facility, the Company is subject to a financial covenant regarding the Company’s maximum leverage ratio. If an event of default occurs, all amounts outstanding under the Credit Facility may be accelerated and become immediately due and payable. At March 31, 2017, we were in compliance with the covenants of the Credit Facility. Other Financing Arrangements We maintain other lines of credit to provide global flexibility for our short-term liquidity requirements. These facilities are uncommitted lines for our international operations and totaled $33.1 million and $7.3 million at March 31, 2017 , and December 31, 2016 , respectively. The unused portions of these lines provided additional liquidity of $32.0 million at March 31, 2017 , and $6.7 million at December 31, 2016 . |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Financial Instruments [Abstract] | |
Financial Instruments | 9. Financial Instruments The following financial instrument assets (liabilities) are presented at their respective carrying amount, fair value and classification within the fair value hierarchy: March 31, 2017 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 (Dollars in thousands) Cash and cash equivalents $ 92,829 $ 92,829 $ 92,829 $ — $ — Loans payable (8,029) (8,029) — (8,029) — Term loan facility, maturing 2024 (1) (615,594) (618,318) — (618,318) — Other long-term notes payable (7,782) (6,918) — (6,918) — Foreign currency forward contracts, net 237 237 — 237 — December 31, 2016 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 (Dollars in thousands) Cash and cash equivalents $ 45,582 $ 45,582 $ 45,582 $ — $ — Loans payable (11,452) (11,452) — (11,452) — Term loan facility, maturing 2021 (1) (239,530) (252,052) — (252,052) — Revolving credit facility, maturing 2019 (311,555) (318,389) — (318,389) — Other long-term notes payable (8,228) (7,315) — (7,315) — Foreign currency forward contracts, net 350 350 — 350 — (1) The carrying value of the term loan facility is net of unamortized debt issuance costs. 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 t he short periods to maturity. At March 31, 2017, the fair value of the term loan fac ility is based on market price information and is measured using the last available bid price of the instrument on a secondary market and at December 31, 2016, is based on the present value of expected future cash flows and interest rates that would be currently available to the Company for issuance of similar types of debt instruments with similar terms and remaining maturities adjusted for the Company's non-performance risk . The revolving credit facility and other long-term notes payable are based on the present value of expected future cash flows and interest rates that would be currently available to the Company for issuance of similar types of debt instruments with similar terms and remaining maturities adjusted for the Company's non-performance risk. 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 (gains) losses, net in the condensed consolidated statements of operations. We recognized net foreign currency gains of $0.3 million in the three months ended March 31, 2017 , and net foreign currency losses of $1.6 million in the three months ended March 31, 2016 , 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 recognized net gains of $0.2 million in the three months ended March 31, 2017 , and net losses of $10.6 million in the three months ended March 31, 2016 , arising from the change in fair value of our financial instruments, which offset the related net gains and losses on international trade transactions. The fair values of these contracts are based on market prices for comparable contracts. The notional amount of foreign currency forward contracts was $188.2 million at March 31, 2017 , and $338.2 million at December 31, 2016 . The following table presents the effect on our condensed consolidated statements of operations for the three months ended March 31, 2017 and 2016 , respectively, of our foreign currency forward contracts: Amount of Gain (Loss) Recognized in Earnings Three Months Ended March 31, 2017 2016 Location of Gain (Loss) in Earnings (Dollars in thousands) Foreign currency forward contracts $ 243 $ (10,569) Foreign currency (gains) losses, net The following table presents the fair values on our condensed consolidated balance sheets of foreign currency forward contracts: March 31, December 31, 2017 2016 Balance Sheet Location (Dollars in thousands) Asset derivatives: Foreign currency forward contracts $ 512 $ 1,854 Other current assets Liability derivatives: Foreign currency forward contracts $ (275) $ (1,504) Accrued expenses and other current liabilities |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | 10. Income Taxes Income tax expense for the three months ended March 31, 2017, was $7.1 million, or 24.4% of pre-tax income, compared with $8.0 million, or 28.9% of pre-tax income in the prior-year same period. The tax expense in the first quarter of 2017 and 2016, as a percentage of pre-tax income, is lower than the U.S. federal statutory income tax rate of 35% primarily as a result of foreign statutory rate differences. |
Contingent Liabilities
Contingent Liabilities | 3 Months Ended |
Mar. 31, 2017 | |
Contingent Liabilities [Abstract] | |
Contingent Liabilities | 11. Contingent Liabilities We have recorded environmental liabilities of $7.3 m illion at March 31, 2017 , and $7.2 million at December 31, 2016 , for costs associated with the remediation of certain of our properties that hav e been contaminated. The liability at March 31, 2017 , and December 31, 2016 , was primarily related to a non-operating facility in Brazil, and for retained environmental obligations related to a site in the United States that was part of the sale of our North American and Asian metal powders product lines in 2013. 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 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 n $8.7 million liability December 31, 2016 . During the first quarter of 2017, the Company participated in a newly available tax regime, resulting in the reduction of interest on these outstanding tax liabilities of $4.5 million. The liabi lity recorded at March 31, 2017, is $4.6 million, and will be paid down over a five -year term. There are various lawsuits and claims pending against the Company and its consolidated subsidiaries. We do not currently expect the resolution of these lawsuits and claims to materially affect the consolidated financial position, results of operations, or cash flows of the Company. |
Retirement Benefits
Retirement Benefits | 3 Months Ended |
Mar. 31, 2017 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | 12. Retirement Benefits Net periodic benefit (credit) cost of our U.S. pension plans (including our unfunded nonqualified plans), non-U.S. pension plans, and postretirement health care and life insurance benefit plans for the three months ended March 31, 2017 and 2016 , respectively, follow: U.S. Pension Plans Non-U.S. Pension Plans Other Benefit Plans Three Months Ended March 31, 2017 2016 2017 2016 2017 2016 (Dollars in thousands) Service cost $ 4 $ 4 $ 404 $ 363 $ — $ — Interest cost 3,666 3,937 573 939 211 236 Expected return on plan assets (4,740) (4,935) (210) (520) — — Amortization of prior service cost 2 3 10 11 — — Net periodic benefit (credit) cost $ (1,068) $ (991) $ 777 $ 793 $ 211 $ 236 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 13. 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 p erformance goals and objectives and thereby align t heir interests with those of the Company’s 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, restric ted shares, performance shares, other common stock- based awards, and dividend equivalent rights. In the first quarter of 2017 , our Board of Directors granted 0.2 million stock options, 0.2 million performance share units and 0.2 million restricted stock units under the Plan. We estimate the fair value of each stock option on the date of grant using the Black-Scholes option pricing model. The following table details the weighted-average grant-date fair values and the assumptions used for estimating the fair values of stock option grants made during the three months ended March 31, 2017 : Stock Options Weighted-average grant-date fair value $ 7.26 Expected life, in years 6.0 Risk-free interest rate 2.3 % Expected volatility 51.5 % The weighted average grant date fair value of our performance share units granted in the three months ended March 31, 2017, was $14.89 . We measure the fair value of performance share units based on the closing market price of our common stock on the date of the grant. These shares are evaluated each reporting period for likelihood of achieving the performance criteria. We me asure the fair value of restricted stock units based on the closing market price of our common stock on the date of the grant . The restricted stock units vest over three years . The weighted-average grant date fair value per unit for grants made during the three months ended March 31, 2017 , was $14.27 . We recognized stock-based compensation expense of $2.7 million for the three months ended March 31, 2017 , and $1.6 million for the three months ended March 31, 2016 . At March 31, 2017 , unearned compensation cost related to the unvested portion of all stock-based compensation awards was approximately $10.4 million and is expected to be recognized over the remaining vesting period of the respective grants , through the first quarter of 2020. |
Restructuring And Cost Reductio
Restructuring And Cost Reduction Programs | 3 Months Ended |
Mar. 31, 2017 | |
Restructuring And Cost Reduction Programs [Abstract] | |
Restructuring And Cost Reduction Programs | 14. Restructuring and Cost Reduction Programs Total restructuring and impairment charges were approximately $ 3. 0 million and $0. 9 million for the three months ended March 31, 2017 , and March 31, 2016, respectively. The activities and accruals summarized below are primarily related to costs associated with integration of our recent acquisitions : Employee Other Asset Severance Costs Impairment Total (Dollars in thousands) Balances at December 31, 2016 $ 239 $ 1,489 $ — $ 1,728 Restructuring charges 980 862 1,176 3,018 Cash payments (81) (109) — (190) Non-cash items — (522) (1,176) (1,698) Balances at March 31, 2017 $ 1,138 $ 1,720 $ — $ 2,858 We expect to make cash payments to settle the remaining li ability for employee severance benefits and other costs primarily over the next twelve months where applicable , except where legal or contractual obligations would require it to extend beyond that period . |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 15. Earnings Per Share Details of the calculation of basic and diluted earnings per share are shown below: Three Months Ended March 31, 2017 2016 (Dollars in thousands, except per share amounts) Basic earnings per share computation: Net income (loss) attributable to Ferro Corporation common shareholders $ 21,898 $ (9,966) Adjustment for loss from discontinued operations — 29,494 Total $ 21,898 $ 19,528 Weighted-average common shares outstanding 83,530 83,311 Basic earnings per share from continuing operations attributable to Ferro Corporation common shareholders $ 0.26 $ 0.23 Diluted earnings per share computation: Net income (loss) attributable to Ferro Corporation common shareholders $ 21,898 $ (9,966) Adjustment for loss from discontinued operations — 29,494 Total $ 21,898 $ 19,528 Weighted-average common shares outstanding 83,530 83,311 Assumed exercise of stock options 516 370 Assumed satisfaction of restricted stock unit conditions 574 385 Assumed satisfaction of performance stock unit conditions 268 224 Weighted-average diluted shares outstanding 84,888 84,290 Diluted earnings per share from continuing operations attributable to Ferro Corporation common shareholders $ 0.26 $ 0.23 The number of anti-dilutive or unearned shares was 2.1 million for the three months ended March 31, 2017 , and 2.8 million for the three months ended March 31, 2016 . These shares were excluded from the calculation of diluted earnings per share due to their anti-dilutive impact. |
Share Repurchase Program
Share Repurchase Program | 3 Months Ended |
Mar. 31, 2017 | |
Share Repurchase Program [Abstract] | |
Share Repurchase Program | 16. Share Repurchase Program The Company’s Board of Directors approved share repurchase programs, under which the Company is authorized to repurchase up to $100 million of the Company’s outstanding shares of Common Stock on the open market, including through a Rule 10b5-1 plan, or in privately negotiated transactions. The timing and amount of shares to be repurchased will be determined by the Company, based on evaluation of market and business conditions, share price, and other factors. The share repurchase programs do not obligate the Company to repurchase any dollar amount or number of common shares, and may be suspended or discontinued at any time. For the three months ended March 31, 2016, the Company repurchased 1,175, 437 shares of common stock at an average price of $9. 72 per share for a total cost of $11.4 million. As of March 31, 2017 , $50.0 million may still be purchased under the programs. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 17. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows: Three Months Ended March 31, Postretirement Benefit Liability Translation Other Adjustments Adjustments Adjustments Total (Dollars in thousands) Balance at December 31, 2015 $ 811 $ (62,059) $ (70) $ (61,318) Other comprehensive income (loss) before reclassifications — (1,710) — (1,710) Reclassification to earnings: Postretirement benefit liabilities income 268 — — 268 Net current period other comprehensive income (loss) 268 (1,710) — (1,442) Balance at March 31, 2016 $ 1,079 $ (63,769) $ (70) $ (62,760) Balance at December 31, 2016 1,141 (107,714) (70) (106,643) Other comprehensive income (loss) before reclassifications — 7,171 — 7,171 Reclassification to earnings: Postretirement benefit liabilities (loss) (4) — — (4) Other — — — — Net current period other comprehensive (loss) income (4) 7,171 — 7,167 Balance at March 31, 2017 $ 1,137 $ (100,543) $ (70) $ (99,476) |
Reporting For Segments
Reporting For Segments | 3 Months Ended |
Mar. 31, 2017 | |
Reporting For Segments [Abstract] | |
Reporting For Segments | 18. Reporting for Segments In the first quarter of 2017, the Company’s Pigments, Powders and Oxides segment was renamed Color Solutions. Net sales to external customers by segment are presented in the table below. Sales between segments were not material. Three Months Ended March 31, 2017 2016 (Dollars in thousands) Performance Coatings $ 126,565 $ 128,124 Performance Colors and Glass 103,518 88,170 Color Solutions 90,472 61,157 Total net sales $ 320,555 $ 277,451 Each segment’s gross profit and reconciliations to income before income taxes are presented in the table below: Three Months Ended March 31, 2017 2016 (Dollars in thousands) Performance Coatings $ 33,489 $ 32,115 Performance Colors and Glass 37,418 31,838 Color Solutions 28,182 20,286 Other cost of sales (295) (10) Total gross profit 98,794 84,229 Selling, general and administrative expenses 58,958 52,646 Restructuring and impairment charges 3,018 881 Other expense, net 7,559 2,920 Income before income taxes $ 29,259 $ 27,782 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19 . Subsequent Event On April 24, 2017 , the Company acquired 100% of the equity interests of S.P.C. Group s.r.l., a company duly organized under the laws of Italy, and 100% of the equity interests of Smalti per Ceramiche, s.r.l. (“SPC”), a company duly organized under the laws of Italy , for € 19.8 million, subject to customary working capital adjustments. SPC is a high-end tile coatings manufacturer based in Italy that focuses on fast-growing specialty products . SPC products, strong technology, design capabilities, and customer-centric business model are complementary to our Performance Coatings segment, and position us for continued growth in the high-end tile markets . The operating results will be included in the Company’s condensed consolidated financial statements commencing April 24, 2017, the date of the acquisition. Due to the timing of the acquisition, the Company’s initial purchase price accounting was incomplete at the time these financial statements were issued. As such, the Company cannot disclose the allocation of the acquisition price to acquired assets and liabilities and the related disclosures at this time. |
Recent Accounting Pronounceme27
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Recent Accounting Pronouncements [Abstract] | |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, Compensation – Stock Compensation: ( Topic 718 ) : Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This new guidance requires all income tax effects of awards to be recognized as income tax expense or benefit in the income statement when the awards vest or are settled. Cash flow related to excess tax benefits will no longer be classified as a financing activity on the statement of cash flows but will be presented with all other income tax cash flows as an operating activity. The new guidance also provides an accounting policy election to account for forfeitures as they occur. Finally, the updated standard also allows the Company to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting and clarifies that all cash tax payments made on an employee’s behalf for withhe ld shares should be presented as financing activities on the statement of cash flows. The Company adopted ASU 2016-09, in the first quarter of 2017. As a result of the adoption, tax benefits of $ 0.3 million were r ecorded in income tax expense. The Company has elected to account for forfeitures as they occur. In addition, the Company elected to apply the presentation requirements for cash flows related to excess tax benefits prospectively. The presentation requirements for cash flows related to employee taxes paid for withheld shares had no impact on the statements of cash flows since the Company has historically presented such payments as financing activities. |
New Accounting Standards | New Accounting Standards In March 2017, the FASB issued ASU 2017-07, Compensation – Retirement Benefits: ( Topic 715 ) : Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Costs. ASU 2017-07 requires that an employer report the service cost component in the same line item as other compensation costs arising from services rendered during the period. The other components of net benefit costs are to be presented in the income statement separately from the service costs component and outside a subtotal of income from operations. Employers will have to disclose the line(s) used to present the other components of net periodic benefit cost, if the components are not presented separately in the income statement . This pronouncement is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted. The Company is in the process of assessing the impact that the adoption of this ASU will have on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other: ( Topic 350 ) : Simplifying the Test for Goodwill Impairment. ASU 2017-04 is intended to simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. This pr onouncement is effective for the annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company is in the process of assessing the impact that the adoption of this ASU will have on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations: ( Topic 805 ) : Clarifying the Definition of a Business. ASU 2017-01 is intended to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or dispositions) of assets or businesses. This pr onouncement is effective for the annual periods beginning after December 15, 2017, including inte rim periods within those fiscal years . The Company is in the process of assessing the impact that the adoption of this ASU will have on our consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes: ( Topic 740 ) : Intra-Entity Transfers of Assets Other Than Inventory. ASU 2016-16 is intended to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory and requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. This pr onouncement is effective for the annual periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is in the process of assessing the impact that the adoption of this ASU will have on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flow: ( Topic 230 ) : Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 is intended to address eight specific cash flow issues with the objective of reducing the existing diversity in practice. This pronouncement is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company is in the process of assessing the impact the adoption of this ASU will have on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases: ( Topic 842 ) . ASU 2016-02 requires companies to recognize a lease liability and asset on the balance sheet for operating leases with a term greater than one year. This pronouncement is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company is in the process of assessing the impact the adoption of this ASU will have on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers: ( Topic 606 ) . This ASU replaces nearly all existing U.S. GAAP guidance on revenue recognition. The standard prescribes a five-step model for recognizing revenue, the application of which will require significant judgment. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Our evaluation of ASU 2014-09 is ongoing. While we anticipate some changes to revenue recognition for certain customer contracts, we do not currently believe ASU 2014-09 will have a material effect on our consolidated financial statements. No other new accounting pronouncements issued or with effective dates during fiscal 2017 had or are expected to have a material impact of the Company’s consolidated financial statements. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Discontinued Operations [Abstract] | |
Summary Of Discontinued Operations | Three Months Ended March 31, 2016 (Dollars in thousands) Net sales $ 7,750 Cost of sales 12,030 Gross loss (4,280) Selling, general and administrative expenses 1,003 Restructuring and impairment charges 24,059 Interest expense 237 Miscellaneous income (418) Loss from discontinued operations before income taxes (29,161) Income tax expense 333 Loss from discontinued operations, net of income taxes $ (29,494) |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Inventories [Abstract] | |
Inventories | March 31, December 31, 2017 2016 (Dollars in thousands) Raw materials $ 84,913 $ 72,943 Work in process 43,267 38,859 Finished goods 122,410 118,045 Total inventories $ 250,590 $ 229,847 |
Goodwill And Other Intangible30
Goodwill And Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill And Other Intangible Assets [Abstract] | |
Details and Activity of Goodwill by Segment | Performance Performance Color Colors and Coatings Solutions Glass Total (Dollars in thousands) Goodwill, net at December 31, 2016 $ 28,090 $ 40,421 $ 79,785 $ 148,296 Acquisitions — — (854) 1 (854) Foreign currency adjustments 279 211 271 761 Goodwill, net at March 31, 2017 $ 28,369 $ 40,632 $ 79,202 $ 148,203 (1) During the first quarter of 2017, the Company recorded a purchase price adjustment within the measurement period for goodwill related to the ESL acquisition. |
Summary of Impairment of Goodwill | March 31, December 31, 2017 2016 (Dollars in thousands) Goodwill, gross $ 206,670 $ 206,763 Accumulated impairment losses (58,467) (58,467) Goodwill, net $ 148,203 $ 148,296 |
Details of Amortizable Intangible Assets | March 31, December 31, 2017 2016 (Dollars in thousands) Gross amortizable intangible assets: Patents $ 5,170 $ 5,147 Land rights 4,770 4,746 Technology/know-how and other 86,028 84,837 Customer relationships 80,505 80,153 Total gross amortizable intangible assets 176,473 174,883 Accumulated amortization: Patents (5,023) (4,981) Land rights (2,733) (2,698) Technology/know-how and other (37,051) (34,775) Customer relationships (6,479) (5,311) Total accumulated amortization (51,286) (47,765) Amortizable intangible assets, net $ 125,187 $ 127,118 |
Schedule of Indefinite-Lived Intangible Assets | March 31, December 31, 2017 2016 (Dollars in thousands) Indefinite-lived intangibles assets: Trade names and trademarks $ 10,843 $ 10,732 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt [Abstract] | |
Loans Payable And Current Portion Of Long-Term Debt | March 31, December 31, 2017 2016 (Dollars in thousands) Loans payable $ 8,029 $ 11,452 Current portion of long-term debt 8,603 5,858 Loans payable and current portion of long-term debt $ 16,632 $ 17,310 |
Summary Of Long-Term Debt | March 31, December 31, 2017 2016 (Dollars in thousands) Term loan facility, net of unamortized issuance costs, maturing 2021 (1) $ — $ 239,530 Term loan facility, net of unamortized issuance costs, maturing 2024 (2) 615,594 — Revolving credit facility, maturing 2019 — 311,555 Capital lease obligations 3,562 3,720 Other notes 7,782 8,228 Total long-term debt 626,938 563,033 Current portion of long-term debt (8,603) (5,858) Long-term debt, less current portion $ 618,335 $ 557,175 (1) The carrying value of the term loan facility, maturing 2021, is net of unamortized debt issuance costs of $3.7 million. (2) The carrying value of the term loan facility, maturing 2024, is net of unamortized debt issuance costs of $8.2 million. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Financial Instruments [Abstract] | |
Financial Instruments Assets (Liabilities) Measured At Fair Value | March 31, 2017 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 (Dollars in thousands) Cash and cash equivalents $ 92,829 $ 92,829 $ 92,829 $ — $ — Loans payable (8,029) (8,029) — (8,029) — Term loan facility, maturing 2024 (1) (615,594) (618,318) — (618,318) — Other long-term notes payable (7,782) (6,918) — (6,918) — Foreign currency forward contracts, net 237 237 — 237 — December 31, 2016 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 (Dollars in thousands) Cash and cash equivalents $ 45,582 $ 45,582 $ 45,582 $ — $ — Loans payable (11,452) (11,452) — (11,452) — Term loan facility, maturing 2021 (1) (239,530) (252,052) — (252,052) — Revolving credit facility, maturing 2019 (311,555) (318,389) — (318,389) — Other long-term notes payable (8,228) (7,315) — (7,315) — Foreign currency forward contracts, net 350 350 — 350 — (1) The carrying value of the term loan facility is net of unamortized debt issuance costs. |
Effect On Derivative Instruments On Consolidated Statements Of Operations | Amount of Gain (Loss) Recognized in Earnings Three Months Ended March 31, 2017 2016 Location of Gain (Loss) in Earnings (Dollars in thousands) Foreign currency forward contracts $ 243 $ (10,569) Foreign currency (gains) losses, net |
Fair Value Of Derivative Instruments On Consolidated Balance Sheets | March 31, December 31, 2017 2016 Balance Sheet Location (Dollars in thousands) Asset derivatives: Foreign currency forward contracts $ 512 $ 1,854 Other current assets Liability derivatives: Foreign currency forward contracts $ (275) $ (1,504) Accrued expenses and other current liabilities |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit (Credit) Cost | Net periodic benefit (credit) cost of our U.S. pension plans (including our unfunded nonqualified plans), non-U.S. pension plans, and postretirement health care and life insurance benefit plans for the three months ended March 31, 2017 and 2016 , respectively, follow: U.S. Pension Plans Non-U.S. Pension Plans Other Benefit Plans Three Months Ended March 31, 2017 2016 2017 2016 2017 2016 (Dollars in thousands) Service cost $ 4 $ 4 $ 404 $ 363 $ — $ — Interest cost 3,666 3,937 573 939 211 236 Expected return on plan assets (4,740) (4,935) (210) (520) — — Amortization of prior service cost 2 3 10 11 — — Net periodic benefit (credit) cost $ (1,068) $ (991) $ 777 $ 793 $ 211 $ 236 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Stock-Based Compensation [Abstract] | |
Details Of Weighted-Average Grant-Date Fair Values And Assumptions Used For Estimating Fair Values | Stock Options Weighted-average grant-date fair value $ 7.26 Expected life, in years 6.0 Risk-free interest rate 2.3 % Expected volatility 51.5 % |
Restructuring And Cost Reduct35
Restructuring And Cost Reduction Programs (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Restructuring And Cost Reduction Programs [Abstract] | |
Summary Of Accruals Related To Restructuring And Cost Reduction Programs | Employee Other Asset Severance Costs Impairment Total (Dollars in thousands) Balances at December 31, 2016 $ 239 $ 1,489 $ — $ 1,728 Restructuring charges 980 862 1,176 3,018 Cash payments (81) (109) — (190) Non-cash items — (522) (1,176) (1,698) Balances at March 31, 2017 $ 1,138 $ 1,720 $ — $ 2,858 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Calculations Of Basic And Diluted Earnings Per Share | Three Months Ended March 31, 2017 2016 (Dollars in thousands, except per share amounts) Basic earnings per share computation: Net income (loss) attributable to Ferro Corporation common shareholders $ 21,898 $ (9,966) Adjustment for loss from discontinued operations — 29,494 Total $ 21,898 $ 19,528 Weighted-average common shares outstanding 83,530 83,311 Basic earnings per share from continuing operations attributable to Ferro Corporation common shareholders $ 0.26 $ 0.23 Diluted earnings per share computation: Net income (loss) attributable to Ferro Corporation common shareholders $ 21,898 $ (9,966) Adjustment for loss from discontinued operations — 29,494 Total $ 21,898 $ 19,528 Weighted-average common shares outstanding 83,530 83,311 Assumed exercise of stock options 516 370 Assumed satisfaction of restricted stock unit conditions 574 385 Assumed satisfaction of performance stock unit conditions 268 224 Weighted-average diluted shares outstanding 84,888 84,290 Diluted earnings per share from continuing operations attributable to Ferro Corporation common shareholders $ 0.26 $ 0.23 |
Accumulated Other Comprehensi37
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Changes In Accumulated Other Comprehensive (Loss) Income By Component, Net Of Tax | Three Months Ended March 31, Postretirement Benefit Liability Translation Other Adjustments Adjustments Adjustments Total (Dollars in thousands) Balance at December 31, 2015 $ 811 $ (62,059) $ (70) $ (61,318) Other comprehensive income (loss) before reclassifications — (1,710) — (1,710) Reclassification to earnings: Postretirement benefit liabilities income 268 — — 268 Net current period other comprehensive income (loss) 268 (1,710) — (1,442) Balance at March 31, 2016 $ 1,079 $ (63,769) $ (70) $ (62,760) Balance at December 31, 2016 1,141 (107,714) (70) (106,643) Other comprehensive income (loss) before reclassifications — 7,171 — 7,171 Reclassification to earnings: Postretirement benefit liabilities (loss) (4) — — (4) Other — — — — Net current period other comprehensive (loss) income (4) 7,171 — 7,167 Balance at March 31, 2017 $ 1,137 $ (100,543) $ (70) $ (99,476) |
Reporting For Segments (Tables)
Reporting For Segments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Reporting For Segments [Abstract] | |
Net Sales To External Customers By Segment | Three Months Ended March 31, 2017 2016 (Dollars in thousands) Performance Coatings $ 126,565 $ 128,124 Performance Colors and Glass 103,518 88,170 Color Solutions 90,472 61,157 Total net sales $ 320,555 $ 277,451 |
Segment's Gross Profit And Reconciliations To Income Before Income Taxes | Three Months Ended March 31, 2017 2016 (Dollars in thousands) Performance Coatings $ 33,489 $ 32,115 Performance Colors and Glass 37,418 31,838 Color Solutions 28,182 20,286 Other cost of sales (295) (10) Total gross profit 98,794 84,229 Selling, general and administrative expenses 58,958 52,646 Restructuring and impairment charges 3,018 881 Other expense, net 7,559 2,920 Income before income taxes $ 29,259 $ 27,782 |
Recent Accounting Pronounceme39
Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income tax benefit | $ (7,138) | $ (8,018) |
Accounting Standards Update 2016-09 [Member] | ||
Income tax benefit | $ 300 |
Discontinued Operations (Summar
Discontinued Operations (Summary Of Discontinued Operations) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Loss from discontinued operations, net of income taxes | $ (29,494) |
Polymer Additives And Specialty Plastics [Member] | |
Net sales | 7,750 |
Cost of sales | 12,030 |
Gross loss | (4,280) |
Selling, general and administrative expenses | 1,003 |
Restructuring and impairment charges | 24,059 |
Interest expense | 237 |
Miscellaneous income | (418) |
Loss from discontinued operations before income taxes | (29,161) |
Income tax expense | 333 |
Loss from discontinued operations, net of income taxes | $ (29,494) |
Aquisitions (Narrative) (Detail
Aquisitions (Narrative) (Details) $ in Thousands, € in Millions | Dec. 09, 2016EUR (€) | Dec. 09, 2016USD ($) | Oct. 31, 2016USD ($) | Aug. 01, 2016USD ($) | Jun. 01, 2016EUR (€) | Jun. 01, 2016USD ($) | Jan. 05, 2016USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | ||||||||||
Goodwill | $ 148,203 | $ 148,296 | ||||||||
Acquisition of commercial assets | $ 7,909 | |||||||||
Performance Coatings [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 28,369 | 28,090 | ||||||||
Performance Colors And Glass [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 79,202 | $ 79,785 | ||||||||
Cappelle [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition, percentage of voting interests acquired | 100.00% | |||||||||
Business acquisition | € 40 | $ 42,400 | ||||||||
Acquired business contributed revenues | 19,000 | |||||||||
Acquired business contributed earnings | 600 | |||||||||
Goodwill | 3,500 | |||||||||
Personal and real property | 24,100 | |||||||||
Deferred tax liabilities | 3,500 | |||||||||
Debt | 10,300 | |||||||||
Net working capital | $ 28,600 | |||||||||
Electro Science Laboratories ("ESL") [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition, percentage of voting interests acquired | 100.00% | |||||||||
Business acquisition | $ 78,500 | |||||||||
Acquired business contributed revenues | 10,800 | |||||||||
Acquired business contributed earnings | 800 | |||||||||
Acquisition related costs | $ 300 | |||||||||
Amortizable intangible assets | 39,700 | |||||||||
Goodwill | 19,000 | |||||||||
Personal and real property | 2,900 | |||||||||
Deferred tax liabilities | 2,000 | |||||||||
Net working capital | 18,900 | |||||||||
Acquired intangible assets subject to amortization | $ 39,700 | |||||||||
Delta Performance [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition | $ 4,400 | |||||||||
Amortizable intangible assets | 3,200 | |||||||||
Goodwill | 400 | |||||||||
Deferred tax asset | 200 | |||||||||
Net working capital | 600 | |||||||||
Acquired intangible assets subject to amortization | $ 3,200 | |||||||||
Pinturas [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition, percentage of voting interests acquired | 100.00% | |||||||||
Business acquisition | € 16.5 | $ 18,400 | ||||||||
Amortizable intangible assets | 8,800 | |||||||||
Goodwill | 3,900 | |||||||||
Personal and real property | 700 | |||||||||
Deferred tax liabilities | 2,700 | |||||||||
Net working capital | 7,700 | |||||||||
Acquired intangible assets subject to amortization | $ 8,800 | |||||||||
Ferer [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition, percentage of voting interests acquired | 100.00% | |||||||||
Cash payments to acquire businesses | $ 9,400 | |||||||||
Amortizable intangible assets | 3,300 | |||||||||
Goodwill | 4,500 | |||||||||
Personal and real property | 600 | |||||||||
Deferred tax liabilities | 700 | |||||||||
Net working capital | 1,700 | |||||||||
Acquired intangible assets subject to amortization | $ 3,300 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Inventories [Abstract] | |||
Terms of precious metals consignment agreements, maximum | 1 year | ||
Fees under precious metals consignment agreements | $ 0.2 | $ 0.2 | |
Fair value of precious metals on hand under consignment agreements | $ 31.9 | $ 28.7 |
Inventories (Inventories) (Deta
Inventories (Inventories) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Inventories [Abstract] | ||
Raw materials | $ 84,913 | $ 72,943 |
Work in process | 43,267 | 38,859 |
Finished goods | 122,410 | 118,045 |
Total inventories | $ 250,590 | $ 229,847 |
Property, Plant And Equipment (
Property, Plant And Equipment (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Total accumulated depreciation | $ 452.2 | $ 439.4 | |
Unpaid capital expenditure liabilities | $ 2.5 | $ 3.5 | |
Assets held for sale, impairment charge | 24.1 | ||
Australia [Member] | |||
Gain (loss) on assets sold | $ 3.9 |
Goodwill And Other Intangible45
Goodwill And Other Intangible Assets (Details and Activity of Goodwill by Segment) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Gross goodwill, beginning balance | $ 206,763 |
Accumulated impairment losses, beginning balance | (58,467) |
Goodwill, beginning balance | 148,296 |
Acquisitions | (854) |
Foreign currency adjustment | 761 |
Gross goodwill, ending balance | 206,670 |
Accumulated impairment losses, ending balance | (58,467) |
Goodwill net, ending balance | 148,203 |
Performance Coatings [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Goodwill, beginning balance | 28,090 |
Foreign currency adjustment | 279 |
Goodwill net, ending balance | 28,369 |
Color Solutions [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Goodwill, beginning balance | 40,421 |
Foreign currency adjustment | 211 |
Goodwill net, ending balance | 40,632 |
Performance Colors And Glass [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Goodwill, beginning balance | 79,785 |
Acquisitions | (854) |
Foreign currency adjustment | 271 |
Goodwill net, ending balance | $ 79,202 |
Goodwill And Other Intangible46
Goodwill And Other Intangible Assets (Summary of Impairment of Goodwill) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Goodwill And Other Intangible Assets [Abstract] | ||
Goodwill, gross | $ 206,670 | $ 206,763 |
Accumulated impairment losses | (58,467) | (58,467) |
Goodwill, net | $ 148,203 | $ 148,296 |
Goodwill And Other Intangible47
Goodwill And Other Intangible Assets (Details of Amortizable Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Amortization Of Intangible Assets [Line Items] | ||
Total gross amortizable intangible assets | $ 176,473 | $ 174,883 |
Total accumulated amortization | (51,286) | (47,765) |
Amortizable intangible assets, net | 125,187 | 127,118 |
Patents [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Total gross amortizable intangible assets | 5,170 | 5,147 |
Total accumulated amortization | (5,023) | (4,981) |
Land Rights [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Total gross amortizable intangible assets | 4,770 | 4,746 |
Total accumulated amortization | (2,733) | (2,698) |
Technology/Know-how And Other [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Total gross amortizable intangible assets | 86,028 | 84,837 |
Total accumulated amortization | (37,051) | (34,775) |
Customer Relationships [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Total gross amortizable intangible assets | 80,505 | 80,153 |
Total accumulated amortization | $ (6,479) | $ (5,311) |
Goodwill And Other Intangible48
Goodwill And Other Intangible Assets (Schedule of Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Trade Names and Trademarks [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | $ 10,843 | $ 10,732 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | 3 Months Ended | |||
Mar. 31, 2017USD ($) | Mar. 31, 2017EUR (€) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | ||||
Equal quarterly installments in an amount equal to percentage of the original principal amount of the term loans | 0.25% | |||
Additional commitments under the revolving line of credit or term loans | $ 250,000,000 | |||
Loss on extinguishment of debt | 3,905,000 | |||
Long-term debt | $ 626,938,000 | $ 563,033,000 | ||
Other Financing Arrangements [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt facility amount | 33,100,000 | 7,300,000 | ||
Additional borrowings available | $ 32,000,000 | 6,700,000 | ||
Previous Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt | $ 3,900,000 | |||
Revolving Credit Facility, Maturing 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 311,555,000 | |||
Revolving Credit Facility, Maturing 2019 [Member] | Federal Funds Effective Swap Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.50% | |||
Revolving Credit Facility, Maturing 2019 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.00% | |||
Revolving Credit Facility, Maturing 2019 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Applicable margin percentage | 2.75% | 2.75% | ||
Revolving Credit Facility, Maturing 2019 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.00% | |||
Applicable margin percentage | 1.75% | 1.75% | ||
Revolving Credit Facility, Maturing 2019 [Member] | Base Rate [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Applicable margin percentage | 1.75% | 1.75% | ||
Revolving Credit Facility, Maturing 2019 [Member] | Base Rate [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Applicable margin percentage | 0.75% | 0.75% | ||
Secured Debt [Member] | Previous Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt facility amount | $ 400,000,000 | |||
Term of debt instrument/credit facility | 5 years | |||
Secured Debt [Member] | Revolving Credit Facility, Maturing 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt facility amount | 400,000,000 | |||
Term of debt instrument/credit facility | 5 years | |||
Borrowings under revolving line of credit | 0 | |||
Additional borrowings available | 395,600,000 | |||
Previous Secured Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Term of debt instrument/credit facility | 7 years | |||
Debt amount issued | 300,000,000 | |||
Secured Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Term of debt instrument/credit facility | 7 years | |||
Debt amount issued | 357,500,000 | |||
Long-term debt | 357,500,000 | |||
Additional borrowings available under the term loan facility | $ 0 | |||
Applicable margin percentage | 3.54% | 3.54% | ||
Secured Term Loan [Member] | Federal Funds Effective Swap Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.50% | |||
Secured Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.00% | |||
Applicable margin percentage | 2.50% | 2.50% | ||
Secured Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.75% | |||
Secured Term Loan [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Applicable margin percentage | 1.50% | 1.50% | ||
Secured Euro Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Term of debt instrument/credit facility | 7 years | |||
Debt amount issued | € | € 250,000,000 | |||
Long-term debt | $ 250,000,000 | |||
Applicable margin percentage | 2.75% | 2.75% | ||
Secured Euro Term Loan [Member] | EURIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.00% | |||
Applicable margin percentage | 2.75% | 2.75% | ||
U.S. Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Stock pledged as collateral, percentage | 100.00% | |||
Foreign Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Stock pledged as collateral, percentage | 65.00% |
Debt (Loans Payable And Current
Debt (Loans Payable And Current Portion of Long-Term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Short-term Debt [Line Items] | ||
Loans payable and current portion of long-term debt | $ 16,632 | $ 17,310 |
Loans Payable [Member] | ||
Short-term Debt [Line Items] | ||
Loans payable and current portion of long-term debt | 8,029 | 11,452 |
Current Portion Of Long-Term Debt [Member] | ||
Short-term Debt [Line Items] | ||
Loans payable and current portion of long-term debt | $ 8,603 | $ 5,858 |
Debt (Summary Of Long-Term Debt
Debt (Summary Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 626,938 | $ 563,033 | |
Current portion of long-term debt | (8,603) | (5,858) | |
Long-term debt, less current portion | 618,335 | 557,175 | |
Term Loan Facility, Net Of Unamortized Issuance Costs, Maturing 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 239,530 | ||
Unamortized debt issuance costs | $ 3,700 | ||
Term Loan Facility, Net Of Unamortized Issuance Costs, Maturing 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 615,594 | ||
Unamortized debt issuance costs | 8,200 | ||
Revolving Credit Facility, Maturing 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 311,555 | ||
Capital Lease Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 3,562 | 3,720 | |
Other Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 7,782 | $ 8,228 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |||
Net foreign currency gain (loss) | $ 0.3 | $ (1.6) | |
Gain (loss) from the change in fair value of financial instruments | 0.2 | $ (10.6) | |
Notional amount | $ 188.2 | $ 338.2 |
Financial Instruments (Financia
Financial Instruments (Financial Instruments Assets (Liabilities) Measured At Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Cash and cash equivalents, Carrying Amount | $ 92,829 | $ 45,582 | $ 55,865 | $ 58,380 |
Loans payable, Carrying Amount | (8,029) | (11,452) | ||
Long-term debt, Carrying Amount | (626,938) | (563,033) | ||
Foreign currency forward contracts, net, Carrying Amount | 237 | 350 | ||
Cash and cash equivalents, Fair Value | 92,829 | 45,582 | ||
Loans payable, Fair Value | (8,029) | (11,452) | ||
Foreign currency forward contracts, net, Fair Value | 237 | 350 | ||
Revolving Credit Facility, Maturing 2019 [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Carrying Amount | (311,555) | |||
Long-term debt, Fair Value | (318,389) | |||
Term Loan Facility, Net Of Unamortized Issuance Costs, Maturing 2021 [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Carrying Amount | (615,594) | (239,530) | ||
Long-term debt, Fair Value | (618,318) | (252,052) | ||
Other Long-Term Notes Payable [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Carrying Amount | (7,782) | (8,228) | ||
Long-term debt, Fair Value | (6,918) | (7,315) | ||
Level 1 [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Cash and cash equivalents, Fair Value | 92,829 | 45,582 | ||
Level 2 [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Loans payable, Fair Value | (8,029) | (11,452) | ||
Foreign currency forward contracts, net, Fair Value | 237 | 350 | ||
Level 2 [Member] | Revolving Credit Facility, Maturing 2019 [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Fair Value | (318,389) | |||
Level 2 [Member] | Term Loan Facility, Net Of Unamortized Issuance Costs, Maturing 2021 [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Fair Value | (618,318) | (252,052) | ||
Level 2 [Member] | Other Long-Term Notes Payable [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Fair Value | (6,918) | $ (7,315) | ||
Level 3 [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Cash and cash equivalents, Fair Value | ||||
Loans payable, Fair Value | ||||
Foreign currency forward contracts, net, Fair Value | ||||
Level 3 [Member] | Term Loan Facility, Net Of Unamortized Issuance Costs, Maturing 2021 [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Fair Value | ||||
Level 3 [Member] | Other Long-Term Notes Payable [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Fair Value |
Financial Instruments (Effect O
Financial Instruments (Effect On Derivative Instruments On Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Foreign Currency Forward Contracts [Member] | Foreign Currency Losses, Net [Member] | Not Designated As Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Earnings | $ 243 | $ (10,569) |
Financial Instruments (Fair Val
Financial Instruments (Fair Value Of Derivative Instruments On Consolidated Balance Sheets) (Details) - Not Designated As Hedging Instrument [Member] - Foreign Currency Forward Contracts [Member] - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $ 512 | $ 1,854 |
Accrued Expenses And Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | $ (275) | $ (1,504) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Taxes [Abstract] | ||
Income tax expense | $ 7,138 | $ 8,018 |
Percentage of pre-tax income | 24.40% | 28.90% |
U.S. federal statutory income tax rate | 35.00% |
Contingent Liabilities (Details
Contingent Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Commitments And Contingent Liabilities [Line Items] | ||
Undiscounted remediation liability associated with environmentally contaminated non-operating facility | $ 7.3 | $ 7.2 |
Argentina [Member] | Argentina Supreme Court [Member] | ||
Commitments And Contingent Liabilities [Line Items] | ||
Contingent tax liability | 4.6 | $ 8.7 |
Reduction of interest on these outstanding tax liabilities | $ 4.5 | |
Loss contingency, term of repayment | 5 years |
Retirement Benefits (Net Period
Retirement Benefits (Net Periodic Benefit (Credit) Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 4 | $ 4 |
Interest cost | 3,666 | 3,937 |
Expected return on plan assets | (4,740) | (4,935) |
Amortization of prior service cost | 2 | 3 |
Net periodic benefit (credit) cost | (1,068) | (991) |
Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 404 | 363 |
Interest cost | 573 | 939 |
Expected return on plan assets | (210) | (520) |
Amortization of prior service cost | 10 | 11 |
Net periodic benefit (credit) cost | 777 | 793 |
Other Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | 211 | 236 |
Net periodic benefit (credit) cost | $ 211 | $ 236 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock reserved under plan | 4,400,000 | |
Recognized stock-based compensation expense | $ 2.7 | $ 1.6 |
Unearned compensation cost related to the unvested portion of all stock-based awards | $ 10.4 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of share based compensation units granted | 200,000 | |
Weighted average grant date fair value | $ 7.26 | |
Performance Share Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of share based compensation units granted | 200,000 | |
Weighted average grant date fair value | $ 14.89 | |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of share based compensation units granted | 200,000 | |
Weighted-average grant date fair value | $ 14.27 | |
Restricted stock unit vesting period | 3 years |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Of Weighted-Average Grant-Date Fair Values And Assumptions Used For Estimating Fair Values) (Details) - Stock Options [Member] | 3 Months Ended |
Mar. 31, 2017$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted-average grant-date fair value | $ 7.26 |
Expected life, in years | 6 years |
Risk-free interest rate | 2.30% |
Expected volatility | 51.50% |
Restructuring And Cost Reduct61
Restructuring And Cost Reduction Programs (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 3,018 | $ 900 |
Period expected for cash payments for employee benefits and other costs | over the next twelve months where applicable | |
Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 980 |
Restructuring And Cost Reduct62
Restructuring And Cost Reduction Programs (Summary Of Accruals Related To Restructuring And Cost Reduction Programs) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||
Beginning balance | $ 1,728 | |
Restructuring charges | 3,018 | $ 900 |
Cash payments | (190) | |
Non-cash items | (1,698) | |
Ending balance | 2,858 | |
Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning balance | 239 | |
Restructuring charges | 980 | |
Cash payments | (81) | |
Ending balance | 1,138 | |
Other Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning balance | 1,489 | |
Restructuring charges | 862 | |
Cash payments | (109) | |
Non-cash items | (522) | |
Ending balance | 1,720 | |
Asset Impairment [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 1,176 | |
Non-cash items | $ (1,176) |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive securities excluded from computation of earnings per share | 2.1 | 2.8 |
Earnings Per Share (Calculation
Earnings Per Share (Calculations Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Basic earnings per share computation: | ||
Net income (loss) attributable to Ferro Corporation common shareholders | $ 21,898 | $ (9,966) |
Adjustment for loss from discontinued operations | 29,494 | |
Total | $ 21,898 | $ 19,528 |
Weighted-average common shares outstanding | 83,530 | 83,311 |
Basic earnings per share from continuing operations attributable to Ferro Corporation common shareholders | $ 0.26 | $ 0.23 |
Diluted earnings per share computation: | ||
Net income (loss) attributable to Ferro Corporation common shareholders | $ 21,898 | $ (9,966) |
Adjustment for loss from discontinued operations | 29,494 | |
Total | $ 21,898 | $ 19,528 |
Weighted-average common shares outstanding | 83,530 | 83,311 |
Assumed exercise of stock options | 516 | 370 |
Assumed satisfaction of restricted stock unit conditions | 574 | 385 |
Assumed satisfaction of performance stock unit conditions | 268 | 224 |
Weighted-average diluted shares outstanding | 84,888 | 84,290 |
Diluted earnings per share from continuing operations attributable to Ferro Corporation common shareholders | $ 0.26 | $ 0.23 |
Share Repurchase Program (Detai
Share Repurchase Program (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2017 | |
Share Repurchase Program [Abstract] | ||
Stock Repurchase Program, Authorized Amount | $ 100,000,000 | |
Purchase of treasury stock, shares | 1,175,437 | |
Treasury Stock Acquired, Average Cost Per Share | $ 9.72 | |
Purchase of treasury stock | $ 11,429,000 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 50,000,000 |
Accumulated Other Comprehensi66
Accumulated Other Comprehensive Income (Loss) (Changes In Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balances | $ 247,113 | |
Ending Balances | 278,145 | |
Accumulated Other Comprehensive (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balances | (106,643) | $ (61,318) |
Other comprehensive income (loss) before reclassifications | 7,171 | (1,710) |
Postretirement benefit liabilities income (loss) | (4) | 268 |
Net current period other comprehensive income (loss) | 7,167 | (1,442) |
Ending Balances | (99,476) | (62,760) |
Postretirement Benefit Liability Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balances | 1,141 | 811 |
Postretirement benefit liabilities income (loss) | (4) | 268 |
Net current period other comprehensive income (loss) | (4) | 268 |
Ending Balances | 1,137 | 1,079 |
Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balances | (107,714) | (62,059) |
Other comprehensive income (loss) before reclassifications | 7,171 | (1,710) |
Net current period other comprehensive income (loss) | 7,171 | (1,710) |
Ending Balances | (100,543) | (63,769) |
Other Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balances | (70) | (70) |
Ending Balances | $ (70) | $ (70) |
Reporting For Segments (Net Sal
Reporting For Segments (Net Sales To External Customers By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net sales | $ 320,555 | $ 277,451 |
Performance Coatings [Member] | ||
Net sales | 126,565 | 128,124 |
Performance Colors And Glass [Member] | ||
Net sales | 103,518 | 88,170 |
Color Solutions [Member] | ||
Net sales | $ 90,472 | $ 61,157 |
Reporting For Segments (Segment
Reporting For Segments (Segment's Gross Profit And Reconciliations To Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Other cost of sales | $ (295) | $ (10) |
Total gross profit | 98,794 | 84,229 |
Selling, general and administrative expenses | 58,958 | 52,646 |
Restructuring and impairment charges | 3,018 | 881 |
Other expense, net | 7,559 | 2,920 |
Income before income taxes | 29,259 | 27,782 |
Performance Coatings [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total gross profit | 33,489 | 32,115 |
Performance Colors And Glass [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total gross profit | 37,418 | 31,838 |
Color Solutions [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total gross profit | $ 28,182 | $ 20,286 |
Subsequent Events (Details)
Subsequent Events (Details) € in Millions | Apr. 24, 2017EUR (€) |
Subsequent Event [Member] | Smalti per Ceramiche, SRL [Member] | |
Subsequent Event [Line Items] | |
Business acquisition | € 19.8 |