Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||
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Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
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Statement of Comprehensive Income [Abstract] | |||
Net income | $ 50,660 | $ 20,846 | $ 11,451 |
Other comprehensive income: | |||
Foreign currency translation adjustment | (421) | (484) | 1,552 |
Derivative and hedging activity, net of tax (expense) benefit of $5, $672, and ($271) | (4) | 138 | (1,074) |
Pension and post-employment benefit adjustment, net of tax (expense) of ($4,741), ($13,300), and ($13,820) | 13,197 | 45,049 | (17,234) |
Other comprehensive income (loss) | 12,772 | 44,703 | (16,756) |
Comprehensive income (loss) | $ 63,432 | $ 65,549 | $ (5,305) |
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands |
12 Months Ended | ||
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Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
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Statement of Comprehensive Income [Abstract] | |||
Derivative and hedging activity, tax benefit (expense) | $ 5 | $ 672 | $ (271) |
Pension and post employment benefit adjustment, tax benefit (expense) | $ (4,741) | $ (13,300) | $ (13,820) |
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands, $ / shares in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
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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 |
Treasury stock, shares | 6,744 | 6,906 |
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares |
12 Months Ended | ||
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Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
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Statement of Stockholders' Equity [Abstract] | |||
Cash dividends per share | $ 0.435 | $ 0.415 | $ 0.395 |
Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||
Significant Accounting Policies | Significant Accounting Policies (Dollars in thousands) Organization: Materion Corporation (the Company) is a holding company with subsidiaries that have operations in the United States, Europe, and Asia. These operations manufacture advanced engineered materials used in a variety of end markets, including semiconductor, industrial, aerospace and defense, automotive, energy, consumer electronics, and telecom and data center. The Company has four reportable segments: Performance Alloys and Composites, Advanced Materials, Precision Coatings, and Other. Other includes unallocated corporate costs. Refer to Note B for additional segment details. The Company is vertically integrated and distributes its products through a combination of company-owned facilities and independent distributors and agents. Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. Consolidation: The Consolidated Financial Statements include the accounts of Materion Corporation and its subsidiaries. All of the Company’s subsidiaries were wholly owned as of December 31, 2019. Intercompany accounts and transactions are eliminated in consolidation. Cash Equivalents: All highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents. At December 31, 2019, the Company had $104.5 million of cash equivalents invested in institutional money market funds. The carrying value of the money market funds approximates fair value due to their short-term maturities. Accounts Receivable: An allowance for doubtful accounts is maintained for the estimated losses resulting from the inability of customers to pay amounts due. The allowance is based upon identified delinquent accounts, customer payment patterns, and other analyses of historical data and trends. The allowance for doubtful accounts was $392 and $616 at December 31, 2019 and 2018, respectfully. The Company extends credit to customers based upon their financial condition, and collateral is not generally required. Inventories: Inventories are stated at the lower of cost or net realizable value. The cost of the majority of domestic inventories is determined using the last-in, first-out (LIFO) method to reflect a better matching of costs and revenues. The remaining inventories are stated principally at average costs. Inventories valued on the LIFO cost method were approximately 45% and 57% of inventories in 2019 and 2018, respectively. Property, Plant, and Equipment: Property, plant, and equipment is stated on the basis of cost. Depreciation is computed principally by the straight-line method, except certain assets for which depreciation may be computed by the units-of-production method. The depreciable lives that are used in computing the annual provision for depreciation by class of asset are primarily as follows:
An asset acquired under a finance lease will be recorded at the lesser of the present value of the projected lease payments or the fair value of the asset and will be depreciated in accordance with the above schedule. Leasehold improvements will be depreciated over the life of the improvement if it is shorter than the life of the lease. Repair and maintenance costs are expensed as incurred. Mineral Resources and Mine Development: Property acquisition costs are capitalized as mineral resources on the balance sheet and are depleted using the units-of-production method based upon total estimated recoverable proven reserves of the beryllium- bearing bertrandite ore body. The Company uses beryllium pounds as the unit of accounting measure, and depletion expense is recorded on a pro-rata basis based upon the amount of beryllium pounds extracted as a percentage of total estimated beryllium pounds contained in all ore bodies. Mine development costs at our open pit surface mines include drilling, infrastructure, other related costs to delineate an ore body, and the removal of overburden to initially expose an ore body. Before mineralization is classified as proven and probable reserves, costs are classified as exploration expense. Capitalization of mine development project costs that meet the definition of an asset begins once mineralization is classified as proven and probable reserves. Drilling and related costs are capitalized for an ore body where proven and probable reserves exist, and the activities are directed at obtaining additional information on the ore body. All other drilling and related costs are expensed as incurred. Drilling costs incurred during the production phase for operational ore control are allocated to inventory costs and then included as a component of costs applicable to sales. The costs of removing overburden and waste materials to access the ore body at an open-pit mine prior to the production phase are capitalized during the development of an open-pit mine and are capitalized at each pit. These costs are amortized as the ore is extracted using the units-of-production method based upon total estimated recoverable proven reserves for the individual pit. The Company uses beryllium pounds as the unit of accounting measure for recording amortization. To the extent that the aforementioned costs benefit an entire ore body, the costs are amortized over the estimated useful life of the ore body. Costs incurred to access specific ore blocks or areas that only provide benefit over the life of that area are amortized over the estimated life of that specific ore block area. Goodwill and Other Intangible Assets: Goodwill is reviewed annually for impairment or more frequently if impairment indicators arise. The Company conducts its annual goodwill and indefinite-lived intangible asset impairment assessment as of the first day of the fourth quarter, or more frequently under certain circumstances. Goodwill is assigned to the reporting unit, which is the operating segment level or one level below the operating segment. Intangible assets with finite lives are amortized using the straight-line method or effective interest method, as applicable, over the periods estimated to be benefited, which is generally 20 years or less. Finite-lived intangible assets are also reviewed for impairment if facts and circumstances warrant. Long-Lived Asset Impairment: In accordance with Accounting Standards Codification (“ASC”) 360, “Property, Plant and Equipment,” management performs impairment tests of long-lived assets, including property and equipment, whenever an event occurs or circumstances change that indicate that the carrying value may not be recoverable or the useful life of the asset has changed. Upon indications of impairment, assets and liabilities are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The asset group would be considered impaired when the estimated future undiscounted cash flows generated by the asset group are less than its carrying value. If such undiscounted cash flows indicate that the carrying value of the asset group is not recoverable, impairment losses are measured by comparing the estimated fair value of the asset group to its carrying amount. Derivatives: The Company recognizes all derivatives 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 (loss), a component of shareholders’ equity, until the hedged item is recognized in earnings. If the derivative is designated as a fair value hedge, changes in fair value are offset against the change in the fair value of the hedged asset, liability, or commitment through earnings. The ineffective portion of a derivative’s change in fair value, if any, is recognized in earnings immediately. If a derivative is not a hedge, changes in its fair value are adjusted through the income statement. Asset Retirement Obligation: The Company records a liability to recognize the legal obligation to remove an asset at the time the asset is acquired or when the legal liability arises. The liability is recorded for the present value of the ultimate obligation by discounting the estimated future cash flows using a credit-adjusted risk-free interest rate. The liability is accreted over time, with the accretion charged to expense. An asset equal to the fair value of the liability is recorded concurrent with the liability and depreciated over the life of the underlying asset. The Company's asset retirement obligation related to its mine located in Utah for the years ended December 31, 2019 and 2018 was $1.4 million and $1.3 million, respectively. Unearned Income: Expenditures for capital equipment to be reimbursed under government contracts are recorded in property, plant, and equipment, while the reimbursements for those expenditures are recorded in unearned income, a liability on the balance sheet. When the assets subject to reimbursement are placed in service, the total cost is depreciated over the useful lives, and the unearned income liability is reduced and credited to cost of sales on the Consolidated Statements of Income ratably with the annual depreciation expense. Depreciation and amortization expense on the Consolidated Statements of Cash Flows is shown net of the associated period reduction in the unearned income liability. Advertising Costs: The Company expenses all advertising costs as incurred. Advertising costs were $677 in 2019, $1,196 in 2018, and $1,252 in 2017. Stock-based Compensation: The Company recognizes stock-based compensation expense based on the grant date fair value of the award over the period during which an employee is required to provide service in exchange for the award. The fair value of restricted stock units is based on the closing price of the Company's common shares on the grant date. Stock appreciation rights (SARs) are granted with an exercise price equal to the closing price of the Company's common shares on the date of grant. The fair value of SARs is determined using a Black-Scholes option-pricing model, which incorporates assumptions regarding the expected volatility, the expected option life, the risk-free interest rate, and the expected dividend yield. See Note P for additional information about stock-based compensation. Capitalized Interest: Interest expense associated with active capital asset construction and mine development projects is capitalized and amortized over the future useful lives of the related assets. Income Taxes: The Company uses the liability method in measuring the provision for income taxes and recognizing deferred tax assets and liabilities on the balance sheet. The Company will record a valuation allowance to reduce the deferred tax assets to the amount that is more likely than not to be realized, as warranted by current facts and circumstances. The Company applies a more-likely-than-not recognition threshold for all tax uncertainties and will record a liability for those tax benefits that have a less than 50% likelihood of being sustained upon examination by the taxing authorities. Net Income Per Share: Basic earnings per share (EPS) is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the assumed conversion of all dilutive common stock equivalents as appropriate using the treasury stock method. 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 (leases less than twelve months in duration). 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 K for additional disclosures relating to the Company's leasing arrangements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which intended to simplify the subsequent measurement of goodwill. This ASU eliminates the requirement for an entity to calculate the implied fair value of goodwill in measuring an impairment charge. Instead, an entity will perform its annual, or interim, goodwill impairment testing by comparing the fair value of a reporting unit with its carrying amount and recording an impairment charge for the amount by which the carrying amount exceeds the fair value. 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. Refer to Note L for additional disclosures related to goodwill. 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 nearing completion of its assessment process, as well as the impact to the consolidated financial statements. The adoption of this ASU is not expected to have a material impact on the Company's results of operations, cash flows, or debt covenants. 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 and Geographic Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting and Geographic Information | Segment Reporting and Geographic Information The Company has the following operating segments: Performance Alloys and Composites, Advanced Materials, Precision Coatings, and Other. The Company’s operating 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. The segments are determined based on several factors, including the availability of discrete financial information and the Company’s organizational and management structure. Performance Alloys and Composites provides advanced engineered solutions comprised of beryllium and non-beryllium containing alloy systems and custom engineered parts in strip, bulk, rod, plate, bar, tube, and other customized shapes. 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. Financial information for reportable segments was as follows:
Intersegment sales are eliminated in consolidation. The primary measures of evaluating segment performance are operating profit and net sales. From an assets perspective, segments are evaluated based upon a return on invested capital metric, which includes inventory (excluding the impact of LIFO), accounts receivable, and property, plant, and equipment. Other geographic information includes the following:
International sales include sales from international operations and direct exports from our U.S. operations. No individual country, other than the United States, or customer accounted for 10% or more of the Company’s net sales for the years presented. Long-lived assets are comprised of property, plant, and equipment based on physical location. The following table disaggregates revenue for each segment by end market for 2019 and 2018:
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer | 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. Shipping and Handling Costs: The Company accounts for shipping and handling activities related to contracts with customers as costs to fulfill its promise to transfer the associated products. Accordingly, customer payments of shipping and handling costs are recorded as a component of net sales, and related costs are recorded as a component of cost of sales. Taxes Collected from Customers and Remitted to Governmental Authorities: Revenue is recorded net of taxes collected from customers that are remitted to governmental authorities, with the collected taxes recorded as current liabilities until remitted to the relevant government authority. Product Warranty: Substantially all of the Company’s customer contracts contain a warranty that provides assurance that the purchased product will function as expected and in accordance with certain specifications. The warranty is intended to safeguard the customer against existing defects and does not provide any incremental service to the customer. Transaction Price Allocated to Future Performance Obligations: ASC 606 requires that the Company disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied at December 31, 2019. Remaining performance obligations include non-cancelable 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 December 31, 2019, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $42.3 million. Contract Costs: The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs primarily relate to sales commissions, which are included in selling, general, and administrative expenses. 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 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 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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Restructuring |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring | Restructuring In 2019, the Company initiated a restructuring plan in the Large Area Coatings (LAC) business (a reporting unit in the Precision Coatings segment) to reduce headcount, idle certain machinery and equipment, and exit a facility in Windsor, Connecticut. Costs associated with this plan also included severance and related costs for 19 employees. Remaining severance payments related to these initiatives of $0.1 million are reflected within Other liabilities and accrued items in the Consolidated Balance Sheets. In addition, in each of the last three years, the Company completed cost reduction actions in order to align costs with commensurate business levels. These actions were accomplished through elimination of vacant positions, consolidation of roles, and staff reduction. Costs associated with these actions in 2019 were in the Other segment and included severance associated with seven employees and other related costs. Remaining severance payments related to these initiatives of $0.1 million are reflected within Other liabilities and accrued items in the Consolidated Balance Sheets. The Company expects that the remaining severance payments will be substantially paid by the end of 2020 and does not expect to incur additional costs related to these initiatives. Costs associated with these actions in 2018 were in the Advanced Materials segment and included severance associated with approximately forty employees and other related costs. Remaining severance payments amount to approximately $1.3 million as of December 31, 2019. Costs associated with these actions in 2017 were within the Other and Precision Coatings segments and included severance associated with twenty-three employees and other related costs. The severance payments were substantially paid by the end of 2017. These costs are presented in the Company's segment results as follows:
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Other-net |
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Other-net | Other-net Other-net is summarized for 2019, 2018, and 2017 as follows:
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Interest |
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Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest | Interest expense-net The following chart summarizes the interest incurred, capitalized, and paid for 2019, 2018, and 2017:
The decrease in interest expense for 2019 versus 2018 was primarily due to interest income received on investments held in money market accounts. The increase in interest expense in 2018 compared to 2017 was primarily due to interest expense recorded for a finance lease entered into in 2017 in connection with the acquisition of the high-performance target materials business of the Heraeus Group. Amortization of deferred financing costs within interest expense was $1.0 million in 2019, $1.0 million in 2018, and $0.9 million in 2017.
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Income Taxes |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes On December 22, 2017, comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (TCJA) was enacted in the United States. The SEC staff issued Staff Accounting Bulletin No. 118 (SAB 118) to address the application of U.S. GAAP in situations where a registrant did not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the TCJA. The Company applied the guidance in SAB 118 when accounting for the enactment-date effects of the TCJA in 2017 and throughout 2018. As of December 31, 2017, the Company had not completed its accounting for the enactment-date income tax effects of the TCJA under ASC 740 for the following items: remeasurement of deferred tax assets and liabilities, the one-time transition tax on earnings of foreign subsidiaries, and the policy election to account for global intangible low-taxed income (GILTI) as a period cost. In 2017, the Company recorded a total provisional amount of $17.1 million, which was recognized and included as a component of income tax expense. The $17.1 million provisional amount included $5.0 million of tax expense for the re-measurement of deferred tax assets, $6.1 million of tax expense for the transition tax on the mandatory deemed repatriation of foreign earnings, a $9.5 million valuation allowance recorded on foreign tax credits that were deemed unrealizable as a result of the TCJA, and a $3.5 million tax benefit for the generation of foreign tax credits. The Company completed its accounting for all of the enactment-date income tax effects of the TCJA in the fourth quarter of 2018. During 2018, the Company recognized adjustments to the provisional amounts recorded as of December 31, 2017 and included the adjustments as a component of income tax expense. In 2018, the Company recorded a $11.1 million net tax benefit related to the enactment-date effects of the TCJA, including a $2.8 million tax benefit for the re-measurement of deferred tax assets and liabilities, a $1.2 million tax benefit for the one-time transition tax on the mandatory deemed repatriation of foreign earnings, and a $7.1 million tax benefit related to the generation of foreign tax credits and the reversal of the valuation allowance related to foreign tax credits. Income before income taxes and income tax expense (benefit) are comprised of the following:
A reconciliation of the U.S. federal statutory income tax rate to the Company's effective income tax rate is as follows:
Deferred tax assets and (liabilities) are determined based on temporary differences between the financial reporting and tax basis of assets and liabilities. Deferred tax assets and (liabilities) recorded in the Consolidated Balance Sheets consist of the following:
The Company had deferred income tax assets offset with a valuation allowance for certain foreign and state net operating losses, state investment and research and development tax credit carryforwards, and deferred tax assets that are not likely to be realized for several of the Company's controlled foreign corporations. The Company intends to maintain a valuation allowance on these deferred tax assets until a realization event occurs to support reversal of all or a portion of the allowance. At December 31, 2019, for income tax purposes, the Company had foreign net operating loss carryforwards of $29.4 million that do not expire, and $6.5 million that expire in calendar years 2020 through 2027, of which $0.5 million expires within the next twelve months. The Company also had state net operating loss carryforwards of $21.6 million that expire in calendar years 2020 through 2037 and state tax credits of $3.6 million that expire in calendar years 2020 through 2034. A valuation allowance of $11.6 million has been provided against certain foreign and state net operating loss carryforwards and state tax credits due to uncertainty of their realization. The Company files income tax returns in the U.S. federal jurisdiction, and in various state, local, and foreign jurisdictions. With limited exceptions, the Company is no longer subject to U.S. federal examinations for years before 2015, state and local examinations for years before 2016, and foreign examinations for tax years before 2011. A reconciliation of the Company’s unrecognized tax benefits for the year-to-date periods ended December 31, 2019 and 2018 is as follows:
Included in the balance of unrecognized tax benefits, including interest and penalties, as of December 31, 2019 and December 31, 2018 are $2.4 million and $2.2 million, respectively, of tax benefits that would affect the Company’s effective tax rate if recognized. It is reasonably possible that the amount of unrecognized tax benefits will change in the next twelve months; however, we do not expect the change to have a material impact on the Consolidated Statements of Income or the Consolidated Balance Sheets. The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying Consolidated Statements of Income. Accrued interest and penalties are included on the related tax liability line in the Consolidated Balance Sheets. The amount of interest and penalties, net of the related tax benefit, recognized in earnings was immaterial during 2019, 2018, and 2017. As of December 31, 2019 and 2018, accrued interest and penalties, net of the related tax benefit, were immaterial. Income taxes paid during 2019, 2018, and 2017, were approximately $9.3 million, $2.6 million, and $8.1 million, respectively. No additional income taxes have been provided for any remaining undistributed foreign earnings not subject to the transition tax, or any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations as of December 31, 2019. The amount of such unrepatriated earnings totaled $84.8 million as of December 31, 2019. It is not practicable to estimate the additional income taxes and applicable withholding taxes that would be payable on the remittance of such undistributed earnings.
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Earnings Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted EPS:
Equity awards covering shares of common stock totaling 71,199 in 2019, 65,112 in 2018, and 124,319 in 2017 were excluded from the diluted EPS calculation as their effect would have been anti-dilutive.
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories, net Inventories in the Consolidated Balance Sheets are summarized as follows:
The liquidation of LIFO inventory layers increased cost of sales by $0.9 million and $1.2 million in 2019 and 2018, respectively, and reduced cost of sales by $0.8 million in 2017. The Company takes and records the results of a physical inventory count of its precious metals on a quarterly basis. The Company's precious metal operations include a refinery that processes precious metal-containing scrap and other materials from its customers, as well as its own internally generated scrap. The Company also outsources portions of its refining requirements to other vendors, particularly those materials with longer processing times. The precious metal content within these various refine streams may be in solutions, sludges, and other non-homogeneous forms and can vary over time based upon the input materials, yield rates, and other process parameters. The determination of the weight of the precious metal content within the refine streams as part of a physical inventory count requires the use of estimates and calculations based upon assays, assumed recovery percentages developed from actual historical data and other analyses, the total estimated volumes of solutions and other materials within the refinery, data from the Company's refine vendors, and other factors. The resulting calculated weight of the precious metals in the Company's refine operations may differ, in either direction, from what its records indicate that the Company should have on hand, which would then result in an adjustment to its pre-tax income in the period when the physical inventory was taken, and the related estimates were made. 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 $309.3 million as of December 31, 2019 versus $316.1 million as of December 31, 2018.
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Property, Plant, and Equipment |
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Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant, and Equipment | Property, Plant, and Equipment Property, plant, and equipment on the Consolidated Balance Sheets is summarized as follows:
The Company received $63.5 million from the U.S. Department of Defense (DoD), in previous periods, for reimbursement of the DoD's share of the cost of equipment. This amount was recorded in property, plant, and equipment and the reimbursements are reflected in Unearned income on the Consolidated Balance Sheets. The equipment was placed in service during 2012, and its full cost is being depreciated in accordance with Company policy. The unearned income liability is being reduced ratably with the depreciation expense recorded over the life of the equipment. Unearned income was reduced by $4.4 million and $4.3 million in 2019 and 2018, respectively, and credited to cost of sales in the Consolidated Statements of Income, offsetting the impact of the depreciation expense on the associated equipment on the Company's cost of sales and gross margin. We recorded depreciation and depletion expense of $30.3 million in 2019, $33.3 million in 2018, and $38.1 million in 2017. Depreciation, depletion, and amortization as shown on the Consolidated Statement of Cash Flows is also net of the reduction in the unearned income liability in 2019, 2018, and 2017. The net book value of capitalized software was $7.9 million and $8.0 million at December 31, 2019 and December 31, 2018, respectively. Depreciation expense related to software was $2.4 million, $2.6 million, and $2.4 million in 2019, 2018, and 2017, respectively.
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Leasing Arrangements |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasing Arrangements | Leasing Arrangements 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 December 31, 2019 was 4.69 years and 19.47 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 December 31, 2019 was 5.91% and 5.31%, respectively. The components of operating and finance lease cost for 2019 were as follows:
Operating lease expense under ASC 840 amounted to $11.6 million and $9.3 million during 2018 and 2017, 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 December 31, 2019 was as follows:
Future maturities of the Company's lease liabilities as of December 31, 2019 are as follows:
As of December 31, 2018, prior to the adoption of Topic 842, future minimum payments under capital leases and operating leases having initial or non-cancelable lease terms in excess of one year were as follows:
Supplemental cash flow information related to leases for the year ended December 31, 2019 was as follows:
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Intangible Assets and Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible Assets The cost and accumulated amortization of intangible assets subject to amortization as of December 31, 2019 and 2018, is as follows:
The aggregate amortization expense relating to intangible assets for the year ended December 31, 2019 and estimated amortization expense for each of the five succeeding years is as follows:
Intangible assets also includes deferred financing costs relating to the Company's revolving credit and consignments lines of $2.7 million and $1.3 million at December 31, 2019 and 2018, respectively. Goodwill Goodwill arises from the purchase price for acquired businesses exceeding the fair value of tangible and intangible assets acquired less assumed liabilities. Goodwill is reviewed annually for impairment or more frequently if impairment indicators arise. The Company conducts its annual goodwill impairment assessment as of the first day of the fourth quarter, or more frequently under certain circumstances. For the purpose of the goodwill impairment assessment, the Company has the option to perform a qualitative assessment (commonly referred to as "step zero") to determine whether further quantitative analysis for impairment of goodwill or indefinite-lived intangible assets is necessary or a quantitative assessment ("step one") where the Company estimates the fair value of each reporting unit using a discounted cash flow method (income approach). Goodwill is assigned to the reporting unit, which is the operating segment level or one level below the operating segment. The balance of goodwill at December 31, 2019 and 2018 was $79.0 million and $90.7 million, respectively. A summary of changes in goodwill by reportable segment is as follows:
During the third quarter of 2019, the LAC reporting unit began to experience a decline in sales volume from a significant customer. Based on an assessment that the decline in sales volume was expected to continue, the Company initiated a restructuring plan at the end of the third quarter to reduce the LAC reporting unit’s cost structure. Refer to Note D for further details of the restructuring plan. The Company considered these factors to be impairment indicators. As a result, the Company performed an interim impairment analysis as of September 27, 2019 using a "step one" quantitative assessment for the LAC reporting unit. The LAC reporting unit prepared an operating forecast that included several assumptions including future sales growth from new products and applications, as well as assumptions regarding future industry-specific market conditions, capital expenditures, and working capital changes. In addition to the estimates of future cash flows, other significant estimates involved in the determination of fair value of the reporting unit were the weighted average cost of capital (discount rate), annual growth rate, and terminal growth rate used in the discounted cash flow (DCF) model. The discount rates used in the DCF model consider market and industry data as well as specific risk premiums for the LAC reporting unit. The Company first reviewed long-lived assets, which resulted in an impairment charge of $2.6 million in the third quarter of 2019. The Company then performed a goodwill impairment analysis which resulted in an $11.6 million charge in the third quarter of 2019, which represents the excess of the carrying value over the estimated fair value of LAC. The Company estimated fair value using a discounted cash flow analysis for goodwill and estimated market values for other assets. These non-cash charges relating to goodwill and other assets were recorded in Goodwill impairment charges and Asset impairment charges, respectively, in the Consolidated Statements of Income. The results of the Company's 2019, 2018, and 2017 annual goodwill impairment assessments indicated that no other goodwill impairment existed.
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Long-term debt in the Consolidated Balance Sheets is summarized as follows:
Maturities on long-term debt instruments as of December 31, 2019 are as follows:
In September 2019, the Company amended and restated the agreement governing its $375.0 million revolving credit facility (Credit Agreement). The maturity date of the Credit Agreement was extended from 2020 to 2024, and the Credit Agreement provides more favorable interest rates under certain circumstances. In addition, the Credit Agreement provides the Company and its subsidiaries with additional capacity to enter into facilities for the consignment, borrowing, or leasing of precious metals and copper, and provides enhanced flexibility to finance acquisitions and other strategic initiatives. The Credit Agreement also provides for an uncommitted incremental facility whereby, under certain conditions, the Company may be able to borrow additional term loans in an aggregate amount not to exceed $200.0 million. Borrowings under the Credit Agreement are secured by substantially all of the assets of the Company and its direct subsidiaries, with the exception of non-mining real property and certain other assets. The Credit Agreement allows the Company to borrow money at a premium over LIBOR or prime rate and at varying maturities. The premium resets quarterly according to the terms and conditions available under the agreement. The Credit Agreement includes restrictive covenants relating to restrictions on additional indebtedness, acquisitions, dividends, and stock repurchases. In addition, the Credit Agreement includes covenants subject to a maximum leverage ratio and a minimum fixed charge coverage ratio. The Company was in compliance with all of its debt covenants as of December 31, 2019 and December 31, 2018. At December 31, 2019 and 2018 there was $41.8 million and $27.2 million outstanding against the letters of credit sub-facility, respectively. The Company pays a variable commitment fee that may reset quarterly (0.175% as of December 31, 2019) of the available and unborrowed amounts under the revolving credit line. The available borrowings under the individual existing credit lines total $340.9 million as of December 31, 2019. In April 2011, the Company entered into an agreement with the Toledo-Lucas County Port Authority and the Dayton–Montgomery County Port Authority in Ohio to co-issue $8.0 million in taxable development revenue bonds, with a fixed amortization term that will mature in 2021. The interest rate on these bonds was fixed at 4.90%, and the unamortized balance of the bonds was $2.2 million at December 31, 2019.
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Pensions and Other Post-Employment Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pensions and Other Post-Employment Benefits | Pensions and Other Post-Employment Benefits The obligation and funded status of the Company’s pension and other post-employment benefit plans are shown below. The Pension Benefits column aggregates defined benefit pension plans in the U.S., Germany, and England, and the U.S. supplemental retirement plans. The Other Benefits column includes the domestic retiree medical and life insurance plan.
In 2019, the Company's Board of Directors approved changes to the U.S. defined benefit pension plan. The Company froze the pay and service amounts used to calculate the pension benefits for active participants as of January 1, 2020. The Company recognized a non-cash pretax pension curtailment charge of $3.3 million associated with the plan amendment in 2019. During 2018, the Company completed a partial plan settlement transaction relating to its U.S. pension plan wherein plan assets amounting to $111.5 million were used to purchase a group annuity contract from Mutual of America. This transaction relieved the Company of responsibility for the pension benefit obligation and consequently transferred the obligation and payment responsibility to Mutual of America for retirement benefits owed to approximately 1,150 retirees, beneficiaries, and other participants. The annuity contract covered retirees who commenced receiving benefits on or before June 1, 2018. The monthly retirement benefit payment amounts currently received by retirees and their beneficiaries did not change as a result of this transaction. Those plan participants not included in the transaction remain in the Plan, and responsibility for payment of the retirement benefits remains with the Company. The following amounts are included within accumulated other comprehensive loss at December 31, 2019 and are expected to be recognized as components of net periodic benefit cost during 2020:
The following table provides information regarding the accumulated benefit obligation:
The following table summarizes components of net benefit cost:
In 2019, net benefit cost includes a $3.3 million curtailment charge related to the freeze of our U.S. defined benefit plan effective January 1, 2020. Beginning in 2018, the Company reports the service cost component of net benefit cost in the same line item as other compensation costs in operating expenses and the non-service cost components of net benefit cost in Other non-operating expenses. Additionally, Pension Benefit Guaranty Corporation premiums are reported within expected return on plan assets. In conjunction with the pension annuity and other lump-sum payments, the Company remeasured the periodic benefit obligation of its U.S. plans in the period payments were made and recorded settlement charges totaling $41.4 million during 2018. The following table summarizes amounts recognized in other comprehensive income (OCI):
In determining the projected benefit obligation and the net benefit cost, as of a December 31 measurement date, the Company used the following weighted-average assumptions:
Discount Rate. The discount rate used to determine the present value of the projected and accumulated benefit obligation at the end of each year is established based upon the available market rates for high quality, fixed income investments whose maturities match the plan’s projected cash flows. The Company uses a spot-rate approach to estimate the service and interest cost components of net periodic benefit cost for its defined benefit pension plans. The spot-rate approach applies separate discount rates for each projected benefit payment in the calculation. Expected Long-Term Return on Plan Assets. Management establishes the domestic expected long-term rate of return assumption by reviewing historical trends and analyzing the current and projected market conditions in relation to the plan’s asset allocation and risk management objectives. Consideration is given to both recent plan asset performance as well as plan asset performance over various long-term periods of time, with an emphasis on the assumption being a prospective, long-term rate of return. Management consults with and considers the opinions of its outside investment advisers and actuaries when establishing the rate and reviews assumptions with the Audit Committee of the Board of Directors. Rate of Compensation Increase. The rate of compensation increase assumption was not applicable for the domestic defined benefit plan in 2019 due to the Company freezing the plan effective January 1, 2020. The rate of compensation assumption for the domestic retiree medical plan was 4.0% in 2019 and 4.0% in 2018 for both the domestic defined benefit pension plan and the domestic retiree medical plan. Assumptions for the defined benefit pension plans in Germany and England are determined separately from the U.S. plan assumptions, based on historical trends and current and projected market conditions in Germany and England. One plan in Germany is unfunded.
Assumed health care cost trend rates can have an effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects:
Plan Assets The following tables present the fair values of the Company’s defined benefit pension plan assets as of December 31, 2019 and 2018 by asset category. The Company has some investments that are valued using net asset value (NAV) as the practical expedient and have not been classified in the fair value hierarchy. Refer to Note Q for definitions of the fair value hierarchy.
The Company’s domestic defined benefit pension plan investment strategy, as approved by the Governance and Organization Committee of the Board of Directors, is to employ an allocation of investments that will generate returns equal to or better than the projected long-term growth of pension liabilities so that the plan will be self-funding. The return objective is to maximize investment return to achieve and maintain a 100% funded status over time, taking into consideration required cash contributions. The allocation of investments is designed to maximize the advantages of diversification while mitigating the risk and overall portfolio volatility to achieve the return objective. Risk is defined as the annual variability in value and is measured in terms of the standard deviation of investment return. Under the Company’s investment policies, allowable investments include domestic equities, international equities, fixed income securities, cash equivalents, and alternative securities (which include real estate, private venture capital investments, hedge funds, and tactical asset allocation). Ranges, in terms of a percentage of the total assets, are established for each allowable class of security. Derivatives may be used to hedge an existing security or as a risk reduction strategy. Current asset allocation guidelines are to invest 10% to 40% in equity securities, 60% to 90% in fixed income securities and cash, and up to 20% in alternative securities. Management reviews the asset allocation on a quarterly or more frequent basis and makes revisions as deemed necessary. None of the plan assets noted above are invested in the Company’s common stock. Cash Flows Employer Contributions. The Company does not expect to contribute to its domestic defined benefit pension plan in 2020. All plan participants with an accrued benefit may elect an immediate payout in lieu of their future monthly annuity if the lump sum amount does not exceed $100,000. Estimated Future Benefit Payments. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Other Benefit Plans In addition to the plans shown above, the Company also has certain foreign subsidiaries with accrued unfunded pension and other post-employment arrangements. The liability for these arrangements was $1.4 million at December 31, 2019 and $1.6 million at December 31, 2018, and was included in retirement and post-employment benefits in the Consolidated Balance Sheets. The Company also sponsors defined contribution plans available to substantially all U.S. employees. The Company’s annual defined contribution expense, including the expense for the enhanced defined contribution plan, was $7.0 million in 2019, $5.2 million in 2018, and $4.5 million in 2017.
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Accumulated Other Comprehensive Income |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income Changes in the components of accumulated other comprehensive income, including amounts reclassified out, for 2019, 2018, and 2017, and the balances in accumulated other comprehensive income as of December 31, 2019, 2018, and 2017 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 while gains and losses on precious metal cash flow hedges are recorded in Cost of sales in the Consolidated Statements of Income. Refer to Note Q for additional details on cash flow hedges. |
Stock-based Compensation |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation | Stock-based Compensation Stock incentive plans (the 2006 Stock Incentive Plan and the 2006 Non-employee Director Equity Plan) were approved at the May 2006 annual meeting of shareholders. These plans authorize the granting of option rights, SARs, performance-restricted shares, performance shares, performance units, and restricted shares. The 2006 Stock Incentive Plan and the 2006 Non-employee Director Equity Plan were amended to, among other things, add additional shares to the plans. These amendments were last approved by shareholders at the May 2017 annual meeting. Stock-based compensation expense, which includes awards settled in shares and in cash and is recognized as a component of selling, general, and administrative (SG&A) expenses, was $11.1 million, $11.4 million, and $7.7 million in 2019, 2018, and 2017, respectively. The Company derives a tax deduction measured by the excess of the market value over the grant price at the date stock-based awards vest or are exercised. The Company recognized $2.1 million, $1.2 million, and $2.0 million of tax benefits in 2019, 2018, and 2017, respectively, relating to the issuance of common stock for the exercise/vesting of equity awards. The following sections provide information on awards settled in shares. SARs. The Company grants SARs to certain employees. Upon exercise of vested SARs, the participant will receive a number of shares of common stock equal to the spread (the difference between the market price of the Company’s common shares at the time of exercise and the strike price established on the grant date) divided by the common share price. The strike price of the SARs is equal to the market value of the Company’s common shares on the day of the grant. The number of SARs available to be issued is established by plans approved by the shareholders. The vesting period and the life of the SARs are established at the time of grant. The exercise of the SARs is generally satisfied by the issuance of treasury shares. SARs granted in 2019 and 2018 vest in equal installments annually over three years, while SARs granted prior to 2018 generally vest three years from the date of grant. SARs granted prior to 2011 expire in ten years, while the SARs granted in 2011 and later expire in seven years. The following table summarizes the Company's SARs activity during 2019:
A summary of the status and changes of shares subject to SARs and the related average price per share follows:
As of December 31, 2019, $1.3 million of expense with respect to non-vested SARs has yet to be recognized as expense over a weighted-average period of approximately 22 months. The total fair value of shares vested during both 2019 and 2018 was $1.9 million, compared to $1.7 million in 2017. The weighted-average grant date fair value for 2019, 2018, and 2017 was $17.76, $15.73, and $10.89, respectively. The fair value will be amortized to compensation cost on a straight-line basis over the vesting period of three years, or earlier if the employee is retirement eligible as defined in the Plan. Stock-based compensation expense relating to SARs was $0.9 million in 2019, $0.7 million in 2018, and $1.4 million in 2017. The fair value of the SARs was estimated on the grant date using the Black-Scholes pricing model with the following assumptions:
The risk-free rate of return was based on U.S. Treasury yields with a maturity equal to the expected life of the award. The dividend yield was based on the Company's historical dividend rate and stock price. The expected volatility of stock was derived by referring to changes in the Company's historical common stock prices over a time-frame similar to the expected life of the award. In addition to considering the vesting period and contractual term of the award for the expected life assumption, the Company analyzes actual historical exercise experience for previously granted awards. Restricted Stock Units (RSUs) - Employees. The Company may grant RSUs to employees of the Company. These units constitute an agreement to deliver shares of common stock to the participant at the end of the vesting period, which is defined at the date of the grant, and are forfeited should the holder’s employment terminate during the restriction period. The fair market value of the RSUs is determined on the date of the grant and is amortized over the vesting period. The vesting period is typically three years unless the recipient is retirement eligible and continued vesting is approved by the Board of Directors. The fair value of the RSUs settled in stock is based on the closing stock price on the date of grant. The weighted-average grant date fair value for 2019, 2018, and 2017 was $58.33, $50.35, and $35.24, respectively. Cash-settled RSUs are accounted for as liability-based compensation awards and adjusted based on the closing price of Materion’s common stock over the vesting period of three years. Stock-based compensation expense relating to stock-settled RSUs was $2.2 million in 2019, $1.2 million in 2018, and $1.4 million in 2017. The unamortized compensation cost on the outstanding RSUs was $3.8 million as of December 31, 2019 and is expected to be amortized over a weighted-average period of 23 months. The total fair value of shares vested during 2019, 2018, and 2017 was $1.2 million $1.4 million, and $1.2 million, respectively. The following table summarizes the stock-settled RSU activity during 2019:
RSUs - Non-Employee Directors. In 2019, 2018, and 2017, 11,048, 14,728, and 18,656 RSUs, with a one year vesting period, were granted to certain non-employee members of the Board of Directors. The weighted-average grant date fair value of these RSUs were $68.79, $51.60, and $34.30 in 2019, 2018, and 2017, respectively. The Company recognized $0.7 million of expense with respect to these awards in each of the last three years. At December 31, 2019, $0.2 million of expense with respect to non-vested RSU awards granted to the Board of Directors has yet to be recognized and will be amortized into expense over a weighted-average period of approximately four months. Long-term Incentive Plans. Under long-term incentive compensation plans, executive officers and selected other employees receive restricted stock unit awards based upon the Company’s performance over the defined period, typically three years. Total units earned for grants made in 2019, 2018, and 2017, may vary between 0% and 200% of the units granted based on the attainment of performance targets during the related three-year period. All grants made in 2019 and 2018 will be settled in Materion common shares and are equity classified. For grants made to certain executives prior to 2018, attainment up to 100% is paid in Materion common shares and equity classified, while the remainder are classified as liability awards and settled in cash. Grants made to all other employees prior to 2018 are settled in cash. Vesting of performance-based awards is contingent upon the attainment of threshold performance objectives. The following table summarizes the activity related to equity-based, performance-based RSUs during 2019:
Compensation expense is based upon the performance projections for the plan period of three years, the percentage of requisite service rendered, and the fair market value of the Company’s common shares on the date of grant. The offset to the compensation expense for the portion of the award to be settled in shares is recorded within shareholders’ equity and was $3.3 million for 2019, $2.7 million for 2018, and $1.5 million for 2017. Directors' Deferred Compensation. Non-employee directors may defer all or part of their compensation into the Company’s common stock. The fair value of the deferred shares is determined at the share acquisition date and is recorded within shareholders’ equity. Subsequent changes in the fair value of the Company’s common shares do not impact the recorded values of the shares. The following table summarizes the stock activity for the directors' deferred compensation plan during 2019:
During the years ended December 31, 2019, 2018, and 2017, the weighted-average grant date fair value was $66.35, $53.11, and $35.34, respectively.
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Fair Value Information and Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Information and Derivative Financial Instruments | Fair Value Information and Derivative Financial Instruments The Company measures and records financial instruments at fair value. A hierarchy is used for those instruments measured at fair value that distinguishes between assumptions based upon 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 at December 31, 2019 and 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 Company's deferred compensation investments and liabilities are based on the fair value of the investments corresponding to the employees’ investment selections, primarily in mutual funds, based on quoted prices in active markets for identical assets. Deferred compensation investments are primarily presented in Other assets. Deferred compensation liabilities are primarily presented in Other long-term liabilities. The carrying values of the other working capital items and debt in the Consolidated Balance Sheets approximate fair values at December 31, 2019 and 2018. The Company uses derivative contracts to hedge portions of its foreign currency exposures and may also use derivatives to hedge a portion of its precious metal 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, the 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 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. 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 who 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. The Company may also enter into hedges to mitigate the risk relating to the prices of the metals which we process or refine. 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. The Company also uses copper in its 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 the Company's price exposure to copper is generally in balance, there can be a lag between the change in the Company's cost and the pass-through to its customers, resulting in higher or lower margins in a given period. To mitigate this impact, the Company hedges a portion of this pricing risk. 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 exposures. 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. Foreign currency contracts are typically layered in at different times for a specified exposure period in order to minimize the impact of market rate movements. The use of derivatives is governed by policies adopted by the Audit Committee of the Board of Directors. The Company will only enter into a derivative contract if there is an underlying identified exposure. Contracts are typically held to maturity. The Company does not engage in derivative trading activities and does not use derivatives for speculative purposes. The Company only uses hedge contracts that are denominated in the same currency or 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 OCI until the hedged item is recognized in earnings. The ineffective portion of a derivative’s fair value, if any, is recognized in earnings immediately. 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 December 31, 2019 and 2018:
These outstanding foreign currency derivatives were related to balance sheet hedges and intercompany loans. Other-net included foreign currency losses relating to these derivatives of $0.1 million in 2019 and foreign currency gains of $0.9 million in 2018. 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 at December 31, 2019 and 2018:
All of these contracts were designated and effective as cash flow hedges. No ineffectiveness expense was recorded in 2019, 2018, or 2017. The fair value of derivative contracts recorded in accumulated other comprehensive loss totaled $0.7 million and $0.6 million as of December 31, 2019 and December 31, 2018, respectively. Deferred losses of $0.7 million at December 31, 2019 are expected to be reclassified to earnings within the next 18-month period. The following table summarizes the amounts reclassified from accumulated OCI relating to the hedging relationship of the Company’s outstanding derivatives designated as cash flow hedges and income statement classification for year ended December 31, 2019:
The derivative activity in the table above is reflected in cash flows from operating activities.
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Contingencies and Commitments |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingencies and Commitments | Contingencies and Commitments Beryllium Cases The Company is a defendant from time to time in proceedings in various state and federal courts brought by plaintiffs alleging that they have contracted, or have been placed at risk of contracting, beryllium sensitization or Chronic Beryllium Disease (CBD) or related ailments as a result of exposure to beryllium. Plaintiffs in beryllium cases seek recovery under theories of negligence and various other legal theories and seek compensatory and punitive damages, in many cases of an unspecified sum. Spouses, if any, often claim loss of consortium. Employee cases, in which plaintiffs have a high burden of proof, have historically involved relatively small losses to the Company. Third-party plaintiffs (typically employees of customers) face a lower burden of proof than do the Company’s employees, but these cases have generally been covered by varying levels of insurance. Management has vigorously contested the beryllium cases brought against the Company. Non-employee beryllium cases are covered by insurance, subject to certain limitations. The insurance covers defense costs and indemnity payments (resulting from settlements or court verdicts) and is subject to various levels of deductibles. In 2019 and 2018, defense and indemnity costs were less than or equal to the deductible. One beryllium case, originally filed and dismissed during 2015, but reversed and remanded in 2016 to the trial court, was outstanding as of December 31, 2018 but was settled for an immaterial amount and dismissed in 2019. One beryllium case was filed in 2019 and was outstanding as of December 31, 2019. The Company does not expect the resolution of this matter to have a material impact on the consolidated financial statements. Although it is not possible to predict the outcome of any pending litigation, the Company provides for costs related to litigation matters when a loss is probable, and the amount is reasonably estimable. Litigation is subject to many uncertainties, and it is possible that some of the actions could be decided unfavorably in amounts exceeding the Company’s reserves. An unfavorable outcome or settlement of a beryllium case or adverse media coverage could encourage the commencement of additional similar litigation. The Company is unable to estimate its potential exposure to unasserted claims. Based upon currently known facts and assuming collectibility of insurance, the Company does not believe that resolution of the current or any potential future beryllium proceedings will have a material adverse effect on the financial condition or cash flow of the Company. However, the Company’s results of operations could be materially affected by unfavorable results in one or more cases. Environmental Proceedings The Company has an active program for environmental compliance that includes the identification of environmental projects and estimating the impact on the Company’s financial performance and available resources. Environmental expenditures that relate to current operations, such as wastewater treatment and control of airborne emissions, are either expensed or capitalized as appropriate. The Company records reserves for the probable costs for identified environmental remediation projects. The Company’s environmental engineers perform routine ongoing analyses of the remediation sites and will use outside consultants to assist in their analyses from time to time. Accruals are based upon their analyses and are established based on the reasonably estimable loss or range of loss. The accruals are revised for the results of ongoing studies, changes in strategies, inflation, and for differences between actual and projected costs. The accruals may also be affected by rulings and negotiations with regulatory agencies. The timing of payments often lags the accrual, as environmental projects typically require a number of years to complete. The environmental reserves recorded represent the Company's best estimate of what is reasonably possible and cover existing or currently foreseen projects based upon current facts and circumstances. The Company does not believe that it is reasonably possible that the cost to resolve environmental matters for sites where the investigative work and work plan development are substantially complete will be materially different than what has been accrued while the ultimate loss contingencies for sites that are in the preliminary stages of investigation cannot be reasonably determined at the present time. As facts and circumstances change, the ultimate cost may be revised, and the recording of additional costs may be material in the period in which the additional costs are accrued. The Company does not believe that the ultimate liability for environmental matters will have a material impact on its financial condition or liquidity due to the nature of known environmental matters and the extended period of time during which environmental remediation normally takes place. The undiscounted reserve balance at the beginning of the year, the amounts expensed and paid, and the balance at December 31, 2019 and 2018 are as follows:
The majority of spending in 2019 and 2018 was for various remediation projects at the Elmore, Ohio plant site. Other The Company is subject to various legal or other proceedings that relate to the ordinary course of its business. The Company believes that the resolution of these proceedings, individually or in the aggregate, will not have a material adverse impact upon the Company’s consolidated financial statements. At December 31, 2019, the Company had outstanding letters of credit totaling $41.8 million related to workers’ compensation, consigned precious metal guarantees, environmental remediation issues, and other matters. The majority of the Company's outstanding letters of credit expire in 2020 and are expected to be renewed.
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Quarterly Data (Unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Data (Unaudited) | Quarterly Data (Unaudited) The following tables summarize selected quarterly financial data for the years ended December 31, 2019 and 2018:
(1) Net income for the third quarter 2019 includes the impact of $14.1 million of non-cash impairment charges. For additional information refer to Note L. (2) Net income (loss) per basic and diluted share for the fourth quarter 2018 includes the impact of $41.4 million in pension settlement charges. For additional information refer to Note N. In addition, net income (loss) per basic and diluted share for the fourth quarter of 2018 includes the impact of $11.1 million of income tax benefits as a result of the TCJA signed into law on December 22, 2017. For additional information refer to Note G. (3) Since the Company reported a net loss for the fourth quarter of 2018, the effects of potential common shares were excluded from diluted earnings per share, as their inclusion would have been anti-dilutive. The Company follows a 13-week quarterly accounting cycle pursuant to which the first three fiscal quarters end on a Friday and the fiscal year always ends on December 31.
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Valuation And Qualifying Accounts |
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SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation and Qualifying Accounts | Materion Corporation and Subsidiaries Schedule II—Valuation and Qualifying Accounts Years Ended December 31, 2019, 2018, and 2017
Note (A) - Bad debts written-off, net of recoveries Note (B) - Inventory write-offs
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Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||
Organization | Organization: Materion Corporation (the Company) is a holding company with subsidiaries that have operations in the United States, Europe, and Asia. These operations manufacture advanced engineered materials used in a variety of end markets, including semiconductor, industrial, aerospace and defense, automotive, energy, consumer electronics, and telecom and data center. The Company has four reportable segments: Performance Alloys and Composites, Advanced Materials, Precision Coatings, and Other. Other includes unallocated corporate costs. Refer to Note B for additional segment details. The Company is vertically integrated and distributes its products through a combination of company-owned facilities and independent distributors and agents.
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Use of Estimates | Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.
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Consolidation | Consolidation: The Consolidated Financial Statements include the accounts of Materion Corporation and its subsidiaries. All of the Company’s subsidiaries were wholly owned as of December 31, 2019. Intercompany accounts and transactions are eliminated in consolidation.
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Cash Equivalents | Cash Equivalents: All highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents. At December 31, 2019, the Company had $104.5 million of cash equivalents invested in institutional money market funds. The carrying value of the money market funds approximates fair value due to their short-term maturities.
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Accounts Receivable | Accounts Receivable: An allowance for doubtful accounts is maintained for the estimated losses resulting from the inability of customers to pay amounts due. The allowance is based upon identified delinquent accounts, customer payment patterns, and other analyses of historical data and trends. The allowance for doubtful accounts was $392 and $616 at December 31, 2019 and 2018, respectfully. The Company extends credit to customers based upon their financial condition, and collateral is not generally required.
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Inventories | Inventories: Inventories are stated at the lower of cost or net realizable value. The cost of the majority of domestic inventories is determined using the last-in, first-out (LIFO) method to reflect a better matching of costs and revenues. The remaining inventories are stated principally at average costs. Inventories valued on the LIFO cost method were approximately 45% and 57% of inventories in 2019 and 2018, respectively.
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Property, Plant and Equipment | Property, Plant, and Equipment: Property, plant, and equipment is stated on the basis of cost. Depreciation is computed principally by the straight-line method, except certain assets for which depreciation may be computed by the units-of-production method. The depreciable lives that are used in computing the annual provision for depreciation by class of asset are primarily as follows:
An asset acquired under a finance lease will be recorded at the lesser of the present value of the projected lease payments or the fair value of the asset and will be depreciated in accordance with the above schedule. Leasehold improvements will be depreciated over the life of the improvement if it is shorter than the life of the lease. Repair and maintenance costs are expensed as incurred.
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Mineral Resources and Mine Development | Mineral Resources and Mine Development: Property acquisition costs are capitalized as mineral resources on the balance sheet and are depleted using the units-of-production method based upon total estimated recoverable proven reserves of the beryllium- bearing bertrandite ore body. The Company uses beryllium pounds as the unit of accounting measure, and depletion expense is recorded on a pro-rata basis based upon the amount of beryllium pounds extracted as a percentage of total estimated beryllium pounds contained in all ore bodies. Mine development costs at our open pit surface mines include drilling, infrastructure, other related costs to delineate an ore body, and the removal of overburden to initially expose an ore body. Before mineralization is classified as proven and probable reserves, costs are classified as exploration expense. Capitalization of mine development project costs that meet the definition of an asset begins once mineralization is classified as proven and probable reserves. Drilling and related costs are capitalized for an ore body where proven and probable reserves exist, and the activities are directed at obtaining additional information on the ore body. All other drilling and related costs are expensed as incurred. Drilling costs incurred during the production phase for operational ore control are allocated to inventory costs and then included as a component of costs applicable to sales. The costs of removing overburden and waste materials to access the ore body at an open-pit mine prior to the production phase are capitalized during the development of an open-pit mine and are capitalized at each pit. These costs are amortized as the ore is extracted using the units-of-production method based upon total estimated recoverable proven reserves for the individual pit. The Company uses beryllium pounds as the unit of accounting measure for recording amortization. To the extent that the aforementioned costs benefit an entire ore body, the costs are amortized over the estimated useful life of the ore body. Costs incurred to access specific ore blocks or areas that only provide benefit over the life of that area are amortized over the estimated life of that specific ore block area.
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Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets: Goodwill is reviewed annually for impairment or more frequently if impairment indicators arise. The Company conducts its annual goodwill and indefinite-lived intangible asset impairment assessment as of the first day of the fourth quarter, or more frequently under certain circumstances. Goodwill is assigned to the reporting unit, which is the operating segment level or one level below the operating segment. Intangible assets with finite lives are amortized using the straight-line method or effective interest method, as applicable, over the periods estimated to be benefited, which is generally 20 years or less. Finite-lived intangible assets are also reviewed for impairment if facts and circumstances warrant.
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Asset Impairment | Asset Impairment: | ||||||||||||||||||||||||
Derivatives | Derivatives: The Company recognizes all derivatives 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 (loss), a component of shareholders’ equity, until the hedged item is recognized in earnings. If the derivative is designated as a fair value hedge, changes in fair value are offset against the change in the fair value of the hedged asset, liability, or commitment through earnings. The ineffective portion of a derivative’s change in fair value, if any, is recognized in earnings immediately. If a derivative is not a hedge, changes in its fair value are adjusted through the income statement.
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Asset Retirement Obligation | Asset Retirement Obligation: The Company records a liability to recognize the legal obligation to remove an asset at the time the asset is acquired or when the legal liability arises. The liability is recorded for the present value of the ultimate obligation by discounting the estimated future cash flows using a credit-adjusted risk-free interest rate. The liability is accreted over time, with the accretion charged to expense. An asset equal to the fair value of the liability is recorded concurrent with the liability and depreciated over the life of the underlying asset. The Company's asset retirement obligation related to its mine located in Utah for the years ended December 31, 2019 and 2018 was $1.4 million and $1.3 million, respectively.
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Unearned Income | Unearned Income: Expenditures for capital equipment to be reimbursed under government contracts are recorded in property, plant, and equipment, while the reimbursements for those expenditures are recorded in unearned income, a liability on the balance sheet. When the assets subject to reimbursement are placed in service, the total cost is depreciated over the useful lives, and the unearned income liability is reduced and credited to cost of sales on the Consolidated Statements of Income ratably with the annual depreciation expense. Depreciation and amortization expense on the Consolidated Statements of Cash Flows is shown net of the associated period reduction in the unearned income liability.
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Advertising Costs | Advertising Costs: The Company expenses all advertising costs as incurred. Advertising costs were $677 in 2019, $1,196 in 2018, and $1,252 in 2017.
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Stock-based Compensation | Stock-based Compensation: The Company recognizes stock-based compensation expense based on the grant date fair value of the award over the period during which an employee is required to provide service in exchange for the award. The fair value of restricted stock units is based on the closing price of the Company's common shares on the grant date. Stock appreciation rights (SARs) are granted with an exercise price equal to the closing price of the Company's common shares on the date of grant. The fair value of SARs is determined using a Black-Scholes option-pricing model, which incorporates assumptions regarding the expected volatility, the expected option life, the risk-free interest rate, and the expected dividend yield. See Note P for additional information about stock-based compensation.
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Capitalized Interest | Capitalized Interest: Interest expense associated with active capital asset construction and mine development projects is capitalized and amortized over the future useful lives of the related assets.
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Income Taxes | Income Taxes: The Company uses the liability method in measuring the provision for income taxes and recognizing deferred tax assets and liabilities on the balance sheet. The Company will record a valuation allowance to reduce the deferred tax assets to the amount that is more likely than not to be realized, as warranted by current facts and circumstances. The Company applies a more-likely-than-not recognition threshold for all tax uncertainties and will record a liability for those tax benefits that have a less than 50% likelihood of being sustained upon examination by the taxing authorities.
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Net Income Per Share | Net Income Per Share: Basic earnings per share (EPS) is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the assumed conversion of all dilutive common stock equivalents as appropriate using the treasury stock method.
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New 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 (leases less than twelve months in duration). 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 K for additional disclosures relating to the Company's leasing arrangements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which intended to simplify the subsequent measurement of goodwill. This ASU eliminates the requirement for an entity to calculate the implied fair value of goodwill in measuring an impairment charge. Instead, an entity will perform its annual, or interim, goodwill impairment testing by comparing the fair value of a reporting unit with its carrying amount and recording an impairment charge for the amount by which the carrying amount exceeds the fair value. 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. Refer to Note L for additional disclosures related to goodwill. 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 nearing completion of its assessment process, as well as the impact to the consolidated financial statements. The adoption of this ASU is not expected to have a material impact on the Company's results of operations, cash flows, or debt covenants. 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 (Policies) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition, Policy | 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. Shipping and Handling Costs: The Company accounts for shipping and handling activities related to contracts with customers as costs to fulfill its promise to transfer the associated products. Accordingly, customer payments of shipping and handling costs are recorded as a component of net sales, and related costs are recorded as a component of cost of sales. Taxes Collected from Customers and Remitted to Governmental Authorities: Revenue is recorded net of taxes collected from customers that are remitted to governmental authorities, with the collected taxes recorded as current liabilities until remitted to the relevant government authority. Product Warranty: Substantially all of the Company’s customer contracts contain a warranty that provides assurance that the purchased product will function as expected and in accordance with certain specifications. The warranty is intended to safeguard the customer against existing defects and does not provide any incremental service to the customer. Transaction Price Allocated to Future Performance Obligations: ASC 606 requires that the Company disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied at December 31, 2019. Remaining performance obligations include non-cancelable 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 December 31, 2019, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $42.3 million. Contract Costs: The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs primarily relate to sales commissions, which are included in selling, general, and administrative expenses. 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 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 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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Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||
Summary of depreciable lives by class of assets | The depreciable lives that are used in computing the annual provision for depreciation by class of asset are primarily as follows:
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Segment Reporting and Geographic Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Financial information for reportable segments was as follows:
Intersegment sales are eliminated in consolidation.
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Sales and long-lived assets attributed to countries based upon the location of customers | Other geographic information includes the following:
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Disaggregation of Revenue | The following table disaggregates revenue for each segment by end market for 2019 and 2018:
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Revenue Recognition (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract with Customer, Asset and Liability | The timing of revenue recognition, billings, and cash collections resulted in the following contract assets and contract liabilities:
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Restructuring (Tables) |
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Restructuring | These costs are presented in the Company's segment results as follows:
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Other-net (Tables) |
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Other-net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of other-net expense | Other-net is summarized for 2019, 2018, and 2017 as follows:
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Interest (Tables) |
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Summary of interest incurred, capitalized and paid | The following chart summarizes the interest incurred, capitalized, and paid for 2019, 2018, and 2017:
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expenses benefit | Income before income taxes and income tax expense (benefit) are comprised of the following:
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Effective income tax rate reconciliation | A reconciliation of the U.S. federal statutory income tax rate to the Company's effective income tax rate is as follows:
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Deferred tax assets and liabilities | Deferred tax assets and (liabilities) recorded in the Consolidated Balance Sheets consist of the following:
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Reconciliation of unrecognized tax benefits | A reconciliation of the Company’s unrecognized tax benefits for the year-to-date periods ended December 31, 2019 and 2018 is as follows:
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of basic and diluted net earnings per share | The following table sets forth the computation of basic and diluted EPS:
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Inventories (Tables) |
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Summary of Inventories | Inventories in the Consolidated Balance Sheets are summarized as follows:
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Property, Plant, and Equipment (Tables) |
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Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Property, Plant and Equipment | Property, plant, and equipment on the Consolidated Balance Sheets is summarized as follows:
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Leasing Arrangements (Tables) |
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost | The components of operating and finance lease cost for 2019 were as follows:
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Schedule of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to the Company's operating and finance leases as of December 31, 2019 was as follows:
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Future estimated minimum payments under capital leases and non-cancelable operating leases | Future maturities of the Company's lease liabilities as of December 31, 2019 are as follows:
As of December 31, 2018, prior to the adoption of Topic 842, future minimum payments under capital leases and operating leases having initial or non-cancelable lease terms in excess of one year were as follows:
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Schedule Of Supplemental Cash Flow Information Related To Leases | Supplemental cash flow information related to leases for the year ended December 31, 2019 was as follows:
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Intangible Assets and Goodwill (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of cost, accumulated amortization and net book value of intangible assets | The cost and accumulated amortization of intangible assets subject to amortization as of December 31, 2019 and 2018, is as follows:
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Finite-lived Intangible Assets Amortization Expense | The aggregate amortization expense relating to intangible assets for the year ended December 31, 2019 and estimated amortization expense for each of the five succeeding years is as follows:
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Schedule of Goodwill | The balance of goodwill at December 31, 2019 and 2018 was $79.0 million and $90.7 million, respectively. A summary of changes in goodwill by reportable segment is as follows:
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of long-term debt | Long-term debt in the Consolidated Balance Sheets is summarized as follows:
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Maturities on long-term debt instruments | Maturities on long-term debt instruments as of December 31, 2019 are as follows:
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Pensions and Other Post-Employment Benefits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligation and funded status of the company's pension and other post-retirement benefit plans | The obligation and funded status of the Company’s pension and other post-employment benefit plans are shown below. The Pension Benefits column aggregates defined benefit pension plans in the U.S., Germany, and England, and the U.S. supplemental retirement plans. The Other Benefits column includes the domestic retiree medical and life insurance plan.
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Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | The following amounts are included within accumulated other comprehensive loss at December 31, 2019 and are expected to be recognized as components of net periodic benefit cost during 2020:
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Schedule of Accumulated and Projected Benefit Obligations | The following table provides information regarding the accumulated benefit obligation:
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Schedule of Net Benefit Costs | The following table summarizes components of net benefit cost:
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Summary of cumulative net gain (loss) by component, net of tax, within other comprehensive income | The following table summarizes amounts recognized in other comprehensive income (OCI):
Changes in the components of accumulated other comprehensive income, including amounts reclassified out, for 2019, 2018, and 2017, and the balances in accumulated other comprehensive income as of December 31, 2019, 2018, and 2017 are as follows:
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Summary of key valuation assumptions | In determining the projected benefit obligation and the net benefit cost, as of a December 31 measurement date, the Company used the following weighted-average assumptions:
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Assumed health care trend rates |
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Effects of A one-percentage-point change in assumed health care cost trend rates | A one-percentage-point change in assumed health care cost trend rates would have the following effects:
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Summary of fair values of the Company's defined benefit pension plan assets | The following tables present the fair values of the Company’s defined benefit pension plan assets as of December 31, 2019 and 2018 by asset category. The Company has some investments that are valued using net asset value (NAV) as the practical expedient and have not been classified in the fair value hierarchy. Refer to Note Q for definitions of the fair value hierarchy.
(g) Includes a mutual fund that employs a value-oriented approach to fixed income investment management and a mutual fund that invests primarily in investment-grade debt securities.
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Estimated Future Benefits payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
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Accumulated Other Comprehensive Income (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of cumulative net gain (loss) by component, net of tax, within other comprehensive income | The following table summarizes amounts recognized in other comprehensive income (OCI):
Changes in the components of accumulated other comprehensive income, including amounts reclassified out, for 2019, 2018, and 2017, and the balances in accumulated other comprehensive income as of December 31, 2019, 2018, and 2017 are as follows:
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Stock-based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SARs/Stock Options Roll Forward | The following table summarizes the Company's SARs activity during 2019:
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SARs/Stock Options Nonvested Share Activity | A summary of the status and changes of shares subject to SARs and the related average price per share follows:
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SARS/Stock Options, Valuation Assumptions | The fair value of the SARs was estimated on the grant date using the Black-Scholes pricing model with the following assumptions:
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Summary of Restricted Stock Activity | The following table summarizes the stock-settled RSU activity during 2019:
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Schedule of Share-based Compensation, Performance Based Restricted Stock Unit Activity [Table Text Block] | The following table summarizes the activity related to equity-based, performance-based RSUs during 2019:
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Summary of Stock Activity for the Directors Deferred Compensation Plan | The following table summarizes the stock activity for the directors' deferred compensation plan during 2019:
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Fair Value Information and Derivative Financial Instruments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | The following table summarizes the amounts reclassified from accumulated OCI relating to the hedging relationship of the Company’s outstanding derivatives designated as cash flow hedges and income statement classification for year ended December 31, 2019:
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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 at December 31, 2019 and 2018:
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Summary of the notional amount and the fair value of the Company's outstanding derivatives | 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 at December 31, 2019 and 2018:
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Derivatives Not Designated as Hedging Instruments | 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 December 31, 2019 and 2018:
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Contingencies and Commitments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Undiscounted reserve | The undiscounted reserve balance at the beginning of the year, the amounts expensed and paid, and the balance at December 31, 2019 and 2018 are as follows:
|
Quarterly Data (Unaudited) (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of selected quarterly financial data | The following tables summarize selected quarterly financial data for the years ended December 31, 2019 and 2018:
|
Significant Accounting Policies Organization (Details) |
12 Months Ended |
---|---|
Dec. 31, 2019
Segment
| |
Accounting Policies [Abstract] | |
Number of Reportable Segments | 4 |
Significant Accounting Policies Cash Equivalents (Details) $ in Millions |
Dec. 31, 2019
USD ($)
|
---|---|
Accounting Policies [Abstract] | |
Money Market Funds, at Carrying Value | $ 104.5 |
Significant Accounting Policies Accounts Receivable (Details) - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Accounting Policies [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 392 | $ 616 |
Significant Accounting Policies Inventory (Details) |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Accounting Policies [Abstract] | ||
Percentage of LIFO Inventory | 45.00% | 57.00% |
Significant Accounting Policies Advertising (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Accounting Policies [Abstract] | |||
Advertising Expense | $ 677 | $ 1,196 | $ 1,252 |
Significant Accounting Policies New Pronouncements (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Cumulative effect of accounting change | $ 179 | $ (425) |
Retained Earnings [Member] | ||
Cumulative effect of accounting change | $ 179 | $ (425) |
Significant Accounting Policies Asset Retirement Obligation (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Accounting Policies [Abstract] | ||
Asset Retirement Obligation | $ 1.4 | $ 1.3 |
Segment Reporting and Geographic Information (Details Textual) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Segment Reporting [Abstract] | |||
Percentage of customers accounted for the company's sale | 10.00% | 10.00% | 10.00% |
Revenue Recognition (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Capitalized Contract Cost [Line Items] | |||
Increase (Decrease) in Deferred Revenue | $ (2,538) | $ 477 | $ 4,336 |
Trade Accounts Receivable [Member] | |||
Capitalized Contract Cost [Line Items] | |||
Accounts receivable, trade | 141,168 | 124,498 | |
Change in Accounts Receivable, Trade | $ 16,670 | ||
Contract Asset Percent Change | 13.00% | ||
UnbilledReceivables [Member] | |||
Capitalized Contract Cost [Line Items] | |||
Unbilled receivables | $ 13,583 | 4,619 | |
Change in Unbilled Receivables | $ 8,964 | ||
Contract Asset Percent Change | 194.00% | ||
UnearnedRevenue [Member] | |||
Capitalized Contract Cost [Line Items] | |||
Unearned revenue | $ 3,380 | $ 5,918 | |
Increase (Decrease) in Deferred Revenue | $ (2,538) | ||
Contract Liability Percent Change | (43.00%) |
Revenue Recognition Textuals (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2019
USD ($)
| |
Revenue from Contract with Customer [Abstract] | |
Deferred Revenue, Revenue Recognized | $ 5.0 |
Remaining Performance Obligation | $ 42.3 |
Restructuring (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | $ 785 | $ 5,599 | $ 644 |
Performance Alloys and Composites | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 0 | 0 | (16) |
Advanced Materials | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 0 | 5,599 | 0 |
Precision Coatings | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 328 | 0 | 431 |
Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | $ 457 | $ 0 | $ 229 |
Restructuring Textual (Details) $ in Millions |
Dec. 31, 2019
USD ($)
|
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|
Restructuring Cost and Reserve [Line Items] | |||
Number of positions eliminated | 23 | ||
Precision Coatings | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of positions eliminated | 19 | ||
Remaining severance payments | $ 0.1 | ||
Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of positions eliminated | 7 | ||
Remaining severance payments | $ 0.1 | ||
Advanced Materials | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of positions eliminated | 40 | ||
Remaining severance payments | $ 1.3 |
Other-net (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Summary of other-net expense | |||
Metal consignment fees | $ 9,247 | $ 10,999 | $ 8,782 |
Amortization of Intangible Assets | 1,400 | 2,265 | 4,629 |
Foreign currency loss (gain) | 666 | 1,487 | (722) |
Net loss (gain) on disposal of fixed assets | 344 | 518 | 234 |
Rental Income | (87) | (416) | (168) |
Other items | 213 | 481 | 1,138 |
Total | $ 11,783 | $ 15,334 | $ 13,893 |
Interest (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Summary of interest incurred, capitalized and paid | |||
Interest incurred | $ 1,641 | $ 2,870 | $ 2,608 |
Less: Capitalized interest | 62 | 399 | 425 |
Interest expense - net | 1,579 | 2,471 | 2,183 |
Interest paid | $ 1,799 | $ 1,436 | $ 1,646 |
Interest (Details Textual) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Interest [Abstract] | |||
Amortization of deferred financing costs | $ 962 | $ 1,009 | $ 919 |
Income Taxes Textuals 1 (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Income Tax Disclosure [Abstract] | |||
U.S. Federal statutory rate | 21.00% | 21.00% | 35.00% |
Income Taxes Textuals 2 (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Income Tax Disclosure [Abstract] | ||||
Tax Cuts and Jobs Act of 2017, Provisional Tax Benefit | $ 3.5 | |||
Tax Cuts and Jobs Act, Incomplete Accounting, Change in Tax Rate, Provisional Income Tax Expense (Benefit) | $ 17.1 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 35.00% | |
Tax Cuts and Jobs Act Change in Tax Rate, Deferred Tax Asset (Liability), Income Tax Expense (Credit) | $ 2.8 | $ 5.0 | ||
Tax Cuts and Jobs Act, Transition Tax, Income Tax Expense (Credit) | 1.2 | 6.1 | ||
Tax Cuts and Jobs Act of 2017, Provisional Valuation Allowance | $ 9.5 | |||
Tax Cuts and Jobs Act of 2017, Complete Accounting, Change in Tax Rate, Provisional Income Tax Expense (Benefit) | $ (11.1) | 11.1 | ||
Tax Cuts and Jobs Act, Valuation Allowance Reversal, Tax Benefit | $ 7.1 |
Income Taxes Table 1 (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Income before income taxes: | |||
Domestic | $ 56,725 | $ 20,272 | $ 28,327 |
Foreign | 5,265 | (3,930) | 8,069 |
Income before income taxes | 61,990 | 16,342 | 36,396 |
Current income tax expense: | |||
Domestic | 7,544 | (5,896) | 1,912 |
Foreign | 1,202 | 2,710 | 2,777 |
Total current | 8,746 | (3,186) | 4,689 |
Deferred income tax expense (benefit): | |||
Domestic | 1,326 | (4,083) | 19,935 |
Foreign | 1,258 | 2,765 | 321 |
Total deferred | 2,584 | (1,318) | 20,256 |
Total income tax (benefit) expense | $ 11,330 | $ (4,504) | $ 24,945 |
Income Taxes Table 3 (Details) - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Asset (liability) | ||
Post-employment benefits other than pensions | $ 1,626 | $ 2,198 |
Other reserves | 543 | 693 |
Deferred compensation | 3,314 | 3,539 |
Environmental reserves | 1,384 | 1,463 |
Inventory | 2,740 | 3,032 |
Lease Obligations | 4,614 | 0 |
Pensions | 5,149 | 8,105 |
Accrued compensation expense | 5,364 | 6,215 |
Net operating loss and credit carryforwards | 13,513 | 12,002 |
Research and development tax credit carryforward | 25 | 744 |
Foreign tax credit carryforward | 0 | 2,385 |
Subtotal | 38,272 | 40,376 |
Valuation allowance | (17,676) | (15,917) |
Total deferred tax assets | 20,596 | 24,459 |
Depreciation | (10,780) | (10,280) |
Lease assets | (4,428) | 0 |
Amortization | (2,426) | (3,635) |
Mine development | (3,706) | (5,123) |
Deferred Tax Liabilities, Gross | 21,340 | 19,038 |
Deferred Tax Liability | $ (744) | |
Deferred Tax Assets, Net | $ 5,421 |
Income Taxes Textuals 3 (Details) - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards, Valuation Allowance | $ 11,600 | |
Research and development tax credit carryforward | 25 | $ 744 |
Foreign tax credit carryforward | 0 | $ 2,385 |
Foreign Country [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Foreign net operating loss carryforwards, do not expire | 29,400 | |
Foreign net operating loss carryforwards subject to expiration | 6,500 | |
Operating Loss Carryforwards Subject To Expiration In Next 12 months | 500 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Foreign net operating loss carryforwards subject to expiration | 21,600 | |
Tax Credit, Amount | $ 3,600 |
Income Taxes Table 4 (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Reconciliation of unrecognized tax benefits | ||
Balance at January 1 | $ 2,883 | $ 2,944 |
Additions to tax provisions related to the current year | 0 | 443 |
Additions to tax positions related to prior years | 399 | 4 |
Reduction to tax positions related to prior years | 0 | (508) |
Lapses on statutes of limitations | (61) | 0 |
Balance at December 31 | $ 3,221 | $ 2,883 |
Income Taxes Textuals 4 (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Income Tax Disclosure [Abstract] | |||
Amount of unrecognized tax benefits | $ 3,221,000 | $ 2,883,000 | $ 2,944,000 |
Effective tax rate if recognized | 2,400,000 | 2,200,000 | |
Income Taxes Paid | 9,300,000 | $ 2,600,000 | $ 8,100,000 |
UnrepatriatedEarnings | $ 84,800,000 |
Earnings Per Share (Details 1) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Stock Appreciation Rights (SARs) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Equity awards excluded from diluted EPS calculation | 71,199 | 65,112 | 124,319 |
Inventories (Details) - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 35,612 | $ 33,182 |
Work in process | 177,780 | 195,879 |
Finished goods | 25,506 | 30,643 |
Subtotal | 238,898 | 259,704 |
Less: LIFO reserve balance | 48,508 | 44,833 |
Inventories | $ 190,390 | $ 214,871 |
Inventories (Details Textual) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Inventory [Line Items] | |||
Reduction in cost of sales by the liquidation of LIFO inventory layers | $ 0.9 | $ 1.2 | $ (0.8) |
Notional Amount of Nonderivative Instruments | $ 309.3 | $ 316.1 |
Property, Plant, and Equipment Textuals (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Property, Plant and Equipment [Abstract] | |||
Reimbursement of costs | $ 63.5 | ||
Unearned Income | (4.4) | $ (4.3) | |
Depreciation and depletion expense | 30.3 | 33.3 | $ 38.1 |
Net book value of capitalized software | 7.9 | 8.0 | |
Software amortization | $ 2.4 | $ 2.6 | $ 2.4 |
Leasing Arrangements Components of Lease Expense (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2019
USD ($)
| |
Components of Lease Expense [Abstract] | |
Operating lease cost | $ 9,835 |
Finance Leases | |
Amortization of right-of-use assets | 1,414 |
Interest on lease liabilities | 1,028 |
Total lease cost | $ 12,277 |
Leasing Arrangements Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|
Operating Leases | |||
Operating Lease, Right-of-Use Asset | $ 23,413 | $ 0 | |
Other liabilities and accrued items | 6,542 | ||
Operating lease liabilities | 18,091 | 0 | |
Finance Leases | |||
Finance lease liabilities | 17,424 | 15,221 | |
Total principal payable on finance leases | 18,689 | ||
Property, plant, and equipment | 916,965 | 898,251 | |
Allowances for depreciation, depletion, and amortization | (684,689) | (647,233) | |
Finance lease assets, net | 232,276 | $ 251,018 | $ 255,578 |
Other liabilities and accrued items | 2,224 | ||
Property, Plant and Equipment [Member] | |||
Property, plant, and equipment | 26,069 | ||
Allowances for depreciation, depletion, and amortization | (3,570) | ||
Finance lease assets, net | 22,499 | ||
Other Liabilities [Member] | |||
Other liabilities and accrued items | $ 1,265 |
Future Estimated Minimum Payments Under Finance Leases and Non-Cancelable Operating Leases (Details) - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Finance Leases | ||
2020 | $ 2,224 | |
2021 | 2,224 | |
2022 | 2,224 | |
2023 | 1,515 | |
2024 | 1,160 | |
2025 and thereafter | 20,875 | |
Total minimum lease payments | 30,222 | |
Amounts representing interest | 11,533 | |
Present value of lease payments | 18,689 | |
Operating Leases | ||
2020 | 7,759 | $ 7,287 |
2021 | 6,725 | |
2022 | 4,754 | |
2023 | 3,807 | |
2024 | 1,891 | |
2025 and thereafter | 3,341 | |
Total minimum lease payments | 28,277 | |
Amounts representing interest | 3,644 | |
Present value of lease payments | $ 24,633 |
Leasing Arrangements Future Minimum Lease Payments for Capital and Operating Leases Prior to Topic 842 Adoption (Details) - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Capital Leases | ||
2019 | $ 2,172 | |
2020 | 2,172 | |
2021 | 2,172 | |
2022 | 2,172 | |
2023 | 1,463 | |
2024 and thereafter | 21,056 | |
Total minimum lease payments | 31,207 | |
Amounts representing interest | 19,338 | |
Present value of net minimum lease payments | 11,869 | |
Operating Leases | ||
2019 | $ 7,759 | 7,287 |
2020 | 6,525 | |
2021 | 4,966 | |
2022 | 3,790 | |
2023 | 3,532 | |
2024 and thereafter | 4,287 | |
Total minimum lease payments | $ 30,387 |
Leasing Arrangements Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2019
USD ($)
| |
Cash Paid For Amounts Included In Measurement Of Lease Liabilities | |
Operating cash flows from operating leases | $ 15,841 |
Operating cash flows from finance leases | 1,028 |
Financing cash flows from finance leases | $ 1,200 |
Leasing Arrangements (Details Text) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Leases [Abstract] | |||
Operating lease expense | $ 11.6 | $ 9.3 | |
Operating lease term maximum | 25 years | ||
WeightedAverageRemainingLeaseTermAbstract [Abstract] | |||
Operating leases | 4 years 8 months 8 days | ||
Finance leases | 19 years 5 months 19 days | ||
WeightedAverageDiscountRateAbstract [Abstract] | |||
Operating leases | 5.91% | ||
Finance leases | 5.31% |
Intangible Assets and Goodwill (Details 2) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | $ 1,400 | $ 2,265 | $ 4,629 |
2020 | 615 | ||
2021 | 523 | ||
2022 | 523 | ||
2023 | 513 | ||
2024 | $ 421 |
Intangible Assets and Goodwill Goodwill Table (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Goodwill [Line Items] | |||
Goodwill | $ 79,011 | $ 90,657 | |
Goodwill, Impairment Loss | (11,560) | 0 | $ 0 |
Goodwill, Other Increase (Decrease) | (86) | ||
Performance Alloys and Composites | |||
Goodwill [Line Items] | |||
Goodwill | 1,899 | 1,899 | |
Goodwill, Impairment Loss | 0 | ||
Goodwill, Other Increase (Decrease) | 0 | ||
Advanced Materials | |||
Goodwill [Line Items] | |||
Goodwill | 50,190 | 50,276 | |
Goodwill, Impairment Loss | 0 | ||
Goodwill, Other Increase (Decrease) | (86) | ||
Precision Coatings | |||
Goodwill [Line Items] | |||
Goodwill | 26,922 | $ 38,482 | |
Goodwill, Impairment Loss | 11,560 | ||
Goodwill, Other Increase (Decrease) | $ 0 |
Intangible Assets and Goodwill (Details Textual) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Goodwill [Line Items] | |||
Goodwill | $ 79,011 | $ 90,657 | |
Asset impairment charges | 2,581 | 0 | $ 0 |
Goodwill impairment charges | 11,560 | 0 | $ 0 |
Deferred finance cost | 90 | 152 | |
Performance Alloys and Composites | |||
Goodwill [Line Items] | |||
Goodwill | 1,899 | 1,899 | |
Goodwill impairment charges | 0 | ||
Deferred Financing Costs [Member] | |||
Goodwill [Line Items] | |||
Deferred finance cost | $ 2,700 | $ 1,300 |
Debt (Details) - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Summary of long-term debt | ||
Fixed rate industrial development revenue bonds payable in annual installments through 2021 | $ 2,218 | $ 3,041 |
Total outstanding | 2,218 | 3,041 |
Current portion of long-term debt | (868) | (823) |
Gross long-term debt | 1,350 | 2,218 |
Unamortized deferred financing fees | (90) | (152) |
Long-term debt | $ 1,260 | $ 2,066 |
Debt (Details 1) - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Maturities on long-term debt instruments | ||
2020 | $ 868 | |
2021 | 1,350 | |
Thereafter | 0 | |
Total outstanding | $ 2,218 | $ 3,041 |
Debt (Details Textual) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 375.0 | |
Additional term loan | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | 200.0 | |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 41.8 | $ 27.2 |
Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Variable commitment fee | 0.175% | |
Short-term Debt [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 340.9 |
Debt (Details Textual 2) - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Line of Credit Facility [Line Items] | ||
Debt Instrument, Face Amount | $ 8,000 | |
Interest rate on bonds | 4.90% | |
Unamortized balance of bonds | $ 2,218 | $ 3,041 |
Accumulated Other Comprehensive Loss and Amounts Expected to be Recognized in 2019 (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Pension Benefits | ||
Defined Benefit Plan Disclosure | ||
Net actuarial loss (gain) | $ 48,073 | $ 61,599 |
Net prior service cost (credit) | 0 | 3,810 |
Accumulated Other Comprehensive (Income) Loss, before Tax | 48,073 | 65,409 |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year | 1,707 | 4,251 |
Net prior service cost (credit), next fiscal year | 0 | 482 |
Amortization of net loss, next fiscal year | 1,707 | 3,769 |
Other Benefits | ||
Defined Benefit Plan Disclosure | ||
Net actuarial loss (gain) | (4,529) | (2,429) |
Net prior service cost (credit) | (5,049) | (6,546) |
Accumulated Other Comprehensive (Income) Loss, before Tax | (9,578) | (8,975) |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year | (1,497) | (1,497) |
Net prior service cost (credit), next fiscal year | (1,497) | (1,497) |
Amortization of net loss, next fiscal year | $ 0 | $ 0 |
Pensions and Other Post-Employment Benefits Healthcare Trends (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Defined Benefit Plan Disclosure | ||
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | $ 6 | $ 6 |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 6.25% | 6.50% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | 5.00% |
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate | 2025 | 2025 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | $ 6 | $ 6 |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 149 | 163 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | $ 139 | $ 152 |
Pensions and Other Post-Employment Benefits Cash Flow (Details) $ in Thousands |
Dec. 31, 2019
USD ($)
|
---|---|
Net of Medicare Subsidy | |
Defined Benefit Plan Disclosure | |
2020 | $ 997 |
2021 | 966 |
2022 | 872 |
2023 | 794 |
2024 | 713 |
2025 through 2029 | 2,518 |
Pension Plan | |
Defined Benefit Plan Disclosure | |
2020 | 3,752 |
2021 | 3,921 |
2022 | 4,799 |
2023 | 6,231 |
2024 | 6,410 |
2025 through 2029 | 42,020 |
Other Postretirement Benefits Plan | |
Defined Benefit Plan Disclosure | |
2020 | 1,012 |
2021 | 979 |
2022 | 884 |
2023 | 804 |
2024 | 722 |
2025 through 2029 | $ 2,544 |
Stock-Based Compensation Details Textual (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based Compensation Expense | $ 11,100 | $ 11,400 | $ 7,700 |
Income Tax Expense (Benefit) | 11,330 | (4,504) | 24,945 |
Equity securities | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Income Tax Expense (Benefit) | $ (2,100) | $ (1,200) | $ (2,000) |
Stock-based Compensation Details Textual SARs (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based Compensation Expense | $ 11.1 | $ 11.4 | $ 7.7 |
Stock Appreciation Rights (SARs) | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Unearned Compensation | $ 1.3 | ||
Expected recognition period | 22 months | ||
Vested in period | $ 1.9 | $ 1.9 | $ 1.7 |
Granted (in dollars per share) | $ 17.76 | $ 15.73 | $ 10.89 |
Vesting period | 3 years | ||
Stock-based Compensation Expense | $ 0.9 | $ 0.7 | $ 1.4 |
Granted prior to 2011 | Stock Appreciation Rights (SARs) | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Expiration period | 10 years | ||
Granted in 2011 and later | Stock Appreciation Rights (SARs) | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Expiration period | 7 years |
Stock-based Compensation Details Table SARs Status (Details) - Stock Appreciation Rights (SARs) - $ / shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Number of Shares | |||
Outstanding at December 31, 2018 | 319 | ||
Granted | 73 | ||
Vested | (208) | ||
Forfeited | (6) | ||
Outstanding at December 31, 2019 | 178 | 319 | |
Weighted- average Grant Date Fair Value | |||
Outstanding at December 31, 2018 (in dollars per share) | $ 10.33 | ||
Granted (in dollars per share) | 17.76 | $ 15.73 | $ 10.89 |
Vested (in dollars per share) | 9.02 | ||
Forfeited (in dollars per share) | 15.35 | ||
Outstanding at December 31, 2019 (in dollars per share) | $ 14.72 | $ 10.33 |
Stock-based Compensation Details Table SARs Fair Value (Details) - Stock Appreciation Rights (SARs) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award | |||
Risk-free interest rate | 2.47% | 2.58% | 1.92% |
Dividend yield | 0.70% | 0.80% | 1.10% |
Volatility | 31.70% | 31.90% | 34.00% |
Expected lives (in years) | 5 years 2 months 12 days | 5 years 6 months | 5 years 7 months 6 days |
Stock-based Compensation Details Textual RSUs (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based Compensation Expense | $ 11.1 | $ 11.4 | $ 7.7 |
Stock Incentive Plan | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Vesting period | 3 years | ||
Granted (in dollars per share) | $ 58.33 | $ 50.35 | $ 35.24 |
Stock-based Compensation Expense | $ 2.2 | $ 1.2 | $ 1.4 |
Unearned Compensation | $ 3.8 | ||
Expected amortization weighted average period | 23 months | ||
Vested in period | $ 1.2 | $ 1.4 | $ 1.2 |
Stock-based Compensation Details Table RSUs Activity (Details) - Stock Incentive Plan - Restricted Stock Units (RSUs) - $ / shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Number of Shares | |||
Outstanding at December 31, 2018 | 130 | ||
Granted | 70 | ||
Vested | (44) | ||
Forfeited | (11) | ||
Outstanding at December 31, 2019 | 145 | 130 | |
Weighted- average Grant Date Fair Value | |||
Outstanding at December 31, 2018 (in dollars per share) | $ 38.99 | ||
Granted (in dollars per share) | 58.33 | $ 50.35 | $ 35.24 |
Vested (in dollars per share) | 27.52 | ||
Forfeited (in dollars per share) | 52.15 | ||
Outstanding at December 31, 2019 (in dollars per share) | $ 50.79 | $ 38.99 |
Stock-based compensation Details Textual RSUs Non-Employee Directors (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based Compensation Expense | $ 11.1 | $ 11.4 | $ 7.7 |
Restricted Stock Units (RSUs) | Director Equity Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Granted | 11,048 | 14,728 | 18,656 |
Vesting period | 1 year | ||
Granted (in dollars per share) | $ 68.79 | $ 51.60 | $ 34.30 |
Stock-based Compensation Expense | $ 0.7 | $ 0.7 | $ 0.7 |
Unearned Compensation | $ 0.2 | ||
Expected amortization weighted average period | 4 months |
Stock-based Compensation Details Textual LTIP (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based Compensation Expense | $ 11.1 | $ 11.4 | $ 7.7 |
Performance-Based Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Vesting period | 3 years | ||
Stock-based Compensation Expense | $ 3.3 | $ 2.7 | $ 1.5 |
Performance-Based Restricted Stock Units | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Percentage of Units Earned of Units Granted | 0.00% | ||
Performance-Based Restricted Stock Units | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Percentage of Units Earned of Units Granted | 200.00% | ||
Executive Officer | Performance-Based Restricted Stock Units | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Percentage of Units Earned of Units Granted | 100.00% |
Stock-based Compensation Stock-based Compensation Details Table PRSUs Activity (Details) - Performance-Based Restricted Stock Units shares in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2019
$ / shares
shares
| |
Number of Shares | |
Outstanding at December 31, 2018 | shares | 202 |
Granted | shares | 56 |
Vested | shares | (83) |
Forfeited | shares | (6) |
Outstanding at December 31, 2019 | shares | 169 |
Weighted- Average Grant Date Fair Value | |
Outstanding at December 31, 2018 (in dollars per share) | $ / shares | $ 35.76 |
Granted (in dollars per share) | $ / shares | 69.84 |
Vested (in dollars per share) | $ / shares | 22.77 |
Forfeited (in dollars per share) | $ / shares | 58.93 |
Outstanding at December 31, 2019 (in dollars per share) | $ / shares | $ 52.74 |
Stock-based Compensation Stock-based Compensation Details Table DDP Activity (Details) - Deferred Directors Compensation Plan Member - $ / shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Number of Shares | |||
Outstanding at December 31, 2018 | 152 | ||
Granted | 13 | ||
Distributed | (57) | ||
Outstanding at December 31, 2019 | 108 | 152 | |
Weighted- Average Grant Date Fair Value | |||
Outstanding at December 31, 2018 and 2019, respectively (in dollars per share) | $ 56.02 | $ 23.55 | |
Granted (in dollars per share) | 66.35 | $ 53.11 | $ 35.34 |
Distributed (in dollars per share) | $ 63.81 |
Stock-based Compensation Stock-based Compensation Details Textual DDP (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Deferred Directors Compensation Plan Member | |||
Weighted- Average Grant Date Fair Value | |||
Granted (in dollars per share) | $ 66.35 | $ 53.11 | $ 35.34 |
Fair Value Information and Derivative Financial Instruments (Details 2) - Foreign currency forward contracts - euro - Foreign Exchange Forward [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Asset, Notional Amount | $ 13,734 | $ 8,767 |
Derivative Asset, Fair Value, Gross Asset | 95 | 244 |
Accrued Liabilities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liability, Notional Amount | 5,757 | 8,771 |
Derivative Liability, Fair Value, Gross Liability | $ 16 | $ 249 |
Fair Value Information and Derivative Financial Instruments Fair Value Information and Derivative Financial Instruments (Details 4) |
12 Months Ended |
---|---|
Dec. 31, 2019
USD ($)
| |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative, Gain (Loss) on Derivative, Net | $ 959,000 |
Foreign Exchange Forward [Member] | Sales [Member] | Designated as Hedging Instrument [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative, Gain (Loss) on Derivative, Net | (29,000) |
Precious Metal Swaps [Member] | Cost of Sales [Member] | Designated as Hedging Instrument [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative, Gain (Loss) on Derivative, Net | 595,000 |
Copper Swap [Member] | Cost of Sales [Member] | Designated as Hedging Instrument [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative, Gain (Loss) on Derivative, Net | $ 393,000 |
Fair Value Information and Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | $ 100 | $ 900 |
Total derivative ineffectiveness expense | 0 | |
Total fair value of derivative contracts in AOCI | (700) | $ (600) |
Derivative, Gain (Loss) on Derivative, Net | $ (700) |
Contingencies and Commitments (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Undiscounted reserve | ||
Reserve balance at beginning of year | $ 6,521 | $ 6,499 |
Expensed | 482 | 718 |
Paid | (1,066) | (696) |
Reserve balance at end of year | 5,937 | 6,521 |
Ending balance recorded in: | ||
Other liabilities and accrued items | 982 | 1,168 |
Other long-term liabilities | $ 4,955 | $ 5,353 |
Contingencies and Commitments (Details Textual) $ in Millions |
Dec. 31, 2019
USD ($)
claim
|
Dec. 31, 2018
USD ($)
claim
|
---|---|---|
Contingencies And Commitments (Textual) [Abstract] | ||
Number of CBD cases pending | claim | 1 | 1 |
Letter of Credit | ||
Contingencies And Commitments (Textual) [Abstract] | ||
Outstanding letters of credit | $ | $ 41.8 | $ 27.2 |
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 27, 2019 |
Jun. 28, 2019 |
Mar. 29, 2019 |
Dec. 31, 2018 |
Sep. 28, 2018 |
Jun. 29, 2018 |
Mar. 30, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 280,161 | $ 305,979 | $ 297,843 | $ 301,441 | $ 298,070 | $ 297,193 | $ 309,085 | $ 303,467 | $ 1,185,424 | $ 1,207,815 | $ 1,139,447 |
Summary of selected quarterly financial data | |||||||||||
Gross margin | $ 55,007 | $ 65,231 | $ 69,594 | $ 69,312 | $ 66,052 | $ 64,935 | $ 61,838 | $ 58,280 | $ 259,144 | $ 251,105 | 212,829 |
Percent of net sales | 19.60% | 21.30% | 23.40% | 23.00% | 22.20% | 21.80% | 20.00% | 19.20% | 21.90% | 20.80% | |
Net income | $ 14,751 | $ 3,463 | $ 15,540 | $ 16,906 | $ (20,828) | $ 19,966 | $ 11,144 | $ 10,564 | $ 50,660 | $ 20,846 | $ 11,451 |
Net income per share of common stock: | |||||||||||
Basic EPS (in usd per share) | $ 0.72 | $ 0.17 | $ 0.76 | $ 0.83 | $ (1.03) | $ 0.99 | $ 0.55 | $ 0.52 | $ 2.49 | $ 1.03 | $ 0.57 |
Diluted EPS (in usd per share) | $ 0.71 | $ 0.17 | $ 0.75 | $ 0.82 | $ (1.03) | $ 0.97 | $ 0.54 | $ 0.51 | $ 2.45 | $ 1.01 | $ 0.56 |
Quarterly Data (Unaudited) (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Quarterly Financial Information Disclosure [Abstract] | ||||
Impairment charges | $ 14,141 | $ 0 | $ 0 | |
Pension settlement charges | $ 41,400 | $ 3,328 | 41,400 | |
TCJA Tax Benefit | $ (11,100) | $ 11,100 |
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Allowance for doubtful accounts receivable | |||
Deducted from asset accounts: | |||
Balance at Beginning of Period | $ 616 | $ 640 | $ 857 |
Charged to Costs and Expenses | (39) | 271 | 84 |
Charged to Other Accounts | 0 | 0 | 0 |
Deduction | 185 | 295 | 301 |
Balance at End of Period | 392 | 616 | 640 |
Inventory reserves and obsolescence | |||
Deducted from asset accounts: | |||
Balance at Beginning of Period | 12,026 | 13,176 | 14,407 |
Charged to Costs and Expenses | 2,238 | 3,341 | 3,521 |
Charged to Other Accounts | 0 | 0 | 0 |
Deduction | 735 | 4,491 | 4,752 |
Balance at End of Period | $ 13,529 | $ 12,026 | $ 13,176 |