QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Second Quarter Ended | Six Months Ended | |||||||||||||||
(Thousands, except per share amounts) | June 28, 2019 | June 29, 2018 | June 28, 2019 | June 29, 2018 | ||||||||||||
Net sales | $ | $ | $ | $ | ||||||||||||
Cost of sales | ||||||||||||||||
Gross margin | ||||||||||||||||
Selling, general, and administrative expense | ||||||||||||||||
Research and development expense | ||||||||||||||||
Other—net | ||||||||||||||||
Operating profit | ||||||||||||||||
Interest expense—net | ||||||||||||||||
Other non-operating expense—net | ||||||||||||||||
Income before income taxes | ||||||||||||||||
Income tax expense | ||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Basic earnings per share: | ||||||||||||||||
Net income per share of common stock | $ | $ | $ | $ | ||||||||||||
Diluted earnings per share: | ||||||||||||||||
Net income per share of common stock | $ | $ | $ | $ | ||||||||||||
Weighted-average number of shares of common stock outstanding: | ||||||||||||||||
Basic | ||||||||||||||||
Diluted | ||||||||||||||||
Second Quarter Ended | Six Months Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
(Thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Foreign currency translation adjustment | ( | ) | ( | ) | ||||||||||||
Derivative and hedging activity, net of tax | ( | ) | ( | ) | ||||||||||||
Pension and post-employment benefit adjustment, net of tax | ||||||||||||||||
Other comprehensive income | ||||||||||||||||
Comprehensive income | $ | $ | $ | $ | ||||||||||||
(Unaudited) | ||||||||
June 28, | Dec. 31, | |||||||
(Thousands) | 2019 | 2018 | ||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Accounts receivable | ||||||||
Inventories, net | ||||||||
Prepaid and other current assets | ||||||||
Total current assets | ||||||||
Deferred income taxes | ||||||||
Property, plant, and equipment | ||||||||
Less allowances for depreciation, depletion, and amortization | ( | ) | ( | ) | ||||
Property, plant, and equipment—net | ||||||||
Operating lease, right-of-use asset | ||||||||
Intangible assets | ||||||||
Other assets | ||||||||
Goodwill | ||||||||
Total Assets | $ | $ | ||||||
Liabilities and Shareholders’ Equity | ||||||||
Current liabilities | ||||||||
Short-term debt | $ | $ | ||||||
Accounts payable | ||||||||
Salaries and wages | ||||||||
Other liabilities and accrued items | ||||||||
Income taxes | ||||||||
Unearned revenue | ||||||||
Total current liabilities | ||||||||
Other long-term liabilities | ||||||||
Operating lease liabilities | ||||||||
Finance lease liabilities | ||||||||
Retirement and post-employment benefits | ||||||||
Unearned income | ||||||||
Long-term income taxes | ||||||||
Deferred income taxes | ||||||||
Long-term debt | ||||||||
Shareholders’ equity | ||||||||
Serial preferred stock (no par value; 5,000 authorized shares, none issued) | ||||||||
Common stock (no par value; 60,000 authorized shares, issued shares of 27,148 at June 28 and December 31) | ||||||||
Retained earnings | ||||||||
Common stock in treasury | ( | ) | ( | ) | ||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
Other equity | ||||||||
Total shareholders' equity | ||||||||
Total Liabilities and Shareholders’ Equity | $ | $ | ||||||
Six Months Ended | ||||||||
June 28, | June 29, | |||||||
(Thousands) | 2019 | 2018 | ||||||
Cash flows from operating activities: | ||||||||
Net income | $ | $ | ||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||
Depreciation, depletion, and amortization | ||||||||
Amortization of deferred financing costs in interest expense | ||||||||
Stock-based compensation expense (non-cash) | ||||||||
Deferred income tax expense | ||||||||
Pension curtailment charge | ||||||||
Changes in assets and liabilities: | ||||||||
Decrease (increase) in accounts receivable | ( | ) | ( | ) | ||||
Decrease (increase) in inventory | ||||||||
Decrease (increase) in prepaid and other current assets | ( | ) | ||||||
Increase (decrease) in accounts payable and accrued expenses | ( | ) | ( | ) | ||||
Increase (decrease) in unearned revenue | ( | ) | ||||||
Increase (decrease) in interest and taxes payable | ( | ) | ||||||
Domestic pension plan contributions | ( | ) | ( | ) | ||||
Other-net | ( | ) | ||||||
Net cash provided by operating activities | ||||||||
Cash flows from investing activities: | ||||||||
Payments for purchase of property, plant, and equipment | ( | ) | ( | ) | ||||
Payments for mine development | ( | ) | ( | ) | ||||
Proceeds from sale of property, plant, and equipment | ||||||||
Net cash used in investing activities | ( | ) | ( | ) | ||||
Cash flows from financing activities: | ||||||||
Repayment of long-term debt | ( | ) | ( | ) | ||||
Principal payments under finance lease obligations | ( | ) | ( | ) | ||||
Cash dividends paid | ( | ) | ( | ) | ||||
Repurchase of common stock | ( | ) | ||||||
Payments of withholding taxes for stock-based compensation awards | ( | ) | ( | ) | ||||
Net cash used in financing activities | ( | ) | ( | ) | ||||
Effects of exchange rate changes | ( | ) | ||||||
Net change in cash and cash equivalents | ||||||||
Cash and cash equivalents at beginning of period | ||||||||
Cash and cash equivalents at end of period | $ | $ | ||||||
Common Shares | Shareholders' Equity | ||||||||||||||||||||||||||||
(Thousands, except per share amounts) | Common Shares | Common Shares Held in Treasury | Common Stock | Retained Earnings | Common Stock in Treasury | Accumulated Other Comprehensive Income (Loss) | Other Equity | Total | |||||||||||||||||||||
Balance at March 29, 2019 | ( | ) | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||||||||
Net income | — | — | |||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | |||||||||||||||||||||||||||
Pension curtailment | — | — | |||||||||||||||||||||||||||
Cash dividends declared ($0.11 per share) | — | — | ( | ) | ( | ) | |||||||||||||||||||||||
Stock-based compensation activity | ( | ) | ( | ) | |||||||||||||||||||||||||
Payments of withholding taxes for stock-based compensation awards | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Repurchase of shares | |||||||||||||||||||||||||||||
Directors’ deferred compensation | ( | ) | |||||||||||||||||||||||||||
Balance at June 28, 2019 | ( | ) | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||||||||
Balance at March 30, 2018 | ( | ) | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||||||||
Net income | — | — | |||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | |||||||||||||||||||||||||||
Tax Cuts and Jobs Act Reclassification | — | — | ( | ) | |||||||||||||||||||||||||
Cumulative effect of accounting change | — | — | |||||||||||||||||||||||||||
Cash dividends declared ($0.105 per share) | — | — | ( | ) | ( | ) | |||||||||||||||||||||||
Stock-based compensation activity | ( | ) | ( | ) | |||||||||||||||||||||||||
Payments of withholding taxes for stock-based compensation awards | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Directors’ deferred compensation | ( | ) | |||||||||||||||||||||||||||
Balance at June 29, 2018 | ( | ) | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||||||||
Common Shares | Shareholders' Equity | ||||||||||||||||||||||||||||
(Thousands, except per share amounts) | Common Shares | Common Shares Held in Treasury | Common Stock | Retained Earnings | Common Stock in Treasury | Accumulated Other Comprehensive Income (Loss) | Other Equity | Total | |||||||||||||||||||||
Balance at December 31, 2018 | ( | ) | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||||||||
Net income | — | — | |||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | |||||||||||||||||||||||||||
Pension curtailment | — | — | |||||||||||||||||||||||||||
Cumulative effect of accounting change | — | — | ( | ) | ( | ) | |||||||||||||||||||||||
Cash dividends declared ($0.215 per share) | — | — | ( | ) | ( | ) | |||||||||||||||||||||||
Stock-based compensation activity | ( | ) | ( | ) | |||||||||||||||||||||||||
Payments of withholding taxes for stock-based compensation awards | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Repurchase of shares | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Directors’ deferred compensation | ( | ) | |||||||||||||||||||||||||||
Balance at June 28, 2019 | ( | ) | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||||||||
Balance at December 31, 2017 | ( | ) | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||||||||
Net income | — | — | |||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | |||||||||||||||||||||||||||
Tax Cuts and Jobs Act Reclassification | — | — | ( | ) | |||||||||||||||||||||||||
Cumulative effect of accounting change | — | — | |||||||||||||||||||||||||||
Cash dividends declared ($0.205 per share) | — | — | ( | ) | ( | ) | |||||||||||||||||||||||
Stock-based compensation activity | ( | ) | ( | ) | |||||||||||||||||||||||||
Payments of withholding taxes for stock-based compensation awards | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Directors’ deferred compensation | ( | ) | |||||||||||||||||||||||||||
Balance at June 29, 2018 | ( | ) | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||||||||
(Thousands) | Performance Alloys and Composites | Advanced Materials | Precision Coatings | Other | Total | |||||||||||||||
Second Quarter 2019 | ||||||||||||||||||||
Net sales | $ | $ | $ | $ | $ | |||||||||||||||
Intersegment sales | ||||||||||||||||||||
Operating profit (loss) | ( | ) | ||||||||||||||||||
Second Quarter 2018 | ||||||||||||||||||||
Net sales | $ | $ | $ | $ | $ | |||||||||||||||
Intersegment sales | ||||||||||||||||||||
Operating profit (loss) | ( | ) | ||||||||||||||||||
First Six Months 2019 | ||||||||||||||||||||
Net sales | $ | $ | $ | $ | $ | |||||||||||||||
Intersegment sales | ||||||||||||||||||||
Operating profit (loss) | ( | ) | ||||||||||||||||||
First Six Months 2018 | ||||||||||||||||||||
Net sales | $ | $ | $ | $ | $ | |||||||||||||||
Intersegment sales | ||||||||||||||||||||
Operating profit (loss) | ( | ) | ||||||||||||||||||
(Thousands) | Performance Alloys and Composites | Advanced Materials | Precision Coatings | Other | Total | |||||||||||||||
Second Quarter 2019 | ||||||||||||||||||||
End Market | ||||||||||||||||||||
Semiconductor | $ | $ | $ | $ | $ | |||||||||||||||
Industrial | ||||||||||||||||||||
Aerospace and Defense | ||||||||||||||||||||
Consumer Electronics | ||||||||||||||||||||
Automotive | ||||||||||||||||||||
Energy | ||||||||||||||||||||
Telecom and Data Center | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||
Second Quarter 2018 | ||||||||||||||||||||
End Market | ||||||||||||||||||||
Semiconductor | $ | $ | $ | $ | $ | |||||||||||||||
Industrial | ||||||||||||||||||||
Aerospace and Defense | ||||||||||||||||||||
Consumer Electronics | ||||||||||||||||||||
Automotive | ||||||||||||||||||||
Energy | ||||||||||||||||||||
Telecom and Data Center | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||
(Thousands) | Performance Alloys and Composites | Advanced Materials | Precision Coatings | Other | Total | |||||||||||||||
First Six Months 2019 | ||||||||||||||||||||
End Market | ||||||||||||||||||||
Semiconductor | $ | $ | $ | $ | $ | |||||||||||||||
Industrial | ||||||||||||||||||||
Aerospace and Defense | ||||||||||||||||||||
Consumer Electronics | ||||||||||||||||||||
Automotive | ||||||||||||||||||||
Energy | ||||||||||||||||||||
Telecom and Data Center | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||
First Six Months 2018 | ||||||||||||||||||||
End Market | ||||||||||||||||||||
Semiconductor | $ | $ | $ | $ | $ | |||||||||||||||
Industrial | ||||||||||||||||||||
Aerospace and Defense | ||||||||||||||||||||
Consumer Electronics | ||||||||||||||||||||
Automotive | ||||||||||||||||||||
Energy | ||||||||||||||||||||
Telecom and Data Center | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||
(Thousands) | June 28, 2019 | December 31, 2018 | $ change | % change | |||||||||||
Accounts receivable, trade | $ | $ | $ | % | |||||||||||
Unbilled receivables | % | ||||||||||||||
Unearned revenue | ( | ) | ( | )% | |||||||||||
Second Quarter Ended | Six Months Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
(Thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Metal consignment fees | $ | $ | $ | $ | ||||||||||||
Amortization of intangible assets | ||||||||||||||||
Foreign currency loss | ||||||||||||||||
Net loss (gain) on disposal of fixed assets | ( | ) | ||||||||||||||
Rental income | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Other items | ( | ) | ( | ) | ||||||||||||
Total | $ | $ | $ | $ | ||||||||||||
Second Quarter Ended | Six Months Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
(Thousands, except per share amounts) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Numerator for basic and diluted EPS: | ||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Denominator: | ||||||||||||||||
Denominator for basic EPS: | ||||||||||||||||
Weighted-average shares outstanding | ||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock appreciation rights | ||||||||||||||||
Restricted stock units | ||||||||||||||||
Performance-based restricted stock units | ||||||||||||||||
Diluted potential common shares | ||||||||||||||||
Denominator for diluted EPS: | ||||||||||||||||
Adjusted weighted-average shares outstanding | ||||||||||||||||
Basic EPS | $ | $ | $ | $ | ||||||||||||
Diluted EPS | $ | $ | $ | $ | ||||||||||||
June 28, | December 31, | |||||||
(Thousands) | 2019 | 2018 | ||||||
Raw materials and supplies | $ | $ | ||||||
Work in process | ||||||||
Finished goods | ||||||||
Subtotal | $ | $ | ||||||
Less: LIFO reserve balance | ||||||||
Inventories | $ | $ | ||||||
Second Quarter Ended | Six Months Ended | |||||||
June 28, | June 28, | |||||||
(Thousands) | 2019 | 2019 | ||||||
Components of lease expense | ||||||||
Operating lease cost | $ | $ | ||||||
Finance lease cost | ||||||||
Amortization of right-of-use assets | ||||||||
Interest on lease liabilities | ||||||||
Total lease cost | $ | $ | ||||||
June 28, | ||||
(Thousands) | 2019 | |||
Supplemental balance sheet information | ||||
Operating Leases | ||||
Operating lease right-of-use assets | $ | |||
Other liabilities and accrued items | ||||
Operating lease liabilities | ||||
Finance Leases | ||||
Property, plant, and equipment | $ | |||
Allowances for depreciation, depletion, and amortization | ( | ) | ||
Finance lease assets, net | $ | |||
Other liabilities and accrued items | $ | |||
Finance lease liabilities | ||||
Total principal payable on finance leases | $ | |||
Finance | Operating | |||||||
(Thousands) | Leases | Leases | ||||||
2019 | $ | $ | ||||||
2020 | ||||||||
2021 | ||||||||
2022 | ||||||||
2023 | ||||||||
2024 and thereafter | ||||||||
Total lease payments | ||||||||
Less amount of lease payment representing interest | ||||||||
Total present value of lease payments | $ | $ | ||||||
Six Months Ended | ||||
June 28, | ||||
(Thousands) | 2019 | |||
Supplemental cash flow information | ||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | $ | |||
Operating cash flows from finance leases | ||||
Financing cash flows from finance leases | ||||
Pension Benefits | Other Benefits | |||||||||||||||
Second Quarter Ended | Second Quarter Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
(Thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Components of net periodic benefit cost (benefit) | ||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||
Interest cost | ||||||||||||||||
Expected return on plan assets | ( | ) | ( | ) | ||||||||||||
Amortization of prior service benefit | ( | ) | ( | ) | ( | ) | ||||||||||
Amortization of net loss (gain) | ( | ) | ||||||||||||||
Pension curtailment charge | ||||||||||||||||
Net periodic benefit cost (benefit) | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||
Pension Benefits | Other Benefits | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
(Thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Components of net periodic benefit cost (benefit) | ||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||
Interest cost | ||||||||||||||||
Expected return on plan assets | ( | ) | ( | ) | ||||||||||||
Amortization of prior service benefit | ( | ) | ( | ) | ( | ) | ||||||||||
Amortization of net loss (gain) | ( | ) | ||||||||||||||
Pension curtailment charge | ||||||||||||||||
Net periodic benefit cost (benefit) | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||
Gains and Losses on Cash Flow Hedges | ||||||||||||||||||||||||||||
(Thousands) | Foreign Currency | Precious Metals | Copper | Total | Pension and Post-Employment Benefits | Foreign Currency Translation | Total | |||||||||||||||||||||
Balance at March 29, 2019 | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||||||
Other comprehensive income before reclassifications | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ( | ) | ( | ) | ||||||||||||||||||||||||
Net current period other comprehensive income (loss) before tax | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Deferred taxes | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Net current period other comprehensive income (loss) after tax | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Balance at June 28, 2019 | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||||
Balance at March 30, 2018 | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ) | ||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) before tax | ( | ) | ||||||||||||||||||||||||||
Deferred taxes | ( | ) | ( | ) | ||||||||||||||||||||||||
Net current period other comprehensive income (loss) after tax | ( | ) | ||||||||||||||||||||||||||
Balance at June 29, 2018 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||||||||
Gains and Losses on Cash Flow Hedges | ||||||||||||||||||||||||||||
(Thousands) | Foreign Currency | Precious Metals | Copper | Total | Pension and Post-Employment Benefits | Foreign Currency Translation | Total | |||||||||||||||||||||
Balance at December 31, 2018 | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||||||
Other comprehensive income before reclassifications | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Net current period other comprehensive income (loss) before tax | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Deferred taxes | ( | ) | ( | ) | ||||||||||||||||||||||||
Net current period other comprehensive income (loss) after tax | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Balance at June 28, 2019 | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||||
Balance at December 31, 2017 | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ) | ||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) before tax | ||||||||||||||||||||||||||||
Deferred taxes | ( | ) | ( | ) | ||||||||||||||||||||||||
Net current period other comprehensive income (loss) after tax | ||||||||||||||||||||||||||||
Balance at June 29, 2018 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||||||||
Risk-free interest rate | % | ||
Dividend yield | % | ||
Volatility | % | ||
Expected term (in years) | |||
(Thousands) | Total Carrying Value in the Consolidated Balance Sheets | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||||||||
Deferred compensation investments | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Foreign currency forward contracts | ||||||||||||||||||||||||||||||||
Precious metal swaps | ||||||||||||||||||||||||||||||||
Copper swaps | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||||||
Deferred compensation liability | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Foreign currency forward contracts | ||||||||||||||||||||||||||||||||
Precious metal swaps | ||||||||||||||||||||||||||||||||
Copper swaps | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
June 28, 2019 | December 31, 2018 | |||||||||||||||
(Thousands) | Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||
Foreign currency forward contracts - euro | ||||||||||||||||
Prepaid expenses | $ | $ | $ | $ | ||||||||||||
Other liabilities and accrued items | ||||||||||||||||
June 28, 2019 | December 31, 2018 | |||||||||||||||
(Thousands) | Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||
Prepaid expenses | ||||||||||||||||
Foreign currency forward contracts - yen | $ | $ | $ | $ | ||||||||||||
Foreign currency forward contracts - euro | ||||||||||||||||
Precious metal swaps | ||||||||||||||||
Copper swaps | ||||||||||||||||
Total | ||||||||||||||||
Other liabilities and accrued items | ||||||||||||||||
Foreign currency forward contracts - yen | ||||||||||||||||
Foreign currency forward contracts - euro | ||||||||||||||||
Precious metal swaps | ||||||||||||||||
Copper swaps | ||||||||||||||||
Total | ||||||||||||||||
Other long-term liabilities | ||||||||||||||||
Precious metal swaps | ||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||
Second Quarter Ended | Six Months ended | |||||||||
(Thousands) | June 28, 2019 | June 28, 2019 | ||||||||
Hedging relationship | Line item | |||||||||
Foreign currency forward contracts | Net sales | ( | ) | ( | ) | |||||
Precious metal swaps | Cost of sales | ( | ) | ( | ) | |||||
Copper swaps | Cost of sales | |||||||||
Total | $ | $ | ( | ) | ||||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Second Quarter Ended | |||||||||||||||
June 28, | June 29, | $ | % | ||||||||||||
(Thousands, except per share data) | 2019 | 2018 | Change | Change | |||||||||||
Net sales | $ | 297,843 | $ | 309,085 | $ | (11,242 | ) | (4 | )% | ||||||
Value-added sales | 194,896 | 189,902 | 4,994 | 3 | % | ||||||||||
Gross margin | 69,594 | 61,838 | 7,756 | 13 | % | ||||||||||
Gross margin as a % of value-added sales | 36 | % | 33 | % | N/A | N/A | |||||||||
Selling, general, and administrative (SG&A) expense | 39,891 | 38,473 | 1,418 | 4 | % | ||||||||||
SG&A expense as a % of value-added sales | 20 | % | 20 | % | N/A | N/A | |||||||||
Research and development (R&D) expense | 4,062 | 3,860 | 202 | 5 | % | ||||||||||
R&D expense as a % of value-added sales | 2 | % | 2 | % | N/A | N/A | |||||||||
Other—net | 2,891 | 4,313 | (1,422 | ) | (33 | )% | |||||||||
Operating profit | 22,750 | 15,192 | 7,558 | 50 | % | ||||||||||
Interest expense—net | 500 | 667 | (167 | ) | (25 | )% | |||||||||
Other non-operating expense—net | 3,112 | 437 | 2,675 | 612 | % | ||||||||||
Income before income taxes | 19,138 | 14,088 | 5,050 | 36 | % | ||||||||||
Income tax expense | 3,598 | 2,944 | 654 | 22 | % | ||||||||||
Net income | $ | 15,540 | $ | 11,144 | $ | 4,396 | 39 | % | |||||||
Diluted earnings per share | $ | 0.75 | $ | 0.54 | $ | 0.21 | 39 | % | |||||||
Six Months Ended | |||||||||||||||
June 28, | June 29, | $ | % | ||||||||||||
(Thousands, except per share data) | 2019 | 2018 | Change | Change | |||||||||||
Net sales | $ | 599,284 | $ | 612,552 | $ | (13,268 | ) | (2 | )% | ||||||
Value-added sales | 382,577 | 371,215 | 11,362 | 3 | % | ||||||||||
Gross margin | 138,906 | 120,118 | 18,788 | 16 | % | ||||||||||
Gross margin as a % of value-added sales | 36 | % | 32 | % | N/A | N/A | |||||||||
SG&A expense | 79,955 | 76,935 | 3,020 | 4 | % | ||||||||||
SG&A expense as a % of value-added sales | 21 | % | 21 | % | N/A | N/A | |||||||||
R&D expense | 7,802 | 7,503 | 299 | 4 | % | ||||||||||
R&D expense as a % of value-added sales | 2 | % | 2 | % | N/A | N/A | |||||||||
Other—net | 7,012 | 7,237 | (225 | ) | (3 | )% | |||||||||
Operating profit | 44,137 | 28,443 | 15,694 | 55 | % | ||||||||||
Interest expense—net | 966 | 1,397 | (431 | ) | (31 | )% | |||||||||
Other non-operating expense—net | 3,357 | 879 | 2,478 | 282 | % | ||||||||||
Income before income taxes | 39,814 | 26,167 | 13,647 | 52 | % | ||||||||||
Income tax expense | 7,368 | 4,459 | 2,909 | 65 | % | ||||||||||
Net income | $ | 32,446 | $ | 21,708 | $ | 10,738 | 49 | % | |||||||
Diluted earnings per share | $ | 1.57 | $ | 1.05 | $ | 0.52 | 50 | % | |||||||
Second Quarter Ended | Six Months Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
(Thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Net sales | ||||||||||||||||
Performance Alloys and Composites | $ | 135,231 | $ | 129,765 | $ | 262,344 | $ | 248,001 | ||||||||
Advanced Materials | 133,238 | 150,324 | 277,263 | 303,869 | ||||||||||||
Precision Coatings | 29,374 | 28,996 | 59,677 | 60,682 | ||||||||||||
Other | — | — | — | — | ||||||||||||
Total | $ | 297,843 | $ | 309,085 | $ | 599,284 | $ | 612,552 | ||||||||
Less: pass-through metal costs | ||||||||||||||||
Performance Alloys and Composites | $ | 19,988 | $ | 19,615 | $ | 37,500 | $ | 37,552 | ||||||||
Advanced Materials | 74,931 | 93,057 | 161,449 | 188,319 | ||||||||||||
Precision Coatings | 6,285 | 5,603 | 14,051 | 13,648 | ||||||||||||
Other | 1,743 | 908 | 3,707 | 1,818 | ||||||||||||
Total | $ | 102,947 | $ | 119,183 | $ | 216,707 | $ | 241,337 | ||||||||
Value-added sales | ||||||||||||||||
Performance Alloys and Composites | $ | 115,243 | $ | 110,150 | $ | 224,844 | $ | 210,449 | ||||||||
Advanced Materials | 58,307 | 57,267 | 115,814 | 115,550 | ||||||||||||
Precision Coatings | 23,089 | 23,393 | 45,626 | 47,034 | ||||||||||||
Other | (1,743 | ) | (908 | ) | (3,707 | ) | (1,818 | ) | ||||||||
Total | $ | 194,896 | $ | 189,902 | $ | 382,577 | $ | 371,215 | ||||||||
Second Quarter Ended | |||||||||||||||
June 28, | June 29, | $ | % | ||||||||||||
(Thousands) | 2019 | 2018 | Change | Change | |||||||||||
Net sales | $ | 135,231 | $ | 129,765 | $ | 5,466 | 4 | % | |||||||
Value-added sales | 115,243 | 110,150 | 5,093 | 5 | % | ||||||||||
Operating profit | 19,328 | 12,309 | 7,019 | 57 | % | ||||||||||
Six Months Ended | |||||||||||||||
June 28, | June 29, | $ | % | ||||||||||||
(Thousands) | 2019 | 2018 | Change | Change | |||||||||||
Net sales | $ | 262,344 | $ | 248,001 | $ | 14,343 | 6 | % | |||||||
Value-added sales | 224,844 | 210,449 | 14,395 | 7 | % | ||||||||||
Operating profit | 38,286 | 22,170 | 16,116 | 73 | % | ||||||||||
Second Quarter Ended | ||||||||||||||
June 28, | June 29, | $ | % | |||||||||||
(Thousands) | 2019 | 2018 | Change | Change | ||||||||||
Net sales | $ | 133,238 | $ | 150,324 | (17,086 | ) | (11 | )% | ||||||
Value-added sales | 58,307 | 57,267 | 1,040 | 2 | % | |||||||||
Operating profit | 6,139 | 5,572 | 567 | 10 | % | |||||||||
Six Months Ended | ||||||||||||||
June 28, | June 29, | $ | % | |||||||||||
(Thousands) | 2019 | 2018 | Change | Change | ||||||||||
Net sales | $ | 277,263 | $ | 303,869 | (26,606 | ) | (9 | )% | ||||||
Value-added sales | 115,814 | 115,550 | 264 | — | % | |||||||||
Operating profit | 13,219 | 11,470 | 1,749 | 15 | % | |||||||||
(Thousands) | Second Quarter Ended | |||||||||||||
June 28, | June 29, | $ | % | |||||||||||
2019 | 2018 | Change | Change | |||||||||||
Net sales | $ | 29,374 | $ | 28,996 | 378 | 1 | % | |||||||
Value-added sales | 23,089 | 23,393 | (304 | ) | (1 | )% | ||||||||
Operating profit | 3,937 | 2,233 | 1,704 | 76 | % | |||||||||
(Thousands) | Six Months Ended | |||||||||||||
June 28, | June 29, | $ | % | |||||||||||
2019 | 2018 | Change | Change | |||||||||||
Net sales | $ | 59,677 | $ | 60,682 | (1,005 | ) | (2 | )% | ||||||
Value-added sales | 45,626 | 47,034 | (1,408 | ) | (3 | )% | ||||||||
Operating profit | 6,014 | 5,608 | 406 | 7 | % | |||||||||
(Thousands) | Second Quarter Ended | |||||||||||||
June 28, | June 29, | $ | % | |||||||||||
2019 | 2018 | Change | Change | |||||||||||
Net sales | $ | — | $ | — | — | — | % | |||||||
Value-added sales | (1,743 | ) | (908 | ) | (835 | ) | 92 | % | ||||||
Operating loss | (6,654 | ) | (4,922 | ) | (1,732 | ) | 35 | % | ||||||
(Thousands) | Six Months Ended | |||||||||||||
June 28, | June 29, | $ | % | |||||||||||
2019 | 2018 | Change | Change | |||||||||||
Net sales | $ | — | $ | — | — | — | % | |||||||
Value-added sales | (3,707 | ) | (1,818 | ) | (1,889 | ) | 104 | % | ||||||
Operating loss | (13,382 | ) | (10,805 | ) | (2,577 | ) | 24 | % | ||||||
Six Months Ended | ||||||||||||
June 28, | June 29, | $ | ||||||||||
(Thousands) | 2019 | 2018 | Change | |||||||||
Net cash provided by operating activities | $ | 30,046 | $ | 29,304 | $ | 742 | ||||||
Net cash used in investing activities | (15,409 | ) | (20,551 | ) | 5,142 | |||||||
Net cash used in financing activities | (10,326 | ) | (7,710 | ) | (2,616 | ) | ||||||
Effects of exchange rate changes | (100 | ) | 8 | (108 | ) | |||||||
Net change in cash and cash equivalents | $ | 4,211 | $ | 1,051 | $ | 3,160 | ||||||
June 28, | December 31, | |||||||
(Thousands) | 2019 | 2018 | ||||||
Cash and cash equivalents | $ | 74,856 | $ | 70,645 | ||||
Total outstanding debt | 2,637 | 3,041 | ||||||
Net cash | $ | 72,219 | $ | 67,604 | ||||
Available borrowing capacity | $ | 316,828 | $ | 275,488 | ||||
▪ | Actual net sales, operating rates, and margins for 2019; |
▪ | The global economy, including the impact of tariffs and trade agreements; |
▪ | The impact of any U.S. Federal Government shutdowns and sequestrations; |
▪ | The condition of the markets which we serve, whether defined geographically or by segment, with the major market segments being: semiconductor, industrial, aerospace and defense, automotive, energy, consumer electronics, and telecom and data center; |
▪ | Changes in product mix and the financial condition of customers; |
▪ | Our success in developing and introducing new products and new product ramp-up rates; |
▪ | Our success in passing through the costs of raw materials to customers or otherwise mitigating fluctuating prices for those materials, including the impact of fluctuating prices on inventory values; |
▪ | Our success in identifying acquisition candidates and in acquiring and integrating such businesses; |
▪ | The impact of the results of acquisitions on our ability to fully achieve the strategic and financial objectives related to these acquisitions; |
▪ | Our success in implementing our strategic plans and the timely and successful completion and start-up of any capital projects; |
▪ | Other financial and economic factors, including the cost and availability of raw materials (both base and precious metals), physical inventory valuations, metal financing fees, tax rates, exchange rates, pension costs and required cash contributions and other employee benefit costs, energy costs, regulatory compliance costs, the cost and availability of insurance, credit availability, and the impact of the Company’s stock price on the cost of incentive compensation plans; |
▪ | The uncertainties related to the impact of war, terrorist activities, and acts of God; |
▪ | Changes in government regulatory requirements and the enactment of new legislation that impacts our obligations and operations; |
▪ | The conclusion of pending litigation matters in accordance with our expectation that there will be no material adverse effects; and |
• | The risk factors set forth in Part 1, Item 1A of our 2018 Annual Report on Form 10-K. |
Item 3. | Quantitative and Qualitative Disclosures about Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share (1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2) | ||||||||||
March 30 through May 3, 2019 | 2,542 | $ | 44.97 | — | $ | 15,081,991 | ||||||||
May 4 through May 31, 2019 | 9,686 | 67.54 | — | 15,081,991 | ||||||||||
June 1 through June 28, 2019 | 256 | 63.81 | — | 15,081,991 | ||||||||||
Total | 12,484 | $ | 62.87 | — | $ | 15,081,991 | ||||||||
(1) | Includes 2,542, 9,686, and 256 shares surrendered to the Company in April, May, and June, respectively, by employees to satisfy tax withholding obligations on equity awards issued under the Company's stock incentive plan. | |
(2) | On January 14, 2014, we announced that our Board of Directors had authorized the repurchase of up to $50.0 million of our common stock. We did not repurchase any shares under this program during the second quarter of 2019. As of June 28, 2019, $15.1 million may still be purchased under the program. | |
Item 4. | Mine Safety Disclosures |
Item 6. | Exhibits |
31.1 | Certification of Chief Executive Officer required by Rule 13a-14(a) or 15d-14(a)* | |
31.2 | Certification of Chief Financial Officer required by Rule 13a-14(a) or 15d-14(a)* | |
32 | Certifications of Chief Executive Officer and Chief Financial Officer required by 18 U.S.C. Section 1350* | |
95 | ||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document* | |
101.SCH | XBRL Taxonomy Extension Schema Document* | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document* | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document* | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document* | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document* | |
MATERION CORPORATION | ||||
Dated: July 25, 2019 | ||||
/s/ Joseph P. Kelley | ||||
Joseph P. Kelley | ||||
Vice President, Finance and Chief Financial Officer | ||||
(Principal Financial and Accounting Officer) | ||||
1) | I have reviewed this quarterly report on Form 10-Q of Materion Corporation (the “registrant”); |
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4) | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |
5) | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. | |
/s/ Jugal K. Vijayvargiya | ||||||
Dated: July 25, 2019 | Jugal K. Vijayvargiya | |||||
President and Chief Executive Officer | ||||||
1) | I have reviewed this quarterly report on Form 10-Q of Materion Corporation (the “registrant”); |
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4) | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |
5) | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. | |
/s/ Joseph P. Kelley | ||||||
Dated: July 25, 2019 | Joseph P. Kelley | |||||
Vice President, Finance and Chief Financial Officer | ||||||
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)), and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report. |
/s/ Jugal K. Vijayvargiya |
Jugal K. Vijayvargiya |
President and Chief Executive Officer |
/s/ Joseph P. Kelley |
Joseph P. Kelley |
Vice President, Finance and Chief Financial Officer |
(A) | Total number of alleged violations of mandatory health or safety standards that could significantly and substantially contribute to the cause and effect of a mine safety or health hazard under Section 104 of the Mine Act for which Materion Natural Resources Inc. received a citation from MSHA | 0 | |
(B) | Total number of orders issued under Section 104(b) of the Mine Act | 0 | |
(C) | Total number of citations and orders for alleged unwarrantable failure by Materion Natural Resources Inc. to comply with mandatory health or safety standards under Section 104(d) of the Mine Act | 0 | |
(D) | Total number of alleged flagrant violations under Section 110(b)(2) of the Mine Act | 0 | |
(E) | Total number of imminent danger orders issued under Section 107(a) of the Mine Act | 0 | |
(F) | Total dollar value of proposed assessments from MSHA under the Mine Act | $242 | |
(G) | Total number of mining-related fatalities | 0 | |
(H) | Received notice from MSHA of a pattern of violations under Section 104(e) of the Mine Act | No | |
(I) | Received notice from MSHA of the potential to have a pattern of violations under Section 104(e) of the Mine Act | No | |
(J) | Total number of Legal Actions pending as of the last day of the Reporting Period | 0 | |
(K) | Total number of Legal Actions instituted during the Reporting Period | 0 | |
(L) | Total number of Legal Actions resolved during the Reporting Period | 0 | |
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 28, 2019 |
Jun. 29, 2018 |
Jun. 28, 2019 |
Jun. 29, 2018 |
|
| Income Statement [Abstract] | ||||
| Net sales | $ 297,843 | $ 309,085 | $ 599,284 | $ 612,552 |
| Cost of sales | 228,249 | 247,247 | 460,378 | 492,434 |
| Gross margin | 69,594 | 61,838 | 138,906 | 120,118 |
| Selling, general, and administrative expense | 39,891 | 38,473 | 79,955 | 76,935 |
| Research and development expense | 4,062 | 3,860 | 7,802 | 7,503 |
| Other net | 2,891 | 4,313 | 7,012 | 7,237 |
| Operating profit | 22,750 | 15,192 | 44,137 | 28,443 |
| Interest expense—net | 500 | 667 | 966 | 1,397 |
| Other non-operating expense - net | 3,112 | 437 | 3,357 | 879 |
| Income before income taxes | 19,138 | 14,088 | 39,814 | 26,167 |
| Income tax expense | 3,598 | 2,944 | 7,368 | 4,459 |
| Net income | $ 15,540 | $ 11,144 | $ 32,446 | $ 21,708 |
| Basic earnings per share: | ||||
| Net income per share of common stock (in dollars per share) | $ 0.76 | $ 0.55 | $ 1.60 | $ 1.08 |
| Diluted earnings per share: | ||||
| Net income per share of common stock (in dollars per share) | $ 0.75 | $ 0.54 | $ 1.57 | $ 1.05 |
| Weighted-average number of shares of common stock outstanding: | ||||
| Basic (in shares) | 20,383 | 20,221 | 20,326 | 20,178 |
| Diluted (in shares) | 20,666 | 20,593 | 20,635 | 20,583 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 28, 2019 |
Jun. 29, 2018 |
Jun. 28, 2019 |
Jun. 29, 2018 |
|
| Statement of Comprehensive Income [Abstract] | ||||
| Net income | $ 15,540 | $ 11,144 | $ 32,446 | $ 21,708 |
| Other comprehensive income (loss): | ||||
| Foreign currency translation adjustment | 339 | (944) | (164) | 169 |
| Derivative and hedging activity, net of tax | (1,000) | 1,763 | (73) | 1,088 |
| Pension and post-employment benefit adjustment, net of tax | 13,953 | 1,296 | 14,493 | 2,574 |
| Net current period other comprehensive income (loss) after tax | 13,292 | 2,115 | 14,256 | 3,831 |
| Comprehensive income | $ 28,832 | $ 13,259 | $ 46,702 | $ 25,539 |
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands, $ / shares in Thousands |
Jun. 28, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Serial preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
| Serial preferred stock, shares authorized | 5,000 | 5,000 |
| Serial preferred stock, shares issued | 0 | 0 |
| Common stock, par value (in dollars per share) | $ 0 | $ 0 |
| Common stock, shares authorized | 60,000 | 60,000 |
| Common stock, shares, issued | 27,148 | 27,148 |
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 28, 2019 |
Jun. 29, 2018 |
Jun. 28, 2019 |
Jun. 29, 2018 |
|
| Statement of Stockholders' Equity [Abstract] | ||||
| Cash dividends declared (per share) | $ 0.110 | $ 0.105 | $ 0.215 | $ 0.205 |
Accounting Policies |
6 Months Ended |
|---|---|
Jun. 28, 2019 | |
| Accounting Policies [Abstract] | |
| Accounting Policies | Accounting Policies Basis of Presentation: In management’s opinion, the accompanying consolidated financial statements of Materion Corporation and its subsidiaries (referred to herein as the Company, our, we, or us) contain all of the adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods reported. All adjustments were of a normal and recurring nature. Certain amounts in prior periods have been reclassified to conform to the 2019 consolidated financial statement presentation. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's 2018 Annual Report on Form 10-K. The interim period results are not necessarily indicative of the results to be expected for the full year. New Pronouncements Adopted: In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02 (Topic 842), Leases, which eliminates the off-balance-sheet accounting for leases. This guidance requires lessees to report their operating leases as both an asset and liability on the balance sheet and disclose key information about leasing arrangements. The Company adopted this guidance as of January 1, 2019 using the modified retrospective method and applied it retrospectively through a cumulative-effect adjustment to retained earnings. The Company applied the transitional package of practical expedients allowed by the standard to not reassess the identification, classification, and initial direct costs of leases commencing before this ASU's effective date; however, the Company did not elect the hindsight transitional practical expedient. The Company also applied the practical expedient to not separate lease and non-lease components to new leases as well as existing leases through transition. The Company made an accounting policy election not to apply recognition requirements of the guidance to short-term leases. Results for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts are not adjusted and continue to be reported in accordance with legacy generally accepted accounting principles. The Company recorded a net reduction to opening retained earnings of $0.2 million as of January 1, 2019 due to the cumulative impact of adopting Topic 842, with the impact primarily related to derecognition of a built-to-suit lease. Refer to Note H for additional disclosures relating to the Company's leasing arrangements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which amends and simplifies existing guidance to allow companies to more accurately present the economic effects of risk management activities in the financial statements. The Company adopted this guidance as of January 1, 2019, and the adoption did not have a material effect on the Company’s consolidated financial statements. New Pronouncements Issued: In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. This ASU requires an entity to change its accounting approach in determining impairment of certain financial instruments, including trade receivables, from an “incurred loss” to a “current expected credit loss” model. The standard will be effective for fiscal years beginning after December 15, 2019, including interim periods within such fiscal years. Early adoption is permitted. The Company is currently assessing the effect that this ASU will have on its financial position, results of operations, and disclosures. No other recently issued or effective ASUs had, or are expected to have, a material effect on the Company's results of operations, financial condition, or liquidity.
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Segment Reporting |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting | Segment Reporting The Company has the following reportable segments: Performance Alloys and Composites, Advanced Materials, Precision Coatings, and Other. The Company’s reportable segments represent components of the Company for which separate financial information is available that is utilized on a regular basis by the Chief Executive Officer, the Company's Chief Operating Decision Maker, in determining how to allocate the Company’s resources and evaluate performance. Performance Alloys and Composites produces strip and bulk form alloy products, strip metal products with clad inlay and overlay metals, beryllium-based metals, beryllium, and aluminum metal matrix composites, in rod, sheet, foil, and a variety of customized forms, beryllia ceramics, and bulk metallic glass materials. Advanced Materials produces advanced chemicals, microelectric packaging, precious metal, non-precious metal, and specialty metal products, including vapor deposition targets, frame lid assemblies, clad and precious metal preforms, high temperature braze materials, and ultra-fine wire. Precision Coatings produces thin film coatings, optical filter materials, sputter-coated, and precision-converted thin film materials. The Other reportable segment includes unallocated corporate costs and assets.
In the second quarter of 2019, the Company recategorized its end markets based on the ongoing refinement of its go-to-market strategy. The changes reflect new processes designed to enable the Company to better serve global customers and growth markets. The following table disaggregates revenue for each segment by end market for the second quarter and first six months of 2019 and 2018, respectively:
Intersegment sales are eliminated in consolidation.
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Revenue Recognition |
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Text Block] | Revenue Recognition Net sales consist primarily of revenue from the sale of precious and non-precious specialty metals, beryllium and copper-based alloys, beryllium composites, and other products into numerous end markets. The Company requires an agreement with a customer that creates enforceable rights and performance obligations. The Company generally recognizes revenue, in an amount that reflects the consideration to which it expects to be entitled, upon satisfaction of a performance obligation, by transferring control over a product to the customer. Control over the product is generally transferred to the customer when the Company has a present right to payment, the customer has legal title, the customer has physical possession, the customer has the significant risks and rewards of ownership, and/or the customer has accepted the product. Transaction Price Allocated to Future Performance Obligations: Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, requires that the Company disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied at June 28, 2019. Remaining performance obligations include noncancelable purchase orders and customer contracts. The guidance provides certain practical expedients that limit this requirement. As such, the Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. After considering the practical expedient at June 28, 2019, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $19.6 million. Contract Balances: The timing of revenue recognition, billings, and cash collections resulted in the following contract assets and contract liabilities:
Accounts receivable, trade represents payments due from customers relating to the transfer of the Company’s products and services. The Company believes that its receivables are collectible and appropriate allowances for doubtful accounts have been recorded. Impairment losses (bad debt) incurred relating to our receivables were immaterial during the second quarter and first six months of 2019. Unbilled receivables represent expenditures on contracts, plus applicable profit margin, not yet billed. Unbilled receivables are normally billed and collected within one year. Billings made on contracts are recorded as a reduction of unbilled receivables. Unearned revenue is recorded for consideration received from customers in advance of satisfaction of the related performance obligations. The Company recognized approximately $5.0 million of the unearned amounts as revenue during the first six months of 2019. As a practical expedient, the Company does not adjust the promised amount of consideration for the effects of a significant financing component because the period between the transfer of a product or service to a customer and when the customer pays for that product or service will be one year or less. The Company does not include extended payment terms in its contracts with customers.
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Other-net |
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| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other-net | Other-net Other-net expense for the second quarter and first six months of of 2019 and 2018 is summarized as follows:
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Income Taxes |
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Jun. 28, 2019 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The Company's effective tax rate for the second quarter of 2019 and 2018 was 18.8% and 20.9%, respectively, and 18.5% and 17.0% for the first six months of 2019 and 2018, respectively. The effective tax rate for each period is lower than the statutory tax rate primarily due to the impact of percentage depletion and the research and development credit. Additionally, the effective tax rate for the first six months of 2019 included a net discrete income tax benefit of $0.5 million, primarily related to excess tax benefits from stock-based compensation. The effective tax rate for the first six months of 2018 included a net discrete income tax benefit of $1.0 million, primarily related to Staff Accounting Bulletin (SAB) No. 118 adjustments.
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Earnings Per Share |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share | Earnings Per Share (EPS) The following table sets forth the computation of basic and diluted EPS:
Securities totaling 84,509 and 65,112 for the quarters ended June 28, 2019 and June 29, 2018, respectively, and 144,154 and 65,112 for the six months ended June 28, 2019 and June 29, 2018, respectively, were excluded from the dilution calculation as their effect would have been anti-dilutive.
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Inventories |
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | Inventories Inventories on the Consolidated Balance Sheets are summarized as follows:
The liquidation of last in, first out (LIFO) inventory layers increased cost of sales by $0.1 million in the second quarter and first six months of both 2019 and 2018. The Company maintains the majority of the precious metals and copper used in production on a consignment basis in order to reduce our exposure to metal price movements and to reduce our working capital investment. The notional value of off-balance sheet precious metals and copper was $295.7 million as of June 28, 2019 versus $316.1 million as of December 31, 2018.
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Leases |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases of Lessee Disclosure [Text Block] | Leases The Company leases warehouse and manufacturing real estate, and manufacturing and computer equipment under operating leases with lease terms ranging up to 25 years. Several operating lease agreements contain options to extend the lease term and/or options for early termination. The lease term consists of the non-cancelable period of the lease, periods covered by options to extend the lease if the Company is reasonably certain to exercise the option, and periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the option. The weighted average remaining lease term for the Company's operating and finance leases as of June 28, 2019 was 5.09 years and 19.87 years, respectively. The discount rate implicit within the leases is generally not determinable, and, therefore, the Company determines the discount rate based on its incremental borrowing rate. The incremental borrowing rate for leases is determined based on the lease term in which lease payments are made, adjusted for impacts of collateral. The weighted average discount rate used to measure the Company's operating and finance lease liabilities as of June 28, 2019 was 5.55% and 5.31%, respectively. The components of operating and finance lease cost for the second quarter and first six months of 2019 were as follows:
Operating lease expense amounted to $2.3 million and $3.0 million during the second quarter of 2019 and 2018, respectively, and $5.0 million and $6.1 million during the first six months of 2019 and 2018, respectively. The Company straight-lines its expense of fixed payments for operating leases over the lease term and expenses the variable lease payments in the period incurred. These variable lease payments are not included in the calculation of right-of-use assets or lease liabilities. Supplemental balance sheet information related to the Company's operating and finance leases as of June 28, 2019 was as follows:
Future maturities of the Company's lease liabilities as of June 28, 2019 are as follows:
Supplemental cash flow information related to leases for the first six months of 2019 was as follows:
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Pensions and Other Post-employment Benefits |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pensions and Other Post-employment Benefits | Pensions and Other Post-employment Benefits The following is a summary of the net periodic benefit cost for the second quarter of 2019 and 2018 for the domestic pension plans (which include the defined benefit pension plan and the supplemental retirement plans) and the domestic retiree medical plan.
The Company made contributions to the domestic defined benefit pension plan of $3.0 million and $13.0 million in the six months of 2019 and 2018, respectively. The Company reports the service cost component of net periodic benefit cost in the same line item as other compensation costs in operating expenses and the non-service cost components of net periodic benefit cost in Other non-operating expenses. In May 2019, the Company's Board of Directors approved changes to the U.S. defined benefit pension plan. The Company will freeze the pay and service amounts used to calculate pension benefits for active participants in the pension plan as of January 1, 2020. The Company recognized a non-cash pre-tax pension curtailment charge of $3.3 million associated with the plan amendment during the second quarter of 2019.
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Accumulated Other Comprehensive Income |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income (Loss) Changes in the components of accumulated other comprehensive income, including the amounts reclassified, for the second quarter of 2019 and 2018 and first six months of 2019 and 2018 are as follows:
Reclassifications from accumulated other comprehensive income of gains and losses on foreign currency cash flow hedges are recorded in Net sales in the Consolidated Statements of Income. Reclassifications from accumulated other comprehensive income of gains and losses on precious metal cash flow hedges are recorded in Cost of sales in the Consolidated Statements of Income. Refer to Note M for additional details on cash flow hedges. Reclassifications from accumulated other comprehensive income for pension and post-employment benefits are included in the computation of the net periodic pension and post-employment benefit expense. Refer to Note I for additional details on pension and post-employment expenses.
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Stock-based Compensation Expense |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
| Stock-based Compensation Expense | Stock-based Compensation Expense Stock-based compensation expense, which includes awards settled in shares and in cash, was $3.5 million and $6.2 million in the second quarter and first six months of 2019, respectively, compared to $2.7 million and $5.2 million in same periods of 2018. The Company granted 73,461 stock appreciation rights (SARs) to certain employees during the first six months of 2019. The weighted-average exercise price per share and weighted-average fair value per share of the SARs granted during the six months ended June 28, 2019 were $58.30 and $17.76, respectively. The Company estimated the fair value of the SARs using the following weighted-average assumptions in the Black-Scholes model:
The Company granted 63,665 stock-settled restricted stock units (RSUs) to certain employees and 11,048 stock-settled RSUs to non-employee directors during the first six months of 2019. The Company measures the fair value of stock-settled RSUs based on the closing market price of a share of Materion common stock on the date of the grant. The weighted-average fair value per share was $58.30 and $68.79 for stock-settled RSUs granted to employees and non-employee directors, respectively, during the six months ended June 28, 2019. RSUs are expensed over the vesting period of three years for employees and one year for non-employee directors. The Company granted stock-settled performance-based restricted stock units (PRSUs) to certain employees in the first six months of 2019. The weighted-average fair value of the stock-settled PRSUs was $69.84 per share and will be expensed over the vesting period of three years. The final payout to the employees for all PRSUs will be based upon the Company’s return on invested capital and the total return to shareholders over the vesting period relative to a peer group’s performance over the same period. At June 28, 2019, unamortized compensation cost related to the unvested portion of all stock-based awards was approximately $13.6 million, and is expected to be recognized over the remaining vesting period of the respective grants.
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Fair Value of Financial Instruments |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company measures and records financial instruments at fair value. A fair value hierarchy is used for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three levels: Level 1 — Quoted market prices in active markets for identical assets and liabilities; Level 2 — Inputs other than Level 1 inputs that are either directly or indirectly observable; and Level 3 — Unobservable inputs developed using estimates and assumptions developed by the Company, which reflect those that a market participant would use. The following table summarizes the financial instruments measured at fair value in the Consolidated Balance Sheets as of June 28, 2019 and December 31, 2018:
The Company uses a market approach to value the assets and liabilities for financial instruments in the table above. Outstanding contracts are valued through models that utilize market observable inputs, including both spot and forward prices, for the same underlying currencies and metals. The carrying values of the other working capital items and debt in the Consolidated Balance Sheets approximate fair values as of June 28, 2019 and December 31, 2018.
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Derivative Instruments and Hedging Activity |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activity | Derivative Instruments and Hedging Activity The Company uses derivative contracts to hedge portions of its foreign currency exposures and uses derivatives to hedge a portion of its precious metal and copper exposures. The objectives and strategies for using derivatives in these areas are as follows: Foreign Currency. The Company sells a portion of its products to overseas customers in their local currencies, primarily the euro and yen. The Company secures foreign currency derivatives, mainly forward contracts and options, to hedge these anticipated sales transactions. The purpose of the hedge program is to protect against the reduction in the dollar value of foreign currency sales from adverse exchange rate movements. Should the dollar strengthen significantly, the decrease in the translated value of the foreign currency sales should be partially offset by gains on the hedge contracts. Depending upon the methods used, hedge contracts may limit the benefits from a weakening U.S. dollar. The use of forward contracts locks in a firm rate and eliminates any downside risk from an adverse rate movement as well as any benefit from a favorable rate movement. The Company may from time to time choose to hedge with options or a tandem of options, known as a collar. These hedging techniques can limit or eliminate the downside risk but can allow for some or all of the benefit from a favorable rate movement to be realized. Unlike a forward contract, a premium is paid for an option; collars, which are a combination of a put and call option, may have a net premium but can be structured to be cash neutral. The Company will primarily hedge with forward contracts due to the relationship between the cash outlay and the level of risk. The use of foreign currency derivative contracts is governed by policies approved by the Audit Committee of the Board of Directors. A team consisting of senior financial managers reviews the estimated exposure levels, as defined by budgets, forecasts, and other internal data, and determines the timing, amounts, and instruments to use to hedge that exposure within the confines of the policy. Management analyzes the effective hedged rates and the actual and projected gains and losses on the hedging transactions against the program objectives, targeted rates, and levels of risk assumed. Hedge contracts are typically layered in at different times for a specified exposure period in order to minimize the impact of rate movements. Precious Metals. The Company maintains the majority of its precious metal production requirements on consignment in order to reduce its working capital investment and the exposure to metal price movements. When a precious metal product is fabricated and ready for shipment to the customer, the metal is purchased out of consignment at the current market price. The price paid by the Company forms the basis for the price charged to the customer. This methodology allows for changes in either direction in the market prices of the precious metals used by the Company to be passed through to the customer, and reduces the impact changes in prices could have on the Company's margins and operating profit. The consigned metal is owned by financial institutions that charge the Company a financing fee based upon the current value of the metal on hand. In certain instances, a customer may want to establish the price for the precious metal at the time the sales order is placed rather than at the time of shipment. Setting the sales price at a different date than when the material would be purchased potentially creates an exposure to movements in the market price of the metal. Therefore, in these limited situations, the Company may elect to enter into a forward contract to purchase precious metal. The forward contract allows the Company to purchase metal at a fixed price on a specific future date. The price in the forward contract serves as the basis for the price to be charged to the customer. By doing so, the selling price and purchase price are matched, and the Company's price exposure is reduced. The Company refines precious metal-containing materials for its customers and typically will purchase the refined metal from the customer at current market prices. In limited circumstances, the customer may want to fix the price to be paid at the time of the order as opposed to when the material is refined. The customer may also want to fix the price for a set period of time. The Company may then elect to enter into a hedge contract, either a forward contract or a swap, to fix the price for the estimated quantity of metal to be purchased, thereby reducing the exposure to adverse movements in the price of the metal. In certain circumstances, the Company also refines metal from the customer and may retain a portion of the refined metal as payment. The Company may elect to enter into a forward contract to sell precious metal to reduce the Company's price exposure. The Company may from time to time elect to purchase precious metal and hold in inventory rather than on consignment due to potential credit line limitations or other factors. These purchases are typically held for a short duration. A forward contract will be secured at the time of the purchase to fix the price to be used when the metal is transferred back to the consignment line, thereby limiting any price exposure during the time when the metal was owned. Copper. We also use copper in our production processes. When possible, fluctuations in the purchase price of copper are passed on to customers in the form of price adders or reductions. While over time our price exposure to copper is generally in balance, there can be a lag between the change in our cost and the pass-through to our customers, resulting in higher or lower margins in a given period. To mitigate this impact, we hedge a portion of this pricing risk. The Company will only enter into a derivative contract if there is an underlying identified exposure. Contracts are typically held until maturity. The Company does not engage in derivative trading activities and does not use derivatives for speculative purposes. The Company only uses currency hedge contracts that are denominated in the same currency as the underlying exposure and precious metal hedge contracts denominated in the same metal as the underlying exposure. All derivatives are recorded on the balance sheet at fair value. If the derivative is designated and effective as a cash flow hedge, changes in the fair value of the derivative are recognized in other comprehensive income (OCI) until the hedged item is recognized in earnings. If a derivative is not a hedge, changes in the fair value are adjusted through income. The fair values of the outstanding derivatives are recorded on the balance sheet as assets (if the derivatives are in a gain position) or liabilities (if the derivatives are in a loss position). The fair values will also be classified as short-term or long-term depending upon their maturity dates. The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives not designated as hedging instruments (on a gross basis) and balance sheet classification as of June 28, 2019 and December 31, 2018:
These outstanding foreign currency derivatives were related to intercompany loans. Other-net included no foreign currency impact relating to these derivatives during both the second quarter and the first six months of 2019 and included $1.6 million and $1.1 million of foreign currency gains during the second quarter and first six months of 2018, respectively. The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives designated as cash flow hedges (on a gross basis) and balance sheet classification as of June 28, 2019 and December 31, 2018:
All of these contracts were designated and effective as cash flow hedges. The Company expects to relieve substantially the entire balance in OCI as of June 28, 2019 to the Consolidated Statements of Income within the next 15-month period. Refer to Note J for additional OCI details. The following table summarizes the amounts reclassified from accumulated other comprehensive income relating to the hedging relationship of the Company’s outstanding derivatives designated as cash flow hedges and income statement classification as of the second quarter and first six months of of 2019:
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Contingencies - USD ($) $ in Millions |
6 Months Ended | |
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Jun. 28, 2019 |
Dec. 31, 2018 |
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| Loss Contingency [Abstract] | ||
| Undiscounted reserve balance | $ 6.2 | $ 6.5 |
| Commitments and Contingencies Disclosure [Text Block] | Contingencies Legal Proceedings. For information regarding legal proceedings relating to Chronic Beryllium Disease Claims, refer to Note S ("Contingencies and Commitments") in the Company's 2018 Annual Report on Form 10-K. Other Litigation. The Company is party to several pending legal proceedings and claims arising in the normal course of business. The Company records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In the event the Company determines that a loss is not probable, but is reasonably possible, and it becomes possible to develop what the Company believes to be a reasonable range of possible loss, then the Company will include disclosure related to such matters. To the extent there is a reasonable possibility that the losses could exceed any amounts accrued, the Company will adjust the accrual in the period the determination is made, disclose an estimate of the additional loss or range of loss, indicate that the estimate is immaterial with respect to its financial statements as a whole or, if the amount of such adjustment cannot be reasonably estimated, disclose that an estimate cannot be made. Environmental Proceedings. The Company has an active environmental compliance program and records reserves for the probable cost of identified environmental remediation projects. The reserves are established based upon analyses conducted by the Company’s engineers and outside consultants and are adjusted from time to time based upon ongoing studies, the difference between actual and estimated costs, and other factors. The reserves may also be affected by rulings and negotiations with regulatory agencies. The undiscounted reserve balance was $6.2 million and $6.5 million at June 28, 2019 and December 31, 2018, respectively. Environmental projects tend to be long-term, and the final actual remediation costs may differ from the amounts currently recorded.
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Basis of Accounting (Policies) |
6 Months Ended |
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Jun. 28, 2019 | |
| Accounting Policies [Abstract] | |
| Basis of Accounting | Basis of Presentation: In management’s opinion, the accompanying consolidated financial statements of Materion Corporation and its subsidiaries (referred to herein as the Company, our, we, or us) contain all of the adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods reported. All adjustments were of a normal and recurring nature. Certain amounts in prior periods have been reclassified to conform to the 2019 consolidated financial statement presentation. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's 2018 Annual Report on Form 10-K. The interim period results are not necessarily indicative of the results to be expected for the full year.
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New Pronouncements (Policies) |
6 Months Ended |
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Jun. 28, 2019 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| New Accounting Pronouncements | New Pronouncements Adopted: In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02 (Topic 842), Leases, which eliminates the off-balance-sheet accounting for leases. This guidance requires lessees to report their operating leases as both an asset and liability on the balance sheet and disclose key information about leasing arrangements. The Company adopted this guidance as of January 1, 2019 using the modified retrospective method and applied it retrospectively through a cumulative-effect adjustment to retained earnings. The Company applied the transitional package of practical expedients allowed by the standard to not reassess the identification, classification, and initial direct costs of leases commencing before this ASU's effective date; however, the Company did not elect the hindsight transitional practical expedient. The Company also applied the practical expedient to not separate lease and non-lease components to new leases as well as existing leases through transition. The Company made an accounting policy election not to apply recognition requirements of the guidance to short-term leases. Results for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts are not adjusted and continue to be reported in accordance with legacy generally accepted accounting principles. The Company recorded a net reduction to opening retained earnings of $0.2 million as of January 1, 2019 due to the cumulative impact of adopting Topic 842, with the impact primarily related to derecognition of a built-to-suit lease. Refer to Note H for additional disclosures relating to the Company's leasing arrangements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which amends and simplifies existing guidance to allow companies to more accurately present the economic effects of risk management activities in the financial statements. The Company adopted this guidance as of January 1, 2019, and the adoption did not have a material effect on the Company’s consolidated financial statements. New Pronouncements Issued: In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. This ASU requires an entity to change its accounting approach in determining impairment of certain financial instruments, including trade receivables, from an “incurred loss” to a “current expected credit loss” model. The standard will be effective for fiscal years beginning after December 15, 2019, including interim periods within such fiscal years. Early adoption is permitted. The Company is currently assessing the effect that this ASU will have on its financial position, results of operations, and disclosures. No other recently issued or effective ASUs had, or are expected to have, a material effect on the Company's results of operations, financial condition, or liquidity.
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Revenue Recognition Accounting Policy (Policies) |
6 Months Ended |
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Jun. 28, 2019 | |
| Accounting Policies [Abstract] | |
| Revenue Recognition, Policy [Policy Text Block] | Net sales consist primarily of revenue from the sale of precious and non-precious specialty metals, beryllium and copper-based alloys, beryllium composites, and other products into numerous end markets. The Company requires an agreement with a customer that creates enforceable rights and performance obligations. The Company generally recognizes revenue, in an amount that reflects the consideration to which it expects to be entitled, upon satisfaction of a performance obligation, by transferring control over a product to the customer. Control over the product is generally transferred to the customer when the Company has a present right to payment, the customer has legal title, the customer has physical possession, the customer has the significant risks and rewards of ownership, and/or the customer has accepted the product. |
Segment Reporting (Tables) |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenue | The following table disaggregates revenue for each segment by end market for the second quarter and first six months of 2019 and 2018, respectively:
|
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Revenue Recognition (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contract with Customer, Asset and Liability | Contract Balances: The timing of revenue recognition, billings, and cash collections resulted in the following contract assets and contract liabilities:
|
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Other-net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Other-Net Expense | Other-net expense for the second quarter and first six months of of 2019 and 2018 is summarized as follows:
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Earnings Per Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 28, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Computation of basic and diluted earnings per share | The following table sets forth the computation of basic and diluted EPS:
|
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Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Inventories | Inventories on the Consolidated Balance Sheets are summarized as follows:
|
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Leases (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 28, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lease, Cost [Table Text Block] | The components of operating and finance lease cost for the second quarter and first six months of 2019 were as follows:
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| Schedule Of Future Minimum Lease Payments For Capital Leases And Operating Leases [Table Text Block] |
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| ScheduleOfSupplementalCashFlowInformationRelatedToLeasesTableTextBlock [Table Text Block] | Supplemental cash flow information related to leases for the first six months of 2019 was as follows:
|
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| ScheduleOfSupplementalBalanceSheetInformationRelatedToLeasesTableTextBlock [Table Text Block] | Supplemental balance sheet information related to the Company's operating and finance leases as of June 28, 2019 was as follows:
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Pensions and Other Post-employment Benefits (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Net Periodic Benefit Cost | The following is a summary of the net periodic benefit cost for the second quarter of 2019 and 2018 for the domestic pension plans (which include the defined benefit pension plan and the supplemental retirement plans) and the domestic retiree medical plan.
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Accumulated Other Comprehensive Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in the components of accumulated other comprehensive income, including the amounts reclassified, for the second quarter of 2019 and 2018 and first six months of 2019 and 2018 are as follows:
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Stock-based Compensation Expense Tables (Tables) |
6 Months Ended | ||||||||||||||||||||||||
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Jun. 28, 2019 | |||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
| Schedule Of Share Based Payment Award SARs Valuation Assumptions [Table Text Block] | The Company estimated the fair value of the SARs using the following weighted-average assumptions in the Black-Scholes model:
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Fair Value of Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Fair Value Information and Derivative Financial Instruments | The following table summarizes the financial instruments measured at fair value in the Consolidated Balance Sheets as of June 28, 2019 and December 31, 2018:
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Derivative Instruments and Hedging Activity Tables (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 28, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DerivativeInstrumentsNonHedging [Table Text Block] | The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives not designated as hedging instruments (on a gross basis) and balance sheet classification as of June 28, 2019 and December 31, 2018:
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| Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives designated as cash flow hedges (on a gross basis) and balance sheet classification as of June 28, 2019 and December 31, 2018:
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| Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table summarizes the amounts reclassified from accumulated other comprehensive income relating to the hedging relationship of the Company’s outstanding derivatives designated as cash flow hedges and income statement classification as of the second quarter and first six months of of 2019:
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New Prouncements Adopted (Details) $ in Millions |
Jan. 01, 2019
USD ($)
|
|---|---|
| Adjustments for New Accounting Pronouncement [Member] | |
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
| Cumulative Effect on Retained Earnings, Net of Tax | $ 0.2 |
Segment Reporting (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 28, 2019 |
Jun. 29, 2018 |
Jun. 28, 2019 |
Jun. 29, 2018 |
|
| Segment Reporting Information | ||||
| Net sales | $ 297,843 | $ 309,085 | $ 599,284 | $ 612,552 |
| Intersegment sales | 19,266 | 11,403 | 36,488 | 23,083 |
| Operating profit (loss) | 22,750 | 15,192 | 44,137 | 28,443 |
| Performance Alloys and Composites | ||||
| Segment Reporting Information | ||||
| Net sales | 135,231 | 129,765 | 262,344 | 248,001 |
| Intersegment sales | 6 | 3 | 15 | 31 |
| Operating profit (loss) | 19,328 | 12,309 | 38,286 | 22,170 |
| Advanced Materials | ||||
| Segment Reporting Information | ||||
| Net sales | 133,238 | 150,324 | 277,263 | 303,869 |
| Intersegment sales | 19,260 | 11,400 | 36,473 | 23,052 |
| Operating profit (loss) | 6,139 | 5,572 | 13,219 | 11,470 |
| Precision Coatings | ||||
| Segment Reporting Information | ||||
| Net sales | 29,374 | 28,996 | 59,677 | 60,682 |
| Intersegment sales | 0 | 0 | 0 | 0 |
| Operating profit (loss) | 3,937 | 2,233 | 6,014 | 5,608 |
| Other | ||||
| Segment Reporting Information | ||||
| Net sales | 0 | 0 | 0 | 0 |
| Intersegment sales | 0 | 0 | 0 | 0 |
| Operating profit (loss) | $ (6,654) | $ (4,922) | $ (13,382) | $ (10,805) |
Revenue Recognition (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
|---|---|---|---|
Jun. 28, 2019 |
Jun. 29, 2018 |
Dec. 31, 2018 |
|
| Capitalized Contract Cost [Line Items] | |||
| Increase (Decrease) in Unearned Revenue | $ (88) | $ 2,132 | |
| Trade Accounts Receivable | |||
| Capitalized Contract Cost [Line Items] | |||
| Accounts Receivable, Trade | 132,493 | $ 124,498 | |
| Change in Accounts Receivable, Trade | $ 7,995 | ||
| Contract Asset Percent Change | 6.00% | ||
| Unbilled Receivables | |||
| Capitalized Contract Cost [Line Items] | |||
| Unbilled Contracts Receivable | $ 9,430 | 4,619 | |
| Change in Unbilled Receivables | $ 4,811 | ||
| Contract Asset Percent Change | 104.00% | ||
| UnearnedRevenue | |||
| Capitalized Contract Cost [Line Items] | |||
| Deferred Revenue | $ 5,829 | $ 5,918 | |
| Increase (Decrease) in Unearned Revenue | $ (89) | ||
| Contract Liability Percent Change | (2.00%) | ||
Revenue Recognition (Details 1) $ in Millions |
6 Months Ended |
|---|---|
|
Jun. 28, 2019
USD ($)
| |
| Revenue from Contract with Customer [Abstract] | |
| Contract with Customer, Liability, Revenue Recognized | $ 5.0 |
Revenue Recognition Revenue Recognition (Details 2) $ in Millions |
Jun. 28, 2019
USD ($)
|
|---|---|
| Revenue from Contract with Customer [Abstract] | |
| Revenue, Remaining Performance Obligation, Amount | $ 19.6 |
Other-net (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 28, 2019 |
Jun. 29, 2018 |
Jun. 28, 2019 |
Jun. 29, 2018 |
|
| Other Income and Expenses [Abstract] | ||||
| Metal consignment fees | $ 2,225 | $ 2,588 | $ 5,316 | $ 5,017 |
| Amortization of Intangible Assets | 368 | 561 | 758 | 1,334 |
| Foreign currency loss (gain) | 307 | 1,230 | 384 | 1,219 |
| Net loss (gain) on disposal of fixed assets | 118 | (3) | 142 | 23 |
| Rental Income | (29) | (134) | (58) | (260) |
| Other items | (98) | 71 | 470 | (96) |
| Total | $ 2,891 | $ 4,313 | $ 7,012 | $ 7,237 |
Income Taxes Details (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 28, 2019 |
Jun. 29, 2018 |
Jun. 28, 2019 |
Jun. 29, 2018 |
|
| Income Tax Disclosure [Abstract] | ||||
| Effective Income Tax Rate Reconciliation, Percent | 18.80% | 20.90% | 18.50% | 17.00% |
| Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | $ 0.5 | $ 1.0 | ||
Earnings Per Share (Details 1) - shares |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 28, 2019 |
Jun. 29, 2018 |
Jun. 28, 2019 |
Jun. 29, 2018 |
|
| Earnings Per Share [Abstract] | ||||
| Securities excluded from diluted EPS calculation | 84,509 | 65,112 | 144,154 | 65,112 |
Inventories (Detail) - USD ($) $ in Thousands |
Jun. 28, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Principally average cost: | ||
| Raw materials and supplies | $ 38,425 | $ 33,182 |
| Work in process | 190,428 | 195,879 |
| Finished goods | 32,062 | 30,643 |
| Subtotal | 260,915 | 259,704 |
| Less: LIFO reserve balance | 47,586 | 44,833 |
| Inventories | $ 213,329 | $ 214,871 |
Inventories (Details 1) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|
Jun. 28, 2019 |
Jun. 29, 2018 |
Jun. 28, 2019 |
Jun. 29, 2018 |
Dec. 31, 2018 |
|
| Inventory Disclosure [Abstract] | |||||
| LIFO liquidation effect | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 | |
| Notional Amount of Nonderivative Instruments | $ 295.7 | $ 316.1 | |||
Components of Lease Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
|---|---|---|
Jun. 28, 2019 |
Jun. 28, 2019 |
|
| Lease, Cost [Abstract] | ||
| Operating lease cost | $ 2,291 | $ 5,003 |
| Finance lease cost | ||
| Amortization of right-of-use assets | 354 | 710 |
| Interest on lease liabilities | 259 | 522 |
| Total lease cost | $ 2,904 | $ 6,235 |
Future Estimated Minimum Payments Under Finance Leases and Non-Cancelable Operating Leases (Details) $ in Thousands |
Jun. 28, 2019
USD ($)
|
|---|---|
| Finance Leases | |
| 2019 | $ 1,122 |
| 2020 | 2,244 |
| 2021 | 2,244 |
| 2022 | 2,244 |
| 2023 | 1,534 |
| 2024 and thereafter | 22,414 |
| Total minimum lease payments | 31,802 |
| Amounts representing interest | 12,239 |
| Present value of net minimum lease payments | 19,563 |
| Operating Leases | |
| 2019 | 4,201 |
| 2020 | 7,618 |
| 2021 | 6,619 |
| 2022 | 4,727 |
| 2023 | 3,818 |
| 2024 and thereafter | 5,148 |
| Total minimum lease payments | 32,131 |
| Amount of lease payment representing interest | 4,086 |
| Present value of lease payments | $ 28,045 |
Leases (Details Textual) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 28, 2019 |
Jun. 29, 2018 |
Jun. 28, 2019 |
Jun. 29, 2018 |
|
| Leases [Abstract] | ||||
| Operating Lease Term Maximum | 25 years | |||
| Operating lease expense | $ 2.3 | $ 3.0 | $ 5.0 | $ 6.1 |
| Weighted Average Remaining Lease Term | ||||
| Operating leases | 5 years 1 month 2 days | 5 years 1 month 2 days | ||
| Finance leases | 19 years 10 months 13 days | 19 years 10 months 13 days | ||
| Weighted Average Discount Rate | ||||
| Operating leases | 5.55% | 5.55% | ||
| Finance leases | 5.31% | 5.31% | ||
Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 28, 2019 |
Jun. 29, 2018 |
|
| Cash paid for amounts included in the measurement of lease liabilities | ||
| Operating cash flows from operating leases | $ 7,710 | |
| Operating cash flows from finance leases | 522 | |
| Financing cash flows from finance leases | $ 599 | $ 425 |
Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands |
Jun. 28, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Operating Leases | ||
| Operating lease, right-of-use asset | $ 26,788 | $ 0 |
| Operating Lease, Liability, Current | 6,927 | |
| Operating lease liabilities | 21,118 | 0 |
| Finance Leases | ||
| Finance lease liabilities | 18,325 | 15,221 |
| Total principal payable on finance lease | 19,563 | |
| Property, Plant and Equipment | 913,325 | 898,251 |
| Allowance for depreciation, depletion and amortization | (669,861) | (647,233) |
| Finance lease assets, net | 243,464 | $ 251,018 |
| Other liabilities and accrued items | 1,238 | |
| Property, Plant and Equipment [Member] | ||
| Property, Plant and Equipment | 26,330 | |
| Allowance for depreciation, depletion and amortization | (3,140) | |
| Finance lease assets, net | $ 23,190 |
Pensions and Other Post-employment Benefits (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 28, 2019 |
Jun. 29, 2018 |
Jun. 28, 2019 |
Jun. 29, 2018 |
|
| Components of net periodic benefit cost | ||||
| Pension curtailment | $ 3,296 | $ 3,296 | $ 0 | |
| Pension Benefits [Member] | ||||
| Components of net periodic benefit cost | ||||
| Service cost | 1,418 | $ 1,674 | 2,758 | 3,348 |
| Interest cost | 1,347 | 2,397 | 2,904 | 4,794 |
| Expected return on plan assets | (2,167) | (3,697) | (4,290) | (7,394) |
| Amortization of prior service benefit | 122 | (30) | 242 | (61) |
| Amortization of net loss (gain) | 627 | 1,959 | 1,431 | 3,919 |
| Pension curtailment | 3,296 | 0 | 3,296 | 0 |
| Total net benefit cost | 4,643 | 2,303 | 6,341 | 4,606 |
| Other Benefits [Member] | ||||
| Components of net periodic benefit cost | ||||
| Service cost | 18 | 28 | 35 | 56 |
| Interest cost | 99 | 99 | 199 | 198 |
| Expected return on plan assets | 0 | 0 | 0 | 0 |
| Amortization of prior service benefit | (375) | (374) | (749) | (749) |
| Amortization of net loss (gain) | (23) | 0 | (46) | 0 |
| Pension curtailment | 0 | 0 | 0 | 0 |
| Total net benefit cost | $ (281) | $ (247) | $ (561) | $ (495) |
Pensions and Other Post-employment Benefits (Detail 1) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 28, 2019 |
Jun. 29, 2018 |
Jun. 28, 2019 |
Jun. 29, 2018 |
|
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Pension curtailment | $ 3,296 | $ 3,296 | $ 0 | |
| Pension Benefits [Member] | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Contributions by Employer | 3,000 | 13,000 | ||
| Pension curtailment | $ 3,296 | $ 0 | $ 3,296 | $ 0 |
Stock-based Compensation Expense (Detail) |
6 Months Ended |
|---|---|
Jun. 28, 2019 | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Risk-free interest rate | 2.47% |
| Dividend yield | 0.70% |
| Volatility | 31.70% |
| Expected term (in years) | 5 years 2 months 12 days |
Derivative Instruments and Hedging Activity (Details - Not designated as hedges) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jun. 28, 2019 |
Jun. 29, 2018 |
Jun. 28, 2019 |
Jun. 29, 2018 |
Dec. 31, 2018 |
|
| Derivative Instruments, Gain (Loss) [Line Items] | |||||
| Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | $ 0 | $ 1,600 | $ 0 | $ 1,100 | |
| Euro Member Countries, Euro | Not Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | Foreign Currency Forward Contract | |||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||
| Derivative Asset, Notional Amount | 2,421 | 2,421 | $ 8,767 | ||
| Derivative Asset, Fair Value, Gross Asset | 27 | 27 | 244 | ||
| Euro Member Countries, Euro | Not Designated as Hedging Instrument [Member] | Other Current Liabilities | Foreign Currency Forward Contract | |||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||
| Derivative Liability, Notional Amount | 3,836 | 3,836 | 8,771 | ||
| Derivative Liability, Fair Value, Gross Liability | $ 52 | $ 52 | $ 249 | ||
Derivative Instruments and Hedging Activity (Details - Reclassificatoins from AOCI) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
|---|---|---|
Jun. 28, 2019 |
Jun. 28, 2019 |
|
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Derivative, Gain (Loss) on Derivative, Net | $ 116 | $ (14) |
| Sales Revenue, Net [Member] | Euro Member Countries, Euro | Foreign Exchange Forward [Member] | ||
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Derivative, Gain (Loss) on Derivative, Net | (46) | (44) |
| Cost of Sales [Member] | Precious Metal Swaps [Member] | ||
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Derivative, Gain (Loss) on Derivative, Net | (1) | (62) |
| Cost of Sales [Member] | Copper Swap [Member] | ||
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Derivative, Gain (Loss) on Derivative, Net | $ 163 | $ 92 |
Contingencies (Detail) - USD ($) $ in Millions |
6 Months Ended | |
|---|---|---|
Jun. 28, 2019 |
Dec. 31, 2018 |
|
| Loss Contingency [Abstract] | ||
| Accrual for Environmental Loss Contingencies, Significant Assumptions | The reserves are established based upon analyses conducted by the Company’s engineers and outside consultants and are adjusted from time to time based upon ongoing studies, the difference between actual and estimated costs, and other factors. The reserves may also be affected by rulings and negotiations with regulatory agencies. | |
| Undiscounted reserve balance | $ 6.2 | $ 6.5 |