Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | foe | ||
Entity Registrant Name | FERRO CORP | ||
Entity Central Index Key | 35,214 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 84,089,077 | ||
Entity Public Float | $ 1,510,002,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statements Of Operations [Abstract] | |||
Net sales | $ 1,396,742 | $ 1,145,292 | $ 1,075,341 |
Cost of sales | 980,521 | 794,075 | 773,661 |
Gross profit | 416,221 | 351,217 | 301,680 |
Selling, general and administrative expenses | 258,604 | 241,702 | 216,899 |
Restructuring and impairment charges | 11,409 | 15,907 | 9,655 |
Other expense (income): | |||
Interest expense | 27,754 | 21,547 | 15,163 |
Interest earned | (901) | (630) | (363) |
Foreign currency losses, net | 6,554 | 12,906 | 4,495 |
Loss on extinguishment of debt | 3,905 | ||
Miscellaneous (income) expense, net | (1,622) | (2,660) | 1,048 |
Income before income taxes | 110,518 | 62,445 | 54,783 |
Income tax expense (benefit) | 52,750 | 17,868 | (45,100) |
Income from continuing operations | 57,768 | 44,577 | 99,883 |
Loss from discontinued operations, net of income taxes | (64,464) | (36,779) | |
Net income (loss) | 57,768 | (19,887) | 63,104 |
Less: Net income (loss) attributable to noncontrolling interests | 714 | 930 | (996) |
Net income (loss) attributable to Ferro Corporation common shareholders | 57,054 | (20,817) | 64,100 |
Amounts attributable to Ferro Corporation: | |||
Income from continuing operations, net of income tax | 57,054 | 43,647 | 100,879 |
Loss from discontinued operations, net of income taxes | (64,464) | (36,779) | |
Income (loss) attributable to Ferro Corporation | $ 57,054 | $ (20,817) | $ 64,100 |
Weighted-average common shares outstanding | 83,713 | 83,298 | 86,718 |
Incremental common shares attributable to performance shares, deferred stock units, restricted stock units, and stock options | 1,443 | 1,612 | 1,715 |
Weighted-average diluted shares outstanding | 85,156 | 84,910 | 88,433 |
Basic earnings (loss): | |||
Continuing operations | $ 0.68 | $ 0.52 | $ 1.16 |
Discontinued operations | (0.77) | (0.42) | |
Total | 0.68 | (0.25) | 0.74 |
Diluted earnings (loss): | |||
Continuing operations | 0.67 | 0.51 | 1.14 |
Discontinued operations | (0.76) | (0.42) | |
Total | $ 0.67 | $ (0.25) | $ 0.72 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | |||
Net income (loss) | $ 57,768 | $ (19,887) | $ 63,104 |
Other comprehensive (income) loss, net of income tax: | |||
Foreign currency translation income (loss) | 30,558 | (45,986) | (40,801) |
Cash flow hedging instruments unrealized gain | 945 | ||
Postretirement benefit liabilities gain (loss) | 24 | 330 | (77) |
Other comprehensive income (loss), net of income tax | 31,527 | (45,656) | (40,878) |
Total comprehensive income (loss) | 89,295 | (65,543) | 22,226 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 1,066 | 599 | (2,361) |
Comprehensive income (loss) attributable to Ferro Corporation | $ 88,229 | $ (66,142) | $ 24,587 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 63,551 | $ 45,582 |
Accounts receivable, net | 354,416 | 259,687 |
Inventories | 324,180 | 229,847 |
Other receivables | 67,137 | 37,814 |
Other current assets | 16,448 | 9,087 |
Total current assets | 825,732 | 582,017 |
Other assets | ||
Property, plant and equipment, net | 321,742 | 262,026 |
Goodwill | 195,369 | 148,296 |
Intangible assets, net | 187,616 | 137,850 |
Deferred income taxes | 108,025 | 106,454 |
Other non-current assets | 43,718 | 47,126 |
Total assets | 1,682,202 | 1,283,769 |
Current liabilities | ||
Loans payable and current portion of long-term debt | 25,136 | 17,310 |
Accounts payable | 211,711 | 127,655 |
Accrued payrolls | 48,201 | 35,859 |
Accrued expenses and other current liabilities | 70,151 | 65,203 |
Total current liabilities | 355,199 | 246,027 |
Other liabilities | ||
Long-term debt, less current portion | 726,491 | 557,175 |
Postretirement and pension liabilities | 166,680 | 162,941 |
Other non-current liabilities | 77,152 | 62,594 |
Total liabilities | 1,325,522 | 1,028,737 |
Equity | ||
Common stock, par value $1 per share; 300.0 million shares authorized; 93.4 million shares issued; 84.0 million and 83.4 million shares outstanding at December 31, 2017, and December 31, 2016, respectively | 93,436 | 93,436 |
Paid-in capital | 302,158 | 306,566 |
Retained earnings | 171,744 | 114,690 |
Accumulated other comprehensive loss | (75,468) | (106,643) |
Common shares in treasury, at cost | (147,056) | (160,936) |
Total Ferro Corporation shareholders' equity | 344,814 | 247,113 |
Noncontrolling interests | 11,866 | 7,919 |
Total equity | 356,680 | 255,032 |
Total liabilities and equity | $ 1,682,202 | $ 1,283,769 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
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 | 84,000,000 | 83,400,000 |
Consolidated Statements of Equi
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) Income [Member] | Non-controlling Interests [Member] | Total |
Beginning Balances at Dec. 31, 2014 | $ (136,058) | $ 93,436 | $ 317,404 | $ 71,407 | $ (21,805) | $ 11,632 | $ 336,016 |
Beginning Balances, shares at Dec. 31, 2014 | 6,445,000 | ||||||
Net income (loss) | 64,100 | (996) | 63,104 | ||||
Other comprehensive (loss) | (39,513) | (1,365) | (40,878) | ||||
Purchase of treasury stock | $ (38,571) | $ (38,571) | |||||
Purchase of treasury stock, shares | 3,283,000 | 3,282,908 | |||||
Stock-based compensation transactions | $ 8,609 | (2,550) | $ 6,059 | ||||
Stock-based compensation transactions, shares | (297,000) | ||||||
Sale of noncontrolling interest | (581) | (581) | |||||
Distributions to noncontrolling interests | (868) | (868) | |||||
Ending Balances at Dec. 31, 2015 | $ (166,020) | 93,436 | 314,854 | 135,507 | (61,318) | 7,822 | 324,281 |
Ending Balances, shares at Dec. 31, 2015 | 9,431,000 | ||||||
Beginning Balances at Dec. 31, 2014 | $ (136,058) | 93,436 | 317,404 | 71,407 | (21,805) | 11,632 | 336,016 |
Beginning Balances, shares at Dec. 31, 2014 | 6,445,000 | ||||||
Purchase of treasury stock | $ (50,000) | ||||||
Purchase of treasury stock, shares | 4,458,345 | ||||||
Ending Balances at Dec. 31, 2016 | $ (160,936) | 93,436 | 306,566 | 114,690 | (106,643) | 7,919 | $ 255,032 |
Ending Balances, shares at Dec. 31, 2016 | 9,996,000 | ||||||
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) | (20,817) | 930 | (19,887) | ||||
Other comprehensive (loss) | (45,325) | (331) | (45,656) | ||||
Purchase of treasury stock | $ (11,429) | $ (11,429) | |||||
Purchase of treasury stock, shares | 1,175,000 | 1,175,437 | |||||
Stock-based compensation transactions | $ 16,513 | (8,288) | $ 8,225 | ||||
Stock-based compensation transactions, shares | (610,000) | ||||||
Distributions to noncontrolling interests | (502) | (502) | |||||
Ending Balances at Dec. 31, 2016 | $ (160,936) | 93,436 | 306,566 | 114,690 | (106,643) | 7,919 | 255,032 |
Ending Balances, shares at Dec. 31, 2016 | 9,996,000 | ||||||
Net income (loss) | 57,054 | 714 | 57,768 | ||||
Other comprehensive (loss) | 31,175 | 352 | $ 31,527 | ||||
Purchase of treasury stock, shares | 0 | ||||||
Stock-based compensation transactions | $ 13,880 | (4,408) | $ 9,472 | ||||
Stock-based compensation transactions, shares | (610,000) | ||||||
Change in ownership interest | 3,355 | 3,355 | |||||
Distributions to noncontrolling interests | (474) | (474) | |||||
Ending Balances at Dec. 31, 2017 | $ (147,056) | $ 93,436 | $ 302,158 | $ 171,744 | $ (75,468) | $ 11,866 | $ 356,680 |
Ending Balances, shares at Dec. 31, 2017 | 9,386,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | |||
Net income (loss) | $ 57,768 | $ (19,887) | $ 63,104 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
(Gain) loss on sale of assets and businesses | (852) | (2,764) | 1,836 |
Depreciation and amortization | 50,085 | 46,805 | 41,061 |
Interest amortization | 3,496 | 1,353 | 1,125 |
Restructuring and impairment charges | 7,593 | 50,868 | 13,270 |
Loss on extinguishment of debt | 3,905 | ||
Provision for allowance for doubtful accounts | 44 | 1,383 | 639 |
Retirement Benefits | (6,417) | 14,436 | (5,986) |
Deferred income taxes | 23,490 | (11,451) | (66,328) |
Stock-based compensation | 11,770 | 7,245 | 8,868 |
Changes in current assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable | (25,852) | (21,893) | 20,208 |
Inventories | (46,962) | (10,271) | 6,562 |
Other receivables and other current assets | (7,099) | (3,006) | 4,147 |
Accounts payable | 26,150 | 1,162 | (14,605) |
Accrued expenses and other current liabilities | (22,398) | 11,626 | (23,547) |
Other operating activities | 10,069 | (2,976) | 848 |
Net cash provided by operating activities | 84,790 | 62,630 | 51,202 |
Cash flows from investing activities | |||
Capital expenditures for property, plant and equipment and other long lived assets | (50,552) | (24,945) | (43,087) |
Proceeds from sale of assets | 3,634 | 642 | |
Proceeds from sale of equity method investment | 2,268 | ||
Business acquisitions, net of cash acquired | (131,194) | (129,511) | (202,155) |
Other investing | 567 | ||
Net cash (used in) investing activities | (178,911) | (150,822) | (244,600) |
Cash flows from financing activities | |||
Net (repayments) borrowings under loans payable | (19,634) | 4,596 | (7,261) |
Proceeds from revolving credit facility, maturing 2019 | 15,628 | 355,743 | 242,390 |
Principal payments on revolving credit facility, maturing 2019 | (327,183) | (214,188) | (72,390) |
Proceeds from term loan facility, maturing 2024 | 623,827 | ||
Principal payments on term loan facility, maturing 2024 | (4,872) | ||
Principal payments on term loan facility, maturing 2021 | (243,250) | (53,000) | (3,000) |
Proceeds from revolving credit facility, maturing 2022 | 180,605 | ||
Principal payments on revolving credit facility, maturing 2022 | (102,605) | ||
Principal payments on other long-term debt | (3,971) | ||
Proceeds from other long-term debt | 2,700 | ||
Payment of debt issuance costs | (12,927) | (711) | |
Acquisition related contingent consideration payment | (1,315) | ||
Proceeds from exercise of stock options | 4,526 | 1,140 | 404 |
Purchase of treasury stock | (11,429) | (38,571) | |
Other financing activities | (3,166) | (154) | (1,846) |
Net cash provided by financing activities | 108,363 | 81,997 | 119,726 |
Effect of exchange rate changes on cash and cash equivalents | 3,727 | (6,603) | (8,448) |
Increase (decrease) in cash and cash equivalents | 17,969 | (12,798) | (82,120) |
Cash and cash equivalents at beginning of period | 45,582 | 58,380 | 140,500 |
Cash and cash equivalents at end of period | 63,551 | 45,582 | 58,380 |
Cash paid during the period for: | |||
Interest | 26,850 | 17,486 | 16,188 |
Income taxes | $ 25,662 | $ 19,734 | $ 21,364 |
Our Business
Our Business | 12 Months Ended |
Dec. 31, 2017 | |
Our Business [Abstract] | |
Our Business | 1. Our Business Ferro Corporation (“Ferro,” “we,” “us” or “the Company”) is a leading producer of specialty materials that are sold to a broad range of manufacturers who, in turn, make products for many end-use markets. Ferro’s products fall into two general categories: functional coatings, which perform specific functions in the manufacturing processes and end products of our customers; and color solutions, which provide aesthetic and performance characteristics to our customers’ products. We differentiate ourselves in our industry by innovation and new products and services and the consistent high quality of our products, combined with delivery of localized technical service and customized application technology support. Our value-added technical services assist customers in their material specification and evaluation, product design, and manufacturing process characterization in order to help them optimize the application of our products. We manage our businesses through four business units that are differentiated from one another by product type. The four business units are listed below : Tile Coating Systems (1) Porcelain Enamel (1) Performance Colors and Glass Color Solutions (1) Tile Coating Systems and Porcelain Enamel are combined into one reportable segment, Performance Coatings, for financial reporting purposes. We produce our products primarily in the Europe-Middle East region, the U.S., the Asia Pacific region, and Latin America. We sell our products directly to customers and through the use of agents or distributors throughout the world. Our p roducts are sold principally in Europe-Middle East region , the U.S., the Asia Pacific region, and Latin America. Our customers manufacture products to serve a variety of end markets, including appliances , automobiles, building and renovation, electronics , household furnishings, industrial products, packaging, and sanitary . The Company owned 51% of an operating affiliate in Venezuela that was a c onsolidated subsidiary. During the fourth quarter of 2015, we sold our interest in the operating affiliate in Venezuela for a cash purchase price of $0.5 million. As discussed in Note 3, in the third quarter of 2016, we 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 consolidated statements of operations for the years ended December 31, 2016 and 2015. During the first quarter of 2017, the Company renamed the Pigments, Powders and Oxides segment “Color Solutions.” |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Principles of Consolidation Our consolidated financial statements include the accounts of the parent company and the accounts of its subsidiaries and include the results of the Company and all entities in which the Company has a controlling interest . When we consolidate our financial statements, we eliminate intercompany transactions, accounts and profits. When we exert significant influence over an investee but do not control it, we account for the investment and the investment income using the equity method. These investments are reported in the Oth er non-current assets on our balance sheet. We consolidate financial results for six legal entities in which we do not own 100% of the equity interests, either directly or indirectly through our subsidiaries. These entities have non-controlling interest ownerships ranging from 5% to 41% . When we acquire a subsidiary, its financial results are included in our consolidated financial statements from the date of the acquisition. When we dispose of a subsidiary, its financial results are included in our consolidated financial statements until the date of the disposition. In the event that a disposal group meets the criteria for discontinued operations, prior periods are adjusted to reflect the classification. Use of Estimates and Assumptions in the Preparation of Financial Statements We prepare our consolidated financial statements in conformity with accounting principles generally accepted in the United States, which requires us to make estimates and to use judgments and assumptions that affect the timing and amount of assets, liabilities, equity, revenues and expenses recorded and disclosed. The more significant estimates and judgments relate to revenue recognition, restructuring and cost reduction programs , asset impairment, income taxes, inventories, goodwill, pension and other postretirement benefits, purchase price accounting and environmental liabilities. Actual outcomes could differ from our estimates, resulting in changes in revenues or costs that could have a material impact on the Company’s results of operations, financial position, or cash flows. Foreign Currency Translation The financial results of our operations outside of the U.S. are recorded in local currencies, which generally are also the functional currencies for financial reporting purposes. The results of operations outside of the U.S. are translated from these functional currencies into U.S. dollars using the average monthly currency exchange rates. We use the average currency exchange rate for these results of operations as a reasonable approximation of the results had specific currency exchange rates been used for each individual transaction. Foreign currency transaction gains and losses are recorded , as incurred , as Other expense (income) in the consolidated statements of operations. Assets and liabilities are translated into U.S. dollars using exchange rates at the balance sheet dates, and we record the resulting foreign currency translation adjustment s as a separate component of Accumulated other comprehensive loss in equity. Revenue Recognition We typically recognize sales when we ship goods to our customers and when all of the following criteria are met: · Persuasive evidence of an arrangement exists; · The selling price is fixed or determinable; · Collection is reasonably assured; and · Title and risk of loss has passed to our customers. In order to ensure the revenue recognition in the proper period, we review material sales contracts for proper cut-off based upon the business practices and legal requirements of each country. For sales of all products, including those containing precious metals, we report revenues on a gross basis, along with their corresponding cost of sales to arrive at gross profit. We record revenues this way because we act as the principal in the transactions into which we enter. The amount of shipping and handling fees invoiced to our customers at the time our product is shipped is included in net sales. Credit memos issued to customers for sales returns, discounts allowed and sales adjustments are recorded when they are incurred as a reduction of sales. Additionally, we provide certain of our customers with incentive rebate programs to promote customer loyalty and encourage increased product sales. We accrue customer rebates over the rebate periods based upon estimated attainments of the provisions in the rebate agreements , and record these rebate accruals as reductions of sales. Research and Development Expenses Research and development expenses are expensed as incurred and are included in Selling, general and administrative expenses. Total expenditures for product and application technology, including research and development, customer technical support and other related activities, were approximately $36.4 million for 2017, $ 27.3 million for 2016 and $25.6 million for 2015. Restructuring Programs We expense costs associated with exit and disposal activities designed to restructure operations and reduce ongoing costs of operations when we incur the related liabilities or when other triggering events occur. After the appropriate level of management , having the authority , approves the detailed restructuring plan and the appropriate criteria for recognition are met, we establish accruals for employee termination and other costs , as applicable . The accruals are estimates that are based upon factors including statutory and union requirements, affected employees’ lengths of service , salary level, health care benefit choices and contract provisions. We also analyze the carrying value of affected long-lived assets for impairment and reductions in their remaining estimated useful lives. In addition, we record the fair value of any new or remaining obligations when existing operating lease contracts are terminated or abandoned as a result of our exit and disposal activities. Asset Impairment The Company’s long-lived assets include property, plant and equipment, goodwill, and intangible assets. We review property, plant and equipment and intangible assets for impairment whenever events or circumstances indicate that their carrying values may not be recoverable. The following are examples of such events or changes in circumstances: · An adverse change in the business climate of a long-lived asset or asset group; · An adverse change in the extent or manner in which a long-lived asset or asset group is used or in its physical condition; · Current operating losses for a long-lived asset or asset group combined with a history of such losses or projected or forecasted losses that demonstrate that the losses will continue; or · A current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise significantly disposed of before the end of its previously estimated useful life. The carrying amount of property, plant and equipment and intangible assets is not recoverable if the carrying value of the asset group exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset group. In the event of impairment, we recognize a loss for the excess of the recorded value over fair value. The long-term nature of these assets requires the estimation of cash inflows and outflows several years into the future and only takes into consideration technological advances known at the time of review. We review goodwill for impairment annually using a measurement date of October 31, primarily due to the timing of our annual budgeting process, or more frequently in the event of an impairment indicator. The fair value of each reporting unit that has goodwill is estimated using the average of both the income approach and the market approach, which we believe provides a reasonable estimate of the reporting unit’s fair value, unless facts or circumstances exist which indicate a more representative fair value. The income approach is a discounted cash flow model, which uses projected cash flows attributable to the reporting unit, including an allocation of certain corpora te expenses based primarily on proportional sales . We use historical results, trends and our projections of market growth, internal sales efforts and anticipated cost structure assumptions to estimate future cash flows. Using a risk-adjusted, weighted-average cost of capital, we discount the cash flow projections to the measurement date. The market approach estimates a price reasonably expected to be paid by a market participant in the purchase of the reporting units based on a comparison to similar businesses. If the fair value of any reporting unit was determined to be less than its carrying value, we would obtain comparable market values or independent appraisals of its net assets. Derivative Financial Instruments As part of our risk management activities, we employ derivative financial instruments, primarily interest rate swaps and foreign currency forward contracts, to hedge certain anticipated transactions, firm commitments, or assets and liabilities denominated in foreign currencies. We also purchase portions of our energy and precious metal requirements under fixed price forward purchase contracts designated as normal purchase contracts. We record derivatives on our balance sheet as either assets or liabilities that are measured at fair value. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported as a compone nt of other comprehensive income or loss and reclassified from accumulated other comprehensive loss into earnings when the hedged transaction affects earnings. The ineffective portion, if any, in the change in value of these derivatives is immediately recognized in earnings. For derivatives that are not designated as hedges, the gain or loss on the derivative is recognized in current earnings. We only use derivatives to manage well-defined risks and do not use derivatives for speculative purposes. Postretirement and Other Employee Benefits We recognize postretirement and other employee benefits expense as employees render the services necessary to earn those benefits. We determine defined benefit pension and other postretirement benefit costs and obligations with the assistance of third parties who perform certain actuarial calculations. The calculations and the resulting amounts recorded in our consolidated financial statements are affected by assumptions including the discount rate, expected long-term rate of return on plan assets, the annual rate of change in compensation for plan-eligible employees, estimated changes in costs of healthcare benefits, mortality tables, and other factors. We evaluate the assumptions used on an annual basis. Income Taxes We account for income taxes in accordance with Accounting Standards Codification (“ASC”) Topic 740, Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected future tax effects of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We record deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing temporary differences, the availability of tax planning strategies, forecasted income, and recent financial operations. We recognize a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. We recognize interest and penalties related to uncertain tax positions within the income tax expense line in the accompanying consolidated statements of operations. Cash Equivalents We consider all highly liquid instruments with original maturities of three months or less when purchased to be cash equivalents. These instruments are carried at cost, which approximates fair value. Accounts Receivable and the Allowance for Doubtful Accounts Ferro sells its products to customers in diversified industries throughout the world. No customer or related group of customers represents greater than 10% of net sales or accounts receivable. We perform ongoing credit evaluations of our customers and require collateral principally for export sales, when industry practices allow and as market conditions dictate, subject to our ability to negotiate secured terms relative to competitive offers. We regularly analyze significant customer accounts and provide for uncollectible accounts based on historical experience, customer payment history, the length of time the receivables are past due, the financial health of the customer, economic conditions and specific circumstances, as appropriate. Changes in these factors could result in additional allowances. Customer accounts we conclude to be uncollectible or to require excessive collection costs are written off against the allowance for doubtful accounts. Historically, write-offs of uncollectible accounts have been within our expectations. Detailed information about the allowance for doubtful accounts is provided below: 2017 2016 2015 (Dollars in thousands) Allowance for doubtful accounts $ 7,821 $ 8,166 $ 7,784 Bad debt expense 44 1,383 667 Inventories We value inventory at the lower of cost or market, with cost determined utilizing the first-in, first-out (FIFO) method. We periodically evaluate the net realizable value of inventories based primarily upon their age, but also upon assumptions of future usage in production, customer demand and market conditions. Inventory values have been reduced to the lower of cost or market value by allowances for slow moving or obsolete goods. We maintain raw materials on our premises that we do not own, including precious metals consigned from financial institutions and customers. We also consign inventory to our broker and vendors. Although we have physical possession of the goods, their value is not reflected on our balance sheet because we do not have legal title. We obtain precious metals under consignment agreements with financial institutions for periods of one year or less. These precious metals are primarily silver, gold, platinum, and palladium and are used in the production of certain products for our customers. Under these arrangements, the financial institutions own the precious metals, and accordingly, we do not report these precious metals as inventory on our consolidated balance sheets although they are physically in our possession. The financial institutions charge us fees for these consignment arrangements, and these fees are recorded as cost of sales. These agreements are cancelable by either party at the end of each consignment period, however, because we have access to a number of consignment arrangements with available capacity, our consignment needs can be shifted among the other participating institutions in order to ensure our supply. In certain cases, these financial institutions can require cash deposits to provide additional collateral beyond the value of the underlying precious metals. Property, Plant and Equipment We record property, plant and equipment at historical cost. In addition to the original purchased cost, including transportation, installation and taxes, we capitalize expenditures that increase the utility or useful life of existing assets. For constructed assets, we capitalize interest costs incurred during the period of construction. We expense repair and maintenance co sts , as incurred. We depreciate property, plant and equipment on a straight-line basis, generally over the following estimated useful lives of the assets: Buildings 20 to 40 years Machinery and equipment 5 to 15 years Other Capitalized Costs We capitalize the costs of computer software developed or obtained for internal use after the preliminary project stage has been completed, and management, with the relevant authority, authorizes and commits to funding a computer software project, and it is probable that the project will be completed and the software will be used to perform the function intended. External direct costs of materials and services consumed in developing or obtaining internal-use computer software, payroll and payroll-related costs for employees who are directly associated with the project, and interest costs incurred when developing computer software for internal use are capitalized within Intangible assets. Capitalization ceases when the project is substantially complete, generally after all substantial testing is completed. We expense training costs and data conversion costs as incurred. We amortize software on a straight-line basis over its estimated useful life, which has historically been in a range of 1 to 10 years. Environmental Liabilities As part of the production of some of our products, we handle, process, use and store hazardous materials. As part of these routine processes, we expense recurring costs associated with control and disposal of hazardous materials as they are incurred. Occasionally we are subject to ongoing, pending or threatened litigation related to the handling of these materials or other matters. If, based on available information, we believe that we have incurred a liability and we can reasonably estimate the amount, we accrue for environmental remediation and other contingent liabilities. We disclose material contingencies if the likelihood of the potential loss is reasonably possible but the amount is not reasonably estimable. In estimating the amount to be accrued for environmental remediation, we use assumptions about: · Remediation requirements at the contaminated site; · The nature of the remedy; · Existing technology; · The outcome of discussions with regulatory agencies; · Other potentially responsible parties at multi-party sites; and · The number and financial viability of other potentially responsible parties. We actively monitor the status of sites, and, as assessments and cleanups proceed, we update our assumptions and adjust our estimates as necessary. Because the timing of related payments is uncertain, we do not discount the estimated remediation costs. Recently Adopted Accounting Pronouncement 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 award 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 withheld 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 recorded in income tax expense. The Company has elected to account for award 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 August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. ASU 2017-12 provides guidance to better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. This pronouncement is effective for fiscal years beginning after December 15, 2018, including interim 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 May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation: (Topic 718): Scope of Modification Accounting. ASU 2017-09 provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. This pronouncement is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The Company is in the process of assessing the impact that the adoption of this ASU will have on our consolidated financial statements. 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. 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 current goodwill impairment test. This pronouncement is effective for the annual or any interim goodwill impairment tests conducted in fiscal years beginning after December 15, 2019. 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 in evaluating whether transactions should be accounted for as acquisitions (or dispositions) of assets or businesses. This pronouncement is effective for annual periods beginning after December 15, 2017, including interim 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 pronouncement is effective for annual periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. 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. 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. 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. We will adopt the new standard effective January 1, 2018, using the modified retrospective method. We have completed our assessment and review of specific contracts and the assessment will not result in an adjustment to the opening retained earnings balance. We expect the impact of the adoption of the new standard to be immaterial to our net income on an ongoing basis. 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 statement. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 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-sale under ASC Topic 360, Property, Plant and Equipment, were met at that time. During 2016, the Company completed the disposition of the Europe-based Polymer Additives business to Plahoma Two AG, an affiliate of the LIVIA Group. The Company made a capital contribution of €12 million (approximately $13.6 million) to its subsidiaries that owned the assets prior to the close of the sale. In 2016, an impairment charge of $50.9 million was recorded under ASC Topic 360 Property, Plant and Equipment. The charge was calculated as the difference of the executed transaction price and the carrying value of the assets. The impairment charge included $1.1 million associated with the reclassification of foreign currency translation loss from Accumulated other comprehensive loss. The Europe-based Polymer Additives operating results, net of income tax, are classified as discontinued operations in the accompanying consolidated statements of operations for the years ended December 31, 2016 and 2015. The table below summarizes results for the Europe-based Polymer Additives assets, for the years ended December 31, 2016 and 2015, which are reflected in our consolidated statements of operations as discontinued operations. Interes t expense has been allocated to the discontinued operations based on the ratio of net assets of each business to consolidated net assets excluding debt. 2016 2015 Net sales $ 18,481 $ 33,825 Cost of sales 28,473 53,213 Gross loss (9,992) (19,388) Selling, general and administrative expenses 3,094 4,189 Restructuring and impairment charges 50,902 11,792 Interest expense 325 763 Miscellaneous (income) expense, net (392) 647 Loss from discontinued operations before income taxes (63,921) (36,779) Income tax expense 543 — Loss from discontinued operations, net of income taxes $ (64,464) $ (36,779) |
Aquisitions
Aquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Acquisitions [Abstract] | |
Acquisitions | 4. Acquisitions Endeka Group On November 1, 2017, the Company acquired 100% of the equity interest s of Endeka Group (“Endeka”), a global producer of high-value coatings and key raw materials for the ceramic tile market , for €72. 7 million (approximatel y $84. 6 million), including the assumption of d ebt of € 13. 1 million (approximately $15.3 million). The Company incurred acquisition costs for the year ended December 31, 2017, of $2.5 million, which is included in Selling, general and administrative expenses in our consolidated statements of operations. The acquired business contributed net sales of $19.4 million for the year ended December 31, 2017 , and net loss attributable to Ferro Corporation o f $1.7 million for the year ended December 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 December 31, 2017, the purchase price allocation is subject to further adjustment until all information is fully evaluated by the Company. The Company preliminarily recorded $39.8 million of net working capital, $24.1 million of deferred tax assets, $21.8 million of personal and real p roperty and $1. 1 million of noncontrolling interest on the consolidated balance sheet. Gardenia Quimica S.A. On August 3, 2017, the Company acquired a majority interest in Gardenia Quimica S.A. (“Gardenia”) for $3.0 million . The Company previously owned 46% of Gardenia and recorded it as an equity method investment. Following this transaction, the Company now owns 83.5% and fully consolidates Gardenia. Due to a change of control that occurred, the Company recorded a gain on purchase of $2.6 million related to the difference between the Company’s carrying value and fair value of the previously held equity method investment. Dip Tech Ltd. On August 2, 2017, the Company acquired 100% of the equity interests of Dip Tech Ltd. (“Dip-Tech”), a leading provider of digital print ing solutions for glass , for $76.0 million, excluding customary adjustments. Dip-Tech is headquartered in Kfar Saba, Israel. The purchase consideration consisted of cash paid at closing of $59.1 million, net of the net working capital adjustment, and contingent consideration of $16.9 million. The Company incurred acquisition costs for the year ended December 31, 2017 , of $3.2 million, which is included in Selling, general and administrative expenses in our consolidated statements of operations. The acquired business contributed net sales of $18.2 million for the year ended December 31, 2017, and net loss attributable to Ferro Corporation of $2.2 million for the year ended December 31, 2017. The net loss attributable to Ferro Corporation was driven by the amortization of inventory step up costs of $1.1 million and acquired intangible asset amortization costs of $1.6 million for the year ended December 31, 2017 . Dip-Tech incurred research and development costs of $2.6 million for the year ended December 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 December 31, 2017, the purchase price allocation is subject to further adjustment until all information is fully evaluated by the Company. The Company preliminarily recorded $41.2 million of amortizable intangible assets, $32.5 million of goodwill, $7.2 million of deferred tax liabilities, $5.1 million of unamortizable intangible assets, $3.2 million of personal and real property and $1.2 million of net working capital on the consolidated balance sheet. Smalti per Ceramiche, s.r.l On April 24, 2017, the Company acquired 100% of the equity interests of S.P.C. Group s.r.l., and 100% of the equity interest of Smalti per Ceramiche, s.r.l. (together “SPC”), for € 18. 7 million (approximately $20. 3 million), including the assumption of debt of € 5. 7 million (approximately $6.2 million). SPC is a high-end tile coatings manufacturer based in Italy focused on fast-growing specialty products. SPC’s 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 Company incurred acquisition costs for the year ended December 31, 2017 , of $1.5 million which is included in Selling, general and administrative expenses in our 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 December 31, 2017, the purchase price allocation is subject to further adjustment until all information is fully evaluated by the Company. The Company preliminarily re corded $6.1 million of personal and real property, $6.0 million of amortizable intangible assets, $5.2 million of goodwill , $5.0 million of net working capital and $2.0 million of a deferred tax liability on the consolidated balance sheet. Cappelle Pigments NV On December 9, 2016, the Company acquired 100% of the equity interests of Belgium-based Cappelle Pigments NV (“Cappelle”), a leader in specialty, high-performance inorganic and organic pigments used in coating s , inks and plastics, for €49. 8 million (approximately $52.7 million ), including the assumption of debt of €9.8 million (approximately $10.4 million) . The acquired business contributed net sales of $71.8 million and net income attributable to Ferro Corporation of $5.4 million for the year ended December 31, 2017, and net sales of $2.2 million and net loss attributable to Ferro Corporation of $1.8 million for the year ended December 31, 2016 . The information included herein has been prepared based on the allocation of the purchase price using the fair value and useful lives of the assets acquired and liabilities assumed, which were determined with the assistance of third parties who performed independent valuations using discounted cash flow and comparative market approaches and estimates made by manag ement. The Company recorded $27. 7 million of net working capital, $25. 0 million of personal and real property, $3.8 million of goodwill and $3.8 million of a deferred tax liability on the consolidated balance sheet. Electro-Science Laboratories, Inc . On October 31, 2016, the Company acquired 100% of the equity interest s 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 offers a platform for g rowth 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 contributed net sales of $44.3 million and net income attributable to Ferro Corporation of $5.1 million for the year ended December 31, 2017, and net sales of $6.1 million and net income attributable to Ferro Corporation of $0.5 million for the year ended December 31, 2016 . The Company incurred acquisition costs of $0.3 million for the year ended December 31, 201 7 and $1.9 million for the year ended December 31, 2016 , which is included in Selling, general and administrative expenses in our consolidated statements of operations. The information included herein has been prepared based on the allocation of the purchase price using the fair value and useful lives of the assets acquired and liabilities assumed, which were determined with the assistance of third parties who performed independent valuations using discounted cash flow and comparative market approaches and estimates made by management. The Company recorded $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 on the consolidated balance sheet. Delta Performance Products, LLC On August 1, 2016, the Company acquired certain assets of Delta Performance Products, LLC, for a cash purchase price of $4.4 mill ion. The information included herein has been prepared based on the allocation of the purchase price using the fair value and useful lives of the assets acquired and liabilities assumed, which were determined with the assistance of third parties who performed independent valuations using discounted cash flow and comparative market approaches and estimates made by management. The Company recorded $3.2 million of amortizable intangible assets, $0.6 million of net working capital , $0.4 million of goodwill and, $0.2 million of a deferred tax asset on the consolidated balance sheet. Pinturas Benicarló, S.L. On June 1, 2016, the Company acquired 100% of the equity interests 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 allocation of the purchase price using the fair value and useful lives of the assets acquired and liabilities assumed, which were determined with the assistance of third parties who performed independent valuations using discounted cash flow and comparative market approaches and estimates made by management. The Company recorded $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 and, $0.7 million of personal and real property on the consolidated balance sheet. Ferer Dis Ticaret Ve Kimyasallar Anonim Sirketi A.S. On January 5, 2016, the Company acquired 100% of the equity interests of privately held Istanbul-based Ferer Dis Ticaret Ve Kimyasallar Anonim Sirketi A.S. (“Ferer”) for $9.4 million in cash. The information included herein has been prepared 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, and $0.6 million of personal and real property on the consolidated balance sheet. Al Salomi for Frits and Glazes On November 17, 2015, the Company acquired 100% of the equity interests of Egypt-based tile coatings manufacturer Al Salomi for Frits and Glazes (“Al Salomi”) for Egyptian Pound (“EGP”) 307.0 million (approximately $38.2 million), including the assumption of debt . The acquired business contributed net sales of $25.4 million and net income attributable to Ferro Corporation of $3.7 million for the year ended December 31, 2017, net sales of $24.4 million and net loss attributable to Ferro Corporation of $11.8 million for the year ended December 31, 2016 , and net sales of $2.3 million and net loss attributable to Ferro Corporation of $0.5 million for the year ended December 31, 2015 . The net loss attributable to Ferro Corporation for the year ended December 31, 2016 includes an impairment charge of $13.2 million related to the impairment loss of goodwill. The information included herein has been prepared based on the allocation of the purchase price using the fair value and useful lives of the assets acquired and liabilities assumed, which were determined with the assistance of third parties who performed independent valuations using discounted cash flow and comparative market approaches and estimates made by management. The Company recorded $15.0 million of amortizable intangible assets, $14.3 million of goodwill, $10.7 million of personal and real property, $4.8 million of a deferred tax liability, and $3.0 million of net working capital on the consolidated balance sheet. Corporación Química Vhem, S.L., Dibon USA, LLC and Ivory Corporation, S.A. On July 7, 2015, the Company acquired 100% of the equity interests of Corporación Química Vhem, S.L., Dibon USA, LLC and Ivory Corporation, S.A. (together with their direct and indirect subsidiaries, “Nubiola”) on a cash-free and debt-free basis for €167.0 million (approximately $184.2 million). The acquisition was funded with excess cash and borrowings under the Company’s existing revolving credit facility. During the second quarter of 2016, the Company finalized a purchase price adjustment for the settlement of an escrow that reduced the fair value of the net assets acquired to $168.1 million. As a result of the purchase price adjustment, the carrying amount of goodwill decreased $11.7 million, amortizable intangible assets decreased $6.4 million and the related deferred tax liability decreased $1.9 million. The impact of the change on the consolidated statements of operations was not material. Nubiola is a worldwide producer of specialty inorganic pigments and the world’s largest producer of Ultramarine Blue. Nubiola also produces specialty Iron Oxides, Chrome Oxide Greens and Corrosion Inhibitors. Nubiola has production facilities in Spain, Colombia, Romania, and India and a joint venture in China. The information included herein has been prepared based on the allocation of the purchase price using the fair value and useful lives of the assets acquired and liabilities assumed, which were determined with the assistance of third parties who performed independent valuations using discounted cash flow and comparative market approaches and estimates made by management. The following table summarizes the purchase price allocations: July 7, 2015 (Dollars in thousands) Net working capital (1) $ 46,642 Cash and equivalents 19,966 Personal property 39,444 Real property 28,510 Intangible assets 26,757 Other assets and liabilities (20,733) Goodwill 27,498 Net assets acquired $ 168,084 (1) Net working capital is defined as current assets, less cash, le ss current liabilities . Th e acquired business contributed net sales of $138.9 million and net income attributable to Ferro Corporation of $21.8 million for the year ended December 31, 2017, net sales of $123.2 million and net income attributable to Ferro Corporation of $24.4 million for the year ended December 31, 2016, and net sales of $56.9 million and net income attributable to Ferro Corporation of $0.3 million for the year ended December 31, 2015 . The Company incurred acquisition related costs of $5.4 million for the year ended December 31, 2015, which is recorded within Selling, general and administrative expenses, in our consolidated statements of operations. The fair value of the receivables acquired was $24.5 million, with a gross contractual amount of $25.2 million. The Company recorded acquired intangible assets subject to amortization of $21.1 million, which was comprised of $5.4 million of customer relationships and $15.7 million of technology/know-how, which will be amortized over 20 years and 15 years, respectively. The Company recorded acquired indefinite-lived intangible assets of $5.6 million related to trade names and trademarks. Goodwill is calculated as the excess of the purch ase price over the fair values of the assets acquired and the liabilities assumed in the acquisition and is a result of anticipated synergies. Goodwill is not deductible for tax purposes. The following unaudited pro froma information represents the consolidated results of the Company as if the Nubiola acquisition occurred as of January 1, 2015: 2015 (unaudited) (In thousands, except per share amounts) Net sales $ 1,141,200 Net income attributable to Ferro Corporation common shareholders $ 69,489 Net earnings per share attributable to Ferro Corporation common shareholders - Basic $ 0.80 Net earnings per share attributable to Ferro Corporation common shareholders - Diluted $ 0.79 The unaudited pro forma information has been adjusted with the respect to certain aspects of the acquisition to reflect the following: · Additional depreciation and amortization expenses that would have been recognized assuming fair value adjustments to the existing Nubiola assets acquired, including intangible assets and fixed assets. · Elimination of revenue and costs of goods sold for sales from Nubiola to the Company, which would be eliminated as intercompany transactions for Nubiola and the Company on a consolidated basis. · Increased interest expense due to additional borrowings to fund the acquisition. · Acquisition-related costs, which were included in the Company’s results. · Adjustments for the income tax effect of the pro forma adjustments related to the acquisition. TherMark Holdings, Inc . In February 2015 , the Company acquired TherMark Holdings, Inc., a leader in laser marking technology, for a cash purchase price of $5.5 million. The Company recorded $4.6 million of amortizable intangible assets, $2.5 million of goodwill, $1.7 million of a deferred tax liability, and $0.1 million of net working capital on our consolidated balance sheet. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventories [Abstract] | |
Inventories | 5. Inventories Inventory at December 31 consisted of the following: 2017 2016 (Dollars in thousands) Raw materials $ 112,300 $ 72,943 Work in process 39,454 38,859 Finished goods 172,426 118,045 Total inventories $ 324,180 $ 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 amounts we consign. These fees were $1.2 million for 2017 , $0.8 mill ion for 2016 , and $0.8 million for 2015 . We had on hand precious metals owned by participants in our precious metals consignment program of $37.7 million at December 31, 2017 , and $28.7 million at December 31, 2016 , measured at fair value based on market prices for identical assets. |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant And Equipment [Abstract] | |
Property, Plant And Equipment | 6. Property, Plant and Equipment Property, Plant and Equipment at December 31 consisted of the following: 2017 2016 (Dollars in thousands) Land $ 48,566 $ 37,136 Buildings 199,076 171,809 Machinery and equipment 548,864 477,376 Construction in progress 28,125 15,063 Total property, plant and equipment 824,631 701,384 Total accumulated depreciation (502,889) (439,358) Property, plant and equipment, net $ 321,742 $ 262,026 Depreciation expense was $36.9 million for 2017 , $37.9 million for 2016 , and $36.2 million for 2015. Noncash investing activities for capital expenditures, consisting of new capital leases during the year and unpaid capital expenditure liabilities at year end, were $8.8 million for 2017 , $5.0 million for 2016 , and $6.6 million for 2015 . As discussed in Note 3 - Discontinued Operations, our Europe-based Polymer Additives assets were classified as held-for-sale under ASC Topic 360, Property, Plant and Equipment from 2014 until the ultimate sale of the business in 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 at each reporting date was determined using both the market approach and income approach, utilizing Level 3 measurements within the fair value hierarchy, which indicated the fair value, less costs to sell, was less than the carrying value at certain reporting periods . As a result of the respective analyses, the assets had a carrying value that exceeded fair value, resulting in impairment charges totaling $50.9 million and $11.8 million that are included in Loss from discontinued operations, net of income taxes, in our consolidated statements of operations for the years ended December 31, 2016 and 2015, respectively. The following table presents information about the Company’s impairment charges on assets that were required to be measured on a fair value basis for the years ended December 31, 2016 and 2015. The table also indicates the level within the fair value hierarchy of the valuation techniques used by the Company to determine the fair value: Fair Value Measurements Using Total Description Level 1 Level 2 Level 3 Total (Losses) (Dollars in thousands) December 31, 2016 $ — $ — $ — $ — $ (50,902) December 31, 2015 $ — $ — $ 33,711 $ 33,711 $ (11,792) The inputs to the valuation techniques used to measure fair value are classified into the following categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. During 2016, we recorded a $3.9 million gain on sale from the sale proceeds of a closed site in Australia which was recorded in Miscellaneous (income) expense, net in our consolidated statements of operations for the year ended December 31, 2016. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 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 are as follows : Performance Performance Color Colors and Coatings Solutions Glass Total (Dollars in thousands) Goodwill, net at December 31, 2015 $ 43,484 $ 48,794 $ 53,391 $ 145,669 Acquisitions — (7,756) (1), (2) 28,332 (3) 20,576 Impairments (13,198) — — (13,198) Foreign currency adjustments (2,196) (617) (1,938) (4,751) Goodwill, net at December 31, 2016 28,090 40,421 79,785 148,296 Acquisitions 5,970 (5) 328 (7) 31,616 (4), (6) 37,914 Foreign currency adjustments 4,176 1,786 3,197 9,159 Goodwill, net at December 31, 2017 $ 38,236 $ 42,535 $ 114,598 $ 195,369 (1) During 2016, the Company recorded a purchase price adjustment within the measurement period for goodwill related to the Nubiola acquisition. Refer to Note 4 for additional details. (2) During 2016, the Company recorded goodwill related to the Delta Performance Products and Cappelle acquisitions. Refer to Note 4 for additional details. (3) During 2016, the Company recorded goodwill related to Ferer, Pinturas and ESL acquisitions. Refer to Note 4 for additional details. (4) During 2017, the Company recorded a purchase price adjustment within the measurement period for goodwill related to the ESL acquisition. (5) During 2017, the Company recorded goodwill related to the SPC and Gardenia acquisitions. Refer to Note 4 for additional details. (6) During 2017, the Company recorded goodwill related to the Dip-Tech acquisition. Refer to Note 4 for additional details. (7) During 2017, the Company recorded a purchase price adjustment within the measurement period for goodwill related to the Cappelle acquisition. December 31, December 31, 2017 2016 (Dollars in thousands) Goodwill, gross $ 253,836 $ 206,763 Accumulated impairment losses (58,467) (58,467) Goodwill, net $ 195,369 $ 148,296 The significant assumptions and ranges of assumptions we used in our impairment analyses of goodwill follow: Significant Assumptions 2017 2016 Weighted-average cost of capital 11.0% - 13.5 % 10.75% - 13.5 % Residual growth rate 3.0 % 3.0 % D uring the fourth quarter of 2017 and 2016 , we performed our annual goodwill impairment testing. The test entailed comparing the fair value of our reporting units to their carrying value as of the meas urement date of October 31, 2017, and October 31, 2016 , respectively. We performed step 1 of the annual impairment test as defined in ASC Topic 350, Intangibles - Goodwi ll and Other. During our 2017 assessment , the result of the goodwill impairment test was that there were no indicators of impairment. During our 2016 assessment, an impairment indicator was identified within our Tile Coating Systems reporting unit, a component of our Performance Coatings segment. The impairment indicator was the current, and forecasted, performance of the reporting unit in total. We compared the carrying value against the fair value, and determined that the carrying value exceed ed the fair value. As a result , an impairment loss of $13.2 million has been included in restructuring and impairment charges in the consolidated statement of operations for the year ended December 31, 2016. The Company is not aware of any events or circumstances that occurred between the annual assessment date and December 31, 2017 , which would require further testing of goodwill for impairment . Fair Value Measurements Using Total Description Level 1 Level 2 Level 3 Total (Losses) (Dollars in thousands) December 31, 2016 $ — $ — $ — $ — $ (13,198) A mortizable intangible assets at December 31 consisted of the following: Estimated Economic Life 2017 2016 (Dollars in thousands) Gross amortizable intangible assets: Patents 10 - 16 years $ 5,279 $ 5,147 Land rights 20 - 40 years 4,947 4,746 Technology/know-how and other 1 - 30 years 131,070 84,837 Customer relationships 10 - 20 years 93,500 80,153 Total gross amortizable intangible assets 234,796 174,883 Accumulated amortization: Patents (5,226) (4,981) Land rights (2,883) (2,698) Technology/know-how and other (45,214) (34,775) Customer relationships (11,114) (5,311) Total accumulated amortization (64,437) (47,765) Amortizable intangible assets, net $ 170,359 $ 127,118 We amortize amortizable intangible assets on a straight-line basis over the estimated useful lives of the assets. Amortization expense related to amortizable intangible assets was $ 13.1 million for 2017 , $8.9 milli on for 2016 , and $4.9 million for 2015. A mortization expense for amortizable intangible assets is expected to be approx imately $16.6 million for 2018, $16.1 million for 2019, $14.8 million for 2020, $13.4 million for 2021, and $13.2 million for 2022. Indefinite-lived intangible assets at December 31 consisted of the following: 2017 2016 (Dollars in thousands) Indefinite-lived intangibles assets: Trade names and trademarks $ 17,257 $ 10,732 |
Debt And Other Financing
Debt And Other Financing | 12 Months Ended |
Dec. 31, 2017 | |
Debt And Other Financing [Abstract] | |
Debt And Other Financing | 8. Debt and Other Financing Loans payable and current portion of long-term debt at December 31 consisted of the following: 2017 2016 (Dollars in thousands) Loans payable $ 16,360 $ 11,452 Current portion of long-term debt 8,776 5,858 Loans payable and current portion of long-term debt $ 25,136 $ 17,310 Long-term debt at December 31 consisted of the following: 2017 2016 (Dollars in thousands) Revolving credit facility, maturing 2019 $ — $ 311,555 Revolving credit facility, maturing 2022 78,000 — Term loan facility, net of unamortized issuance costs, maturing 2021 (1) — 239,530 Term loan facility, net of unamortized issuance costs, maturing 2024 (2) 645,242 — Capital lease obligations 4,913 3,720 Other notes 7,112 8,228 Total long-term debt 735,267 563,033 Current portion of long-term debt (8,776) (5,858) Long-term debt, less current portion $ 726,491 $ 557,175 (1) The carrying value of the term loan facility, maturing 2021, was 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 $7.5 million. The annual maturities of long-term debt for each of the five years after December 31, 2017, are as follows (in thousands): 2018 $ 9,109 2019 8,349 2020 7,736 2021 7,490 2022 86,440 Thereafter 624,728 Total maturities of long-term debt 743,852 Unamortized issuance costs on Term loan facility (7,451) Imputed interest and executory costs on capitalized lease obligations (1,134) Total long-term debt $ 735,267 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. The Company can also raise certain additional debt or credit facilities subject to satisfaction of certain covenant levels. Certain of the Company’s U.S. subsidiaries have guaranteed the Company’s obligations under the 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 December 31, 2017, the Company had borrowed $354.8 million under the secured term loan facility at an interest rate of 4.07% and €248.1 million (approximately $297.9 million) under the secured Euro term loan facility at an interest rate of 2.75% . At December 31, 2017, there were no additional borrowings available under the term loan facilities. We entered into interest rate swap agreements in the second quarter of 2017. These swaps converted $150 million and €90 million of our term loans from variable interest rates to fixed interest rates. At December 31, 2017, the effective int erest rate for the term loan facilities after adjusting for the interest rate swap was 4.27% for the secured term loan facility and 3.00% for the Euro term loan facility. 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 December 31, 2017, there were $78.0 million borrowings under the revolving credit line at an interest rate of 3.63% . After reductions for outstanding letters of credit secured by these facilities, we had $317.3 million of additional borrowings available under the revolving credit facilities at December 31, 2017. 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 December 31, 2017, we were in compliance with the covenants of the Credit Facility. 2014 Credit Facility On July 31, 2014, the Company entered into a credit facility (the “2014 Credit Facility”) with a group of lenders to refinance the majority of its then outstanding debt. The 2014 Credit Facility consisted of a $200 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. On January 25, 2016, the Company amended the Credit Facility by entering into the Incremental Assumption Agreement (the “Incremental Agreement”) to increase the revolving line of credit commitment amount from $200 million to $300 million. The Company then used a portion of the increase in the revolving line of credit to repay $50 million of the term loan facility. The 2014 Credit Facility was amended and a portion of the outstanding term loan was repaid to increase the amount of total liquidity available under the 2014 Credit Facility and reduce the total cost of borrowings. On August 29, 2016, the Company amended the 2014 Credit Facility by entering into the Second Incremental Assumption Agreement (the “Second Incremental Agreement”) to increase the revolving line of credit commitment amount to $400 million. Principal payments on the term loan facility of $0.75 million quarterly, are payable commencing December 31, 2014, with the remaining balance due on the maturity date. At December 31, 2016, after taking into account all prior quarterly payments and the $50 million prepayment that was made in January 2016, the Company had borrowed $243.3 million under the term loan facility at an annual rate of 4.0% . There are no additional borrowings available under the term loan facility. 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 most of the Company’s U.S. subsidiaries and 65% of most of the stock of the Company’s first tier foreign subsidiaries. Interest Rate – Term Loan: The interest rates applicable to the term loans will be, at the Company’s option, equal to either a base rate or a London Interbank Offered Rate (“LIBOR”) rate plus, in both cases, an applicable margin. · The base rate 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 2.25% . · The LIBOR rate will be set as quoted by Bloomberg and shall not be less than 0.75% . · The applicable margin for LIBOR rate loans is 3.25% . · For LIBOR rate 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. 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 an applicable variable margin. The variable margin will be based on the ratio of (a) the Company’s total consolidated 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 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 1.50% and 2.00% . · The LIBOR rate will be set as quoted by Bloomberg for U.S. Dollars. · The applicable margin for LIBOR Rate Loans will vary between 2.50% and 3.00% . · For LIBOR rate loans, the Company may choose to set the duration on individual borrowings for periods of one, two, three or six months, with the interest rate based on the applicable LIBOR rate for the corresponding duration. At December 31, 2016, the Company had borrowed $311.6 millio n under the revolving credit facilities at a weighted average interest rate of 3.5% . After reductions for outstanding letters of credit secured by these facilities, we had $84.1 mi llion of additional borrowing s available under the revolving credit facilities at December 31, 2016 . In conjunction with the refinancing of the 2014 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 on extinguishment of debt in our consolidated statement of operations for the year ended December 31, 2017. Other Financing Arrangements We maintain other lines of credit to provide global flexibility for Ferro’s short-term liquidity requirements. These facilities are uncommitted lines for our international operations and totale d $ 64.5 million at December 31, 2017 , and $7. 3 million at December 31, 2016 . The unused portions of these lines provided additional liquidity of $ 39.4 million at December 31, 2017, and $6. 7 million at December 31, 2016. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Financial Instruments | 9. Financial Instruments The following table presents financial instrument assets (liabilities) at the carrying amount, fair value and classification within the fair value hierarchy: December 31, 2017 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 (Dollars in thousands) Cash and cash equivalents $ 63,551 $ 63,551 $ 63,551 $ — $ — Loans payable (16,360) (16,360) — (16,360) — Revolving credit facility, maturing 2022 (78,000) (79,295) — (79,295) — Term loan facility, maturing 2024 (1) (645,242) (646,979) — (646,979) — Other long-term notes payable (7,112) (3,973) — (3,973) — Interest rate swaps - asset 1,616 1,616 — 1,616 — Interest rate swaps - liability (124) (124) — (124) — Foreign currency forward contracts, net (469) (469) — (469) — 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) — Revolving credit facility, maturing 2019 (311,555) (318,389) — (318,389) — Term loan facility, maturing 2021 (1) (239,530) (252,052) — (252,052) — Other long-term notes payable (8,228) (7,315) — (7,315) — Foreign currency forward contracts, net 350 350 — 350 — (1) The carrying values of the term loan facilities are net of unamortized debt issuance costs of $7.5 million and $3.7 million for the period ended December 31, 2017, and December 31, 2016, respectively. The fair values of cash and cash equivalents are based on the fair values of identical assets. The fair values of loans payable are based on the present value of expected future cash flows and approximate their carrying amounts due to the short periods to maturity. At December 31, 2017, the fair value of the term loan facility is based on market price information and is measured using the last available bid price of the instrument on a secondary market 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 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 performance risk. The fair values of our interest rate swaps are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. The fair values of the foreign currency forward contracts are based on market prices for comparable contracts. Derivative Instruments The Company may use derivative instruments to mitigate its business exposure to foreign currency and interest rate risk on expected future cash flows, on net investment in certain foreign subsidiaries and on certain existing assets and liabilities. However, the Company may choose not to hedge in countries where it is not economically feasible to enter into hedging arrangements or where hedging inefficiencies exist, such as timing of transactions. Derivatives Designated as Hedging Instruments Interest rate swaps. To reduce our exposure to interest rate changes on our variable-rate debt, we entered into interest rate swap agreements in the second quarter of 2017. These swaps converted $150 million and €90 million of our term loans from variable interest rates to fixed interest rates. These swaps qualify and were designated as cash flow hedges. The effective portions of cash flow hedges are recorded in accumulated other comprehensive loss (“AOCL”) and are reclassified into earnings in the same period the underlying hedged items impact earnings. The ineffective portions of cash flow hedges is recognized immediately into earnings. The Company did not have any ineffectiveness related to the interest rate swaps during the year ended December 31, 2017. The amount of gain recognized in AOCL at December 31, 2017 and the amount of loss reclassified into earnings for the year ended December 31, 201 7, follow: Amount of Gain Recognized Amount of Loss Reclassified from in AOCL - Effective Portion AOCL into Income - Effective Portion 2017 2017 (Dollars in thousands) Interest rate swap $ 1,492 $ (527) Net investment hedge. To help protect the value of the Company’s net investment in European operations against adverse changes in exchange rates, the Company uses non-derivative financial instruments, such as its foreign currency denominated debt, as economic hedges of its net investments in certain foreign subsidiaries. Net investment hedges that use foreign currency denominated debt to hedge net investments are not impacted by ASC Topic 820, Fair Value Measurements, as the debt used as a hedging instrument is marked to a value with respect to changes in spot foreign currency exchange rates and not with respect to other factors that may impact fair value. The effective portions of net investment hedges are recorded in AOCL as a part of the cumulative translation adjustment. The ineffective portions of net investment hedges are recognized immediately into earnings. Effective May 1, 2017, the Company designated a portion of its Euro denominated debt as a net investment hedge for accounting purposes. The fair value of the net investment hedge is €31.0 million at December 31, 2017. The Company did no t have any ineffectiveness related to net investment hedges during the year ended December 31, 2017. The a mount of loss recognized in AOCL at December 31, 2017 and the amount of loss reclassified into earnings for the year ended December 31, 2017, follow: Amount of Loss Recognized Amount of Loss Reclassified from in AOCL - Effective Portion AOCL into Income - Effective Portion 2017 2017 (Dollars in thousands) Net investment hedge $ (10,972) $ — Derivatives Not Designated as Hedging Instruments Foreign currency forward contracts. We manage foreign currency risks principally by entering into forward contracts to mitigate the impact of currency fluctuations on transactions. These forward contracts are not formally designated as hedges. Gains and losses on these foreign currency forward contracts are netted with gains and losses from currency fluctuations on transactions arising from international trade, primarily intercompany transactions, and reported as Foreign currency losses, net in the consolidated statements of operations. We incurred net losses of $2.9 million in 2017, net losses of $2.7 million in 2016 and net gains of $8.3 million in 2015 , arising from the change in fair value of our fin ancial instruments, which are netted against the related net gains and losses on international trade transactions. The fair values of these contracts are based on market prices for comparable contracts. The notional amount of foreign currency forward contracts was $238.5 million at December 31, 2017, and $ 338.2 million at December 31, 2016. The following table presents the effect on our consolidated statements of operations for the years ended December 31, 2017, 2016 and 2015, respectively, of foreign currency forward contracts: Amount of (Loss) Gain Recognized in Earnings 2017 2016 2015 Location of (Loss) Gain in Earnings (Dollars in thousands) Foreign currency forward contracts $ (2,938) $ (2,714) $ 8,304 Foreign currency losses, net Location and Fair Value Amount of Derivative Instruments The following table presents the fair values on our consolidated balance sheets at December 31 of derivative instruments: 2017 2016 Balance Sheet Location (Dollars in thousands) Asset derivatives: Interest rate swaps $ 1,616 $ — Other non-current assets Foreign currency forward contracts 661 1,854 Other current assets Liability derivatives: Interest rate swaps (124) — Accrued expenses and other current liabilities Foreign currency forward contracts $ (1,130) $ (1,504) Accrued expenses and other current liabilities |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | 10. Income Taxes Income tax expense (benefit) is based on our earnings from continuing operations before income taxes as presented in the following table: 2017 2016 2015 (Dollars in thousands) U.S. $ 9,857 $ 7,416 $ 10,520 Foreign 100,661 55,029 44,263 Total $ 110,518 $ 62,445 $ 54,783 Our income tax expense (benefit) from continuing operations consists of the following components: 2017 2016 2015 (Dollars in thousands) Current: U.S. federal $ (82) $ 4,616 $ 146 Foreign 29,289 24,675 21,041 State and local 53 28 41 Total current 29,260 29,319 21,228 Deferred: U.S. federal 24,534 379 (56,521) Foreign (1,064) (11,830) (3,764) State and local 20 — (6,043) Total deferred 23,490 (11,451) (66,328) Total income tax expense (benefit) $ 52,750 $ 17,868 $ (45,100) In addition, income tax (benefit) expense that we allocated directly to Ferro Corporation shareholders’ equity is detailed in the following table: 2017 2016 2015 (Dollars in thousands) Interest rate swaps $ 547 $ — $ — Postretirement benefit liability adjustments 18 30 32 Net investment hedge (4,025) — — Stock options exercised — (2,355) — Total income tax (benefit) expense allocated to Ferro Corporation shareholders' equity $ (3,460) $ (2,325) $ 32 A reconciliation of the U.S. federal statutory income tax rate and our effective tax rate follows: 2017 2016 2015 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % U.S. tax rate change due to the Tax Act 19.5 — — Uncertain tax positions 5.1 1.7 4.3 Non-deductible expenses 2.4 3.4 3.0 U.S. tax costs of foreign dividends 0.3 0.6 1.7 State taxes (0.1) (0.7) 0.6 Adjustment of valuation allowances (0.3) (7.4) (118.4) Tax rate changes (0.5) (0.7) 3.4 Notional interest deduction (0.5) (2.8) (2.8) Net adjustment of prior-year accrual, including tax audit settlements (0.5) 1.5 0.2 Foreign currency (0.6) (1.6) 2.3 Domestic production activities deduction (0.6) (0.2) — Other tax credits (1.1) (2.9) (2.3) Miscellaneous (1.3) 3.2 1.7 Goodwill dispositions and impairments (1.8) 8.3 (0.2) Foreign tax rate difference (7.3) (8.8) (6.9) Foreign substitute tax payment — — (3.9) Effective tax rate 47.7 % 28.6 % (82.3) % On December 22, 2017, U.S. federal tax legislation, commonly referred to as the Tax Cut and Jobs Act (the “Tax Act”), was signed into law, significantly changing the U.S. corporate income tax system. These changes include a federal statutory rate reduction from 35% to 21% effective January 1, 2018. Changes in tax rates and tax law are accounted for in the period of enactment. Accordingly, the Company’s net deferred tax assets were re-measured to reflect the reduction in the federal statutory rate, resulting in a $21.5 million increase in income tax expense for the year ended December 31, 2017. The Tax Act also changed the U.S. taxation of worldwide income. Accordingly, we have assessed the one-time mandatory deemed repatriation tax on accumulated foreign subsidiaries’ previously untaxed foreign earnings and profits and have preliminarily determined no tax is due. Additional provisions of the Tax Act which may have an impact to the Company include, but are not limited to, the repeal of the domestic production deduction, limitations on interest expense, accelerated depreciation that will allow for full expensing of qualified property, provisions related to performance-based executive compensation and international provisions, which generally establish a territorial-style system for taxing foreign-source income of domestic multinational corporations. We have recognized the provisional tax impacts related to the Tax Act under the guidance of SEC Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”). The ultimate impact may differ from these provisional amounts due to additional analysis, changes in interpretations and assumptions, additional regulatory guidance that may be issued, and actions we may take as a result of the Tax Act. Pursuant to SAB 118, adjustments to the provisional amounts recorded by the Company as of December 31, 2017, that are identified within a subsequent measurement period of up to one year from the enactment date will be included as an adjustment to income tax expense in the period the amounts are determined. We have refundable income taxes of $6.9 million at December 31, 2017 , and $9.2 million at December 31, 2016, classified as Other receivables on our consolidated balance sheets. We also have income taxes payable of $8.3 million at December 31, 2017, and $15.8 million at December 31, 2016, classified as Accrued expenses and other current liabilities on our consolidated balance sheets. The components of deferred tax assets and liabilities at December 31 were: 2017 2016 (Dollars in thousands) Deferred tax assets: Foreign operating loss carryforwards $ 44,804 $ 30,352 Pension and other benefit programs 36,720 51,189 U.S foreign tax credit carryforwards 20,054 19,753 Accrued liabilities 14,625 20,942 Other credit carryforwards 10,889 11,277 Currency differences 7,376 3,138 Other 5,823 5,643 State and local operating loss carryforwards 4,808 3,975 Inventories 2,679 1,962 Allowance for doubtful accounts 1,822 1,744 Total deferred tax assets 149,600 149,975 Deferred tax liabilities: Property, plant and equipment and intangibles -- depreciation and amortization 38,785 28,418 Other 2,339 3,091 Unremitted earnings of foreign subsidiaries 1,163 779 Total deferred tax liabilities 42,287 32,288 Net deferred tax assets before valuation allowance 107,313 117,687 Valuation allowance (32,579) (37,354) Net deferred tax assets $ 74,734 $ 80,333 The amounts of foreign operating loss carryforwards, foreign tax credit carryforwards, and other credit carryforwards included in the table of temporary differences are net of reserves for unrecognized tax benefits. At December 31, 2017, we had $2.6 m illion of tax benefits from domestic operating loss carryforwards and $49.3 m illion from foreign operating loss carryforwards, some of which can be carried forward indefinitely and others that expire in one to twenty years. At December 31, 2017 , we had $ 35.4 million of tax benefits from tax credit carryforwards, some of which can be carried forward indefinitely. These operating loss carryforwards and tax credit carryforwards expire as follows: Operating Loss Tax Credit Carryforwards Carryforwards Expiring in: (Dollars in thousands) 2018 $ 809 $ — 2019-2023 9,765 16,103 2024-2028 2,513 11,666 2029-2033 2,794 5,403 2034-2038 123 1,566 2039-Indefinitely 35,859 684 Total $ 51,863 $ 35,422 We assess the available positive a nd negative evidence to determine if sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant piece of objective negative evidence evaluated by jurisdiction was whether a cumulative loss over the three-year period ended December 31, 2017 had been incurred. Such objective evidence limits the ability to consider other subjective evidence such as our projections for future income. Based on this assessment, the Company has recorded a valuation allowance of $ 32.6 million in order to measure only the portion of the deferred tax assets that more likely than not will be realized. The lower valuation allowance from 2016 to 2017 primarily related to the removal of a valuation allowance in a jurisdictions where it was deemed the valuation allowance was no longer necessary and the expiration of assets with an off-setting valuation allowance. We classified net deferred incom e tax assets as of December 31 as detailed in the following table: 2017 2016 (Dollars in thousands) Non-current assets $ 108,025 $ 106,454 Non-current liabilities (33,291) (26,121) Net deferred tax assets $ 74,734 $ 80,333 Activity and balances of unrecognized tax benefits are summarized below: 2017 2016 2015 (Dollars in thousands) Balance at beginning of year $ 30,085 $ 34,541 $ 36,879 Additions for tax positions of prior years 2,057 170 4,136 Foreign currency adjustments 1,644 (526) (1,744) Additions based on tax positions related to the current year 1,609 1,445 2,664 Reductions for tax positions of prior years (288) (2,827) (1,135) Settlements with taxing authorities (353) — — Reductions as a results of expiring statutes of limitations (6,284) (2,718) (6,259) Balance at end of year $ 28,470 $ 30,085 $ 34,541 The total amount of unrecognized tax benefits that, if recognized, would affect the effective rate was $9.8 million at December 31, 2017 , and $11.0 million at December 31, 2016 . The Com pany recognizes interest and penalties related to unrecognized tax benefits as part of income tax expense. The Company recognized $0.7 million of expense in 2017 , $0.1 million of expense in 2016 , and $0.6 million of expense in 2015 for interest, net of tax, and penalties. The Company accrued $3.8 million at December 31, 2017 , and $3.1 million at December 31, 2016 , for payment of interest, net of tax, and penalties. We anticipate that $1.0 million of liabilities for unrecognized tax benefits, including accrued interest and penalties, may be reversed within the next 12 months. These liabilities relate to international tax issues and are expected to reverse due to the expiration of the applicable statute of limitations periods and the anticipation of the closure of tax examinations. The Company conducts business globally, and, as a result, the U.S. parent company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the U.S. parent company and its subsidiaries are subject to examination by taxing authorities throughout the world. With few exceptions, we are not subject to federal, state, local or non-U.S. income tax examinations for years before 200 5 . At December 31, 2017 , we provided $1.2 million for deferred income taxes on $8.6 million of undistributed earnings of foreign subsidiaries . We have not provided deferred income taxes on undistributed earnings of all our foreign subsidiaries since we intend to indefinitely reinvest the earnings and it is not practicable to esti mate the additional taxes that m ight be payable on the eventual remittance of such earnings. |
Contingent Liabilities
Contingent Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Contingent Liabilities [Abstract] | |
Contingent Liabilities | 11. Contingent Liabilities The Company had bank guarantees and standby letters of credit issued by financial institutions that totaled $7.7 million at December 31, 2017 , and $6.4 million at December 31, 2016 . These agreements primarily relate to Ferro’s insurance programs, foreign energy purchase contracts and foreign tax payments. If the Company fails to perform its obligations, the guarantees and letters of credit may be drawn down by their holders, and we would be liable to the financial institutions for the amounts drawn. We have recorded environmental liabilities of $6.7 million at December 31, 2017 , and $7.2 million at December 31, 2016 , for costs associated with the remediation of certain of our properties that have been contaminated. The balance at December 31, 2017 , and December 31, 2016 , was primarily comprised of liabilities related to a non-operating facility in Brazil, and for retained environmental obligations related to a site in the United States that was part of the sale of our North American and Asian metal powders produc t 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 liability for $8.7 million at December 31, 2016. During 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 liability recorded at December 31, 2017, is $3.3 million. There are various lawsuits and claims pending against the Company and its consolidated subsidiaries. We do not currently expect the ultimate liabilities, if any, and expenses related to suc h lawsuits and claims to materially affect the consolidated financial position, results of operations, or cash flows of the Company. |
Retirement Benefits
Retirement Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | 12. Retirement Benefits Defined Benefit Pension Plans U.S. Pension Plans Non-U.S. Plans 2017 2016 2015 2017 2016 2015 (Dollars in thousands) Service cost $ 11 $ 16 $ 17 $ 1,717 $ 1,372 $ 1,478 Interest cost 14,594 15,552 18,718 2,468 3,319 3,560 Expected return on plan assets (20,111) (19,735) (29,168) (896) (1,712) (2,623) Amortization of prior service cost 7 11 12 42 37 259 Mark-to-market actuarial net (gains) losses (5,432) 9,127 18,807 (1,459) 11,180 5,085 Curtailment and settlement effects losses (gains) 2,581 — (12,640) 39 688 35 Special termination benefits — — — 52 330 35 Net periodic benefit (credit) cost $ (8,350) $ 4,971 $ (4,254) $ 1,963 $ 15,214 $ 7,829 Weighted-average assumptions: Discount rate 4.40 % 4.70 % 4.25 % 2.24 % 3.12 % 2.72 % Rate of compensation increase N/A N/A N/A 3.14 % 3.16 % 3.28 % Expected return on plan assets 8.20 % 8.20 % 8.20 % 2.54 % 3.41 % 3.50 % For the majority of our U.S. defined benefit pension plans, the participants stopped accruing benefit service costs after March 31, 2006, except for one plan with a single employee. In 2017, the mark-to-market actuarial net gain on the U.S. pension plans of $5.4 million was based on $20.8 million of gain from actual returns on plan assets exceeding expected returns on plan assets, partially offset by a loss on remeasurement of the liability from a lower discount rate compared with the prior year. The m ark-to-market actuarial net gain of $1.5 million for non-U.S. plans was primarily driven by remeasurement of the respective liabilities at a higher discount rate. In 2016, the mark-to-market actuarial net loss on the U.S. pension plans of $9.1 million consisted of a charge of $5.7 million to remeasure the liability based on a lower discount rate compared with the prior year, and $3.4 million of loss from expected returns on plan assets exceeding actual returns . The mark-to-market actuarial net loss of $11.2 million for non-U.S. plans was primarily driven by remeasurement of the respective liabilities at lower discount rates. In 2015, the mark-to-market actuarial net loss on the U.S. pension plans of $18.8 million primarily consisted of $20.8 million of loss from expected returns on plan assets exceeding actual returns , partially offset by an increase in the discount rate compared with the prior year . The mark-to-market actuarial net loss of $5.1 million for non-U.S. plans primarily consisted of $11.0 million of loss from expected returns on plan assets exceeding actual returns, partially offset by an increase in the discount rate . In 2015, the Company initiated and executed on a buyout of terminated vested participants in our U.S. defined benefit pension plan. In October 2015, the buyout was funded and reduced plan assets and liability by $71 million and resulted in a settlement gain of $12.6 million. U.S. Pension Plans Non-U.S. Pension Plans 2017 2016 2017 2016 (Dollars in thousands) Change in benefit obligation Benefit obligation at beginning of year $ 345,202 $ 346,951 $ 103,490 $ 123,764 Service cost 11 16 1,717 1,372 Interest cost 14,594 15,552 2,468 3,319 Settlements (51,124) (144) (387) (34,528) Special termination benefits — — 52 330 Plan participants' contributions — — 25 54 Benefits paid (23,469) (22,918) (2,826) (3,195) Net transfer in — — 416 — Actuarial loss (gain) 17,956 5,745 (1,381) 20,490 Exchange rate effect — — 13,572 (8,116) Benefit obligation at end of year $ 303,170 $ 345,202 $ 117,146 $ 103,490 Accumulated benefit obligation at end of year $ 303,170 $ 345,202 $ 112,732 $ 93,401 Change in plan assets: Fair value of plan assets at beginning of year $ 272,549 $ 278,735 $ 33,683 $ 63,649 Actual return on plan assets 40,919 16,354 933 10,977 Employer contributions 385 522 2,515 3,060 Plan participants' contributions — — 25 54 Benefits paid (23,469) (22,918) (2,826) (3,195) Effect of settlements (51,124) (144) (387) (34,746) Exchange rate effect — — 4,327 (6,116) Fair value of plan assets at end of year $ 239,260 $ 272,549 $ 38,270 $ 33,683 Amounts recognized in the balance sheet: Other non-current assets $ — $ — $ — $ 484 Accrued expenses and other current liabilities (422) (579) (2,354) (2,070) Postretirement and pension liabilities (63,488) (72,074) (76,522) (68,221) Funded status $ (63,910) $ (72,653) $ (78,876) $ (69,807) During 2017, the Company settle d a portion of its pension obligation in the U.S. for $51.1 million. During 2016, the Company settled a pension obligation in Great Britain for $32.2 million. U.S. Pension Plans Non-U.S. Pension Plans 2017 2016 2017 2016 (Dollars in thousands) Weighted-average assumptions as of December 31: Discount rate 3.80 % 4.40 % 2.35 % 2.24 % Rate of compensation increase N/A N/A 3.18 % 3.14 % Pension plans with benefit obligations in excess of plan assets: Benefit obligations $ 303,170 $ 345,202 $ 87,990 $ 73,903 Plan assets 239,260 272,549 9,114 3,612 Pension plans with accumulated benefit obligations in excess of plan assets: Projected benefit obligations $ 303,170 $ 345,202 $ 84,206 $ 73,393 Accumulated benefit obligations 303,170 345,202 73,902 63,538 Plan assets 239,260 272,549 5,464 3,179 Activity and balances in Accumulated other comprehensive loss related to defined benefit pension plans are summarized below: U.S. Pension Plans Non-U.S. Pension Plans 2017 2016 2017 2016 (Dollars in thousands) Prior service (cost): Balance at beginning of year $ (7) $ (18) $ (265) $ (425) Amounts recognized as net periodic benefit costs 7 11 42 37 Exchange rate effects — — (38) 123 Balance at end of year $ — $ (7) $ (261) $ (265) Estimated amounts to be amortized in 2018 $ — $ (41) The overall investment objective for our defined benefit pension plan assets is to achieve the highest level of investment return that is compatible with prudent investment practices, asset class risk and current and future benefit obligations of the plans. Based on the potential risks and expected returns of various asset classes, the Company establishes asset allocation ranges for major asset classes. For U.S. plans, the target allocations are 35% fixed income, 60% equity, and 5% other investments. For non-U.S. plans, the target allocations are 75% fixed income, 24% equity, and 1% other investments . The Company invests in funds and with asset managers that track broad investment indices. The equity funds generally capture the returns of the equity markets in th e U.S., Europe, and Asia Pacific and also reflect various investment styles, such as growth, value, and large or small capitalization. The fixed income funds generally capture the returns of government and investment-grade corporate fixed income securities in the U.S. and Europe and also reflect various durations of these securities. We derive our assumption for expected return on plan assets at the beginning of the year based on the weighted-average expected return for the target asset allocations of the major asset classes held by each plan. In determining the expected return, the Company considers both historical performance and an estimate of future long-term rates of return. The Company consults with , and considers the opinion of , its actuaries in developing appropriate return assumptions. The fair values of our pension plan assets at December 31, 2017 , by asset category are as follows: Level 1 Level 2 Level 3 Total (Dollars in thousands) U.S. plans: Fixed income: Cash and cash equivalents $ 3 $ — $ — $ 3 Guaranteed deposits — 1,802 — 1,802 Mutual funds 74,875 — — 74,875 Commingled funds — 667 269 936 Equities: U.S. common stocks 6,678 — — 6,678 Mutual funds 129,887 — — 129,887 Commingled funds — 999 — 999 Total assets in the fair value hierarchy $ 211,443 $ 3,468 $ 269 $ 215,180 Investments measured at net asset value 24,080 Investments at fair value $ 211,443 $ 3,468 $ 269 $ 239,260 Non-U.S. plans Fixed income: Guaranteed deposits $ 42 $ 751 $ 30,127 $ 30,920 Mutual funds 1,122 — — 1,122 Other 3,293 2,332 — 5,625 Equities: Mutual funds 517 — — 517 Other assets 86 — — 86 Total $ 5,060 $ 3,083 $ 30,127 $ 38,270 The fair values of our pension plan assets at December 31, 2016, by asset category are as follows: Level 1 Level 2 Level 3 Total (Dollars in thousands) U.S. plans: Fixed income: Cash and cash equivalents $ 3 $ — $ — $ 3 Guaranteed deposits — 1,817 — 1,817 Mutual funds 85,580 — — 85,580 Commingled funds — 777 371 1,148 Equities: U.S. common stocks 4,057 — — 4,057 Mutual funds 156,675 — — 156,675 Commingled funds — 1,096 — 1,096 Real estate — — 22,173 22,173 Total $ 246,315 $ 3,690 $ 22,544 $ 272,549 Non-U.S. plans Fixed income: Guaranteed deposits $ 97 $ 726 $ 26,332 $ 27,155 Mutual funds 365 — — 365 Other 3,679 2,153 — 5,832 Equities: Mutual funds 200 — — 200 Real estate — — 84 84 Other assets 47 — — 47 Total $ 4,388 $ 2,879 $ 26,416 $ 33,683 The Company’s U.S. pension plans held 0.3 million shares of the Company’s common stock with a market value of $6.7 million at December 31, 2017 , and 0.3 million shares with a market value of $4.1 million at December 31, 2016 . Level 3 assets consist primarily of guaranteed deposits. The guaranteed deposits in Level 3 are in the form of contracts with insurance companies that secure the payment of benefits and are valued based on discounted cash flow models using the same discount rate used to value the related plan liabilities. The investments measured at net investment value, which is a practical expedient to estimating fair value, seek both current income and long term capital appreciation through investing in underlying funds that acquire, manage, and dispose of commercial real estate properties. A rollforward of Level 3 assets is presented below. Unrealized gains included in earnings were $2.3 million in 2017 and $13.0 million in 2016. Transfers out of Level 3 during 2017 represent a correction to remove certain U.S. real estate assets measured at net investment value per share using a practical expedient from the fair value hierarchy. Guaranteed Commingled deposits Real estate funds Total (Dollars in thousands) Balance at December 31, 2015 $ 54,006 $ 20,133 $ 366 $ 74,505 Sales (33,084) — — (33,084) Gains included in earnings 10,867 2,124 5 12,996 Exchange rate effect (5,457) — — (5,457) Balance at December 31, 2016 $ 26,332 $ 22,257 $ 371 $ 48,960 Sales (465) — — (465) Gains (losses) included in earnings 531 1,823 (102) 2,252 Transfers — (24,080) — (24,080) Exchange rate effect 3,729 — — 3,729 Balance at December 31, 2017 $ 30,127 $ — $ 269 $ 30,396 We expect to contribute approximately $0.4 million to our U.S. pension plans and $2.7 million to our non -U.S. pension plans in 2018 . We estimate that future pension benefit payments , will be as follows: U.S. Plans Non-U.S. Plans (Dollars in thousands) 2018 $ 19,222 $ 5,049 2019 19,353 4,861 2020 19,491 4,312 2021 19,642 4,388 2022 19,844 5,360 2023-2027 97,664 24,979 Postretirement Health Care and Life Insurance Benefit Plans 2017 2016 2015 (Dollars in thousands) Net periodic benefit cost: Interest expense $ 843 $ 944 $ 970 Mark-to-market actuarial net loss (gain) 458 (164) (3,051) Total net periodic benefit cost (credit) $ 1,301 $ 780 $ (2,081) Weighted-average assumptions: Discount rate 4.20 % 4.50 % 3.95 % Current trend rate for health care costs 6.50 % 6.60 % 7.10 % Ultimate trend rate for health care costs 4.50 % 4.50 % 4.50 % Year that ultimate trend rate is reached 2036 2036 2028 A one-percentage-point change in the assumed health care cost trend rates would have the following effect: 1-Percentage- 1-Percentage- Point Point Increase Decrease (Dollars in thousands) Effect on total of service and interest costs components $ 53 $ (46) Effect on postretirement benefit obligation 1,180 (1,034) 2017 2016 (Dollars in thousands) Change in benefit obligation: Benefit obligation at beginning of year $ 21,056 $ 22,030 Interest cost 843 944 Benefits paid (1,632) (1,754) Actuarial loss (gain) 458 (164) Benefit obligation at end of year $ 20,725 $ 21,056 Change in plan assets: Fair value of plan assets at beginning of year $ — $ — Employer contributions 1,632 1,754 Benefits paid (1,632) (1,754) Fair value of plan assets at end of year $ — $ — Amounts recognized in the balance sheet: Accrued expenses and other current liabilities $ (2,132) $ (2,208) Postretirement and pension liabilities (18,593) (18,848) Funded status $ (20,725) $ (21,056) Weighted-average assumptions as of December 31: Discount rate 3.70 % 4.20 % Current trend rate for health care costs 6.40 % 6.50 % Ultimate trend rate for health care costs 4.50 % 4.50 % Year that ultimate rend rate is reached 2036 2036 The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 provides subsidies for certain drug costs to companies that provide coverage that is actuarially equivalent to the drug coverage under Medicare Part D. We estimate that future postretirement health care and life insurance benefit payments will be as follows: Before Medicare After Medicare Subsidy Subsidy (Dollars in thousands) 2018 $ 2,132 $ 1,905 2019 2,060 1,843 2020 1,977 1,771 2021 1,896 1,701 2022 1,806 1,621 2023-2027 7,659 6,908 Other Retirement Plans We also have defined contribution retirement plans covering certain employees. Our contributions are determined by the terms of the plans and are limited to amounts that are deductible for income taxes. Generally, benefits under these plans vest over a period of five years from date of employment. The largest plan covers salaried and most hourly employees in the U.S. In this plan, the Company contributes a percentage of eligible employee basic compensation and also a percentage of employee contributions. The expense applicable to these plans was $5.7 million, $4.2 million, and $3.4 million in 2017 , 2016 , and 2015 , respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 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 performance goals and objectives, thereby aligning their interests with those of its shareholders. The Plan reserves 4,400,000 shares of common stock to be issued for grants of several different types of long-term incentives including stock options, stock appreciation rights, restricted shares, performance shares, other common stock based awards, and dividend equivalent rights. The 2010 Lon g Term Incentive Plan (the “Previous Plan”) was replaced by the Plan, and no future grants have been made under the Previous Plan. However, any outstanding awards or grants made under the Previous Plan will continue until the end of their specified terms. Stock options, performance share units, deferred stock units, and restricted stock units were the only grant types outstanding at December 31, 2017. Stock options, performance share units, and restricted stock units are discussed below. Activities in other grant types were not significant. Stock Options General Information Stock options outstanding at December 31, 2017 have a term of 10 years, vest evenly over three years on the anniversary of the grant date, and have an exercise price equal to the per share fair market value of our common stock on the grant date. Accelerated vesting is used for options held by employees who meet both the age and years of service requirements to retire prior to the end of the vesti ng period. In the case of death or retirement , the stock options become 100% vested and exercisable. Stock Option Valuation Model and Method Information We estimate the fair value of each stock option on the date of grant using the Black-Scholes option pricing model. We use judgment in selecting assumptions for the model, which may significantly impact the timing and amount of compensation expense, and we base our judgments primarily on historical data. When appropriate, we adjust the historical data for circumstances that are not likely to occur in the future. The following table details the determination of the assumptions used to estimate the fair value of stock options: Assumption Estimation Method Expected life, in years Historical stock option exercise experience Risk-free interest rate Yield of U.S. Treasury Bonds with remaining maturity equal to expected life of the stock option Expected volatility Historical daily price observations of the Company’s common stock over a period equal to the expected life of the stock option Expected dividend yield Historical dividend rate at the date of grant The following table details the weighted-average grant-date fair values and the assumptions used for estimating the fair values of stock options granted in the respective years: 2017 2016 2015 Weighted-average grant-date fair value $ 7.29 $ 4.94 $ 8.45 Expected life, in years 6.0 6.0 6.0 Risk-free interest rate 1.9% - 2.3 % 1.4% - 1.6 % 1.9% - 2.1 % Expected volatility 48.0 % - 51.5 % 52.0% - 53.6 % 55.0% - 80.1 % Expected dividend yield — % — % — % Stock Option Activity Information A summary of stock option activity follows: Weighted- Average Weighted- Remaining Aggregate Number of Average Contractual Intrinsic Options Exercise Price Term Value Outstanding at December 31, 2016 1,818,850 10.85 Granted 211,400 14.35 Exercised (350,698) 12.90 Forfeited or expired (112,283) 21.73 Outstanding at December 31, 2017 1,567,269 $ 10.08 5.86 $ 21,168 Exercisable at December 31, 2017 1,116,629 $ 14.15 4.81 $ 15,984 Vested or expected to vest at December 31, 2017 1,567,269 $ 10.08 5.86 $ 21,168 We calculated the aggregate intrinsic value in the table above by taking the total pretax difference between our common stock’s closing market value per share on the last trading day of the year and the stock option exercise price for each grant and multiplying that result by the number of shares that would have been received by the option holders had they exercised all their in-the-money stock options. Information related to stock options exercised follows: 2017 2016 2015 (Dollars in thousands) Proceeds from the exercise of stock options $ 4,526 $ 1,140 $ 404 Intrinsic value of stock options exercised 2,898 1,496 457 Income tax benefit related to stock options exercised 1,014 524 160 Stock Options Expense Information A summary of amounts recorded and to be recorded for stock-based compensation related to stock options follows: 2017 2016 2015 (Dollars in thousands) Compensation expense recorded in Selling, general and administrative expenses $ 1,588 $ 1,388 $ 1,736 Deferred income tax benefits related to compensation expense 333 486 608 Total fair value of stock options vested 1,388 1,757 1,664 Unrecognized compensation cost 621 513 702 Expected weighted-average recognition period for unrecognized compensation, in years 2.0 2.1 2.6 Performance Share Units General Information Performance share units, expressed as shares of the Company’s common stock, are earned only if the Company meets specific performance targets over a three -year pe riod. The grants have a vesting period of three years. The Plan allows for payout of up to 200% of the vesting-date fair value of the awards . We pay half of the earned value in cash and half in unrestricted shar es of common stock. The portion of the grants that will be paid in cash are treated as liability awards , and therefore, we remeasure our liability and the related compensation expense at each balance sheet date, based on fair value. We treat the po rtion of the grants that will be settled with common stock as equity awards, and therefore, the amount of stock-based compensation we record over the performance period is based on the fair value on the grant date. The compensation expense and number of shares expected to vest for all performance share units are adjusted each reporting period for the achievement of the performance sha re units’ performance metrics , based upon our best estimate using available information . Performance Share Unit Valuation Model and Method Information The estimated fair value of perform ance share units granted in 2017, 2016 and 2015 is based on the closing price of the C ompany’s common stock on the date of issuance and recorded based on achievement of target performance metrics. As of December 31, 2017, w e had 0.2 million, 0.2 million and 0.2 million performance share units outs tanding associated with our 2017, 2016 and 2015 grants , respectively. The weighted average grant date fair value of our performance share units was $14.89 for shares granted in 2017, $10.07 for shares granted in 2016 and $12.32 for shares granted in 2015 . All performance share units are initially expensed at target and are evaluated each reporting period for likelihood of ach ieving the performance metrics, and the expense is adjusted, as appropriate. Performance Share Unit Activity Information A summary of performance share unit activity follows: Weighted- Average Remaining Number of Contractual Units Term Outstanding at December 31, 2016 653,990 Granted 174,800 Earned (120,192) Forfeited or expired (87,108) Outstanding at December 31, 2017 621,490 1.0 Vested or expected to vest at December 31, 2017 621,490 1.0 Performance Share Unit Expense Information A summary of amounts recorded and to be recorded for stock-based compensation related to performance share units follows: 2017 2016 2015 (Dollars in thousands) Compensation expense recorded in Selling, general and administrative expenses $ 6,881 $ 3,437 $ 4,669 Deferred income tax benefits related to compensation expense 1,445 1,203 1,634 Unrecognized compensation cost 3,801 3,733 2,858 Expected weighted-average recognition period for unrecognized compensation, in years 1.4 2.0 1.5 Restricted Stock Units We granted 0.2 million, 0.3 million and 0.2 million restricted stock units in 2017, 2016, and 2015, respectively. Fair value of restricted stock units is determined based on the closing price of the C ompany’s common stock on the date of issuance . Restricted stock units are expressed as equivalent shares of the Company’s common stock, and have a three- year vesting period. Total expense included in Selling, general and administrative expense related to restricted stock units granted in 2017, 2016 and 2015 was $2.5 million, $1.7 million and $1.7 million, respectively. Total unrecognized compensation cost in 2017, 2016 and 2015 was $2.8 million, $2.4 million and $2.9 million, respectively. Directors’ Deferred Compensation Separate from the Plan, the Company has established the Ferro Corporation Deferred Compensation Plan for Non-employee Directors, permitting its non-employee directors to voluntarily defer all or a portion of their compensation. The voluntarily deferred amounts are placed in individual accounts in a benefit trust known as a “rabbi trust” and invested in the Company’s common stock with dividends reinvested in additional shares. All disbursements from the trust are made in the Company’s common stock. The stock held in the rabbi trust is classified as treasury stock in shareholders’ equity and the deferred compensation obligation that is required to be settled in shares of the Company’s common stock, is classified as paid-in capital. The rabbi trust held 0.1 million shares, valued at $1.6 million, at December 31, 2017 , and 0.2 million shares, valued at $2.1 million, at December 31, 2016 . |
Restructuring And Cost Reductio
Restructuring And Cost Reduction Programs | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring And Cost Reduction Programs [Abstract] | |
Restructuring And Cost Reduction Programs | 14. Restructuring and Cost Reduction Programs Our restructu ring and cost reduction programs have be en developed with the objective of leveraging our global scale, realigning and lowering our cost structure and optimizing capacity utilization . Total restructuring charges resulting from these activities were $9. 8 million in 2017 , $2. 7 million in 2016 , and $9. 5 million in 2015, which are reported in Restructuring and impairment charges in our consolidated statement of operations. Descriptions of the restructuring program follow: Global Cost Reduction Program In 2013, we initiated a Global Cost Reduction Program that was designed to address 3 key areas of the company - (1) business realignment, (2) operational efficiency and (3) corporate and back office functions. Business realignment was targeted at right-sizing our commercial management organizations globally. The operational efficiency component of the program was designed to improve the efficiency of our plant operations and supply chain. The corporate and back office initiative is principally comprised of work that we are doing with our strategic partners in the areas of finance and accounting and information technology outsourcing. We have summarized the charges associated with this restructuring program by major type of charges below: Employee Asset Severance Other Costs Impairment Total (Dollars in thousands) Expected restructuring charges: Global Cost Reduction Program $ 39,135 $ 29,562 1,176 $ 69,873 Total expected restructuring charges $ 39,135 $ 29,562 $ 1,176 $ 69,873 Restructuring charges incurred: Global Cost Reduction Program $ 4,015 $ 5,519 — $ 9,534 Charges incurred in 2015 $ 4,015 $ 5,519 $ — $ 9,534 Global Cost Reduction Program 1,353 1,356 — 2,709 Charges incurred in 2016 $ 1,353 $ 1,356 $ — $ 2,709 Global Cost Reduction Program 5,167 3,500 1,176 9,843 Charges incurred in 2017 $ 5,167 $ 3,500 $ 1,176 $ 9,843 Cumulative restructuring charges incurred: Global Cost Reduction Program 35,024 25,979 1,176 62,179 Cumulative restructuring charges incurred as of December 31, 2017 $ 35,024 $ 25,979 $ 1,176 $ 62,179 We have summarized the charges associated with the restructuring programs by segments below: Total Cumulative Expected Charges To Charges 2017 2016 2015 Date (Dollars in thousands) Performance Coatings $ 11,506 $ 2,948 $ 192 $ 204 $ 7,052 Performance Colors and Glass 20,032 971 205 2,300 20,032 Color Solutions 4,189 1,250 630 1,970 4,189 Segment Total 35,727 5,169 1,027 4,474 31,273 Corporate Restructuring Charges 34,146 4,674 1,682 5,060 30,906 Total Restructuring Charges $ 69,873 $ 9,843 $ 2,709 $ 9,534 $ 62,179 We have summarized the activities and accruals related to our restructuring and cost reduction programs below: Employee Asset Severance Other Costs Impairment Total (Dollars in thousands) Balance at December 31, 2014 $ 519 $ 937 $ — $ 1,456 Restructuring charges 4,015 5,519 — 9,534 Cash payments (3,832) (4,341) — (8,173) Non-cash items (9) (38) — (47) Balance at December 31, 2015 $ 693 $ 2,077 $ — $ 2,770 Restructuring charges $ 1,353 $ 1,356 $ — $ 2,709 Cash payments (1,634) (1,089) — (2,723) Non-cash items (173) (855) — (1,028) Balance at December 31, 2016 $ 239 $ 1,489 $ — $ 1,728 Restructuring charges $ 5,167 $ 3,500 $ 1,176 $ 9,843 Cash payments (3,316) (500) — (3,816) Non-cash items 196 (3,255) (1,176) (4,235) Balance at December 31, 2017 $ 2,286 $ 1,234 $ — $ 3,520 We expect to make cash payments to settle the remaining liability for employee severance benefits and other costs primarily over the next twelve months where applicable , except where l egal or contractual obligations would require it to extend beyond that period . |
Leases
Leases | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Leases | 15. Leases Rent expense for all operating leases was $12.2 million in 2017 , $9.8 million in 2016 , and $9.1 million in 2015 . The Company has a number of capital lease arrangements primarily relating to buildings and equipment. Asse ts held under capital leases are included in property, plan t and equipment, and at December 31 are as follow s : 2017 2016 (Dollars in thousands) Gross amounts capitalized Buildings $ 4,781 $ 3,100 Equipment 3,710 3,989 8,491 7,089 Accumulated amortization Buildings (3,190) (3,100) Equipment (2,420) (2,079) (5,610) (5,179) Net assets under capital leases $ 2,881 $ 1,910 At December 31, 2017 , future minimum lease payments under all non-cancelable leases are as follow s : Capital Leases Operating Leases (Dollars in thousands) 2018 $ 1,112 $ 11,696 2019 1,070 7,212 2020 773 5,088 2021 486 3,464 2022 1,352 2,455 Thereafter 1,254 3,100 Net minimum lease payments $ 6,047 $ 33,015 Less amount representing imputed interest and executory costs 1,134 Present value of net minimum lease payments 4,913 Less current portion 782 Long-term obligations at December 31, 2017 $ 4,131 |
Miscellaneous (Income) Expense,
Miscellaneous (Income) Expense, Net | 12 Months Ended |
Dec. 31, 2017 | |
Miscellaneous (Income) Expense, Net [Abstract] | |
Miscellaneous (Income) Expense, Net | 16. Miscellaneous (Income ) Expense, Net Components of Miscellaneous (income) expense, net follow: 2017 2016 2015 (Dollars in thousands) Argentina export tax matter $ (3,549) $ 1,128 $ 1,070 (Gain) on change of control (2,561) — — Dividends/royalty from affiliates, net (993) (1,245) (364) Equity method investment loss (income) 261 (260) (817) Loss (gain) on sale of assets 722 (3,891) 57 Contingent consideration paid 1,721 — — Bank fees 2,229 1,855 1,407 Other, net 548 (247) (305) Total Miscellaneous (income) expense, net $ (1,622) $ (2,660) $ 1,048 In 2017, the Company acquired a majority equity interest in Gardenia (Note 4), and due to the change of control that occurred, the Company recorded a gain on purchase of $2.6 million related to the difference between the Company’s carrying value and fair value of the previously held equity method investment. In 2013, the Supreme Court in Argentina ruled unfavorably related to certain export taxes associated with a divested operation. In 2017, the Company participated in a newly available tax regime, resulting in the reduction of these outstanding tax labilities, and as a result recorded a gain of $4.5 million for the year ended December 31, 2017. W e recorded a $0.9 million charge in 2017 , $1.1 million charge in 2016 and $1.1 million charge in 2015 related to interest on the liabilities . In 2016, we recorded a $3.9 million gain on sale from the proceeds of a closed site in Australia which was recorded for the year ended December 31, 2016. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 17. Earnings per Share Details of the calculations of b asic and diluted earnings per share follow: 2017 2016 2015 (Dollars in thousands, except per share amounts) Basic earnings (loss) per share computation: Net income (loss) attributable to Ferro Corporation common shareholders $ 57,054 $ (20,817) $ 64,100 Adjustment for loss from discontinued operations — 64,464 36,779 Total $ 57,054 $ 43,647 $ 100,879 Weighted-average common shares outstanding 83,713 83,298 86,718 Basic earnings per share from continuing operations attributable to Ferro Corporation common shareholders $ 0.68 $ 0.52 $ 1.16 Diluted earnings (loss) per share computation: Net income (loss) attributable to Ferro Corporation common shareholders $ 57,054 $ (20,817) $ 64,100 Adjustment for loss from discontinued operations — 64,464 36,779 Total $ 57,054 $ 43,647 $ 100,879 Weighted-average common shares outstanding 83,713 83,298 86,718 Assumed exercise of stock options 762 549 432 Assumed satisfaction of deferred stock unit conditions — 36 — Assumed satisfaction of restricted stock unit conditions 351 544 338 Assumed satisfaction of performance stock unit conditions 330 483 945 Weighted-average diluted shares outstanding 85,156 84,910 88,433 Diluted earnings per share from continuing operations attributable to Ferro Corporation common shareholders $ 0.67 $ 0.51 $ 1.14 The number of anti-dilutive or unearned shares was 1. 6 million, 1. 7 million, and 1. 8 million for 2017 , 2016 , and 2015 , respectively. These shares were excluded from the calculation of diluted earnings per share due to their anti-dilutive impact. |
Share Repurchase Program
Share Repurchase Program | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders Equity [Abstract] | |
Share Repurchase Program | 18. 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. The Company made no repurchases during 2017. 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 during 2016, and had repurchased 3,282,908 shares of common stock at average price of $11.75 for a total cost of $38.6 million during 2015. Under the share repurchase programs, the Company has repurchased an aggregate of 4,458,345 shares of common stock, at an average price of $11. 21 per share, for a total cost of $50.0 million. As of December 31, 2017, $50.0 million of common stock may still be repurchased under the programs. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 19 . Accumulated Other Comprehensive Income (Loss ) Changes in Accumulated other comprehensive income (loss) by component, net of income tax , were as follows: Postretirement Net Gain Benefit Liability Translation on Cash Adjustments Adjustments Flow Hedges Total (Dollars in thousands) Balance at December 31, 2014 $ 888 $ (22,693) $ — $ (21,805) Other comprehensive income (loss) before reclassifications, before tax — (39,436) — (39,436) Reclassification to earnings: Postretirement benefit liabilities loss, before tax (109) — — (109) Current period other comprehensive loss, before tax (109) (39,436) — (39,545) Tax effect (32) — — (32) Current period other comprehensive loss, net of tax (77) (39,436) — (39,513) Balance at December 31, 2015 811 (62,129) — (61,318) Other comprehensive income (loss) before reclassifications, before tax — (46,770) — (46,770) Reclassification to earnings: Postretirement benefit liabilities gain, before tax 360 — — 360 Foreign currency translation adjustment, before tax (1) — 1,115 — 1,115 Current period other comprehensive income (loss), before tax 360 (45,655) — (45,295) Tax effect 30 — — 30 Current period other comprehensive income (loss), net of tax 330 (45,655) — (45,325) Balance at December 31, 2016 1,141 (107,784) — (106,643) Other comprehensive income before reclassifications, before tax — 26,181 2,019 28,200 Reclassification to earnings: Cash flow hedge loss, before tax — — (527) (527) Postretirement benefit liabilities gain, before tax 42 — — 42 Current period other comprehensive income, before tax 42 26,181 1,492 27,715 Tax effect 18 (4,025) 547 (3,460) Current period other comprehensive income, net of tax 24 30,206 945 31,175 Balance at December 31, 2017 $ 1,165 $ (77,578) $ 945 $ (75,468) (1) Includes a release of accumulated foreign currency translation of $1.1 million related to the Company’s sale of the Europe-based Polymer Additives business (Note 3), which is included in Loss from discontinued operations, net of income taxes in our consolidated statements of operations for the year ended December 31, 2016. |
Reporting For Segments
Reporting For Segments | 12 Months Ended |
Dec. 31, 2017 | |
Reporting For Segments [Abstract] | |
Reporting For Segments | 20. Reporting for Segments The Company’s reportable segments are Performance Coatings, Performance Colors and Glass, and Color Solutions. Net sales to external customers by segment are presented in the table below. Sales between segments were not material. 2017 2016 2015 (Dollars in thousands) Performance Coatings $ 594,029 $ 526,981 $ 533,370 Performance Colors and Glass 444,653 371,464 376,769 Color Solutions 358,060 246,847 165,202 Total net sales $ 1,396,742 $ 1,145,292 $ 1,075,341 S egment gross profit is the metric utilized by management to evaluate segment performance . We measure segment gross profit for internal reporting purposes by excluding certain other cost of sales not directly attributab le to business units, and pension and other postretirement benefits mark-to-market adjustments. Assets by segment are not regularly reviewed by the chief operating decision maker. Each segment’s gross profit and reconciliations to Income before income taxes are presented in the table below: 2017 2016 2015 (Dollars in thousands) Performance Coatings $ 145,797 $ 139,454 $ 126,945 Performance Colors and Glass 157,544 133,716 128,209 Color Solutions 113,694 84,293 45,678 Other cost of sales (814) (6,246) 848 Total gross profit 416,221 351,217 301,680 Selling, general and administrative expenses 258,604 241,702 216,899 Restructuring and impairment charges 11,409 15,907 9,655 Other expense, net 35,690 31,163 20,343 Income before income taxes $ 110,518 $ 62,445 $ 54,783 Each segment’s capital expenditures for long-lived assets are detailed below: 2017 2016 2015 (Dollars in thousands) Performance Coatings $ 19,734 $ 9,139 $ 8,148 Performance Colors and Glass 9,374 7,123 6,620 Color Solutions 20,356 4,867 2,412 Total segment expenditures for long-lived assets 49,464 21,129 17,180 Unallocated corporate expenditures for long-lived assets 1,088 2,896 3,142 Total expenditures for long lived assets (1) $ 50,552 $ 24,025 $ 20,322 _____________________ (1) Excludes capital expenditure s of discontinued operations of $0.9 million and $22.7 million in 2016 and 2015 , respectively. We sell our products throughout the world and we attribute sales to countries based on the country where we generate the customer invoice. No single country other than the U.S . and Spain rep resent greater than 10% of our net sales. Net sales by geography are as follows: 2017 2016 2015 (Dollars in thousands) United States $ 356,482 $ 300,187 $ 281,976 Spain 214,732 188,972 174,742 Other international 825,528 656,133 618,623 Total net sales $ 1,396,742 $ 1,145,292 $ 1,075,341 No ne of our operations in countries other than Spain, U.S . and Colombia ow ns greater than 10% of consolidated long-lived assets. Long-lived assets that consist of property, plant, and equipment by geography at December 31 are as follows: 2017 2016 (Dollars in thousands) Spain $ 76,142 $ 51,358 United States 44,956 40,661 Colombia 29,731 30,700 Other international 170,913 139,307 Total long-lived assets $ 321,742 $ 262,026 |
Unconsolidated Affiliates Accou
Unconsolidated Affiliates Accounted For Under the Equity Method | 12 Months Ended |
Dec. 31, 2017 | |
Unconsolidated Affiliates Accounted For Under the Equity Method [Abstract] | |
Unconsolidated Affiliates Accounted For Under the Equity Method | 21. Unconsolidated Affiliates Accounted For Under the Equity Method At December 31, 2017 , our percentage of ownership interest in these affiliates ranged from 34% to 50% . Because we exert significant influence over these affiliates, but we do not control them, our investments have been accounted for under the equity method. Investment income from these equity method investments, which is reported in Miscellaneous (income) expense, net was a loss of $0.3 million in 2017 , income of $0.3 million in 2016 , and income of $0.8 million in 2015 . The balance of our equity method investments, which is reported in Other non-current assets, was $7.6 million at December 31, 2017 , and $15.1 million at December 31, 2016 . The (loss) income that we record for these investments is equal to our proportionate share of the affiliates’ income or loss and our investments are equal to our proportionate share of the affiliates’ shareholders’ equity based on our ownership percentage. We have summarized below condensed income statement and balance sheet information for the combined equity method investees: 2017 2016 2015 (Dollars in thousands) Net sales $ 33,851 $ 42,555 $ 47,443 Gross profit 5,655 4,842 4,799 Income from continuing operations (224) 694 1,887 Net (loss) income (220) 236 1,292 2017 2016 (Dollars in thousands) Current assets $ 19,908 $ 38,246 Non-current assets 10,834 28,124 Current liabilities (13,207) (16,283) Non-current liabilities (467) (16,923) We had the following transactions with our equity-method investees: 2017 2016 2015 (Dollars in thousands) Sales $ 5,378 $ 4,589 $ 6,740 Purchases 2,006 758 3,485 Dividends and interest received 920 268 332 Commission and royalties received 130 1,003 197 Commissions and royalties paid 57 26 165 |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Data (Unaudited) [Abstract] | |
Quarterly Data (Unaudited) | 22. Quarterly Data (Unaudited ) Net (Loss) (Loss) Earnings Attributable to Income Ferro Corporation Common Attributable Shareholders Per Common Net (Loss) to Ferro Share Net Sales Gross Profit Income Corporation Basic Diluted (Dollars in thousands, except per share data) 2016 Quarter 1 $ 277,451 $ 84,229 $ (9,730) $ (9,966) $ (0.12) $ (0.12) Quarter 2 297,977 98,373 19,112 18,969 0.23 0.22 Quarter 3 288,527 88,981 (8,674) (8,884) (0.11) (0.11) Quarter 4 281,337 79,634 (20,595) (20,936) (0.25) (0.25) Total $ 1,145,292 $ 351,217 $ (19,887) $ (20,817) $ (0.25) $ (0.25) 2017 Quarter 1 $ 320,555 $ 98,794 $ 22,121 $ 21,898 $ 0.26 $ 0.26 Quarter 2 348,632 108,342 21,229 21,025 0.25 0.25 Quarter 3 350,012 103,616 22,965 22,817 0.27 0.27 Quarter 4 377,543 105,469 (8,547) (8,686) (0.10) (0.10) Total $ 1,396,742 $ 416,221 $ 57,768 $ 57,054 $ 0.68 $ 0.67 Quarterly earnings per share amounts do not always add to the full-year amounts due to the averaging of shares. Restructurin g and impairment charges in 2017 were $3.0 million in the first quarter, $3.2 million in the second quarter, $1.5 million in the third quarter, and $3. 7 million in the fourth quarter. Restructurin g and impairment charges in 2016 were $0.9 million in the first quarter, $0.8 million in the second quarter, $0 million in the third quarter, and $14.2 million in the fourth quarter. Mark-to-market net gains on our postretirement benefit plans were $ 6 . 4 million and net losses $20.1 million in the fourth quarter of 2017 and 2016, respectively. |
Schedule II - Valuation And Qua
Schedule II - Valuation And Qualifying Accounts And Reserves | 12 Months Ended |
Dec. 31, 2017 | |
Schedule II - Valuation And Qualifying Accounts And Reserves [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | FERRO CORPORATION AND SUBSIDIARIES SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES Yea rs Ended December 31, 2017, 2016 and 2015 Additions Charged Balance at (Reductions Credited) to Adjustment for Beginning of Costs and Differences in Balance at Period Expenses Deductions Exchange Rates End of Period (Dollars in thousands) Allowance for Possible Losses on Collection of Accounts Receivable: Year ended December 31, 2017 $ 8,166 44 (1,253) 864 $ 7,821 Year ended December 31, 2016 $ 7,784 1,383 (820) (181) $ 8,166 Year ended December 31, 2015 $ 10,325 667 (1,802) (1,406) $ 7,784 Valuation Allowance on Net Deferred Tax Assets: Year ended December 31, 2017 $ 37,354 — (5,648) 1 873 $ 32,579 Year ended December 31, 2016 $ 55,043 — (16,686) 1 (1,003) $ 37,354 Year ended December 31, 2015 $ 147,887 — (86,597) 1 (6,247) $ 55,043 (1) Included within this deduction is $0.8 millio n, $6.8 million and $63.3 million for the years ended December 31, 2017, 2016, and 2015 respectively, of valuation allowance release, resulting from the conclusion that the underlying deferred tax assets are more likely than not to be realized. |
Significant Accounting Polici31
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation Our consolidated financial statements include the accounts of the parent company and the accounts of its subsidiaries and include the results of the Company and all entities in which the Company has a controlling interest . When we consolidate our financial statements, we eliminate intercompany transactions, accounts and profits. When we exert significant influence over an investee but do not control it, we account for the investment and the investment income using the equity method. These investments are reported in the Oth er non-current assets on our balance sheet. We consolidate financial results for six legal entities in which we do not own 100% of the equity interests, either directly or indirectly through our subsidiaries. These entities have non-controlling interest ownerships ranging from 5% to 41% . When we acquire a subsidiary, its financial results are included in our consolidated financial statements from the date of the acquisition. When we dispose of a subsidiary, its financial results are included in our consolidated financial statements until the date of the disposition. In the event that a disposal group meets the criteria for discontinued operations, prior periods are adjusted to reflect the classification. |
Use of Estimates and Assumptions in the Preparation of Financial Statements | Use of Estimates and Assumptions in the Preparation of Financial Statements We prepare our consolidated financial statements in conformity with accounting principles generally accepted in the United States, which requires us to make estimates and to use judgments and assumptions that affect the timing and amount of assets, liabilities, equity, revenues and expenses recorded and disclosed. The more significant estimates and judgments relate to revenue recognition, restructuring and cost reduction programs , asset impairment, income taxes, inventories, goodwill, pension and other postretirement benefits, purchase price accounting and environmental liabilities. Actual outcomes could differ from our estimates, resulting in changes in revenues or costs that could have a material impact on the Company’s results of operations, financial position, or cash flows. |
Foreign Currency Translation | Foreign Currency Translation The financial results of our operations outside of the U.S. are recorded in local currencies, which generally are also the functional currencies for financial reporting purposes. The results of operations outside of the U.S. are translated from these functional currencies into U.S. dollars using the average monthly currency exchange rates. We use the average currency exchange rate for these results of operations as a reasonable approximation of the results had specific currency exchange rates been used for each individual transaction. Foreign currency transaction gains and losses are recorded , as incurred , as Other expense (income) in the consolidated statements of operations. Assets and liabilities are translated into U.S. dollars using exchange rates at the balance sheet dates, and we record the resulting foreign currency translation adjustment s as a separate component of Accumulated other comprehensive loss in equity. |
Revenue Recognition | Revenue Recognition We typically recognize sales when we ship goods to our customers and when all of the following criteria are met: · Persuasive evidence of an arrangement exists; · The selling price is fixed or determinable; · Collection is reasonably assured; and · Title and risk of loss has passed to our customers. In order to ensure the revenue recognition in the proper period, we review material sales contracts for proper cut-off based upon the business practices and legal requirements of each country. For sales of all products, including those containing precious metals, we report revenues on a gross basis, along with their corresponding cost of sales to arrive at gross profit. We record revenues this way because we act as the principal in the transactions into which we enter. The amount of shipping and handling fees invoiced to our customers at the time our product is shipped is included in net sales. Credit memos issued to customers for sales returns, discounts allowed and sales adjustments are recorded when they are incurred as a reduction of sales. Additionally, we provide certain of our customers with incentive rebate programs to promote customer loyalty and encourage increased product sales. We accrue customer rebates over the rebate periods based upon estimated attainments of the provisions in the rebate agreements , and record these rebate accruals as reductions of sales. |
Research and Development Expenses | Research and Development Expenses Research and development expenses are expensed as incurred and are included in Selling, general and administrative expenses. Total expenditures for product and application technology, including research and development, customer technical support and other related activities, were approximately $36.4 million for 2017, $ 27.3 million for 2016 and $25.6 million for 2015. |
Restructuring Programs | Restructuring Programs We expense costs associated with exit and disposal activities designed to restructure operations and reduce ongoing costs of operations when we incur the related liabilities or when other triggering events occur. After the appropriate level of management , having the authority , approves the detailed restructuring plan and the appropriate criteria for recognition are met, we establish accruals for employee termination and other costs , as applicable . The accruals are estimates that are based upon factors including statutory and union requirements, affected employees’ lengths of service , salary level, health care benefit choices and contract provisions. We also analyze the carrying value of affected long-lived assets for impairment and reductions in their remaining estimated useful lives. In addition, we record the fair value of any new or remaining obligations when existing operating lease contracts are terminated or abandoned as a result of our exit and disposal activities. |
Asset Impairment | Asset Impairment The Company’s long-lived assets include property, plant and equipment, goodwill, and intangible assets. We review property, plant and equipment and intangible assets for impairment whenever events or circumstances indicate that their carrying values may not be recoverable. The following are examples of such events or changes in circumstances: · An adverse change in the business climate of a long-lived asset or asset group; · An adverse change in the extent or manner in which a long-lived asset or asset group is used or in its physical condition; · Current operating losses for a long-lived asset or asset group combined with a history of such losses or projected or forecasted losses that demonstrate that the losses will continue; or · A current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise significantly disposed of before the end of its previously estimated useful life. The carrying amount of property, plant and equipment and intangible assets is not recoverable if the carrying value of the asset group exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset group. In the event of impairment, we recognize a loss for the excess of the recorded value over fair value. The long-term nature of these assets requires the estimation of cash inflows and outflows several years into the future and only takes into consideration technological advances known at the time of review. We review goodwill for impairment annually using a measurement date of October 31, primarily due to the timing of our annual budgeting process, or more frequently in the event of an impairment indicator. The fair value of each reporting unit that has goodwill is estimated using the average of both the income approach and the market approach, which we believe provides a reasonable estimate of the reporting unit’s fair value, unless facts or circumstances exist which indicate a more representative fair value. The income approach is a discounted cash flow model, which uses projected cash flows attributable to the reporting unit, including an allocation of certain corpora te expenses based primarily on proportional sales . We use historical results, trends and our projections of market growth, internal sales efforts and anticipated cost structure assumptions to estimate future cash flows. Using a risk-adjusted, weighted-average cost of capital, we discount the cash flow projections to the measurement date. The market approach estimates a price reasonably expected to be paid by a market participant in the purchase of the reporting units based on a comparison to similar businesses. If the fair value of any reporting unit was determined to be less than its carrying value, we would obtain comparable market values or independent appraisals of its net assets. |
Derivative Financial Instruments | Derivative Financial Instruments As part of our risk management activities, we employ derivative financial instruments, primarily interest rate swaps and foreign currency forward contracts, to hedge certain anticipated transactions, firm commitments, or assets and liabilities denominated in foreign currencies. We also purchase portions of our energy and precious metal requirements under fixed price forward purchase contracts designated as normal purchase contracts. We record derivatives on our balance sheet as either assets or liabilities that are measured at fair value. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported as a compone nt of other comprehensive income or loss and reclassified from accumulated other comprehensive loss into earnings when the hedged transaction affects earnings. The ineffective portion, if any, in the change in value of these derivatives is immediately recognized in earnings. For derivatives that are not designated as hedges, the gain or loss on the derivative is recognized in current earnings. We only use derivatives to manage well-defined risks and do not use derivatives for speculative purposes. |
Postretirement and Other Employee Benefits | Postretirement and Other Employee Benefits We recognize postretirement and other employee benefits expense as employees render the services necessary to earn those benefits. We determine defined benefit pension and other postretirement benefit costs and obligations with the assistance of third parties who perform certain actuarial calculations. The calculations and the resulting amounts recorded in our consolidated financial statements are affected by assumptions including the discount rate, expected long-term rate of return on plan assets, the annual rate of change in compensation for plan-eligible employees, estimated changes in costs of healthcare benefits, mortality tables, and other factors. We evaluate the assumptions used on an annual basis. |
Income Taxes | Income Taxes We account for income taxes in accordance with Accounting Standards Codification (“ASC”) Topic 740, Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected future tax effects of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We record deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing temporary differences, the availability of tax planning strategies, forecasted income, and recent financial operations. We recognize a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. We recognize interest and penalties related to uncertain tax positions within the income tax expense line in the accompanying consolidated statements of operations. |
Cash Equivalents | Cash Equivalents We consider all highly liquid instruments with original maturities of three months or less when purchased to be cash equivalents. These instruments are carried at cost, which approximates fair value. |
Accounts Receivable and the Allowance for Doubtful Accounts | Accounts Receivable and the Allowance for Doubtful Accounts Ferro sells its products to customers in diversified industries throughout the world. No customer or related group of customers represents greater than 10% of net sales or accounts receivable. We perform ongoing credit evaluations of our customers and require collateral principally for export sales, when industry practices allow and as market conditions dictate, subject to our ability to negotiate secured terms relative to competitive offers. We regularly analyze significant customer accounts and provide for uncollectible accounts based on historical experience, customer payment history, the length of time the receivables are past due, the financial health of the customer, economic conditions and specific circumstances, as appropriate. Changes in these factors could result in additional allowances. Customer accounts we conclude to be uncollectible or to require excessive collection costs are written off against the allowance for doubtful accounts. Historically, write-offs of uncollectible accounts have been within our expectations. Detailed information about the allowance for doubtful accounts is provided below: 2017 2016 2015 (Dollars in thousands) Allowance for doubtful accounts $ 7,821 $ 8,166 $ 7,784 Bad debt expense 44 1,383 667 |
Inventories | Inventories We value inventory at the lower of cost or market, with cost determined utilizing the first-in, first-out (FIFO) method. We periodically evaluate the net realizable value of inventories based primarily upon their age, but also upon assumptions of future usage in production, customer demand and market conditions. Inventory values have been reduced to the lower of cost or market value by allowances for slow moving or obsolete goods. We maintain raw materials on our premises that we do not own, including precious metals consigned from financial institutions and customers. We also consign inventory to our broker and vendors. Although we have physical possession of the goods, their value is not reflected on our balance sheet because we do not have legal title. We obtain precious metals under consignment agreements with financial institutions for periods of one year or less. These precious metals are primarily silver, gold, platinum, and palladium and are used in the production of certain products for our customers. Under these arrangements, the financial institutions own the precious metals, and accordingly, we do not report these precious metals as inventory on our consolidated balance sheets although they are physically in our possession. The financial institutions charge us fees for these consignment arrangements, and these fees are recorded as cost of sales. These agreements are cancelable by either party at the end of each consignment period, however, because we have access to a number of consignment arrangements with available capacity, our consignment needs can be shifted among the other participating institutions in order to ensure our supply. In certain cases, these financial institutions can require cash deposits to provide additional collateral beyond the value of the underlying precious metals. |
Property, Plant and Equipment | Property, Plant and Equipment We record property, plant and equipment at historical cost. In addition to the original purchased cost, including transportation, installation and taxes, we capitalize expenditures that increase the utility or useful life of existing assets. For constructed assets, we capitalize interest costs incurred during the period of construction. We expense repair and maintenance co sts , as incurred. We depreciate property, plant and equipment on a straight-line basis, generally over the following estimated useful lives of the assets: Buildings 20 to 40 years Machinery and equipment 5 to 15 years |
Other Capitalized Costs | Other Capitalized Costs We capitalize the costs of computer software developed or obtained for internal use after the preliminary project stage has been completed, and management, with the relevant authority, authorizes and commits to funding a computer software project, and it is probable that the project will be completed and the software will be used to perform the function intended. External direct costs of materials and services consumed in developing or obtaining internal-use computer software, payroll and payroll-related costs for employees who are directly associated with the project, and interest costs incurred when developing computer software for internal use are capitalized within Intangible assets. Capitalization ceases when the project is substantially complete, generally after all substantial testing is completed. We expense training costs and data conversion costs as incurred. We amortize software on a straight-line basis over its estimated useful life, which has historically been in a range of 1 to 10 years. |
Environmental Liabilities | Environmental Liabilities As part of the production of some of our products, we handle, process, use and store hazardous materials. As part of these routine processes, we expense recurring costs associated with control and disposal of hazardous materials as they are incurred. Occasionally we are subject to ongoing, pending or threatened litigation related to the handling of these materials or other matters. If, based on available information, we believe that we have incurred a liability and we can reasonably estimate the amount, we accrue for environmental remediation and other contingent liabilities. We disclose material contingencies if the likelihood of the potential loss is reasonably possible but the amount is not reasonably estimable. In estimating the amount to be accrued for environmental remediation, we use assumptions about: · Remediation requirements at the contaminated site; · The nature of the remedy; · Existing technology; · The outcome of discussions with regulatory agencies; · Other potentially responsible parties at multi-party sites; and · The number and financial viability of other potentially responsible parties. We actively monitor the status of sites, and, as assessments and cleanups proceed, we update our assumptions and adjust our estimates as necessary. Because the timing of related payments is uncertain, we do not discount the estimated remediation costs. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncement 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 award 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 withheld 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 recorded in income tax expense. The Company has elected to account for award 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 August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. ASU 2017-12 provides guidance to better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. This pronouncement is effective for fiscal years beginning after December 15, 2018, including interim 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 May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation: (Topic 718): Scope of Modification Accounting. ASU 2017-09 provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. This pronouncement is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The Company is in the process of assessing the impact that the adoption of this ASU will have on our consolidated financial statements. 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. 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 current goodwill impairment test. This pronouncement is effective for the annual or any interim goodwill impairment tests conducted in fiscal years beginning after December 15, 2019. 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 in evaluating whether transactions should be accounted for as acquisitions (or dispositions) of assets or businesses. This pronouncement is effective for annual periods beginning after December 15, 2017, including interim 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 pronouncement is effective for annual periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. 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. 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. 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. We will adopt the new standard effective January 1, 2018, using the modified retrospective method. We have completed our assessment and review of specific contracts and the assessment will not result in an adjustment to the opening retained earnings balance. We expect the impact of the adoption of the new standard to be immaterial to our net income on an ongoing basis. |
Significant Accounting Polici32
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies [Abstract] | |
Detailed Information about Allowance for Doubtful Accounts | 2017 2016 2015 (Dollars in thousands) Allowance for doubtful accounts $ 7,821 $ 8,166 $ 7,784 Bad debt expense 44 1,383 667 |
Estimated Lives of Prperty, Plant and Equipment | Buildings 20 to 40 years Machinery and equipment 5 to 15 years |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations [Abstract] | |
Summary Of Discontinued Operations | 2016 2015 Net sales $ 18,481 $ 33,825 Cost of sales 28,473 53,213 Gross loss (9,992) (19,388) Selling, general and administrative expenses 3,094 4,189 Restructuring and impairment charges 50,902 11,792 Interest expense 325 763 Miscellaneous (income) expense, net (392) 647 Loss from discontinued operations before income taxes (63,921) (36,779) Income tax expense 543 — Loss from discontinued operations, net of income taxes $ (64,464) $ (36,779) |
Aquisitions (Tables)
Aquisitions (Tables) - Nubiola [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Summary Of The Preliminary Purchase Price Allocations | July 7, 2015 (Dollars in thousands) Net working capital (1) $ 46,642 Cash and equivalents 19,966 Personal property 39,444 Real property 28,510 Intangible assets 26,757 Other assets and liabilities (20,733) Goodwill 27,498 Net assets acquired $ 168,084 (1) Net working capital is defined as current assets, less cash, le ss current liabilities . |
Summary Of Unaudited Pro Forma Information Represents The Consolidated Results Of The Company As If The Acquisition Occurred As Of January 1, 2014 | 2015 (unaudited) (In thousands, except per share amounts) Net sales $ 1,141,200 Net income attributable to Ferro Corporation common shareholders $ 69,489 Net earnings per share attributable to Ferro Corporation common shareholders - Basic $ 0.80 Net earnings per share attributable to Ferro Corporation common shareholders - Diluted $ 0.79 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventories [Abstract] | |
Inventories | 2017 2016 (Dollars in thousands) Raw materials $ 112,300 $ 72,943 Work in process 39,454 38,859 Finished goods 172,426 118,045 Total inventories $ 324,180 $ 229,847 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 2017 2016 (Dollars in thousands) Land $ 48,566 $ 37,136 Buildings 199,076 171,809 Machinery and equipment 548,864 477,376 Construction in progress 28,125 15,063 Total property, plant and equipment 824,631 701,384 Total accumulated depreciation (502,889) (439,358) Property, plant and equipment, net $ 321,742 $ 262,026 |
Summary Of Fair Value And Impairment Of Long Lived Assets | Fair Value Measurements Using Total Description Level 1 Level 2 Level 3 Total (Losses) (Dollars in thousands) December 31, 2016 $ — $ — $ — $ — $ (50,902) December 31, 2015 $ — $ — $ 33,711 $ 33,711 $ (11,792) |
Goodwill And Other Intangible37
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 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, 2015 $ 43,484 $ 48,794 $ 53,391 $ 145,669 Acquisitions — (7,756) (1), (2) 28,332 (3) 20,576 Impairments (13,198) — — (13,198) Foreign currency adjustments (2,196) (617) (1,938) (4,751) Goodwill, net at December 31, 2016 28,090 40,421 79,785 148,296 Acquisitions 5,970 (5) 328 (7) 31,616 (4), (6) 37,914 Foreign currency adjustments 4,176 1,786 3,197 9,159 Goodwill, net at December 31, 2017 $ 38,236 $ 42,535 $ 114,598 $ 195,369 (1) During 2016, the Company recorded a purchase price adjustment within the measurement period for goodwill related to the Nubiola acquisition. Refer to Note 4 for additional details. (2) During 2016, the Company recorded goodwill related to the Delta Performance Products and Cappelle acquisitions. Refer to Note 4 for additional details. (3) During 2016, the Company recorded goodwill related to Ferer, Pinturas and ESL acquisitions. Refer to Note 4 for additional details. (4) During 2017, the Company recorded a purchase price adjustment within the measurement period for goodwill related to the ESL acquisition. (5) During 2017, the Company recorded goodwill related to the SPC and Gardenia acquisitions. Refer to Note 4 for additional details. (6) During 2017, the Company recorded goodwill related to the Dip-Tech acquisition. Refer to Note 4 for additional details. (7) During 2017, the Company recorded a purchase price adjustment within the measurement period for goodwill related to the Cappelle acquisition. |
Schedule Of Impairment Of Goodwill | December 31, December 31, 2017 2016 (Dollars in thousands) Goodwill, gross $ 253,836 $ 206,763 Accumulated impairment losses (58,467) (58,467) Goodwill, net $ 195,369 $ 148,296 |
Significant Assumptions and Ranges of Assumptions Used in Impairment Analysis of Goodwill | Significant Assumptions 2017 2016 Weighted-average cost of capital 11.0% - 13.5 % 10.75% - 13.5 % Residual growth rate 3.0 % 3.0 % |
Summary Of Fair Value And Impairment Of Goodwill | Fair Value Measurements Using Total Description Level 1 Level 2 Level 3 Total (Losses) (Dollars in thousands) December 31, 2016 $ — $ — $ — $ — $ (13,198) |
Details of Amortizable Intangible Assets | Estimated Economic Life 2017 2016 (Dollars in thousands) Gross amortizable intangible assets: Patents 10 - 16 years $ 5,279 $ 5,147 Land rights 20 - 40 years 4,947 4,746 Technology/know-how and other 1 - 30 years 131,070 84,837 Customer relationships 10 - 20 years 93,500 80,153 Total gross amortizable intangible assets 234,796 174,883 Accumulated amortization: Patents (5,226) (4,981) Land rights (2,883) (2,698) Technology/know-how and other (45,214) (34,775) Customer relationships (11,114) (5,311) Total accumulated amortization (64,437) (47,765) Amortizable intangible assets, net $ 170,359 $ 127,118 |
Schedule of Indefinite-Lived Intangible Assets | 2017 2016 (Dollars in thousands) Indefinite-lived intangibles assets: Trade names and trademarks $ 17,257 $ 10,732 |
Debt And Other Financing (Table
Debt And Other Financing (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt And Other Financing [Abstract] | |
Loans Payable And Current Portion Of Long-Term Debt | 2017 2016 (Dollars in thousands) Loans payable $ 16,360 $ 11,452 Current portion of long-term debt 8,776 5,858 Loans payable and current portion of long-term debt $ 25,136 $ 17,310 |
Summary Of Long-Term Debt | 2017 2016 (Dollars in thousands) Revolving credit facility, maturing 2019 $ — $ 311,555 Revolving credit facility, maturing 2022 78,000 — Term loan facility, net of unamortized issuance costs, maturing 2021 (1) — 239,530 Term loan facility, net of unamortized issuance costs, maturing 2024 (2) 645,242 — Capital lease obligations 4,913 3,720 Other notes 7,112 8,228 Total long-term debt 735,267 563,033 Current portion of long-term debt (8,776) (5,858) Long-term debt, less current portion $ 726,491 $ 557,175 (1) The carrying value of the term loan facility, maturing 2021, was 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 $7.5 million. |
Annual Maturities Of Long-term Debt | 2018 $ 9,109 2019 8,349 2020 7,736 2021 7,490 2022 86,440 Thereafter 624,728 Total maturities of long-term debt 743,852 Unamortized issuance costs on Term loan facility (7,451) Imputed interest and executory costs on capitalized lease obligations (1,134) Total long-term debt $ 735,267 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments Assets (Liabilities) Measured At Fair Value | December 31, 2017 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 (Dollars in thousands) Cash and cash equivalents $ 63,551 $ 63,551 $ 63,551 $ — $ — Loans payable (16,360) (16,360) — (16,360) — Revolving credit facility, maturing 2022 (78,000) (79,295) — (79,295) — Term loan facility, maturing 2024 (1) (645,242) (646,979) — (646,979) — Other long-term notes payable (7,112) (3,973) — (3,973) — Interest rate swaps - asset 1,616 1,616 — 1,616 — Interest rate swaps - liability (124) (124) — (124) — Foreign currency forward contracts, net (469) (469) — (469) — 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) — Revolving credit facility, maturing 2019 (311,555) (318,389) — (318,389) — Term loan facility, maturing 2021 (1) (239,530) (252,052) — (252,052) — Other long-term notes payable (8,228) (7,315) — (7,315) — Foreign currency forward contracts, net 350 350 — 350 — (1) The carrying values of the term loan facilities are net of unamortized debt issuance costs of $7.5 million and $3.7 million for the period ended December 31, 2017, and December 31, 2016, respectively. |
Effect On Derivative Instruments On Consolidated Statements Of Operations | Amount of (Loss) Gain Recognized in Earnings 2017 2016 2015 Location of (Loss) Gain in Earnings (Dollars in thousands) Foreign currency forward contracts $ (2,938) $ (2,714) $ 8,304 Foreign currency losses, net |
Fair Value Of Derivative Instruments On Consolidated Balance Sheets | 2017 2016 Balance Sheet Location (Dollars in thousands) Asset derivatives: Interest rate swaps $ 1,616 $ — Other non-current assets Foreign currency forward contracts 661 1,854 Other current assets Liability derivatives: Interest rate swaps (124) — Accrued expenses and other current liabilities Foreign currency forward contracts $ (1,130) $ (1,504) Accrued expenses and other current liabilities |
Net Investment Hedging [Member] | |
Schedule of Loss Recognized in AOCI and the Amount of Loss Reclassified into Income | Amount of Loss Recognized Amount of Loss Reclassified from in AOCL - Effective Portion AOCL into Income - Effective Portion 2017 2017 (Dollars in thousands) Net investment hedge $ (10,972) $ — |
Interest Rate Swap [Member] | |
Schedule of Loss Recognized in AOCI and the Amount of Loss Reclassified into Income | Amount of Gain Recognized Amount of Loss Reclassified from in AOCL - Effective Portion AOCL into Income - Effective Portion 2017 2017 (Dollars in thousands) Interest rate swap $ 1,492 $ (527) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Earnings (Losses) before Income Taxes | 2017 2016 2015 (Dollars in thousands) U.S. $ 9,857 $ 7,416 $ 10,520 Foreign 100,661 55,029 44,263 Total $ 110,518 $ 62,445 $ 54,783 |
Income Tax Expense (Benefit) From Continuing Operations | 2017 2016 2015 (Dollars in thousands) Current: U.S. federal $ (82) $ 4,616 $ 146 Foreign 29,289 24,675 21,041 State and local 53 28 41 Total current 29,260 29,319 21,228 Deferred: U.S. federal 24,534 379 (56,521) Foreign (1,064) (11,830) (3,764) State and local 20 — (6,043) Total deferred 23,490 (11,451) (66,328) Total income tax expense (benefit) $ 52,750 $ 17,868 $ (45,100) |
Income Tax Expense (Benefit) Allocated Directly to Ferro Corporation Shareholders' Equity | 2017 2016 2015 (Dollars in thousands) Interest rate swaps $ 547 $ — $ — Postretirement benefit liability adjustments 18 30 32 Net investment hedge (4,025) — — Stock options exercised — (2,355) — Total income tax (benefit) expense allocated to Ferro Corporation shareholders' equity $ (3,460) $ (2,325) $ 32 |
Reconciliation of U.S. Federal Statutory Income Tax Rate and Effective Tax Rate | 2017 2016 2015 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % U.S. tax rate change due to the Tax Act 19.5 — — Uncertain tax positions 5.1 1.7 4.3 Non-deductible expenses 2.4 3.4 3.0 U.S. tax costs of foreign dividends 0.3 0.6 1.7 State taxes (0.1) (0.7) 0.6 Adjustment of valuation allowances (0.3) (7.4) (118.4) Tax rate changes (0.5) (0.7) 3.4 Notional interest deduction (0.5) (2.8) (2.8) Net adjustment of prior-year accrual, including tax audit settlements (0.5) 1.5 0.2 Foreign currency (0.6) (1.6) 2.3 Domestic production activities deduction (0.6) (0.2) — Other tax credits (1.1) (2.9) (2.3) Miscellaneous (1.3) 3.2 1.7 Goodwill dispositions and impairments (1.8) 8.3 (0.2) Foreign tax rate difference (7.3) (8.8) (6.9) Foreign substitute tax payment — — (3.9) Effective tax rate 47.7 % 28.6 % (82.3) % |
Components of Deferred Tax Assets and Liabilities | 2017 2016 (Dollars in thousands) Deferred tax assets: Foreign operating loss carryforwards $ 44,804 $ 30,352 Pension and other benefit programs 36,720 51,189 U.S foreign tax credit carryforwards 20,054 19,753 Accrued liabilities 14,625 20,942 Other credit carryforwards 10,889 11,277 Currency differences 7,376 3,138 Other 5,823 5,643 State and local operating loss carryforwards 4,808 3,975 Inventories 2,679 1,962 Allowance for doubtful accounts 1,822 1,744 Total deferred tax assets 149,600 149,975 Deferred tax liabilities: Property, plant and equipment and intangibles -- depreciation and amortization 38,785 28,418 Other 2,339 3,091 Unremitted earnings of foreign subsidiaries 1,163 779 Total deferred tax liabilities 42,287 32,288 Net deferred tax assets before valuation allowance 107,313 117,687 Valuation allowance (32,579) (37,354) Net deferred tax assets $ 74,734 $ 80,333 |
Expirations of Operating Loss Carryforwards and Tax Credit Carryforwards | Operating Loss Tax Credit Carryforwards Carryforwards Expiring in: (Dollars in thousands) 2018 $ 809 $ — 2019-2023 9,765 16,103 2024-2028 2,513 11,666 2029-2033 2,794 5,403 2034-2038 123 1,566 2039-Indefinitely 35,859 684 Total $ 51,863 $ 35,422 |
Classification of Net Deferred Income Tax Assets | 2017 2016 (Dollars in thousands) Non-current assets $ 108,025 $ 106,454 Non-current liabilities (33,291) (26,121) Net deferred tax assets $ 74,734 $ 80,333 |
Activity and Balances of Unrecognized Tax Benefits | 2017 2016 2015 (Dollars in thousands) Balance at beginning of year $ 30,085 $ 34,541 $ 36,879 Additions for tax positions of prior years 2,057 170 4,136 Foreign currency adjustments 1,644 (526) (1,744) Additions based on tax positions related to the current year 1,609 1,445 2,664 Reductions for tax positions of prior years (288) (2,827) (1,135) Settlements with taxing authorities (353) — — Reductions as a results of expiring statutes of limitations (6,284) (2,718) (6,259) Balance at end of year $ 28,470 $ 30,085 $ 34,541 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit (Credit) Cost | U.S. Pension Plans Non-U.S. Plans 2017 2016 2015 2017 2016 2015 (Dollars in thousands) Service cost $ 11 $ 16 $ 17 $ 1,717 $ 1,372 $ 1,478 Interest cost 14,594 15,552 18,718 2,468 3,319 3,560 Expected return on plan assets (20,111) (19,735) (29,168) (896) (1,712) (2,623) Amortization of prior service cost 7 11 12 42 37 259 Mark-to-market actuarial net (gains) losses (5,432) 9,127 18,807 (1,459) 11,180 5,085 Curtailment and settlement effects losses (gains) 2,581 — (12,640) 39 688 35 Special termination benefits — — — 52 330 35 Net periodic benefit (credit) cost $ (8,350) $ 4,971 $ (4,254) $ 1,963 $ 15,214 $ 7,829 Weighted-average assumptions: Discount rate 4.40 % 4.70 % 4.25 % 2.24 % 3.12 % 2.72 % Rate of compensation increase N/A N/A N/A 3.14 % 3.16 % 3.28 % Expected return on plan assets 8.20 % 8.20 % 8.20 % 2.54 % 3.41 % 3.50 % |
Defined Benefit Pension Plans | U.S. Pension Plans Non-U.S. Pension Plans 2017 2016 2017 2016 (Dollars in thousands) Change in benefit obligation Benefit obligation at beginning of year $ 345,202 $ 346,951 $ 103,490 $ 123,764 Service cost 11 16 1,717 1,372 Interest cost 14,594 15,552 2,468 3,319 Settlements (51,124) (144) (387) (34,528) Special termination benefits — — 52 330 Plan participants' contributions — — 25 54 Benefits paid (23,469) (22,918) (2,826) (3,195) Net transfer in — — 416 — Actuarial loss (gain) 17,956 5,745 (1,381) 20,490 Exchange rate effect — — 13,572 (8,116) Benefit obligation at end of year $ 303,170 $ 345,202 $ 117,146 $ 103,490 Accumulated benefit obligation at end of year $ 303,170 $ 345,202 $ 112,732 $ 93,401 Change in plan assets: Fair value of plan assets at beginning of year $ 272,549 $ 278,735 $ 33,683 $ 63,649 Actual return on plan assets 40,919 16,354 933 10,977 Employer contributions 385 522 2,515 3,060 Plan participants' contributions — — 25 54 Benefits paid (23,469) (22,918) (2,826) (3,195) Effect of settlements (51,124) (144) (387) (34,746) Exchange rate effect — — 4,327 (6,116) Fair value of plan assets at end of year $ 239,260 $ 272,549 $ 38,270 $ 33,683 Amounts recognized in the balance sheet: Other non-current assets $ — $ — $ — $ 484 Accrued expenses and other current liabilities (422) (579) (2,354) (2,070) Postretirement and pension liabilities (63,488) (72,074) (76,522) (68,221) Funded status $ (63,910) $ (72,653) $ (78,876) $ (69,807) During 2017, the Company settle d a portion of its pension obligation in the U.S. for $51.1 million. During 2016, the Company settled a pension obligation in Great Britain for $32.2 million. U.S. Pension Plans Non-U.S. Pension Plans 2017 2016 2017 2016 (Dollars in thousands) Weighted-average assumptions as of December 31: Discount rate 3.80 % 4.40 % 2.35 % 2.24 % Rate of compensation increase N/A N/A 3.18 % 3.14 % Pension plans with benefit obligations in excess of plan assets: Benefit obligations $ 303,170 $ 345,202 $ 87,990 $ 73,903 Plan assets 239,260 272,549 9,114 3,612 Pension plans with accumulated benefit obligations in excess of plan assets: Projected benefit obligations $ 303,170 $ 345,202 $ 84,206 $ 73,393 Accumulated benefit obligations 303,170 345,202 73,902 63,538 Plan assets 239,260 272,549 5,464 3,179 Activity and balances in Accumulated other comprehensive loss related to defined benefit pension plans are summarized below: U.S. Pension Plans Non-U.S. Pension Plans 2017 2016 2017 2016 (Dollars in thousands) Prior service (cost): Balance at beginning of year $ (7) $ (18) $ (265) $ (425) Amounts recognized as net periodic benefit costs 7 11 42 37 Exchange rate effects — — (38) 123 Balance at end of year $ — $ (7) $ (261) $ (265) Estimated amounts to be amortized in 2018 $ — $ (41) |
Fair Value of Pension Plan Assets | Level 1 Level 2 Level 3 Total (Dollars in thousands) U.S. plans: Fixed income: Cash and cash equivalents $ 3 $ — $ — $ 3 Guaranteed deposits — 1,802 — 1,802 Mutual funds 74,875 — — 74,875 Commingled funds — 667 269 936 Equities: U.S. common stocks 6,678 — — 6,678 Mutual funds 129,887 — — 129,887 Commingled funds — 999 — 999 Total assets in the fair value hierarchy $ 211,443 $ 3,468 $ 269 $ 215,180 Investments measured at net asset value 24,080 Investments at fair value $ 211,443 $ 3,468 $ 269 $ 239,260 Non-U.S. plans Fixed income: Guaranteed deposits $ 42 $ 751 $ 30,127 $ 30,920 Mutual funds 1,122 — — 1,122 Other 3,293 2,332 — 5,625 Equities: Mutual funds 517 — — 517 Other assets 86 — — 86 Total $ 5,060 $ 3,083 $ 30,127 $ 38,270 The fair values of our pension plan assets at December 31, 2016, by asset category are as follows: Level 1 Level 2 Level 3 Total (Dollars in thousands) U.S. plans: Fixed income: Cash and cash equivalents $ 3 $ — $ — $ 3 Guaranteed deposits — 1,817 — 1,817 Mutual funds 85,580 — — 85,580 Commingled funds — 777 371 1,148 Equities: U.S. common stocks 4,057 — — 4,057 Mutual funds 156,675 — — 156,675 Commingled funds — 1,096 — 1,096 Real estate — — 22,173 22,173 Total $ 246,315 $ 3,690 $ 22,544 $ 272,549 Non-U.S. plans Fixed income: Guaranteed deposits $ 97 $ 726 $ 26,332 $ 27,155 Mutual funds 365 — — 365 Other 3,679 2,153 — 5,832 Equities: Mutual funds 200 — — 200 Real estate — — 84 84 Other assets 47 — — 47 Total $ 4,388 $ 2,879 $ 26,416 $ 33,683 |
Schedule of Rollforward of Level 3 Assets | Guaranteed Commingled deposits Real estate funds Total (Dollars in thousands) Balance at December 31, 2015 $ 54,006 $ 20,133 $ 366 $ 74,505 Sales (33,084) — — (33,084) Gains included in earnings 10,867 2,124 5 12,996 Exchange rate effect (5,457) — — (5,457) Balance at December 31, 2016 $ 26,332 $ 22,257 $ 371 $ 48,960 Sales (465) — — (465) Gains (losses) included in earnings 531 1,823 (102) 2,252 Transfers — (24,080) — (24,080) Exchange rate effect 3,729 — — 3,729 Balance at December 31, 2017 $ 30,127 $ — $ 269 $ 30,396 |
Future Pension Benefit Payments | U.S. Plans Non-U.S. Plans (Dollars in thousands) 2018 $ 19,222 $ 5,049 2019 19,353 4,861 2020 19,491 4,312 2021 19,642 4,388 2022 19,844 5,360 2023-2027 97,664 24,979 |
Postretirement Health Care and Life Insurance Benefit Plans | 2017 2016 2015 (Dollars in thousands) Net periodic benefit cost: Interest expense $ 843 $ 944 $ 970 Mark-to-market actuarial net loss (gain) 458 (164) (3,051) Total net periodic benefit cost (credit) $ 1,301 $ 780 $ (2,081) Weighted-average assumptions: Discount rate 4.20 % 4.50 % 3.95 % Current trend rate for health care costs 6.50 % 6.60 % 7.10 % Ultimate trend rate for health care costs 4.50 % 4.50 % 4.50 % Year that ultimate trend rate is reached 2036 2036 2028 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage-point change in the assumed health care cost trend rates would have the following effect: 1-Percentage- 1-Percentage- Point Point Increase Decrease (Dollars in thousands) Effect on total of service and interest costs components $ 53 $ (46) Effect on postretirement benefit obligation 1,180 (1,034) 2017 2016 (Dollars in thousands) Change in benefit obligation: Benefit obligation at beginning of year $ 21,056 $ 22,030 Interest cost 843 944 Benefits paid (1,632) (1,754) Actuarial loss (gain) 458 (164) Benefit obligation at end of year $ 20,725 $ 21,056 Change in plan assets: Fair value of plan assets at beginning of year $ — $ — Employer contributions 1,632 1,754 Benefits paid (1,632) (1,754) Fair value of plan assets at end of year $ — $ — Amounts recognized in the balance sheet: Accrued expenses and other current liabilities $ (2,132) $ (2,208) Postretirement and pension liabilities (18,593) (18,848) Funded status $ (20,725) $ (21,056) Weighted-average assumptions as of December 31: Discount rate 3.70 % 4.20 % Current trend rate for health care costs 6.40 % 6.50 % Ultimate trend rate for health care costs 4.50 % 4.50 % Year that ultimate rend rate is reached 2036 2036 |
Future Postretirement Health Care and Life Insurance Benefit Payments | Before Medicare After Medicare Subsidy Subsidy (Dollars in thousands) 2018 $ 2,132 $ 1,905 2019 2,060 1,843 2020 1,977 1,771 2021 1,896 1,701 2022 1,806 1,621 2023-2027 7,659 6,908 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stock Options [Member] | |
Details Of Weighted-Average Grant-Date Fair Values And Assumptions Used For Estimating Fair Values | 2017 2016 2015 Weighted-average grant-date fair value $ 7.29 $ 4.94 $ 8.45 Expected life, in years 6.0 6.0 6.0 Risk-free interest rate 1.9% - 2.3 % 1.4% - 1.6 % 1.9% - 2.1 % Expected volatility 48.0 % - 51.5 % 52.0% - 53.6 % 55.0% - 80.1 % Expected dividend yield — % — % — % |
Summary of Stock-Based Compensation Activity | Weighted- Average Weighted- Remaining Aggregate Number of Average Contractual Intrinsic Options Exercise Price Term Value Outstanding at December 31, 2016 1,818,850 10.85 Granted 211,400 14.35 Exercised (350,698) 12.90 Forfeited or expired (112,283) 21.73 Outstanding at December 31, 2017 1,567,269 $ 10.08 5.86 $ 21,168 Exercisable at December 31, 2017 1,116,629 $ 14.15 4.81 $ 15,984 Vested or expected to vest at December 31, 2017 1,567,269 $ 10.08 5.86 $ 21,168 |
Information Related to Stock Options Exercised | 2017 2016 2015 (Dollars in thousands) Proceeds from the exercise of stock options $ 4,526 $ 1,140 $ 404 Intrinsic value of stock options exercised 2,898 1,496 457 Income tax benefit related to stock options exercised 1,014 524 160 |
Summary of Stock-Based Compensation Expense | 2017 2016 2015 (Dollars in thousands) Compensation expense recorded in Selling, general and administrative expenses $ 1,588 $ 1,388 $ 1,736 Deferred income tax benefits related to compensation expense 333 486 608 Total fair value of stock options vested 1,388 1,757 1,664 Unrecognized compensation cost 621 513 702 Expected weighted-average recognition period for unrecognized compensation, in years 2.0 2.1 2.6 |
Performance Share Units [Member] | |
Summary of Stock-Based Compensation Activity | Weighted- Average Remaining Number of Contractual Units Term Outstanding at December 31, 2016 653,990 Granted 174,800 Earned (120,192) Forfeited or expired (87,108) Outstanding at December 31, 2017 621,490 1.0 Vested or expected to vest at December 31, 2017 621,490 1.0 |
Summary of Stock-Based Compensation Expense | 2017 2016 2015 (Dollars in thousands) Compensation expense recorded in Selling, general and administrative expenses $ 6,881 $ 3,437 $ 4,669 Deferred income tax benefits related to compensation expense 1,445 1,203 1,634 Unrecognized compensation cost 3,801 3,733 2,858 Expected weighted-average recognition period for unrecognized compensation, in years 1.4 2.0 1.5 |
Restructuring And Cost Reduct43
Restructuring And Cost Reduction Programs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring And Cost Reduction Programs [Abstract] | |
Summary of Charges Associated with Restructuring Programs by Major Type of Charges | Employee Asset Severance Other Costs Impairment Total (Dollars in thousands) Expected restructuring charges: Global Cost Reduction Program $ 39,135 $ 29,562 1,176 $ 69,873 Total expected restructuring charges $ 39,135 $ 29,562 $ 1,176 $ 69,873 Restructuring charges incurred: Global Cost Reduction Program $ 4,015 $ 5,519 — $ 9,534 Charges incurred in 2015 $ 4,015 $ 5,519 $ — $ 9,534 Global Cost Reduction Program 1,353 1,356 — 2,709 Charges incurred in 2016 $ 1,353 $ 1,356 $ — $ 2,709 Global Cost Reduction Program 5,167 3,500 1,176 9,843 Charges incurred in 2017 $ 5,167 $ 3,500 $ 1,176 $ 9,843 Cumulative restructuring charges incurred: Global Cost Reduction Program 35,024 25,979 1,176 62,179 Cumulative restructuring charges incurred as of December 31, 2017 $ 35,024 $ 25,979 $ 1,176 $ 62,179 |
Summary of Charges Associated with Restructuring Programs by Segments | Total Cumulative Expected Charges To Charges 2017 2016 2015 Date (Dollars in thousands) Performance Coatings $ 11,506 $ 2,948 $ 192 $ 204 $ 7,052 Performance Colors and Glass 20,032 971 205 2,300 20,032 Color Solutions 4,189 1,250 630 1,970 4,189 Segment Total 35,727 5,169 1,027 4,474 31,273 Corporate Restructuring Charges 34,146 4,674 1,682 5,060 30,906 Total Restructuring Charges $ 69,873 $ 9,843 $ 2,709 $ 9,534 $ 62,179 |
Summary Of Accruals Related To Restructuring And Cost Reduction Programs | Employee Asset Severance Other Costs Impairment Total (Dollars in thousands) Balance at December 31, 2014 $ 519 $ 937 $ — $ 1,456 Restructuring charges 4,015 5,519 — 9,534 Cash payments (3,832) (4,341) — (8,173) Non-cash items (9) (38) — (47) Balance at December 31, 2015 $ 693 $ 2,077 $ — $ 2,770 Restructuring charges $ 1,353 $ 1,356 $ — $ 2,709 Cash payments (1,634) (1,089) — (2,723) Non-cash items (173) (855) — (1,028) Balance at December 31, 2016 $ 239 $ 1,489 $ — $ 1,728 Restructuring charges $ 5,167 $ 3,500 $ 1,176 $ 9,843 Cash payments (3,316) (500) — (3,816) Non-cash items 196 (3,255) (1,176) (4,235) Balance at December 31, 2017 $ 2,286 $ 1,234 $ — $ 3,520 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Assets Held under Capital Leases and Included in Property, Plant and Equipment | 2017 2016 (Dollars in thousands) Gross amounts capitalized Buildings $ 4,781 $ 3,100 Equipment 3,710 3,989 8,491 7,089 Accumulated amortization Buildings (3,190) (3,100) Equipment (2,420) (2,079) (5,610) (5,179) Net assets under capital leases $ 2,881 $ 1,910 |
Future Minimum Lease Payments under All Non-Cancelable Leases | Capital Leases Operating Leases (Dollars in thousands) 2018 $ 1,112 $ 11,696 2019 1,070 7,212 2020 773 5,088 2021 486 3,464 2022 1,352 2,455 Thereafter 1,254 3,100 Net minimum lease payments $ 6,047 $ 33,015 Less amount representing imputed interest and executory costs 1,134 Present value of net minimum lease payments 4,913 Less current portion 782 Long-term obligations at December 31, 2017 $ 4,131 |
Miscellaneous (Income) Expens45
Miscellaneous (Income) Expense, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Miscellaneous (Income) Expense, Net [Abstract] | |
Components of Miscellaneous Expense (Income), Net | 2017 2016 2015 (Dollars in thousands) Argentina export tax matter $ (3,549) $ 1,128 $ 1,070 (Gain) on change of control (2,561) — — Dividends/royalty from affiliates, net (993) (1,245) (364) Equity method investment loss (income) 261 (260) (817) Loss (gain) on sale of assets 722 (3,891) 57 Contingent consideration paid 1,721 — — Bank fees 2,229 1,855 1,407 Other, net 548 (247) (305) Total Miscellaneous (income) expense, net $ (1,622) $ (2,660) $ 1,048 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Calculations Of Basic And Diluted Earnings Per Share | 2017 2016 2015 (Dollars in thousands, except per share amounts) Basic earnings (loss) per share computation: Net income (loss) attributable to Ferro Corporation common shareholders $ 57,054 $ (20,817) $ 64,100 Adjustment for loss from discontinued operations — 64,464 36,779 Total $ 57,054 $ 43,647 $ 100,879 Weighted-average common shares outstanding 83,713 83,298 86,718 Basic earnings per share from continuing operations attributable to Ferro Corporation common shareholders $ 0.68 $ 0.52 $ 1.16 Diluted earnings (loss) per share computation: Net income (loss) attributable to Ferro Corporation common shareholders $ 57,054 $ (20,817) $ 64,100 Adjustment for loss from discontinued operations — 64,464 36,779 Total $ 57,054 $ 43,647 $ 100,879 Weighted-average common shares outstanding 83,713 83,298 86,718 Assumed exercise of stock options 762 549 432 Assumed satisfaction of deferred stock unit conditions — 36 — Assumed satisfaction of restricted stock unit conditions 351 544 338 Assumed satisfaction of performance stock unit conditions 330 483 945 Weighted-average diluted shares outstanding 85,156 84,910 88,433 Diluted earnings per share from continuing operations attributable to Ferro Corporation common shareholders $ 0.67 $ 0.51 $ 1.14 |
Accumulated Other Comprehensi47
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Changes In Accumulated Other Comprehensive (Loss) Income By Component, Net Of Tax | Postretirement Net Gain Benefit Liability Translation on Cash Adjustments Adjustments Flow Hedges Total (Dollars in thousands) Balance at December 31, 2014 $ 888 $ (22,693) $ — $ (21,805) Other comprehensive income (loss) before reclassifications, before tax — (39,436) — (39,436) Reclassification to earnings: Postretirement benefit liabilities loss, before tax (109) — — (109) Current period other comprehensive loss, before tax (109) (39,436) — (39,545) Tax effect (32) — — (32) Current period other comprehensive loss, net of tax (77) (39,436) — (39,513) Balance at December 31, 2015 811 (62,129) — (61,318) Other comprehensive income (loss) before reclassifications, before tax — (46,770) — (46,770) Reclassification to earnings: Postretirement benefit liabilities gain, before tax 360 — — 360 Foreign currency translation adjustment, before tax (1) — 1,115 — 1,115 Current period other comprehensive income (loss), before tax 360 (45,655) — (45,295) Tax effect 30 — — 30 Current period other comprehensive income (loss), net of tax 330 (45,655) — (45,325) Balance at December 31, 2016 1,141 (107,784) — (106,643) Other comprehensive income before reclassifications, before tax — 26,181 2,019 28,200 Reclassification to earnings: Cash flow hedge loss, before tax — — (527) (527) Postretirement benefit liabilities gain, before tax 42 — — 42 Current period other comprehensive income, before tax 42 26,181 1,492 27,715 Tax effect 18 (4,025) 547 (3,460) Current period other comprehensive income, net of tax 24 30,206 945 31,175 Balance at December 31, 2017 $ 1,165 $ (77,578) $ 945 $ (75,468) (1) Includes a release of accumulated foreign currency translation of $1.1 million related to the Company’s sale of the Europe-based Polymer Additives business (Note 3), which is included in Loss from discontinued operations, net of income taxes in our consolidated statements of operations for the year ended December 31, 2016. |
Reporting For Segments (Tables)
Reporting For Segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Reporting For Segments [Abstract] | |
Net Sales To External Customers By Segment | 2017 2016 2015 (Dollars in thousands) Performance Coatings $ 594,029 $ 526,981 $ 533,370 Performance Colors and Glass 444,653 371,464 376,769 Color Solutions 358,060 246,847 165,202 Total net sales $ 1,396,742 $ 1,145,292 $ 1,075,341 |
Segment's Gross Profit And Reconciliations To Income Before Income Taxes | 2017 2016 2015 (Dollars in thousands) Performance Coatings $ 145,797 $ 139,454 $ 126,945 Performance Colors and Glass 157,544 133,716 128,209 Color Solutions 113,694 84,293 45,678 Other cost of sales (814) (6,246) 848 Total gross profit 416,221 351,217 301,680 Selling, general and administrative expenses 258,604 241,702 216,899 Restructuring and impairment charges 11,409 15,907 9,655 Other expense, net 35,690 31,163 20,343 Income before income taxes $ 110,518 $ 62,445 $ 54,783 |
Summary of Segment's Expenditures for Long-Lived Assets | 2017 2016 2015 (Dollars in thousands) Performance Coatings $ 19,734 $ 9,139 $ 8,148 Performance Colors and Glass 9,374 7,123 6,620 Color Solutions 20,356 4,867 2,412 Total segment expenditures for long-lived assets 49,464 21,129 17,180 Unallocated corporate expenditures for long-lived assets 1,088 2,896 3,142 Total expenditures for long lived assets (1) $ 50,552 $ 24,025 $ 20,322 _____________________ (1) Excludes capital expenditure s of discontinued operations of $0.9 million and $22.7 million in 2016 and 2015 , respectively. |
Summary of Net Sales by Geographic Region | 2017 2016 2015 (Dollars in thousands) United States $ 356,482 $ 300,187 $ 281,976 Spain 214,732 188,972 174,742 Other international 825,528 656,133 618,623 Total net sales $ 1,396,742 $ 1,145,292 $ 1,075,341 |
Summary of Long-Lived Assets by Geographic Region | 2017 2016 (Dollars in thousands) Spain $ 76,142 $ 51,358 United States 44,956 40,661 Colombia 29,731 30,700 Other international 170,913 139,307 Total long-lived assets $ 321,742 $ 262,026 |
Unconsolidated Affiliates Acc49
Unconsolidated Affiliates Accounted For Under the Equity Method (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Unconsolidated Affiliates Accounted For Under the Equity Method [Abstract] | |
Summarized Condensed Income Statement | 2017 2016 2015 (Dollars in thousands) Net sales $ 33,851 $ 42,555 $ 47,443 Gross profit 5,655 4,842 4,799 Income from continuing operations (224) 694 1,887 Net (loss) income (220) 236 1,292 |
Summarized Balance Sheet | 2017 2016 (Dollars in thousands) Current assets $ 19,908 $ 38,246 Non-current assets 10,834 28,124 Current liabilities (13,207) (16,283) Non-current liabilities (467) (16,923) |
Transactions with Equity-Method Investees | 2017 2016 2015 (Dollars in thousands) Sales $ 5,378 $ 4,589 $ 6,740 Purchases 2,006 758 3,485 Dividends and interest received 920 268 332 Commission and royalties received 130 1,003 197 Commissions and royalties paid 57 26 165 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Data (Unaudited) [Abstract] | |
Summary of Quarterly Financial Information | Net (Loss) (Loss) Earnings Attributable to Income Ferro Corporation Common Attributable Shareholders Per Common Net (Loss) to Ferro Share Net Sales Gross Profit Income Corporation Basic Diluted (Dollars in thousands, except per share data) 2016 Quarter 1 $ 277,451 $ 84,229 $ (9,730) $ (9,966) $ (0.12) $ (0.12) Quarter 2 297,977 98,373 19,112 18,969 0.23 0.22 Quarter 3 288,527 88,981 (8,674) (8,884) (0.11) (0.11) Quarter 4 281,337 79,634 (20,595) (20,936) (0.25) (0.25) Total $ 1,145,292 $ 351,217 $ (19,887) $ (20,817) $ (0.25) $ (0.25) 2017 Quarter 1 $ 320,555 $ 98,794 $ 22,121 $ 21,898 $ 0.26 $ 0.26 Quarter 2 348,632 108,342 21,229 21,025 0.25 0.25 Quarter 3 350,012 103,616 22,965 22,817 0.27 0.27 Quarter 4 377,543 105,469 (8,547) (8,686) (0.10) (0.10) Total $ 1,396,742 $ 416,221 $ 57,768 $ 57,054 $ 0.68 $ 0.67 |
Our Business (Details)
Our Business (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Basis Of Presentation [Line Items] | |||
Business Units | segment | 4 | ||
Foreign currency losses, net | $ (6,554) | $ (12,906) | $ (4,495) |
Cost of sales | $ 980,521 | $ 794,075 | $ 773,661 |
Affiliate In Venezuela [Member] | |||
Basis Of Presentation [Line Items] | |||
Equity method investment, ownership percentage | 51.00% | ||
Proceeds from sale of buisness, net | $ 500 |
Significant Accounting Polici52
Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)entitycustomer | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Significant Accounting Policies [Line Items] | |||
Number of legal entities consolidated | entity | 6 | ||
Expenditures for company-sponsored research and development activities | $ 36,400 | $ 27,300 | $ 25,600 |
Number of customers representing greater than 10% of net sales or accounts receivable | customer | 0 | ||
Percentage of net sales or accounts receivable to be considered a major customer | 10.00% | ||
Tax benefit | $ 52,750 | $ 17,868 | $ (45,100) |
Accounting Standards Update 2016-09 [Member] | |||
Significant Accounting Policies [Line Items] | |||
Tax benefit | $ 300 | ||
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Non-controlling interest ownerships in consolidated entities | 5.00% | ||
Property, plant and equipment, useful lives | 1 year | ||
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Non-controlling interest ownerships in consolidated entities | 41.00% | ||
Property, plant and equipment, useful lives | 10 years |
Significant Accounting Polici53
Significant Accounting Policies (Detailed Information about Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Significant Accounting Policies [Abstract] | |||
Allowance for doubtful accounts | $ 7,821 | $ 8,166 | $ 7,784 |
Bad debt expense | $ 44 | $ 1,383 | $ 667 |
Significant Accounting Polici54
Significant Accounting Policies (Estimated Lives of Prperty, Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 1 year |
Minimum [Member] | Building [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Maximum [Member] | Building [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) $ in Thousands, € in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2016EUR (€) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Capital contribution to subsidiaries | $ 50,552 | $ 24,945 | $ 43,087 | |
Polymer Additives [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Capital contribution to subsidiaries | € 12 | 13,600 | ||
Impairment charges | 50,900 | |||
Polymer Additives [Member] | Translation Adjustments [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment charges | $ 1,100 |
Discontinued Operations (Summar
Discontinued Operations (Summary Of Discontinued Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Loss from discontinued operations, net of income taxes | $ (64,464) | $ (36,779) |
Discontinued Operations [Member] | Polymer Additives and Specialty Plastics [Member] | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Net sales | 18,481 | 33,825 |
Cost of sales | 28,473 | 53,213 |
Gross loss | (9,992) | (19,388) |
Selling, general and administrative expenses | 3,094 | 4,189 |
Restructuring and impairment charges | 50,902 | 11,792 |
Interest expense | 325 | 763 |
Miscellaneous (income) expense, net | (392) | 647 |
Loss from discontinued operations before income taxes | (63,921) | (36,779) |
Income tax expense | 543 | |
Loss from discontinued operations, net of income taxes | $ (64,464) | $ (36,779) |
Aquisitions (Narrative) (Detail
Aquisitions (Narrative) (Details) $ in Thousands, € in Millions, EGP in Millions | Nov. 01, 2017EUR (€) | Nov. 01, 2017USD ($) | Aug. 03, 2017USD ($) | Aug. 02, 2017USD ($) | Apr. 24, 2017EUR (€) | Apr. 24, 2017USD ($) | Dec. 09, 2016EUR (€) | Dec. 09, 2016USD ($) | Oct. 31, 2016USD ($) | Aug. 01, 2016USD ($) | Jun. 01, 2016EUR (€) | Jun. 01, 2016USD ($) | Jan. 05, 2016USD ($) | Nov. 17, 2015EGP | Nov. 17, 2015USD ($) | Jul. 07, 2015EUR (€) | Jul. 07, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Feb. 28, 2015USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Nov. 01, 2017USD ($) | Apr. 24, 2017USD ($) | Dec. 09, 2016USD ($) |
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 2,561 | ||||||||||||||||||||||||||||
Acquired intangible asset amortization costs | 13,100 | $ 8,900 | $ 4,900 | ||||||||||||||||||||||||||
Research and development costs | 36,400 | 27,300 | 25,600 | ||||||||||||||||||||||||||
Goodwill | $ 148,296 | $ 145,669 | $ 148,296 | $ 145,669 | 195,369 | 148,296 | 145,669 | ||||||||||||||||||||||
Goodwill impairment charge | 13,198 | ||||||||||||||||||||||||||||
Endeka Group (“Endeka”) [Member] | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Business acquisition, percentage of voting interests acquired | 100.00% | 100.00% | |||||||||||||||||||||||||||
Business acquisition | € 72.7 | $ 84,600 | |||||||||||||||||||||||||||
Acquired business contributed net sales | 19,400 | ||||||||||||||||||||||||||||
Acquired business contributed net income (loss) | (1,700) | ||||||||||||||||||||||||||||
Acquisition costs | 2,500 | ||||||||||||||||||||||||||||
Personal and real property | 21,800 | ||||||||||||||||||||||||||||
Deferred tax assets | 24,100 | ||||||||||||||||||||||||||||
Debt | € 13.1 | $ 15,300 | |||||||||||||||||||||||||||
Net working capital | 39,800 | ||||||||||||||||||||||||||||
Noncontrolling interest | 1,100 | ||||||||||||||||||||||||||||
Gardenia Quimica S.A. (“Gardenia”) [Member] | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Business acquisition | $ 3,000 | ||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 83.50% | 46.00% | |||||||||||||||||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 2,600 | ||||||||||||||||||||||||||||
Dip Tech Ltd. (“Dip-Tech”) [Member] | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Business acquisition, percentage of voting interests acquired | 100.00% | ||||||||||||||||||||||||||||
Business acquisition | $ 76,000 | ||||||||||||||||||||||||||||
Cash payments to acquire business | 59,100 | ||||||||||||||||||||||||||||
Business Combination, Contingent Consideration, Liability | 16,900 | ||||||||||||||||||||||||||||
Acquired business contributed net sales | 18,200 | ||||||||||||||||||||||||||||
Acquired business contributed net income (loss) | (2,200) | ||||||||||||||||||||||||||||
Acquisition costs | 3,200 | ||||||||||||||||||||||||||||
Amortizable intangible assets | 41,200 | ||||||||||||||||||||||||||||
Amortization of inventory step up costs | 1,100 | ||||||||||||||||||||||||||||
Acquired intangible asset amortization costs | 1,600 | ||||||||||||||||||||||||||||
Research and development costs | 2,600 | ||||||||||||||||||||||||||||
Goodwill | 32,500 | ||||||||||||||||||||||||||||
Acquired indefinite-lived intangible assets | 5,100 | ||||||||||||||||||||||||||||
Personal and real property | 3,200 | ||||||||||||||||||||||||||||
Deferred tax liabilities | 7,200 | ||||||||||||||||||||||||||||
Net working capital | $ 1,200 | ||||||||||||||||||||||||||||
S.P.C. Group s.r.l. [Member] | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Business acquisition, percentage of voting interests acquired | 100.00% | 100.00% | |||||||||||||||||||||||||||
Smalti per Ceramiche, s.r.l. (together “SPC”) [Member] | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Business acquisition, percentage of voting interests acquired | 100.00% | 100.00% | |||||||||||||||||||||||||||
Business acquisition | € 18.7 | $ 20,300 | |||||||||||||||||||||||||||
Acquisition costs | 1,500 | ||||||||||||||||||||||||||||
Amortizable intangible assets | $ 6,000 | ||||||||||||||||||||||||||||
Goodwill | 5,200 | ||||||||||||||||||||||||||||
Personal and real property | 6,100 | ||||||||||||||||||||||||||||
Deferred tax liabilities | 2,000 | ||||||||||||||||||||||||||||
Debt | € 5.7 | 6,200 | |||||||||||||||||||||||||||
Net working capital | $ 5,000 | ||||||||||||||||||||||||||||
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 net sales | 6,100 | 44,300 | |||||||||||||||||||||||||||
Acquired business contributed net income (loss) | $ 500 | 5,100 | |||||||||||||||||||||||||||
Acquisition costs | 300 | 1,900 | |||||||||||||||||||||||||||
Amortizable intangible assets | 39,700 | ||||||||||||||||||||||||||||
Goodwill | 19,000 | ||||||||||||||||||||||||||||
Personal and real property | 2,900 | ||||||||||||||||||||||||||||
Deferred tax liabilities | 2,000 | ||||||||||||||||||||||||||||
Net working capital | $ 18,900 | ||||||||||||||||||||||||||||
Cappelle Pigments NV (“Cappelle”) [Member] | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Business acquisition, percentage of voting interests acquired | 100.00% | 100.00% | |||||||||||||||||||||||||||
Business acquisition | € 49.8 | $ 52,700 | |||||||||||||||||||||||||||
Acquired business contributed net sales | 2,200 | 71,800 | |||||||||||||||||||||||||||
Acquired business contributed net income (loss) | $ (1,800) | 5,400 | |||||||||||||||||||||||||||
Goodwill | $ 3,800 | ||||||||||||||||||||||||||||
Personal and real property | 25,000 | ||||||||||||||||||||||||||||
Deferred tax liabilities | 3,800 | ||||||||||||||||||||||||||||
Debt | € 9.8 | 10,400 | |||||||||||||||||||||||||||
Net working capital | $ 27,700 | ||||||||||||||||||||||||||||
Delta Performance Products, LLC [Member] | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Business acquisition | $ 4,400 | ||||||||||||||||||||||||||||
Amortizable intangible assets | 3,200 | ||||||||||||||||||||||||||||
Goodwill | 400 | ||||||||||||||||||||||||||||
Deferred tax assets | 200 | ||||||||||||||||||||||||||||
Net working capital | $ 600 | ||||||||||||||||||||||||||||
Pinturas Benicarló, S.L. (“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 | ||||||||||||||||||||||||||||
Ferer Dis Ticaret Ve Kimyasallar Anonim Sirketi A.S. (“Ferer”) [Member] | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Business acquisition, percentage of voting interests acquired | 100.00% | ||||||||||||||||||||||||||||
Cash payments to acquire business | $ 9,400 | ||||||||||||||||||||||||||||
Amortizable intangible assets | 3,300 | ||||||||||||||||||||||||||||
Goodwill | 4,500 | ||||||||||||||||||||||||||||
Personal and real property | 600 | ||||||||||||||||||||||||||||
Deferred tax liabilities | 700 | ||||||||||||||||||||||||||||
Net working capital | $ 1,700 | ||||||||||||||||||||||||||||
Al Salomi for Frits and Glazes (“Al Salomi”) [Member] | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Business acquisition, percentage of voting interests acquired | 100.00% | ||||||||||||||||||||||||||||
Business acquisition | EGP 307 | $ 38,200 | |||||||||||||||||||||||||||
Acquired business contributed net sales | 2,300 | 25,400 | 24,400 | ||||||||||||||||||||||||||
Acquired business contributed net income (loss) | $ (500) | 3,700 | (11,800) | ||||||||||||||||||||||||||
Amortizable intangible assets | 15,000 | ||||||||||||||||||||||||||||
Goodwill | 14,300 | ||||||||||||||||||||||||||||
Goodwill impairment charge | 13,200 | ||||||||||||||||||||||||||||
Personal and real property | 10,700 | ||||||||||||||||||||||||||||
Deferred tax liabilities | 4,800 | ||||||||||||||||||||||||||||
Net working capital | $ 3,000 | ||||||||||||||||||||||||||||
Nubiola [Member] | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Business acquisition, percentage of voting interests acquired | 100.00% | ||||||||||||||||||||||||||||
Cash payments to acquire business | € 167 | $ 184,200 | |||||||||||||||||||||||||||
Net assets acquired | 168,084 | $ 168,100 | |||||||||||||||||||||||||||
Acquired business contributed net sales | 56,900 | 138,900 | 123,200 | 1,141,200 | |||||||||||||||||||||||||
Acquired business contributed net income (loss) | $ 300 | 21,800 | $ 24,400 | 69,489 | |||||||||||||||||||||||||
Acquisition costs | $ 5,400 | ||||||||||||||||||||||||||||
Estimated fair value of receivables acquired | 24,500 | ||||||||||||||||||||||||||||
Gross contractual amount of receivables acquired | 25,200 | ||||||||||||||||||||||||||||
Amortizable intangible assets | 21,100 | ||||||||||||||||||||||||||||
Amortizable intangible assets adjustment | 6,400 | ||||||||||||||||||||||||||||
Goodwill | 27,498 | (11,700) | |||||||||||||||||||||||||||
Acquired indefinite-lived intangible assets | 5,600 | ||||||||||||||||||||||||||||
Deferred tax liabilities, adjustment | $ 1,900 | ||||||||||||||||||||||||||||
Net working capital | $ 46,642 | ||||||||||||||||||||||||||||
TherMark Holdings, Inc. [Member] | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Business acquisition | $ 5,500 | ||||||||||||||||||||||||||||
Amortizable intangible assets | 4,600 | ||||||||||||||||||||||||||||
Goodwill | 2,500 | ||||||||||||||||||||||||||||
Deferred tax liabilities | 1,700 | ||||||||||||||||||||||||||||
Net working capital | $ 100 | ||||||||||||||||||||||||||||
Customer Relationships [Member] | Nubiola [Member] | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Amortizable intangible assets | $ 5,400 | ||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||||||||||||||||||||||||||||
Technological Know-how [Member] | Nubiola [Member] | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Amortizable intangible assets | $ 15,700 | ||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years |
Aquisitions (Summary Of The Pre
Aquisitions (Summary Of The Preliminary Purchase Price Allocations) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Jul. 07, 2015 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 195,369 | $ 148,296 | $ 145,669 | ||
Nubiola [Member] | |||||
Business Acquisition [Line Items] | |||||
Net working capital | $ 46,642 | ||||
Cash and equivalents | 19,966 | ||||
Personal property | 39,444 | ||||
Real property | 28,510 | ||||
Intangible assets | 26,757 | ||||
Other assets and liabilities | (20,733) | ||||
Goodwill | $ (11,700) | 27,498 | |||
Net assets acquired | $ 168,100 | $ 168,084 |
Aquisitions (Summary Of Unaudit
Aquisitions (Summary Of Unaudited Pro Forma Information Represents The Consolidated Results Of The Company As If The Acquisition Occurred As Of January 1, 2014) (Details) - Nubiola [Member] - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net sales | $ 56,900 | $ 138,900 | $ 123,200 | $ 1,141,200 |
Net income attributable to Ferro Corporation common shareholders | $ 300 | $ 21,800 | $ 24,400 | $ 69,489 |
Net earnings per share attributable to Ferro Corporation common shareholders - Basic | $ 0.80 | |||
Net earnings per share attributable to Ferro Corporation common shareholders - Diluted | $ 0.79 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Inventories [Abstract] | |||
Terms of precious metals consignment agreements, maximum | 1 year | ||
Fees under precious metals consignment agreements | $ 1.2 | $ 0.8 | $ 0.8 |
Fair value of precious metals on hand under consignment agreements | $ 37.7 | $ 28.7 |
Inventories (Inventories) (Deta
Inventories (Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Inventories [Abstract] | ||
Raw materials | $ 112,300 | $ 72,943 |
Work in process | 39,454 | 38,859 |
Finished goods | 172,426 | 118,045 |
Total inventories | $ 324,180 | $ 229,847 |
Property, Plant And Equipment62
Property, Plant And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 36,900 | $ 37,900 | $ 36,200 |
Unpaid capital expenditure liabilities | $ 8,800 | 5,000 | 6,600 |
Assets held for use | 33,711 | ||
Impairments of assets held for use | 50,902 | 11,792 | |
Europe-based Polymer Additives [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Assets held for sale, impairment charge | 50,900 | $ 11,800 | |
AUSTRALIA | |||
Property, Plant and Equipment [Line Items] | |||
Gain (loss) on assets sold | $ 3,900 |
Property, Plant And Equipment63
Property, Plant And Equipment (Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | $ 824,631 | $ 701,384 |
Total accumulated depreciation | (502,889) | (439,358) |
Property, plant and equipment, net | 321,742 | 262,026 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | 48,566 | 37,136 |
Building [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | 199,076 | 171,809 |
Machinery and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | 548,864 | 477,376 |
Construction in Progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment | $ 28,125 | $ 15,063 |
Property, Plant And Equipment64
Property, Plant And Equipment (Summary Of Fair Value And Impairment Of Long Lived Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Assets held for use | $ 33,711 | |
Total losses on assets held for use | $ (50,902) | (11,792) |
Level 3 [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Assets held for use | $ 33,711 |
Goodwill And Other Intangible65
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill And Other Intangible Asset [Line Items] | |||
Goodwill impairment charge | $ 13,198 | ||
Amortization expense related to amortizable intangible assets | $ 13,100 | 8,900 | $ 4,900 |
Expected aggregate amortization expense 2017 | 16,600 | ||
Expected aggregate amortization expense 2018 | 16,100 | ||
Expected aggregate amortization expense 2019 | 14,800 | ||
Expected aggregate amortization expense 2020 | 13,400 | ||
Expected aggregate amortization expense 2021 | $ 13,200 | ||
Performance Coatings [Member] | |||
Goodwill And Other Intangible Asset [Line Items] | |||
Goodwill impairment charge | $ 13,198 |
Goodwill And Other Intangible66
Goodwill And Other Intangible Assets (Details and Activity of Goodwill by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Goodwill net, beginning balance | $ 148,296 | $ 145,669 |
Acquisitions | 37,914 | 20,576 |
Impairments | (13,198) | |
Foreign currency adjustment | 9,159 | (4,751) |
Goodwill net, ending balance | 195,369 | 148,296 |
Performance Coatings [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Goodwill net, beginning balance | 28,090 | 43,484 |
Acquisitions | 5,970 | |
Impairments | (13,198) | |
Foreign currency adjustment | 4,176 | (2,196) |
Goodwill net, ending balance | 38,236 | 28,090 |
Color Solutions [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Goodwill net, beginning balance | 40,421 | 48,794 |
Acquisitions | 328 | |
Acquisitions | (7,756) | |
Foreign currency adjustment | 1,786 | (617) |
Goodwill net, ending balance | 42,535 | 40,421 |
Performance Colors And Glass [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Goodwill net, beginning balance | 79,785 | 53,391 |
Acquisitions | 31,616 | 28,332 |
Foreign currency adjustment | 3,197 | (1,938) |
Goodwill net, ending balance | $ 114,598 | $ 79,785 |
Goodwill And Other Intangible67
Goodwill And Other Intangible Assets (Schedule Of Impairment Of Goodwill) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill And Other Intangible Assets [Abstract] | |||
Goodwill, gross | $ 253,836 | $ 206,763 | |
Accumulated impairment loss | (58,467) | (58,467) | |
Goodwill, net | $ 195,369 | $ 148,296 | $ 145,669 |
Goodwill And Other Intangible68
Goodwill And Other Intangible Assets (Significant Assumptions and Ranges of Assumptions Used in Impairment Analysis of Goodwill) (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Impaired Intangible Assets And Goodwill [Line Items] | ||
Residual growth rate | 3.00% | 3.00% |
Minimum [Member] | ||
Schedule Of Impaired Intangible Assets And Goodwill [Line Items] | ||
Weighted-average cost of capital | 11.00% | 10.75% |
Maximum [Member] | ||
Schedule Of Impaired Intangible Assets And Goodwill [Line Items] | ||
Weighted-average cost of capital | 13.50% | 13.50% |
Goodwill And Other Intangible69
Goodwill And Other Intangible Assets (Summary of Fair Value and Impairment of Goodwill) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Goodwill [Line Items] | |
Impairments | $ (13,198) |
Performance Coatings [Member] | |
Goodwill [Line Items] | |
Impairments | $ (13,198) |
Goodwill And Other Intangible70
Goodwill And Other Intangible Assets (Details of Amortizable Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Amortization Of Intangible Assets [Line Items] | ||
Total gross amortizable intangible assets | $ 234,796 | $ 174,883 |
Total accumulated amortization | (64,437) | (47,765) |
Amortizable intangible assets, net | 170,359 | 127,118 |
Patents [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Total gross amortizable intangible assets | 5,279 | 5,147 |
Total accumulated amortization | (5,226) | (4,981) |
Land Rights [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Total gross amortizable intangible assets | 4,947 | 4,746 |
Total accumulated amortization | (2,883) | (2,698) |
Technologiical Know-how And Other [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Total gross amortizable intangible assets | 131,070 | 84,837 |
Total accumulated amortization | (45,214) | (34,775) |
Customer Relationships [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Total gross amortizable intangible assets | 93,500 | 80,153 |
Total accumulated amortization | $ (11,114) | $ (5,311) |
Minimum [Member] | Patents [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Estimated Economic Life | 10 years | |
Minimum [Member] | Land Rights [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Estimated Economic Life | 20 years | |
Minimum [Member] | Technologiical Know-how And Other [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Estimated Economic Life | 1 year | |
Minimum [Member] | Customer Relationships [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Estimated Economic Life | 10 years | |
Maximum [Member] | Patents [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Estimated Economic Life | 16 years | |
Maximum [Member] | Land Rights [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Estimated Economic Life | 40 years | |
Maximum [Member] | Technologiical Know-how And Other [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Estimated Economic Life | 30 years | |
Maximum [Member] | Customer Relationships [Member] | ||
Amortization Of Intangible Assets [Line Items] | ||
Estimated Economic Life | 20 years |
Goodwill And Other Intangible71
Goodwill And Other Intangible Assets (Schedule of Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Trade Names and Trademarks [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | $ 17,257 | $ 10,732 |
Debt And Other Financing (Narra
Debt And Other Financing (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt | $ (3,905,000) | |||
Long-term debt | $ 735,267,000 | $ 563,033,000 | ||
Other Financing Arrangements [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum available in form of cash or letters of credit | 64,500,000 | 7,300,000 | ||
Additional borrowings available | $ 39,400,000 | 6,700,000 | ||
2014 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowings under revolving line of credit | $ 311,600,000 | |||
Debt, Weighted Average Interest Rate | 3.50% | |||
Write off of unamortized issuance costs | $ 3,900,000 | |||
2014 Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.00% | |||
2014 Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Applicable margin percentage | 2.50% | 2.50% | ||
2014 Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Applicable margin percentage | 3.00% | 3.00% | ||
2014 Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Applicable margin percentage | 1.50% | 1.50% | ||
2014 Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Applicable margin percentage | 2.00% | 2.00% | ||
2014 Credit Facility [Member] | Federal Funds Effective Swap Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.50% | |||
2017 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Equal quarterly installments in an amount equal to percentage of the original principal amount of the term loans | 0.25% | |||
Additional commitments under the revolving line of credit or term loanss | $ 250,000,000 | |||
2017 Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.00% | |||
2017 Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.00% | |||
Applicable margin percentage | 1.75% | 1.75% | ||
2017 Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Applicable margin percentage | 2.75% | 2.75% | ||
2017 Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Applicable margin percentage | 0.75% | 0.75% | ||
2017 Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Applicable margin percentage | 1.75% | 1.75% | ||
2017 Credit Facility [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] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 311,555,000 | |||
Revolving Credit Facility, Maturing 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 78,000,000 | |||
Secured Debt [Member] | 2014 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt facility amount | 200,000,000 | |||
Term of debt instrument/credit facility | 5 years | |||
Additional borrowings available | $ 84,100,000 | |||
Secured Debt [Member] | 2017 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Term of debt instrument/credit facility | 5 years | |||
Debt amount issued | 400,000,000 | |||
Additional borrowings available | $ 317,300,000 | |||
Secured Debt [Member] | Revolving Credit Facility, Maturing 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt stated interest rate | 3.63% | 3.63% | ||
Additional borrowings available | $ 78,000,000 | |||
Secured Debt [Member] | Incremental Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt facility amount | 300,000,000 | |||
Secured Debt [Member] | Second Incremental Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt facility amount | 400,000,000 | |||
Secured Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 354,800,000 | |||
Applicable margin percentage | 4.07% | 4.07% | ||
Secured Term Loan [Member] | Interest Rate Swap [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt amount issued | $ 150,000,000 | |||
Applicable margin percentage | 4.27% | 4.27% | ||
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] | ||||
Debt instrument, basis spread on variable rate | 1.50% | |||
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] | EURIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Applicable margin percentage | 2.75% | 2.75% | ||
Secured Term Loan [Member] | 2014 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Term of debt instrument/credit facility | 7 years | |||
Debt amount issued | $ 300,000,000 | |||
Long-term debt | $ 243,300,000 | |||
Interest rate | 4.00% | 4.00% | ||
Repayment of term loan facility | $ 50,000,000 | |||
Quarterly principal payments on term loan | $ 750,000 | |||
Secured Term Loan [Member] | 2014 Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.00% | |||
Applicable margin percentage | 3.25% | 3.25% | ||
Secured Term Loan [Member] | 2014 Credit Facility [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] | 2014 Credit Facility [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Applicable margin percentage | 2.25% | 2.25% | ||
Secured Term Loan [Member] | 2014 Credit Facility [Member] | Federal Funds Effective Swap Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.50% | |||
Secured Term Loan [Member] | 2017 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Term of debt instrument/credit facility | 7 years | |||
Debt amount issued | $ 357,500,000 | |||
Secured Euro Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | € 248,100,000 | $ 297,900,000 | ||
Applicable margin percentage | 2.75% | 2.75% | ||
Secured Euro Term Loan [Member] | Interest Rate Swap [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt amount issued | € | € 90,000,000 | |||
Applicable margin percentage | 3.00% | 3.00% | ||
Secured Euro Term Loan [Member] | EURIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.00% | |||
Secured Euro Term Loan [Member] | 2017 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Term of debt instrument/credit facility | 7 years | |||
Debt amount issued | € | € 250,000,000 | |||
U.S. Subsidiaries [Member] | 2014 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Stock pledged as collateral, percentage | 100.00% | |||
U.S. Subsidiaries [Member] | 2017 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Stock pledged as collateral, percentage | 100.00% | |||
Foreign Subsidiaries [Member] | 2014 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Stock pledged as collateral, percentage | 65.00% | |||
Foreign Subsidiaries [Member] | 2017 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Stock pledged as collateral, percentage | 65.00% |
Debt And Other Financing (Loans
Debt And Other Financing (Loans Payable And Current Portion of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Short-term Debt [Line Items] | ||
Loans payable and current portion of long-term debt | $ 25,136 | $ 17,310 |
Loans Payable [Member] | ||
Short-term Debt [Line Items] | ||
Loans payable and current portion of long-term debt | 16,360 | 11,452 |
Current Portion Of Long-term Debt [Member] | ||
Short-term Debt [Line Items] | ||
Loans payable and current portion of long-term debt | $ 8,776 | $ 5,858 |
Debt And Other Financing (Summa
Debt And Other Financing (Summary Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 735,267 | $ 563,033 |
Current portion of long-term debt | (8,776) | (5,858) |
Long-term debt, less current portion | 726,491 | 557,175 |
Unamortized debt issuance costs | 7,451 | |
Term Loan Facility, Net Of Unamortized Issuance Costs, Maturing 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Total 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] | ||
Total long-term debt | 645,242 | |
Unamortized debt issuance costs | 7,500 | |
Revolving Credit Facility, Maturing 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 311,555 | |
Revolving Credit Facility, Maturing 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 78,000 | |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 4,913 | 3,720 |
Other notes [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 7,112 | $ 8,228 |
Debt And Other Financing (Annua
Debt And Other Financing (Annual Maturities Of Long-term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt And Other Financing [Abstract] | ||
2,018 | $ 9,109 | |
2,019 | 8,349 | |
2,020 | 7,736 | |
2,021 | 7,490 | |
2,022 | 86,440 | |
Thereafter | 624,728 | |
Total maturities of long-term debt | 743,852 | |
Unamortized debt issuance costs on Term loan facility | (7,451) | |
Imputed interest and executory costs on capitalized lease obligations | (1,134) | |
Long-term debt, less current portion | $ 735,267 | $ 563,033 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2017USD ($) | |
Gain (loss) from the change in fair value of financial instruments | $ (2,900,000) | $ (2,700,000) | $ 8,300,000 | ||
Notional amount | $ 338,200,000 | $ 238,500,000 | |||
Net Investment Hedging [Member] | |||||
Notional amount | € | € 31,000,000 | ||||
Amount of Ineffectiveness on Net Investment Hedges | $ 0 | ||||
Secured Term Loan [Member] | Interest Rate Swap [Member] | |||||
Debt amount issued | 150,000,000 | ||||
Secured Term Loan [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||||
Debt amount issued | $ 150,000,000 | ||||
Secured Euro Term Loan [Member] | Interest Rate Swap [Member] | |||||
Debt amount issued | € | 90,000,000 | ||||
Secured Euro Term Loan [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||||
Debt amount issued | € | € 90,000,000 |
Financial Instruments (Financia
Financial Instruments (Financial Instruments Assets (Liabilities) Measured At Fair Value) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Cash and cash equivalents, Carrying Amount | $ 63,551 | $ 45,582 | $ 58,380 | $ 140,500 |
Loans payable, Carrying Amount | (16,360) | (11,452) | ||
Long-term debt, Carrying Amount | (735,267) | (563,033) | ||
Interest Rate Swaps-Asset, Carrying Amount | 1,616 | |||
Interest Rate Swaps-Liabilities, Carrying Amount | (124) | |||
Foreign currency forward contracts, net, Carrying amount | (469) | 350 | ||
Cash and cash equivalents, Fair Value | 63,551 | 45,582 | ||
Loans payable, Fair Value | (16,360) | (11,452) | ||
Interest Rate Swaps-Asset, Fair Value | 1,616 | |||
Interest Rate Swaps-Liabilities, Fair Value | (124) | |||
Foreign currency forward contracts, net, Fair Value | (469) | 350 | ||
Unamortized debt issuance costs | 7,451 | |||
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) | |||
Revolving Credit Facility, Maturing 2022 [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Carrying Amount | (78,000) | |||
Long-term debt, Fair Value | (79,295) | |||
Term Loan Facility, Net Of Unamortized Issuance Costs, Maturing 2021 [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Carrying Amount | (239,530) | |||
Long-term debt, Fair Value | (252,052) | |||
Unamortized debt issuance costs | 3,700 | |||
Term Loan Facility, Net Of Unamortized Issuance Costs, Maturing 2024 [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Carrying Amount | (645,242) | |||
Long-term debt, Fair Value | (646,979) | |||
Unamortized debt issuance costs | 7,500 | |||
Other Long-term Notes Payable [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Carrying Amount | (7,112) | (8,228) | ||
Long-term debt, Fair Value | (3,973) | (7,315) | ||
Level 1 [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Cash and cash equivalents, Fair Value | 63,551 | 45,582 | ||
Loans payable, Fair Value | ||||
Interest Rate Swaps-Asset, Fair Value | ||||
Interest Rate Swaps-Liabilities, Fair Value | ||||
Foreign currency forward contracts, net, Fair Value | ||||
Level 1 [Member] | Revolving Credit Facility, Maturing 2019 [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Fair Value | ||||
Level 1 [Member] | Revolving Credit Facility, Maturing 2022 [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Fair Value | ||||
Level 1 [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 1 [Member] | Term Loan Facility, Net Of Unamortized Issuance Costs, Maturing 2024 [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Fair Value | ||||
Level 1 [Member] | Other Long-term Notes Payable [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Fair Value | ||||
Level 2 [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Loans payable, Fair Value | (16,360) | (11,452) | ||
Interest Rate Swaps-Asset, Fair Value | 1,616 | |||
Interest Rate Swaps-Liabilities, Fair Value | (124) | |||
Foreign currency forward contracts, net, Fair Value | (469) | 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] | Revolving Credit Facility, Maturing 2022 [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Fair Value | (79,295) | |||
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 | (252,052) | |||
Level 2 [Member] | Term Loan Facility, Net Of Unamortized Issuance Costs, Maturing 2024 [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Fair Value | (646,979) | |||
Level 2 [Member] | Other Long-term Notes Payable [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Fair Value | (3,973) | (7,315) | ||
Level 3 [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Cash and cash equivalents, Fair Value | ||||
Loans payable, Fair Value | ||||
Interest Rate Swaps-Asset, Fair Value | ||||
Interest Rate Swaps-Liabilities, Fair Value | ||||
Foreign currency forward contracts, net, Fair Value | ||||
Level 3 [Member] | Revolving Credit Facility, Maturing 2019 [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, Fair Value | ||||
Level 3 [Member] | Revolving Credit Facility, Maturing 2022 [Member] | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ||||
Long-term debt, 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] | Term Loan Facility, Net Of Unamortized Issuance Costs, Maturing 2024 [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 (Schedule
Financial Instruments (Schedule of Loss Recognized in AOCI and the Amount of Loss Reclassified into Income) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Net Investment Hedging [Member] | |
Amount of Gain (Loss) Recognized in AOCL | $ (10,972) |
Amount of Gain (Loss) Reclassified from AOCL into Income - Effective Portion | |
Interest Rate Swap [Member] | |
Amount of Gain (Loss) Recognized in AOCL | 1,492 |
Amount of Gain (Loss) Reclassified from AOCL into Income - Effective Portion | $ (527) |
Financial Instruments (Effect O
Financial Instruments (Effect On Derivative Instruments On Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Foreign currency forward contracts [Member] | Foreign currency gains (losses), net [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Earnings | $ (2,938) | $ (2,714) | $ 8,304 |
Financial Instruments (Fair Val
Financial Instruments (Fair Value Of Derivative Instruments On Consolidated Balance Sheets) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other non-current sasets [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $ 1,616 | |
Other current assets [Member] | Foreign currency forward contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 661 | $ 1,854 |
Accrued expenses and other current liabilities [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | (124) | |
Accrued expenses and other current liabilities [Member] | Foreign currency forward contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | $ (1,130) | $ (1,504) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Refundable income taxes | $ 6,900,000 | $ 9,200,000 | ||
Income taxes payable | $ 8,300,000 | $ 15,800,000 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% | |
One-time mandatory deemed repatriation tax | $ 0 | |||
U.S. deferred tax reduction | 21,500,000 | |||
Deferred Tax Assets Operating Loss Carryforwards, Federal And State | 2,600,000 | |||
Foreign operating loss carryforwards | $ 49,300,000 | |||
Minimum duration of operating loss carryforwards that expire | 1 year | |||
Maximum duration of operating loss carryforwards that expire | 20 years | |||
Tax Credit Carryforwards | $ 35,422,000 | |||
Deferred tax asset valuation allowance | 32,579,000 | $ 37,354,000 | ||
Unrecognized tax benefits that would impact effective tax rate | 9,800,000 | 11,000,000 | ||
Expense (benefit) for interest, net of tax, and penalties related to unrecognized tax benefits | 700,000 | 100,000 | $ 600,000 | |
Accrued amount for payment of interest, net of tax, and penalties related to unrecognized tax benefits | 3,800,000 | 3,100,000 | ||
Anticipated reversal within next 12 months of liabilities for unrecognized tax benefits | 1,000,000 | |||
Deferred income taxes provided on undistributed earnings of foreign subsidiaries | 1,163,000 | $ 779,000 | ||
Undistributed earnings of foreign subsidiaries not indefinitely reinvested | $ 8,600,000 | |||
Scenario, Forecast [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Income Taxes ((Losses) Earnings
Income Taxes ((Losses) Earnings before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
U.S. | $ 9,857 | $ 7,416 | $ 10,520 |
Foreign | 100,661 | 55,029 | 44,263 |
Income before income taxes | $ 110,518 | $ 62,445 | $ 54,783 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense (Benefit) From Continuing Operations)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||
U.S. federal | $ (82) | $ 4,616 | $ 146 |
Foreign | 29,289 | 24,675 | 21,041 |
State and local | 53 | 28 | 41 |
Total current | 29,260 | 29,319 | 21,228 |
Deferred: | |||
U.S. federal | 24,534 | 379 | (56,521) |
Foreign | (1,064) | (11,830) | (3,764) |
State and local | 20 | (6,043) | |
Total deferred | 23,490 | (11,451) | (66,328) |
Total income tax expense (benefit) | $ 52,750 | $ 17,868 | $ (45,100) |
Income Taxes (Income Tax Expe84
Income Taxes (Income Tax Expense (Benefit) Allocated Directly to Ferro Corporation Shareholders' Equity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
Interest rate swaps | $ 547 | ||
Postretirement benefit liability adjustments | 18 | $ 30 | $ 32 |
Net investment hedge | (4,025) | ||
Stock options exercised | (2,355) | ||
Total income tax (benefit) expense allocated to Ferro Corporation shareholders' equity | $ (3,460) | $ (2,325) | $ 32 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of U.S. Federal Statutory Income Tax Rate and Effective Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
U.S. tax rate change due to the Tax Act | 19.50% | ||
Uncertain tax positions | 5.10% | 1.70% | 4.30% |
Non-deductible expenses | 2.40% | 3.40% | 3.00% |
U.S. tax cost of foreign dividends | 0.30% | 0.60% | 1.70% |
State taxes | (0.10%) | (0.70%) | 0.60% |
Adjustment of valuation allowances | (0.30%) | (7.40%) | (118.40%) |
Tax rate changes | 0.50% | 0.70% | (3.40%) |
Notional interest deduction | (0.50%) | (2.80%) | (2.80%) |
Net adjustment of prior-year accrual, including tax audit settlements | (0.50%) | 1.50% | 0.20% |
Foreign currency | (0.60%) | (1.60%) | 2.30% |
Domestic production activities deduction | (0.60%) | (0.20%) | |
Goodwill dispositions and impairments | (1.80%) | 8.30% | (0.20%) |
Other tax credits | (1.10%) | (2.90%) | (2.30%) |
Miscellaneous | (1.30%) | 3.20% | 1.70% |
Foreign tax rate difference | (7.30%) | (8.80%) | (6.90%) |
Foreign substitute tax payment | (3.90%) | ||
Effective tax rate | 47.70% | 28.60% | (82.30%) |
Income Taxes (Components of Def
Income Taxes (Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Foreign operating loss carryforwards | $ 44,804 | $ 30,352 |
Pension and other benefit programs | 36,720 | 51,189 |
U.S foreign tax credit carryforwards | 20,054 | 19,753 |
Accrued liabilities | 14,625 | 20,942 |
Other credit carryforwards | 10,889 | 11,277 |
Currency differences | 7,376 | 3,138 |
Other | 5,823 | 5,643 |
State and local operating loss carryforwards | 4,808 | 3,975 |
Inventories | 2,679 | 1,962 |
Allowance for doubtful accounts | 1,822 | 1,744 |
Total deferred tax assets | 149,600 | 149,975 |
Deferred tax liabilities: | ||
Property, plant and equipment and intangibles -- depreciation and amortization | 38,785 | 28,418 |
Other | 2,339 | 3,091 |
Unremitted earnings of foreign subsidiaries | 1,163 | 779 |
Total deferred tax liabilities | 42,287 | 32,288 |
Net deferred tax assets before valuation allowance | 107,313 | 117,687 |
Valuation allowance | (32,579) | (37,354) |
Net deferred tax assets | $ 74,734 | $ 80,333 |
Income Taxes (Expirations of Op
Income Taxes (Expirations of Operating Loss Carryforwards and Tax Credit Carryforwards) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Income Tax And Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 51,863 |
Tax Credit Carryforwards | 35,422 |
Expiring In 2018 [Member] | |
Income Tax And Carryforwards [Line Items] | |
Operating Loss Carryforwards | 809 |
Expiring In 2019-2023 [Member] | |
Income Tax And Carryforwards [Line Items] | |
Operating Loss Carryforwards | 9,765 |
Tax Credit Carryforwards | 16,103 |
Expiring In 2024-2028 [Member] | |
Income Tax And Carryforwards [Line Items] | |
Operating Loss Carryforwards | 2,513 |
Tax Credit Carryforwards | 11,666 |
Expiring In 2029-2033 [Member] | |
Income Tax And Carryforwards [Line Items] | |
Operating Loss Carryforwards | 2,794 |
Tax Credit Carryforwards | 5,403 |
Expiring In 2034-2038 [Member] | |
Income Tax And Carryforwards [Line Items] | |
Operating Loss Carryforwards | 123 |
Tax Credit Carryforwards | 1,566 |
Expiring In 2039-Indefinitely [Member] | |
Income Tax And Carryforwards [Line Items] | |
Operating Loss Carryforwards | 35,859 |
Tax Credit Carryforwards | $ 684 |
Income Taxes (Classification of
Income Taxes (Classification of Net Deferred Income Tax Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Income Taxes [Abstract] | ||
Non-current assets | $ 108,025 | $ 106,454 |
Non-current liabilities | (33,291) | (26,121) |
Net deferred tax assets | $ 74,734 | $ 80,333 |
Income Taxes (Activity and Bala
Income Taxes (Activity and Balances of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
Balance at beginning of year | $ 30,085 | $ 34,541 | $ 36,879 |
Additions for tax positions of prior years | 2,057 | 170 | 4,136 |
Foreign currency adjustments | 1,644 | (526) | (1,744) |
Additions based on tax positions related to the current year | 1,609 | 1,445 | 2,664 |
Reductions for tax positions of prior years | (288) | (2,827) | (1,135) |
Settlements with taxing authorities | (353) | ||
Reductions as a result of expiring statutes of limitations | (6,284) | (2,718) | (6,259) |
Balance at end of year | $ 28,470 | $ 30,085 | $ 34,541 |
Contingent Liabilities (Details
Contingent Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments And Contingent Liabilities [Line Items] | ||
Amount of bank guarantees and standby letters of credit issued by financial institutions | $ 7.7 | $ 6.4 |
Undiscounted remediation liability associated with environmentally contaminated non-operating facility | 6.7 | 7.2 |
ARGENTINA | Argentina Supreme Court [Member] | ||
Commitments And Contingent Liabilities [Line Items] | ||
Contingent tax liability | 3.3 | $ 8.7 |
Contingent tax liability, decrease | $ 4.5 |
Retirement Benefits (Narrative)
Retirement Benefits (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017USD ($)itemshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2017USD ($)itemshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($) | |
Pension Postretirement And Other Retirement Plans [Line Items] | |||||
Number Of Plans That Accrue Benefit Service Costs | item | 1 | 1 | |||
Mark-to-market actuarial net losses (gains) | $ 6,400 | $ (20,100) | |||
Settlement gain | $ 12,600 | ||||
Shares of company common stock | shares | 84,000,000 | 83,400,000 | 84,000,000 | 83,400,000 | |
Unrealized gains | $ 2,300 | $ 13,000 | |||
Defined contribution plan vesting period | 5 years | ||||
Defined contribution retirement plans expense | $ 5,700 | 4,200 | 3,400 | ||
U.S. Pension Plans [Member] | |||||
Pension Postretirement And Other Retirement Plans [Line Items] | |||||
Gains (losses) from returns on plan assets | $ 20,800 | $ (3,400) | (20,800) | ||
Shares of company common stock | shares | 300,000 | 300,000 | 300,000 | 300,000 | |
Market value of shares held of company common stock | $ 6,700 | $ 4,100 | $ 6,700 | $ 4,100 | |
Expected contribution to pension plans | 400 | 400 | |||
Non-U.S. Pension Plans [Member] | |||||
Pension Postretirement And Other Retirement Plans [Line Items] | |||||
Gains (losses) from returns on plan assets | (11,000) | ||||
Expected contribution to pension plans | $ 2,700 | 2,700 | |||
Great Britain [Member] | |||||
Pension Postretirement And Other Retirement Plans [Line Items] | |||||
Settlements | $ 32,200 | ||||
Fixed Income Securities [Member] | U.S. Pension Plans [Member] | |||||
Pension Postretirement And Other Retirement Plans [Line Items] | |||||
Target allocation percentage for fixed income, equity and other investments | 35.00% | 35.00% | |||
Fixed Income Securities [Member] | Non-U.S. Pension Plans [Member] | |||||
Pension Postretirement And Other Retirement Plans [Line Items] | |||||
Target allocation percentage for fixed income, equity and other investments | 75.00% | 75.00% | |||
Equity Securities [Member] | U.S. Pension Plans [Member] | |||||
Pension Postretirement And Other Retirement Plans [Line Items] | |||||
Target allocation percentage for fixed income, equity and other investments | 60.00% | 60.00% | |||
Equity Securities [Member] | Non-U.S. Pension Plans [Member] | |||||
Pension Postretirement And Other Retirement Plans [Line Items] | |||||
Target allocation percentage for fixed income, equity and other investments | 24.00% | 24.00% | |||
Other Investments [Member] | U.S. Pension Plans [Member] | |||||
Pension Postretirement And Other Retirement Plans [Line Items] | |||||
Target allocation percentage for fixed income, equity and other investments | 5.00% | 5.00% | |||
Other Investments [Member] | Non-U.S. Pension Plans [Member] | |||||
Pension Postretirement And Other Retirement Plans [Line Items] | |||||
Target allocation percentage for fixed income, equity and other investments | 1.00% | 1.00% | |||
Pension Plan [Member] | U.S. Pension Plans [Member] | |||||
Pension Postretirement And Other Retirement Plans [Line Items] | |||||
Mark-to-market actuarial net losses (gains) | $ (5,432) | 9,127 | 18,807 | ||
Actuarial (gain) loss | 17,956 | 5,745 | |||
Settlements | 51,124 | 144 | |||
Pension Plan [Member] | Non-U.S. Pension Plans [Member] | |||||
Pension Postretirement And Other Retirement Plans [Line Items] | |||||
Mark-to-market actuarial net losses (gains) | (1,459) | 11,180 | 5,085 | ||
Actuarial (gain) loss | (1,381) | 20,490 | |||
Settlements | 387 | 34,528 | |||
Other Postretirement Benefits Plan [Member] | U.S. Pension Plans [Member] | |||||
Pension Postretirement And Other Retirement Plans [Line Items] | |||||
Mark-to-market actuarial net losses (gains) | 458 | (164) | $ (3,051) | ||
Postretirement Health Coverage [Member] | U.S. Pension Plans [Member] | |||||
Pension Postretirement And Other Retirement Plans [Line Items] | |||||
Actuarial (gain) loss | $ 458 | $ (164) |
Retirement Benefits (Defined Be
Retirement Benefits (Defined Benefit Pension Plans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net periodic benefit cost: | |||||
Mark-to-market actuarial net (gains) losses | $ 6,400 | $ (20,100) | |||
Amounts recognized in the balance sheet: | |||||
Other non-current assets | 43,718 | 47,126 | $ 43,718 | $ 47,126 | |
Accrued expenses and other current liabilities | (70,151) | (65,203) | (70,151) | (65,203) | |
Postretirement and pension liabilities | (166,680) | (162,941) | (166,680) | (162,941) | |
U.S. Pension Plans [Member] | Pension Plan [Member] | |||||
Net periodic benefit cost: | |||||
Service cost | 11 | 16 | $ 17 | ||
Interest cost | 14,594 | 15,552 | 18,718 | ||
Expected return on plan assets | (20,111) | (19,735) | (29,168) | ||
Amortization of prior service cost (credit) | 7 | 11 | 12 | ||
Mark-to-market actuarial net (gains) losses | (5,432) | 9,127 | 18,807 | ||
Curtailment and settlement effects | 2,581 | (12,640) | |||
Total net periodic benefit cost | (8,350) | 4,971 | (4,254) | ||
Change in benefit obligation: | |||||
Benefit obligation at beginning of year | 345,202 | 346,951 | |||
Service cost | 11 | 16 | 17 | ||
Interest cost | 14,594 | 15,552 | 18,718 | ||
Settlements | (51,124) | (144) | |||
Benefits paid | (23,469) | (22,918) | |||
Actuarial (gain) loss | 17,956 | 5,745 | |||
Benefit obligation at end of year | 303,170 | 345,202 | 303,170 | 345,202 | 346,951 |
Accumulated benefit obligation at end of year | 303,170 | 345,202 | 303,170 | 345,202 | |
Fair value of plan assets at beginning of year | 272,549 | 278,735 | |||
Actual return on plan assets | 40,919 | 16,354 | |||
Employer contributions | 385 | 522 | |||
Benefits paid | (23,469) | (22,918) | |||
Effect of settlements | (51,124) | (144) | |||
Fair value of plan assets at end of year | 239,260 | 272,549 | 239,260 | 272,549 | $ 278,735 |
Amounts recognized in the balance sheet: | |||||
Accrued expenses and other current liabilities | (422) | (579) | (422) | (579) | |
Postretirement and pension liabilities | (63,488) | (72,074) | (63,488) | (72,074) | |
Funded status | $ (63,910) | $ (72,653) | $ (63,910) | $ (72,653) | |
Weighted-average assumptions as of December 31: | |||||
Discount rate | 4.40% | 4.70% | 4.25% | ||
Discount rate | 3.80% | 4.40% | 3.80% | 4.40% | |
Expected return on plan assets | 8.20% | 8.20% | 8.20% | ||
Pension plans with benefit obligations in excess of plan assets: | |||||
Benefit obligations | $ 303,170 | $ 345,202 | $ 303,170 | $ 345,202 | |
Plan assets | 239,260 | 272,549 | 239,260 | 272,549 | |
Pension plans with accumulated benefit obligations in excess of plan assets: | |||||
Projected benefit obligations | 303,170 | 345,202 | 303,170 | 345,202 | |
Accumulated benefit obligations | 303,170 | 345,202 | 303,170 | 345,202 | |
Plan assets | $ 239,260 | 272,549 | 239,260 | 272,549 | |
Prior service (cost) credit: | |||||
Balance at beginning of year | (7) | (18) | |||
Amounts recognized as net periodic benefit costs | 7 | 11 | |||
Balance at end of year | $ (7) | (7) | $ (18) | ||
U.S. Pension Plans [Member] | Other Postretirement Benefits Plan [Member] | |||||
Net periodic benefit cost: | |||||
Interest cost | 843 | 944 | 970 | ||
Mark-to-market actuarial net (gains) losses | 458 | (164) | (3,051) | ||
Total net periodic benefit cost | 1,301 | 780 | (2,081) | ||
Change in benefit obligation: | |||||
Interest cost | $ 843 | $ 944 | $ 970 | ||
Weighted-average assumptions as of December 31: | |||||
Discount rate | 4.20% | 4.50% | 3.95% | ||
Ultimate trend rate for health care costs | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% |
Year that ultimate trend rate is reached | 2,036 | 2,036 | 2,028 | ||
U.S. Pension Plans [Member] | Postretirement Health Coverage [Member] | |||||
Net periodic benefit cost: | |||||
Interest cost | $ 843 | $ 944 | |||
Change in benefit obligation: | |||||
Benefit obligation at beginning of year | 21,056 | 22,030 | |||
Interest cost | 843 | 944 | |||
Benefits paid | (1,632) | (1,754) | |||
Actuarial (gain) loss | 458 | (164) | |||
Benefit obligation at end of year | $ 20,725 | $ 21,056 | 20,725 | 21,056 | $ 22,030 |
Employer contributions | 1,632 | 1,754 | |||
Benefits paid | (1,632) | (1,754) | |||
Amounts recognized in the balance sheet: | |||||
Accrued expenses and other current liabilities | (2,132) | (2,208) | (2,132) | (2,208) | |
Postretirement and pension liabilities | (18,593) | (18,848) | (18,593) | (18,848) | |
Funded status | $ (20,725) | $ (21,056) | $ (20,725) | $ (21,056) | |
Weighted-average assumptions as of December 31: | |||||
Discount rate | 3.70% | 4.20% | 3.70% | 4.20% | |
Current trend rate for health care costs | 6.40% | 6.50% | 6.40% | 6.50% | |
Ultimate trend rate for health care costs | 4.50% | 4.50% | 4.50% | 4.50% | |
Non-U.S. Pension Plans [Member] | Pension Plan [Member] | |||||
Net periodic benefit cost: | |||||
Service cost | $ 1,717 | $ 1,372 | 1,478 | ||
Interest cost | 2,468 | 3,319 | 3,560 | ||
Expected return on plan assets | (896) | (1,712) | (2,623) | ||
Amortization of prior service cost (credit) | 42 | 37 | 259 | ||
Mark-to-market actuarial net (gains) losses | (1,459) | 11,180 | 5,085 | ||
Curtailment and settlement effects | 39 | 688 | 35 | ||
Special termination benefits | 52 | 330 | 35 | ||
Total net periodic benefit cost | 1,963 | 15,214 | 7,829 | ||
Change in benefit obligation: | |||||
Benefit obligation at beginning of year | 103,490 | 123,764 | |||
Service cost | 1,717 | 1,372 | 1,478 | ||
Interest cost | 2,468 | 3,319 | 3,560 | ||
Settlements | (387) | (34,528) | |||
Special termination benefits | 52 | 330 | |||
Plan participants' contributions | 25 | 54 | |||
Benefits paid | (2,826) | (3,195) | |||
Net transfer in | 416 | ||||
Actuarial (gain) loss | (1,381) | 20,490 | |||
Exchange rate effect | 13,572 | (8,116) | |||
Benefit obligation at end of year | $ 117,146 | $ 103,490 | 117,146 | 103,490 | 123,764 |
Accumulated benefit obligation at end of year | 112,732 | 93,401 | 112,732 | 93,401 | |
Fair value of plan assets at beginning of year | 33,683 | 63,649 | |||
Actual return on plan assets | 933 | 10,977 | |||
Employer contributions | 2,515 | 3,060 | |||
Plan participants' contributions | 25 | 54 | |||
Benefits paid | (2,826) | (3,195) | |||
Effect of settlements | (387) | (34,746) | |||
Exchange rate effect | 4,327 | (6,116) | |||
Fair value of plan assets at end of year | 38,270 | 33,683 | 38,270 | 33,683 | $ 63,649 |
Amounts recognized in the balance sheet: | |||||
Other non-current assets | 484 | 484 | |||
Accrued expenses and other current liabilities | (2,354) | (2,070) | (2,354) | (2,070) | |
Postretirement and pension liabilities | (76,522) | (68,221) | (76,522) | (68,221) | |
Funded status | $ (78,876) | $ (69,807) | $ (78,876) | $ (69,807) | |
Weighted-average assumptions as of December 31: | |||||
Discount rate | 2.24% | 3.12% | 2.72% | ||
Discount rate | 2.35% | 2.24% | 2.35% | 2.24% | |
Rate of compensation increase | 3.14% | 3.16% | 3.28% | ||
Rate of compensation increase | 3.18% | 3.14% | 3.18% | 3.14% | |
Expected return on plan assets | 2.54% | 3.41% | 3.50% | ||
Pension plans with benefit obligations in excess of plan assets: | |||||
Benefit obligations | $ 87,990 | $ 73,903 | $ 87,990 | $ 73,903 | |
Plan assets | 9,114 | 3,612 | 9,114 | 3,612 | |
Pension plans with accumulated benefit obligations in excess of plan assets: | |||||
Projected benefit obligations | 84,206 | 73,393 | 84,206 | 73,393 | |
Accumulated benefit obligations | 73,902 | 63,538 | 73,902 | 63,538 | |
Plan assets | 5,464 | 3,179 | 5,464 | 3,179 | |
Prior service (cost) credit: | |||||
Balance at beginning of year | (265) | (425) | |||
Amounts recognized as net periodic benefit costs | 42 | 37 | |||
Exchange rate effects | (38) | 123 | |||
Balance at end of year | (261) | $ (265) | (261) | $ (265) | $ (425) |
Estimated amounts to be amortized in 2017 | $ (41) | $ (41) |
Retirement Benefits (Fair Value
Retirement Benefits (Fair Value of Pension Plan Assets) (Details) - Pension Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
U.S. Pension Plans [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | $ 239,260 | $ 272,549 | $ 278,735 |
U.S. Pension Plans [Member] | Total Assets In The Fair Value Hierarchy [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 215,180 | ||
U.S. Pension Plans [Member] | Investments Measured At Net Asset Value [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 24,080 | ||
U.S. Pension Plans [Member] | Fixed Income: Cash And Cash Equivalents [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 3 | 3 | |
U.S. Pension Plans [Member] | Guaranteed Deposits [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 1,802 | 1,817 | |
U.S. Pension Plans [Member] | Fixed Income Mutual Funds [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 74,875 | 85,580 | |
U.S. Pension Plans [Member] | Commingled Funds [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 936 | 1,148 | |
U.S. Pension Plans [Member] | Common Stock [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 6,678 | 4,057 | |
U.S. Pension Plans [Member] | Equities: Mutual Funds [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 129,887 | 156,675 | |
U.S. Pension Plans [Member] | Equities: Commingled Funds [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 999 | 1,096 | |
U.S. Pension Plans [Member] | Real Estate [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 22,173 | ||
Non-U.S. Pension Plans [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 38,270 | 33,683 | $ 63,649 |
Non-U.S. Pension Plans [Member] | Guaranteed Deposits [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 30,920 | 27,155 | |
Non-U.S. Pension Plans [Member] | Fixed Income Mutual Funds [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 1,122 | 365 | |
Non-U.S. Pension Plans [Member] | Equities: Mutual Funds [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 517 | 200 | |
Non-U.S. Pension Plans [Member] | Real Estate [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 84 | ||
Non-U.S. Pension Plans [Member] | Fixed Income: Other [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 5,625 | 5,832 | |
Non-U.S. Pension Plans [Member] | Other Assets [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 86 | 47 | |
Level 1 [Member] | U.S. Pension Plans [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 211,443 | 246,315 | |
Level 1 [Member] | U.S. Pension Plans [Member] | Total Assets In The Fair Value Hierarchy [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 211,443 | ||
Level 1 [Member] | U.S. Pension Plans [Member] | Fixed Income: Cash And Cash Equivalents [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 3 | 3 | |
Level 1 [Member] | U.S. Pension Plans [Member] | Fixed Income Mutual Funds [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 74,875 | 85,580 | |
Level 1 [Member] | U.S. Pension Plans [Member] | Common Stock [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 6,678 | 4,057 | |
Level 1 [Member] | U.S. Pension Plans [Member] | Equities: Mutual Funds [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 129,887 | 156,675 | |
Level 1 [Member] | Non-U.S. Pension Plans [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 5,060 | 4,388 | |
Level 1 [Member] | Non-U.S. Pension Plans [Member] | Guaranteed Deposits [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 42 | 97 | |
Level 1 [Member] | Non-U.S. Pension Plans [Member] | Fixed Income Mutual Funds [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 1,122 | 365 | |
Level 1 [Member] | Non-U.S. Pension Plans [Member] | Equities: Mutual Funds [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 517 | 200 | |
Level 1 [Member] | Non-U.S. Pension Plans [Member] | Fixed Income: Other [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 3,293 | 3,679 | |
Level 1 [Member] | Non-U.S. Pension Plans [Member] | Other Assets [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 86 | 47 | |
Level 2 [Member] | U.S. Pension Plans [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 3,468 | 3,690 | |
Level 2 [Member] | U.S. Pension Plans [Member] | Total Assets In The Fair Value Hierarchy [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 3,468 | ||
Level 2 [Member] | U.S. Pension Plans [Member] | Guaranteed Deposits [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 1,802 | 1,817 | |
Level 2 [Member] | U.S. Pension Plans [Member] | Commingled Funds [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 667 | 777 | |
Level 2 [Member] | U.S. Pension Plans [Member] | Equities: Commingled Funds [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 999 | 1,096 | |
Level 2 [Member] | Non-U.S. Pension Plans [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 3,083 | 2,879 | |
Level 2 [Member] | Non-U.S. Pension Plans [Member] | Guaranteed Deposits [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 751 | 726 | |
Level 2 [Member] | Non-U.S. Pension Plans [Member] | Fixed Income: Other [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 2,332 | 2,153 | |
Level 3 [Member] | U.S. Pension Plans [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 269 | 22,544 | |
Level 3 [Member] | U.S. Pension Plans [Member] | Total Assets In The Fair Value Hierarchy [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 269 | ||
Level 3 [Member] | U.S. Pension Plans [Member] | Commingled Funds [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 269 | 371 | |
Level 3 [Member] | U.S. Pension Plans [Member] | Real Estate [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 22,173 | ||
Level 3 [Member] | Non-U.S. Pension Plans [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | 30,127 | 26,416 | |
Level 3 [Member] | Non-U.S. Pension Plans [Member] | Guaranteed Deposits [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | $ 30,127 | 26,332 | |
Level 3 [Member] | Non-U.S. Pension Plans [Member] | Real Estate [Member] | |||
Pension Postretirement And Other Retirement Plans [Line Items] | |||
Total fair value of plan assets | $ 84 |
Retirement Benefits (Schedule o
Retirement Benefits (Schedule of Rollforward of Level 3 Assets) (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Guaranteed Deposits [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 26,332 | $ 54,006 |
Sales | (465) | (33,084) |
Gains (losses) included in earnings | 531 | 10,867 |
Exchange rate effect | 3,729 | (5,457) |
Ending Balance | 30,127 | 26,332 |
Real Estate [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 22,257 | 20,133 |
Gains (losses) included in earnings | 1,823 | 2,124 |
Transfers | (24,080) | |
Ending Balance | 22,257 | |
Commingled Funds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 371 | 366 |
Gains (losses) included in earnings | (102) | 5 |
Ending Balance | 269 | 371 |
Other Assets [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 48,960 | 74,505 |
Sales | (465) | (33,084) |
Gains (losses) included in earnings | 2,252 | 12,996 |
Transfers | (24,080) | |
Exchange rate effect | 3,729 | (5,457) |
Ending Balance | $ 30,396 | $ 48,960 |
Retirement Benefits (Future Pen
Retirement Benefits (Future Pension Benefit Payments) (Details) - Pension Plan [Member] $ in Thousands | Dec. 31, 2017USD ($) |
U.S. Pension Plans [Member] | |
Pension Postretirement And Other Retirement Plans [Line Items] | |
2,018 | $ 19,222 |
2,019 | 19,353 |
2,020 | 19,491 |
2,021 | 19,642 |
2,022 | 19,844 |
2023-2027 | 97,664 |
Non-U.S. Pension Plans [Member] | |
Pension Postretirement And Other Retirement Plans [Line Items] | |
2,018 | 5,049 |
2,019 | 4,861 |
2,020 | 4,312 |
2,021 | 4,388 |
2,022 | 5,360 |
2023-2027 | $ 24,979 |
Retirement Benefits (Postretire
Retirement Benefits (Postretirement Health Care and Life Insurance Benefit Plans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net periodic benefit cost: | |||||
Mark-to-market actuarial net (gains) losses | $ 6,400 | $ (20,100) | |||
Change in benefit obligation: | |||||
Mark-to-market actuarial net (gains) losses | 6,400 | (20,100) | |||
Amounts recognized in the balance sheet: | |||||
Accrued expenses and other current liabilities | (70,151) | (65,203) | $ (70,151) | $ (65,203) | |
Postretirement and pension liabilities | (166,680) | (162,941) | (166,680) | (162,941) | |
Pension Plan [Member] | U.S. Pension Plans [Member] | |||||
Net periodic benefit cost: | |||||
Interest cost | 14,594 | 15,552 | $ 18,718 | ||
Amortization of prior service cost (credit) | 7 | 11 | 12 | ||
Mark-to-market actuarial net (gains) losses | (5,432) | 9,127 | 18,807 | ||
Total net periodic benefit cost | (8,350) | 4,971 | (4,254) | ||
Change in benefit obligation: | |||||
Benefit obligation at beginning of year | 345,202 | 346,951 | |||
Interest cost | 14,594 | 15,552 | 18,718 | ||
Service cost | (11) | (16) | (17) | ||
Amortization of prior service cost (credit) | 7 | 11 | 12 | ||
Benefits paid | (23,469) | (22,918) | |||
Mark-to-market actuarial net (gains) losses | (5,432) | 9,127 | 18,807 | ||
Actuarial gains | (17,956) | (5,745) | |||
Total net periodic benefit (income) cost | (8,350) | 4,971 | (4,254) | ||
Benefit obligation at end of year | 303,170 | 345,202 | 303,170 | 345,202 | 346,951 |
Fair value of plan assets at beginning of year | 239,260 | 272,549 | 239,260 | 272,549 | 278,735 |
Employer contributions | 385 | 522 | |||
Fair value of plan assets at end of year | 239,260 | 272,549 | 239,260 | 272,549 | $ 278,735 |
Amounts recognized in the balance sheet: | |||||
Accrued expenses and other current liabilities | (422) | (579) | (422) | (579) | |
Postretirement and pension liabilities | (63,488) | (72,074) | (63,488) | (72,074) | |
Funded status | $ (63,910) | $ (72,653) | $ (63,910) | $ (72,653) | |
Weighted-average assumptions as of December 31: | |||||
Discount rate | 4.40% | 4.70% | 4.25% | ||
Discount rate | 3.80% | 4.40% | 3.80% | 4.40% | |
Prior service (cost) credit: | |||||
Balance at beginning of year | $ 7 | $ 18 | |||
Amounts recognized as net periodic benefit costs | (7) | (11) | |||
Balance at end of year | $ 7 | 7 | $ 18 | ||
Other Postretirement Benefits Plan [Member] | U.S. Pension Plans [Member] | |||||
Net periodic benefit cost: | |||||
Interest cost | 843 | 944 | 970 | ||
Mark-to-market actuarial net (gains) losses | 458 | (164) | (3,051) | ||
Total net periodic benefit cost | 1,301 | 780 | (2,081) | ||
Change in benefit obligation: | |||||
Interest cost | 843 | 944 | 970 | ||
Mark-to-market actuarial net (gains) losses | 458 | (164) | (3,051) | ||
Total net periodic benefit (income) cost | $ 1,301 | $ 780 | $ (2,081) | ||
Weighted-average assumptions as of December 31: | |||||
Discount rate | 4.20% | 4.50% | 3.95% | ||
Current trend rate for health care costs | 6.50% | 6.60% | 7.10% | ||
Ultimate trend rate for health care costs | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% |
Year that ultimate trend rate is reached | 2,036 | 2,036 | 2,028 | ||
Postretirement Health Coverage [Member] | U.S. Pension Plans [Member] | |||||
Net periodic benefit cost: | |||||
Interest cost | $ 843 | $ 944 | |||
One-percentage-point change in the assumed health care cost trend rates | |||||
Effect on total of service and interest cost components, Percentage Point Increase | 53 | ||||
Effect on total of service and interest cost components, Percentage Point Decrease | (46) | ||||
Effect on postretirement benefit obligation, Percentage Point Increase | 1,180 | ||||
Effect on postretirement benefit obligation, Percentage Point Decrease | (1,034) | ||||
Change in benefit obligation: | |||||
Benefit obligation at beginning of year | 21,056 | 22,030 | |||
Interest cost | 843 | 944 | |||
Benefits paid | (1,632) | (1,754) | |||
Actuarial gains | (458) | 164 | |||
Benefit obligation at end of year | $ 20,725 | $ 21,056 | 20,725 | 21,056 | $ 22,030 |
Employer contributions | 1,632 | 1,754 | |||
Amounts recognized in the balance sheet: | |||||
Accrued expenses and other current liabilities | (2,132) | (2,208) | (2,132) | (2,208) | |
Postretirement and pension liabilities | (18,593) | (18,848) | (18,593) | (18,848) | |
Funded status | $ (20,725) | $ (21,056) | $ (20,725) | $ (21,056) | |
Weighted-average assumptions as of December 31: | |||||
Discount rate | 3.70% | 4.20% | 3.70% | 4.20% | |
Current trend rate for health care costs | 6.40% | 6.50% | 6.40% | 6.50% | |
Ultimate trend rate for health care costs | 4.50% | 4.50% | 4.50% | 4.50% | |
Year that ultimate trend rate is reached | 2,036 | 2,036 |
Retirement Benefits (Future Pos
Retirement Benefits (Future Postretirement Health Care and Life Insurance Benefit Payments) (Details) - U.S. Pension Plans [Member] $ in Thousands | Dec. 31, 2017USD ($) |
Pension Plan [Member] | |
Pension Postretirement And Other Retirement Plans [Line Items] | |
Before Medicare Subsidy 2018 | $ 19,222 |
Before Medicare Subsidy 2019 | 19,353 |
Before Medicare Subsidy 2020 | 19,491 |
Before Medicare Subsidy 2021 | 19,642 |
Before Medicare Subsidy 2022 | 19,844 |
Before Medicare Subsidy 2023-2027 | 97,664 |
Postretirement Health Coverage [Member] | |
Pension Postretirement And Other Retirement Plans [Line Items] | |
Before Medicare Subsidy 2018 | 2,132 |
Before Medicare Subsidy 2019 | 2,060 |
Before Medicare Subsidy 2020 | 1,977 |
Before Medicare Subsidy 2021 | 1,896 |
Before Medicare Subsidy 2022 | 1,806 |
Before Medicare Subsidy 2023-2027 | 7,659 |
After Medicare Subsidy, 2018 | 1,905 |
After Medicare Subsidy, 2019 | 1,843 |
After Medicare Subsidy, 2020 | 1,771 |
After Medicare Subsidy, 2021 | 1,701 |
After Medicare Subsidy, 2022 | 1,621 |
After Medicare Subsidy, 2023-2027 | $ 6,908 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares of common stock reserved under plan | 4,400,000 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term of stock option or unit granted | 10 years | ||
Stock option vesting period option one | 3 years | ||
Percentage of stock options to become vested and exercisable | 100.00% | ||
Weighted-average grant-date fair value | $ 7.29 | $ 4.94 | $ 8.45 |
Recognized stock-based compensation expense | $ 1,588 | $ 1,388 | $ 1,736 |
Unearned compensation cost related to the unvested portion of all stock-based awards | $ 621 | 513 | 702 |
Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term of stock option or unit granted | 3 years | ||
Number of share based compensation units granted | 174,800 | ||
Maximum payout percentage | 200.00% | ||
Performance shares outstanding | 200,000 | ||
Weighted-average grant-date fair value | $ 14.89 | ||
Recognized stock-based compensation expense | $ 6,881 | 3,437 | 4,669 |
Unearned compensation cost related to the unvested portion of all stock-based awards | $ 3,801 | $ 3,733 | $ 2,858 |
Performance Share Units Associated With 2014 Grants [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance shares outstanding | 200,000 | ||
Weighted-average grant-date fair value | $ 10.07 | ||
Performance Share Units Associated With 2013 Grants [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance shares outstanding | 200,000 | ||
Weighted-average grant-date fair value | $ 12.32 | ||
Restricted Stock Units[Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of share based compensation units granted | 200,000 | 300,000 | 200,000 |
Restricted stock unit vesting period | 3 years | ||
Recognized stock-based compensation expense | $ 2,500 | $ 1,700 | $ 1,700 |
Unearned compensation cost related to the unvested portion of all stock-based awards | $ 2,800 | $ 2,400 | $ 2,900 |
Director's Deferred Compensation [Member] | Common Shares in Treasury [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock held in rabbi trust | 100,000 | 200,000 | |
Value of common stock held in rabbi trust | $ 1,600 | $ 2,100 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Of Weighted-Average Grant-Date Fair Values And Assumptions Used For Estimating Fair Values) (Details) - Stock Options [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant-date fair value | $ 7.29 | $ 4.94 | $ 8.45 |
Expected life, in years | 6 years | 6 years | 6 years |
Risk-free interest rate, minimum | 1.90% | 1.40% | 1.90% |
Risk-free interest rate, maximum | 2.30% | 1.60% | 2.10% |
Expected volatility, minimum | 48.00% | 52.00% | 55.00% |
Expected volatility, maximum | 51.50% | 53.60% | 80.10% |
Expected dividend yield |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Stock-Based Compensation Activity) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Stock Options [Member] | |
Schedule Of Performance Share Units Activity [Line Items] | |
Number of Options/Units, Beginning balance | 1,818,850 |
Number of Options/Units, Granted | 211,400 |
Number of Options/Units, Exercised | (350,698) |
Number of Options/Units, Forfeited or expired | (112,283) |
Number of Options/Units, Ending balance | 1,567,269 |
Number of Options/Units, Exercisable, Ending Balance | 1,116,629 |
Number of Options/Units, Vested or expected to vest, Ending Balance | 1,567,269 |
Weighted-Average Exercise Price, Beginning balance | $ / shares | $ 10.85 |
Weighted-Average Exercise Price, Granted | $ / shares | 14.35 |
Weighted-Average Exercise Price, Exercised | $ / shares | 12.90 |
Weighted-Average Exercise Price, Forfeited or expired | $ / shares | 21.73 |
Weighted-Average Exercise Price, Ending Balance | $ / shares | 10.08 |
Weighted-Average Exercise Price, Exercisable, Ending Balance | $ / shares | 14.15 |
Weighted-Average Exercise Price, Vested or expected to vest, Ending Balance | $ / shares | $ 10.08 |
Weighted-Average Remaining Contractual Term, Outstanding, Ending Balance | 5 years 10 months 10 days |
Weighted-Average Remaining Contractual Term, Exercisable, Ending Balance | 4 years 9 months 22 days |
Weighted-Average Remaining Contractual Term, Vested or expected to vest, Ending Balance | 5 years 10 months 10 days |
Aggregate Intrinsic Value, Outstanding, Ending Balance | $ | $ 21,168 |
Aggregate Intrinsic Value, Exercisable, Ending Balance | $ | 15,984 |
Aggregate Intrinsic Value, Vested or expected to vest, Ending Balance | $ | $ 21,168 |
Performance Share Units [Member] | |
Schedule Of Performance Share Units Activity [Line Items] | |
Number of Units, Beginning balance | 653,990 |
Number of Units, Granted | 174,800 |
Number of Units, Exercised | (120,192) |
Number of Units, Forfeited or expired | (87,108) |
Number of Units, Ending balance | 621,490 |
Number of Units, Vested or expected to vest, Ending Balance | 621,490 |
Weighted-Average Remaining Contractual Term, Outstanding, Ending Balance | 1 year |
Weighted- Average Remaining Contractual Term, Vested or expected to vest, Ending Balance | 1 year |
Stock-Based Compensation (Infor
Stock-Based Compensation (Information Related to Stock Options Exercised) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock-Based Compensation [Abstract] | |||
Proceeds from exercise of stock options | $ 4,526 | $ 1,140 | $ 404 |
Intrinsic value of stock options exercised | 2,898 | 1,496 | 457 |
Income tax benefit related to stock options exercised | $ 1,014 | $ 524 | $ 160 |
Stock-Based Compensation (Su102
Stock-Based Compensation (Summary of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock Options [Member] | |||
Schedule Of Share Based Compensation Arrangements [Line Items] | |||
Compensation expense recorded in selling, general and administrative expenses | $ 1,588 | $ 1,388 | $ 1,736 |
Deferred income tax benefits related to compensation expense | 333 | 486 | 608 |
Total fair value of stock options vested | 1,388 | 1,757 | 1,664 |
Unrecognized compensation cost | $ 621 | $ 513 | $ 702 |
Expected weighted-average recognition period for unrecognized compensation, in years | 2 years | 2 years 1 month 6 days | 2 years 7 months 6 days |
Performance Share Units [Member] | |||
Schedule Of Share Based Compensation Arrangements [Line Items] | |||
Compensation expense recorded in selling, general and administrative expenses | $ 6,881 | $ 3,437 | $ 4,669 |
Deferred income tax benefits related to compensation expense | 1,445 | 1,203 | 1,634 |
Unrecognized compensation cost | $ 3,801 | $ 3,733 | $ 2,858 |
Expected weighted-average recognition period for unrecognized compensation, in years | 1 year 4 months 24 days | 2 years | 1 year 6 months |
Restructuring And Cost Reduc103
Restructuring And Cost Reduction Programs (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring And Cost Reduction Programs [Abstract] | |||
Restructuring charges | $ 9,843 | $ 2,709 | $ 9,534 |
Restructuring And Cost Reduc104
Restructuring And Cost Reduction Programs (Summary of Charges Associated with Restructuring Programs by Major Type of Charges) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost And Reserve [Line Items] | |||
Total expected cost related to restructuring and cost reduction programs | $ 69,873 | ||
Restructuring charges | 9,843 | $ 2,709 | $ 9,534 |
Cumulative restructuring charges incurred | 62,179 | ||
Global Cost Reduction Program [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Total expected cost related to restructuring and cost reduction programs | 69,873 | ||
Restructuring charges | 9,843 | 2,709 | 9,534 |
Cumulative restructuring charges incurred | 62,179 | ||
Employee Severance [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Total expected cost related to restructuring and cost reduction programs | 39,135 | ||
Restructuring charges | 5,167 | 1,353 | 4,015 |
Cumulative restructuring charges incurred | 35,024 | ||
Employee Severance [Member] | Global Cost Reduction Program [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Total expected cost related to restructuring and cost reduction programs | 39,135 | ||
Restructuring charges | 5,167 | 1,353 | 4,015 |
Cumulative restructuring charges incurred | 35,024 | ||
Other Costs [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Total expected cost related to restructuring and cost reduction programs | 29,562 | ||
Restructuring charges | 3,500 | 1,356 | 5,519 |
Cumulative restructuring charges incurred | 25,979 | ||
Other Costs [Member] | Global Cost Reduction Program [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Total expected cost related to restructuring and cost reduction programs | 29,562 | ||
Restructuring charges | 3,500 | $ 1,356 | $ 5,519 |
Cumulative restructuring charges incurred | 25,979 | ||
Asset Impairment [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Total expected cost related to restructuring and cost reduction programs | 1,176 | ||
Restructuring charges | 1,176 | ||
Cumulative restructuring charges incurred | 1,176 | ||
Asset Impairment [Member] | Global Cost Reduction Program [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Total expected cost related to restructuring and cost reduction programs | 1,176 | ||
Restructuring charges | 1,176 | ||
Cumulative restructuring charges incurred | $ 1,176 |
Restructuring And Cost Reduc105
Restructuring And Cost Reduction Programs (Summary of Charges Associated with Restructuring Programs by Segments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost And Reserve [Line Items] | |||
Total Expected Charges | $ 69,873 | ||
Restructuring charges incurred | 9,843 | $ 2,709 | $ 9,534 |
Cumulative charges to date | 62,179 | ||
Performance Coatings [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Total Expected Charges | 11,506 | ||
Restructuring charges incurred | 2,948 | 192 | 204 |
Cumulative charges to date | 7,052 | ||
Performance Colors And Glass [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Total Expected Charges | 20,032 | ||
Restructuring charges incurred | 971 | 205 | 2,300 |
Cumulative charges to date | 20,032 | ||
Color Solutions [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Total Expected Charges | 4,189 | ||
Restructuring charges incurred | 1,250 | 630 | 1,970 |
Cumulative charges to date | 4,189 | ||
Segment Total [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Total Expected Charges | 35,727 | ||
Restructuring charges incurred | 5,169 | 1,027 | 4,474 |
Cumulative charges to date | 31,273 | ||
Corporate Restructuring Charges [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Total Expected Charges | 34,146 | ||
Restructuring charges incurred | 4,674 | $ 1,682 | $ 5,060 |
Cumulative charges to date | $ 30,906 |
Restructuring And Cost Reduc106
Restructuring And Cost Reduction Programs (Summary Of Accruals Related To Restructuring And Cost Reduction Programs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | $ 1,728 | $ 2,770 | $ 1,456 |
Restructuring charges | 9,843 | 2,709 | 9,534 |
Cash payments | (3,816) | (2,723) | (8,173) |
Non-cash items | (4,235) | (1,028) | (47) |
Ending balance | 3,520 | 1,728 | 2,770 |
Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 239 | 693 | 519 |
Restructuring charges | 5,167 | 1,353 | 4,015 |
Cash payments | (3,316) | (1,634) | (3,832) |
Non-cash items | (173) | (9) | |
Non-cash items | 196 | ||
Ending balance | 2,286 | 239 | 693 |
Other Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 1,489 | 2,077 | 937 |
Restructuring charges | 3,500 | 1,356 | 5,519 |
Cash payments | (500) | (1,089) | (4,341) |
Non-cash items | (3,255) | (855) | (38) |
Ending balance | 1,234 | $ 1,489 | $ 2,077 |
Asset Impairment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 1,176 | ||
Non-cash items | $ (1,176) |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Leases [Abstract] | |||
Rent expense for all operating leases | $ 12.2 | $ 9.8 | $ 9.1 |
Leases (Assets Held under Capit
Leases (Assets Held under Capital Leases and Included in Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Capital Leased Assets [Line Items] | ||
Gross amounts capitalized | $ 8,491 | $ 7,089 |
Accumulated amortization | (5,610) | (5,179) |
Net assets under capital leases | 2,881 | 1,910 |
Buildings [Member] | ||
Capital Leased Assets [Line Items] | ||
Gross amounts capitalized | 4,781 | 3,100 |
Accumulated amortization | (3,190) | (3,100) |
Equipment [Member] | ||
Capital Leased Assets [Line Items] | ||
Gross amounts capitalized | 3,710 | 3,989 |
Accumulated amortization | $ (2,420) | $ (2,079) |
Leases (Future Minimum Lease Pa
Leases (Future Minimum Lease Payments under All Non-Cancelable Leases) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
2018, Capital Leases | $ 1,112 |
2019, Capital Leases | 1,070 |
2020, Capital Leases | 773 |
2021, Capital Leases | 486 |
2022, Capital Leases | 1,352 |
Thereafter, Capital Leases | 1,254 |
Net minimum lease payments, Capital Leases | 6,047 |
Less amount representing imputed interest | 1,134 |
Present value of net minimum lease payments | 4,913 |
Less current portion | 782 |
Long-term obligations at end of period | 4,131 |
2018, Operating Leases | 11,696 |
2019, Operating Leases | 7,212 |
2020, Operating Leases | 5,088 |
2021, Operating Leases | 3,464 |
2022, Operating Leases | 2,455 |
Thereafter, Operating Leases | 3,100 |
Net minimum lease payments, Operating Leases | $ 33,015 |
Miscellaneous (Income) Expen110
Miscellaneous (Income) Expense, Net (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Miscellaneous (Income) Expense, Net [Abstract] | |||
(Gain) on change of control | $ (2,561) | ||
Loss (gain) on sale of assets | (722) | $ 3,891 | $ (57) |
Newly available tax regime, resulting in the reduction of interest on these outstanding tax labilities and as a result recorded a gain | 4,500 | ||
Payments for Legal Settlements | $ 900 | $ 1,100 | $ 1,100 |
Miscellaneous (Income) Expen111
Miscellaneous (Income) Expense, Net (Components of Miscellaneous Expense (Income), Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Miscellaneous (Income) Expense, Net [Abstract] | |||
Argentina export tax matter | $ 1,128 | $ 1,070 | |
Argentina export tax matter | $ (3,549) | ||
(Gain) on change of control | (2,561) | ||
Dividends/royalty from affiliates, net | (993) | (1,245) | (364) |
Equity method investment loss (income) | 261 | (260) | (817) |
Loss (gain) on sale of assets | 722 | (3,891) | 57 |
Contingent consideration paid | 1,721 | ||
Bank fees | 2,229 | 1,855 | 1,407 |
Other, net | 548 | (247) | (305) |
Total Miscellaneous (income) expense, net | $ (1,622) | $ (2,660) | $ 1,048 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Anti-dilutive securities excluded from computation of earnings per share | 1.6 | 1.7 | 1.8 |
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 | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Basic earnings (loss) per share computation: | |||
Net income (loss) attributable to Ferro Corporation common shareholders | $ 57,054 | $ (20,817) | $ 64,100 |
Adjustment for loss from discontinued operations | 64,464 | 36,779 | |
Total | $ 57,054 | $ 43,647 | $ 100,879 |
Weighted-average common shares outstanding | 83,713 | 83,298 | 86,718 |
Basic earnings per share from continuing operations attributable to Ferro Corporation common shareholders | $ 0.68 | $ 0.52 | $ 1.16 |
Diluted earnings (loss) per share computation: | |||
Net income (loss) attributable to Ferro Corporation common shareholders | $ 57,054 | $ (20,817) | $ 64,100 |
Adjustment for loss from discontinued operations | 64,464 | 36,779 | |
Total | $ 57,054 | $ 43,647 | $ 100,879 |
Weighted-average common shares outstanding | 83,713 | 83,298 | 86,718 |
Assumed exercise of stock options | 762 | 549 | 432 |
Assumed satisfaction of deferred stock unit conditions | 36 | ||
Assumed satisfaction of restricted stock unit conditions | 351 | 544 | 338 |
Assumed satisfaction of performance stock unit conditions | 330 | 483 | 945 |
Weighted-average diluted shares outstanding | 85,156 | 84,910 | 88,433 |
Diluted earnings per share from continuing operations attributable to Ferro Corporation common shareholders | $ 0.67 | $ 0.51 | $ 1.14 |
Share Repurchase Program (Detai
Share Repurchase Program (Details) - USD ($) | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | |
Stockholders Equity [Abstract] | ||||
Stock Repurchase Program, Authorized Amount | $ 100,000,000 | |||
Purchase of treasury stock, shares | 0 | 1,175,437 | 3,282,908 | 4,458,345 |
Treasury Stock Acquired, Average Cost Per Share | $ 9.72 | $ 11.75 | $ 11.21 | |
Purchase of treasury stock | $ 11,429,000 | $ 38,571,000 | $ 50,000,000 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 50,000,000 |
Accumulated Other Comprehens115
Accumulated Other Comprehensive Income (Loss) (Changes In Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balances | $ 247,113 | ||
Ending Balances | 344,814 | $ 247,113 | |
Accumulated Other Comprehensive (Loss) Income [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balances | (106,643) | (61,318) | $ (21,805) |
Other comprehensive income (loss) before reclassifications, before tax | 28,200 | (46,770) | (39,436) |
Reclassification to earnings: Cash flow hedge loss, before tax | (527) | ||
Reclassification to earnings: Postretirement benefit liabilities (loss) gain, before tax | 42 | 360 | (109) |
Reclassification to earnings: Foreign currency translation adjustment, before tax | 1,115 | ||
Current period other comprehensive income (loss), before tax | 27,715 | (45,295) | (39,545) |
Tax effect | (3,460) | 30 | (32) |
Current period other comprehensive income (loss), net of tax | 31,175 | (45,325) | (39,513) |
Ending Balances | (75,468) | (106,643) | (61,318) |
Postretirement Benefit Liability Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balances | 1,141 | 811 | 888 |
Reclassification to earnings: Postretirement benefit liabilities (loss) gain, before tax | 42 | 360 | (109) |
Current period other comprehensive income (loss), before tax | 42 | 360 | (109) |
Tax effect | 18 | 30 | (32) |
Current period other comprehensive income (loss), net of tax | 24 | 330 | (77) |
Ending Balances | 1,165 | 1,141 | 811 |
Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balances | (107,784) | (62,129) | (22,693) |
Other comprehensive income (loss) before reclassifications, before tax | 26,181 | (46,770) | (39,436) |
Reclassification to earnings: Foreign currency translation adjustment, before tax | 1,115 | ||
Current period other comprehensive income (loss), before tax | 26,181 | (45,655) | (39,436) |
Tax effect | (4,025) | ||
Current period other comprehensive income (loss), net of tax | 30,206 | (45,655) | (39,436) |
Ending Balances | (77,578) | (107,784) | $ (62,129) |
Net Gain On Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) before reclassifications, before tax | 2,019 | ||
Reclassification to earnings: Cash flow hedge loss, before tax | (527) | ||
Current period other comprehensive income (loss), before tax | 1,492 | ||
Tax effect | 547 | ||
Current period other comprehensive income (loss), net of tax | 945 | ||
Ending Balances | $ 945 | ||
Discontinued Operations Disposed Of By Sale [Member] | Europe-based Polymer Additives [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Assets held for sale, impairment charge | $ 1,100 |
Reporting For Segments (Narrati
Reporting For Segments (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017country | |
Reporting For Segments [Abstract] | |
Number of countries other than the U.S. and Spain representing greater than 10% of net sales | 0 |
Number of countries other than the U.S. and Spain representing greater than 10% of long-lived assets | 0 |
Reporting For Segments (Net Sal
Reporting For Segments (Net Sales To External Customers By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 377,543 | $ 350,012 | $ 348,632 | $ 320,555 | $ 281,337 | $ 288,527 | $ 297,977 | $ 277,451 | $ 1,396,742 | $ 1,145,292 | $ 1,075,341 |
Performance Coatings [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 594,029 | 526,981 | 533,370 | ||||||||
Performance Colors And Glass [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 444,653 | 371,464 | 376,769 | ||||||||
Color Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 358,060 | $ 246,847 | $ 165,202 |
Reporting For Segments (Segment
Reporting For Segments (Segment's Gross Profit And Reconciliations To Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Total gross profit | $ 105,469 | $ 103,616 | $ 108,342 | $ 98,794 | $ 79,634 | $ 88,981 | $ 98,373 | $ 84,229 | $ 416,221 | $ 351,217 | $ 301,680 |
Selling, general and administrative expenses | 258,604 | 241,702 | 216,899 | ||||||||
Restructuring and impairment charges | $ 3,700 | $ 1,500 | $ 3,200 | $ 3,000 | $ 14,200 | $ 0 | $ 800 | $ 900 | 11,409 | 15,907 | 9,655 |
Other expense, net | 35,690 | 31,163 | 20,343 | ||||||||
Income before income taxes | 110,518 | 62,445 | 54,783 | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Other cost of sales | (814) | (6,246) | |||||||||
Other cost of sales | 848 | ||||||||||
Total gross profit | 416,221 | 351,217 | 301,680 | ||||||||
Performance Coatings [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Total gross profit | 145,797 | 139,454 | 126,945 | ||||||||
Performance Colors And Glass [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Total gross profit | 157,544 | 133,716 | 128,209 | ||||||||
Color Solutions [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Total gross profit | $ 113,694 | $ 84,293 | $ 45,678 |
Reporting For Segments (Summary
Reporting For Segments (Summary of Segment's Expenditures for Long-Lived Assets, Including Acquisitions) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Total expenditures for long lived assets | $ 50,552 | $ 24,025 | $ 20,322 |
Discontinued Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total expenditures for long lived assets | 900 | 22,700 | |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Total expenditures for long lived assets | 1,088 | 2,896 | 3,142 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total expenditures for long lived assets | 49,464 | 21,129 | 17,180 |
Operating Segments [Member] | Performance Coatings [Member] | |||
Segment Reporting Information [Line Items] | |||
Total expenditures for long lived assets | 19,734 | 9,139 | 8,148 |
Operating Segments [Member] | Performance Colors And Glass [Member] | |||
Segment Reporting Information [Line Items] | |||
Total expenditures for long lived assets | 9,374 | 7,123 | 6,620 |
Operating Segments [Member] | Color Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Total expenditures for long lived assets | $ 20,356 | $ 4,867 | $ 2,412 |
Reporting For Segments (Summ120
Reporting For Segments (Summary of Net Sales by Geographic Region) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | $ 377,543 | $ 350,012 | $ 348,632 | $ 320,555 | $ 281,337 | $ 288,527 | $ 297,977 | $ 277,451 | $ 1,396,742 | $ 1,145,292 | $ 1,075,341 |
U.S. Pension Plans [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 356,482 | 300,187 | 281,976 | ||||||||
Spain [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 214,732 | 188,972 | 174,742 | ||||||||
Other International [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | $ 825,528 | $ 656,133 | $ 618,623 |
Reporting For Segments (Summ121
Reporting For Segments (Summary of Long-Lived Assets by Geographic Region) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 321,742 | $ 262,026 |
Spain [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 76,142 | 51,358 |
U.S. Pension Plans [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 44,956 | 40,661 |
Columbia [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 29,731 | 30,700 |
Other International [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 170,913 | $ 139,307 |
Unconsolidated Affiliates Ac122
Unconsolidated Affiliates Accounted For Under the Equity Method (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Investment income from equity-method investments | $ (261) | $ 260 | $ 817 |
Equity-method investments | $ 7,600 | $ 15,100 | |
Minimum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 34.00% | ||
Maximum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 50.00% |
Unconsolidated Affiliates Ac123
Unconsolidated Affiliates Accounted For Under the Equity Method (Summarized Condensed Income Statement) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Unconsolidated Affiliates Accounted For Under the Equity Method [Abstract] | |||
Net sales | $ 33,851 | $ 42,555 | $ 47,443 |
Gross profit | 5,655 | 4,842 | 4,799 |
Income from continuing operations | (224) | 694 | 1,887 |
Net income | $ (220) | $ 236 | $ 1,292 |
Unconsolidated Affiliates Ac124
Unconsolidated Affiliates Accounted For Under the Equity Method (Summarized Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Unconsolidated Affiliates Accounted For Under the Equity Method [Abstract] | ||
Current assets | $ 19,908 | $ 38,246 |
Non-current assets | 10,834 | 28,124 |
Current liabilities | (13,207) | (16,283) |
Non-current liabilities | $ (467) | $ (16,923) |
Unconsolidated Affiliates Ac125
Unconsolidated Affiliates Accounted For Under the Equity Method (Transactions with Equity-Method Investees) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Unconsolidated Affiliates Accounted For Under the Equity Method [Abstract] | |||
Sales | $ 5,378 | $ 4,589 | $ 6,740 |
Purchases | 2,006 | 758 | 3,485 |
Dividends and interest received | 920 | 268 | 332 |
Commissions and royalties received | 130 | 1,003 | 197 |
Commissions and royalties paid | $ 57 | $ 26 | $ 165 |
Quarterly Data (Unaudited) (Nar
Quarterly Data (Unaudited) (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Data (Unaudited) [Abstract] | |||||||||||
Restructuring and impairment charges | $ 3,700 | $ 1,500 | $ 3,200 | $ 3,000 | $ 14,200 | $ 0 | $ 800 | $ 900 | $ 11,409 | $ 15,907 | $ 9,655 |
Mark-to-market net losses (gains) | $ (6,400) | $ 20,100 |
Quarterly Data (Unaudited) (Sum
Quarterly Data (Unaudited) (Summary of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Data (Unaudited) [Abstract] | |||||||||||
Net sales | $ 377,543 | $ 350,012 | $ 348,632 | $ 320,555 | $ 281,337 | $ 288,527 | $ 297,977 | $ 277,451 | $ 1,396,742 | $ 1,145,292 | $ 1,075,341 |
Gross profit | 105,469 | 103,616 | 108,342 | 98,794 | 79,634 | 88,981 | 98,373 | 84,229 | 416,221 | 351,217 | 301,680 |
Net income | (8,547) | 22,965 | 21,229 | 22,121 | (20,595) | (8,674) | 19,112 | (9,730) | 57,768 | (19,887) | 63,104 |
Net Income (Loss) Attributable to Ferro Corporation | $ (8,686) | $ 22,817 | $ 21,025 | $ 21,898 | $ (20,936) | $ (8,884) | $ 18,969 | $ (9,966) | $ 57,054 | $ (20,817) | $ 64,100 |
Earnings (Loss) Attributable to Ferro Corporation Common Shareholders Per Common Share, Basic | $ (0.10) | $ 0.27 | $ 0.25 | $ 0.26 | $ (0.25) | $ (0.11) | $ 0.23 | $ (0.12) | $ 0.68 | $ (0.25) | $ 0.74 |
Earnings (Loss) Attributable to Ferro Corporation Common Shareholders Per Common Share, Diluted | $ (0.10) | $ 0.27 | $ 0.25 | $ 0.26 | $ (0.25) | $ (0.11) | $ 0.22 | $ (0.12) | $ 0.67 | $ (0.25) | $ 0.72 |
Schedule II - Valuation And 128
Schedule II - Valuation And Qualifying Accounts And Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation allowance release | $ 800 | $ 6,800 | $ 63,300 |
Allowance for Possible Losses on Collection of Accounts Receivable [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 8,166 | 7,784 | 10,325 |
Additions Charged (Reductions Credited) to Costs and Expenses | 44 | 1,383 | 667 |
Deductions | (1,253) | (820) | (1,802) |
Adjustment for Differences in Exchange Rates | 864 | (181) | (1,406) |
Balance at End of Period | 7,821 | 8,166 | 7,784 |
Valuation Allowance on Net Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 37,354 | 55,043 | 147,887 |
Deductions | (5,648) | (16,686) | (86,597) |
Adjustment for Differences in Exchange Rates | 873 | (1,003) | (6,247) |
Balance at End of Period | $ 32,579 | $ 37,354 | $ 55,043 |