Consolidated Statements of Income - USD ($) shares in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 25, 2020 |
Sep. 27, 2019 |
Sep. 25, 2020 |
Sep. 27, 2019 |
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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 |
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 |
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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 |
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands, $ / shares in Thousands |
Sep. 25, 2020 |
Dec. 31, 2019 |
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Statement of Financial Position [Abstract] | ||
Serial preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Serial preferred stock, shares authorized | 5,000 | 5,000 |
Serial preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized | 60,000 | 60,000 |
Common stock, shares, issued | 27,148 | 27,148 |
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 |
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Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends declared (per share) | $ 0.115 | $ 0.110 | $ 0.340 | $ 0.325 |
Accounting Policies |
9 Months Ended |
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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.
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Acquisition |
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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:
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:
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Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting The Company has the following reportable segments: Performance Alloys and Composites, Advanced Materials, Precision Coatings, and Other. The Company’s reportable segments represent components of the Company for which separate financial information is available that is utilized on a regular basis by the Chief Executive Officer, the Company's chief operating decision maker, in determining how to allocate the Company’s resources and evaluate performance. Performance Alloys and Composites produces strip and bulk form alloy products, strip metal products with clad inlay and overlay metals, beryllium-based metals, beryllium, and aluminum metal matrix composites, in rod, sheet, foil, and a variety of customized forms, beryllia ceramics, and bulk metallic glass materials. Advanced Materials produces advanced chemicals, microelectric packaging, precious metal, non-precious metal, and specialty metal products, including vapor deposition targets, frame lid assemblies, clad and precious metal preforms, high temperature braze materials, and ultra-fine wire. Precision Coatings produces thin film coatings, optical filter materials, sputter-coated, and precision-converted thin film materials. The Other reportable segment includes unallocated corporate costs and assets.
The following table disaggregates revenue for each segment by end market for the third quarter and first nine months of 2020 and 2019, respectively:
Intersegment sales are eliminated in consolidation.
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Revenue Recognition |
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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:
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.
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Other-net |
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Other-net | Other-net Other-net for the third quarter and first nine months of 2020 and 2019 is summarized as follows:
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Restructuring |
9 Months Ended |
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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.
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Income Taxes |
9 Months Ended |
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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.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share (EPS) The following table sets forth the computation of basic and diluted EPS:
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.
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Inventories |
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories on the Consolidated Balance Sheets are summarized as follows:
The liquidation of last in, first out (LIFO) inventory layers 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.
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Mine Development |
9 Months Ended |
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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. |
Goodwill |
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Goodwill | Goodwill A summary of changes in goodwill by reportable segment is as follows:
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.
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Customer Prepayments |
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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. |
Leases |
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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:
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:
Future maturities of the Company's lease liabilities as of September 25, 2020 are as follows:
Supplemental cash flow information related to leases for the first nine months of 2020 and 2019 were as follows:
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pensions and Other Post-employment Benefits | Pensions and Other Post-employment Benefits The following is a summary of the net periodic benefit cost for the 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.
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.
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Accumulated Other Comprehensive Income |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income (Loss) Changes in the components of accumulated other comprehensive income, including the amounts reclassified, for the third quarter and first nine months of 2020 and 2019 are as follows:
Reclassifications from accumulated other comprehensive income of gains and losses on foreign currency cash flow hedges are recorded in Net sales in the Consolidated Statements of Income. Reclassifications from accumulated other comprehensive income of gains and losses on precious metal cash flow hedges are recorded in Cost of sales in the Consolidated Statements of Income. Refer to Note 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.
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Stock-based Compensation Expense |
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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:
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.
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Fair Value of Financial Instruments |
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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:
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.
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Derivative Instruments and Hedging Activity |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activity | Derivative Instruments and Hedging Activity The Company uses derivative contracts to hedge portions of its foreign currency exposures and uses derivatives to hedge a portion of its precious metal and copper exposures. The objectives and strategies for using derivatives in these areas are as follows: Foreign Currency. The Company sells a portion of its products to overseas customers in their local currencies, primarily the euro and yen. The Company secures foreign currency derivatives, mainly forward contracts and options, to hedge these anticipated sales transactions. The purpose of the hedge program is to protect against the reduction in the dollar value of foreign currency sales from adverse exchange rate movements. Should the dollar strengthen significantly, the decrease in the translated value of the foreign currency sales should be partially offset by gains on the hedge contracts. Depending upon the methods used, 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:
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:
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:
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Contingencies |
9 Months Ended |
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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.
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Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure | Debt
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.
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Significant Accounting Policies (Policies) |
9 Months Ended |
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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.
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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. |
Revenue Recognition Accounting Policy (Policies) |
9 Months Ended |
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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. |
Acquisition (Tables) |
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Schedule of Business Acquisitions, by Acquisition | The preliminary purchase price allocation for the acquisition is as follows:
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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:
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Segment Reporting (Tables) |
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Sep. 25, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting |
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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:
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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:
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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:
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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:
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Inventories (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 25, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Inventories | Inventories on the Consolidated Balance Sheets are summarized as follows:
|
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:
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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:
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Schedule Of Supplemental Balance Sheet Information Related To Leases | Supplemental balance sheet information related to the Company's operating and finance leases as of September 25, 2020 and December 31, 2019 was as follows:
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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:
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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:
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Pensions and Other Post-employment Benefits (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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.
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Accumulated Other Comprehensive Income (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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Stock-based Compensation Expense Tables (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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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:
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Fair Value of Financial Instruments (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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Derivative Instruments and Hedging Activity Tables (Tables) |
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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:
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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:
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Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table summarizes the amounts reclassified from accumulated other comprehensive income relating to the hedging relationship of the Company’s outstanding derivatives designated as cash flow hedges and income statement classification as of the third quarter and first nine months of 2020 and 2019:
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Debt (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments |
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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 |
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 |
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 |
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) |
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% |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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) |
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 |
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 |
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 |
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 |
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 |
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 |
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 |