MATERION CORP, 10-Q filed on 10/22/2020
Quarterly Report
v3.20.2
Document and Entity Information
9 Months Ended
Sep. 25, 2020
shares
Document and Entity Information [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Sep. 25, 2020
Document Transition Report false
Entity File Number 001-15885
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 Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 20,327,254
Entity Central Index Key 0001104657
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2020
Document Fiscal Period Focus Q3
Amendment Flag false
v3.20.2
Consolidated Statements of Income - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Sep. 25, 2020
Sep. 27, 2019
Sep. 25, 2020
Sep. 27, 2019
Income Statement [Abstract]        
Net sales $ 287,171,000 $ 305,979,000 $ 836,585,000 $ 905,263,000
Cost of sales 240,531,000 240,748,000 696,280,000 701,126,000
Gross margin 46,640,000 65,231,000 140,305,000 204,137,000
Selling, general, and administrative expense 35,696,000 35,812,000 99,292,000 115,767,000
Research and development expense 5,417,000 5,262,000 14,104,000 13,064,000
Goodwill impairment charges 0 11,560,000 9,053,000 11,560,000
Asset impairment charges 0 2,581,000 1,713,000 2,581,000
Restructuring expense 2,593,000 785,000 7,144,000 785,000
Other - net 2,221,000 2,942,000 4,143,000 9,954,000
Operating profit 713,000 6,289,000 4,856,000 50,426,000
Other non-operating (income) expense - net (1,076,000) 127,000 (2,871,000) 3,484,000
Interest Expense-net 1,334,000 436,000 2,839,000 1,402,000
Income before income taxes 455,000 5,726,000 4,888,000 45,540,000
Income tax (benefit) expense (6,041,000) 2,263,000 (5,183,000) 9,631,000
Net income $ 6,496,000 $ 3,463,000 $ 10,071,000 $ 35,909,000
Basic earnings per share:        
Net income per share of common stock (in dollars per share) $ 0.32 $ 0.17 $ 0.50 $ 1.76
Diluted earnings per share:        
Net income per share of common stock (in dollars per share) $ 0.32 $ 0.17 $ 0.49 $ 1.74
Weighted-average number of shares of common stock outstanding:        
Basic (in shares) 20,325 20,401 20,342 20,351
Diluted (in shares) 20,592 20,677 20,595 20,645
v3.20.2
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 25, 2020
Sep. 27, 2019
Sep. 25, 2020
Sep. 27, 2019
Statement of Comprehensive Income [Abstract]        
Net income $ 6,496 $ 3,463 $ 10,071 $ 35,909
Other comprehensive income (loss):        
Foreign currency translation adjustment 3,076 (463) 3,369 (627)
Derivative and hedging activity, net of tax (315) 82 (822) 9
Pension and post-employment benefit adjustment, net of tax 29 501 134 14,994
Net current period other comprehensive (loss) income after tax 2,790 120 2,681 14,376
Comprehensive income $ 9,286 $ 3,583 $ 12,752 $ 50,285
v3.20.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 25, 2020
Dec. 31, 2019
Current assets    
Cash and cash equivalents $ 117,754 $ 125,007
Accounts receivable, net 150,454 154,751
Inventories, net 211,700 190,390
Prepaid and other current assets 24,515 21,839
Total current assets 504,423 491,987
Deferred income taxes 5,156 1,666
Property, plant, and equipment 987,902 916,965
Less allowances for depreciation, depletion, and amortization (693,223) (684,689)
Property, plant, and equipment, net 294,679 232,276
Operating lease right-of-use assets 62,235 23,413
Intangible assets 54,449 6,380
Other assets 20,754 17,937
Goodwill 143,118 79,011
Total Assets 1,084,814 852,670
Current liabilities    
Short-term Debt 122,216 868
Accounts payable 56,524 43,206
Salaries and wages 24,853 41,167
Other liabilities and accrued items 42,238 32,477
Income taxes 1,435 1,342
Unearned revenue 4,360 3,380
Total current liabilities 251,626 122,440
Other long-term liabilities 10,057 11,560
Operating lease liabilities 56,891 18,091
Finance lease liabilities 20,540 17,424
Retirement and post-employment benefits 40,208 32,466
Unearned income 72,632 32,891
Long-term income taxes 3,365 3,451
Deferred income taxes 11,340 2,410
Long-term debt 6,374 1,260
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 at September 25 and December 31) 257,019 249,674
Retained earnings 592,980 589,888
Common stock in treasury (199,185) (186,845)
Accumulated other comprehensive loss (42,781) (45,462)
Other equity 3,748 3,422
Total shareholders' equity 611,781 610,677
Total Liabilities and Shareholders’ Equity $ 1,084,814 $ 852,670
v3.20.2
Consolidated Balance Sheets (Parenthetical) - $ / shares
shares in Thousands, $ / shares in Thousands
Sep. 25, 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
v3.20.2
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 25, 2020
Sep. 27, 2019
Cash flows from operating activities:    
Net income $ 10,071,000 $ 35,909,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation, depletion, and amortization 32,042,000 31,955,000
Amortization of deferred financing costs in interest expense 547,000 720,000
Stock-based compensation expense (non-cash) 3,989,000 5,230,000
Deferred income tax expense (benefit) (5,187,000) 5,725,000
Net pension curtailments and settlements 94,000 3,296,000
Impairment charges 10,766,000 14,141,000
Changes in assets and liabilities, net of acquired assets and liabilities:    
Decrease (increase) in accounts receivable 13,899,000 (36,146,000)
Decrease (increase) in inventory (9,883,000) 22,089,000
Decrease (increase) in prepaid and other current assets (686,000) (416,000)
Increase (decrease) in accounts payable and accrued expenses (9,759,000) (14,114,000)
Increase (decrease) in unearned revenue (298,000) (728,000)
Increase (decrease) in interest and taxes payable 143,000 (1,499,000)
Increase (decrease) in unearned income due to customer prepayments 40,385,000 0
Domestic pension plan contributions 0 (4,500,000)
Other-net (6,679,000) (2,126,000)
Net cash provided by operating activities 79,444,000 59,536,000
Cash flows from investing activities:    
Payments for acquisition, net of cash acquired (130,715,000) 0
Payments for purchase of property, plant, and equipment (46,285,000) (18,193,000)
Payments for mine development 0 1,903,000
Derivative, Cash Received on Hedge (3,249,000) 0
Proceeds from sale of property, plant, and equipment 35,000 17,000
Net cash used in investing activities (173,716,000) (20,079,000)
Cash flows from financing activities:    
Short-term debt under revolving credit agreement, net 120,000,000 0
Repayment of long-term debt (16,357,000) (599,000)
Principal payments under finance lease obligations 1,440,000 894,000
Cash dividends paid (6,920,000) (6,612,000)
Repurchase of common stock (6,766,000) (199,000)
Payments of withholding taxes for stock-based compensation awards (2,212,000) (4,832,000)
Deferred financing costs 0 (2,018,000)
Net cash provided by (used in) financing activities 86,305,000 (15,154,000)
Effects of exchange rate changes 714,000 (422,000)
Net change in cash and cash equivalents (7,253,000) 23,881,000
Cash and cash equivalents at beginning of period 125,007,000 70,645,000
Cash and cash equivalents at end of period $ 117,754,000 $ 94,526,000
v3.20.2
Consolidated Statements of Shareholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Common Shares
Common Shares Held In Treasury
Common Stock
Retained Earnings
Common Stock In Treasury
Accumulated Other Comprehensive Income (Loss)
Other Equity
Beginning balance (in shares) at Dec. 31, 2018   20,242            
Beginning balances (in Treasury shares) at Dec. 31, 2018     (6,906)          
Beginning balances at Dec. 31, 2018 $ 553,906     $ 234,704 $ 548,374 $ (175,426) $ (58,234) $ 4,488
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 35,909     0 35,909 0 0 0
Other comprehensive income (loss) 11,080     0 0 0 11,080 0
Net pension curtailments and settlements 3,296     0 0 0 (3,296) 0
Cumulative Effect of Accounting Change (179)     0 (179) 0 0 0
Cash dividends declared (6,612)     0 (6,612) 0 0 0
Stock-based compensation activity (in shares)   252 252          
Stock-based compensation activity 5,230     12,882 (83) (7,569) 0 0
Payments of withholding taxes for stock-based compensation awards (in shares)   (89) (89)          
Payments of withholding taxes for stock-based compensation awards (4,832)     0 0 (4,832) 0 0
Repurchase of shares (in shares)   (5) (5)          
Repurchase of shares (199)     0 0 (199) 0 0
Directors' deferred compensation 197     65 0 562 0 (430)
Stock Issued During Period Value Directors Deferred Compensation, Shares   3 3          
Ending balance (in shares) at Sep. 27, 2019   20,403            
Ending balances (in Treasury shares) at Sep. 27, 2019     (6,745)          
Ending balances at Sep. 27, 2019 597,796     247,651 577,409 (187,464) (43,858) 4,058
Beginning balance (in shares) at Jun. 28, 2019   20,399            
Beginning balances (in Treasury shares) at Jun. 28, 2019     (6,749)          
Beginning balances at Jun. 28, 2019 594,785     245,785 576,211 (187,224) (43,978) 3,991
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 3,463     0 3,463 0 0 0
Other comprehensive income (loss) 120     0 0 0 120 0
Cash dividends declared (2,244)     0 (2,244) 0 0 0
Stock-based compensation activity (in shares)   5 5          
Stock-based compensation activity 1,689     1,836 (21) (126) 0 0
Payments of withholding taxes for stock-based compensation awards (in shares)   (2) (2)          
Payments of withholding taxes for stock-based compensation awards (69)     0 0 (69) 0 0
Directors' deferred compensation 52     30 0 (45) 0 67
Stock Issued During Period Value Directors Deferred Compensation, Shares   1 1          
Ending balance (in shares) at Sep. 27, 2019   20,403            
Ending balances (in Treasury shares) at Sep. 27, 2019     (6,745)          
Ending balances at Sep. 27, 2019 597,796     247,651 577,409 (187,464) (43,858) 4,058
Beginning balance (in shares) at Dec. 31, 2019   20,404            
Beginning balances (in Treasury shares) at Dec. 31, 2019     (6,744)          
Beginning balances at Dec. 31, 2019 610,677     249,674 589,888 (186,845) (45,462) 3,422
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 10,071     0 10,071 0 0 0
Other comprehensive income (loss) 2,681     0 0 0 2,681 0
Net pension curtailments and settlements 94              
Cash dividends declared (6,920)     0 (6,920) 0 0 0
Stock-based compensation activity (in shares)   117 117          
Stock-based compensation activity 4,080     7,272 (59) (3,133) 0 0
Payments of withholding taxes for stock-based compensation awards (in shares)   (39) (39)          
Payments of withholding taxes for stock-based compensation awards (2,212)     0 0 (2,212) 0 0
Repurchase of shares (in shares)   (158) (158)          
Repurchase of shares (6,766)     0 0 (6,766) 0 0
Directors' deferred compensation 170     73 0 (229) 0 326
Stock Issued During Period Value Directors Deferred Compensation, Shares   3 3          
Ending balance (in shares) at Sep. 25, 2020   20,327            
Ending balances (in Treasury shares) at Sep. 25, 2020     (6,821)          
Ending balances at Sep. 25, 2020 611,781     257,019 592,980 (199,185) (42,781) 3,748
Beginning balance (in shares) at Jun. 26, 2020   20,322            
Beginning balances (in Treasury shares) at Jun. 26, 2020     (6,826)          
Beginning balances at Jun. 26, 2020 604,940     256,756 588,803 (198,726) (45,571) 3,678
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 6,496     0 6,496 0 0 0
Other comprehensive income (loss) 2,790     0 0 0 2,790 0
Cash dividends declared (2,338)     0 (2,338) 0 0 0
Stock-based compensation activity (in shares)   7 7          
Stock-based compensation activity 23     235 19 (231) 0 0
Payments of withholding taxes for stock-based compensation awards (in shares)   (3) (3)          
Payments of withholding taxes for stock-based compensation awards (187)     0 0 (187) 0 0
Directors' deferred compensation 57     28 0 (41) 0 70
Stock Issued During Period Value Directors Deferred Compensation, Shares   1 1          
Ending balance (in shares) at Sep. 25, 2020   20,327            
Ending balances (in Treasury shares) at Sep. 25, 2020     (6,821)          
Ending balances at Sep. 25, 2020 $ 611,781     $ 257,019 $ 592,980 $ (199,185) $ (42,781) $ 3,748
v3.20.2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
3 Months Ended 9 Months Ended
Sep. 25, 2020
Sep. 27, 2019
Sep. 25, 2020
Sep. 27, 2019
Statement of Stockholders' Equity [Abstract]        
Cash dividends declared (per share) $ 0.115 $ 0.110 $ 0.340 $ 0.325
v3.20.2
Accounting Policies
9 Months Ended
Sep. 25, 2020
Accounting Policies [Abstract]  
Accounting Policies Accounting Policies
Basis of Presentation: In management’s opinion, the accompanying consolidated financial statements of Materion Corporation and its subsidiaries (referred to herein as the Company, our, we, or us) contain all of the adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods reported. All adjustments were of a normal and recurring nature. Certain amounts in prior periods have been reclassified to conform to the 2020 consolidated financial statement presentation.

These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's 2019 Annual Report on Form 10-K. The interim period results are not necessarily indicative of the results to be expected for the full year.

Business Combinations: The Company records assets acquired and liabilities assumed at the date of acquisition at their respective fair values. Any 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 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.

New Pronouncements Adopted: In June 2016, the Financial Accounting Standards Board 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. Accounts receivable were net of an allowance for credit losses of $0.7 million and $0.4 million at September 25, 2020 and December 31, 2019, respectively. The change in the allowance for credit losses includes expense and net write-offs, none of which is significant.
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.
v3.20.2
Acquisition
9 Months Ended
Sep. 25, 2020
Business Combinations [Abstract]  
Business Combination Disclosure AcquisitionOn July 17, 2020, the Company acquired 100% of the capital stock of Optics Balzers AG (Optics Balzers), an industry leader in thin film optical coatings. The purchase price for Optics Balzers was $136.1 million, including the assumption 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 will operate within the Precision Coatings 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 receivable8,594 
Inventories10,170 
Prepaid and other current assets937 
Property, plant, and equipment 46,743 
Operating lease, right-of-use assets13,357 
Intangible assets48,600 
Goodwill71,510 
Total assets acquired$205,301 
Liabilities:
Short-term debt$600 
Accounts payable2,851 
Salaries and wages4,392 
Other liabilities and accrued items4,178 
Income taxes61 
Unearned revenue1,259 
Operating lease liabilities12,355 
Finance lease liabilities2,574 
Retirement and post-employment benefits6,586 
Unearned income1,835 
Long-term income taxes181 
Deferred income taxes10,366 
Long-term debt21,958 
Total liabilities assumed$69,196 
Net assets acquired$136,105 

Assets acquired and liabilities assumed are recognized at their respective fair values as of the acquisition date. These preliminary estimates are based on available information and will be revised during the measurement period, not to exceed 12 months, as third-party valuations are finalized, additional information becomes available, 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.

The Company's consolidated financial statements include the results of operations of Optics Balzers from the acquisition date through September 25, 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 $4.7 million and $6.1 million in the third quarter and first nine months of 2020, respectively. 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 $71.5 million of goodwill in its Precision Coatings 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 and accumulated amortization from the closing date through September 25, 2020:
(Thousands)Value at AcquisitionAccumulated AmortizationWeighted Average Life
Customer relationships$39,300 $(420)18 years
Technology4,200 (162)5 years
Licenses and other5,100 (196)5 years
Total$48,600 $(778)
v3.20.2
Segment Reporting
9 Months Ended
Sep. 25, 2020
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
 
The Company has the following reportable segments: Performance Alloys and Composites, Advanced Materials, Precision Coatings, and Other. The Company’s reportable segments represent components of the Company for which separate financial information is available that is utilized on a regular basis by the Chief Executive Officer, the Company's chief operating decision maker, in determining how to allocate the Company’s resources and evaluate performance.
Performance Alloys and Composites produces strip and bulk form alloy products, strip metal products with clad inlay and overlay metals, beryllium-based metals, beryllium, and aluminum metal matrix composites, in rod, sheet, foil, and a variety of customized forms, beryllia ceramics, and bulk metallic glass materials.
Advanced Materials produces advanced chemicals, microelectric packaging, precious metal, non-precious metal, and specialty metal products, including vapor deposition targets, frame lid assemblies, clad and precious metal preforms, high temperature braze materials, and ultra-fine wire.
Precision Coatings produces thin film coatings, optical filter materials, sputter-coated, and precision-converted thin film materials.
The Other reportable segment includes unallocated corporate costs and assets.
(Thousands)Performance
Alloys and
Composites
Advanced MaterialsPrecision CoatingsOtherTotal
Third Quarter 2020
Net sales$91,203 $165,582 $30,386 $ $287,171 
Intersegment sales
 6,602   6,602 
Operating profit (loss)721 5,920 1,421 (7,349)713 
Third Quarter 2019
Net sales$130,704 $147,650 $27,625 $ $305,979 
Intersegment sales— 17,161 17,161 
Operating profit (loss)18,780 6,202 (11,198)(7,495)6,289 
First Nine Months 2020
Net sales$291,884 $475,855 $68,846 $ $836,585 
Intersegment sales
2 24,790   24,792 
Operating profit (loss)13,756 15,075 (6,080)(17,895)4,856 
First Nine Months 2019
Net sales$393,048 $424,913 $87,302 $— $905,263 
Intersegment sales15 53,634 — — 53,649 
Operating profit (loss)57,066 19,421 (5,184)(20,877)50,426 
The following table disaggregates revenue for each segment by end market for the third quarter and first nine months of 2020 and 2019, respectively:
 (Thousands)Performance Alloys and CompositesAdvanced MaterialsPrecision CoatingsOtherTotal
Third Quarter 2020
End Market
Semiconductor$983 $131,380 $1,008 $— $133,371 
Industrial21,630 9,967 4,976 — 36,573 
Aerospace and Defense14,740 1,687 4,867 — 21,294 
Consumer Electronics11,074 78 6,550 — 17,702 
Automotive14,077 1,477 1,059 — 16,613 
Energy5,825 16,693 — — 22,518 
Telecom and Data Center10,452 500 — — 10,952 
Other12,422 3,800 11,926 — 28,148 
Total$91,203 $165,582 $30,386 $— $287,171 
Third Quarter 2019
End Market
Semiconductor$1,220 $107,883 $— $— $109,103 
Industrial28,353 8,302 3,365 — 40,020 
Aerospace and Defense27,653 1,779 5,303 — 34,735 
Consumer Electronics18,399 395 5,613 — 24,407 
Automotive16,071 3,012 296 — 19,379 
Energy10,629 20,911 — — 31,540 
Telecom and Data Center14,964 835 — — 15,799 
Other13,415 4,533 13,048 — 30,996 
Total$130,704 $147,650 $27,625 $— $305,979 
(Thousands)Performance Alloys and CompositesAdvanced MaterialsPrecision CoatingsOtherTotal
First Nine Months 2020
End Market
Semiconductor$3,426 $376,107 $1,251 $— $380,784 
Industrial68,801 26,748 10,647 — 106,196 
Aerospace and Defense46,898 4,764 14,095 — 65,757 
Consumer Electronics35,725 216 13,496 — 49,437 
Automotive48,656 4,743 1,083 — 54,482 
Energy16,844 49,488 — — 66,332 
Telecom and Data Center33,027 2,158 — — 35,185 
Other38,507 11,631 28,274 — 78,412 
Total$291,884 $475,855 $68,846 $— $836,585 
First Nine Months 2019
End Market
Semiconductor$4,489 $314,607 $205 $— $319,301 
Industrial83,368 23,934 11,358 — 118,660 
Aerospace and Defense80,774 4,397 14,924 — 100,095 
Consumer Electronics54,617 1,100 13,530 — 69,247 
Automotive53,348 6,035 882 — 60,265 
Energy33,026 59,136 — — 92,162 
Telecom and Data Center50,800 1,749 — — 52,549 
Other32,626 13,955 46,403 — 92,984 
Total$393,048 $424,913 $87,302 $— $905,263 

Intersegment sales are eliminated in consolidation.
v3.20.2
Revenue Recognition
9 Months Ended
Sep. 25, 2020
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block] Revenue Recognition
Net sales consist primarily of revenue from the sale of precious and non-precious specialty metals, beryllium and copper-based alloys, beryllium composites, and other products into numerous end markets. The Company requires an agreement with a customer that creates enforceable rights and performance obligations. The Company generally recognizes revenue, in an amount that reflects the consideration to which it expects to be entitled, upon satisfaction of a performance obligation, by transferring control over a product to the customer. Control over the product is generally transferred to the customer when the Company has a present right to payment, the customer has legal title, the customer has physical possession, the customer has the significant risks and rewards of ownership, and/or the customer has accepted the product.

Transaction Price Allocated to Future Performance Obligations: Accounting Standards Codification 606, Revenue from Contracts with Customers, requires that the Company disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied at September 25, 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 September 25, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $27.6 million.
Contract Balances: The timing of revenue recognition, billings, and cash collections resulted in the following contract assets and contract liabilities:
(Thousands)September 25, 2020December 31, 2019$ change% change
Accounts receivable, trade
$142,363 $141,168 $1,195 %
Unbilled receivables
8,364 13,583 (5,219)(38)%
Unearned revenue
4,360 3,380 980 29 %
Accounts receivable, trade represents payments due from customers relating to the transfer of the Company’s products and services. The Company believes that its receivables are collectible and appropriate allowances for doubtful accounts have been recorded. Impairment losses (bad debt) incurred relating to our receivables were immaterial during the third quarter and first nine months of 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 unearned amounts as revenue during the first nine months of 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.
v3.20.2
Other-net
9 Months Ended
Sep. 25, 2020
Other Income and Expenses [Abstract]  
Other-net Other-net
Other-net for the third quarter and first nine months of 2020 and 2019 is summarized as follows: 
 Third Quarter EndedNine Months Ended
 September 25,September 27,September 25September 27,
(Thousands)2020201920202019
Metal consignment fees$2,317 $1,936 $6,583 $7,252 
Amortization of intangible assets907 375 1,201 1,133 
Foreign currency (gain) loss(1,029)469 (3,577)853 
Net loss on disposal of fixed assets19 74 143 
Other items7 161 (138)573 
Total$2,221 $2,942 $4,143 $9,954 
v3.20.2
Restructuring
9 Months Ended
Sep. 25, 2020
Restructuring and Related Activities [Abstract]  
Restructuring and Related Activities Disclosure [Text Block] Restructuring
During the third quarter of 2020, the Company concluded that it intends to close the Large Area Coatings (LAC) business (a reporting unit in the Precision Coatings segment) and as a result only the fixed assets of the LAC business are classified as held for sale. Any closure costs are expected to be immaterial. At September 25, 2020, fixed assets totaling $0.8 million were classified as held for sale and reflected within Prepaid and other current assets in the Consolidated Balance Sheet. No additional impairment charges were recorded during the third quarter of 2020.
In addition, in the third quarter of 2020, the Company completed cost reduction actions in order to align costs with commensurate business levels in its Precision Coatings 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 the third quarter of 2020.
During 2020, the Company initiated a restructuring plan in its Performance Alloys and Composites (PAC) segment to close its Warren, Michigan and Fremont, California locations. Costs associated with the plan totaled $2.2 million and $6.8 million in the third quarter and first nine months of 2020, respectively. In the third quarter of 2020, these costs included $0.4 million of severance and $1.6 million of facility and other related costs. Included in restructuring charges for the first nine months of 2020 was $1.8 million of severance associated with approximately 60 employees and $4.4 million of facility and other related costs.
Remaining severance payments of $1.1 million and facility costs of $0.4 million related to these initiatives are reflected within Salaries and wages and Other liabilities and accrued items, respectively, in the Consolidated Balance Sheets. The Company expects to incur additional costs related to these initiatives of approximately $2.5 million in the remainder of 2020.
In the third quarter of 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 totaled $0.3 million and included severance and related costs for approximately 19 employees.
In addition, in the third quarter of 2019, the Company completed other 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 reductions. Costs associated with these actions totaled $0.5 million within the Other segment and included severance associated with approximately seven employees and other related costs.
v3.20.2
Income Taxes
9 Months Ended
Sep. 25, 2020
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company's effective tax rate for the third quarter of 2020 and 2019 was (1,327.7)% and 39.5%, respectively, and (106.0)% and 21.1% for the first nine months of 2020 and 2019, respectively.
The effective tax rate for the third quarter and first nine months of 2020 differed from the statutory tax rate primarily due to the impact of percentage depletion and the research and development credit, and the recognition of discrete tax benefits. The effective tax rate for the first nine months of 2020 included a net discrete income tax benefit of $3.8 million, primarily related to the release of a valuation allowance. The effective tax rate for the first nine months of 2019 included a net discrete income tax expense of $1.3 million, primarily related to an impairment of goodwill and return to provision tax expense adjustments.
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.  While the Company continues to examine the impacts the CARES Act may have on its business, it does not expect it will 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. Also, on July 20, 2020, the U.S. Treasury Department released final tax regulations permitting a taxpayer to elect to exclude from its GILTI inclusion items of income subject to a high effective rate of foreign tax. The Company has determined the new legislation does not have a material impact to its consolidated financial statements.
v3.20.2
Earnings Per Share
9 Months Ended
Sep. 25, 2020
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share (EPS)
The following table sets forth the computation of basic and diluted EPS:
Third Quarter EndedNine Months Ended
September 25,September 27,September 25,September 27,
(Thousands, except per share amounts)2020201920202019
Numerator for basic and diluted EPS:
Net income$6,496 $3,463 $10,071 $35,909 
Denominator:
Denominator for basic EPS:
Weighted-average shares outstanding20,325 20,401 20,342 20,351 
Effect of dilutive securities:
Stock appreciation rights46 59 39 80 
Restricted stock units77 75 90 73 
Performance-based restricted stock units144 142 124 141 
Diluted potential common shares267 276 253 294 
Denominator for diluted EPS:
Adjusted weighted-average shares outstanding20,592 20,677 20,595 20,645 
Basic EPS$0.32 $0.17 $0.50 $1.76 
Diluted EPS$0.32 $0.17 $0.49 $1.74 
Adjusted weighted-average shares outstanding-diluted excludes securities totaling 114,335 and 70,562 for the quarters ended September 25, 2020 and September 27, 2019, respectively, and 164,447 and 127,759 for the nine months ended September 25, 2020 and September 27, 2019, respectively. These securities primarily related to restricted stock units and stock appreciation rights with fair market values and exercise prices greater than the average market price of the Company's common shares and were excluded from the dilution calculation as the effect would have been anti-dilutive.
v3.20.2
Inventories
9 Months Ended
Sep. 25, 2020
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories on the Consolidated Balance Sheets are summarized as follows:
September 25,December 31,
(Thousands)20202019
Raw materials and supplies$46,776 $35,612 
Work in process184,348 177,780 
Finished goods27,839 25,506 
Subtotal$258,963 $238,898 
Less: LIFO reserve balance47,263 48,508 
Inventories$211,700 $190,390 
The liquidation of last in, first out (LIFO) inventory layers did not impact cost of sales in the third quarter of 2020 and increased cost of sales by $0.1 million in the first nine months of 2020. LIFO liquidation decreased cost of sales by $0.5 million and $0.4 million in the third quarter and first nine months of 2019, respectively.
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 $382.8 million and $309.3 million as of September 25, 2020 and December 31, 2019, respectively.
v3.20.2
Mine Development
9 Months Ended
Sep. 25, 2020
Extractive Industries [Abstract]  
Mine Development Mine DevelopmentMine 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. 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 the third quarter of 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 $7.3 million of mine development costs in the third quarter of 2020 as a component of cost of sales. The Company expects to incur additional period costs as a component of cost of sales related to mine development of approximately $6.0 million in the fourth quarter of 2020 related to the same mine.
v3.20.2
Goodwill
9 Months Ended
Sep. 25, 2020
Goodwill Disclosure [Abstract]  
Goodwill Goodwill
A summary of changes in goodwill by reportable segment is as follows:
(Thousands)Performance Alloys and CompositesAdvanced MaterialsPrecision CoatingsTotal
Balance at December 31, 2019$1,899 $50,190 $26,922 $79,011 
Acquisition— — 71,510 71,510 
Impairment charge— — (9,053)(9,053)
Other— 173 1,477 1,650 
Balance at September 25, 2020$1,899 $50,363 $90,856 $143,118 
Goodwill is reviewed annually for impairment or more frequently if impairment indicators arise. The Company conducts its annual goodwill impairment assessment as of the first day of the fourth quarter, or more frequently under certain circumstances. Goodwill is assigned to the reporting unit, which is the operating segment level or one level below the operating segment.
v3.20.2
Customer Prepayments
9 Months Ended
Sep. 25, 2020
Customer Prepayments [Abstract]  
Customer Prepayments Investment Agreement [Text Block] Customer PrepaymentsThe Company entered into an investment agreement 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 September 25, 2020, $45.1 million of prepayments are classified as Unearned Income in the Consolidated Balance Sheet, of which $13.7 million were received during the third quarter of 2020, and the liability is expected to be settled as commercial shipments are made.
v3.20.2
Leases
9 Months Ended
Sep. 25, 2020
Leases [Abstract]  
Leases of Lessee Disclosure LeasesThe Company leases warehouse and manufacturing real estate, and manufacturing and computer equipment under operating leases with lease terms ranging up to 25 years. Several operating lease agreements contain options to extend the lease term and/or options for early termination. The lease term consists of the non-cancelable period of the lease, periods covered by options to extend the lease if the Company is reasonably certain to exercise the option, and periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the option. The weighted average remaining lease term for the Company's operating and finance leases as of September 25, 2020 was 12.98 years and 16.29 years, respectively.
The discount rate implicit within the leases is generally not determinable, and, therefore, the Company determines the discount rate based on its incremental borrowing rate. The incremental borrowing rate for leases is determined based on the lease term in which lease payments are made, adjusted for impacts of collateral. The weighted average discount rate used to measure the Company's operating and finance lease liabilities as of September 25, 2020 was 6.52% and 4.86%, respectively.

The components of operating and finance lease cost for the third quarter and first nine months of 2020 and 2019 were as follows:
Third Quarter EndedNine Months Ended
(Thousands)September 25, 2020September 27, 2019September 25, 2020September 27, 2019
Components of lease expense
Operating lease cost$3,008 $2,449 $7,540 $7,452 
Finance lease cost
Amortization of right-of-use assets601 353 1,302 1,063 
Interest on lease liabilities266 256 748 778 
Total lease cost$3,875 $3,058 $9,590 $9,293 

Operating lease expense amounted to $3.0 million and $7.5 million during the third quarter and first nine months of 2020, respectively, compared to $2.4 million and $7.5 million, respectively, during the same periods of 2019. 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 September 25, 2020 and December 31, 2019 was as follows:
September 25,December 31,
(Thousands)20202019
Supplemental balance sheet information
Operating Leases
Operating lease right-of-use assets
$62,235 $23,413 
Other liabilities and accrued items6,781 6,542 
Operating lease liabilities56,891 18,091 
Finance Leases
Property, plant, and equipment
$34,500 $26,069 
Allowances for depreciation, depletion, and amortization
(7,045)(3,570)
Finance lease assets, net$27,455 $22,499 
Other liabilities and accrued items$2,700 $1,265 
Finance lease liabilities20,540 17,424 
Total principal payable on finance leases$23,240 $18,689 

Future maturities of the Company's lease liabilities as of September 25, 2020 are as follows:
FinanceOperating
(Thousands)LeasesLeases
2020$935 $2,728 
20213,735 10,275 
20223,723 8,813 
20232,455 8,371 
20241,530 6,494 
2025 and thereafter 22,372 58,992 
Total lease payments34,750 95,673 
Less amount of lease payment representing interest11,510 32,001 
Total present value of lease payments
$23,240 $63,672 

Supplemental cash flow information related to leases for the first nine months of 2020 and 2019 were as follows:
Nine Months Ended
(Thousands)September 25, 2020September 27, 2019
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$11,406 $11,763 
Operating cash flows from finance leases748 778 
Financing cash flows from finance leases1,440 894 
v3.20.2
Pensions and Other Post-employment Benefits
9 Months Ended
Sep. 25, 2020
Retirement Benefits [Abstract]  
Pensions and Other Post-employment Benefits Pensions and Other Post-employment Benefits
The following is a summary of the net periodic benefit cost for the third quarter and first nine months of 2020 and 2019 for the domestic pension plans (which include the defined benefit pension plan and the supplemental retirement plans) and the domestic retiree medical plan.
 Pension BenefitsOther Benefits
 Third Quarter EndedThird Quarter Ended
September 25,September 27,September 25,September 27,
(Thousands)2020201920202019
Components of net periodic benefit (income) cost
Service cost$ $1,359 $14 $18 
Interest cost1,215 1,500 53 100 
Expected return on plan assets(2,206)(2,134) — 
Amortization of prior service cost (benefit) 120 (374)(374)
Amortization of net loss (gain)284 762 (83)(24)
Total net benefit (income) cost$(707)$1,607 $(390)$(280)

Pension BenefitsOther Benefits
Nine Months EndedNine Months Ended
September 25,September 27,September 25,September 27,
(Thousands)2020201920202019
Components of net periodic benefit (income) cost
Service cost$ $4,117 $45 $53 
Interest cost3,644 4,404 160 299 
Expected return on plan assets(6,616)(6,424) — 
Amortization of prior service cost (benefit) 362 (1,123)(1,123)
Amortization of net loss (gain)852 2,193 (249)(70)
Net periodic benefit (credit) cost$(2,120)$4,652 $(1,167)$(841)
Net pension settlements/curtailments94 3,296  — 
Total net benefit (income) cost$(2,026)$7,948 $(1,167)$(841)
The Company did not make any contributions to its domestic defined benefit plan in the first nine months of 2020 and made contributions of $4.5 million in the first nine months of 2019.
The Company reports the service cost component of net periodic benefit cost in the same line item as other compensation costs in operating expenses and the non-service cost components of net periodic benefit cost in Other non-operating (income) expense.
In May 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 pension benefits for active participants in the pension plan as of January 1, 2020. The Company recognized a non-cash pre-tax pension curtailment charge of $3.3 million associated with the plan amendment during the first nine months of 2019.
v3.20.2
Accumulated Other Comprehensive Income
9 Months Ended
Sep. 25, 2020
Equity [Abstract]  
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Loss)
Changes in the components of accumulated other comprehensive income, including the amounts reclassified, for the third quarter and first nine months of 2020 and 2019 are as follows:
Gains and Losses on Cash Flow Hedges
(Thousands)Foreign CurrencyPrecious MetalsCopperTotalPension and Post-Employment BenefitsForeign Currency TranslationTotal
Balance at June 26, 2020$1,065 $(779)$104 $390 $(41,241)$(4,720)$(45,571)
Other comprehensive income (loss) before reclassifications(520)(617)182 (955)— 3,076 2,121 
Amounts reclassified from accumulated other comprehensive income191 710 (353)548 (11)— 537 
Net current period other comprehensive (loss) income before tax(329)93 (171)(407)(11)3,076 2,658 
Deferred taxes(76)22 (38)(92)(40)— (132)
Net current period other comprehensive (loss) income after tax(253)71 (133)(315)29 3,076 2,790 
Balance at September 25, 2020$812 $(708)$(29)$75 $(41,212)$(1,644)$(42,781)
Balance at June 28, 2019$1,420 $(458)$(134)$828 $(40,050)$(4,756)$(43,978)
Other comprehensive (loss) income before reclassifications354 (730)(271)(647)— (463)(1,110)
Amounts reclassified from accumulated other comprehensive income(3)343 413 753 609 — 1,362 
Net current period other comprehensive (loss) income before tax351 (387)142 106 609 (463)252 
Deferred taxes(80)(66)10 24 108 — 132 
Net current period other comprehensive (loss) income after tax271 (321)132 82 501 (463)120 
Balance at September 27, 2019$1,691 $(779)$(2)$910 $(39,549)$(5,219)$(43,858)
Gains and Losses on Cash Flow Hedges
(Thousands)Foreign CurrencyPrecious MetalsCopperTotalPension and Post-Employment BenefitsForeign Currency TranslationTotal
Balance at December 31, 2019$1,324 $(452)$25 $897 $(41,346)$(5,013)$(45,462)
Other comprehensive income (loss) before reclassifications(863)(1,851)(170)(2,884)— 3,369 485 
Amounts reclassified from accumulated other comprehensive income198 1,519 100 1,817 34 — 1,851 
Net current period other comprehensive (loss) income before tax(665)(332)(70)(1,067)34 3,369 2,336 
Deferred taxes(153)(76)(16)(245)(100)— (345)
Net current period other comprehensive (loss) income after tax(512)(256)(54)(822)134 3,369 2,681 
Balance at September 25, 2020$812 $(708)$(29)$75 $(41,212)$(1,644)$(42,781)
Balance at December 31, 2018$1,263 $79 $(441)$901 $(54,543)$(4,592)$(58,234)
Other comprehensive income (loss) before reclassifications602 (1,366)33 (731)14,224 (627)12,866 
Amounts reclassified from accumulated other comprehensive income(47)281 505 739 5,050 — 5,789 
Net current period other comprehensive (loss) income before tax555 (1,085)538 19,274 (627)18,655 
Deferred taxes127 (227)99 (1)4,280 — 4,279 
Net current period other comprehensive (loss) income after tax428 (858)439 14,994 (627)14,376 
Balance at September 27, 2019$1,691 $(779)$(2)$910 $(39,549)$(5,219)$(43,858)
Reclassifications from accumulated other comprehensive income of gains and losses on foreign currency cash flow hedges are recorded in Net sales in the Consolidated Statements of Income. Reclassifications from accumulated other comprehensive income of gains and losses on precious metal cash flow hedges are recorded in Cost of sales in the Consolidated Statements of Income. Refer to Note R 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 N for additional details on pension and post-employment expenses.
v3.20.2
Stock-based Compensation Expense
9 Months Ended
Sep. 25, 2020
Share-based Payment Arrangement [Abstract]  
Stock-based Compensation Expense Stock-based Compensation Expense
Stock-based compensation expense, which includes awards settled in shares and in cash, was less than $0.1 million and $4.1 million in the third quarter and first nine months of 2020, respectively, compared to $2.5 million and $8.7 million, respectively, in the same periods of 2019. The decrease in stock-based compensation expense in both the third quarter and first nine months of 2020 was primarily related to the forfeiture of employee equity awards.
The Company granted 64,636 stock appreciation rights (SARs) to certain employees during the first nine months of 2020. The weighted-average exercise price per share and weighted-average fair value per share of the SARs granted during the nine months ended September 25, 2020 were $50.95 and $13.67, respectively. The Company estimated the fair value of the SARs using the following weighted-average assumptions in the Black-Scholes model:
Risk-free interest rate1.41 %
Dividend yield0.9 %
Volatility31.8 %
Expected term (in years)4.8
The Company granted 66,663 stock-settled restricted stock units (RSUs) to certain employees and 15,976 stock-settled RSUs to non-employee directors during the first nine months of 2020. The Company measures the fair value of stock-settled RSUs based on the closing market price of a share of Materion common stock on the date of the grant. The weighted-average fair value per share was $49.72 and $48.42 for stock-settled RSUs granted to employees and non-employee directors, respectively, during the nine months ended September 25, 2020. RSUs are expensed over the vesting period of three years for employees and one year for non-employee directors.
The Company granted stock-settled performance-based restricted stock units (PRSUs) to certain employees in the first nine months of 2020. The weighted-average fair value of the stock-settled PRSUs was $57.65 per share and will be expensed over the vesting period of three years. The final payout to the employees for all PRSUs will be based upon the Company’s return on invested capital and the total return to shareholders over the vesting period relative to a peer group’s performance over the same period.
At September 25, 2020, unamortized compensation cost related to the unvested portion of all stock-based awards was approximately $9.0 million, and is expected to be recognized over the remaining vesting period of the respective grants.
v3.20.2
Fair Value of Financial Instruments
9 Months Ended
Sep. 25, 2020
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The Company measures and records financial instruments at fair value. A hierarchy is used for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three levels:
Level 1 — Quoted market prices in active markets for identical assets and liabilities;
Level 2 — Inputs other than Level 1 inputs that are either directly or indirectly observable; and
Level 3 — Unobservable inputs developed using estimates and assumptions developed by the Company, which reflect
those that a market participant would use.
The following table summarizes the financial instruments measured at fair value in the Consolidated Balance Sheets as of September 25, 2020 and December 31, 2019: 
  
(Thousands)Total Carrying Value in the Consolidated Balance SheetsQuoted Prices
in  Active
Markets  for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
20202019202020192020201920202019
Financial Assets
Deferred compensation investments$2,985 $3,391 $2,985 $3,391 $ $— $ $— 
Foreign currency forward contracts44 188  — 44 188  — 
Precious metal swaps100 35  — 100 35  — 
Copper swaps45 61  — 45 61  — 
Total$3,174 $3,675 $2,985 $3,391 $189 $284 $ $— 
Financial Liabilities
Deferred compensation liability$2,985 $3,391 $2,985 $3,391 $ $— $ $— 
Foreign currency forward contracts805 211  — 805 211  — 
Precious metal swaps1,020 623  — 1,020 623  — 
Copper swaps82 28  — 82 28  — 
Total$4,892 $4,253 $2,985 $3,391 $1,907 $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 carrying values of the other working capital items and debt in the Consolidated Balance Sheets approximate fair values as of September 25, 2020 and December 31, 2019. 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.
v3.20.2
Derivative Instruments and Hedging Activity
9 Months Ended
Sep. 25, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activity Derivative Instruments and Hedging Activity
The Company uses derivative contracts to hedge portions of its foreign currency exposures and uses derivatives to hedge a portion of its precious metal and copper exposures. The objectives and strategies for using derivatives in these areas are as follows:
Foreign Currency.    The Company sells a portion of its products to overseas customers in their local currencies, primarily the euro and yen. The Company secures foreign currency derivatives, mainly forward contracts and options, to hedge these anticipated sales transactions. The purpose of the hedge program is to protect against the reduction in the dollar value of foreign currency sales from adverse exchange rate movements. Should the dollar strengthen significantly, the decrease in the translated value of the foreign currency sales should be partially offset by gains on the hedge contracts. Depending upon the methods used, 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.
The use of foreign currency derivative contracts is governed by policies approved by the Audit Committee of the Board of Directors. A team consisting of senior financial managers reviews the estimated exposure levels, as defined by budgets, forecasts, and other internal data, and determines the timing, amounts, and instruments to use to hedge 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.
Precious Metals.    The Company maintains the majority of its precious metal production requirements on consignment in order to reduce its working capital investment and the exposure to metal price movements. When a precious metal product is fabricated and ready for shipment to the customer, the metal is purchased out of consignment at the current market price. The price paid by the Company forms the basis for the price charged to the customer. This methodology allows for changes in either direction in the market prices of the precious metals used by the Company to be passed through to the customer and reduces the impact changes in prices could have on the Company's margins and operating profit. The consigned metal is owned by financial institutions that charge the Company a financing fee based upon the current value of the metal on hand.
In certain instances, a customer may want to establish the price for the precious metal at the time the sales order is placed rather than at the time of shipment. Setting the sales price at a different date than when the material would be purchased potentially creates an exposure to movements in the market price of the metal. Therefore, in these limited situations, the Company may elect to enter into a forward contract to purchase precious metal. The forward contract allows the Company to purchase metal at a fixed price on a specific future date. The price in the forward contract serves as the basis for the price to be charged to the customer. By doing so, the selling price and purchase price are matched, and the Company's price exposure is reduced.
The Company refines precious metal-containing materials for its customers and typically will purchase the refined metal from the customer at current market prices. In limited circumstances, the customer may want to fix the price to be paid at the time of the order as opposed to when the material is refined. The customer may also want to fix the price for a set period of time. The Company may then elect to enter into a hedge contract, either a forward contract or a swap, to fix the price for the estimated quantity of metal to be purchased, thereby reducing the exposure to adverse movements in the price of the metal. The Company may also enter into hedges to mitigate the risk relating to the prices of the metals which we process or refine.
In certain circumstances, the Company also refines metal from the customer and may retain a portion of the refined metal as payment. The Company may elect to enter into a forward contract to sell precious metal to reduce the Company's price exposure.
The Company may from time to time elect to purchase precious metal and hold in inventory rather than on consignment due to potential credit line limitations or other factors. These purchases are typically held for a short duration. A forward contract will be secured at the time of the purchase to fix the price to be used when the metal is transferred back to the consignment line, thereby limiting any price exposure during the time when the metal was owned.
Copper. 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.
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 other comprehensive income (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 September 25, 2020 and December 31, 2019:
 September 25, 2020December 31, 2019
(Thousands)Notional
Amount
Fair
Value
Notional
Amount
Fair
Value
Foreign currency forward contracts
Prepaid expenses$10,517 $28 $13,734 $95 
Other liabilities and accrued items10,831 22 5,757 16 
These outstanding foreign currency derivatives were related to balance sheet hedges and intercompany loans. Other-net included $0.4 million and $2.7 million of foreign currency gains related to derivatives in the third quarter and first nine months of 2020, respectively, primarily due to a gain realized on the settlement of a foreign currency hedge for the purchase of Optics Balzers.
The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives designated as cash flow hedges (on a gross basis) and balance sheet classification as of September 25, 2020 and December 31, 2019:
 September 25, 2020December 31, 2019
(Thousands)Notional
Amount
Fair
Value
Notional
Amount
Fair
Value
Prepaid expenses
Foreign currency forward contracts - yen$ $ $1,025 $10 
Foreign currency forward contracts - euro296 4 3,466 83 
Precious metal swaps1,583 90 1,116 34 
Copper swaps1,861 45 1,951 61 
Total3,740 139 7,558 188 
Other assets
Foreign currency forward contracts - euro892 12 — — 
Precious metal swaps757 10 157 
Total1,649 22 157 1 
Other liabilities and accrued items
Foreign currency forward contracts - yen1,441 39 2,355 12 
Foreign currency forward contracts - euro12,101 743 15,686 183 
Precious metal swaps6,492 1,020 7,034 618 
Copper swaps3,258 82 1,266 28 
Total23,292 1,884 26,341 841 
Other long-term liabilities
Foreign currency forward contracts - yen113 1 — — 
Precious metal swaps  149 
Total113 1 149 
Total$28,794 $1,724 $34,205 $657 
All of these contracts were designated and effective as cash flow hedges. The Company expects to relieve substantially the entire balance in OCI as of September 25, 2020 to the Consolidated Statements of Income within the next 15-month period. Refer to Note O for additional OCI details.
The following table summarizes the amounts reclassified from accumulated other comprehensive income relating to the hedging relationship of the Company’s outstanding derivatives designated as cash flow hedges and income statement classification as of the third quarter and first nine months of 2020 and 2019: 
 Third Quarter Ended
(Thousands)September 25, 2020September 27, 2019
Hedging relationshipLine item
Foreign currency forward contractsNet sales$191 $(3)
Precious metal swapsCost of sales710 343 
Copper swapsCost of sales(353)413 
Total$548 $753 
Nine Months Ended
(Thousands)September 25, 2020September 27, 2019
Hedging relationshipLine item
Foreign currency forward contractsNet sales$198 $(47)
Precious metal swapsCost of sales1,519 281 
Copper swapsCost of sales100 505 
Total$1,817 $739 
v3.20.2
Contingencies
9 Months Ended
Sep. 25, 2020
Loss Contingency [Abstract]  
Commitments and Contingencies Disclosure [Text Block] Contingencies
Legal Proceedings. For general information regarding legal proceedings relating to Chronic Beryllium Disease Claims, refer to Note R ("Contingencies and Commitments") in the Company's 2019 Annual Report on Form 10-K.
Two beryllium cases were outstanding as of September 25, 2020. The Company does not expect the resolution of these matters to have a material impact on the consolidated financial statements.
Other Litigation. The Company is party to several pending legal proceedings and claims arising in the normal course of business. The Company records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In the event the Company determines that a loss is not probable, but is reasonably possible, and it becomes possible to develop what the Company believes to be a reasonable range of possible loss, then the Company will include disclosure related to such matters. To the extent there is a reasonable possibility that the losses could exceed any amounts accrued, the Company will adjust the accrual in the period the determination is made, disclose an estimate of the additional loss or range of loss, indicate that the estimate is immaterial with respect to its financial statements as a whole or, if the amount of such adjustment cannot be reasonably estimated, disclose that an estimate cannot be made.
Environmental Proceedings. The Company has an active environmental compliance program and records reserves for the probable cost of identified environmental remediation projects. The reserves are established based upon analyses conducted by the Company’s engineers and outside consultants and are adjusted from time to time based upon ongoing studies, the difference between actual and estimated costs, and other factors. The reserves may also be affected by rulings and negotiations with regulatory agencies. The undiscounted reserve balance was $5.9 million at both September 25, 2020 and December 31, 2019. Environmental projects tend to be long-term, and the final actual remediation costs may differ from the amounts currently recorded.
v3.20.2
Debt
9 Months Ended
Sep. 25, 2020
Debt Disclosure [Abstract]  
Debt Disclosure Debt
(Thousands)September 25, 2020December 31, 2019
Foreign debt$6,988 $— 
Fixed rate industrial development revenue bonds1,602 2,218 
Total long-term debt outstanding8,590 2,218 
Current portion of long-term debt2,216 868 
Gross long-term debt 6,374 1,350 
Unamortized deferred financing fees— 90 
Long-term debt$6,374 $1,260 

In the first nine months of 2020, the Company borrowed $150.0 million under its revolving credit facility, of which $120.0 million was outstanding as of September 25, 2020. The remaining borrowing capacity under the revolving credit facility as of September 25, 2020 was $233.9 million. The Company has the option to repay or borrow additional funds under the revolving credit facility until the maturity date in 2024.
v3.20.2
Significant Accounting Policies (Policies)
9 Months Ended
Sep. 25, 2020
Accounting Policies [Abstract]  
Basis of Accounting Basis of Presentation: In management’s opinion, the accompanying consolidated financial statements of Materion Corporation and its subsidiaries (referred to herein as the Company, our, we, or us) contain all of the adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods reported. All adjustments were of a normal and recurring nature. Certain amounts in prior periods have been reclassified to conform to the 2020 consolidated financial statement presentation.These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's 2019 Annual Report on Form 10-K. The interim period results are not necessarily indicative of the results to be expected for the full year.
Business Combinations [Abstract]  
Business Combinations Policy
Business Combinations: The Company records assets acquired and liabilities assumed at the date of acquisition at their respective fair values. Any 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 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.
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
New Accounting Pronouncements New Pronouncements Adopted: In June 2016, the Financial Accounting Standards Board 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. Accounts receivable were net of an allowance for credit losses of $0.7 million and $0.4 million at September 25, 2020 and December 31, 2019, respectively. The change in the allowance for credit losses includes expense and net write-offs, none of which is significant. 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.
v3.20.2
Revenue Recognition Accounting Policy (Policies)
9 Months Ended
Sep. 25, 2020
Accounting Policies [Abstract]  
Revenue [Policy Text Block] Net sales consist primarily of revenue from the sale of precious and non-precious specialty metals, beryllium and copper-based alloys, beryllium composites, and other products into numerous end markets. The Company requires an agreement with a customer that creates enforceable rights and performance obligations. The Company generally recognizes revenue, in an amount that reflects the consideration to which it expects to be entitled, upon satisfaction of a performance obligation, by transferring control over a product to the customer. Control over the product is generally transferred to the customer when the Company has a present right to payment, the customer has legal title, the customer has physical possession, the customer has the significant risks and rewards of ownership, and/or the customer has accepted the product. Transaction Price Allocated to Future Performance Obligations: Accounting Standards Codification 606, Revenue from Contracts with Customers, requires that the Company disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied at September 25, 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.
v3.20.2
Acquisition (Tables)
9 Months Ended
Sep. 25, 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 receivable8,594 
Inventories10,170 
Prepaid and other current assets937 
Property, plant, and equipment 46,743 
Operating lease, right-of-use assets13,357 
Intangible assets48,600 
Goodwill71,510 
Total assets acquired$205,301 
Liabilities:
Short-term debt$600 
Accounts payable2,851 
Salaries and wages4,392 
Other liabilities and accrued items4,178 
Income taxes61 
Unearned revenue1,259 
Operating lease liabilities12,355 
Finance lease liabilities2,574 
Retirement and post-employment benefits6,586 
Unearned income1,835 
Long-term income taxes181 
Deferred income taxes10,366 
Long-term debt21,958 
Total liabilities assumed$69,196 
Net assets acquired$136,105 
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination
The following table reports the intangible assets by asset category and accumulated amortization from the closing date through September 25, 2020:
(Thousands)Value at AcquisitionAccumulated AmortizationWeighted Average Life
Customer relationships$39,300 $(420)18 years
Technology4,200 (162)5 years
Licenses and other5,100 (196)5 years
Total$48,600 $(778)
v3.20.2
Segment Reporting (Tables)
9 Months Ended
Sep. 25, 2020
Segment Reporting [Abstract]  
Segment Reporting
(Thousands)Performance
Alloys and
Composites
Advanced MaterialsPrecision CoatingsOtherTotal
Third Quarter 2020
Net sales$91,203 $165,582 $30,386 $ $287,171 
Intersegment sales
 6,602   6,602 
Operating profit (loss)721 5,920 1,421 (7,349)713 
Third Quarter 2019
Net sales$130,704 $147,650 $27,625 $ $305,979 
Intersegment sales— 17,161 17,161 
Operating profit (loss)18,780 6,202 (11,198)(7,495)6,289 
First Nine Months 2020
Net sales$291,884 $475,855 $68,846 $ $836,585 
Intersegment sales
2 24,790   24,792 
Operating profit (loss)13,756 15,075 (6,080)(17,895)4,856 
First Nine Months 2019
Net sales$393,048 $424,913 $87,302 $— $905,263 
Intersegment sales15 53,634 — — 53,649 
Operating profit (loss)57,066 19,421 (5,184)(20,877)50,426 
Disaggregation of Revenue
The following table disaggregates revenue for each segment by end market for the third quarter and first nine months of 2020 and 2019, respectively:
 (Thousands)Performance Alloys and CompositesAdvanced MaterialsPrecision CoatingsOtherTotal
Third Quarter 2020
End Market
Semiconductor$983 $131,380 $1,008 $— $133,371 
Industrial21,630 9,967 4,976 — 36,573 
Aerospace and Defense14,740 1,687 4,867 — 21,294 
Consumer Electronics11,074 78 6,550 — 17,702 
Automotive14,077 1,477 1,059 — 16,613 
Energy5,825 16,693 — — 22,518 
Telecom and Data Center10,452 500 — — 10,952 
Other12,422 3,800 11,926 — 28,148 
Total$91,203 $165,582 $30,386 $— $287,171 
Third Quarter 2019
End Market
Semiconductor$1,220 $107,883 $— $— $109,103 
Industrial28,353 8,302 3,365 — 40,020 
Aerospace and Defense27,653 1,779 5,303 — 34,735 
Consumer Electronics18,399 395 5,613 — 24,407 
Automotive16,071 3,012 296 — 19,379 
Energy10,629 20,911 — — 31,540 
Telecom and Data Center14,964 835 — — 15,799 
Other13,415 4,533 13,048 — 30,996 
Total$130,704 $147,650 $27,625 $— $305,979 
(Thousands)Performance Alloys and CompositesAdvanced MaterialsPrecision CoatingsOtherTotal
First Nine Months 2020
End Market
Semiconductor$3,426 $376,107 $1,251 $— $380,784 
Industrial68,801 26,748 10,647 — 106,196 
Aerospace and Defense46,898 4,764 14,095 — 65,757 
Consumer Electronics35,725 216 13,496 — 49,437 
Automotive48,656 4,743 1,083 — 54,482 
Energy16,844 49,488 — — 66,332 
Telecom and Data Center33,027 2,158 — — 35,185 
Other38,507 11,631 28,274 — 78,412 
Total$291,884 $475,855 $68,846 $— $836,585 
First Nine Months 2019
End Market
Semiconductor$4,489 $314,607 $205 $— $319,301 
Industrial83,368 23,934 11,358 — 118,660 
Aerospace and Defense80,774 4,397 14,924 — 100,095 
Consumer Electronics54,617 1,100 13,530 — 69,247 
Automotive53,348 6,035 882 — 60,265 
Energy33,026 59,136 — — 92,162 
Telecom and Data Center50,800 1,749 — — 52,549 
Other32,626 13,955 46,403 — 92,984 
Total$393,048 $424,913 $87,302 $— $905,263 
Intersegment sales are eliminated in consolidation
v3.20.2
Revenue Recognition (Tables)
9 Months Ended
Sep. 25, 2020
Revenue from Contract with Customer [Abstract]  
Contract with Customer, Asset and Liability
Contract Balances: The timing of revenue recognition, billings, and cash collections resulted in the following contract assets and contract liabilities:
(Thousands)September 25, 2020December 31, 2019$ change% change
Accounts receivable, trade
$142,363 $141,168 $1,195 %
Unbilled receivables
8,364 13,583 (5,219)(38)%
Unearned revenue
4,360 3,380 980 29 %
v3.20.2
Other-net (Tables)
9 Months Ended
Sep. 25, 2020
Other Income and Expenses [Abstract]  
Summary of Other-Net Expense
Other-net for the third quarter and first nine months of 2020 and 2019 is summarized as follows: 
 Third Quarter EndedNine Months Ended
 September 25,September 27,September 25September 27,
(Thousands)2020201920202019
Metal consignment fees$2,317 $1,936 $6,583 $7,252 
Amortization of intangible assets907 375 1,201 1,133 
Foreign currency (gain) loss(1,029)469 (3,577)853 
Net loss on disposal of fixed assets19 74 143 
Other items7 161 (138)573 
Total$2,221 $2,942 $4,143 $9,954 
v3.20.2
Earnings Per Share (Tables)
9 Months Ended
Sep. 25, 2020
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table sets forth the computation of basic and diluted EPS:
Third Quarter EndedNine Months Ended
September 25,September 27,September 25,September 27,
(Thousands, except per share amounts)2020201920202019
Numerator for basic and diluted EPS:
Net income$6,496 $3,463 $10,071 $35,909 
Denominator:
Denominator for basic EPS:
Weighted-average shares outstanding20,325 20,401 20,342 20,351 
Effect of dilutive securities:
Stock appreciation rights46 59 39 80 
Restricted stock units77 75 90 73 
Performance-based restricted stock units144 142 124 141 
Diluted potential common shares267 276 253 294 
Denominator for diluted EPS:
Adjusted weighted-average shares outstanding20,592 20,677 20,595 20,645 
Basic EPS$0.32 $0.17 $0.50 $1.76 
Diluted EPS$0.32 $0.17 $0.49 $1.74 
v3.20.2
Inventories (Tables)
9 Months Ended
Sep. 25, 2020
Inventory Disclosure [Abstract]  
Summary of Inventories
Inventories on the Consolidated Balance Sheets are summarized as follows:
September 25,December 31,
(Thousands)20202019
Raw materials and supplies$46,776 $35,612 
Work in process184,348 177,780 
Finished goods27,839 25,506 
Subtotal$258,963 $238,898 
Less: LIFO reserve balance47,263 48,508 
Inventories$211,700 $190,390 
v3.20.2
Goodwill (Tables)
9 Months Ended
Sep. 25, 2020
Goodwill Disclosure [Abstract]  
Schedule of Goodwill
A summary of changes in goodwill by reportable segment is as follows:
(Thousands)Performance Alloys and CompositesAdvanced MaterialsPrecision CoatingsTotal
Balance at December 31, 2019$1,899 $50,190 $26,922 $79,011 
Acquisition— — 71,510 71,510 
Impairment charge— — (9,053)(9,053)
Other— 173 1,477 1,650 
Balance at September 25, 2020$1,899 $50,363 $90,856 $143,118 
v3.20.2
Leases (Tables)
9 Months Ended
Sep. 25, 2020
Leases [Abstract]  
Lease, Cost
The components of operating and finance lease cost for the third quarter and first nine months of 2020 and 2019 were as follows:
Third Quarter EndedNine Months Ended
(Thousands)September 25, 2020September 27, 2019September 25, 2020September 27, 2019
Components of lease expense
Operating lease cost$3,008 $2,449 $7,540 $7,452 
Finance lease cost
Amortization of right-of-use assets601 353 1,302 1,063 
Interest on lease liabilities266 256 748 778 
Total lease cost$3,875 $3,058 $9,590 $9,293 
Schedule Of Supplemental Balance Sheet Information Related To Leases
Supplemental balance sheet information related to the Company's operating and finance leases as of September 25, 2020 and December 31, 2019 was as follows:
September 25,December 31,
(Thousands)20202019
Supplemental balance sheet information
Operating Leases
Operating lease right-of-use assets
$62,235 $23,413 
Other liabilities and accrued items6,781 6,542 
Operating lease liabilities56,891 18,091 
Finance Leases
Property, plant, and equipment
$34,500 $26,069 
Allowances for depreciation, depletion, and amortization
(7,045)(3,570)
Finance lease assets, net$27,455 $22,499 
Other liabilities and accrued items$2,700 $1,265 
Finance lease liabilities20,540 17,424 
Total principal payable on finance leases$23,240 $18,689 
Schedule Of Future Minimum Lease Payments For Finance Leases And Operating Leases
Future maturities of the Company's lease liabilities as of September 25, 2020 are as follows:
FinanceOperating
(Thousands)LeasesLeases
2020$935 $2,728 
20213,735 10,275 
20223,723 8,813 
20232,455 8,371 
20241,530 6,494 
2025 and thereafter 22,372 58,992 
Total lease payments34,750 95,673 
Less amount of lease payment representing interest11,510 32,001 
Total present value of lease payments
$23,240 $63,672 
Schedule of Cash Flow, Supplemental Disclosures
Supplemental cash flow information related to leases for the first nine months of 2020 and 2019 were as follows:
Nine Months Ended
(Thousands)September 25, 2020September 27, 2019
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$11,406 $11,763 
Operating cash flows from finance leases748 778 
Financing cash flows from finance leases1,440 894 
v3.20.2
Pensions and Other Post-employment Benefits (Tables)
9 Months Ended
Sep. 25, 2020
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost
The following is a summary of the net periodic benefit cost for the third quarter and first nine months of 2020 and 2019 for the domestic pension plans (which include the defined benefit pension plan and the supplemental retirement plans) and the domestic retiree medical plan.
 Pension BenefitsOther Benefits
 Third Quarter EndedThird Quarter Ended
September 25,September 27,September 25,September 27,
(Thousands)2020201920202019
Components of net periodic benefit (income) cost
Service cost$ $1,359 $14 $18 
Interest cost1,215 1,500 53 100 
Expected return on plan assets(2,206)(2,134) — 
Amortization of prior service cost (benefit) 120 (374)(374)
Amortization of net loss (gain)284 762 (83)(24)
Total net benefit (income) cost$(707)$1,607 $(390)$(280)

Pension BenefitsOther Benefits
Nine Months EndedNine Months Ended
September 25,September 27,September 25,September 27,
(Thousands)2020201920202019
Components of net periodic benefit (income) cost
Service cost$ $4,117 $45 $53 
Interest cost3,644 4,404 160 299 
Expected return on plan assets(6,616)(6,424) — 
Amortization of prior service cost (benefit) 362 (1,123)(1,123)
Amortization of net loss (gain)852 2,193 (249)(70)
Net periodic benefit (credit) cost$(2,120)$4,652 $(1,167)$(841)
Net pension settlements/curtailments94 3,296  — 
Total net benefit (income) cost$(2,026)$7,948 $(1,167)$(841)
v3.20.2
Accumulated Other Comprehensive Income (Tables)
9 Months Ended
Sep. 25, 2020
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
Changes in the components of accumulated other comprehensive income, including the amounts reclassified, for the third quarter and first nine months of 2020 and 2019 are as follows:
Gains and Losses on Cash Flow Hedges
(Thousands)Foreign CurrencyPrecious MetalsCopperTotalPension and Post-Employment BenefitsForeign Currency TranslationTotal
Balance at June 26, 2020$1,065 $(779)$104 $390 $(41,241)$(4,720)$(45,571)
Other comprehensive income (loss) before reclassifications(520)(617)182 (955)— 3,076 2,121 
Amounts reclassified from accumulated other comprehensive income191 710 (353)548 (11)— 537 
Net current period other comprehensive (loss) income before tax(329)93 (171)(407)(11)3,076 2,658 
Deferred taxes(76)22 (38)(92)(40)— (132)
Net current period other comprehensive (loss) income after tax(253)71 (133)(315)29 3,076 2,790 
Balance at September 25, 2020$812 $(708)$(29)$75 $(41,212)$(1,644)$(42,781)
Balance at June 28, 2019$1,420 $(458)$(134)$828 $(40,050)$(4,756)$(43,978)
Other comprehensive (loss) income before reclassifications354 (730)(271)(647)— (463)(1,110)
Amounts reclassified from accumulated other comprehensive income(3)343 413 753 609 — 1,362 
Net current period other comprehensive (loss) income before tax351 (387)142 106 609 (463)252 
Deferred taxes(80)(66)10 24 108 — 132 
Net current period other comprehensive (loss) income after tax271 (321)132 82 501 (463)120 
Balance at September 27, 2019$1,691 $(779)$(2)$910 $(39,549)$(5,219)$(43,858)
Gains and Losses on Cash Flow Hedges
(Thousands)Foreign CurrencyPrecious MetalsCopperTotalPension and Post-Employment BenefitsForeign Currency TranslationTotal
Balance at December 31, 2019$1,324 $(452)$25 $897 $(41,346)$(5,013)$(45,462)
Other comprehensive income (loss) before reclassifications(863)(1,851)(170)(2,884)— 3,369 485 
Amounts reclassified from accumulated other comprehensive income198 1,519 100 1,817 34 — 1,851 
Net current period other comprehensive (loss) income before tax(665)(332)(70)(1,067)34 3,369 2,336 
Deferred taxes(153)(76)(16)(245)(100)— (345)
Net current period other comprehensive (loss) income after tax(512)(256)(54)(822)134 3,369 2,681 
Balance at September 25, 2020$812 $(708)$(29)$75 $(41,212)$(1,644)$(42,781)
Balance at December 31, 2018$1,263 $79 $(441)$901 $(54,543)$(4,592)$(58,234)
Other comprehensive income (loss) before reclassifications602 (1,366)33 (731)14,224 (627)12,866 
Amounts reclassified from accumulated other comprehensive income(47)281 505 739 5,050 — 5,789 
Net current period other comprehensive (loss) income before tax555 (1,085)538 19,274 (627)18,655 
Deferred taxes127 (227)99 (1)4,280 — 4,279 
Net current period other comprehensive (loss) income after tax428 (858)439 14,994 (627)14,376 
Balance at September 27, 2019$1,691 $(779)$(2)$910 $(39,549)$(5,219)$(43,858)
v3.20.2
Stock-based Compensation Expense Tables (Tables)
9 Months Ended
Sep. 25, 2020
Share-based Payment Arrangement [Abstract]  
Schedule Of Share Based Payment Award SARs Valuation Assumptions [Table Text Block] The Company estimated the fair value of the SARs using the following weighted-average assumptions in the Black-Scholes model:
Risk-free interest rate1.41 %
Dividend yield0.9 %
Volatility31.8 %
Expected term (in years)4.8
v3.20.2
Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 25, 2020
Fair Value Disclosures [Abstract]  
Summary of Fair Value Information and Derivative Financial Instruments
The following table summarizes the financial instruments measured at fair value in the Consolidated Balance Sheets as of September 25, 2020 and December 31, 2019: 
  
(Thousands)Total Carrying Value in the Consolidated Balance SheetsQuoted Prices
in  Active
Markets  for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
20202019202020192020201920202019
Financial Assets
Deferred compensation investments$2,985 $3,391 $2,985 $3,391 $ $— $ $— 
Foreign currency forward contracts44 188  — 44 188  — 
Precious metal swaps100 35  — 100 35  — 
Copper swaps45 61  — 45 61  — 
Total$3,174 $3,675 $2,985 $3,391 $189 $284 $ $— 
Financial Liabilities
Deferred compensation liability$2,985 $3,391 $2,985 $3,391 $ $— $ $— 
Foreign currency forward contracts805 211  — 805 211  — 
Precious metal swaps1,020 623  — 1,020 623  — 
Copper swaps82 28  — 82 28  — 
Total$4,892 $4,253 $2,985 $3,391 $1,907 $862 $ $— 
v3.20.2
Derivative Instruments and Hedging Activity Tables (Tables)
9 Months Ended
Sep. 25, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments NonHedging [Table Text Block]
The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives not designated as hedging instruments (on a gross basis) and balance sheet classification as of September 25, 2020 and December 31, 2019:
 September 25, 2020December 31, 2019
(Thousands)Notional
Amount
Fair
Value
Notional
Amount
Fair
Value
Foreign currency forward contracts
Prepaid expenses$10,517 $28 $13,734 $95 
Other liabilities and accrued items10,831 22 5,757 16 
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]
The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives designated as cash flow hedges (on a gross basis) and balance sheet classification as of September 25, 2020 and December 31, 2019:
 September 25, 2020December 31, 2019
(Thousands)Notional
Amount
Fair
Value
Notional
Amount
Fair
Value
Prepaid expenses
Foreign currency forward contracts - yen$ $ $1,025 $10 
Foreign currency forward contracts - euro296 4 3,466 83 
Precious metal swaps1,583 90 1,116 34 
Copper swaps1,861 45 1,951 61 
Total3,740 139 7,558 188 
Other assets
Foreign currency forward contracts - euro892 12 — — 
Precious metal swaps757 10 157 
Total1,649 22 157 1 
Other liabilities and accrued items
Foreign currency forward contracts - yen1,441 39 2,355 12 
Foreign currency forward contracts - euro12,101 743 15,686 183 
Precious metal swaps6,492 1,020 7,034 618 
Copper swaps3,258 82 1,266 28 
Total23,292 1,884 26,341 841 
Other long-term liabilities
Foreign currency forward contracts - yen113 1 — — 
Precious metal swaps  149 
Total113 1 149 
Total$28,794 $1,724 $34,205 $657 
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]
The following table summarizes the amounts reclassified from accumulated other comprehensive income relating to the hedging relationship of the Company’s outstanding derivatives designated as cash flow hedges and income statement classification as of the third quarter and first nine months of 2020 and 2019: 
 Third Quarter Ended
(Thousands)September 25, 2020September 27, 2019
Hedging relationshipLine item
Foreign currency forward contractsNet sales$191 $(3)
Precious metal swapsCost of sales710 343 
Copper swapsCost of sales(353)413 
Total$548 $753 
Nine Months Ended
(Thousands)September 25, 2020September 27, 2019
Hedging relationshipLine item
Foreign currency forward contractsNet sales$198 $(47)
Precious metal swapsCost of sales1,519 281 
Copper swapsCost of sales100 505 
Total$1,817 $739 
v3.20.2
Debt (Tables)
9 Months Ended
Sep. 25, 2020
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
(Thousands)September 25, 2020December 31, 2019
Foreign debt$6,988 $— 
Fixed rate industrial development revenue bonds1,602 2,218 
Total long-term debt outstanding8,590 2,218 
Current portion of long-term debt2,216 868 
Gross long-term debt 6,374 1,350 
Unamortized deferred financing fees— 90 
Long-term debt$6,374 $1,260 
v3.20.2
Accounting Policies (Details) - USD ($)
$ in Millions
Sep. 25, 2020
Dec. 31, 2019
Accounting Policies [Abstract]    
Accounts Receivable, Allowance for Credit Loss, Current $ 0.7 $ 0.4
v3.20.2
Acquisition (Details) - USD ($)
$ in Thousands
Sep. 25, 2020
Jul. 17, 2020
Dec. 31, 2019
Business Acquisition [Line Items]      
Operating lease right-of-use assets $ 62,235   $ 23,413
Goodwill $ 143,118   $ 79,011
Optics Balzers [Member]      
Business Acquisition [Line Items]      
Cash and cash equivalents   $ 5,390  
Accounts receivable   8,594  
Inventories   10,170  
Prepaid and other current assets   937  
Property, plant, and equipment   46,743  
Operating lease right-of-use assets   13,357  
Intangible assets   48,600  
Goodwill   71,510  
Total assets acquired   205,301  
Short-term debt   600  
Accounts payable   2,851  
Salaries and wages   4,392  
Other liabilities and accrued items   4,178  
Income taxes   61  
Unearned revenue   1,259  
Operating lease liabilities   12,355  
Finance lease liabilities   2,574  
Retirement and post-employment benefits   6,586  
Unearned income   1,835  
Long-term income taxes   181  
Deferred income taxes   10,366  
Long-term debt   21,958  
Total liabilities assumed   69,196  
Net assets acquired   $ 136,105  
v3.20.2
Acquisition (Details) 1 - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Jul. 17, 2020
Sep. 25, 2020
Sep. 25, 2020
Jun. 26, 2020
Dec. 31, 2019
Business Combinations [Abstract]          
Business Combination, Consideration Transferred $ 136,100        
Short-term Debt   $ 122,216 $ 122,216 $ 150,000 $ 868
Business Combination, Integration Related Costs   $ 4,700 $ 6,100    
v3.20.2
Acquisition (Details) 2 - Optics Balzers [Member]
$ in Thousands
Jul. 17, 2020
USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]  
Intangible assets $ 48,600
Finite-Lived Intangible Assets, Accumulated Amortization (778)
Customer Relationships  
Acquired Finite-Lived Intangible Assets [Line Items]  
Intangible assets 39,300
Finite-Lived Intangible Assets, Accumulated Amortization $ (420)
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 18 years
Technology-Based Intangible Assets  
Acquired Finite-Lived Intangible Assets [Line Items]  
Intangible assets $ 4,200
Finite-Lived Intangible Assets, Accumulated Amortization $ (162)
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 5 years
License  
Acquired Finite-Lived Intangible Assets [Line Items]  
Intangible assets $ 5,100
Finite-Lived Intangible Assets, Accumulated Amortization $ (196)
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 5 years
v3.20.2
Segment Reporting (Detail) - USD ($)
3 Months Ended 9 Months Ended
Sep. 25, 2020
Sep. 27, 2019
Sep. 25, 2020
Sep. 27, 2019
Segment Reporting Information        
Net sales $ 287,171,000 $ 305,979,000 $ 836,585,000 $ 905,263,000
Intersegment sales 6,602,000 17,161,000 24,792,000 53,649,000
Operating profit 713,000 6,289,000 4,856,000 50,426,000
Performance Alloys and Composites        
Segment Reporting Information        
Net sales 91,203,000 130,704,000 291,884,000 393,048,000
Intersegment sales 0 0 2,000 15,000
Operating profit 721,000 18,780,000 13,756,000 57,066,000
Advanced Materials        
Segment Reporting Information        
Net sales 165,582,000 147,650,000 475,855,000 424,913,000
Intersegment sales 6,602,000 17,161,000 24,790,000 53,634,000
Operating profit 5,920,000 6,202,000 15,075,000 19,421,000
Precision Coatings        
Segment Reporting Information        
Net sales 30,386,000 27,625,000 68,846,000 87,302,000
Intersegment sales 0 0 0 0
Operating profit 1,421,000 (11,198,000) (6,080,000) (5,184,000)
Other        
Segment Reporting Information        
Net sales 0 0 0 0
Intersegment sales 0 0 0 0
Operating profit $ (7,349,000) $ (7,495,000) $ (17,895,000) $ (20,877,000)
v3.20.2
Segment Reporting (Details 1) - USD ($)
3 Months Ended 9 Months Ended
Sep. 25, 2020
Sep. 27, 2019
Sep. 25, 2020
Sep. 27, 2019
Disaggregation of Revenue [Line Items]        
Net sales $ 287,171,000 $ 305,979,000 $ 836,585,000 $ 905,263,000
Semiconductor        
Disaggregation of Revenue [Line Items]        
Net sales 133,371,000 109,103,000 380,784,000 319,301,000
Consumer Electronics        
Disaggregation of Revenue [Line Items]        
Net sales 17,702,000 24,407,000 49,437,000 69,247,000
Industrial Components        
Disaggregation of Revenue [Line Items]        
Net sales 36,573,000 40,020,000 106,196,000 118,660,000
Aerospace and Defense        
Disaggregation of Revenue [Line Items]        
Net sales 21,294,000 34,735,000 65,757,000 100,095,000
Energy        
Disaggregation of Revenue [Line Items]        
Net sales 22,518,000 31,540,000 66,332,000 92,162,000
Telecomm and Data Center        
Disaggregation of Revenue [Line Items]        
Net sales 10,952,000 15,799,000 35,185,000 52,549,000
Automotive        
Disaggregation of Revenue [Line Items]        
Net sales 16,613,000 19,379,000 54,482,000 60,265,000
Other End Market        
Disaggregation of Revenue [Line Items]        
Net sales 28,148,000 30,996,000 78,412,000 92,984,000
Performance Alloys and Composites        
Disaggregation of Revenue [Line Items]        
Net sales 91,203,000 130,704,000 291,884,000 393,048,000
Performance Alloys and Composites | Semiconductor        
Disaggregation of Revenue [Line Items]        
Net sales 983,000 1,220,000 3,426,000 4,489,000
Performance Alloys and Composites | Consumer Electronics        
Disaggregation of Revenue [Line Items]        
Net sales 11,074,000 18,399,000 35,725,000 54,617,000
Performance Alloys and Composites | Industrial Components        
Disaggregation of Revenue [Line Items]        
Net sales 21,630,000 28,353,000 68,801,000 83,368,000
Performance Alloys and Composites | Aerospace and Defense        
Disaggregation of Revenue [Line Items]        
Net sales 14,740,000 27,653,000 46,898,000 80,774,000
Performance Alloys and Composites | Energy        
Disaggregation of Revenue [Line Items]        
Net sales 5,825,000 10,629,000 16,844,000 33,026,000
Performance Alloys and Composites | Telecomm and Data Center        
Disaggregation of Revenue [Line Items]        
Net sales 10,452,000 14,964,000 33,027,000 50,800,000
Performance Alloys and Composites | Automotive        
Disaggregation of Revenue [Line Items]        
Net sales 14,077,000 16,071,000 48,656,000 53,348,000
Performance Alloys and Composites | Other End Market        
Disaggregation of Revenue [Line Items]        
Net sales 12,422,000 13,415,000 38,507,000 32,626,000
Advanced Materials        
Disaggregation of Revenue [Line Items]        
Net sales 165,582,000 147,650,000 475,855,000 424,913,000
Advanced Materials | Semiconductor        
Disaggregation of Revenue [Line Items]        
Net sales 131,380,000 107,883,000 376,107,000 314,607,000
Advanced Materials | Consumer Electronics        
Disaggregation of Revenue [Line Items]        
Net sales 78,000 395,000 216,000 1,100,000
Advanced Materials | Industrial Components        
Disaggregation of Revenue [Line Items]        
Net sales 9,967,000 8,302,000 26,748,000 23,934,000
Advanced Materials | Aerospace and Defense        
Disaggregation of Revenue [Line Items]        
Net sales 1,687,000 1,779,000 4,764,000 4,397,000
Advanced Materials | Energy        
Disaggregation of Revenue [Line Items]        
Net sales 16,693,000 20,911,000 49,488,000 59,136,000
Advanced Materials | Telecomm and Data Center        
Disaggregation of Revenue [Line Items]        
Net sales 500,000 835,000 2,158,000 1,749,000
Advanced Materials | Automotive        
Disaggregation of Revenue [Line Items]        
Net sales 1,477,000 3,012,000 4,743,000 6,035,000
Advanced Materials | Other End Market        
Disaggregation of Revenue [Line Items]        
Net sales 3,800,000 4,533,000 11,631,000 13,955,000
Precision Coatings        
Disaggregation of Revenue [Line Items]        
Net sales 30,386,000 27,625,000 68,846,000 87,302,000
Precision Coatings | Semiconductor        
Disaggregation of Revenue [Line Items]        
Net sales 1,008,000 0 1,251,000 205,000
Precision Coatings | Consumer Electronics        
Disaggregation of Revenue [Line Items]        
Net sales 6,550,000 5,613,000 13,496,000 13,530,000
Precision Coatings | Industrial Components        
Disaggregation of Revenue [Line Items]        
Net sales 4,976,000 3,365,000 10,647,000 11,358,000
Precision Coatings | Aerospace and Defense        
Disaggregation of Revenue [Line Items]        
Net sales 4,867,000 5,303,000 14,095,000 14,924,000
Precision Coatings | Energy        
Disaggregation of Revenue [Line Items]        
Net sales 0 0 0 0
Precision Coatings | Telecomm and Data Center        
Disaggregation of Revenue [Line Items]        
Net sales 0 0 0 0
Precision Coatings | Automotive        
Disaggregation of Revenue [Line Items]        
Net sales 1,059,000 296,000 1,083,000 882,000
Precision Coatings | Other End Market        
Disaggregation of Revenue [Line Items]        
Net sales 11,926,000 13,048,000 28,274,000 46,403,000
Other        
Disaggregation of Revenue [Line Items]        
Net sales 0 0 0 0
Other | Semiconductor        
Disaggregation of Revenue [Line Items]        
Net sales 0 0 0 0
Other | Consumer Electronics        
Disaggregation of Revenue [Line Items]        
Net sales 0 0 0 0
Other | Industrial Components        
Disaggregation of Revenue [Line Items]        
Net sales 0 0 0 0
Other | Aerospace and Defense        
Disaggregation of Revenue [Line Items]        
Net sales 0 0 0 0
Other | Energy        
Disaggregation of Revenue [Line Items]        
Net sales 0 0 0 0
Other | Telecomm and Data Center        
Disaggregation of Revenue [Line Items]        
Net sales 0 0 0 0
Other | Automotive        
Disaggregation of Revenue [Line Items]        
Net sales 0 0 0 0
Other | Other End Market        
Disaggregation of Revenue [Line Items]        
Net sales $ 0 $ 0 $ 0 $ 0
v3.20.2
Revenue Recognition (Details) - USD ($)
$ in Thousands
9 Months Ended
Sep. 25, 2020
Sep. 27, 2019
Dec. 31, 2019
Capitalized Contract Cost [Line Items]      
Increase (Decrease) in Deferred Revenue $ (298) $ (728)  
Accounts receivable, trade      
Capitalized Contract Cost [Line Items]      
Accounts Receivable, Trade 142,363   $ 141,168
Change in Accounts Receivable, Trade $ 1,195    
Contract Asset Percent Change 1.00%    
Unbilled Receivables      
Capitalized Contract Cost [Line Items]      
Unbilled Contracts Receivable $ 8,364   13,583
Change in Unbilled Receivables $ (5,219)    
Contract Asset Percent Change (38.00%)    
Unearned revenue      
Capitalized Contract Cost [Line Items]      
Deferred Revenue $ 4,360   $ 3,380
Increase (Decrease) in Deferred Revenue $ 980    
Contract Liability Percent Change 29.00%    
v3.20.2
Revenue Recognition (Details 1)
$ in Millions
9 Months Ended
Sep. 25, 2020
USD ($)
Revenue from Contract with Customer [Abstract]  
Contract with Customer, Liability, Revenue Recognized $ 3.2
Revenue, Remaining Performance Obligation, Amount $ 27.6
v3.20.2
Other-net (Detail) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 25, 2020
Sep. 27, 2019
Sep. 25, 2020
Sep. 27, 2019
Other Income and Expenses [Abstract]        
Metal consignment fees $ 2,317 $ 1,936 $ 6,583 $ 7,252
Amortization of Intangible Assets 907 375 1,201 1,133
Foreign currency (gain) loss (1,029) 469 (3,577) 853
Net loss on disposal of fixed assets 19 1 74 143
Other items 7 161 (138) 573
Total $ 2,221 $ 2,942 $ 4,143 $ 9,954
v3.20.2
Restructuring (Details)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 25, 2020
USD ($)
Employee
Sep. 27, 2019
USD ($)
Employee
Sep. 25, 2020
USD ($)
Employee
Sep. 27, 2019
USD ($)
Restructuring Cost and Reserve [Line Items]        
Restructuring expense $ 2,593 $ 785 $ 7,144 $ 785
Property, plant and equipment held for sale 800   800  
Performance Alloys and Composites        
Restructuring Cost and Reserve [Line Items]        
Restructuring expense 2,200 500 6,800  
Severance costs 400   $ 1,800  
Number of positions eliminated | Employee     60  
Other restructuring costs 1,600   $ 4,400  
Restructuring cost, expected 2,500   2,500  
Performance Alloys and Composites | Other Liabilities [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring facility cost remaining 400   400  
Performance Alloys and Composites | Accrued Liabilities [Member]        
Restructuring Cost and Reserve [Line Items]        
Remaining severance payments 1,100   $ 1,100  
Precision Coatings        
Restructuring Cost and Reserve [Line Items]        
Restructuring expense   $ 300    
Severance costs $ 400      
Number of positions eliminated | Employee 28 19    
Other        
Restructuring Cost and Reserve [Line Items]        
Restructuring expense   $ 500    
Number of positions eliminated | Employee   7    
v3.20.2
Income Taxes (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 25, 2020
Sep. 27, 2019
Sep. 25, 2020
Sep. 27, 2019
Income Tax Disclosure [Abstract]        
Effective income tax rate, percent (1327.70%) 39.50% (106.00%) 21.10%
Effective income tax rate, amount     $ 3.8 $ 1.3
Income tax (benefit) expense $ (6,041,000) $ 2,263,000 $ (5,183,000) $ 9,631,000
v3.20.2
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 25, 2020
Sep. 27, 2019
Sep. 25, 2020
Sep. 27, 2019
Numerator For Basic And Diluted EPS:        
Net income $ 6,496 $ 3,463 $ 10,071 $ 35,909
Denominator for basic EPS:        
Weighted-average shares outstanding 20,325 20,401 20,342 20,351
Effect of dilutive securities:        
Diluted potential common shares (in shares) 267 276 253 294
Denominator for diluted EPS:        
Adjusted weighted-average shares outstanding 20,592 20,677 20,595 20,645
Basic EPS (in usd per share) $ 0.32 $ 0.17 $ 0.50 $ 1.76
Diluted EPS (in usd per share) $ 0.32 $ 0.17 $ 0.49 $ 1.74
Stock Appreciation Rights (SARs)        
Effect of dilutive securities:        
Dilutive effect of share-based compensation (in shares) 46 59 39 80
Restricted Stock Units (RSUs)        
Effect of dilutive securities:        
Dilutive effect of share-based compensation (in shares) 77 75 90 73
Performance Shares        
Effect of dilutive securities:        
Dilutive effect of share-based compensation (in shares) 144 142 124 141
v3.20.2
Earnings Per Share (Details 1) - shares
3 Months Ended 9 Months Ended
Sep. 25, 2020
Sep. 27, 2019
Sep. 25, 2020
Sep. 27, 2019
Out-of-The-Money [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Securities excluded from diluted EPS calculation 114,335 70,562 164,447 127,759
v3.20.2
Inventories (Detail) - USD ($)
$ in Thousands
Sep. 25, 2020
Dec. 31, 2019
Inventory Disclosure [Abstract]    
Raw materials and supplies $ 46,776 $ 35,612
Work in process 184,348 177,780
Finished goods 27,839 25,506
Subtotal 258,963 238,898
Less: LIFO reserve balance 47,263 48,508
Inventories $ 211,700 $ 190,390
v3.20.2
Inventories (Details 1) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 25, 2020
Sep. 27, 2019
Sep. 25, 2020
Sep. 27, 2019
Dec. 31, 2019
Inventory Disclosure [Abstract]          
LIFO liquidation effect $ 0.0 $ 0.5 $ 0.1 $ 0.4  
Notional Amount of Nonderivative Instruments     $ 382.8   $ 309.3
v3.20.2
Mine Development (Details)
$ in Millions
3 Months Ended
Sep. 25, 2020
USD ($)
Extractive Industries [Abstract]  
Expected Mine Development Costs $ 6.0
Cost of Mine Development $ 7.3
v3.20.2
Goodwill (Detail) - USD ($)
3 Months Ended 9 Months Ended
Sep. 25, 2020
Mar. 27, 2020
Sep. 27, 2019
Sep. 25, 2020
Sep. 27, 2019
Dec. 31, 2019
Goodwill [Line Items]            
Impairment charge $ 0 $ 9.1 $ 11,560,000 $ 9,053,000 $ 11,560,000  
Goodwill, Acquired During Period       71,510,000    
Other       1,650,000    
Goodwill 143,118,000     143,118,000   $ 79,011,000
Performance Alloys and Composites            
Goodwill [Line Items]            
Impairment charge       0    
Goodwill, Acquired During Period       0    
Other       0    
Goodwill 1,899,000     1,899,000   1,899,000
Advanced Materials            
Goodwill [Line Items]            
Impairment charge       0    
Goodwill, Acquired During Period       0    
Other       173,000    
Goodwill 50,363,000     50,363,000   50,190,000
Precision Coatings            
Goodwill [Line Items]            
Impairment charge       9,053,000    
Goodwill, Acquired During Period       71,510,000    
Other       (1,477,000)    
Goodwill $ 90,856,000     $ 90,856,000   $ 26,922,000
v3.20.2
Customer Prepayments (Details)
$ in Millions
3 Months Ended
Sep. 25, 2020
USD ($)
Customer Prepayments [Abstract]  
Deferred Income $ 45.1
Future Customer Prepayments 70.0
Deferred Revenue, Additions $ 13.7
v3.20.2
Components of Lease Expense (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 25, 2020
Sep. 27, 2019
Sep. 25, 2020
Sep. 27, 2019
Lease, Cost [Abstract]        
Operating lease cost $ 3,008 $ 2,449 $ 7,540 $ 7,452
Finance Leases        
Amortization of right-of-use assets 601 353 1,302 1,063
Interest on lease liabilities 266 256 748 778
Total lease cost $ 3,875 $ 3,058 $ 9,590 $ 9,293
v3.20.2
Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Thousands
Sep. 25, 2020
Dec. 31, 2019
Operating Leases    
Operating lease right-of-use assets $ 62,235 $ 23,413
Other liabilities and accrued items 6,781 6,542
Operating lease liabilities 56,891 18,091
Finance Leases    
Finance lease liabilities 20,540 17,424
Total principal payable on finance leases 23,240 18,689
Property, plant, and equipment 987,902 916,965
Allowances for depreciation, depletion, and amortization (693,223) (684,689)
Finance lease assets, net 294,679 232,276
Other liabilities and accrued items 2,700 1,265
Property, Plant and Equipment    
Property, plant, and equipment 34,500 26,069
Allowances for depreciation, depletion, and amortization (7,045) (3,570)
Finance lease assets, net $ 27,455 $ 22,499
v3.20.2
Future Estimated Minimum Payments Under Finance Leases and Non-Cancelable Operating Leases (Details) - USD ($)
$ in Thousands
Sep. 25, 2020
Dec. 31, 2019
Finance Leases    
2020 $ 935  
Finance Lease, Liability, to be Paid, Year One 3,735  
Lessee, Operating Lease, Liability, Payments, Due Next Rolling Twelve Months 10,275  
2021 3,723  
2022 2,455  
2023 1,530  
2025 and thereafter 22,372  
Total lease payments 34,750  
Less amount of lease payment representing interest 11,510  
Total present value of lease payments 23,240 $ 18,689
Operating Leases    
2020 2,728  
2021 8,813  
2022 8,371  
2023 6,494  
2025 and thereafter 58,992  
Total lease payments 95,673  
Less amount of lease payment representing interest 32,001  
Total present value of lease payments $ 63,672  
v3.20.2
Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
9 Months Ended
Sep. 25, 2020
Sep. 27, 2019
Leases [Abstract]    
Operating cash flows from operating leases $ 11,406,000 $ 11,763,000
Operating cash flows from finance leases 748,000 778,000
Financing cash flows from finance leases $ 1,440,000 $ 894,000
v3.20.2
Leases (Details Textual) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 25, 2020
Sep. 27, 2019
Sep. 25, 2020
Sep. 27, 2019
Leases [Abstract]        
Operating Lease Term Maximum     25 years  
Operating Lease, Weighted Average Remaining Lease Term 12 years 11 months 23 days   12 years 11 months 23 days  
Finance Lease, Weighted Average Remaining Lease Term 16 years 3 months 14 days   16 years 3 months 14 days  
Operating Lease, Weighted Average Discount Rate, Percent 6.52%   6.52%  
Finance Lease, Weighted Average Discount Rate, Percent 4.86%   4.86%  
Operating lease expense $ 3,000 $ 2,400 $ 7,500 $ 7,500
v3.20.2
Pensions and Other Post-employment Benefits (Detail) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 25, 2020
Sep. 27, 2019
Sep. 25, 2020
Sep. 27, 2019
Components of net periodic benefit cost        
Net pension settlements/curtailments     $ 94 $ 3,296
Pension Benefits        
Components of net periodic benefit cost        
Service cost $ 0 $ 1,359 0 4,117
Interest cost 1,215 1,500 3,644 4,404
Expected return on plan assets (2,206) (2,134) (6,616) (6,424)
Amortization of prior service cost (benefit) 0 120 0 362
Amortization of net loss (gain) 284 762 852 2,193
Total net benefit (income) cost (707) 1,607 (2,120) 4,652
Net pension settlements/curtailments     94 3,296
Total net benefit (income) cost     (2,026) 7,948
Other Benefits        
Components of net periodic benefit cost        
Service cost 14 18 45 53
Interest cost 53 100 160 299
Expected return on plan assets 0 0 0 0
Amortization of prior service cost (benefit) (374) (374) (1,123) (1,123)
Amortization of net loss (gain) (83) (24) (249) (70)
Total net benefit (income) cost $ (390) $ (280) (1,167) (841)
Net pension settlements/curtailments     0 0
Total net benefit (income) cost     $ (1,167) $ (841)
v3.20.2
Pensions and Other Post-employment Benefits (Detail 1) - USD ($)
$ in Thousands
9 Months Ended
Sep. 25, 2020
Sep. 27, 2019
Defined Benefit Plan Disclosure    
Pension curtailment charge $ (94) $ (3,296)
Pension Benefits    
Defined Benefit Plan Disclosure    
Contributions by employer 0 4,500
Pension curtailment charge $ (94) $ (3,296)
v3.20.2
Accumulated Other Comprehensive Income (Detail) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 25, 2020
Sep. 27, 2019
Sep. 25, 2020
Sep. 27, 2019
Jun. 26, 2020
Dec. 31, 2019
Jun. 28, 2019
Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Rollward]                
Accumulated other comprehensive loss $ (42,781) $ (43,858) $ (42,781) $ (43,858) $ (45,571) $ (45,462) $ (43,978) $ (58,234)
Activity                
Other comprehensive income (loss) before reclassifications 2,121 (1,110) 485 12,866        
Amounts reclassified from accumulated other comprehensive income 537 1,362 1,851 5,789        
Net current period other comprehensive income (loss) before tax 2,658 252 2,336 18,655        
Deferred taxes on current period activity (132) 132 (345) 4,279        
Net current period other comprehensive (loss) income after tax 2,790 120 2,681 14,376        
Pension and Post Employment Benefits [Member]                
Accumulated Other Comprehensive Income (Loss) [Rollward]                
Accumulated other comprehensive loss (41,212) (39,549) (41,212) (39,549) (41,241) (41,346) (40,050) (54,543)
Activity                
Other comprehensive income (loss) before reclassifications 0 0 0 14,224        
Amounts reclassified from accumulated other comprehensive income (11) 609 34 5,050        
Net current period other comprehensive income (loss) before tax (11) 609 34 19,274        
Deferred taxes on current period activity (40) 108 (100) 4,280        
Net current period other comprehensive (loss) income after tax 29 501 134 14,994        
Foreign Currency Translation [Member]                
Accumulated Other Comprehensive Income (Loss) [Rollward]                
Accumulated other comprehensive loss (1,644) (5,219) (1,644) (5,219) (4,720) (5,013) (4,756) (4,592)
Activity                
Other comprehensive income (loss) before reclassifications 3,076 (463) 3,369 (627)        
Amounts reclassified from accumulated other comprehensive income 0 0 0 0        
Net current period other comprehensive income (loss) before tax 3,076 (463) 3,369 (627)        
Deferred taxes on current period activity 0 0 0 0        
Net current period other comprehensive (loss) income after tax 3,076 (463) 3,369 (627)        
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]                
Accumulated Other Comprehensive Income (Loss) [Rollward]                
Accumulated other comprehensive loss 75 910 75 910 390 897 828 901
Activity                
Other comprehensive income (loss) before reclassifications (955) (647) (2,884) (731)        
Amounts reclassified from accumulated other comprehensive income 548 753 1,817 739        
Net current period other comprehensive income (loss) before tax (407) 106 (1,067) 8        
Deferred taxes on current period activity (92) 24 (245) (1)        
Net current period other comprehensive (loss) income after tax (315) 82 (822) 9        
Foreign currency forward contract | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]                
Accumulated Other Comprehensive Income (Loss) [Rollward]                
Accumulated other comprehensive loss 812 1,691 812 1,691 1,065 1,324 1,420 1,263
Activity                
Other comprehensive income (loss) before reclassifications (520) 354 (863) 602        
Amounts reclassified from accumulated other comprehensive income 191 (3) 198 (47)        
Net current period other comprehensive income (loss) before tax (329) 351 (665) 555        
Deferred taxes on current period activity (76) (80) (153) 127        
Net current period other comprehensive (loss) income after tax (253) 271 (512) 428        
Precious Metal Contracts [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]                
Accumulated Other Comprehensive Income (Loss) [Rollward]                
Accumulated other comprehensive loss (708) (779) (708) (779) (779) (452) (458) 79
Activity                
Other comprehensive income (loss) before reclassifications (617) (730) (1,851) (1,366)        
Amounts reclassified from accumulated other comprehensive income 710 343 1,519 281        
Net current period other comprehensive income (loss) before tax 93 (387) (332) (1,085)        
Deferred taxes on current period activity 22 (66) (76) (227)        
Net current period other comprehensive (loss) income after tax 71 (321) (256) (858)        
Copper swaps | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]                
Accumulated Other Comprehensive Income (Loss) [Rollward]                
Accumulated other comprehensive loss (29) (2) (29) (2) $ 104 $ 25 $ (134) $ (441)
Activity                
Other comprehensive income (loss) before reclassifications 182 (271) (170) 33        
Amounts reclassified from accumulated other comprehensive income (353) 413 100 505        
Net current period other comprehensive income (loss) before tax (171) 142 (70) 538        
Deferred taxes on current period activity (38) 10 (16) 99        
Net current period other comprehensive (loss) income after tax $ (133) $ 132 $ (54) $ 439        
v3.20.2
Stock-based Compensation Expense (Detail)
9 Months Ended
Sep. 25, 2020
$ / shares
shares
Stock Appreciation Rights (SARs)  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Risk-free interest rate 1.41%
Dividend yield 0.90%
Volatility 31.80%
Expected term (in years) 4 years 9 months 18 days
Number of shares granted in period | shares 64,636
Grant date fair value per unit (in usd per share) | $ / shares $ 13.67
Restricted Stock Units (RSUs) | Director Equity Plan [Domain]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of shares granted in period | shares 15,976
Grant date fair value per unit (in usd per share) | $ / shares $ 48.42
Restricted Stock Units (RSUs) | Stock Compensation Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of shares granted in period | shares 66,663
Grant date fair value per unit (in usd per share) | $ / shares $ 49.72
v3.20.2
Stock-based Compensation Expense Textual (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 25, 2020
Sep. 27, 2019
Sep. 25, 2020
Sep. 27, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense $ 100 $ 2,500 $ 4,100 $ 8,700
Unearned Compensation $ 9,000   $ 9,000  
Stock Appreciation Rights (SARs)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares granted in period     64,636  
Weighted average exercise price on SARs granted in period     $ 50.95  
Grant date fair value per unit (in usd per share)     13.67  
Performance Shares        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Grant date fair value per unit (in usd per share)     $ 57.65  
Vesting period     3 years  
Stock Compensation Plan | Restricted Stock Units (RSUs)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares granted in period     66,663  
Grant date fair value per unit (in usd per share)     $ 49.72  
Vesting period     3 years  
Director Equity Plan [Domain] | Restricted Stock Units (RSUs)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares granted in period     15,976  
Grant date fair value per unit (in usd per share)     $ 48.42  
Vesting period     1 year  
v3.20.2
Fair Value of Financial Instruments (Detail) - USD ($)
$ in Thousands
Sep. 25, 2020
Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred Compensation Investment Assets $ 2,985 $ 3,391
Foreign Currency Forward Contract 44 188
Precious Metal Swaps 100 35
Copper Swaps 45 61
Total Financial Assets 3,174 3,675
Deferred Compensation Investment Related Liability 2,985 3,391
Foreign Currency Forward Contract 805 211
Precious Metal Swaps 1,020 623
Copper Swaps 82 28
Total Financial Liabilities 4,892 4,253
Fair Value, Inputs, Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred Compensation Investment Assets 2,985 3,391
Foreign Currency Forward Contract 0 0
Precious Metal Swaps 0 0
Copper Swaps 0 0
Total Financial Assets 2,985 3,391
Deferred Compensation Investment Related Liability 2,985 3,391
Foreign Currency Forward Contract 0 0
Precious Metal Swaps 0 0
Copper Swaps 0 0
Total Financial Liabilities 2,985 3,391
Fair Value, Inputs, Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred Compensation Investment Assets 0 0
Foreign Currency Forward Contract 44 188
Precious Metal Swaps 100 35
Copper Swaps 45 61
Total Financial Assets 189 284
Deferred Compensation Investment Related Liability 0 0
Foreign Currency Forward Contract 805 211
Precious Metal Swaps 1,020 623
Copper Swaps 82 28
Total Financial Liabilities 1,907 862
Fair Value, Inputs, Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred Compensation Investment Assets 0 0
Foreign Currency Forward Contract 0 0
Precious Metal Swaps 0 0
Copper Swaps 0 0
Total Financial Assets 0 0
Deferred Compensation Investment Related Liability 0 0
Foreign Currency Forward Contract 0 0
Precious Metal Swaps 0 0
Copper Swaps 0 0
Total Financial Liabilities $ 0 $ 0
v3.20.2
Derivative Instruments and Hedging Activity (Details - Not designated as hedges) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 25, 2020
Sep. 25, 2020
Dec. 31, 2019
Derivative Instruments, Gain (Loss)      
Gain on foreign currency derivatives recorded in earnings, net $ 400 $ 2,700  
Not designated as hedging instrument | Prepaid expenses | Foreign currency forward contract      
Derivative Instruments, Gain (Loss)      
Notional amount, asset 10,517 10,517 $ 13,734
Fair value, asset 28 28 95
Not designated as hedging instrument | Other liabilities and accrued items | Foreign currency forward contract      
Derivative Instruments, Gain (Loss)      
Notional amount, liability 10,831 10,831 5,757
Fair value, liability $ 22 $ 22 $ 16
v3.20.2
Derivative Instruments and Hedging Activity (Details - Designated as hedges) - Designated as hedging instrument - USD ($)
$ in Thousands
Sep. 25, 2020
Dec. 31, 2019
Derivative [Line Items]    
Notional amount total $ 28,794 $ 34,205
Fair value total 1,724 657
Prepaid expenses    
Derivative [Line Items]    
Notional amount, asset 3,740 7,558
Fair value, asset 139 188
Prepaid expenses | Foreign currency forward contract | Yen    
Derivative [Line Items]    
Notional amount, asset 0 1,025
Fair value, asset 0 10
Prepaid expenses | Foreign currency forward contract | Euro    
Derivative [Line Items]    
Notional amount, asset 296 3,466
Fair value, asset 4 83
Prepaid expenses | Precious metal swaps    
Derivative [Line Items]    
Notional amount, asset 1,583 1,116
Fair value, asset 90 34
Prepaid expenses | Copper swaps    
Derivative [Line Items]    
Notional amount, asset 1,861 1,951
Fair value, asset 45 61
Other assets    
Derivative [Line Items]    
Notional amount, asset 1,649 157
Fair value, asset 22 1
Other assets | Foreign currency forward contract | Euro    
Derivative [Line Items]    
Notional amount, asset 892 0
Fair value, asset 12 0
Other assets | Precious metal swaps    
Derivative [Line Items]    
Notional amount, asset 757 157
Fair value, asset 10 1
Other liabilities and accrued items    
Derivative [Line Items]    
Notional amount, liability 23,292 26,341
Fair value, liability 1,884 841
Other liabilities and accrued items | Foreign currency forward contract | Yen    
Derivative [Line Items]    
Notional amount, liability 1,441 2,355
Fair value, liability 39 12
Other liabilities and accrued items | Foreign currency forward contract | Euro    
Derivative [Line Items]    
Notional amount, liability 12,101 15,686
Fair value, liability 743 183
Other liabilities and accrued items | Precious metal swaps    
Derivative [Line Items]    
Notional amount, liability 6,492 7,034
Fair value, liability 1,020 618
Other liabilities and accrued items | Copper swaps    
Derivative [Line Items]    
Notional amount, liability 3,258 1,266
Fair value, liability 82 28
Other long-term liabilities    
Derivative [Line Items]    
Notional amount, liability 113 149
Fair value, liability 1 5
Other long-term liabilities | Foreign currency forward contract | Yen    
Derivative [Line Items]    
Notional amount, liability 113 0
Fair value, liability 1 0
Other long-term liabilities | Precious metal swaps    
Derivative [Line Items]    
Notional amount, liability 0 149
Fair value, liability $ 0 $ 5
v3.20.2
Derivative Instruments and Hedging Activity (Details - Reclassificatoins from AOCI) - Designated as hedging instrument - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 25, 2020
Sep. 27, 2019
Sep. 25, 2020
Sep. 27, 2019
Derivative Instruments, Gain (Loss)        
Derivative, Gain (Loss) on Derivative, Net $ 548 $ 753 $ 1,817 $ 739
Net sales | Foreign currency forward contract        
Derivative Instruments, Gain (Loss)        
Derivative, Gain (Loss) on Derivative, Net 191 (3) 198 (47)
Cost of sales | Precious metal swaps        
Derivative Instruments, Gain (Loss)        
Derivative, Gain (Loss) on Derivative, Net 710 343 1,519 281
Cost of sales | Copper swaps        
Derivative Instruments, Gain (Loss)        
Derivative, Gain (Loss) on Derivative, Net $ (353) $ 413 $ 100 $ 505
v3.20.2
Derivative Instruments and Hedging Activity Derivative Instruments and Hedging Activity (Details - Foreign Currency Derivatives Recorded in Earnings) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 25, 2020
Sep. 25, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net $ 0.4 $ 2.7
v3.20.2
Contingencies (Detail)
$ in Millions
9 Months Ended
Sep. 25, 2020
USD ($)
claim
Dec. 31, 2019
USD ($)
Loss Contingency [Abstract]    
Accrual for Environmental Loss Contingencies, Significant Assumptions The reserves are established based upon analyses conducted by the Company’s engineers and outside consultants and are adjusted from time to time based upon ongoing studies, the difference between actual and estimated costs, and other factors. The reserves may also be affected by rulings and negotiations with regulatory agencies.  
Undiscounted reserve balance | $ $ 5.9 $ 5.9
Loss Contingency, Pending Claims, Number | claim 2  
v3.20.2
Debt (Details) - USD ($)
$ in Thousands
Sep. 25, 2020
Dec. 31, 2019
Debt Disclosure [Abstract]    
Foreign debt $ 6,988 $ 0
Fixed rate industrial development revenue bonds 1,602 2,218
Total long-term debt outstanding 8,590 2,218
Current portion of long-term debt 2,216 868
Gross long-term debt 6,374 1,350
Unamortized deferred financing fees 0 90
Long-term debt $ 6,374 $ 1,260
v3.20.2
Debt (Details) 1 - USD ($)
$ in Millions
Sep. 25, 2020
Jun. 26, 2020
Debt Disclosure [Abstract]    
Line of Credit Facility, Remaining Borrowing Capacity $ 233.9  
Line of Credit, Current $ 120.0 $ 150.0