MATERION CORP, 10-K filed on 2/18/2021
Annual Report
v3.20.4
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2020
Jan. 29, 2021
Jun. 26, 2020
Document and Entity Information [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2020    
Document Transition Report false    
Entity File Number 1-15885    
Entity Registrant Name MATERION CORPORATION    
Entity Incorporation, State or Country Code OH    
Entity Tax Identification Number 34-1919973    
Entity Address, Address Line One 6070 Parkland Blvd    
Entity Address, City or Town Mayfield Heights    
Entity Address, State or Province OH    
Entity Address, Postal Zip Code 44124    
City Area Code 216    
Local Phone Number 486-4200    
Title of 12(b) Security Common Stock, no par value    
Trading Symbol MTRN    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Emerging Growth Company false    
Entity Small Business false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 1,175,158,375
Entity Common Stock, Shares Outstanding   20,330,126  
Entity Central Index Key 0001104657    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2020    
Document Fiscal Period Focus FY    
Amendment Flag false    
Documents Incorporated by Reference Portions of the Proxy Statement for the 2021 Annual Meeting of Shareholders are incorporated by reference into Part III.    
v3.20.4
Consolidated Statements of Income - USD ($)
shares in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Statement [Abstract]      
Net sales $ 1,176,274,000 $ 1,185,424,000 $ 1,207,815,000
Cost of sales 983,641,000 922,734,000 956,454,000
Gross margin 192,633,000 262,690,000 251,361,000
Selling, general, and administrative expense 133,963,000 147,164,000 153,489,000
Research and development expense 20,283,000 18,271,000 15,187,000
Goodwill impairment charges 9,053,000 11,560,000 0
Asset impairment charges 1,419,000 2,581,000 0
Restructuring expense 11,237,000 785,000 5,599,000
Other - net 8,463,000 11,783,000 15,334,000
Operating profit 8,215,000 70,546,000 61,752,000
Other non-operating (income) expense-net (3,939,000) 3,431,000 42,683,000
Interest expense - net 3,879,000 1,579,000 2,471,000
Income before income taxes 8,275,000 65,536,000 16,598,000
Income tax (benefit) expense (7,187,000) 12,142,000 (4,446,000)
Net income $ 15,462,000 $ 53,394,000 $ 21,044,000
Basic earnings per share:      
Net income per share of common stock (in usd per share) $ 0.76 $ 2.62 $ 1.04
Diluted earnings per share:      
Net income per share of common stock (in usd per share) $ 0.75 $ 2.59 $ 1.02
Weighted-average number of shares of common stock outstanding:      
Basic 20,338 20,365 20,212
Diluted 20,603 20,655 20,613
v3.20.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Statement of Comprehensive Income [Abstract]      
Net income $ 15,462 $ 53,394 $ 21,044
Other comprehensive income:      
Foreign currency translation adjustment 9,030 (421) (484)
Derivative and hedging activity, net of tax (expense) benefit of $28, $5, and $672 (80) (4) 138
Pension and post-employment benefit adjustment, net of tax benefit (expense) of $651, ($4,741), and ($13,300) (2,127) 13,197 45,049
Other comprehensive income 6,823 12,772 44,703
Comprehensive income $ 22,285 $ 66,166 $ 65,747
v3.20.4
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Statement of Comprehensive Income [Abstract]      
Derivative and hedging activity, tax benefit $ 28 $ 5 $ 672
Pension and post employment benefit adjustment, tax benefit (expense) $ 651 $ (4,741) $ (13,300)
v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 15,462 $ 53,394 $ 21,044
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, depletion, and amortization 42,384 41,116 35,524
Amortization of deferred financing costs in interest expense 790 962 1,009
Stock-based compensation expense (non-cash) 5,528 7,170 5,313
Amortization of pension and post-retirement costs (151) 386 5,551
Loss on sale of property, plant, and equipment 466 344 518
Deferred income tax (benefit) expense (9,850) 3,945 (1,912)
Impairment charges 10,472 14,141 0
Net pension curtailments and settlements 94 3,328 41,406
Changes in assets and liabilities net of acquired assets and liabilities:      
Decrease (increase) in accounts receivable (707) (23,933) (7,219)
Decrease (increase) in inventory (1,288) 20,485 3,978
Decrease (increase) in prepaid and other current assets 2,475 869 1,814
Increase (decrease) in accounts payable and accrued expenses (21,877) (18,575) 8,820
Increase (decrease) in unearned revenue 2,935 (2,538) 477
Increase (decrease) in interest and taxes payable (157) (805) 435
Increase (decrease) in unearned income due to customer prepayments 54,103 4,733 0
Domestic pension plan contributions 0 (4,500) (42,000)
Other — net 378 (1,300) 1,616
Net cash provided by operating activities 101,057 99,222 76,374
Cash flows from investing activities:      
Payments for acquisition, net of cash acquired (130,715) 0 0
Payments for purchase of property, plant, and equipment (67,274) (24,251) (27,702)
Payments for mine development 0 (2,277) (6,558)
Proceeds from settlement of currency exchange contract 3,249 0 0
Proceeds from sale of property, plant, and equipment 33 44 432
Net cash used in investing activities (194,707) (26,484) (33,828)
Cash flows from financing activities:      
Proceeds from short-term debt under revolving credit agreement, net 34,000 0 0
Repayment of long-term debt (20,634) (823) (777)
Principal payments under finance lease obligations (2,213) (1,200) (861)
Cash dividends paid (9,257) (8,856) (8,389)
Deferred financing costs 0 (2,130) 0
Repurchase of common stock (6,766) (199) (422)
Payments of withholding taxes for stock-based compensation awards (2,221) (4,846) (3,156)
Net cash used in financing activities (7,091) (18,054) (13,605)
Effects of exchange rate changes 1,612 (322) (140)
Net change in cash and cash equivalents (99,129) 54,362 28,801
Cash and cash equivalents at beginning of period 125,007 70,645 41,844
Cash and cash equivalents at end of period $ 25,878 $ 125,007 $ 70,645
v3.20.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Current assets    
Cash and cash equivalents $ 25,878 $ 125,007
Accounts receivable 166,447 154,751
Inventories 250,778 236,253
Prepaid and other current assets 20,896 21,736
Total current assets 463,999 537,747
Deferred income taxes 3,134 1,666
Property, plant, and equipment 998,312 916,965
Less allowances for depreciation, depletion, and amortization (688,626) (684,689)
Property, plant, and equipment — net 309,686 232,276
Operating lease, right-of-use assets 62,089 23,413
Intangible assets 54,672 6,380
Other assets 19,364 17,937
Goodwill 144,916 79,011
Total Assets 1,057,860 898,430
Current liabilities    
Short-term debt 1,937 868
Accounts payable 55,640 43,206
Salaries and wages 18,809 41,167
Other liabilities and accrued items 40,887 32,477
Income taxes 1,898 1,342
Unearned revenue 7,713 3,380
Total current liabilities 126,884 122,440
Other long-term liabilities 14,313 11,560
Operating lease liabilities 56,761 18,091
Finance lease liabilities 20,539 17,424
Retirement and post-employment benefits 41,877 32,466
Unearned income 86,761 32,891
Long-term income taxes 2,689 3,451
Deferred income taxes 15,864 13,104
Long-term debt 36,542 1,260
Shareholders’ equity    
Serial preferred stock (no par value; 5,000 authorized shares, none issued) 0 0
Common stock (no par value; 60,000 authorized shares, issued shares of 27,148 for both 2020 and 2019) 258,642 249,674
Retained earnings 631,058 624,954
Common stock in treasury (6,820 shares for 2020 and 6,744 shares for 2019) (199,187) (186,845)
Accumulated other comprehensive loss (38,639) (45,462)
Other equity 3,756 3,422
Total shareholders’ equity 655,630 645,743
Total Liabilities and Shareholders’ Equity $ 1,057,860 $ 898,430
v3.20.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
shares in Thousands, $ / shares in Thousands
Dec. 31, 2020
Dec. 31, 2019
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 6,820 6,744
v3.20.4
Consolidated Statements of Shareholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Previously Reported
Revision of Prior Period, Adjustment
Common Shares
Common Shares
Previously Reported
Common Shares Held In Treasury
Common Shares Held In Treasury
Previously Reported
Common Stock
Common Stock
Previously Reported
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Retained Earnings
Previously Reported
Retained Earnings
Revision of Prior Period, Adjustment
Common Stock In Treasury
Common Stock In Treasury
Previously Reported
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Previously Reported
Other Equity Transactions
Other Equity Transactions
Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Common shares       20,107 20,107                            
Common shares held in Treasury           7,042 7,042                        
Retained earnings | Accounting Standards Update 2014-09 $ 425                   $ 425                
Beginning balances at Dec. 31, 2017 527,115 $ 494,981 $ 32,134         $ 223,484 $ 223,484 $ 568,250   $ 536,116 $ 32,134 $ (166,128) $ (166,128) $ (102,937) $ (102,937) $ 4,446 $ 4,446
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Net income 21,044 20,846           0   21,044       0   0   0  
Other comprehensive income 2,722             0   0       0   2,722   0  
Net pension curtailments and settlements 41,406             0   0       0   41,406   0  
Tax Cuts and Jobs Act Reclassification $ 0             0   (575)       0   575   0  
Accounting Standards Update [Extensible List] | Accounting Standards Update 2014-09 us-gaap:AccountingStandardsUpdate201409Member                                    
Cash dividends declared $ (8,389)             0   (8,389)       0   0   0  
Stock-based compensation activity, in shares       202   (203)                          
Stock-based compensation activity 5,314             11,131   (49)       (5,768)   0   0  
Payments for withholding taxes for stock-based compensation awards, in shares       (60)   60                          
Payments for withholding taxes for stock-based compensation awards (3,156)             0   0       (3,156)   0   0  
Repurchase of shares       (10)   10                          
Repurchase of 10, 5, and 158 shares for the years ended 2018, 2019, and 2020, respectively (422)             0   0       (422)   0   0  
Directors' deferred compensation, in shares       3   (3)                          
Directors' deferred compensation 179             89   0       48   0   42  
Ending balances at Dec. 31, 2018 586,238             234,704   580,706       (175,426)   (58,234)   4,488  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Common shares       20,242                              
Common shares held in Treasury           6,906                          
Retained earnings | Accounting Standards Update 2016-02 (179)                   $ (179)                
Net income 53,394 50,660           0   53,394       0   0   0  
Other comprehensive income 9,444             0   0       0   9,444   0  
Net pension curtailments and settlements $ 3,328             0   0       0   3,328   0  
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-02 us-gaap:AccountingStandardsUpdate201602Member                                    
Cash dividends declared $ (8,856)             0   (8,856)       0   0   0  
Stock-based compensation activity, in shares       252   (252)                          
Stock-based compensation activity 7,170             14,876   (111)       (7,595)   0   0  
Payments for withholding taxes for stock-based compensation awards, in shares       (89)   89                          
Payments for withholding taxes for stock-based compensation awards (4,846)             0   0       (4,846)   0   0  
Repurchase of shares       (5)   5                          
Repurchase of 10, 5, and 158 shares for the years ended 2018, 2019, and 2020, respectively (199)             0   0       (199)   0   0  
Directors' deferred compensation, in shares       4   (4)                          
Directors' deferred compensation 249             94   0       1,221   0   (1,066)  
Ending balances at Dec. 31, 2019 $ 645,743             249,674   624,954       (186,845)   (45,462)   3,422  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Common shares       20,404                              
Common shares held in Treasury 6,744         6,744                          
Retained earnings $ 624,954                                    
Net income 15,462 $ 16,942           0   15,462       0   0   0  
Other comprehensive income 6,729             0   0       0   6,729   0  
Net pension curtailments and settlements 94             0   0       0   94   0  
Cash dividends declared (9,257)             0   (9,257)       0   0   0  
Stock-based compensation activity, in shares       117   (117)                          
Stock-based compensation activity 5,619             8,867   (101)       (3,147)   0   0  
Payments for withholding taxes for stock-based compensation awards, in shares       (39)   39                          
Payments for withholding taxes for stock-based compensation awards (2,221)             0   0       (2,221)   0   0  
Repurchase of shares       (158)   158                          
Repurchase of 10, 5, and 158 shares for the years ended 2018, 2019, and 2020, respectively (6,766)             0   0       (6,766)   0   0  
Directors' deferred compensation, in shares       4   (4)                          
Directors' deferred compensation 227             101   0       (208)   0   334  
Ending balances at Dec. 31, 2020 $ 655,630             $ 258,642   $ 631,058       $ (199,187)   $ (38,639)   $ 3,756  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Common shares       20,328                              
Common shares held in Treasury 6,820         6,820                          
Retained earnings $ 631,058                                    
v3.20.4
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]      
Cash dividends per share $ 0.455 $ 0.435 $ 0.415
v3.20.4
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
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 Optics, and Other. Other includes unallocated corporate costs.
Refer to Note C for additional segment details. The Company distributes its products through a combination of company-owned facilities and independent distributors and agents.
Business Combinations: The Company records assets acquired and liabilities assumed at the date of acquisition at their respective fair values. Intangible assets acquired in a business combination are recognized and reported apart from goodwill. Goodwill represents the excess purchase price over the fair value of the tangible net assets and intangible assets acquired in a business combination. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred.
The amounts reflected in Note B to the Consolidated Financial Statements are the results of the preliminary purchase price allocation for the Optics Balzers acquisition and will be updated upon completion of the final valuation. The Company is required to complete the purchase price allocation within 12 months of the acquisition date. If such completion of the allocation results in a change in the preliminary values, the measurement period adjustment will be recognized in the period in which the adjustment amount is determined.
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.
Change in Accounting Principle:  During the fourth quarter of 2020, the Company changed its method of accounting for certain domestic inventory from the last-in, first-out (LIFO) method to the first-in, first-out (FIFO) method. All prior periods presented have been retroactively adjusted to apply the new method of accounting.
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, 2020. 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.
Accounts Receivable:  An allowance for doubtful accounts is maintained for the expected losses resulting from the inability of customers to pay amounts due. The Company considers the current market conditions and credit losses related to the Company's trade receivables based on the macroeconomic environment, geographic considerations, and other expected market trends. Additionally, the allowance is based upon identified delinquent accounts, customer payment patterns, and other analyses of historical data and trends. Accounts receivable were net of an allowance for credit losses of $0.5 million and $0.4 million at December 31, 2020 and 2019, respectively. The change in the allowance for credit losses includes expense and net write-offs, none of which are material. The Company extends credit to customers based upon their financial condition, and collateral is not generally required.
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:
 Years
Land improvements10 to 20
Buildings20 to 40
Leasehold improvementsLife of lease
Machinery and equipment3 to 15
Furniture and fixtures4 to 10
Automobiles and trucks3 to 8
Research equipment3 to 10
Computer hardware3 to 10
Computer software3 to 10
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 the Company's open pit surface mine include drilling, infrastructure, and 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.
Historically, the Company’s mine development costs involved the development of a new source of ore, and, as such, mine development costs incurred were capitalized during the pre-production phase of a mine and amortized into inventory as the ore was extracted. In 2020, the Company expanded a mine to further develop an ore body. Since the pre-production phase ended when ore was first extracted from this mine, the Company recognized approximately $12.9 million of mine development costs in 2020 as a component of cost of sales. This expansion is expected to benefit future periods.
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. 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. 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: 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, 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.
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.
Also included in Unearned Income as of December 31, 2020 are $58.8 million of customer prepayments. See Note L for additional discussion.
Advertising Costs: The Company expenses all advertising costs as incurred. Advertising costs were $0.3 million in 2020, $0.7 million in 2019, and $1.2 million in 2018.
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. Stock-based awards include performance-based restricted stock units (PRSUs), restricted stock units (RSUs), and stock appreciation rights (SARs). The fair value of PRSUs and RSUs is primarily based on the closing market price of a share of the Company's common stock on the date of grant, modified as appropriate to take into account the features of such grants. 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 R 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 June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 is effective for fiscal years beginning after December 15, 2019, including interim periods within such fiscal years. The Company adopted this guidance as of January 1, 2020, and the adoption did not have a material effect on the Company’s consolidated financial statements.
In August 2018, the FASB issued ASU 2018-14 Defined Benefit Plans (Topic 715-20) - Changes to the Disclosure Requirements for Defined Benefit Plans, which intends to improve disclosure effectiveness by adding, removing, or clarifying certain disclosure requirements related to defined benefit pension or other postretirement plans. The standard is effective for fiscal years ending after December 15, 2020. The Company adopted this guidance as of December 31, 2020. The effect of the adoption did not materially impact the Company's financial statements or related disclosures.
No other recently issued or effective ASUs had, or are expected to have, a material effect on the Company's results of operations, financial condition, or liquidity.
Inventories:  Inventories are stated at the lower of cost or net realizable value. In the fourth quarter of 2020, the Company voluntarily changed its method of inventory costing for the majority of its domestic inventories to the FIFO method from the LIFO method. Except for its bertrandite ore mine which values inventory using a weighted average cost method, the Company's remaining inventories are valued using the FIFO method. The Company believes that a current costing method is preferable as it improves comparability with its most similar peers, it more closely resembles the physical flow of its inventory (i.e., it provides better matching of revenues and expenses), and it results in uniformity across a significant majority of the Company’s inventory. Prior to the change in method, inventories valued on the LIFO cost method were approximately 45% of the Company's total inventories as of December 31, 2020.
The effects of the change in accounting principle from LIFO to FIFO have been retrospectively applied to all periods presented. As a result of the retrospective application of the change in accounting principle, certain financial statement line items in the Company’s consolidated balance sheets as of December 31, 2019 and the consolidated statements of income, comprehensive income, shareholders’ equity, and cash flows for the years ended December 31, 2019 and 2018 were adjusted as necessary.
As a result of the retrospective application of this change in accounting method, the following financial statement line items within the accompanying financial statements were adjusted, as follows:
Consolidated Statements of Income
(Thousands except per share amounts)
202020192018
Selected ItemsAs Computed Under LIFOAs Reported Under FIFODifferencePreviously ReportedAs AdjustedAdjustmentPreviously ReportedAs AdjustedAdjustment
Cost of sales$981,722 $983,641 $1,919 $926,280 $922,734 $(3,546)$956,710 $956,454 $(256)
Gross margin194,552 192,633 (1,919)259,144 262,690 3,546 251,105 251,361 256 
Operating profit10,134 8,215 (1,919)67,000 70,546 3,546 61,496 61,752 256 
Income before income taxes10,194 8,275 (1,919)61,990 65,536 3,546 16,342 16,598 256 
Income tax (benefit) expense(6,748)(7,187)(439)11,330 12,142 812 (4,504)(4,446)58 
Net income16,942 15,462 (1,480)50,660 53,394 2,734 20,846 21,044 198 
Basic earnings per share:
Net income per share of common stock$0.83 $0.76 $(0.07)$2.49 $2.62 $0.13 $1.03 $1.04 $0.01 
Diluted earnings per share:
Net income per share of common stock$0.82 $0.75 $(0.07)$2.45 $2.59 $0.14 $1.01 $1.02 $0.01 
Consolidated Statements of Comprehensive Income
(Thousands)
202020192018
Selected ItemsAs Computed Under LIFOAs Reported Under FIFODifferencePreviously ReportedAs AdjustedAdjustmentPreviously ReportedAs AdjustedAdjustment
Net income$16,942 $15,462 $(1,480)$50,660 $53,394 $2,734 $20,846 $21,044 $198 
Comprehensive income23,765 22,285 (1,480)63,432 66,166 2,734 65,549 65,747 198 
Consolidated Balance Sheets
(Thousands)
20202019
Selected ItemsAs Computed Under LIFOAs Reported Under FIFODifferencePreviously ReportedAs AdjustedAdjustment
Inventories, net$206,834 $250,778 $43,944 $190,390 $236,253 $45,863 
Prepaid and other current assets23,470 20,896 (2,574)21,839 21,736 (103)
Deferred income taxes (liability)8,081 15,864 7,783 2,410 13,104 10,694 
Retained earnings597,471 631,058 33,587 589,888 624,954 35,066 
Consolidated Statements of Cash Flows
(Thousands)
202020192018
Selected ItemsAs Computed Under LIFOAs Reported Under FIFODifferencePreviously ReportedAs AdjustedAdjustmentPreviously ReportedAs AdjustedAdjustment
Net income$16,942 $15,462 $(1,480)$50,660 $53,394 $2,734 $20,846 $21,044 $198 
Deferred income tax (benefit) expense(6,940)(9,850)(2,910)2,584 3,945 1,361 (1,318)(1,912)(594)
Decrease (increase) in inventory(3,207)(1,288)1,919 24,031 20,485 (3,546)4,234 3,978 (256)
Decrease (increase) in prepaid and other current assets4 2,475 2,471 1,418 869 (549)1,162 1,814 652 

As a result of the retrospective application of this change in accounting principle, the following financial statement line items within the unaudited interim 2020 and 2019 quarterly condensed consolidated financial statements were adjusted, as follows:

Quarterly Data (unaudited)
(Thousands except per share amounts)
2020
First QuarterSecond Quarter
Selected ItemsPreviously ReportedAs AdjustedAdjustmentPreviously ReportedAs AdjustedAdjustment
Cost of sales$232,371 $233,376 $1,005 $223,378 $224,513 $1,135 
Gross margin45,575 44,570 (1,005)48,090 46,955 (1,135)
Operating (loss) profit(4,563)(5,568)(1,005)8,706 7,571 (1,135)
(Loss) Income before income taxes(3,865)(4,870)(1,005)8,298 7,163 (1,135)
Income tax (benefit) expense(762)(992)(230)1,620 1,360 (260)
Net (loss) income(3,103)(3,878)(775)6,678 5,803 (875)
Basic earnings per share:
Net (loss) income per share of common stock$(0.15)$(0.19)$(0.04)$0.33 $0.29 $(0.04)
Diluted earnings per share:
Net (loss) income per share of common stock$(0.15)$(0.19)$(0.04)$0.32 $0.28 $(0.04)
(Thousands except per share amounts)
2020
Third QuarterFourth Quarter
Selected ItemsPreviously ReportedAs AdjustedAdjustmentAs Computed Under LIFOAs ReportedDifference
Cost of sales$240,531 $241,860 $1,329 $285,442 $283,892 $(1,550)
Gross margin46,640 45,311 (1,329)54,247 55,797 1,550 
Operating (loss) profit713 (616)(1,329)5,278 6,828 1,550 
(Loss) Income before income taxes455 (874)(1,329)5,306 6,856 1,550 
Income tax (benefit) expense(6,041)(6,345)(304)(1,565)(1,210)355 
Net income6,496 5,471 (1,025)6,871 8,066 1,195 
Basic earnings per share:
Net income per share of common stock$0.32 $0.27 $(0.05)$0.34 $0.40 $0.06 
Diluted earnings per share:
Net income per share of common stock$0.32 $0.27 $(0.05)$0.33 $0.39 $0.06 
(Thousands except per share amounts)
2019
First QuarterSecond Quarter
Selected ItemsPreviously ReportedAs AdjustedAdjustmentPreviously ReportedAs AdjustedAdjustment
Cost of sales$232,129 $231,835 $(294)$228,249 $225,846 $(2,403)
Gross margin69,312 69,606 294 69,594 71,997 2,403 
Operating profit21,387 21,681 294 22,750 25,153 2,403 
Income before income taxes20,676 20,970 294 19,138 21,541 2,403 
Income tax expense3,770 3,837 67 3,598 4,148 550 
Net income16,906 17,133 227 15,540 17,393 1,853 
Basic earnings per share:
Net income per share of common stock$0.83 $0.85 $0.02 $0.76 $0.85 $0.09 
Diluted earnings per share:
Net income per share of common stock$0.82 $0.83 $0.01 $0.75 $0.84 $0.09 

(Thousands except per share amounts)
2019
Third QuarterFourth Quarter
Selected ItemsPreviously ReportedAs AdjustedAdjustmentPreviously ReportedAs AdjustedAdjustment
Cost of sales$240,748 $239,374 $(1,374)$225,154 $225,679 $525 
Gross margin65,231 66,605 1,374 55,007 54,482 (525)
Operating profit6,289 7,663 1,374 16,574 16,049 (525)
Income before income taxes5,726 7,100 1,374 16,450 15,925 (525)
Income tax expense2,263 2,578 315 1,699 1,579 (120)
Net income3,463 4,522 1,059 14,751 14,346 (405)
Basic earnings per share:
Net income per share of common stock$0.17 $0.22 $0.05 $0.72 $0.70 $(0.02)
Diluted earnings per share:
Net income per share of common stock$0.17 $0.22 $0.05 $0.71 $0.69 $(0.02)
v3.20.4
Acquisition
 12 Months Ended
Dec. 31, 2020
Business Combinations [Abstract]  
Business Combination Acquisition
On July 17, 2020, the Company acquired 100% of the capital stock of Optics Balzers, an industry leader in thin film optical coatings. The purchase price for Optics Balzers was $136.1 million, including the assumption of $22.5 million of debt. The transaction was funded with cash on hand, including a portion of the $150.0 million borrowed under our revolving credit facility during the first half of 2020. This business operates within the Precision Optics segment, and the results of operations are included as of the date of acquisition. The combination of Materion and Optics Balzers creates a premier optical thin film coating solutions provider with a highly complementary geographic, product, and end market portfolio.

The preliminary purchase price allocation for the acquisition is as follows:

(Thousands)July 17, 2020
Assets:
Cash and cash equivalents$5,390 
Accounts receivable8,484 
Inventories10,715 
Prepaid and other current assets937 
Property, plant, and equipment 46,791 
Operating lease, right-of-use assets13,357 
Intangible assets49,300 
Goodwill70,639 
Total assets acquired$205,613 
Liabilities:
Short-term debt$600 
Accounts payable2,851 
Salaries and wages4,392 
Other liabilities and accrued items3,678 
Income taxes61 
Unearned revenue1,259 
Other long-term liabilities207 
Operating lease liabilities12,356 
Finance lease liabilities2,642 
Retirement and post-employment benefits6,586 
Unearned income1,835 
Long-term income taxes181 
Deferred income taxes10,934 
Long-term debt21,926 
Total liabilities assumed$69,508 
Net assets acquired$136,105 

Assets acquired and liabilities assumed are recognized at their respective fair values as of the acquisition date. The Company engaged specialists to assist in the valuation of property, plant, and equipment, intangible assets, and retirement and post-employment benefits. The estimates in the purchase price allocation are based on available information and will be revised during the measurement period, not to exceed 12 months, as additional information becomes available on tax-related items, and as additional analysis is performed. Such revisions are not expected to have a material impact on the Company's results of operations and financial position. No material measurement period adjustments have been recorded since the acquisition date.

The Company's consolidated financial statements include the results of operations of Optics Balzers from the acquisition date through December 31, 2020. The amount of Net sales and operating results attributable to the acquisition during this period were not material.
Acquisition-related transaction and integration costs totaled $6.5 million in 2020. These costs are included in selling, general, and administrative expense in the Consolidated Statements of Income.

As part of the acquisition, the Company recorded approximately $70.6 million of goodwill in its Precision Optics segment. Goodwill was calculated as the excess of the purchase price over the estimated fair values of the tangible net assets and intangible assets acquired and primarily attributable to the synergies expected to arise after the acquisition dates. The goodwill is not expected to be deductible for U.S. tax purposes.

The following table reports the intangible assets by asset category as of the closing date:
(Thousands)Value at AcquisitionWeighted Average Life
Customer relationships$40,141 18 years
Technology4,059 5 years
Licenses and other5,100 5 years
Total$49,300 
v3.20.4
Segment Reporting and Geographic Information
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Segment Reporting and Geographic Information Segment Reporting and Geographic Information
Certain amounts below have been adjusted to reflect the retrospective application of the Company's change in inventory accounting method, as described in Note A.
The Company has the following operating segments: Performance Alloys and Composites, Advanced Materials, Precision Optics, 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 Optics 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:
(Thousands)Performance
Alloys and
Composites		Advanced MaterialsPrecision OpticsOtherTotal
2020
Net sales$394,195 $670,867 $111,212 $— $1,176,274 
Intersegment sales6 35,912 — — 35,918 
Operating profit (loss)13,597 22,120 (4,382)(23,120)8,215 
Depreciation, depletion, and amortization25,782 8,061 6,564 1,977 42,384 
Expenditures for long-lived assets53,841 9,003 908 3,522 67,274 
Total Assets477,892 251,637 268,004 60,327 1,057,860 
2019
Net sales$500,201 $573,763 $111,460 $— $1,185,424 
Intersegment sales38 70,047 — — 70,085 
Operating profit (loss)73,815 25,124 (3,550)(24,843)70,546 
Depreciation, depletion, and amortization24,437 8,955 5,695 2,029 41,116 
Expenditures for long-lived assets15,520 7,572 1,045 2,391 26,528 
Total Assets442,885 214,961 78,981 161,603 898,430 
2018
Net sales$500,590 $586,643 $120,582 $— $1,207,815 
Intersegment sales37 50,460 — — 50,497 
Operating profit (loss)60,008 16,732 10,707 (25,695)61,752 
Depreciation, depletion, and amortization17,434 8,575 7,066 2,449 35,524 
Expenditures for long-lived assets15,396 15,523 1,983 1,358 34,260 
Total Assets453,345 206,393 90,537 93,035 843,310 
Intersegment sales are eliminated in consolidation.
The primary measure of evaluating segment performance is operating profit. From an assets perspective, segments are evaluated based upon a return on invested capital metric, which includes inventory, accounts receivable, and property, plant, and equipment.
A reconciliation of total segment operating profit to total consolidated income before income taxes is as follows:
(Thousands)202020192018
Total operating profit for reportable segments8,215 70,546 61,752 
Other non-operating (income) expense - net(3,939)3,431 42,683 
Interest expense - net3,879 1,579 2,471 
Income before income taxes$8,275 $65,536 $16,598 
Other geographic information includes the following:
(Thousands)202020192018
Net sales
United States$641,727 $743,345 $726,881 
Asia329,968 256,114 270,672 
Europe189,281 169,132 186,081 
All other15,298 16,833 24,181 
Total$1,176,274 $1,185,424 $1,207,815 
Property, plant, and equipment, net by country deployed
United States$223,340 $194,596 $215,395 
All other86,346 37,680 35,623 
Total$309,686 $232,276 $251,018 
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.
The following table disaggregates revenue for each segment by end market for 2020 and 2019:
 (Thousands)Performance Alloys and CompositesAdvanced MaterialsPrecision OpticsOtherTotal
2020
End Market
Semiconductor$4,626 $526,553 $456 $— $531,635 
Industrial90,884 38,052 18,096 — 147,032 
Aerospace and Defense67,173 6,241 19,539 — 92,953 
Consumer Electronics47,983 479 21,566 — 70,028 
Automotive66,489 6,262 3,532 — 76,283 
Energy20,587 75,768 — — 96,355 
Telecom and Data Center44,313 2,183 — — 46,496 
Other52,140 15,329 48,023 — 115,492 
    Total$394,195 $670,867 $111,212 $— $1,176,274 
2019
End Market
Semiconductor$5,353 $432,658 $711 $— $438,722 
Industrial106,334 29,917 14,253 — 150,504 
Aerospace and Defense109,717 5,647 20,731 — 136,095 
Consumer Electronics72,360 1,254 18,201 — 91,815 
Automotive69,057 8,179 969 — 78,205 
Energy41,101 74,613 — — 115,714 
Telecom and Data Center61,344 2,981 — — 64,325 
Other34,935 18,514 56,595 — 110,044 
    Total$500,201 $573,763 $111,460 $— $1,185,424 
v3.20.4
Revenue Recognition
 12 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer Revenue RecognitionNet 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 for 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, 2020. 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, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $10.2 million.
Contract Costs: The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs primarily relate to sales commissions, which are included in selling, general, and administrative expenses.
Contract Balances: The timing of revenue recognition, billings, and cash collections resulted in the following contract assets and contract liabilities:
(Thousands)December 31, 2020December 31, 2019$ change% change
Accounts receivable, trade
$156,821 $141,168 $15,653 11 %
Unbilled receivables
8,832 13,583 (4,751)(35)%
Unearned revenue
7,713 3,380 4,333 128 %
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 2020.
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 $3.2 million of the December 31, 2019 unearned amounts as revenue during 2020.
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.
v3.20.4
Restructuring
 12 Months Ended
Dec. 31, 2020
Restructuring and Related Activities [Abstract]  
Restructuring RestructuringDuring 2020, the Company committed to a plan to sell its Large Area Coatings (LAC) business (a reporting unit within the Precision Optics segment) and determined that it met the criteria to be classified as held for sale. The Company recorded a goodwill impairment charge of $9.1 million in the first quarter of 2020 to write-off the remaining balance of goodwill for the LAC reporting unit. In addition, the Company estimated the fair value of the disposal group as a whole, less costs to sell, and compared the fair value to the remaining carrying value. Based on this review, the Company recorded an additional $1.4 million asset impairment loss. During the third quarter of 2020, the Company concluded that it intended to close its LAC business and, as a result, only a portion of the fixed assets of the LAC business are classified as held for sale. At December 31, 2020, fixed assets totaling $0.2 million were classified as held for sale and reflected within Prepaid and other current assets in the Consolidated Balance Sheet.
Costs associated with the closure of the LAC business totaled $1.7 million in 2020 and included $0.7 million of severance associated with approximately 20 employees and $1.0 million of facility and other related costs.
Remaining severance payments of $0.6 million and facility costs of $1.0 million related to these initiatives are reflected within Salaries and wages and Other liabilities and accrued items, respectively, in the Consolidated Balance Sheet. The Company expects to incur additional costs related to these initiatives of approximately $0.2 million in the first quarter of 2021.
In addition, in 2020, the Company completed additional cost reduction actions in order to align costs with commensurate business levels in its Precision Optics segment. These actions were accomplished through elimination of vacant positions, consolidation of roles, and staff reductions. Costs associated with these actions totaled $0.4 million and included severance associated with approximately 28 employees and other related costs, all of which was paid during 2020.
Also, in 2020, the Company initiated a restructuring plan in its PAC segment to close its Warren, Michigan and Fremont, California locations. Costs associated with the plan totaled $8.8 million in 2020 and included $2.1 million of severance associated with approximately 63 employees, and $5.3 million of facility and other related costs.
Remaining severance payments of $0.5 million and facility costs of $0.5 million related to these initiatives are reflected within Salaries and wages and Other liabilities and accrued items in the Consolidated Balance Sheet as of December 31, 2020. The Company does not expect to incur any additional costs associated with these initiatives.
In 2019, the Company initiated a restructuring plan in its LAC business 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, all of which was paid out by the end of 2020.
In addition, in 2019, 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 were in the Other segment and included severance associated with seven employees and other related costs. All severance payments were paid by the end of 2020.
Costs associated with cost reduction 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 $0.3 million as of December 31, 2020.
These costs are presented in the Company's segment results as follows:
(Thousands)202020192018
Performance Alloys and Composites$8,763 $— $— 
Advanced Materials— — 5,599 
Precision Optics2,052 328 — 
Other422 457 — 
Total$11,237 $785 $5,599 
v3.20.4
Other-net
 12 Months Ended
Dec. 31, 2020
Other-net [Abstract]  
Other-net Other-net
Other-net is summarized for 2020, 2019, and 2018 as follows:
 (Income) Expense
(Thousands)202020192018
Metal consignment fees$8,587 $9,247 $10,999 
Amortization of intangible assets2,377 1,400 2,265 
Foreign currency (gain) loss(2,569)666 1,487 
Net loss on disposal of fixed assets466 344 518 
Rental income— (87)(416)
Other items(398)213 481 
Total other-net$8,463 $11,783 $15,334 
v3.20.4
Interest
 12 Months Ended
Dec. 31, 2020
Interest [Abstract]  
Interest Interest expense-net
The following chart summarizes the interest incurred, capitalized, and paid for 2020, 2019, and 2018:
(Thousands)202020192018
Interest incurred, net$3,889 $1,641 $2,870 
Less: Capitalized interest10 62 399 
Total net expense$3,879 $1,579 $2,471 
Interest paid$3,442 $1,799 $1,436 
The increase in interest expense for 2020 versus 2019 was primarily due to increased borrowings under our revolving credit facility during 2020. The decrease in interest expense in 2019 compared to 2018 was primarily due to interest income earned on investments held in money market accounts. Amortization of deferred financing costs within interest expense was $0.8 million in 2020 and $1.0 million in both 2019 and 2018.
v3.20.4
Income Taxes
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Certain amounts below have been adjusted to reflect the retrospective application of the Company's change in inventory accounting method, as described in Note A.
On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law. The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, and modifications to the net interest deduction limitations. The Company has examined the impact of the CARES Act on its business and has determined it does not have a material impact to its consolidated financial statements.
On July 9, 2020, the U.S. Treasury Department issued final tax regulations related to the foreign-derived intangible income and global intangible low-taxed income (GILTI) provisions. The U.S. Treasury Department also released final tax regulations on July 20, 2020 permitting a taxpayer to elect to exclude from its GILTI inclusion items of income subject to a high effective rate of foreign tax. On December 31, 2020, the U.S. Treasury Department issued final tax regulations for certain employee renumeration in excess of $1 million under IRC Section 162(m). The Company has applied the new legislation to its consolidated financial statements.
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 2018.
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 $7.1 million tax benefit related to the generation of foreign tax credits and the reversal of the valuation allowance related to foreign tax credits.
Income before income taxes and income tax expense (benefit) are comprised of the following:
(Thousands)202020192018
Income (loss) before income taxes:
Domestic$(1,153)$60,271 $20,528 
Foreign9,428 5,265 (3,930)
Total income before income taxes$8,275 $65,536 $16,598 
Income tax expense:
Current income tax expense (benefit):
Domestic$812 $6,995 $(5,244)
Foreign1,851 1,202 2,710 
Total current$2,663 $8,197 $(2,534)
Deferred income tax (benefit) expense:
Domestic$(5,641)$2,687 $(4,677)
Foreign(4,209)1,258 2,765 
Total deferred$(9,850)$3,945 $(1,912)
Total income tax (benefit) expense$(7,187)$12,142 $(4,446)
A reconciliation of the U.S. federal statutory income tax rate to the Company's effective income tax rate is as follows:
202020192018
U.S. federal statutory rate21.0 %21.0 %21.0 %
State and local income taxes, net of federal tax effect(10.0)1.0 0.2 
Effect of excess of percentage depletion over cost depletion(43.0)(4.3)(17.5)
Manufacturing production deduction, including impact of NOL carryback— — 6.2 
Foreign derived intangible income deduction(1.8)(3.0)(2.8)
Non-deductible goodwill impairment7.1 1.1 — 
Tax Cuts and Jobs Act impact— 2.3 (66.7)
Research and development tax credit(16.4)(1.1)(7.5)
Foreign tax credit— (0.3)(1.9)
Impact of foreign operations(5.3)0.9 1.8 
Non-deductible transaction costs6.9 0.2 1.3 
Interest from tax authorities(3.8)— — 
Adjustment to unrecognized tax benefits1.8 0.2 2.7 
Equity compensation(5.3)(3.2)(4.3)
Non-deductible officers' compensation6.8 0.8 — 
Valuation allowance(45.5)2.1 38.1 
Other items0.6 0.8 2.6 
Effective tax rate(86.9)%18.5 %(26.8)%
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:
 December 31,
(Thousands)20202019
Asset (liability)
Post-employment benefits other than pensions$1,564 $1,626 
Other reserves226 543 
Deferred compensation3,322 3,314 
Environmental reserves1,301 1,384 
Lease liabilities10,469 4,614 
Pensions7,456 5,149 
Accrued compensation expense2,683 5,364 
Net operating loss and credit carryforwards12,685 13,513 
Research and development tax credit carryforward26 25 
Subtotal39,732 35,532 
Valuation allowance(14,134)(17,676)
Total deferred tax assets25,598 17,856 
Depreciation(12,112)(10,780)
Lease assets(10,261)(4,428)
Inventory(3,532)(7,954)
Amortization(10,754)(2,426)
Mine development(1,669)(3,706)
Total deferred tax liabilities(38,328)(29,294)
Net deferred tax liabilities$(12,730)$(11,438)

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, 2020, for income tax purposes, the Company had foreign net operating loss carryforwards of $27.8 million that do not expire, and $7.1 million that expire in calendar years 2021 through 2027. The Company also had state net operating loss carryforwards of $20.5 million that expire in calendar years 2021 through 2040 and state tax credits of $3.7 million that expire in calendar years 2021 through 2035. A valuation allowance of $9.5 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.
We operate under a tax holiday in Malaysia, which is effective through July 31, 2022, and may be extended if certain additional requirements are satisfied. The tax holiday is conditional upon our meeting certain employment, sales, and investment thresholds. The impact of this holiday decreased foreign taxes by $0.5 million in 2020. The benefit of the tax holiday on net income per share (diluted) was $0.03 in 2020.
A reconciliation of the Company’s unrecognized tax benefits (excluding interest and penalties) for the year-to-date periods ended December 31, 2020 and 2019 is as follows:
(Thousands)20202019
Balance at January 1$3,221 $2,883 
Additions to tax provisions related to the current year191 — 
Additions to tax positions related to prior years— 399 
Reduction to tax positions related to prior years(349)— 
Lapses on statutes of limitations(703)(61)
Balance at December 31$2,360 $3,221 
Included in the balance as of December 31, 2020 and December 31, 2019 are $2.7 million and $2.4 million, respectively, of unrecognized tax benefits that would impact the Company’s effective tax rate if recognized. We believe it is reasonably possible that a decrease of up to $1.6 million of unrecognized tax benefits related to federal exposures may be recognized in the next twelve months as a result of the lapse of the statute of limitations.
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 2020, 2019, and 2018. As of December 31, 2020 and 2019, accrued interest and penalties, net of the related tax benefit, were immaterial.
Income taxes paid during 2020, 2019, and 2018, were approximately $3.9 million, $9.3 million, and $2.6 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, 2020. The amount of such unrepatriated earnings totaled $98.4 million as of December 31, 2020. 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.
v3.20.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table sets forth the computation of basic and diluted EPS:
(Thousands except per share amounts)20202019*2018*
Numerator for basic and diluted EPS:
Net income$15,462 $53,394 $21,044 
Denominator:
Denominator for basic EPS:
Weighted-average shares outstanding20,338 20,365 20,212 
Effect of dilutive securities:
Stock appreciation rights39 72 170 
Restricted stock units102 75 85 
Performance-based restricted stock units124 143 146 
Diluted potential common shares265 290 401 
Denominator for diluted EPS:
Adjusted weighted-average shares outstanding20,603 20,655 20,613 
Basic EPS$0.76 $2.62 $1.04 
Diluted EPS$0.75 $2.59 $1.02 
*Amounts for the years ended December 31, 2019 and 2018 have been adjusted to reflect the change in inventory accounting method, as described in Note A.
Equity awards covering shares of common stock totaling 166,255 in 2020, 71,199 in 2019, and 65,122 in 2018 were excluded from the diluted EPS calculation as their effect would have been anti-dilutive.
v3.20.4
Inventories
 12 Months Ended
Dec. 31, 2020
Inventory Disclosure [Abstract]  
Inventories Inventories, net
Inventories are stated at the lower of cost or net realizable value. In the fourth quarter of 2020, the Company voluntarily changed its method of inventory costing for the majority of its domestic inventories to the FIFO method from the LIFO method. The Company believes that the FIFO method is preferable as it results in uniformity across the Company's global operations, provides better matching of revenues and expenses, and improves comparability with the Company's peers.
Inventories in the Consolidated Balance Sheets are summarized as follows:
 December 31,
(Thousands)20202019*
Raw materials and supplies$42,905 $35,612 
Work in process200,741 175,135 
Finished goods7,132 25,506 
Inventories, net250,778 236,253 
*December 31, 2019 amounts have been adjusted to reflect the change in inventory accounting method, as described in Note A.
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 $400.0 million as of December 31, 2020 versus $309.3 million as of December 31, 2019.
v3.20.4
Property, Plant, and Equipment
 12 Months Ended
Dec. 31, 2020
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:
 December 31,
(Thousands)20202019
Land$5,686 $4,874 
Buildings165,144 150,323 
Machinery and equipment645,195 639,310 
Software43,652 44,652 
Construction in progress69,297 16,699 
Allowances for depreciation(662,724)(669,250)
Subtotal266,250 186,608 
Finance leases34,301 26,069 
Allowances for depreciation(4,914)(3,569)
Subtotal29,387 22,500 
Mineral resources4,979 4,980 
Mine development30,058 30,058 
Allowances for amortization and depletion(20,988)(11,870)
Subtotal14,049 23,168 
Property, plant, and equipment — net$309,686 $232,276 
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 $4.3 million in both 2020 and 2018 and $4.4 million in 2019 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 $30.9 million in 2020, $30.3 million in 2019, and $33.3 million in 2018. 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 2020, 2019, and 2018. The net carrying value of capitalized software was $5.0 million and $7.9 million at December 31, 2020 and December 31, 2019, respectively. Depreciation expense related to software was $1.8 million, $2.4 million, and $2.6 million in 2020, 2019, and 2018, respectively.
v3.20.4
Customer Prepayments
 12 Months Ended
Dec. 31, 2020
Revenue Recognition and Deferred Revenue [Abstract]  
Customer Prepayments Customer PrepaymentsThe Company entered into investment and master supply agreements with a customer to procure equipment to manufacture product for the customer. The customer will make prepayments to the Company in the amount of approximately $70 million in the aggregate to enable the Company to purchase and install certain equipment and make necessary infrastructure improvements to supply product to the customer. The Company will own the equipment and be responsible for operating and maintenance costs. The prepayment from the customer will be applied when commercial production of the product is sold and delivered to the customer in connection with a master supply agreement. Accordingly, as of December 31, 2020, $58.8 million of prepayments are classified as Unearned income in the Consolidated Balance Sheet and the liabilities are expected to be settled as commercial shipments are made.
v3.20.4
Leasing Arrangements
 12 Months Ended
Dec. 31, 2020
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. As of December 31, 2020, we had no material leases that had yet to commence.
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 components of operating and finance lease cost for 2020 and 2019 were as follows:
(Thousands)20202019
Components of lease expense
Operating lease cost$10,602 $9,835 
Finance lease cost
Amortization of right-of-use assets1,324 1,414 
Interest on lease liabilities1,021 1,028 
Total lease cost$12,947 $12,277 
Operating lease expense under ASC 840 amounted to $11.6 million during 2018. 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, 2020 and 2019 was as follows:
(Thousands, except lease term and discount rate)20202019
Supplemental balance sheet information
Operating Leases
Operating lease right-of-use assets
$62,089 $23,413 
Other liabilities and accrued items6,908 6,542 
Operating lease liabilities56,761 18,091 
Finance Leases
Property, plant, and equipment
$34,301 $26,069 
Allowances for depreciation, depletion, and amortization
(4,914)(3,570)
Finance lease assets, net$29,387 $22,499 
Other liabilities and accrued items$2,925 $1,265 
Finance lease liabilities20,539 17,424 
Total principal payable on finance leases$23,464 $18,689 
Weighted Average Remaining Lease Term
Operating leases
12.724.69
Finance leases
16.5919.47
Weighted Average Discount Rate
Operating leases
6.46%5.91%
Finance leases
4.88%5.31%

Future maturities of the Company's lease liabilities as of December 31, 2020 are as follows:
FinanceOperating
(Thousands)LeasesLeases
2021$3,877 $10,707 
20223,827 9,415 
20232,536 8,750 
20241,595 6,608 
20251,432 6,278 
2026 and thereafter 21,906 53,041 
Total lease payments35,173 94,799 
Less amount of lease payment representing interest11,709 31,130 
Total present value of lease payments
$23,464 $63,669 
Supplemental cash flow information related to leases was as follows:
(Thousands)20202019
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$16,216 $15,841 
Operating cash flows from finance leases1,021 1,028 
Financing cash flows from finance leases2,213 1,200 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases43,037 32,534 
Finance leases6,736 3,919 
v3.20.4
Intangible Assets and Goodwill
 12 Months Ended
Dec. 31, 2020
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, 2020 and 2019, is as follows:
 20202019
(Thousands)Gross Carrying AmountAccumulated AmortizationNetGross Carrying AmountAccumulated AmortizationNet
Customer relationships$81,231 $(38,773)$42,458 $39,601 $(37,692)$1,909 
Technology16,915 (13,290)3,625 13,377 (12,816)561 
Licenses and other 11,457 (4,840)6,617 4,257 (3,046)1,211 
Total$109,603 $(56,903)$52,700 $57,235 $(53,554)$3,681 

During 2020, the Company acquired $40.1 million in customer relationships with a useful life of eighteen years, as well as $4.1 million in technology and $5.1 million in other intangible assets, both of which have a five years useful life.
Amortization expense for 2020, 2019, and 2018 was $2.4 million, $1.4 million, and $2.3 million, respectively.
Estimated amortization expense for each of the five succeeding years is as follows:
Amortization
(Thousands)Expense
20214,596 
20224,585 
20234,565 
20244,563 
20254,084 
Intangible assets also includes deferred financing costs relating to the Company's revolving credit and consignments lines of $2.0 million and $2.7 million at December 31, 2020 and 2019, respectively.
Goodwill
In 2020, the Company acquired Optics Balzers for a total purchase price of $136.1 million, including the assumption of debt, and recorded goodwill of $70.6 million. Optics Balzers is included in the Precision Optics segment.
The balance of goodwill at December 31, 2020 and 2019 was $144.9 million and $79.0 million, respectively.
A summary of changes in goodwill by reportable segment is as follows:
(Thousands)Performance Alloys and CompositesAdvanced MaterialsPrecision OpticsTotal
Balance at December 31, 2018$1,899 $50,276 $38,482 $90,657 
Impairment charge— — (11,560)(11,560)
Other— (86)— (86)
Balance at December 31, 2019$1,899 $50,190 $26,922 $79,011 
Acquisition— — 70,577 70,577 
Impairment charge— — (9,053)(9,053)
Other— 337 4,044 4,381 
Balance at December 31, 2020$1,899 50,527 $92,490 $144,916 
In 2020, the Company recorded a $9.1 million goodwill impairment charge to write-off the remaining balance of goodwill for the LAC reporting unit which was closed as of December 31, 2020. See Note E for additional details of the restructuring plan. 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 E 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 2020, 2019, and 2018 annual goodwill impairment assessments indicated that no other goodwill impairment existed.
Accumulated impairment losses were $20.6 million and $11.6 million at December 31, 2020 and 2019, respectively, all of which related to the LAC reporting unit.
v3.20.4
Debt
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Debt Debt
Long-term debt in the Consolidated Balance Sheets is summarized as follows:
 December 31,
(Thousands)20202019
Borrowings under Credit Agreement with average interest rate of 1.65% at December 31, 2020$34,000 $— 
Foreign debt3,157 — 
Fixed rate industrial development revenue bonds1,322 2,218 
Total long-term debt outstanding38,479 2,218 
Current portion of long-term debt(1,937)(868)
Gross long-term debt36,542 1,350 
Unamortized deferred financing fees— (90)
Long-term debt$36,542 $1,260 
Maturities on long-term debt instruments as of December 31, 2020 are as follows:
(Thousands)
2021$1,937 
2022500 
2023387 
202434,387 
2025387 
2026 and thereafter881 
Total$38,479 

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 Credit Agreement. The Company borrowed $150.0 million under the Credit Agreement during 2020 as a precaution in light of the COVID-19 pandemic. A portion of the amount borrowed was used to fund the Optics Balzers acquisition. At December 31, 2020, there was $34.0 million outstanding under this Credit Agreement. No amounts were outstanding at December 31, 2019.

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, 2020 and December 31, 2019.
At December 31, 2020 and 2019 there was $48.1 million and $41.8 million outstanding against the letters of credit sub-facility, respectively. The Company pays a variable commitment fee that may reset quarterly (0.2% as of December 31, 2020) of the available and unborrowed amounts under the revolving credit line.
The available borrowings under the individual existing credit lines total $245.8 million as of December 31, 2020.
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 $1.3 million and $2.2 million at December 31, 2020 and 2019, respectively.
v3.20.4
Pensions and Other Post-Employment Benefits
 12 Months Ended
Dec. 31, 2020
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, Liechtenstein, and England, and the U.S. supplemental retirement plans. The Other Benefits column includes the domestic retiree medical and life insurance plan.
  Pension BenefitsOther Benefits
(Thousands)2020201920202019
Change in benefit obligation
Benefit obligation at beginning of year$186,760 $170,136 $8,681 $11,375 
Service cost1,403 5,918 59 67 
Interest cost5,234 6,292 213 399 
Net pension curtailments and settlements(609)(12,212)— — 
Acquisition30,360 — — — 
Plan amendments(799)— — — 
Actuarial loss (gain)24,259 20,409 224 (2,192)
Benefit payments(4,612)(3,170)(989)(981)
Foreign currency exchange rate changes and other4,111 (613)2 13 
Benefit obligation at end of year246,107 186,760 8,190 8,681 
Change in plan assets
Fair value of plan assets at beginning of year174,046 145,046 — — 
Plan settlements— — — — 
Acquisition23,774 — — — 
Actual return on plan assets30,330 27,264 — — 
Employer contributions614 4,702 — — 
Employee contributions498 124 — — 
Benefit payments from fund(4,720)(2,933)— — 
Expenses paid from assets(234)(391)— — 
Foreign currency exchange rate changes and other1,868 234 — — 
Fair value of plan assets at end of year226,176 174,046 — — 
Funded status at end of year$(19,931)$(12,714)$(8,190)$(8,681)
Amounts recognized in the Consolidated
Balance Sheets consist of:
Other assets$13,074 $11,298 $— $— 
Other liabilities and accrued items(470)(997)(866)(1,012)
Retirement and post-employment benefits(32,535)(23,015)(7,324)(7,669)
Net amount recognized$(19,931)$(12,714)$(8,190)$(8,681)

The benefit obligation increased in 2020 primarily due to the Optics Balzers acquisition, as well as actuarial losses that were driven by decreases in the discount rate as well as participant census data updates.
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.
The following amounts are included within accumulated other comprehensive loss at December 31, 2020:
  Pension BenefitsOther Benefits
(Thousands)2020201920202019
Amounts recognized in other comprehensive income (before tax) consist of:
Net actuarial loss (gain)$49,472 $48,073 $(3,973)$(4,529)
Net prior service cost (credit)(799)— (3,552)(5,049)
Net amount recognized$48,673 $48,073 $(7,525)$(9,578)
The following table provides information regarding the accumulated benefit obligation:
  Pension BenefitsOther Benefits
(Thousands)2020201920202019
Additional information
Accumulated benefit obligation for all defined benefit pension plans$243,953 $185,402 $— $— 
For defined benefit pension plans with benefit obligations in excess of plan assets:
Aggregate benefit obligation62,012 25,640 — — 
Aggregate fair value of plan assets29,938 3,045 — — 
For defined benefit pension plans with accumulated benefit obligations in excess of plan assets:
Aggregate accumulated benefit obligation59,858 24,482 — — 
Aggregate fair value of plan assets29,938 3,045 — — 

The following table summarizes components of net benefit cost:
  
Pension BenefitsOther Benefits
(Thousands)202020192018202020192018
Net benefit cost
Service cost$1,403 $5,918 $6,953 $59 $67 $111 
Interest cost5,234 6,292 9,554 213 399 396 
Expected return on plan assets(9,333)(8,777)(14,231)— — — 
Amortization of prior service credit— 483 (123)(1,497)(1,497)(1,497)
Recognized net actuarial loss (gain)1,678 3,304 7,171 (332)(93)— 
Net periodic benefit (credit) cost(1,018)7,220 9,324 (1,557)(1,124)(990)
Net pension curtailments and settlements94 3,328 41,406 — — — 
Total net benefit (credit) cost$(924)$10,548 $50,730 $(1,557)$(1,124)$(990)
 
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.
Net benefit cost for 2018 includes settlement charges of $41.4 million primarily related to the remeasurement of the periodic benefit obligation of the U.S. plans in conjunction with the purchase of a group annuity contract from Mutual of America.
Components of net periodic benefit cost, other than service cost, are included in Other non-operating (income) expense in the Consolidated Statements of Income. Additionally, Pension Benefit Guaranty Corporation premiums are reported within expected return on plan assets.
The following table summarizes amounts recognized in other comprehensive income (OCI):
  
Pension BenefitsOther Benefits
(Thousands)202020192018202020192018
Change in other comprehensive income
OCI at beginning of year$48,073 $65,409 $122,802 $(9,578)$(8,976)$(8,020)
Increase (decrease) in OCI:
Recognized during year — prior service cost (credit)— (3,811)123 1,497 1,497 1,497 
Recognized during year — net actuarial (losses) gains(1,678)(3,304)(7,171)332 93 — 
Occurring during year — prior service cost(799)— — — — — 
Occurring during year — net actuarial losses (gains)3,146 2,062 (8,997)224 (2,192)(2,453)
Other adjustments(94)(12,212)(41,406)— — — 
Foreign currency exchange rate changes25 (71)58 — — — 
OCI at end of year$48,673 $48,073 $65,409 $(7,525)$(9,578)$(8,976)

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:
 Pension BenefitsOther Benefits
 202020192018202020192018
Weighted-average assumptions used to determine benefit obligations at fiscal year end
Discount rate2.14 %3.12 %4.07 %2.45 %3.20 %4.11 %
Rate of compensation increase2.22 %3.00 %3.87 %3.00 %3.00 %4.00 %
Weighted-average assumptions used to determine net cost for the fiscal year
Discount rate8.37 %4.16 %3.63 %3.20 %4.11 %3.43 %
Expected long-term return on plan assets5.70 %6.06 %6.63 %N/AN/AN/A
Rate of compensation increase2.87 %2.99 %3.98 %3.00 %4.00 %4.00 %
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 3.0% in 2020 and 4.0% in 2019 for both the domestic defined benefit pension plan and the domestic retiree medical plan.
Assumptions for the defined benefit pension plans in Germany, Liechtenstein, and England are determined separately from the U.S. plan assumptions, based on historical trends and current and projected market conditions in each respective country. One plan in Germany is unfunded.
Assumed health care trend rates at fiscal year end20202019
Health care trend rate assumed for next year6.00%6.25%
Rate that the trend rate gradually declines to (ultimate trend rate)5.00%5.00%
Year that the rate reaches the ultimate trend rate20252025

Plan Assets
The following tables present the fair values of the Company’s defined benefit pension plan assets as of December 31, 2020 and 2019 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 S for definitions of the fair value hierarchy.
 December 31, 2020
(Thousands)TotalLevel 1Level 2Level 3
Cash$2,204 $2,204 $— $— 
Equity securities (a)49,293 49,293 — — 
Fixed-income securities (b)20,375 20,375 — — 
Other types of investments:
Real estate fund (c)6,105 6,105 — — 
Total77,977 77,977 — — 
Investments measured at NAV: (d)
Pooled investment fund (e)143,503 
Multi-strategy hedge funds (f)4,624 
Private equity funds72 
Total assets at fair value$226,176 
 December 31, 2019
(Thousands)TotalLevel 1Level 2Level 3
Cash$1,718 $1,718 $— $— 
Equity securities (a)47,722 47,722 — — 
Fixed-income securities (b)3,923 3,923 — — 
Other types of investments:
Real estate fund (c)3,121 3,121 — — 
Total56,484 56,484 — — 
Investments measured at NAV: (d)
Pooled investment fund (e)113,187 
Multi-strategy hedge funds (f)4,277 
Private equity funds98 
Total assets at fair value$174,046 
(a)Equity securities are primarily comprised of corporate stock and mutual funds directly held by the plans. Equity securities are valued using the closing price reported on the active market on which the individual securities are traded.
(b)Fixed income securities are primarily comprised of governmental and corporate bonds directly held by the plans. Governmental and corporate bonds are valued using both market observable inputs for similar assets that are traded on an active market and the closing price on the active market on which the individual securities are traded.
(c)Includes a mutual fund that typically invests at least 80% of its assets in equity and debt securities of companies in the real estate industry or related industries or in companies which own significant real estate assets at the time of investment.
(d)Certain assets that are measured at fair value using the NAV practical expedient have not been classified in the fair value hierarchy.
(e)Pooled investment fund consists of various investment types including equity investments covering a range of geographies and including investment managers that hold long and short positions, property investments, and other
multi-strategy funds which combine a range of different credit, equity, and macro-orientated ideas and dynamically allocate funds across asset classes.
(f)Includes a fund that invests in a broad portfolio of hedge funds.
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 2021.

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 Benefits
(Thousands)Pension BenefitsGross Benefit
Payment		Net of
Medicare
Part D
Subsidy
20214,987 867 853 
20225,854 812 800 
20237,401 746 736 
20248,689 667 659 
20258,924 603 596 
2026 through 203054,116 2,140 2,120 
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 $1.7 million at December 31, 2020 and $1.4 million at December 31, 2019, 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 $9.8 million in 2020, $7.0 million in 2019, and $5.2 million in 2018.
v3.20.4
Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Accumulated Other Comprehensive Income Accumulated Other Comprehensive (Loss) Income
Changes in the components of accumulated other comprehensive (loss) income, including amounts reclassified out, for 2020, 2019, and 2018, and the balances in accumulated other comprehensive (loss) income as of December 31, 2020, 2019, and 2018 are as follows:
Gains and Losses
On Cash Flow Hedges		Pension and Post- Employment BenefitsForeign Currency Translation
(Thousands)Foreign CurrencyPrecious MetalsCopper TotalTotal
Balance at December 31, 2017$959 $(196)$— $763 $(99,592)$(4,108)$(102,937)
Other comprehensive income (loss) before reclassifications(333)467 (569)(435)11,396 (484)10,477 
Amounts reclassified from accumulated other comprehensive income10 (109)— (99)46,953 — 46,854 
Other comprehensive income (loss) before tax(323)358 (569)(534)58,349 (484)57,331 
Deferred taxes on current period activity(627)83 (128)(672)13,300 — 12,628 
Other comprehensive income (loss) after tax304 275 (441)138 45,049 (484)44,703 
Balance at December 31, 2018$1,263 $79 $(441)$901 $(54,543)$(4,592)$(58,234)
Balance at December 31, 2018$1,263 $79 $(441)$901 $(54,543)$(4,592)$(58,234)
Other comprehensive income (loss) before reclassifications108 (1,285)209 (968)9,085 (421)7,696 
Amounts reclassified from accumulated other comprehensive income(29)595 393 959 8,853 — 9,812 
Other comprehensive income (loss) before tax79 (690)602 (9)17,938 (421)17,508 
Deferred taxes on current period activity18 (159)136 (5)4,741 — 4,736 
Other comprehensive income (loss) after tax61 (531)466 (4)13,197 (421)12,772 
Balance at December 31, 2019$1,324 $(452)$25 $897 $(41,346)$(5,013)$(45,462)
Balance at December 31, 2019$1,324 $(452)$25 $897 $(41,346)$(5,013)$(45,462)
Other comprehensive income (loss) before reclassifications(1,268)(1,675)218 (2,725)(2,721)9,030 3,584 
Amounts reclassified from accumulated other comprehensive income222 2,041 354 2,617 (57)— 2,560 
Other comprehensive income (loss) before tax(1,046)366 572 (108)(2,778)9,030 6,144 
Deferred taxes on current period activity(241)84 129 (28)(651)— (679)
Other comprehensive income (loss) after tax(805)282 443 (80)(2,127)9,030 6,823 
Balance at December 31, 2020$519 $(170)$468 $817 $(43,473)$4,017 $(38,639)
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 S for additional details on cash flow hedges.
Reclassifications from accumulated other comprehensive income for pension and post-employment benefits are included in the computation of the net periodic pension and post-employment benefit expense. Refer to Note P for additional details on pension and other post-employment expenses.
v3.20.4
Stock-based Compensation
 12 Months Ended
Dec. 31, 2020
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, stock appreciation rights (SARs), performance-restricted shares, performance shares, performance units, restricted shares, and restricted stock units (RSUs). 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 $5.7 million, $11.1 million, and $11.4 million in 2020, 2019, and 2018, 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 $0.5 million, $2.1 million, and $1.2 million of tax benefits in 2020, 2019, and 2018, 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 vest in equal installments annually over three years. SARs expire in seven years.
The following table summarizes the Company's SARs activity during 2020:
(Shares in thousands)Number of
SARs		Weighted-
average
Exercise
Price Per
Share		Aggregate
Intrinsic
Value (thousands)		Weighted-
average
Remaining
Term (Years)
Outstanding at December 31, 2019250 $44.95 
Granted65 50.95 
Exercised(29)40.70 
Cancelled(32)51.43 
Outstanding at December 31, 2020254 46.18 $4,454 4.2
Vested and expected to vest as of December 31, 2020254 46.18 4,454 4.2
Exercisable at December 31, 2020148 41.00 3,368 3.4
A summary of the status and changes of shares subject to SARs and the related average price per share follows:
(Shares in thousands)Number of
SARs		Weighted-
average
Grant
Date
Fair Value
Nonvested as of December 31, 2019178 $14.72 
Granted65 13.67 
Vested(109)13.21 
Cancelled(28)15.50 
Nonvested as of December 31, 2020106 $15.46 
As of December 31, 2020, $0.9 million of expense with respect to non-vested SARs has yet to be recognized as expense over a weighted-average period of approximately 20 months. The total fair value of shares vested during 2020 was $1.5 million, compared to $1.9 million in both 2019 and 2018.
The weighted-average grant date fair value for 2020, 2019, and 2018 was $13.67, $17.76, and $15.73, 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 both 2020 and 2019 and $0.7 million in 2018.
The fair value of the SARs was estimated on the grant date using the Black-Scholes pricing model with the following assumptions:
202020192018
Risk-free interest rate1.41 %2.47 %2.58 %
Dividend yield0.9 %0.7 %0.8 %
Volatility31.8 %31.7 %31.9 %
Expected lives (in years)4.85.25.5
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 2020, 2019, and 2018 was $51.55, $58.33, and $50.35, 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 $2.7 million in 2020, $2.2 million in 2019, and $1.2 million in 2018. The unamortized compensation cost on the outstanding RSUs was $4.3 million as of December 31, 2020 and is expected to be recognized over a weighted-average period of 28 months. The total fair value of shares vested during both 2020 and 2019 was $1.2 million, compared to $1.4 million in 2018.
The following table summarizes the stock-settled RSU activity during 2020:
(Shares in thousands)Number of
Shares		Weighted-
average
Grant Date
Fair Value
Outstanding at December 31, 2019145 $50.79 
Granted84 51.55 
Vested(33)36.39 
Forfeited(35)53.52 
Outstanding at December 31, 2020161 $53.50 
RSUs - Non-Employee Directors. In 2020, 2019, and 2018, 15,976, 11,048, and 14,728 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 $48.42, $68.79, and $51.60 in 2020, 2019, and 2018, respectively. The Company recognized $0.7 million of expense with respect to these awards in each of the last three years. At December 31, 2020, $0.3 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 2020, 2019, and 2018, 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 will be settled in Materion common shares and are equity classified. 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 2020:
(Shares in thousands)Number of
Shares		Weighted-
average
Grant Date
Fair Value
Outstanding at December 31, 2019169 $52.74 
Granted46 57.65 
Vested(63)30.28 
Forfeited(26)63.59 
Outstanding at December 31, 2020126 $63.61 
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 $2.0 million for 2020, $3.3 million for 2019, and $2.7 million for 2018.
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. At December 31, 2020, shareholders’ equity included 0.1 million shares related to this plan.
v3.20.4
Fair Value Information and Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2020
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, 2020 and 2019:
  Fair Value Measurements
(Thousands)TotalQuoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Other
Significant
Unobservable
Inputs
(Level 3)
December 31, 2020
Financial Assets
Deferred compensation investments$3,802 $3,802 $— $— 
Foreign currency forward contracts107 — 107 — 
Precious metal swaps127 — 127 — 
Copper swaps632 — 632 — 
Total$4,668 $3,802 $866 $— 
Financial Liabilities
Deferred compensation liability$3,802 $3,802 $— $— 
Foreign currency forward contracts1,203 — 1,203 — 
Precious metal swaps349 — 349 — 
Copper swaps27 — 27 — 
Total$5,381 $3,802 $1,579 $— 
December 31, 2019
Financial Assets
Deferred compensation investments$3,391 $3,391 $— $— 
Foreign currency forward contracts188 — 188 — 
Precious metal swaps35 — 35 — 
Copper swaps61 — 61 — 
Total$3,675 $3,391 $284 $— 
Financial Liabilities
Deferred compensation liability$3,391 $3,391 $— $— 
Foreign currency forward contracts211 — 211 — 
Precious metal swaps623 — 623 — 
Copper swaps28 — 28 — 
Total$4,253 $3,391 $862 $— 
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, 2020 and 2019.
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 and Risk 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, 2020 and 2019:
 December 31, 2020December 31, 2019
(Thousands)Notional
Amount		Fair
Value		Notional
Amount		Fair
Value
Foreign currency forward contracts
Prepaid expenses$62,012 $107 $13,734 $95 
Other liabilities and accrued items7,695 55 5,757 16 
These outstanding foreign currency derivatives were related to balance sheet hedges and intercompany loans. Other-net included foreign currency gains relating to these derivatives of $2.7 million in 2020, primarily due to a gain realized on the settlement of a foreign currency hedge for the purchase of Optics Balzers. In 2019, Other-net included $0.1 million of foreign currency losses relating to these derivatives.
The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives designated as cash flow hedges (on a gross basis) and balance sheet classification at December 31, 2020 and 2019:
 December 31, 2020December 31, 2019
(Thousands)Notional
Amount		Fair
Value		Notional
Amount		Fair
Value
Prepaid expenses
Foreign currency forward contracts - yen$— $— $1,025 $10 
Foreign currency forward contracts - euro— — 3,466 83 
Precious metal swaps2,155 127 1,116 34 
Copper swaps6,225 632 1,951 61 
8,380 759 7,558 188 
Other assets
Precious metal swaps— — 157 1 
Other liabilities and accrued items
Foreign currency forward contracts - yen2,668 59 2,355 12 
Foreign currency forward contracts - euro17,611 1,089 15,686 183 
Precious metal swaps4,964 349 7,034 618 
Copper swaps2,445 27 1,266 28 
27,688 1,524 26,341 841 
Other long-term liabilities
Precious metal swaps— — 149 5 
Total$36,068 $765 $34,205 $657 
All of these contracts were designated and effective as cash flow hedges. No ineffectiveness expense was recorded in 2020, 2019, or 2018.
The fair value of derivative contracts recorded in accumulated other comprehensive loss totaled $0.8 million and $0.7 million as of December 31, 2020 and December 31, 2019, respectively. Deferred losses of $0.8 million at December 31, 2020 are expected to be reclassified to earnings within the next 18-month period.
The following table summarizes the pre-tax amounts reclassified from accumulated other comprehensive income relating to the hedging relationship of the Company’s outstanding derivatives designated as cash flow hedges and income statement classification for years ended December 31, 2020 and 2019: 
(Thousands)20202019
Hedging relationshipLine item
Foreign currency forward contractsNet sales$222 $(29)
Precious metal swapsCost of sales2,041 595 
Copper swapsCost of sales354 393 
Total$2,617 $959 
The derivative activity in the table above is reflected in cash flows from operating activities.
v3.20.4
Contingencies and Commitments
 12 Months Ended
Dec. 31, 2020
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. Defense and indemnity costs were less than or equal to the deductible in both 2020 and 2019.
As of December 31, 2020, the Company was a defendant in two beryllium litigation cases, one of which was outstanding as of December 31, 2019. The Company does not expect the resolution of these matters to have a material impact on its 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, 2020 and 2019 are as follows:
(Thousands)20202019
Reserve balance at beginning of year$5,937 $6,521 
Expensed288 482 
Paid(749)(1,066)
Reserve balance at end of year$5,476 $5,937 
Ending balance recorded in:
Other liabilities and accrued items$845 $982 
Other long-term liabilities4,631 4,955 
The majority of spending in both 2020 and 2019 was for various remediation projects at the Elmore, Ohio plant site.
Asset Retirement Obligations
The Company has asset retirement obligations related to its mine in Utah, as well as for certain leased facilities where the Company is contractually obligated to restore the facility back to its original condition at the end of the lease. The following represents a roll forward of the Company's asset retirement obligation liabilities for the years ended December 31, 2020 and 2019:
(Thousands)20202019
Asset retirement obligation at beginning of period$1,421 $1,257 
Accretion expense137 164 
Change in liability207 — 
Asset retirement obligation at end of period$1,765 $1,421 
These obligations are reflected in Other long-term liabilities on the Consolidated Balance Sheet.
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.
On October 14, 2020 Garett Lucyk, et al. v. Materion Brush Inc., et. al., case number 20CV0234, a wage and hour purported collective and class action, was filed in the Northern District of Ohio against the Company and its subsidiary, Materion Brush Inc. (collectively, the Company). Plaintiff, a former hourly production employee at the Company's Elmore, Ohio facility, alleges that he and other similarly situated employees nationwide are not paid for all time they spend donning and doffing personal protective equipment in violation of the Fair Labor Standards Act and Ohio law. Plaintiff also alleges the Company failed to include all remuneration he and others received for premium and bonus pay when computing overtime pay. The case is currently in the preliminary stages. The Company believes that it has substantive defenses and intends to vigorously defend this suit.
At December 31, 2020, the Company had outstanding letters of credit totaling $48.1 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 2021 and are expected to be renewed.
v3.20.4
Quarterly Data (Unaudited)
 12 Months Ended
Dec. 31, 2020
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, 2020 and 2019:
  
2020
(Thousands except per share amounts)First
Quarter*		Second
Quarter*		Third
Quarter*		Fourth
Quarter		Total
Net sales$277,946 $271,468 $287,171 $339,689 $1,176,274 
Gross margin44,570 46,955 45,311 55,797 192,633 
Percent of net sales16.0 %17.3 %15.8 %16.4 %16.4 %
Net (loss) income(1)
$(3,878)$5,803 $5,471 $8,066 $15,462 
Net (loss) income per share of common stock:
Basic$(0.19)$0.29 $0.27 $0.40 0.76 
  Diluted(2)
(0.19)0.28 0.27 0.39 0.75 
 2019
First
Quarter*		Second
Quarter*		Third
Quarter*		Fourth
Quarter*		Total
Net sales$301,441 $297,843 $305,979 $280,161 $1,185,424 
Gross margin69,606 71,997 66,605 54,482 262,690 
Percent of net sales23.1 %24.2 %21.8 %19.4 %22.2 %
Net income(3)
$17,133 $17,393 $4,522 $14,346 $53,394 
Net income per share of common stock:
Basic$0.85 $0.85 $0.22 $0.70 $2.62 
Diluted0.83 0.84 0.22 0.69 2.59 
(1) The net loss for the first quarter of 2020 includes the impact of $10.8 million of non-cash impairment charges. See Note N for additional information.
(2) Since the Company reported a net loss for the first quarter of 2020, the effect of potential common shares were excluded from diluted earnings per share, as their inclusion would have been anti-dilutive.
(3) Net income for the third quarter of 2019 includes the impact of $14.1 million of non-cash impairment charges. For additional information refer to Note N.
*Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note A.
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.
v3.20.4
Valuation And Qualifying Accounts
 12 Months Ended
Dec. 31, 2020
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Valuation and Qualifying Accounts
Materion Corporation and Subsidiaries
Schedule II—Valuation and Qualifying Accounts
 
(Thousands)
Allowance for uncollectible accounts:202020192018
Balance at Beginning of Period$392 $616 $640 
Additions:
Charged to Costs and Expenses (1)224 (39)271 
Deductions (2)(80)(185)(295)
Balance at End of Period$536 $392 $616 
Allowance for inventory reserves:20202019*2018*
Balance at Beginning of Period$14,697 $13,065 $14,381 
Additions:
Charged to Costs and Expenses (3)9,282 2,367 3,175 
Deductions (4)(1,830)(735)(4,491)
Balance at End of Period$22,149 $14,697 $13,065 
Valuation allowance on deferred tax assets:202020192018
Balance at Beginning of Period$17,676 $15,917 $16,246 
Additions:
Charged to Costs and Expenses (5)884 2,475 9,700 
Deductions (6)(4,426)(716)(10,029)
Balance at End of Period$14,134 $17,676 $15,917 
(1) Provision for uncollectible accounts included in expenses.
(2) Bad debts written-off, net of recoveries
(3) Provisions for surplus and obsolete inventory and lower cost or net realizable value included in expenses.
(4) Inventory write-offs.
(5) Increase in valuation allowance is recorded as a component of the provision for income taxes.
(6) Includes valuation allowances recorded against other comprehensive income.

*Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note A to the Consolidated Financial Statements.
v3.20.4
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2020
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 Optics, and Other. Other includes unallocated corporate costs.
Refer to Note C for additional segment details. The Company distributes its products through a combination of company-owned facilities and independent distributors and agents.
Business Combinations
Business Combinations: The Company records assets acquired and liabilities assumed at the date of acquisition at their respective fair values. Intangible assets acquired in a business combination are recognized and reported apart from goodwill. Goodwill represents the excess purchase price over the fair value of the tangible net assets and intangible assets acquired in a business combination. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred.
The amounts reflected in Note B to the Consolidated Financial Statements are the results of the preliminary purchase price allocation for the Optics Balzers acquisition and will be updated upon completion of the final valuation. The Company is required to complete the purchase price allocation within 12 months of the acquisition date. If such completion of the allocation results in a change in the preliminary values, the measurement period adjustment will be recognized in the period in which the adjustment amount is determined.
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.
Change in Accounting Principle Change in Accounting Principle:  During the fourth quarter of 2020, the Company changed its method of accounting for certain domestic inventory from the last-in, first-out (LIFO) method to the first-in, first-out (FIFO) method. All prior periods presented have been retroactively adjusted to apply the new method of accounting.
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, 2020. Intercompany accounts and transactions are eliminated in consolidation.
Cash Equivalents Cash Equivalents:  All highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents.
Accounts Receivable Accounts Receivable:  An allowance for doubtful accounts is maintained for the expected losses resulting from the inability of customers to pay amounts due. The Company considers the current market conditions and credit losses related to the Company's trade receivables based on the macroeconomic environment, geographic considerations, and other expected market trends. Additionally, the allowance is based upon identified delinquent accounts, customer payment patterns, and other analyses of historical data and trends. Accounts receivable were net of an allowance for credit losses of $0.5 million and $0.4 million at December 31, 2020 and 2019, respectively. The change in the allowance for credit losses includes expense and net write-offs, none of which are material. The Company extends credit to customers based upon their financial condition, and collateral is not generally required.
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:
 Years
Land improvements10 to 20
Buildings20 to 40
Leasehold improvementsLife of lease
Machinery and equipment3 to 15
Furniture and fixtures4 to 10
Automobiles and trucks3 to 8
Research equipment3 to 10
Computer hardware3 to 10
Computer software3 to 10
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
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 the Company's open pit surface mine include drilling, infrastructure, and 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.
Historically, the Company’s mine development costs involved the development of a new source of ore, and, as such, mine development costs incurred were capitalized during the pre-production phase of a mine and amortized into inventory as the ore was extracted. In 2020, the Company expanded a mine to further develop an ore body. Since the pre-production phase ended when ore was first extracted from this mine, the Company recognized approximately $12.9 million of mine development costs in 2020 as a component of cost of sales. This expansion is expected to benefit future periods.
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 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. 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. 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.
Asset Impairment Long-Lived Asset Impairment: 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 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, 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 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.
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.
Also included in Unearned Income as of December 31, 2020 are $58.8 million of customer prepayments. See Note L for additional discussion.
Advertising Costs Advertising Costs: The Company expenses all advertising costs as incurred. Advertising costs were $0.3 million in 2020, $0.7 million in 2019, and $1.2 million in 2018.
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. Stock-based awards include performance-based restricted stock units (PRSUs), restricted stock units (RSUs), and stock appreciation rights (SARs). The fair value of PRSUs and RSUs is primarily based on the closing market price of a share of the Company's common stock on the date of grant, modified as appropriate to take into account the features of such grants. 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 R for additional information about stock-based compensation.
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.
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.
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.
New Pronouncements New Pronouncements Adopted:  In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 is effective for fiscal years beginning after December 15, 2019, including interim periods within such fiscal years. The Company adopted this guidance as of January 1, 2020, and the adoption did not have a material effect on the Company’s consolidated financial statements.
In August 2018, the FASB issued ASU 2018-14 Defined Benefit Plans (Topic 715-20) - Changes to the Disclosure Requirements for Defined Benefit Plans, which intends to improve disclosure effectiveness by adding, removing, or clarifying certain disclosure requirements related to defined benefit pension or other postretirement plans. The standard is effective for fiscal years ending after December 15, 2020. The Company adopted this guidance as of December 31, 2020. The effect of the adoption did not materially impact the Company's financial statements or related disclosures.
No other recently issued or effective ASUs had, or are expected to have, a material effect on the Company's results of operations, financial condition, or liquidity.
Inventories
Inventories:  Inventories are stated at the lower of cost or net realizable value. In the fourth quarter of 2020, the Company voluntarily changed its method of inventory costing for the majority of its domestic inventories to the FIFO method from the LIFO method. Except for its bertrandite ore mine which values inventory using a weighted average cost method, the Company's remaining inventories are valued using the FIFO method. The Company believes that a current costing method is preferable as it improves comparability with its most similar peers, it more closely resembles the physical flow of its inventory (i.e., it provides better matching of revenues and expenses), and it results in uniformity across a significant majority of the Company’s inventory. Prior to the change in method, inventories valued on the LIFO cost method were approximately 45% of the Company's total inventories as of December 31, 2020.
The effects of the change in accounting principle from LIFO to FIFO have been retrospectively applied to all periods presented. As a result of the retrospective application of the change in accounting principle, certain financial statement line items in the Company’s consolidated balance sheets as of December 31, 2019 and the consolidated statements of income, comprehensive income, shareholders’ equity, and cash flows for the years ended December 31, 2019 and 2018 were adjusted as necessary.
v3.20.4
Revenue Recognition (Policies)
 12 Months Ended
Dec. 31, 2020
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 for 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, 2020. 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, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $10.2 million.
Contract Costs: The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs primarily relate to sales commissions, which are included in selling, general, and administrative expenses.
Contract Balances: The timing of revenue recognition, billings, and cash collections resulted in the following contract assets and contract liabilities:
(Thousands)December 31, 2020December 31, 2019$ change% change
Accounts receivable, trade
$156,821 $141,168 $15,653 11 %
Unbilled receivables
8,832 13,583 (4,751)(35)%
Unearned revenue
7,713 3,380 4,333 128 %
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 2020.
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 $3.2 million of the December 31, 2019 unearned amounts as revenue during 2020.
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.
v3.20.4
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2020
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:
 Years
Land improvements10 to 20
Buildings20 to 40
Leasehold improvementsLife of lease
Machinery and equipment3 to 15
Furniture and fixtures4 to 10
Automobiles and trucks3 to 8
Research equipment3 to 10
Computer hardware3 to 10
Computer software3 to 10
Accounting Standards Update and Change in Accounting Principle
As a result of the retrospective application of this change in accounting method, the following financial statement line items within the accompanying financial statements were adjusted, as follows:
Consolidated Statements of Income
(Thousands except per share amounts)
202020192018
Selected ItemsAs Computed Under LIFOAs Reported Under FIFODifferencePreviously ReportedAs AdjustedAdjustmentPreviously ReportedAs AdjustedAdjustment
Cost of sales$981,722 $983,641 $1,919 $926,280 $922,734 $(3,546)$956,710 $956,454 $(256)
Gross margin194,552 192,633 (1,919)259,144 262,690 3,546 251,105 251,361 256 
Operating profit10,134 8,215 (1,919)67,000 70,546 3,546 61,496 61,752 256 
Income before income taxes10,194 8,275 (1,919)61,990 65,536 3,546 16,342 16,598 256 
Income tax (benefit) expense(6,748)(7,187)(439)11,330 12,142 812 (4,504)(4,446)58 
Net income16,942 15,462 (1,480)50,660 53,394 2,734 20,846 21,044 198 
Basic earnings per share:
Net income per share of common stock$0.83 $0.76 $(0.07)$2.49 $2.62 $0.13 $1.03 $1.04 $0.01 
Diluted earnings per share:
Net income per share of common stock$0.82 $0.75 $(0.07)$2.45 $2.59 $0.14 $1.01 $1.02 $0.01 
Consolidated Statements of Comprehensive Income
(Thousands)
202020192018
Selected ItemsAs Computed Under LIFOAs Reported Under FIFODifferencePreviously ReportedAs AdjustedAdjustmentPreviously ReportedAs AdjustedAdjustment
Net income$16,942 $15,462 $(1,480)$50,660 $53,394 $2,734 $20,846 $21,044 $198 
Comprehensive income23,765 22,285 (1,480)63,432 66,166 2,734 65,549 65,747 198 
Consolidated Balance Sheets
(Thousands)
20202019
Selected ItemsAs Computed Under LIFOAs Reported Under FIFODifferencePreviously ReportedAs AdjustedAdjustment
Inventories, net$206,834 $250,778 $43,944 $190,390 $236,253 $45,863 
Prepaid and other current assets23,470 20,896 (2,574)21,839 21,736 (103)
Deferred income taxes (liability)8,081 15,864 7,783 2,410 13,104 10,694 
Retained earnings597,471 631,058 33,587 589,888 624,954 35,066 
Consolidated Statements of Cash Flows
(Thousands)
202020192018
Selected ItemsAs Computed Under LIFOAs Reported Under FIFODifferencePreviously ReportedAs AdjustedAdjustmentPreviously ReportedAs AdjustedAdjustment
Net income$16,942 $15,462 $(1,480)$50,660 $53,394 $2,734 $20,846 $21,044 $198 
Deferred income tax (benefit) expense(6,940)(9,850)(2,910)2,584 3,945 1,361 (1,318)(1,912)(594)
Decrease (increase) in inventory(3,207)(1,288)1,919 24,031 20,485 (3,546)4,234 3,978 (256)
Decrease (increase) in prepaid and other current assets4 2,475 2,471 1,418 869 (549)1,162 1,814 652 

As a result of the retrospective application of this change in accounting principle, the following financial statement line items within the unaudited interim 2020 and 2019 quarterly condensed consolidated financial statements were adjusted, as follows:

Quarterly Data (unaudited)
(Thousands except per share amounts)
2020
First QuarterSecond Quarter
Selected ItemsPreviously ReportedAs AdjustedAdjustmentPreviously ReportedAs AdjustedAdjustment
Cost of sales$232,371 $233,376 $1,005 $223,378 $224,513 $1,135 
Gross margin45,575 44,570 (1,005)48,090 46,955 (1,135)
Operating (loss) profit(4,563)(5,568)(1,005)8,706 7,571 (1,135)
(Loss) Income before income taxes(3,865)(4,870)(1,005)8,298 7,163 (1,135)
Income tax (benefit) expense(762)(992)(230)1,620 1,360 (260)
Net (loss) income(3,103)(3,878)(775)6,678 5,803 (875)
Basic earnings per share:
Net (loss) income per share of common stock$(0.15)$(0.19)$(0.04)$0.33 $0.29 $(0.04)
Diluted earnings per share:
Net (loss) income per share of common stock$(0.15)$(0.19)$(0.04)$0.32 $0.28 $(0.04)
(Thousands except per share amounts)
2020
Third QuarterFourth Quarter
Selected ItemsPreviously ReportedAs AdjustedAdjustmentAs Computed Under LIFOAs ReportedDifference
Cost of sales$240,531 $241,860 $1,329 $285,442 $283,892 $(1,550)
Gross margin46,640 45,311 (1,329)54,247 55,797 1,550 
Operating (loss) profit713 (616)(1,329)5,278 6,828 1,550 
(Loss) Income before income taxes455 (874)(1,329)5,306 6,856 1,550 
Income tax (benefit) expense(6,041)(6,345)(304)(1,565)(1,210)355 
Net income6,496 5,471 (1,025)6,871 8,066 1,195 
Basic earnings per share:
Net income per share of common stock$0.32 $0.27 $(0.05)$0.34 $0.40 $0.06 
Diluted earnings per share:
Net income per share of common stock$0.32 $0.27 $(0.05)$0.33 $0.39 $0.06 
(Thousands except per share amounts)
2019
First QuarterSecond Quarter
Selected ItemsPreviously ReportedAs AdjustedAdjustmentPreviously ReportedAs AdjustedAdjustment
Cost of sales$232,129 $231,835 $(294)$228,249 $225,846 $(2,403)
Gross margin69,312 69,606 294 69,594 71,997 2,403 
Operating profit21,387 21,681 294 22,750 25,153 2,403 
Income before income taxes20,676 20,970 294 19,138 21,541 2,403 
Income tax expense3,770 3,837 67 3,598 4,148 550 
Net income16,906 17,133 227 15,540 17,393 1,853 
Basic earnings per share:
Net income per share of common stock$0.83 $0.85 $0.02 $0.76 $0.85 $0.09 
Diluted earnings per share:
Net income per share of common stock$0.82 $0.83 $0.01 $0.75 $0.84 $0.09 

(Thousands except per share amounts)
2019
Third QuarterFourth Quarter
Selected ItemsPreviously ReportedAs AdjustedAdjustmentPreviously ReportedAs AdjustedAdjustment
Cost of sales$240,748 $239,374 $(1,374)$225,154 $225,679 $525 
Gross margin65,231 66,605 1,374 55,007 54,482 (525)
Operating profit6,289 7,663 1,374 16,574 16,049 (525)
Income before income taxes5,726 7,100 1,374 16,450 15,925 (525)
Income tax expense2,263 2,578 315 1,699 1,579 (120)
Net income3,463 4,522 1,059 14,751 14,346 (405)
Basic earnings per share:
Net income per share of common stock$0.17 $0.22 $0.05 $0.72 $0.70 $(0.02)
Diluted earnings per share:
Net income per share of common stock$0.17 $0.22 $0.05 $0.71 $0.69 $(0.02)
v3.20.4
Acquisition (Tables)
 12 Months Ended
Dec. 31, 2020
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition
The preliminary purchase price allocation for the acquisition is as follows:

(Thousands)July 17, 2020
Assets:
Cash and cash equivalents$5,390 
Accounts receivable8,484 
Inventories10,715 
Prepaid and other current assets937 
Property, plant, and equipment 46,791 
Operating lease, right-of-use assets13,357 
Intangible assets49,300 
Goodwill70,639 
Total assets acquired$205,613 
Liabilities:
Short-term debt$600 
Accounts payable2,851 
Salaries and wages4,392 
Other liabilities and accrued items3,678 
Income taxes61 
Unearned revenue1,259 
Other long-term liabilities207 
Operating lease liabilities12,356 
Finance lease liabilities2,642 
Retirement and post-employment benefits6,586 
Unearned income1,835 
Long-term income taxes181 
Deferred income taxes10,934 
Long-term debt21,926 
Total liabilities assumed$69,508 
Net assets acquired$136,105 
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination
The following table reports the intangible assets by asset category as of the closing date:
(Thousands)Value at AcquisitionWeighted Average Life
Customer relationships$40,141 18 years
Technology4,059 5 years
Licenses and other5,100 5 years
Total$49,300 
v3.20.4
Segment Reporting and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Segment Reporting
Financial information for reportable segments was as follows:
(Thousands)Performance
Alloys and
Composites		Advanced MaterialsPrecision OpticsOtherTotal
2020
Net sales$394,195 $670,867 $111,212 $— $1,176,274 
Intersegment sales6 35,912 — — 35,918 
Operating profit (loss)13,597 22,120 (4,382)(23,120)8,215 
Depreciation, depletion, and amortization25,782 8,061 6,564 1,977 42,384 
Expenditures for long-lived assets53,841 9,003 908 3,522 67,274 
Total Assets477,892 251,637 268,004 60,327 1,057,860 
2019
Net sales$500,201 $573,763 $111,460 $— $1,185,424 
Intersegment sales38 70,047 — — 70,085 
Operating profit (loss)73,815 25,124 (3,550)(24,843)70,546 
Depreciation, depletion, and amortization24,437 8,955 5,695 2,029 41,116 
Expenditures for long-lived assets15,520 7,572 1,045 2,391 26,528 
Total Assets442,885 214,961 78,981 161,603 898,430 
2018
Net sales$500,590 $586,643 $120,582 $— $1,207,815 
Intersegment sales37 50,460 — — 50,497 
Operating profit (loss)60,008 16,732 10,707 (25,695)61,752 
Depreciation, depletion, and amortization17,434 8,575 7,066 2,449 35,524 
Expenditures for long-lived assets15,396 15,523 1,983 1,358 34,260 
Total Assets453,345 206,393 90,537 93,035 843,310 
Intersegment sales are eliminated in consolidation.
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
A reconciliation of total segment operating profit to total consolidated income before income taxes is as follows:
(Thousands)202020192018
Total operating profit for reportable segments8,215 70,546 61,752 
Other non-operating (income) expense - net(3,939)3,431 42,683 
Interest expense - net3,879 1,579 2,471 
Income before income taxes$8,275 $65,536 $16,598 
Sales and long-lived assets attributed to countries based upon the location of customers
Other geographic information includes the following:
(Thousands)202020192018
Net sales
United States$641,727 $743,345 $726,881 
Asia329,968 256,114 270,672 
Europe189,281 169,132 186,081 
All other15,298 16,833 24,181 
Total$1,176,274 $1,185,424 $1,207,815 
Property, plant, and equipment, net by country deployed
United States$223,340 $194,596 $215,395 
All other86,346 37,680 35,623 
Total$309,686 $232,276 $251,018 
Disaggregation of Revenue
The following table disaggregates revenue for each segment by end market for 2020 and 2019:
 (Thousands)Performance Alloys and CompositesAdvanced MaterialsPrecision OpticsOtherTotal
2020
End Market
Semiconductor$4,626 $526,553 $456 $— $531,635 
Industrial90,884 38,052 18,096 — 147,032 
Aerospace and Defense67,173 6,241 19,539 — 92,953 
Consumer Electronics47,983 479 21,566 — 70,028 
Automotive66,489 6,262 3,532 — 76,283 
Energy20,587 75,768 — — 96,355 
Telecom and Data Center44,313 2,183 — — 46,496 
Other52,140 15,329 48,023 — 115,492 
    Total$394,195 $670,867 $111,212 $— $1,176,274 
2019
End Market
Semiconductor$5,353 $432,658 $711 $— $438,722 
Industrial106,334 29,917 14,253 — 150,504 
Aerospace and Defense109,717 5,647 20,731 — 136,095 
Consumer Electronics72,360 1,254 18,201 — 91,815 
Automotive69,057 8,179 969 — 78,205 
Energy41,101 74,613 — — 115,714 
Telecom and Data Center61,344 2,981 — — 64,325 
Other34,935 18,514 56,595 — 110,044 
    Total$500,201 $573,763 $111,460 $— $1,185,424 
v3.20.4
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]  
Contract with Customer, Asset and Liability The timing of revenue recognition, billings, and cash collections resulted in the following contract assets and contract liabilities:
(Thousands)December 31, 2020December 31, 2019$ change% change
Accounts receivable, trade
$156,821 $141,168 $15,653 11 %
Unbilled receivables
8,832 13,583 (4,751)(35)%
Unearned revenue
7,713 3,380 4,333 128 %
v3.20.4
Restructuring (Tables)
 12 Months Ended
Dec. 31, 2020
Restructuring and Related Activities [Abstract]  
Restructuring
These costs are presented in the Company's segment results as follows:
(Thousands)202020192018
Performance Alloys and Composites$8,763 $— $— 
Advanced Materials— — 5,599 
Precision Optics2,052 328 — 
Other422 457 — 
Total$11,237 $785 $5,599 
v3.20.4
Other-net (Tables)
 12 Months Ended
Dec. 31, 2020
Other-net [Abstract]  
Summary of other-net expense
Other-net is summarized for 2020, 2019, and 2018 as follows:
 (Income) Expense
(Thousands)202020192018
Metal consignment fees$8,587 $9,247 $10,999 
Amortization of intangible assets2,377 1,400 2,265 
Foreign currency (gain) loss(2,569)666 1,487 
Net loss on disposal of fixed assets466 344 518 
Rental income— (87)(416)
Other items(398)213 481 
Total other-net$8,463 $11,783 $15,334 
v3.20.4
Interest (Tables)
 12 Months Ended
Dec. 31, 2020
Interest [Abstract]  
Summary of interest incurred, capitalized and paid
The following chart summarizes the interest incurred, capitalized, and paid for 2020, 2019, and 2018:
(Thousands)202020192018
Interest incurred, net$3,889 $1,641 $2,870 
Less: Capitalized interest10 62 399 
Total net expense$3,879 $1,579 $2,471 
Interest paid$3,442 $1,799 $1,436 
v3.20.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Income tax expenses benefit
Income before income taxes and income tax expense (benefit) are comprised of the following:
(Thousands)202020192018
Income (loss) before income taxes:
Domestic$(1,153)$60,271 $20,528 
Foreign9,428 5,265 (3,930)
Total income before income taxes$8,275 $65,536 $16,598 
Income tax expense:
Current income tax expense (benefit):
Domestic$812 $6,995 $(5,244)
Foreign1,851 1,202 2,710 
Total current$2,663 $8,197 $(2,534)
Deferred income tax (benefit) expense:
Domestic$(5,641)$2,687 $(4,677)
Foreign(4,209)1,258 2,765 
Total deferred$(9,850)$3,945 $(1,912)
Total income tax (benefit) expense$(7,187)$12,142 $(4,446)
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:
202020192018
U.S. federal statutory rate21.0 %21.0 %21.0 %
State and local income taxes, net of federal tax effect(10.0)1.0 0.2 
Effect of excess of percentage depletion over cost depletion(43.0)(4.3)(17.5)
Manufacturing production deduction, including impact of NOL carryback— — 6.2 
Foreign derived intangible income deduction(1.8)(3.0)(2.8)
Non-deductible goodwill impairment7.1 1.1 — 
Tax Cuts and Jobs Act impact— 2.3 (66.7)
Research and development tax credit(16.4)(1.1)(7.5)
Foreign tax credit— (0.3)(1.9)
Impact of foreign operations(5.3)0.9 1.8 
Non-deductible transaction costs6.9 0.2 1.3 
Interest from tax authorities(3.8)— — 
Adjustment to unrecognized tax benefits1.8 0.2 2.7 
Equity compensation(5.3)(3.2)(4.3)
Non-deductible officers' compensation6.8 0.8 — 
Valuation allowance(45.5)2.1 38.1 
Other items0.6 0.8 2.6 
Effective tax rate(86.9)%18.5 %(26.8)%
Deferred tax assets and liabilities Deferred tax assets and (liabilities) recorded in the Consolidated Balance Sheets consist of the following:
 December 31,
(Thousands)20202019
Asset (liability)
Post-employment benefits other than pensions$1,564 $1,626 
Other reserves226 543 
Deferred compensation3,322 3,314 
Environmental reserves1,301 1,384 
Lease liabilities10,469 4,614 
Pensions7,456 5,149 
Accrued compensation expense2,683 5,364 
Net operating loss and credit carryforwards12,685 13,513 
Research and development tax credit carryforward26 25 
Subtotal39,732 35,532 
Valuation allowance(14,134)(17,676)
Total deferred tax assets25,598 17,856 
Depreciation(12,112)(10,780)
Lease assets(10,261)(4,428)
Inventory(3,532)(7,954)
Amortization(10,754)(2,426)
Mine development(1,669)(3,706)
Total deferred tax liabilities(38,328)(29,294)
Net deferred tax liabilities$(12,730)$(11,438)
Reconciliation of unrecognized tax benefits
A reconciliation of the Company’s unrecognized tax benefits (excluding interest and penalties) for the year-to-date periods ended December 31, 2020 and 2019 is as follows:
(Thousands)20202019
Balance at January 1$3,221 $2,883 
Additions to tax provisions related to the current year191 — 
Additions to tax positions related to prior years— 399 
Reduction to tax positions related to prior years(349)— 
Lapses on statutes of limitations(703)(61)
Balance at December 31$2,360 $3,221 
v3.20.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2020
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:
(Thousands except per share amounts)20202019*2018*
Numerator for basic and diluted EPS:
Net income$15,462 $53,394 $21,044 
Denominator:
Denominator for basic EPS:
Weighted-average shares outstanding20,338 20,365 20,212 
Effect of dilutive securities:
Stock appreciation rights39 72 170 
Restricted stock units102 75 85 
Performance-based restricted stock units124 143 146 
Diluted potential common shares265 290 401 
Denominator for diluted EPS:
Adjusted weighted-average shares outstanding20,603 20,655 20,613 
Basic EPS$0.76 $2.62 $1.04 
Diluted EPS$0.75 $2.59 $1.02 
v3.20.4
Inventories (Tables)
 12 Months Ended
Dec. 31, 2020
Inventory Disclosure [Abstract]  
Summary of Inventories
Inventories in the Consolidated Balance Sheets are summarized as follows:
 December 31,
(Thousands)20202019*
Raw materials and supplies$42,905 $35,612 
Work in process200,741 175,135 
Finished goods7,132 25,506 
Inventories, net250,778 236,253 
v3.20.4
Property, Plant, and Equipment (Tables)
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Summary of Property, Plant and Equipment
Property, plant, and equipment on the Consolidated Balance Sheets is summarized as follows:
 December 31,
(Thousands)20202019
Land$5,686 $4,874 
Buildings165,144 150,323 
Machinery and equipment645,195 639,310 
Software43,652 44,652 
Construction in progress69,297 16,699 
Allowances for depreciation(662,724)(669,250)
Subtotal266,250 186,608 
Finance leases34,301 26,069 
Allowances for depreciation(4,914)(3,569)
Subtotal29,387 22,500 
Mineral resources4,979 4,980 
Mine development30,058 30,058 
Allowances for amortization and depletion(20,988)(11,870)
Subtotal14,049 23,168 
Property, plant, and equipment — net$309,686 $232,276 
v3.20.4
Leasing Arrangements (Tables)
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Lease, Cost
The components of operating and finance lease cost for 2020 and 2019 were as follows:
(Thousands)20202019
Components of lease expense
Operating lease cost$10,602 $9,835 
Finance lease cost
Amortization of right-of-use assets1,324 1,414 
Interest on lease liabilities1,021 1,028 
Total lease cost$12,947 $12,277 
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, 2020 and 2019 was as follows:
(Thousands, except lease term and discount rate)20202019
Supplemental balance sheet information
Operating Leases
Operating lease right-of-use assets
$62,089 $23,413 
Other liabilities and accrued items6,908 6,542 
Operating lease liabilities56,761 18,091 
Finance Leases
Property, plant, and equipment
$34,301 $26,069 
Allowances for depreciation, depletion, and amortization
(4,914)(3,570)
Finance lease assets, net$29,387 $22,499 
Other liabilities and accrued items$2,925 $1,265 
Finance lease liabilities20,539 17,424 
Total principal payable on finance leases$23,464 $18,689 
Weighted Average Remaining Lease Term
Operating leases
12.724.69
Finance leases
16.5919.47
Weighted Average Discount Rate
Operating leases
6.46%5.91%
Finance leases
4.88%5.31%
Future estimated minimum payments under capital leases and non-cancelable operating leases
Future maturities of the Company's lease liabilities as of December 31, 2020 are as follows:
FinanceOperating
(Thousands)LeasesLeases
2021$3,877 $10,707 
20223,827 9,415 
20232,536 8,750 
20241,595 6,608 
20251,432 6,278 
2026 and thereafter 21,906 53,041 
Total lease payments35,173 94,799 
Less amount of lease payment representing interest11,709 31,130 
Total present value of lease payments
$23,464 $63,669 
Schedule Of Supplemental Cash Flow Information Related To Leases
Supplemental cash flow information related to leases was as follows:
(Thousands)20202019
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$16,216 $15,841 
Operating cash flows from finance leases1,021 1,028 
Financing cash flows from finance leases2,213 1,200 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases43,037 32,534 
Finance leases6,736 3,919 
v3.20.4
Intangible Assets and Goodwill (Tables)
 12 Months Ended
Dec. 31, 2020
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, 2020 and 2019, is as follows:
 20202019
(Thousands)Gross Carrying AmountAccumulated AmortizationNetGross Carrying AmountAccumulated AmortizationNet
Customer relationships$81,231 $(38,773)$42,458 $39,601 $(37,692)$1,909 
Technology16,915 (13,290)3,625 13,377 (12,816)561 
Licenses and other 11,457 (4,840)6,617 4,257 (3,046)1,211 
Total$109,603 $(56,903)$52,700 $57,235 $(53,554)$3,681 
Finite-lived Intangible Assets Amortization Expense
Estimated amortization expense for each of the five succeeding years is as follows:
Amortization
(Thousands)Expense
20214,596 
20224,585 
20234,565 
20244,563 
20254,084 
Schedule of Goodwill The balance of goodwill at December 31, 2020 and 2019 was $144.9 million and $79.0 million, respectively.
A summary of changes in goodwill by reportable segment is as follows:
(Thousands)Performance Alloys and CompositesAdvanced MaterialsPrecision OpticsTotal
Balance at December 31, 2018$1,899 $50,276 $38,482 $90,657 
Impairment charge— — (11,560)(11,560)
Other— (86)— (86)
Balance at December 31, 2019$1,899 $50,190 $26,922 $79,011 
Acquisition— — 70,577 70,577 
Impairment charge— — (9,053)(9,053)
Other— 337 4,044 4,381 
Balance at December 31, 2020$1,899 50,527 $92,490 $144,916 
v3.20.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Summary of long-term debt
Long-term debt in the Consolidated Balance Sheets is summarized as follows:
 December 31,
(Thousands)20202019
Borrowings under Credit Agreement with average interest rate of 1.65% at December 31, 2020$34,000 $— 
Foreign debt3,157 — 
Fixed rate industrial development revenue bonds1,322 2,218 
Total long-term debt outstanding38,479 2,218 
Current portion of long-term debt(1,937)(868)
Gross long-term debt36,542 1,350 
Unamortized deferred financing fees— (90)
Long-term debt$36,542 $1,260 
Maturities on long-term debt instruments
Maturities on long-term debt instruments as of December 31, 2020 are as follows:
(Thousands)
2021$1,937 
2022500 
2023387 
202434,387 
2025387 
2026 and thereafter881 
Total$38,479 
v3.20.4
Pensions and Other Post-Employment Benefits (Tables)
 12 Months Ended
Dec. 31, 2020
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, Liechtenstein, and England, and the U.S. supplemental retirement plans. The Other Benefits column includes the domestic retiree medical and life insurance plan.
  Pension BenefitsOther Benefits
(Thousands)2020201920202019
Change in benefit obligation
Benefit obligation at beginning of year$186,760 $170,136 $8,681 $11,375 
Service cost1,403 5,918 59 67 
Interest cost5,234 6,292 213 399 
Net pension curtailments and settlements(609)(12,212)— — 
Acquisition30,360 — — — 
Plan amendments(799)— — — 
Actuarial loss (gain)24,259 20,409 224 (2,192)
Benefit payments(4,612)(3,170)(989)(981)
Foreign currency exchange rate changes and other4,111 (613)2 13 
Benefit obligation at end of year246,107 186,760 8,190 8,681 
Change in plan assets
Fair value of plan assets at beginning of year174,046 145,046 — — 
Plan settlements— — — — 
Acquisition23,774 — — — 
Actual return on plan assets30,330 27,264 — — 
Employer contributions614 4,702 — — 
Employee contributions498 124 — — 
Benefit payments from fund(4,720)(2,933)— — 
Expenses paid from assets(234)(391)— — 
Foreign currency exchange rate changes and other1,868 234 — — 
Fair value of plan assets at end of year226,176 174,046 — — 
Funded status at end of year$(19,931)$(12,714)$(8,190)$(8,681)
Amounts recognized in the Consolidated
Balance Sheets consist of:
Other assets$13,074 $11,298 $— $— 
Other liabilities and accrued items(470)(997)(866)(1,012)
Retirement and post-employment benefits(32,535)(23,015)(7,324)(7,669)
Net amount recognized$(19,931)$(12,714)$(8,190)$(8,681)
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, 2020:
  Pension BenefitsOther Benefits
(Thousands)2020201920202019
Amounts recognized in other comprehensive income (before tax) consist of:
Net actuarial loss (gain)$49,472 $48,073 $(3,973)$(4,529)
Net prior service cost (credit)(799)— (3,552)(5,049)
Net amount recognized$48,673 $48,073 $(7,525)$(9,578)
Schedule of Accumulated and Projected Benefit Obligations
The following table provides information regarding the accumulated benefit obligation:
  Pension BenefitsOther Benefits
(Thousands)2020201920202019
Additional information
Accumulated benefit obligation for all defined benefit pension plans$243,953 $185,402 $— $— 
For defined benefit pension plans with benefit obligations in excess of plan assets:
Aggregate benefit obligation62,012 25,640 — — 
Aggregate fair value of plan assets29,938 3,045 — — 
For defined benefit pension plans with accumulated benefit obligations in excess of plan assets:
Aggregate accumulated benefit obligation59,858 24,482 — — 
Aggregate fair value of plan assets29,938 3,045 — — 
Schedule of Net Benefit Costs
The following table summarizes components of net benefit cost:
  
Pension BenefitsOther Benefits
(Thousands)202020192018202020192018
Net benefit cost
Service cost$1,403 $5,918 $6,953 $59 $67 $111 
Interest cost5,234 6,292 9,554 213 399 396 
Expected return on plan assets(9,333)(8,777)(14,231)— — — 
Amortization of prior service credit— 483 (123)(1,497)(1,497)(1,497)
Recognized net actuarial loss (gain)1,678 3,304 7,171 (332)(93)— 
Net periodic benefit (credit) cost(1,018)7,220 9,324 (1,557)(1,124)(990)
Net pension curtailments and settlements94 3,328 41,406 — — — 
Total net benefit (credit) cost$(924)$10,548 $50,730 $(1,557)$(1,124)$(990)
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):
  
Pension BenefitsOther Benefits
(Thousands)202020192018202020192018
Change in other comprehensive income
OCI at beginning of year$48,073 $65,409 $122,802 $(9,578)$(8,976)$(8,020)
Increase (decrease) in OCI:
Recognized during year — prior service cost (credit)— (3,811)123 1,497 1,497 1,497 
Recognized during year — net actuarial (losses) gains(1,678)(3,304)(7,171)332 93 — 
Occurring during year — prior service cost(799)— — — — — 
Occurring during year — net actuarial losses (gains)3,146 2,062 (8,997)224 (2,192)(2,453)
Other adjustments(94)(12,212)(41,406)— — — 
Foreign currency exchange rate changes25 (71)58 — — — 
OCI at end of year$48,673 $48,073 $65,409 $(7,525)$(9,578)$(8,976)
Changes in the components of accumulated other comprehensive (loss) income, including amounts reclassified out, for 2020, 2019, and 2018, and the balances in accumulated other comprehensive (loss) income as of December 31, 2020, 2019, and 2018 are as follows:
Gains and Losses
On Cash Flow Hedges		Pension and Post- Employment BenefitsForeign Currency Translation
(Thousands)Foreign CurrencyPrecious MetalsCopper TotalTotal
Balance at December 31, 2017$959 $(196)$— $763 $(99,592)$(4,108)$(102,937)
Other comprehensive income (loss) before reclassifications(333)467 (569)(435)11,396 (484)10,477 
Amounts reclassified from accumulated other comprehensive income10 (109)— (99)46,953 — 46,854 
Other comprehensive income (loss) before tax(323)358 (569)(534)58,349 (484)57,331 
Deferred taxes on current period activity(627)83 (128)(672)13,300 — 12,628 
Other comprehensive income (loss) after tax304 275 (441)138 45,049 (484)44,703 
Balance at December 31, 2018$1,263 $79 $(441)$901 $(54,543)$(4,592)$(58,234)
Balance at December 31, 2018$1,263 $79 $(441)$901 $(54,543)$(4,592)$(58,234)
Other comprehensive income (loss) before reclassifications108 (1,285)209 (968)9,085 (421)7,696 
Amounts reclassified from accumulated other comprehensive income(29)595 393 959 8,853 — 9,812 
Other comprehensive income (loss) before tax79 (690)602 (9)17,938 (421)17,508 
Deferred taxes on current period activity18 (159)136 (5)4,741 — 4,736 
Other comprehensive income (loss) after tax61 (531)466 (4)13,197 (421)12,772 
Balance at December 31, 2019$1,324 $(452)$25 $897 $(41,346)$(5,013)$(45,462)
Balance at December 31, 2019$1,324 $(452)$25 $897 $(41,346)$(5,013)$(45,462)
Other comprehensive income (loss) before reclassifications(1,268)(1,675)218 (2,725)(2,721)9,030 3,584 
Amounts reclassified from accumulated other comprehensive income222 2,041 354 2,617 (57)— 2,560 
Other comprehensive income (loss) before tax(1,046)366 572 (108)(2,778)9,030 6,144 
Deferred taxes on current period activity(241)84 129 (28)(651)— (679)
Other comprehensive income (loss) after tax(805)282 443 (80)(2,127)9,030 6,823 
Balance at December 31, 2020$519 $(170)$468 $817 $(43,473)$4,017 $(38,639)
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:
 Pension BenefitsOther Benefits
 202020192018202020192018
Weighted-average assumptions used to determine benefit obligations at fiscal year end
Discount rate2.14 %3.12 %4.07 %2.45 %3.20 %4.11 %
Rate of compensation increase2.22 %3.00 %3.87 %3.00 %3.00 %4.00 %
Weighted-average assumptions used to determine net cost for the fiscal year
Discount rate8.37 %4.16 %3.63 %3.20 %4.11 %3.43 %
Expected long-term return on plan assets5.70 %6.06 %6.63 %N/AN/AN/A
Rate of compensation increase2.87 %2.99 %3.98 %3.00 %4.00 %4.00 %
Assumed health care trend rates
Assumed health care trend rates at fiscal year end20202019
Health care trend rate assumed for next year6.00%6.25%
Rate that the trend rate gradually declines to (ultimate trend rate)5.00%5.00%
Year that the rate reaches the ultimate trend rate20252025
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, 2020 and 2019 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 S for definitions of the fair value hierarchy.
 December 31, 2020
(Thousands)TotalLevel 1Level 2Level 3
Cash$2,204 $2,204 $— $— 
Equity securities (a)49,293 49,293 — — 
Fixed-income securities (b)20,375 20,375 — — 
Other types of investments:
Real estate fund (c)6,105 6,105 — — 
Total77,977 77,977 — — 
Investments measured at NAV: (d)
Pooled investment fund (e)143,503 
Multi-strategy hedge funds (f)4,624 
Private equity funds72 
Total assets at fair value$226,176 
 December 31, 2019
(Thousands)TotalLevel 1Level 2Level 3
Cash$1,718 $1,718 $— $— 
Equity securities (a)47,722 47,722 — — 
Fixed-income securities (b)3,923 3,923 — — 
Other types of investments:
Real estate fund (c)3,121 3,121 — — 
Total56,484 56,484 — — 
Investments measured at NAV: (d)
Pooled investment fund (e)113,187 
Multi-strategy hedge funds (f)4,277 
Private equity funds98 
Total assets at fair value$174,046 
(a)Equity securities are primarily comprised of corporate stock and mutual funds directly held by the plans. Equity securities are valued using the closing price reported on the active market on which the individual securities are traded.
(b)Fixed income securities are primarily comprised of governmental and corporate bonds directly held by the plans. Governmental and corporate bonds are valued using both market observable inputs for similar assets that are traded on an active market and the closing price on the active market on which the individual securities are traded.
(c)Includes a mutual fund that typically invests at least 80% of its assets in equity and debt securities of companies in the real estate industry or related industries or in companies which own significant real estate assets at the time of investment.
(d)Certain assets that are measured at fair value using the NAV practical expedient have not been classified in the fair value hierarchy.
(e)Pooled investment fund consists of various investment types including equity investments covering a range of geographies and including investment managers that hold long and short positions, property investments, and other
multi-strategy funds which combine a range of different credit, equity, and macro-orientated ideas and dynamically allocate funds across asset classes.
(f)Includes a fund that invests in a broad portfolio of hedge funds.
Estimated Future Benefits payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
 Other Benefits
(Thousands)Pension BenefitsGross Benefit
Payment		Net of
Medicare
Part D
Subsidy
20214,987 867 853 
20225,854 812 800 
20237,401 746 736 
20248,689 667 659 
20258,924 603 596 
2026 through 203054,116 2,140 2,120 
v3.20.4
Accumulated Other Comprehensive Income (Tables)
 12 Months Ended
Dec. 31, 2020
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):
  
Pension BenefitsOther Benefits
(Thousands)202020192018202020192018
Change in other comprehensive income
OCI at beginning of year$48,073 $65,409 $122,802 $(9,578)$(8,976)$(8,020)
Increase (decrease) in OCI:
Recognized during year — prior service cost (credit)— (3,811)123 1,497 1,497 1,497 
Recognized during year — net actuarial (losses) gains(1,678)(3,304)(7,171)332 93 — 
Occurring during year — prior service cost(799)— — — — — 
Occurring during year — net actuarial losses (gains)3,146 2,062 (8,997)224 (2,192)(2,453)
Other adjustments(94)(12,212)(41,406)— — — 
Foreign currency exchange rate changes25 (71)58 — — — 
OCI at end of year$48,673 $48,073 $65,409 $(7,525)$(9,578)$(8,976)
Changes in the components of accumulated other comprehensive (loss) income, including amounts reclassified out, for 2020, 2019, and 2018, and the balances in accumulated other comprehensive (loss) income as of December 31, 2020, 2019, and 2018 are as follows:
Gains and Losses
On Cash Flow Hedges		Pension and Post- Employment BenefitsForeign Currency Translation
(Thousands)Foreign CurrencyPrecious MetalsCopper TotalTotal
Balance at December 31, 2017$959 $(196)$— $763 $(99,592)$(4,108)$(102,937)
Other comprehensive income (loss) before reclassifications(333)467 (569)(435)11,396 (484)10,477 
Amounts reclassified from accumulated other comprehensive income10 (109)— (99)46,953 — 46,854 
Other comprehensive income (loss) before tax(323)358 (569)(534)58,349 (484)57,331 
Deferred taxes on current period activity(627)83 (128)(672)13,300 — 12,628 
Other comprehensive income (loss) after tax304 275 (441)138 45,049 (484)44,703 
Balance at December 31, 2018$1,263 $79 $(441)$901 $(54,543)$(4,592)$(58,234)
Balance at December 31, 2018$1,263 $79 $(441)$901 $(54,543)$(4,592)$(58,234)
Other comprehensive income (loss) before reclassifications108 (1,285)209 (968)9,085 (421)7,696 
Amounts reclassified from accumulated other comprehensive income(29)595 393 959 8,853 — 9,812 
Other comprehensive income (loss) before tax79 (690)602 (9)17,938 (421)17,508 
Deferred taxes on current period activity18 (159)136 (5)4,741 — 4,736 
Other comprehensive income (loss) after tax61 (531)466 (4)13,197 (421)12,772 
Balance at December 31, 2019$1,324 $(452)$25 $897 $(41,346)$(5,013)$(45,462)
Balance at December 31, 2019$1,324 $(452)$25 $897 $(41,346)$(5,013)$(45,462)
Other comprehensive income (loss) before reclassifications(1,268)(1,675)218 (2,725)(2,721)9,030 3,584 
Amounts reclassified from accumulated other comprehensive income222 2,041 354 2,617 (57)— 2,560 
Other comprehensive income (loss) before tax(1,046)366 572 (108)(2,778)9,030 6,144 
Deferred taxes on current period activity(241)84 129 (28)(651)— (679)
Other comprehensive income (loss) after tax(805)282 443 (80)(2,127)9,030 6,823 
Balance at December 31, 2020$519 $(170)$468 $817 $(43,473)$4,017 $(38,639)
v3.20.4
Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
SARs/Stock Options Roll Forward
The following table summarizes the Company's SARs activity during 2020:
(Shares in thousands)Number of
SARs		Weighted-
average
Exercise
Price Per
Share		Aggregate
Intrinsic
Value (thousands)		Weighted-
average
Remaining
Term (Years)
Outstanding at December 31, 2019250 $44.95 
Granted65 50.95 
Exercised(29)40.70 
Cancelled(32)51.43 
Outstanding at December 31, 2020254 46.18 $4,454 4.2
Vested and expected to vest as of December 31, 2020254 46.18 4,454 4.2
Exercisable at December 31, 2020148 41.00 3,368 3.4
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:
(Shares in thousands)Number of
SARs		Weighted-
average
Grant
Date
Fair Value
Nonvested as of December 31, 2019178 $14.72 
Granted65 13.67 
Vested(109)13.21 
Cancelled(28)15.50 
Nonvested as of December 31, 2020106 $15.46 
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:
202020192018
Risk-free interest rate1.41 %2.47 %2.58 %
Dividend yield0.9 %0.7 %0.8 %
Volatility31.8 %31.7 %31.9 %
Expected lives (in years)4.85.25.5
Summary of Restricted Stock Activity
The following table summarizes the stock-settled RSU activity during 2020:
(Shares in thousands)Number of
Shares		Weighted-
average
Grant Date
Fair Value
Outstanding at December 31, 2019145 $50.79 
Granted84 51.55 
Vested(33)36.39 
Forfeited(35)53.52 
Outstanding at December 31, 2020161 $53.50 
Schedule of Share-based Compensation, Performance Based Restricted Stock Unit Activity
The following table summarizes the activity related to equity-based, performance-based RSUs during 2020:
(Shares in thousands)Number of
Shares		Weighted-
average
Grant Date
Fair Value
Outstanding at December 31, 2019169 $52.74 
Granted46 57.65 
Vested(63)30.28 
Forfeited(26)63.59 
Outstanding at December 31, 2020126 $63.61 
v3.20.4
Fair Value Information and Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of fair value information and derivative financial instruments
The following table summarizes the financial instruments measured at fair value in the Consolidated Balance Sheets at December 31, 2020 and 2019:
  Fair Value Measurements
(Thousands)TotalQuoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Other
Significant
Unobservable
Inputs
(Level 3)
December 31, 2020
Financial Assets
Deferred compensation investments$3,802 $3,802 $— $— 
Foreign currency forward contracts107 — 107 — 
Precious metal swaps127 — 127 — 
Copper swaps632 — 632 — 
Total$4,668 $3,802 $866 $— 
Financial Liabilities
Deferred compensation liability$3,802 $3,802 $— $— 
Foreign currency forward contracts1,203 — 1,203 — 
Precious metal swaps349 — 349 — 
Copper swaps27 — 27 — 
Total$5,381 $3,802 $1,579 $— 
December 31, 2019
Financial Assets
Deferred compensation investments$3,391 $3,391 $— $— 
Foreign currency forward contracts188 — 188 — 
Precious metal swaps35 — 35 — 
Copper swaps61 — 61 — 
Total$3,675 $3,391 $284 $— 
Financial Liabilities
Deferred compensation liability$3,391 $3,391 $— $— 
Foreign currency forward contracts211 — 211 — 
Precious metal swaps623 — 623 — 
Copper swaps28 — 28 — 
Total$4,253 $3,391 $862 $— 
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, 2020 and 2019:
 December 31, 2020December 31, 2019
(Thousands)Notional
Amount		Fair
Value		Notional
Amount		Fair
Value
Foreign currency forward contracts
Prepaid expenses$62,012 $107 $13,734 $95 
Other liabilities and accrued items7,695 55 5,757 16 
Summary of the notional amount and the fair value of the Company's outstanding derivatives
The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives designated as cash flow hedges (on a gross basis) and balance sheet classification at December 31, 2020 and 2019:
 December 31, 2020December 31, 2019
(Thousands)Notional
Amount		Fair
Value		Notional
Amount		Fair
Value
Prepaid expenses
Foreign currency forward contracts - yen$— $— $1,025 $10 
Foreign currency forward contracts - euro— — 3,466 83 
Precious metal swaps2,155 127 1,116 34 
Copper swaps6,225 632 1,951 61 
8,380 759 7,558 188 
Other assets
Precious metal swaps— — 157 1 
Other liabilities and accrued items
Foreign currency forward contracts - yen2,668 59 2,355 12 
Foreign currency forward contracts - euro17,611 1,089 15,686 183 
Precious metal swaps4,964 349 7,034 618 
Copper swaps2,445 27 1,266 28 
27,688 1,524 26,341 841 
Other long-term liabilities
Precious metal swaps— — 149 5 
Total$36,068 $765 $34,205 $657 
Derivative Instruments, Gain (Loss)
The following table summarizes the pre-tax amounts reclassified from accumulated other comprehensive income relating to the hedging relationship of the Company’s outstanding derivatives designated as cash flow hedges and income statement classification for years ended December 31, 2020 and 2019: 
(Thousands)20202019
Hedging relationshipLine item
Foreign currency forward contractsNet sales$222 $(29)
Precious metal swapsCost of sales2,041 595 
Copper swapsCost of sales354 393 
Total$2,617 $959 
v3.20.4
Contingencies and Commitments (Tables)
 12 Months Ended
Dec. 31, 2020
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, 2020 and 2019 are as follows:
(Thousands)20202019
Reserve balance at beginning of year$5,937 $6,521 
Expensed288 482 
Paid(749)(1,066)
Reserve balance at end of year$5,476 $5,937 
Ending balance recorded in:
Other liabilities and accrued items$845 $982 
Other long-term liabilities4,631 4,955 
Schedule of Asset Retirement Obligations
Asset Retirement Obligations
The Company has asset retirement obligations related to its mine in Utah, as well as for certain leased facilities where the Company is contractually obligated to restore the facility back to its original condition at the end of the lease. The following represents a roll forward of the Company's asset retirement obligation liabilities for the years ended December 31, 2020 and 2019:
(Thousands)20202019
Asset retirement obligation at beginning of period$1,421 $1,257 
Accretion expense137 164 
Change in liability207 — 
Asset retirement obligation at end of period$1,765 $1,421 
v3.20.4
Quarterly Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Summary of selected quarterly financial data
The following tables summarize selected quarterly financial data for the years ended December 31, 2020 and 2019:
  
2020
(Thousands except per share amounts)First
Quarter*		Second
Quarter*		Third
Quarter*		Fourth
Quarter		Total
Net sales$277,946 $271,468 $287,171 $339,689 $1,176,274 
Gross margin44,570 46,955 45,311 55,797 192,633 
Percent of net sales16.0 %17.3 %15.8 %16.4 %16.4 %
Net (loss) income(1)
$(3,878)$5,803 $5,471 $8,066 $15,462 
Net (loss) income per share of common stock:
Basic$(0.19)$0.29 $0.27 $0.40 0.76 
  Diluted(2)
(0.19)0.28 0.27 0.39 0.75 
 2019
First
Quarter*		Second
Quarter*		Third
Quarter*		Fourth
Quarter*		Total
Net sales$301,441 $297,843 $305,979 $280,161 $1,185,424 
Gross margin69,606 71,997 66,605 54,482 262,690 
Percent of net sales23.1 %24.2 %21.8 %19.4 %22.2 %
Net income(3)
$17,133 $17,393 $4,522 $14,346 $53,394 
Net income per share of common stock:
Basic$0.85 $0.85 $0.22 $0.70 $2.62 
Diluted0.83 0.84 0.22 0.69 2.59 
v3.20.4
Significant Accounting Policies Organization (Details)
 12 Months Ended
Dec. 31, 2020
Segment
Accounting Policies [Abstract]  
Number of Reportable Segments 4
v3.20.4
Significant Accounting Policies Accounts Receivable (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Accounting Policies [Abstract]    
Accounts Receivable, Allowance for Credit Loss, Current $ 0.5 $ 0.4
v3.20.4
Significant Accounting Policies Property Plant Equipment (Details)
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Line Items]  
Useful life of lease hold improvements Minimum Life of lease
Useful life of lease hold improvements Maximum Life of lease
Minimum | Land improvements  
Property, Plant and Equipment [Line Items]  
Useful life of class of asset 10 years
Minimum | Buildings  
Property, Plant and Equipment [Line Items]  
Useful life of class of asset 20 years
Minimum | Machinery and equipment  
Property, Plant and Equipment [Line Items]  
Useful life of class of asset 3 years
Minimum | Furniture and fixtures  
Property, Plant and Equipment [Line Items]  
Useful life of class of asset 4 years
Minimum | Automobiles and trucks  
Property, Plant and Equipment [Line Items]  
Useful life of class of asset 3 years
Minimum | Research equipment  
Property, Plant and Equipment [Line Items]  
Useful life of class of asset 3 years
Minimum | Computer hardware  
Property, Plant and Equipment [Line Items]  
Useful life of class of asset 3 years
Minimum | Computer software  
Property, Plant and Equipment [Line Items]  
Useful life of class of asset 3 years
Maximum | Land improvements  
Property, Plant and Equipment [Line Items]  
Useful life of class of asset 20 years
Maximum | Buildings  
Property, Plant and Equipment [Line Items]  
Useful life of class of asset 40 years
Maximum | Machinery and equipment  
Property, Plant and Equipment [Line Items]  
Useful life of class of asset 15 years
Maximum | Furniture and fixtures  
Property, Plant and Equipment [Line Items]  
Useful life of class of asset 10 years
Maximum | Automobiles and trucks  
Property, Plant and Equipment [Line Items]  
Useful life of class of asset 8 years
Maximum | Research equipment  
Property, Plant and Equipment [Line Items]  
Useful life of class of asset 10 years
Maximum | Computer hardware  
Property, Plant and Equipment [Line Items]  
Useful life of class of asset 10 years
Maximum | Computer software  
Property, Plant and Equipment [Line Items]  
Useful life of class of asset 10 years
v3.20.4
Significant Accounting Policies Mine Development (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2020
USD ($)
Accounting Policies [Abstract]  
Cost of Mine Development $ 12.9
v3.20.4
Significant Accounting Policies Unearned Income (Details)
$ in Millions
Dec. 31, 2020
USD ($)
Accounting Policies [Abstract]  
Deferred Income $ 58.8
v3.20.4
Significant Accounting Policies Advertising (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Accounting Policies [Abstract]      
Advertising Expense $ 300 $ 700 $ 1,200
v3.20.4
Significant Accounting Policies Inventory (Details)
Dec. 31, 2020
Accounting Policies [Abstract]  
Percentage of LIFO Inventory 45.00%
v3.20.4
Summary of Retrospective Application from LIFO to FIFO (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 25, 2020
Jun. 26, 2020
Mar. 27, 2020
Dec. 31, 2019
Sep. 27, 2019
Jun. 28, 2019
Mar. 29, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cost of sales $ 283,892 $ 241,860 $ 224,513 $ 233,376 $ 225,679 $ 239,374 $ 225,846 $ 231,835 $ 983,641 $ 922,734 $ 956,454
Gross margin 55,797 45,311 46,955 44,570 54,482 66,605 71,997 69,606 192,633 262,690 251,361
Operating profit (loss) 6,828 (616) 7,571 (5,568) 16,049 7,663 25,153 21,681 8,215 70,546 61,752
Income (loss) before income taxes 6,856 (874) 7,163 (4,870) 15,925 7,100 21,541 20,970 8,275 65,536 16,598
Income tax (benefit) expense (1,210) (6,345) 1,360 (992) 1,579 2,578 4,148 3,837 (7,187) 12,142 (4,446)
Net income $ 8,066 $ 5,471 $ 5,803 $ (3,878) $ 14,346 $ 4,522 $ 17,393 $ 17,133 $ 15,462 $ 53,394 $ 21,044
Basic EPS (in usd per share) $ 0.40 $ 0.27 $ 0.29 $ (0.19) $ 0.70 $ 0.22 $ 0.85 $ 0.85 $ 0.76 $ 2.62 $ 1.04
Diluted EPS (in usd per share) $ 0.39 $ 0.27 $ 0.28 $ (0.19) $ 0.69 $ 0.22 $ 0.84 $ 0.83 $ 0.75 $ 2.59 $ 1.02
Comprehensive income                 $ 22,285 $ 66,166 $ 65,747
Inventories, net $ 250,778       $ 236,253       250,778 236,253  
Prepaid and other current assets 20,896       21,736       20,896 21,736  
Deferred income taxes (liability) 15,864       13,104       15,864 13,104  
Retained earnings 631,058       624,954       631,058 624,954  
Deferred income tax (benefit) expense                 (9,850) 3,945 (1,912)
Decrease (increase) in inventory                 (1,288) 20,485 3,978
Decrease (increase) in prepaid and other current assets                 2,475 869 1,814
Previously Reported                      
Net income                 16,942 50,660 20,846
Deferred income tax (benefit) expense                 (6,940) 2,584 (1,318)
Decrease (increase) in inventory                 (3,207) 24,031 4,234
Decrease (increase) in prepaid and other current assets                 4 1,418 1,162
Revision of Prior Period, Change in Accounting Principle, Adjustment                      
Net income                 (1,480) 2,734 198
Deferred income tax (benefit) expense                 (2,910) 1,361 (594)
Decrease (increase) in inventory                 1,919 (3,546) (256)
Decrease (increase) in prepaid and other current assets                 2,471 (549) 652
Previously Reported                      
Net income                 16,942 50,660 20,846
Comprehensive income                 23,765 63,432 65,549
Revision of Prior Period, Change in Accounting Principle, Adjustment                      
Net income                 (1,480) 2,734 198
Comprehensive income                 (1,480) 2,734 198
Previously Reported                      
Cost of sales 285,442 $ 240,531 $ 223,378 $ 232,371 225,154 $ 240,748 $ 228,249 $ 232,129 981,722 926,280 956,710
Gross margin 54,247 46,640 48,090 45,575 55,007 65,231 69,594 69,312 194,552 259,144 251,105
Operating profit (loss) 5,278 713 8,706 (4,563) 16,574 6,289 22,750 21,387 10,134 67,000 61,496
Income (loss) before income taxes 5,306 455 8,298 (3,865) 16,450 5,726 19,138 20,676 10,194 61,990 16,342
Income tax (benefit) expense (1,565) (6,041) 1,620 (762) 1,699 2,263 3,598 3,770 (6,748) 11,330 (4,504)
Net income $ 6,871 $ 6,496 $ 6,678 $ (3,103) $ 14,751 $ 3,463 $ 15,540 $ 16,906 $ 16,942 $ 50,660 $ 20,846
Basic EPS (in usd per share) $ 0.34 $ 0.32 $ 0.33 $ (0.15) $ 0.72 $ 0.17 $ 0.76 $ 0.83 $ 0.83 $ 2.49 $ 1.03
Diluted EPS (in usd per share) $ 0.33 $ 0.32 $ 0.32 $ (0.15) $ 0.71 $ 0.17 $ 0.75 $ 0.82 $ 0.82 $ 2.45 $ 1.01
Revision of Prior Period, Change in Accounting Principle, Adjustment                      
Cost of sales $ (1,550) $ 1,329 $ 1,135 $ 1,005 $ 525 $ (1,374) $ (2,403) $ (294) $ 1,919 $ (3,546) $ (256)
Gross margin 1,550 (1,329) (1,135) (1,005) (525) 1,374 2,403 294 (1,919) 3,546 256
Operating profit (loss) 1,550 (1,329) (1,135) (1,005) (525) 1,374 2,403 294 (1,919) 3,546 256
Income (loss) before income taxes 1,550 (1,329) (1,135) (1,005) (525) 1,374 2,403 294 (1,919) 3,546 256
Income tax (benefit) expense 355 (304) (260) (230) (120) 315 550 67 (439) 812 58
Net income $ 1,195 $ (1,025) $ (875) $ (775) $ (405) $ 1,059 $ 1,853 $ 227 $ (1,480) $ 2,734 $ 198
Basic EPS (in usd per share) $ 0.06 $ (0.05) $ (0.04) $ (0.04) $ (0.02) $ 0.05 $ 0.09 $ 0.02 $ (0.07) $ 0.13 $ 0.01
Diluted EPS (in usd per share) $ 0.06 $ (0.05) $ (0.04) $ (0.04) $ (0.02) $ 0.05 $ 0.09 $ 0.01 $ (0.07) $ 0.14 $ 0.01
Previously Reported                      
Inventories, net $ 206,834       $ 190,390       $ 206,834 $ 190,390  
Prepaid and other current assets 23,470       21,839       23,470 21,839  
Deferred income taxes (liability) 8,081       2,410       8,081 2,410  
Retained earnings 597,471       589,888       597,471 589,888  
Revision of Prior Period, Change in Accounting Principle, Adjustment                      
Inventories, net 43,944       45,863       43,944 45,863  
Prepaid and other current assets (2,574)       (103)       (2,574) (103)  
Deferred income taxes (liability) 7,783       10,694       7,783 10,694  
Retained earnings $ 33,587       $ 35,066       $ 33,587 $ 35,066  
v3.20.4
Acquisition (Details) - USD ($)
 12 Months Ended
Jul. 17, 2020
Dec. 31, 2020
Jun. 26, 2020
Dec. 31, 2019
Dec. 31, 2018
Business Combinations [Abstract]          
Business combination, consideration transferred $ 136,100,000        
Long-term debt 22,500,000        
Borrowings under Credit Agreement with average interest rate of 1.65% at December 31, 2020   $ 34,000,000 $ 150,000,000.0 $ 0  
Business combination, integration related costs   6,500,000      
Business Acquisition [Line Items]          
Goodwill   $ 144,916,000   $ 79,011,000 $ 90,657,000
Optics Balzers [Member]          
Business Combinations [Abstract]          
Long-term debt 21,926,000        
Business Acquisition [Line Items]          
Goodwill $ 70,639,000        
v3.20.4
Acquisition (Details 1) - USD ($)
$ in Thousands
Dec. 31, 2020
Jul. 17, 2020
Dec. 31, 2019
Dec. 31, 2018
Assets        
Operating lease, right-of-use assets $ 62,089   $ 23,413  
Goodwill $ 144,916   $ 79,011 $ 90,657
Liabilities        
Long-term debt   $ 22,500    
Optics Balzers [Member]        
Assets        
Cash and cash equivalents   5,390    
Accounts receivable   8,484    
Inventories   10,715    
Prepaid and other current assets   937    
Property, plant, and equipment   46,791    
Operating lease, right-of-use assets   13,357    
Intangible assets   49,300    
Goodwill   70,639    
Total assets acquired   205,613    
Liabilities        
Short-term debt   600    
Accounts payable   2,851    
Salaries and wages   4,392    
Other liabilities and accrued items   3,678    
Income taxes   61    
Unearned revenue   1,259    
Other long-term liabilities   207    
Operating lease liabilities   12,356    
Finance lease liabilities   2,642    
Retirement and post-employment benefits   6,586    
Unearned income   1,835    
Long-term income taxes   181    
Deferred income taxes   10,934    
Long-term debt   21,926    
Total liabilities assumed   69,508    
Net assets acquired   $ 136,105    
v3.20.4
Acquisition (Details 2) - Optics Balzers [Member]
$ in Thousands
Jul. 17, 2020
USD ($)
Acquired Indefinite-lived Intangible Assets [Line Items]  
Intangible assets $ 49,300
Customer Relationships  
Acquired Indefinite-lived Intangible Assets [Line Items]  
Intangible assets $ 40,141
Acquired finite-lived intangible assets, weighted average useful life 18 years
Technology  
Acquired Indefinite-lived Intangible Assets [Line Items]  
Intangible assets $ 4,059
Acquired finite-lived intangible assets, weighted average useful life 5 years
License  
Acquired Indefinite-lived Intangible Assets [Line Items]  
Intangible assets $ 5,100
Acquired finite-lived intangible assets, weighted average useful life 5 years
v3.20.4
Segment Reporting and Geographic Information (Details 1) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 25, 2020
Jun. 26, 2020
Mar. 27, 2020
Dec. 31, 2019
Sep. 27, 2019
Jun. 28, 2019
Mar. 29, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Segment Reporting Information [Line Items]                      
Net sales $ 339,689 $ 287,171 $ 271,468 $ 277,946 $ 280,161 $ 305,979 $ 297,843 $ 301,441 $ 1,176,274 $ 1,185,424 $ 1,207,815
Operating profit (loss) 6,828 $ (616) $ 7,571 $ (5,568) 16,049 $ 7,663 $ 25,153 $ 21,681 8,215 70,546 61,752
Depreciation, depletion, and amortization                 42,384 41,116 35,524
Expenditures for long-lived assets                 67,274 26,528 34,260
Total Assets 1,057,860       898,430       1,057,860 898,430 843,310
Performance Alloys and Composites                      
Segment Reporting Information [Line Items]                      
Net sales                 394,195 500,201  
Operating profit (loss)                 13,597 73,815 60,008
Depreciation, depletion, and amortization                 25,782 24,437 17,434
Expenditures for long-lived assets                 53,841 15,520 15,396
Total Assets 477,892       442,885       477,892 442,885 453,345
Advanced Materials                      
Segment Reporting Information [Line Items]                      
Net sales                 670,867 573,763  
Operating profit (loss)                 22,120 25,124 16,732
Depreciation, depletion, and amortization                 8,061 8,955 8,575
Expenditures for long-lived assets                 9,003 7,572 15,523
Total Assets 251,637       214,961       251,637 214,961 206,393
Precision Optics                      
Segment Reporting Information [Line Items]                      
Net sales                 111,212 111,460  
Operating profit (loss)                 (4,382) (3,550) 10,707
Depreciation, depletion, and amortization                 6,564 5,695 7,066
Expenditures for long-lived assets                 908 1,045 1,983
Total Assets 268,004       78,981       268,004 78,981 90,537
Other                      
Segment Reporting Information [Line Items]                      
Net sales                 0 0  
Operating profit (loss)                 (23,120) (24,843) (25,695)
Depreciation, depletion, and amortization                 1,977 2,029 2,449
Expenditures for long-lived assets                 3,522 2,391 1,358
Total Assets $ 60,327       $ 161,603       60,327 161,603 93,035
Operating Segments                      
Segment Reporting Information [Line Items]                      
Net sales                 1,176,274 1,185,424 1,207,815
Operating Segments | Performance Alloys and Composites                      
Segment Reporting Information [Line Items]                      
Net sales                 394,195 500,201 500,590
Operating Segments | Advanced Materials                      
Segment Reporting Information [Line Items]                      
Net sales                 670,867 573,763 586,643
Operating Segments | Precision Optics                      
Segment Reporting Information [Line Items]                      
Net sales                 111,212 111,460 120,582
Operating Segments | Other                      
Segment Reporting Information [Line Items]                      
Net sales                 0 0 0
Intersegment Eliminations                      
Segment Reporting Information [Line Items]                      
Net sales                 35,918 70,085 50,497
Intersegment Eliminations | Performance Alloys and Composites                      
Segment Reporting Information [Line Items]                      
Net sales                 6 38 37
Intersegment Eliminations | Advanced Materials                      
Segment Reporting Information [Line Items]                      
Net sales                 35,912 70,047 50,460
Intersegment Eliminations | Precision Optics                      
Segment Reporting Information [Line Items]                      
Net sales                 0 0 0
Intersegment Eliminations | Other                      
Segment Reporting Information [Line Items]                      
Net sales                 $ 0 $ 0 $ 0
v3.20.4
Segment Reporting and Geographic Information (Details 2) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 25, 2020
Jun. 26, 2020
Mar. 27, 2020
Dec. 31, 2019
Sep. 27, 2019
Jun. 28, 2019
Mar. 29, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Segment Reporting [Abstract]                      
Total operating profit for reportable segments $ 6,828 $ (616) $ 7,571 $ (5,568) $ 16,049 $ 7,663 $ 25,153 $ 21,681 $ 8,215 $ 70,546 $ 61,752
Other non-operating (income) expense-net                 (3,939) 3,431 42,683
Interest expense - net                 3,879 1,579 2,471
Income before income taxes $ 6,856 $ (874) $ 7,163 $ (4,870) $ 15,925 $ 7,100 $ 21,541 $ 20,970 $ 8,275 $ 65,536 $ 16,598
v3.20.4
Segment Reporting and Geographic Information (Details 3) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 25, 2020
Jun. 26, 2020
Mar. 27, 2020
Dec. 31, 2019
Sep. 27, 2019
Jun. 28, 2019
Mar. 29, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Sales and long-lived assets attributed to countries based upon the location of customers                      
Net sales $ 339,689 $ 287,171 $ 271,468 $ 277,946 $ 280,161 $ 305,979 $ 297,843 $ 301,441 $ 1,176,274 $ 1,185,424 $ 1,207,815
Property, plant, and equipment — net 309,686       232,276       309,686 232,276 251,018
United States                      
Sales and long-lived assets attributed to countries based upon the location of customers                      
Net sales                 641,727 743,345 726,881
Property, plant, and equipment — net 223,340       194,596       223,340 194,596 215,395
Asia                      
Sales and long-lived assets attributed to countries based upon the location of customers                      
Net sales                 329,968 256,114 270,672
Europe                      
Sales and long-lived assets attributed to countries based upon the location of customers                      
Net sales                 189,281 169,132 186,081
All other                      
Sales and long-lived assets attributed to countries based upon the location of customers                      
Net sales                 15,298 16,833 24,181
Property, plant, and equipment — net $ 86,346       $ 37,680       $ 86,346 $ 37,680 $ 35,623
v3.20.4
Segment Reporting and Geographic Information (Details 4) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 25, 2020
Jun. 26, 2020
Mar. 27, 2020
Dec. 31, 2019
Sep. 27, 2019
Jun. 28, 2019
Mar. 29, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Disaggregation of Revenue [Line Items]                      
Net sales $ 339,689 $ 287,171 $ 271,468 $ 277,946 $ 280,161 $ 305,979 $ 297,843 $ 301,441 $ 1,176,274 $ 1,185,424 $ 1,207,815
Semiconductor                      
Disaggregation of Revenue [Line Items]                      
Net sales                 531,635 438,722  
Industrial                      
Disaggregation of Revenue [Line Items]                      
Net sales                 147,032 150,504  
Aerospace and Defense                      
Disaggregation of Revenue [Line Items]                      
Net sales                 92,953 136,095  
Consumer Electronics                      
Disaggregation of Revenue [Line Items]                      
Net sales                 70,028 91,815  
Automotive                      
Disaggregation of Revenue [Line Items]                      
Net sales                 76,283 78,205  
Energy                      
Disaggregation of Revenue [Line Items]                      
Net sales                 96,355 115,714  
Telecomm and Data Center                      
Disaggregation of Revenue [Line Items]                      
Net sales                 46,496 64,325  
Other End Market                      
Disaggregation of Revenue [Line Items]                      
Net sales                 115,492 110,044  
Performance Alloys and Composites                      
Disaggregation of Revenue [Line Items]                      
Net sales                 394,195 500,201  
Performance Alloys and Composites | Semiconductor                      
Disaggregation of Revenue [Line Items]                      
Net sales                 4,626 5,353  
Performance Alloys and Composites | Industrial                      
Disaggregation of Revenue [Line Items]                      
Net sales                 90,884 106,334  
Performance Alloys and Composites | Aerospace and Defense                      
Disaggregation of Revenue [Line Items]                      
Net sales                 67,173 109,717  
Performance Alloys and Composites | Consumer Electronics                      
Disaggregation of Revenue [Line Items]                      
Net sales                 47,983 72,360  
Performance Alloys and Composites | Automotive                      
Disaggregation of Revenue [Line Items]                      
Net sales                 66,489 69,057  
Performance Alloys and Composites | Energy                      
Disaggregation of Revenue [Line Items]                      
Net sales                 20,587 41,101  
Performance Alloys and Composites | Telecomm and Data Center                      
Disaggregation of Revenue [Line Items]                      
Net sales                 44,313 61,344  
Performance Alloys and Composites | Other End Market                      
Disaggregation of Revenue [Line Items]                      
Net sales                 52,140 34,935  
Advanced Materials                      
Disaggregation of Revenue [Line Items]                      
Net sales                 670,867 573,763  
Advanced Materials | Semiconductor                      
Disaggregation of Revenue [Line Items]                      
Net sales                 526,553 432,658  
Advanced Materials | Industrial                      
Disaggregation of Revenue [Line Items]                      
Net sales                 38,052 29,917  
Advanced Materials | Aerospace and Defense                      
Disaggregation of Revenue [Line Items]                      
Net sales                 6,241 5,647  
Advanced Materials | Consumer Electronics                      
Disaggregation of Revenue [Line Items]                      
Net sales                 479 1,254  
Advanced Materials | Automotive                      
Disaggregation of Revenue [Line Items]                      
Net sales                 6,262 8,179  
Advanced Materials | Energy                      
Disaggregation of Revenue [Line Items]                      
Net sales                 75,768 74,613  
Advanced Materials | Telecomm and Data Center                      
Disaggregation of Revenue [Line Items]                      
Net sales                 2,183 2,981  
Advanced Materials | Other End Market                      
Disaggregation of Revenue [Line Items]                      
Net sales                 15,329 18,514  
Precision Optics                      
Disaggregation of Revenue [Line Items]                      
Net sales                 111,212 111,460  
Precision Optics | Semiconductor                      
Disaggregation of Revenue [Line Items]                      
Net sales                 456 711  
Precision Optics | Industrial                      
Disaggregation of Revenue [Line Items]                      
Net sales                 18,096 14,253  
Precision Optics | Aerospace and Defense                      
Disaggregation of Revenue [Line Items]                      
Net sales                 19,539 20,731  
Precision Optics | Consumer Electronics                      
Disaggregation of Revenue [Line Items]                      
Net sales                 21,566 18,201  
Precision Optics | Automotive                      
Disaggregation of Revenue [Line Items]                      
Net sales                 3,532 969  
Precision Optics | Energy                      
Disaggregation of Revenue [Line Items]                      
Net sales                 0 0  
Precision Optics | Telecomm and Data Center                      
Disaggregation of Revenue [Line Items]                      
Net sales                 0 0  
Precision Optics | Other End Market                      
Disaggregation of Revenue [Line Items]                      
Net sales                 48,023 56,595  
Other                      
Disaggregation of Revenue [Line Items]                      
Net sales                 0 0  
Other | Semiconductor                      
Disaggregation of Revenue [Line Items]                      
Net sales                 0 0  
Other | Industrial                      
Disaggregation of Revenue [Line Items]                      
Net sales                 0 0  
Other | Aerospace and Defense                      
Disaggregation of Revenue [Line Items]                      
Net sales                 0 0  
Other | Consumer Electronics                      
Disaggregation of Revenue [Line Items]                      
Net sales                 0 0  
Other | Automotive                      
Disaggregation of Revenue [Line Items]                      
Net sales                 0 0  
Other | Energy                      
Disaggregation of Revenue [Line Items]                      
Net sales                 0 0  
Other | Telecomm and Data Center                      
Disaggregation of Revenue [Line Items]                      
Net sales                 0 0  
Other | Other End Market                      
Disaggregation of Revenue [Line Items]                      
Net sales                 $ 0 $ 0  
v3.20.4
Segment Reporting and Geographic Information (Details Textual)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Segment Reporting [Abstract]      
Percentage of customers accounted for the company's sale 10.00% 10.00% 10.00%
v3.20.4
Revenue Recognition (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Capitalized Contract Cost [Line Items]      
Change in Unearned revenue $ 2,935 $ (2,538) $ 477
Trade Accounts Receivable [Member]      
Capitalized Contract Cost [Line Items]      
Contract with Customer, Asset 156,821 141,168  
Change in Accounts receivable, trade $ 15,653    
Contract Asset Percent Change 11.00%    
Unbilled Receivables [Member]      
Capitalized Contract Cost [Line Items]      
Contract with Customer, Asset $ 8,832 13,583  
Change in Unbilled receivables $ (4,751)    
Contract Asset Percent Change (35.00%)    
Unearned Revenue [Member]      
Capitalized Contract Cost [Line Items]      
Unearned revenue $ 7,713 $ 3,380  
Change in Unearned revenue $ 4,333    
Contract Liability Percent Change 128.00%    
v3.20.4
Revenue Recognition Textuals (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2020
USD ($)
Revenue from Contract with Customer [Abstract]  
Deferred Revenue, Revenue Recognized $ 3.2
Remaining Performance Obligation $ 10.2
v3.20.4
Restructuring (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]      
Restructuring expense $ 11,237 $ 785 $ 5,599
Performance Alloys and Composites      
Restructuring Cost and Reserve [Line Items]      
Restructuring expense 8,763 0 0
Advanced Materials      
Restructuring Cost and Reserve [Line Items]      
Restructuring expense 0 0 5,599
Precision Optics      
Restructuring Cost and Reserve [Line Items]      
Restructuring expense 2,052 328 0
Other      
Restructuring Cost and Reserve [Line Items]      
Restructuring expense $ 422 $ 457 $ 0
v3.20.4
Restructuring Textual (Details)
 3 Months Ended 12 Months Ended
Mar. 27, 2020
USD ($)
Sep. 27, 2019
USD ($)
Dec. 31, 2020
USD ($)
Employee
Dec. 31, 2019
USD ($)
Employee
Dec. 31, 2018
USD ($)
Employee
Restructuring Cost and Reserve [Line Items]          
Goodwill impairment charges     $ 9,053,000 $ 11,560,000 $ 0
Asset impairment charges $ 10,800,000 $ 14,100,000 10,472,000 14,141,000 0
Property, plant and equipment held for sale     200,000    
Restructuring expense     11,237,000 785,000 5,599,000
Other          
Restructuring Cost and Reserve [Line Items]          
Restructuring expense     422,000 $ 457,000 0
Number of positions eliminated | Employee       7  
Advanced Materials          
Restructuring Cost and Reserve [Line Items]          
Goodwill impairment charges     0 $ 0 0
Restructuring expense     0 0 $ 5,599,000
Number of positions eliminated | Employee         40
Remaining severance payments         $ 300,000
Performance Alloys and Composites          
Restructuring Cost and Reserve [Line Items]          
Goodwill impairment charges     0 0 0
Restructuring expense     8,763,000 0 0
Severance costs     $ 2,100,000    
Number of positions eliminated | Employee     63    
Other restructuring costs     $ 5,300,000    
Remaining severance payments     500,000    
Remaining facility costs     500,000    
Precision Optics          
Restructuring Cost and Reserve [Line Items]          
Goodwill impairment charges     9,053,000 11,560,000 0
Asset impairment charges     1,400,000    
Restructuring expense     2,052,000 $ 328,000 $ 0
Severance costs     $ 400,000    
Number of positions eliminated | Employee     28    
Number of positions eliminated | Employee       19  
Precision Optics | LAC Restructuring          
Restructuring Cost and Reserve [Line Items]          
Restructuring expense     $ 1,700,000    
Severance costs     $ 700,000    
Number of positions eliminated | Employee     20    
Other restructuring costs     $ 1,000,000.0    
Remaining severance payments     600,000    
Remaining facility costs     1,000,000.0    
Restructuring cost, expected     $ 200,000    
v3.20.4
Other-net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Summary of other-net expense      
Metal consignment fees $ 8,587 $ 9,247 $ 10,999
Amortization of intangible assets 2,377 1,400 2,265
Foreign currency loss (gain) (2,569) 666 1,487
Net loss on disposal of fixed assets 466 344 518
Rental Income 0 (87) (416)
Other items (398) 213 481
Total $ 8,463 $ 11,783 $ 15,334
v3.20.4
Interest (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Summary of interest incurred, capitalized and paid      
Interest incurred, net $ 3,889 $ 1,641 $ 2,870
Less: Capitalized interest 10 62 399
Total net expense 3,879 1,579 2,471
Interest paid $ 3,442 $ 1,799 $ 1,436
v3.20.4
Interest (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Interest [Abstract]      
Amortization of deferred financing costs $ 790 $ 962 $ 1,009
v3.20.4
Income Taxes Textuals 1 (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2018
USD ($)
Income Tax Disclosure [Abstract]  
Tax Cuts and Jobs Act of 2017, Complete Accounting, Change in Tax Rate, Provisional Income Tax Expense (Benefit) $ 11.1
Tax Cuts and Jobs Act Change in Tax Rate, Deferred Tax Asset (Liability), Income Tax Expense (Credit) 2.8
Tax Cuts and Jobs Act, Transition Tax, Income Tax Expense (Credit) 1.2
Tax Cuts and Jobs Act, Valuation Allowance Reversal, Tax Benefit $ 7.1
v3.20.4
Income Taxes Table 1 (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 25, 2020
Jun. 26, 2020
Mar. 27, 2020
Dec. 31, 2019
Sep. 27, 2019
Jun. 28, 2019
Mar. 29, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income (loss) before income taxes:                      
Domestic                 $ (1,153) $ 60,271 $ 20,528
Foreign                 9,428 5,265 (3,930)
Income before income taxes $ 6,856 $ (874) $ 7,163 $ (4,870) $ 15,925 $ 7,100 $ 21,541 $ 20,970 8,275 65,536 16,598
Current income tax expense (benefit):                      
Domestic                 812 6,995 (5,244)
Foreign                 1,851 1,202 2,710
Total current                 2,663 8,197 (2,534)
Deferred income tax (benefit) expense:                      
Domestic                 (5,641) 2,687 (4,677)
Foreign                 (4,209) 1,258 2,765
Total deferred                 (9,850) 3,945 (1,912)
Total income tax (benefit) expense $ (1,210) $ (6,345) $ 1,360 $ (992) $ 1,579 $ 2,578 $ 4,148 $ 3,837 $ (7,187) $ 12,142 $ (4,446)
v3.20.4
Income Taxes Table 2 (Details)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Reconciliation of the federal statutory and effective income tax rate      
U.S. Federal statutory rate 21.00% 21.00% 21.00%
State and local income taxes, net of federal tax effect (10.00%) 1.00% 0.20%
Effect of excess of percentage depletion over cost depletion (43.00%) (4.30%) (17.50%)
Manufacturing production deduction, including impact of NOL carryback 0.00% 0.00% 6.20%
Foreign Derived Intangible Income Tax Deduction (1.80%) (3.00%) (2.80%)
Non-deductible goodwill impairment 7.10% 1.10% 0.00%
Tax Cuts and Jobs Act Impact 0.00% 2.30% (66.70%)
Research and developmental tax credit (16.40%) (1.10%) (7.50%)
Foreign Tax Credit 0.00% (0.30%) (1.90%)
Impact of foreign operations (5.30%) 0.90% 1.80%
Non-deductible transaction costs 6.90% 0.20% 1.30%
Effective Income Tax Rate Reconciliation, Deduction, Percent (3.80%) 0.00% 0.00%
Adjustment to unrecognized tax benefits 1.80% 0.20% 2.70%
Equity compensation (5.30%) (3.20%) (4.30%)
Non-deductible officers' compensation 6.80% 0.80% 0.00%
Valuation allowance (45.50%) 2.10% 38.10%
Other items 0.60% 0.80% 2.60%
Effective tax rate (86.90%) 18.50% (26.80%)
v3.20.4
Income Taxes Table 3 (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Asset (liability)    
Post-employment benefits other than pensions $ 1,564 $ 1,626
Other reserves 226 543
Deferred compensation 3,322 3,314
Environmental reserves 1,301 1,384
Lease liabilities 10,469 4,614
Pensions 7,456 5,149
Accrued compensation expense 2,683 5,364
Net operating loss and credit carryforwards 12,685 13,513
Research and development tax credit carryforward 26 25
Subtotal 39,732 35,532
Valuation allowance (14,134) (17,676)
Total deferred tax assets 25,598 17,856
Depreciation (12,112) (10,780)
Lease assets (10,261) (4,428)
Inventory (3,532) (7,954)
Amortization (10,754) (2,426)
Mine development (1,669) (3,706)
Total deferred tax liabilities (38,328) (29,294)
Net deferred tax liabilities $ (12,730) $ (11,438)
v3.20.4
Income Taxes Textuals 2 (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
$ / shares
Operating Loss Carryforwards [Line Items]  
Operating Loss Carryforwards, Valuation Allowance $ 9,500
Income Tax Holiday, Aggregate Dollar Amount $ 500
Income Tax Holiday, Income Tax Benefits Per Share | $ / shares $ 0.03
Foreign Country [Member]  
Operating Loss Carryforwards [Line Items]  
Foreign net operating loss carryforwards, do not expire $ 27,800
Foreign net operating loss carryforwards subject to expiration 7,100
State and Local Jurisdiction [Member]  
Operating Loss Carryforwards [Line Items]  
Foreign net operating loss carryforwards subject to expiration 20,500
Tax Credit, amount subject to expiration $ 3,700
v3.20.4
Income Taxes Table 4 (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Reconciliation of unrecognized tax benefits    
Balance at January 1 $ 3,221 $ 2,883
Additions to tax provisions related to the current year 191 0
Additions to tax positions related to prior years 0 399
Reduction to tax positions related to prior years (349) 0
Lapses on statutes of limitations (703) (61)
Balance at December 31 $ 2,360 $ 3,221
v3.20.4
Income Taxes Textuals 3 (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Tax Disclosure [Abstract]      
Unrecognized Tax Benefits that Would Impact Effective Tax Rate if Recognized $ 2,700 $ 2,400  
Income Taxes Paid 3,900 9,300 $ 2,600
Unrepatriated Earnings 98,400    
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]      
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations 703 $ 61  
Domestic Tax Authority [Member]      
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]      
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations $ 1,600    
v3.20.4
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 25, 2020
Jun. 26, 2020
Mar. 27, 2020
Dec. 31, 2019
Sep. 27, 2019
Jun. 28, 2019
Mar. 29, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Numerator for basic and diluted EPS:                      
Net income $ 8,066 $ 5,471 $ 5,803 $ (3,878) $ 14,346 $ 4,522 $ 17,393 $ 17,133 $ 15,462 $ 53,394 $ 21,044
Denominator for basic EPS:                      
Weighted-average shares outstanding                 20,338 20,365 20,212
Effect of dilutive securities:                      
Diluted potential common shares (in shares)                 265 290 401
Denominator for diluted EPS:                      
Adjusted weighted-average shares outstanding                 20,603 20,655 20,613
Basic EPS (in usd per share) $ 0.40 $ 0.27 $ 0.29 $ (0.19) $ 0.70 $ 0.22 $ 0.85 $ 0.85 $ 0.76 $ 2.62 $ 1.04
Diluted EPS (in usd per share) $ 0.39 $ 0.27 $ 0.28 $ (0.19) $ 0.69 $ 0.22 $ 0.84 $ 0.83 $ 0.75 $ 2.59 $ 1.02
Retained Earnings [Member]                      
Numerator for basic and diluted EPS:                      
Net income                 $ 15,462 $ 53,394 $ 21,044
Stock Appreciation Rights (SARs)                      
Effect of dilutive securities:                      
Dilutive effect of share-based compensation (in shares)                 39 72 170
Restricted Stock Units (RSUs)                      
Effect of dilutive securities:                      
Dilutive effect of share-based compensation (in shares)                 102 75 85
Performance-Based Restricted Stock Units                      
Effect of dilutive securities:                      
Dilutive effect of share-based compensation (in shares)                 124 143 146
v3.20.4
Earnings Per Share (Details 1) - shares
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Stock Appreciation Rights (SARs)      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Equity awards excluded from diluted EPS calculation 166,255 71,199 65,122
v3.20.4
Inventories (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Inventory Disclosure [Abstract]    
Raw materials and supplies $ 42,905 $ 35,612
Work in process 200,741 175,135
Finished goods 7,132 25,506
Inventories, net $ 250,778 $ 236,253
v3.20.4
Inventories (Details Textual) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Inventory [Line Items]    
Notional Amount of Nonderivative Instruments $ 400.0 $ 309.3
v3.20.4
Property, Plant, and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Summary of Property, plant and equipment      
Property, plant, and equipment $ 998,312 $ 916,965  
Less allowances for depreciation, depletion, and amortization (688,626) (684,689)  
Property, plant, and equipment — net 309,686 232,276 $ 251,018
Land      
Summary of Property, plant and equipment      
Property, plant, and equipment 5,686 4,874  
Buildings      
Summary of Property, plant and equipment      
Property, plant, and equipment 165,144 150,323  
Machinery and equipment      
Summary of Property, plant and equipment      
Property, plant, and equipment 645,195 639,310  
Software      
Summary of Property, plant and equipment      
Property, plant, and equipment 43,652 44,652  
Construction in progress      
Summary of Property, plant and equipment      
Property, plant, and equipment 69,297 16,699  
Land Building Machinery and Equipment      
Summary of Property, plant and equipment      
Less allowances for depreciation, depletion, and amortization (662,724) (669,250)  
Property, plant, and equipment — net 266,250 186,608  
Capital leases      
Summary of Property, plant and equipment      
Property, plant, and equipment 34,301 26,069  
Less allowances for depreciation, depletion, and amortization (4,914) (3,569)  
Property, plant, and equipment — net 29,387 22,500  
Mineral resources      
Summary of Property, plant and equipment      
Property, plant, and equipment 4,979 4,980  
Mine development      
Summary of Property, plant and equipment      
Property, plant, and equipment 30,058 30,058  
Productive land      
Summary of Property, plant and equipment      
Less allowances for depreciation, depletion, and amortization (20,988) (11,870)  
Property, plant, and equipment — net $ 14,049 $ 23,168  
v3.20.4
Property, Plant, and Equipment Textuals (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Property, Plant and Equipment [Abstract]      
Reimbursement of costs $ 63.5    
Unearned Income (4.3) $ (4.4) $ (4.3)
Depreciation and depletion expense 30.9 30.3 33.3
Net book value of capitalized software 5.0 7.9  
Software amortization $ 1.8 $ 2.4 $ 2.6
v3.20.4
Customer Prepayments (Details)
$ in Millions
Dec. 31, 2020
USD ($)
Revenue Recognition and Deferred Revenue [Abstract]  
Future Customer Prepayments $ 70.0
Deferred Income $ 58.8
v3.20.4
Leasing Arrangements Components of Lease Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Components of Lease Expense [Abstract]    
Operating lease cost $ 10,602 $ 9,835
Finance Leases    
Amortization of right-of-use assets 1,324 1,414
Interest on lease liabilities 1,021 1,028
Total lease cost $ 12,947 $ 12,277
v3.20.4
Leasing Arrangements Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Operating Leases    
Operating lease, right-of-use assets $ 62,089 $ 23,413
Operating lease liabilities 56,761 18,091
Finance Leases    
Finance lease liabilities 20,539 17,424
Total principal payable on finance leases 23,464 18,689
Property, plant, and equipment 998,312 916,965
Allowances for depreciation, depletion, and amortization (688,626) $ (684,689)
Other liabilities and accrued items $ 3,877  
Weighted Average Remaining Lease Term Abstract [Abstract]    
Operating leases 12 years 8 months 19 days 4 years 8 months 8 days
Finance leases 16 years 7 months 2 days 19 years 5 months 19 days
Weighted Average Discount Rate Abstract [Abstract]    
Operating leases 6.46% 5.91%
Finance leases 4.88% 5.31%
Property, Plant and Equipment    
Property, plant, and equipment $ 34,301 $ 26,069
Allowances for depreciation, depletion, and amortization (4,914) (3,570)
Finance lease assets, net 29,387 22,499
Accrued Liabilities    
Other liabilities and accrued items 2,925 1,265
Other liabilities and accrued items $ 6,908 $ 6,542
v3.20.4
Future Estimated Minimum Payments Under Finance Leases and Non-Cancelable Operating Leases (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Finance Leases    
2021 $ 3,877  
2022 3,827  
2023 2,536  
2024 1,595  
2025 1,432  
2026 and thereafter 21,906  
Total minimum lease payments 35,173  
Amounts representing interest 11,709  
Present value of lease payments 23,464 $ 18,689
Operating Leases    
2021 10,707  
2022 9,415  
2023 8,750  
2024 6,608  
2025 6,278  
2026 and thereafter 53,041  
Total minimum lease payments 94,799  
Amounts representing interest 31,130  
Present value of lease payments $ 63,669  
v3.20.4
Leasing Arrangements Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Supplemental Cash Flow Information Related to Leases [Abstract]    
Right-of-use asset obtained in exchange for operating lease liability $ 43,037 $ 32,534
Right-of-use asset obtained in exchange for finance lease liability 6,736 3,919
Cash Paid For Amounts Included In Measurement Of Lease Liabilities    
Operating cash flows from operating leases 16,216 15,841
Operating cash flows from finance leases 1,021 1,028
Financing cash flows from finance leases $ 2,213 $ 1,200
v3.20.4
Leasing Arrangements (Details Text) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2018
Leases [Abstract]    
Operating lease expense   $ 11.6
Operating lease term maximum 25 years  
v3.20.4
Intangible Assets and Goodwill (Details 1) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Summary of cost, accumulated amortization and net book value of intangible assets    
Cost $ 109,603 $ 57,235
Accumulated amortization (56,903) (53,554)
Finite-lived intangible assets, net 54,672 6,380
Customer Relationships    
Summary of cost, accumulated amortization and net book value of intangible assets    
Cost 81,231 39,601
Accumulated amortization (38,773) (37,692)
Finite-lived intangible assets, net 42,458 1,909
Technology    
Summary of cost, accumulated amortization and net book value of intangible assets    
Cost 16,915 13,377
Accumulated amortization (13,290) (12,816)
Finite-lived intangible assets, net 3,625 561
Licenses and other    
Summary of cost, accumulated amortization and net book value of intangible assets    
Cost 11,457 4,257
Accumulated amortization (4,840) (3,046)
Finite-lived intangible assets, net 6,617 1,211
Finite-Lived Intangible Assets    
Summary of cost, accumulated amortization and net book value of intangible assets    
Finite-lived intangible assets, net $ 52,700 $ 3,681
v3.20.4
Intangible Assets and Goodwill (Details 2)
$ in Thousands
Dec. 31, 2020
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2021 $ 4,596
2022 4,585
2023 4,565
2024 4,563
2025 $ 4,084
v3.20.4
Intangible Assets and Goodwill Goodwill Table (Details) - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Goodwill [Line Items]      
Goodwill $ 144,916,000 $ 79,011,000 $ 90,657,000
Goodwill, acquired during period 70,577,000    
Goodwill impairment charges (9,053,000) (11,560,000) 0
Goodwill, other increase (decrease) 4,381,000 (86,000)  
Performance Alloys and Composites      
Goodwill [Line Items]      
Goodwill 1,899,000 1,899,000 1,899,000
Goodwill, acquired during period 0    
Goodwill impairment charges 0 0 0
Goodwill, other increase (decrease) 0 0  
Advanced Materials      
Goodwill [Line Items]      
Goodwill 50,527,000 50,190,000 50,276,000
Goodwill, acquired during period 0    
Goodwill impairment charges 0 0 0
Goodwill, other increase (decrease) 337,000 (86,000)  
Precision Optics      
Goodwill [Line Items]      
Goodwill 92,490,000 26,922,000 38,482,000
Goodwill, acquired during period 70,577,000    
Goodwill impairment charges (9,053,000) (11,560,000) $ 0
Goodwill, other increase (decrease) $ 4,044,000 $ 0  
v3.20.4
Intangible Assets and Goodwill (Details Textual) - USD ($)
 12 Months Ended
Jul. 17, 2020
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Goodwill [Line Items]        
Business combination, consideration transferred $ 136,100,000      
Goodwill   $ 144,916,000 $ 79,011,000 $ 90,657,000
Asset impairment charges   1,419,000 2,581,000 0
Goodwill impairment charges   9,053,000 11,560,000 0
Deferred finance cost   0 90,000  
Amortization of intangible assets   2,377,000 1,400,000 2,265,000
Optics Balzers [Member]        
Goodwill [Line Items]        
Intangible assets 49,300,000      
Goodwill $ 70,639,000      
Performance Alloys and Composites        
Goodwill [Line Items]        
Goodwill   1,899,000 1,899,000 1,899,000
Goodwill impairment charges   0 0 0
Precision Optics        
Goodwill [Line Items]        
Goodwill   92,490,000 26,922,000 38,482,000
Goodwill impairment charges   9,053,000 11,560,000 0
Accumulated impairment loss   20,600,000 11,600,000  
Advanced Materials        
Goodwill [Line Items]        
Goodwill   50,527,000 50,190,000 50,276,000
Goodwill impairment charges   0 0 $ 0
Deferred Financing Costs        
Goodwill [Line Items]        
Deferred finance cost   $ 2,000,000.0 $ 2,700,000  
Technology | Optics Balzers [Member]        
Goodwill [Line Items]        
Acquired finite-lived intangible assets, weighted average useful life 5 years      
Intangible assets $ 4,059,000      
License | Optics Balzers [Member]        
Goodwill [Line Items]        
Acquired finite-lived intangible assets, weighted average useful life 5 years      
Intangible assets $ 5,100,000      
Customer Relationships | Optics Balzers [Member]        
Goodwill [Line Items]        
Acquired finite-lived intangible assets, weighted average useful life 18 years      
Intangible assets $ 40,141,000      
v3.20.4
Debt (Details) - USD ($)
Dec. 31, 2020
Jun. 26, 2020
Dec. 31, 2019
Summary of long-term debt      
Line of Credit Facility, Interest Rate at Period End 1.65%    
Borrowings under Credit Agreement with average interest rate of 1.65% at December 31, 2020 $ 34,000,000 $ 150,000,000.0 $ 0
Foreign debt 3,157,000   0
Fixed rate industrial development revenue bonds payable in annual installments through 2021 1,322,000   2,218,000
Total long-term debt outstanding 38,479,000   2,218,000
Current portion of long-term debt (1,937,000)   (868,000)
Gross long-term debt 36,542,000   1,350,000
Unamortized deferred financing fees 0   (90,000)
Long-term debt $ 36,542,000   $ 1,260,000
v3.20.4
Debt (Details 1) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Maturities on long-term debt instruments    
2021 $ 1,937  
2022 500  
2023 387  
2024 34,387  
2025 387  
2026 and thereafter 881  
Total long-term debt outstanding $ 38,479 $ 2,218
v3.20.4
Debt (Details Textual) - USD ($)
 12 Months Ended
Dec. 31, 2020
Jun. 26, 2020
Dec. 31, 2019
Line of Credit Facility [Line Items]      
Maximum borrowing capacity $ 375,000,000.0    
Borrowings under Credit Agreement with average interest rate of 1.65% at December 31, 2020 34,000,000 $ 150,000,000.0 $ 0
Additional term loan      
Line of Credit Facility [Line Items]      
Maximum borrowing capacity 200,000,000.0    
Letter of Credit      
Line of Credit Facility [Line Items]      
Letters of Credit Outstanding, Amount $ 48,100,000   $ 41,800,000
Revolving Credit Facility      
Line of Credit Facility [Line Items]      
Variable commitment fee 0.20%    
Short-term Debt [Member]      
Line of Credit Facility [Line Items]      
Line of Credit Facility, Remaining Borrowing Capacity $ 245,800,000    
v3.20.4
Debt (Details Textual 2) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Line of Credit Facility [Line Items]    
Debt Instrument, Face Amount $ 8,000  
Interest rate on bonds 4.90%  
Unamortized balance of bonds $ 1,322 $ 2,218
v3.20.4
Reconciliation of the Benefit Obligations and Plan Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Plan Assets Beginning of the Year $ 174,046    
Plan Assets End of the Year 226,176 $ 174,046  
Pension Benefits      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit Obligation Beginning of the Year 186,760 170,136  
Service cost 1,403 5,918 $ 6,953
Interest cost 5,234 6,292 9,554
Net pension curtailment and settlements (609) (12,212)  
Acquisition 30,360 0  
Plan amendments (799) 0  
Actuarial loss (gain) 24,259 20,409  
Benefit payments (4,612) (3,170)  
Foreign currency exchange rate changes and other 4,111 (613)  
Benefit Obligation End of the Year 246,107 186,760 170,136
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Plan Assets Beginning of the Year 174,046 145,046  
Plan settlements 0 0  
Acquisition 23,774 0  
Actual return on plan assets 30,330 27,264  
Employer contributions 614 4,702  
Employee contributions 498 124  
Benefit payments from fund (4,720) (2,933)  
Expenses paid from assets (234) (391)  
Foreign currency exchange rate changes and other 1,868 234  
Plan Assets End of the Year 226,176 174,046 145,046
Funded status at end of year (19,931) (12,714)  
Other assets 13,074 11,298  
Other liabilities and accrued items 470 997  
Retirement and post-employment benefits 32,535 23,015  
Other Benefits      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit Obligation Beginning of the Year 8,681 11,375  
Service cost 59 67 111
Interest cost 213 399 396
Net pension curtailment and settlements 0 0  
Acquisition 0 0  
Plan amendments 0 0  
Actuarial loss (gain) 224 (2,192)  
Benefit payments (989) (981)  
Foreign currency exchange rate changes and other 2 13  
Benefit Obligation End of the Year 8,190 8,681 11,375
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Plan Assets Beginning of the Year 0 0  
Plan settlements 0 0  
Acquisition 0 0  
Actual return on plan assets 0 0  
Employer contributions 0 0  
Employee contributions 0 0  
Benefit payments from fund 0 0  
Expenses paid from assets 0 0  
Foreign currency exchange rate changes and other 0 0  
Plan Assets End of the Year 0 0 $ 0
Funded status at end of year (8,190) (8,681)  
Other assets 0 0  
Other liabilities and accrued items 866 1,012  
Retirement and post-employment benefits $ 7,324 $ 7,669  
v3.20.4
Amounts Recognized in Other Comprehensive Income (Before Tax) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Pension Benefits    
Defined Benefit Plan Disclosure    
Net actuarial loss (gain) $ 49,472 $ 48,073
Net prior service cost (credit) (799) 0
Net amount recognized 48,673 48,073
Other Benefits    
Defined Benefit Plan Disclosure    
Net actuarial loss (gain) (3,973) (4,529)
Net prior service cost (credit) (3,552) (5,049)
Net amount recognized $ (7,525) $ (9,578)
v3.20.4
Accumulated Benefit Obligation (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Other Pension Plan    
Defined Benefit Plan Disclosure    
Accumulated benefit obligation for all defined benefit pension plans $ 243,953 $ 185,402
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]    
Aggregate benefit obligation 62,012 25,640
Aggregate fair value of plan assets 29,938 3,045
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]    
Aggregate accumulated benefit obligation 59,858 24,482
Aggregate fair value of plan assets 29,938 3,045
Other Postretirement Benefits Plan    
Defined Benefit Plan Disclosure    
Accumulated benefit obligation for all defined benefit pension plans 0 0
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]    
Aggregate benefit obligation 0 0
Aggregate fair value of plan assets 0 0
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]    
Aggregate accumulated benefit obligation 0 0
Aggregate fair value of plan assets $ 0 $ 0
v3.20.4
Components of Net Benefit Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Defined Benefit Plan Disclosure      
Net pension curtailments and settlements     $ 41,400
Other Pension Plan      
Defined Benefit Plan Disclosure      
Service cost $ 1,403 $ 5,918 6,953
Interest cost 5,234 6,292 9,554
Expected return on plan assets (9,333) (8,777) (14,231)
Amortization of prior service credit 0 483 (123)
Recognized net actuarial loss (gain) 1,678 3,304 7,171
Net periodic benefit (credit) cost (1,018) 7,220 9,324
Net pension curtailments and settlements 94 3,328 41,406
Total net benefit (credit) cost (924) 10,548 50,730
Other Postretirement Benefits Plan      
Defined Benefit Plan Disclosure      
Service cost 59 67 111
Interest cost 213 399 396
Expected return on plan assets 0 0 0
Amortization of prior service credit (1,497) (1,497) (1,497)
Recognized net actuarial loss (gain) (332) (93) 0
Net periodic benefit (credit) cost (1,557) (1,124) (990)
Net pension curtailments and settlements 0 0 0
Total net benefit (credit) cost $ (1,557) $ (1,124) $ (990)
v3.20.4
Pensions and Other Post-Employment Benefits Amounts Recognized in AOCI (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Other Pension Plan        
Defined Benefit Plan Disclosure        
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax $ 48,673 $ 48,073 $ 65,409 $ 122,802
Recognized during year — prior service cost (credit) 0 (3,811) 123  
Recognized during year — net actuarial (losses) gains (1,678) (3,304) (7,171)  
Occurring during year — prior service cost (799) 0 0  
Occurring during year — net actuarial losses (gains) 3,146 2,062 (8,997)  
Other adjustments (94) (12,212) (41,406)  
Foreign currency exchange rate changes 25 (71) 58  
Other Postretirement Benefits Plan        
Defined Benefit Plan Disclosure        
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax (7,525) (9,578) (8,976) $ (8,020)
Recognized during year — prior service cost (credit) 1,497 1,497 1,497  
Recognized during year — net actuarial (losses) gains 332 93 0  
Occurring during year — prior service cost 0 0 0  
Occurring during year — net actuarial losses (gains) 224 (2,192) (2,453)  
Other adjustments 0 0 0  
Foreign currency exchange rate changes $ 0 $ 0 $ 0  
v3.20.4
Pensions and Other Post-Employment Benefits Weighted Average Assumptions (Details)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Rate of compensation increase 3.00% 4.00%  
Other Pension Plan      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Discount rate 2.14% 3.12% 4.07%
Rate of compensation increase 2.22% 3.00% 3.87%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]      
Discount rate 8.37% 4.16% 3.63%
Expected long-term rate of return on plan assets 5.70% 6.06% 6.63%
Rate of compensation increase 2.87% 2.99% 3.98%
Other Postretirement Benefits Plan      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Discount rate 2.45% 3.20% 4.11%
Rate of compensation increase 3.00% 3.00% 4.00%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]      
Discount rate 3.20% 4.11% 3.43%
Rate of compensation increase 3.00% 4.00% 4.00%
v3.20.4
Pensions and Other Post-Employment Benefits (Details)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Retirement Benefits [Abstract]    
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year 6.00% 6.25%
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
v3.20.4
Pensions and Other Post-Employment Benefits Plan Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Defined Benefit Plan Disclosure    
Plan Assets, Fair Value $ 226,176 $ 174,046
Fair Value of Plan Assets Excluding Net Asset Value Investments 77,977 56,484
Fair Value, Inputs, Level 1    
Defined Benefit Plan Disclosure    
Fair Value of Plan Assets Excluding Net Asset Value Investments 77,977 56,484
Fair Value, Inputs, Level 2    
Defined Benefit Plan Disclosure    
Fair Value of Plan Assets Excluding Net Asset Value Investments 0 0
Fair Value, Inputs, Level 3    
Defined Benefit Plan Disclosure    
Fair Value of Plan Assets Excluding Net Asset Value Investments 0 0
Cash and Cash Equivalents    
Defined Benefit Plan Disclosure    
Plan Assets, Fair Value 2,204 1,718
Cash and Cash Equivalents | Fair Value, Inputs, Level 1    
Defined Benefit Plan Disclosure    
Plan Assets, Fair Value 2,204 1,718
Cash and Cash Equivalents | Fair Value, Inputs, Level 2    
Defined Benefit Plan Disclosure    
Plan Assets, Fair Value 0 0
Cash and Cash Equivalents | Fair Value, Inputs, Level 3    
Defined Benefit Plan Disclosure    
Plan Assets, Fair Value 0 0
Equity securities    
Defined Benefit Plan Disclosure    
Plan Assets, Fair Value 49,293 47,722
Equity securities | Fair Value, Inputs, Level 1    
Defined Benefit Plan Disclosure    
Plan Assets, Fair Value 49,293 47,722
Equity securities | Fair Value, Inputs, Level 2    
Defined Benefit Plan Disclosure    
Plan Assets, Fair Value 0 0
Equity securities | Fair Value, Inputs, Level 3    
Defined Benefit Plan Disclosure    
Plan Assets, Fair Value 0 0
Fixed Income Securities    
Defined Benefit Plan Disclosure    
Plan Assets, Fair Value 20,375 3,923
Fixed Income Securities | Fair Value, Inputs, Level 1    
Defined Benefit Plan Disclosure    
Plan Assets, Fair Value 20,375 3,923
Fixed Income Securities | Fair Value, Inputs, Level 2    
Defined Benefit Plan Disclosure    
Plan Assets, Fair Value 0 0
Fixed Income Securities | Fair Value, Inputs, Level 3    
Defined Benefit Plan Disclosure    
Plan Assets, Fair Value 0 0
Real Estate    
Defined Benefit Plan Disclosure    
Plan Assets, Fair Value 6,105 3,121
Real Estate | Fair Value, Inputs, Level 1    
Defined Benefit Plan Disclosure    
Plan Assets, Fair Value 6,105 3,121
Real Estate | Fair Value, Inputs, Level 2    
Defined Benefit Plan Disclosure    
Plan Assets, Fair Value 0 0
Real Estate | Fair Value, Inputs, Level 3    
Defined Benefit Plan Disclosure    
Plan Assets, Fair Value 0 0
Pooled Investment Fund    
Defined Benefit Plan Disclosure    
Plan Assets, Fair Value 143,503 113,187
Hedge Funds, Multi-strategy    
Defined Benefit Plan Disclosure    
Plan Assets, Fair Value 4,624 4,277
Private Equity Funds    
Defined Benefit Plan Disclosure    
Plan Assets, Fair Value $ 72 $ 98
v3.20.4
Pensions and Other Post-Employment Benefits Cash Flow (Details)
$ in Thousands
Dec. 31, 2020
USD ($)
Pension Plan  
Defined Benefit Plan Disclosure  
2021 $ 4,987
2022 5,854
2023 7,401
2024 8,689
2025 8,924
2026 through 2030 54,116
Other Postretirement Benefits Plan  
Defined Benefit Plan Disclosure  
2021 867
2022 812
2023 746
2024 667
2025 603
2026 through 2030 2,140
Net of Medicare Part D Subsidy  
Defined Benefit Plan Disclosure  
2021 853
2022 800
2023 736
2024 659
2025 596
2026 through 2030 $ 2,120
v3.20.4
Pensions and Other Post-Employment Benefits (Details Textual) - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Pension and other post-retirement benefits (Textual) [Abstract]      
Non-cash pretax pension curtailment charge $ (94,000) $ (3,328,000) $ (41,406,000)
Pension settlement charges     41,400,000
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase 3.00% 4.00%  
Mutual fund that typically invests at least 80% of its assets in equity and debt securities 80.00%    
Target funded status percentage 100.00%    
Current asset allocation to invest in alternative securities, maximum 20.00%    
Liability for other post-employment arrangements $ 41,877,000 $ 32,466,000  
Company's annual contributions 9,800,000 7,000,000.0 5,200,000
Other Pension Plan      
Pension and other post-retirement benefits (Textual) [Abstract]      
Pension settlement charges $ 94,000 $ 3,328,000 $ 41,406,000
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase 2.22% 3.00% 3.87%
Other Postretirement Benefits Plan      
Pension and other post-retirement benefits (Textual) [Abstract]      
Pension settlement charges $ 0 $ 0 $ 0
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase 3.00% 3.00% 4.00%
Foreign Plan      
Pension and other post-retirement benefits (Textual) [Abstract]      
Liability for other post-employment arrangements $ 1,700,000 $ 1,400,000  
Maximum      
Pension and other post-retirement benefits (Textual) [Abstract]      
Lump sum program payments $ 100,000    
Equity securities | Minimum      
Pension and other post-retirement benefits (Textual) [Abstract]      
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 10.00%    
Equity securities | Maximum      
Pension and other post-retirement benefits (Textual) [Abstract]      
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 40.00%    
Fixed Income Funds | Minimum      
Pension and other post-retirement benefits (Textual) [Abstract]      
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 60.00%    
Fixed Income Funds | Maximum      
Pension and other post-retirement benefits (Textual) [Abstract]      
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 90.00%    
v3.20.4
Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Current year activity:        
Accumulated other comprehensive loss $ (38,639) $ (45,462) $ (58,234) $ (102,937)
Other comprehensive income (loss) before reclassifications 3,584 7,696 10,477  
Amounts reclassified from accumulated other comprehensive income 2,560 9,812 46,854  
Other comprehensive income (loss) before tax 6,144 17,508 57,331  
Deferred taxes on current period activity (679) 4,736 12,628  
Other comprehensive income (loss) after tax 6,823 12,772 44,703  
Gains and Losses On Cash Flow Hedges        
Current year activity:        
Accumulated other comprehensive loss 817 897 901 763
Other comprehensive income (loss) before reclassifications (2,725) (968) (435)  
Amounts reclassified from accumulated other comprehensive income 2,617 959 (99)  
Other comprehensive income (loss) before tax (108) (9) (534)  
Deferred taxes on current period activity (28) (5) (672)  
Other comprehensive income (loss) after tax (80) (4) 138  
Pension and Post- Employment Benefits        
Current year activity:        
Accumulated other comprehensive loss (43,473) (41,346) (54,543) (99,592)
Other comprehensive income (loss) before reclassifications (2,721) 9,085 11,396  
Amounts reclassified from accumulated other comprehensive income (57) 8,853 46,953  
Other comprehensive income (loss) before tax (2,778) 17,938 58,349  
Deferred taxes on current period activity (651) 4,741 13,300  
Other comprehensive income (loss) after tax (2,127) 13,197 45,049  
Foreign Currency Translation        
Current year activity:        
Accumulated other comprehensive loss 4,017 (5,013) (4,592) (4,108)
Other comprehensive income (loss) before reclassifications 9,030 (421) (484)  
Amounts reclassified from accumulated other comprehensive income 0 0 0  
Other comprehensive income (loss) before tax 9,030 (421) (484)  
Deferred taxes on current period activity 0 0 0  
Other comprehensive income (loss) after tax 9,030 (421) (484)  
Foreign Currency | Gains and Losses On Cash Flow Hedges        
Current year activity:        
Accumulated other comprehensive loss 519 1,324 1,263 959
Other comprehensive income (loss) before reclassifications (1,268) 108 (333)  
Amounts reclassified from accumulated other comprehensive income 222 (29) 10  
Other comprehensive income (loss) before tax (1,046) 79 (323)  
Deferred taxes on current period activity (241) 18 (627)  
Other comprehensive income (loss) after tax (805) 61 304  
Precious Metals | Gains and Losses On Cash Flow Hedges        
Current year activity:        
Accumulated other comprehensive loss (170) (452) 79 (196)
Other comprehensive income (loss) before reclassifications (1,675) (1,285) 467  
Amounts reclassified from accumulated other comprehensive income 2,041 595 (109)  
Other comprehensive income (loss) before tax 366 (690) 358  
Deferred taxes on current period activity 84 (159) 83  
Other comprehensive income (loss) after tax 282 (531) 275  
Copper Swap | Gains and Losses On Cash Flow Hedges        
Current year activity:        
Accumulated other comprehensive loss 468 25 (441) $ 0
Other comprehensive income (loss) before reclassifications 218 209 (569)  
Amounts reclassified from accumulated other comprehensive income 354 393 0  
Other comprehensive income (loss) before tax 572 602 (569)  
Deferred taxes on current period activity 129 136 (128)  
Other comprehensive income (loss) after tax $ 443 $ 466 $ (441)  
v3.20.4
Stock-Based Compensation Details Textual (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 25, 2020
Jun. 26, 2020
Mar. 27, 2020
Dec. 31, 2019
Sep. 27, 2019
Jun. 28, 2019
Mar. 29, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award                      
Stock-based Compensation Expense                 $ 5,700 $ 11,100 $ 11,400
Income Tax Expense (Benefit) $ (1,210) $ (6,345) $ 1,360 $ (992) $ 1,579 $ 2,578 $ 4,148 $ 3,837 (7,187) 12,142 (4,446)
Equity securities                      
Share-based Compensation Arrangement by Share-based Payment Award                      
Income Tax Expense (Benefit)                 $ (500) $ (2,100) $ (1,200)
v3.20.4
Stock-based Compensation Details Textual SARs (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award      
Stock-based Compensation Expense $ 5.7 $ 11.1 $ 11.4
Stock Appreciation Rights (SARs)      
Share-based Compensation Arrangement by Share-based Payment Award      
Unearned Compensation $ 0.9    
Expected recognition period 20 months    
Vested in period $ 1.5 $ 1.9 $ 1.9
Granted (in dollars per share) $ 13.67 $ 17.76 $ 15.73
Vesting period 3 years    
Stock-based Compensation Expense $ 0.9 $ 0.9 $ 0.7
Granted in 2011 and later | Stock Appreciation Rights (SARs)      
Share-based Compensation Arrangement by Share-based Payment Award      
Expiration period 7 years    
v3.20.4
Stock-based Compensation Details Table SARs Activity (Details) - Stock Appreciation Rights (SARs)
$ / shares in Units, shares in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
$ / shares
shares
Number of SARs  
Outstanding at December 31, 2019 | shares 250
Granted | shares 65
Exercised | shares (29)
Forfeited | shares (32)
Outstanding at December 31, 2020 | shares 254
Vested and expected to vest as of December 31, 2020 | shares 254
Exercisable at December 31, 2020 | shares 148
Weighted- Average Exercise Price Per Share  
Outstanding at December 31, 2018 (in dollars per share) | $ / shares $ 44.95
Granted (in dollars per share) | $ / shares 50.95
Exercised (in dollars per share) | $ / shares 40.70
Cancelled (in dollars per share) | $ / shares 51.43
Outstanding at December 31, 2019 (in dollars per share) | $ / shares 46.18
Vested and expected to vest as of December 31, 2020 (in dollars per share) | $ / shares 46.18
Exercisable at December 31, 2020 (in dollars per share) | $ / shares $ 41.00
Aggregate Intrinsic Value  
Outstanding at December 31, 2020 | $ $ 4,454
Vested and expected to vest as of December 31, 2020 | $ 4,454
Exercisable at December 31, 2020 | $ $ 3,368
Weighted- Average Remaining Term (Years)  
Outstanding at December 31, 2020 4 years 2 months 12 days
Vested and expected to vest as of December 31, 2020 4 years 2 months 12 days
Exercisable at December 31, 2020 3 years 4 months 24 days
v3.20.4
Stock-based Compensation Details Table SARs Status (Details) - Stock Appreciation Rights (SARs) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Outstanding at December 31, 2019 178    
Granted 65    
Vested (109)    
Forfeited (28)    
Outstanding at December 31, 2020 106 178  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]      
Outstanding at December 31, 2019 (in dollars per share) $ 14.72    
Granted (in dollars per share) 13.67 $ 17.76 $ 15.73
Vested (in dollars per share) 13.21    
Forfeited (in dollars per share) 15.50    
Outstanding at December 31, 2020 (in dollars per share) $ 15.46 $ 14.72  
v3.20.4
Stock-based Compensation Details Table SARs Fair Value (Details) - Stock Appreciation Rights (SARs)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award      
Risk-free interest rate 1.41% 2.47% 2.58%
Dividend yield 0.90% 0.70% 0.80%
Volatility 31.80% 31.70% 31.90%
Expected lives (in years) 4 years 9 months 18 days 5 years 2 months 12 days 5 years 6 months
v3.20.4
Stock-based Compensation Details Textual RSUs (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award      
Stock-based Compensation Expense $ 5.7 $ 11.1 $ 11.4
Stock Appreciation Rights (SARs)      
Share-based Compensation Arrangement by Share-based Payment Award      
Vesting period 3 years    
Granted (in dollars per share) $ 13.67 $ 17.76 $ 15.73
Stock-based Compensation Expense $ 0.9 $ 0.9 $ 0.7
Unearned Compensation $ 0.9    
Expected amortization weighted average period 20 months    
Vested in period $ 1.5 $ 1.9 $ 1.9
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) $ 51.55 $ 58.33 $ 50.35
Stock-based Compensation Expense $ 2.7 $ 2.2 $ 1.2
Unearned Compensation $ 4.3    
Expected amortization weighted average period 28 months    
Vested in period $ 1.2 $ 1.2 $ 1.4
v3.20.4
Stock-based Compensation Details Table RSUs Activity (Details) - Stock Incentive Plan - Restricted Stock Units (RSUs) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Number of Shares      
Outstanding at December 31, 2019 145    
Granted 84    
Vested (33)    
Forfeited (35)    
Outstanding at December 31, 2020 161 145  
Weighted- average Grant Date Fair Value      
Outstanding at December 31, 2019 (in dollars per share) $ 50.79    
Granted (in dollars per share) 51.55 $ 58.33 $ 50.35
Vested (in dollars per share) 36.39    
Forfeited (in dollars per share) 53.52    
Outstanding at December 31, 2020 (in dollars per share) $ 53.50 $ 50.79  
v3.20.4
Stock-based compensation Details Textual RSUs Non-Employee Directors (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award      
Stock-based Compensation Expense $ 5.7 $ 11.1 $ 11.4
Restricted Stock Units (RSUs) | Director Equity Plan      
Share-based Compensation Arrangement by Share-based Payment Award      
Granted 15,976 11,048 14,728
Vesting period 1 year    
Granted (in dollars per share) $ 48.42 $ 68.79 $ 51.60
Stock-based Compensation Expense $ 0.7 $ 0.7 $ 0.7
Unearned Compensation $ 0.3    
Expected amortization weighted average period 4 months    
v3.20.4
Stock-based Compensation Details Textual LTIP (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award      
Stock-based Compensation Expense $ 5.7 $ 11.1 $ 11.4
Performance-Based Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award      
Vesting period 3 years    
Stock-based Compensation Expense $ 2.0 $ 3.3 $ 2.7
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%    
v3.20.4
Stock-based Compensation Details Table PRSUs Activity (Details) - Performance-Based Restricted Stock Units
shares in Thousands
 12 Months Ended
Dec. 31, 2020
$ / shares
shares
Number of Shares  
Outstanding at December 31, 2019 | shares 169
Granted | shares 46
Vested | shares (63)
Forfeited | shares (26)
Outstanding at December 31, 2020 | shares 126
Weighted- Average Grant Date Fair Value  
Outstanding at December 31, 2019 (in dollars per share) | $ / shares $ 52.74
Granted (in dollars per share) | $ / shares 57.65
Vested (in dollars per share) | $ / shares 30.28
Forfeited (in dollars per share) | $ / shares 63.59
Outstanding at December 31, 2020 (in dollars per share) | $ / shares $ 63.61
v3.20.4
Stock-based Compensation Details Textual DDP (Details)
shares in Millions
 12 Months Ended
Dec. 31, 2020
shares
Share-based Payment Arrangement [Abstract]  
Shares Deferred 0.1
v3.20.4
Fair Value Information and Derivative Financial Instruments (Details 1) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Fair Value, Measurements, Recurring    
Financial Assets    
Assets Fair Value Disclosure $ 4,668 $ 3,675
Financial Liabilities    
Liabilities Fair Value Disclosure 5,381 4,253
Fair Value, Measurements, Recurring | Copper Swap    
Financial Assets    
Assets Fair Value Disclosure 632 61
Financial Liabilities    
Liabilities Fair Value Disclosure 27 28
Fair Value, Measurements, Recurring | Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member]    
Financial Assets    
Assets Fair Value Disclosure 3,802 3,391
Financial Liabilities    
Liabilities Fair Value Disclosure 3,802 3,391
Fair Value, Measurements, Recurring | Forward Contracts [Member]    
Financial Assets    
Assets Fair Value Disclosure 107 188
Financial Liabilities    
Liabilities Fair Value Disclosure 1,203 211
Fair Value, Measurements, Recurring | Swap [Member]    
Financial Assets    
Assets Fair Value Disclosure 127 35
Financial Liabilities    
Liabilities Fair Value Disclosure 349 623
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3    
Financial Assets    
Assets Fair Value Disclosure 0 0
Financial Liabilities    
Liabilities Fair Value Disclosure 0 0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member]    
Financial Assets    
Assets Fair Value Disclosure 0 0
Financial Liabilities    
Liabilities Fair Value Disclosure 0 0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Forward Contracts [Member]    
Financial Assets    
Assets Fair Value Disclosure 0 0
Financial Liabilities    
Liabilities Fair Value Disclosure 0 0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Swap [Member]    
Financial Assets    
Assets Fair Value Disclosure 0 0
Financial Liabilities    
Liabilities Fair Value Disclosure 0 0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Copper Swap    
Financial Assets    
Assets Fair Value Disclosure 0 0
Financial Liabilities    
Liabilities Fair Value Disclosure 0 0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2    
Financial Assets    
Assets Fair Value Disclosure 866 284
Financial Liabilities    
Liabilities Fair Value Disclosure 1,579 862
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member]    
Financial Assets    
Assets Fair Value Disclosure 0 0
Financial Liabilities    
Liabilities Fair Value Disclosure 0 0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Forward Contracts [Member]    
Financial Assets    
Assets Fair Value Disclosure 107 188
Financial Liabilities    
Liabilities Fair Value Disclosure 1,203 211
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Swap [Member]    
Financial Assets    
Assets Fair Value Disclosure 127 35
Financial Liabilities    
Liabilities Fair Value Disclosure 349 623
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Copper Swap    
Financial Assets    
Assets Fair Value Disclosure 632 61
Financial Liabilities    
Liabilities Fair Value Disclosure 27 28
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1    
Financial Assets    
Assets Fair Value Disclosure 3,802 3,391
Financial Liabilities    
Liabilities Fair Value Disclosure 3,802 3,391
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member]    
Financial Assets    
Assets Fair Value Disclosure 3,802 3,391
Financial Liabilities    
Liabilities Fair Value Disclosure 3,802 3,391
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Forward Contracts [Member]    
Financial Assets    
Assets Fair Value Disclosure 0 0
Financial Liabilities    
Liabilities Fair Value Disclosure 0 0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Swap [Member]    
Financial Assets    
Assets Fair Value Disclosure 0 0
Financial Liabilities    
Liabilities Fair Value Disclosure 0 0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Copper Swap    
Financial Assets    
Assets Fair Value Disclosure 0 0
Financial Liabilities    
Liabilities Fair Value Disclosure 0 0
Not Designated as Hedging Instrument [Member] | Foreign currency forward contracts - euro | Prepaid Expenses and Other Current Assets | Foreign Exchange Forward    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset, Notional Amount 62,012 13,734
Derivative Asset, Fair Value, Gross Asset 107 95
Not Designated as Hedging Instrument [Member] | Foreign currency forward contracts - euro | Accrued Liabilities | Foreign Exchange Forward    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liability, Notional Amount 7,695 5,757
Derivative Liability, Fair Value, Gross Liability $ 55 $ 16
v3.20.4
Fair Value Information and Derivative Financial Instruments (Details 2) - Foreign currency forward contracts - euro - Foreign Exchange Forward - Not Designated as Hedging Instrument [Member] - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Prepaid Expenses and Other Current Assets    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative Asset, Notional Amount $ 62,012 $ 13,734
Derivative Asset, Fair Value, Gross Asset 107 95
Accrued Liabilities    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative Liability, Notional Amount 7,695 5,757
Derivative Liability, Fair Value, Gross Liability $ 55 $ 16
v3.20.4
Fair Value Information and Derivative Financial Instruments (Details 3) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, Notional Amount $ 36,068 $ 34,205
Derivative, Fair Value, Net 765 657
Designated as Hedging Instrument | Other liabilities and accrued items    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liability, Notional Amount 27,688 26,341
Derivative Liability, Fair Value, Gross Liability 1,524 841
Foreign Exchange Forward | Designated as Hedging Instrument | Prepaid Expenses and Other Current Assets    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Asset, Notional Amount 8,380 7,558
Derivative Asset, Fair Value, Gross Asset 759 188
Foreign Exchange Forward | Foreign currency forward contracts - yen | Other liabilities and accrued items    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liability, Notional Amount 2,668 2,355
Derivative Liability, Fair Value, Gross Liability 59 12
Foreign Exchange Forward | Foreign currency forward contracts - yen | Designated as Hedging Instrument | Prepaid Expenses and Other Current Assets    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Asset, Notional Amount 0 1,025
Derivative Asset, Fair Value, Gross Asset 0 10
Foreign Exchange Forward | Foreign currency forward contracts - euro | Designated as Hedging Instrument | Prepaid Expenses and Other Current Assets    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Asset, Notional Amount 0 3,466
Derivative Asset, Fair Value, Gross Asset 0 83
Foreign Exchange Forward | Foreign currency forward contracts - euro | Designated as Hedging Instrument | Other liabilities and accrued items    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liability, Notional Amount 17,611 15,686
Derivative Liability, Fair Value, Gross Liability 1,089 183
Copper Swap | Designated as Hedging Instrument | Prepaid Expenses and Other Current Assets    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Asset, Notional Amount 6,225 1,951
Derivative Asset, Fair Value, Gross Asset 632 61
Copper Swap | Designated as Hedging Instrument | Other liabilities and accrued items    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liability, Notional Amount 2,445 1,266
Derivative Liability, Fair Value, Gross Liability 27 28
Precious Metal Swaps | Designated as Hedging Instrument | Prepaid Expenses and Other Current Assets    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Asset, Notional Amount 2,155 1,116
Derivative Asset, Fair Value, Gross Asset 127 34
Precious Metal Swaps | Designated as Hedging Instrument | Other Assets    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Asset, Notional Amount 0 157
Derivative Asset, Fair Value, Gross Asset 0 1
Precious Metal Swaps | Designated as Hedging Instrument | Other liabilities and accrued items    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liability, Notional Amount 4,964 7,034
Derivative Liability, Fair Value, Gross Liability 349 618
Precious Metal Swaps | Designated as Hedging Instrument | Other Noncurrent Liabilities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative Liability, Notional Amount 0 149
Derivative Liability, Fair Value, Gross Liability $ 0 $ 5
v3.20.4
Fair Value Information and Derivative Financial Instruments Fair Value Information and Derivative Financial Instruments (Details 4) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, Gain (Loss) on Derivative, Net $ 2,617 $ 959
Foreign Exchange Forward | Sales [Member] | Designated as Hedging Instrument    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, Gain (Loss) on Derivative, Net 222 (29)
Precious Metal Swaps | Cost of Sales [Member] | Designated as Hedging Instrument    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, Gain (Loss) on Derivative, Net 2,041 595
Copper Swap | Cost of Sales [Member] | Designated as Hedging Instrument    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, Gain (Loss) on Derivative, Net $ 354 $ 393
v3.20.4
Fair Value Information and Derivative Financial Instruments (Details Textual) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]      
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net $ 2.7 $ (0.1)  
Total derivative ineffectiveness expense 0.0 0.0 $ 0.0
Total fair value of derivative contracts in AOCI (0.8) $ (0.7)  
Derivative, Gain (Loss) on Derivative, Net $ (0.8)    
v3.20.4
Contingencies and Commitments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Undiscounted reserve    
Reserve balance at beginning of year $ 5,937 $ 6,521
Expensed 288 482
Paid (749) (1,066)
Reserve balance at end of year 5,476 5,937
Ending balance recorded in:    
Other liabilities and accrued items 845 982
Other long-term liabilities $ 4,631 $ 4,955
v3.20.4
Contingencies and Commitments (Details 2) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]    
Asset retirement obligation at beginning of period $ 1,421 $ 1,257
Accretion expense 137 164
Change in liability 207 0
Asset retirement obligation at end of period $ 1,765 $ 1,421
v3.20.4
Contingencies and Commitments (Details Textual)
$ in Millions
Dec. 31, 2020
USD ($)
claim
Dec. 31, 2019
USD ($)
claim
Contingencies And Commitments (Textual) [Abstract]    
Number of CBD cases pending | claim 2 1
Letter of Credit    
Contingencies And Commitments (Textual) [Abstract]    
Outstanding letters of credit | $ $ 48.1 $ 41.8
v3.20.4
Quarterly Data (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 25, 2020
Jun. 26, 2020
Mar. 27, 2020
Dec. 31, 2019
Sep. 27, 2019
Jun. 28, 2019
Mar. 29, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]                      
Net sales $ 339,689 $ 287,171 $ 271,468 $ 277,946 $ 280,161 $ 305,979 $ 297,843 $ 301,441 $ 1,176,274 $ 1,185,424 $ 1,207,815
Summary of selected quarterly financial data                      
Gross margin $ 55,797 $ 45,311 $ 46,955 $ 44,570 $ 54,482 $ 66,605 $ 71,997 $ 69,606 $ 192,633 $ 262,690 251,361
Percent of net sales 16.40% 15.80% 17.30% 16.00% 19.40% 21.80% 24.20% 23.10% 16.40% 22.20%  
Net income $ 8,066 $ 5,471 $ 5,803 $ (3,878) $ 14,346 $ 4,522 $ 17,393 $ 17,133 $ 15,462 $ 53,394 $ 21,044
Net income per share of common stock:                      
Basic EPS (in usd per share) $ 0.40 $ 0.27 $ 0.29 $ (0.19) $ 0.70 $ 0.22 $ 0.85 $ 0.85 $ 0.76 $ 2.62 $ 1.04
Diluted EPS (in usd per share) $ 0.39 $ 0.27 $ 0.28 $ (0.19) $ 0.69 $ 0.22 $ 0.84 $ 0.83 $ 0.75 $ 2.59 $ 1.02
v3.20.4
Quarterly Data (Unaudited) (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 27, 2020
Sep. 27, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]          
Impairment charges $ 10,800 $ 14,100 $ 10,472 $ 14,141 $ 0
v3.20.4
Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Allowance for doubtful accounts receivable      
Deducted from asset accounts:      
Balance at Beginning of Period $ 392 $ 616 $ 640
Charged to Costs and Expenses 224 (39) 271
Deductions (80) (185) (295)
Balance at End of Period 536 392 616
Inventory reserves and obsolescence      
Deducted from asset accounts:      
Balance at Beginning of Period 14,697 13,065 14,381
Charged to Costs and Expenses 9,282 2,367 3,175
Deductions (1,830) (735) (4,491)
Balance at End of Period 22,149 14,697 13,065
Valuation allowance on deferred tax assets      
Deducted from asset accounts:      
Balance at Beginning of Period 17,676 15,917 16,246
Charged to Costs and Expenses 884 2,475 9,700
Deductions (4,426) (716) (10,029)
Balance at End of Period $ 14,134 $ 17,676 $ 15,917