Recent Accounting Pronouncements and Change in Accounting Principle (Tables)

6 Months Ended

Jun. 30, 2013

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Effects of Change in Accounting Principle on Condensed Consolidated Statements of Operations Information

Condensed Consolidated Statements of Operations Information

	Three months ended June 30, 2012
	As  reported(1)			Effect of accounting change			As adjusted
	(Dollars in thousands, except per share amounts)
Net sales	$	475,546		$	—		$	475,546
Cost of sales		389,728			—			389,728
Gross profit		85,818			—			85,818
Selling, general and administrative expenses		73,458			(7,154	)		66,304
Restructuring and impairment charges		4,728			—			4,728
Other expense (income):
Interest expense		6,476			—			6,476
Interest earned		(51	)		—			(51	)
Foreign currency gains, net		(221	)		—			(221	)
Miscellaneous expense, net		1,845			—			1,845
(Loss) income before income taxes		(417	)		7,154			6,737
Income tax expense		2,429			2,430			4,859
(Loss) income from continuing operations		(2,846	)		4,724			1,878
Income from discontinued operations, net of income taxes		328			—			328
Net (loss) income		(2,518	)		4,724			2,206
Less: Net income attributable to noncontrolling interests		330			—			330
Net (loss) income attributable to Ferro Corporation common shareholders	$	(2,848	)	$	4,724		$	1,876
(Loss) earnings per share attributable to Ferro Corporation common shareholders:
Basic (loss) earnings:
From continuing operations	$	(0.03	)	$	0.05		$	0.02
From discontinued operations		—			—			—
	$	(0.03	)	$	0.05		$	0.02
Diluted (loss) earnings:
From continuing operations	$	(0.03	)	$	0.05		$	0.02
From discontinued operations		—			—			—
	$	(0.03	)	$	0.05		$	0.02

⁽¹⁾  Adjusted to reflect the impact of discontinued operations (see Note 12).

	Six months ended June 30, 2012
	As  reported(1)			Effect of accounting change			As adjusted
	(Dollars in thousands, except per share amounts)
Net sales	$	935,971		$	—		$	935,971
Cost of sales		764,432			—			764,432
Gross profit		171,539			—			171,539
Selling, general and administrative expenses		149,945			(11,133	)		138,812
Restructuring and impairment charges		5,039			—			5,039
Other expense (income):
Interest expense		12,850			—			12,850
Interest earned		(135	)		—			(135	)
Foreign currency gains, net		(77	)		—			(77	)
Miscellaneous expense, net		2,241			—			2,241
Income before income taxes		1,676			11,133			12,809
Income tax expense		3,815			3,853			7,668
(Loss) income from continuing operations		(2,139	)		7,280			5,141
Income from discontinued operations, net of income taxes		1,035			—			1,035
Net (loss) income		(1,104	)		7,280			6,176
Less: Net income attributable to noncontrolling interests		454			—			454
Net (loss) income attributable to Ferro Corporation common shareholders	$	(1,558	)	$	7,280		$	5,722
(Loss) earnings per share attributable to Ferro Corporation common shareholders:
Basic (loss) earnings:
From continuing operations	$	(0.03	)	$	0.08		$	0.05
From discontinued operations		0.01			—			0.01
	$	(0.02	)	$	0.08		$	0.06
Diluted (loss) earnings:
From continuing operations	$	(0.03	)	$	0.08		$	0.05
From discontinued operations		0.01			—			0.01
	$	(0.02	)	$	0.08		$	0.06

⁽¹⁾  Adjusted to reflect the impact of discontinued operations (see Note 12).

Effects of Change in Accounting Principle on Condensed Consolidated Statements of Comprehensive Loss Information

Condensed Consolidated Statements of Comprehensive Loss Information

	Three months ended June 30, 2012
	As reported			Effect of accounting change			As adjusted
	(Dollars in thousands)
Net (loss) income	$	(2,518	)	$	4,724		$	2,206
Other comprehensive (loss) income, net of tax:
Foreign currency translation		(6,285	)		—			(6,285	)
Postretirement benefit liabilities		4,033			(4,724	)		(691	)
Total comprehensive loss		(4,770	)		—			(4,770	)
Less: Comprehensive income attributable to noncontrolling interests		281			—			281
Comprehensive loss attributable to Ferro Corporation	$	(5,051	)	$	—		$	(5,051	)

	Six months ended June 30, 2012
	As reported			Effect of accounting change			As adjusted
	(Dollars in thousands)
Net (loss) income	$	(1,104	)	$	7,280		$	6,176
Other comprehensive (loss) income, net of tax:
Foreign currency translation		(6,261	)		—			(6,261	)
Postretirement benefit liabilities		5,925			(7,280	)		(1,355	)
Total comprehensive loss		(1,440	)		—			(1,440	)
Less: Comprehensive income attributable to noncontrolling interests		403			—			403
Comprehensive loss attributable to Ferro Corporation	$	(1,843	)	$	—		$	(1,843	)