Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 28, 2014 | Apr. 23, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 28-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'MTRN | ' |
Entity Registrant Name | 'MATERION Corp | ' |
Entity Central Index Key | '0001104657 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 20,594,188 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 28, 2014 | Mar. 29, 2013 |
Income Statement [Abstract] | ' | ' |
Net sales | $258,929 | $299,169 |
Cost of sales | 213,467 | 250,830 |
Gross margin | 45,462 | 48,339 |
Selling, general and administrative expense | 31,259 | 32,780 |
Research and development expense | 2,787 | 3,557 |
Other—net | 363 | 2,480 |
Operating profit | 11,053 | 9,522 |
Interest expense—net | 695 | 828 |
Income before income taxes | 10,358 | 8,694 |
Income tax expense | 3,027 | 1,909 |
Net income | $7,331 | $6,785 |
Basic earnings per share: | ' | ' |
Net income per share of common stock (in dollars per share) | $0.36 | $0.33 |
Diluted earnings per share: | ' | ' |
Net income per share of common stock (in dollars per share) | $0.35 | $0.33 |
Cash dividends per share (in dollars per share) | $0.08 | $0.08 |
Weighted-average number of shares of common stock outstanding: | ' | ' |
Basic (in shares) | 20,604 | 20,481 |
Diluted (in shares) | 20,962 | 20,824 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2014 | Mar. 29, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net income | $7,331 | $6,785 |
Other comprehensive income: | ' | ' |
Foreign currency translation adjustment | 589 | -2,754 |
Derivative and hedging activity, net of tax | 7 | 403 |
Pension and post employment benefit adjustment, net of tax | 9,383 | 1,219 |
Net change in accumulated other comprehensive income | 9,979 | -1,132 |
Comprehensive income | $17,310 | $5,653 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $19,313 | $22,774 |
Accounts receivable | 121,527 | 113,012 |
Inventories | 226,961 | 213,392 |
Prepaid expenses | 38,037 | 35,761 |
Deferred income taxes | 9,948 | 9,566 |
Total current assets | 415,786 | 394,505 |
Long-term deferred income taxes | 4,285 | 4,672 |
Property, plant and equipment—cost | 784,513 | 782,879 |
Less allowances for depreciation, depletion and amortization | -529,546 | -520,986 |
Property, plant and equipment—net | 254,967 | 261,893 |
Intangible assets | 22,751 | 24,248 |
Other assets | 4,799 | 3,874 |
Goodwill | 88,753 | 88,753 |
Total assets | 791,341 | 777,945 |
Current liabilities | ' | ' |
Short-term debt | 41,832 | 35,566 |
Accounts payable | 27,404 | 36,556 |
Other liabilities and accrued items | 46,456 | 54,851 |
Income taxes | 4,755 | 1,564 |
Unearned revenue | 1,941 | 479 |
Total current liabilities | 122,388 | 129,016 |
Other long-term liabilities | 16,046 | 16,531 |
Retirement and post-employment benefits | 59,970 | 80,275 |
Unearned income | 55,317 | 56,490 |
Long-term income taxes | 1,576 | 1,576 |
Deferred income taxes | 6,063 | 1,469 |
Long-term debt | 51,107 | 29,267 |
Shareholders’ equity | 478,874 | 463,321 |
Total liabilities and shareholders’ equity | $791,341 | $777,945 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2014 | Mar. 29, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $7,331 | $6,785 |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' |
Depreciation, depletion and amortization | 12,131 | 8,572 |
Amortization of deferred financing costs in interest expense | 178 | 162 |
Stock-based compensation expense | 1,412 | 1,199 |
Changes in assets and liabilities net of acquired assets and liabilities: | ' | ' |
Decrease (increase) in accounts receivable | -8,214 | -4,255 |
Decrease (increase) in inventory | -13,363 | 3,770 |
Decrease (increase) in prepaid and other current assets | 153 | 2,390 |
Decrease (increase) in deferred income taxes | 17 | 1,951 |
Increase (decrease) in accounts payable and accrued expenses | -16,474 | -26,153 |
Increase (decrease) in unearned revenue | 1,462 | 32 |
Increase (decrease) in interest and taxes payable | 2,648 | 473 |
Increase (decrease) in long-term liabilities | -7,671 | -525 |
Other-net | -2,821 | 833 |
Net cash used in operating activities | -23,211 | -4,766 |
Cash flows from investing activities: | ' | ' |
Payments for purchase of property, plant and equipment | -6,120 | -5,781 |
Payments for mine development | -80 | -3,874 |
Proceeds from sale of property, plant and equipment | 3,009 | 0 |
Other investments-net | 0 | 8 |
Net cash used in investing activities | -3,191 | -9,647 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance (repayments) of short-term debt | 4,119 | -678 |
Proceeds from issuance of long-term debt | 30,086 | 20,097 |
Repayment of long-term debt | -8,246 | -247 |
Principal payments under capital lease obligations | -163 | -164 |
Payment of dividends | -1,648 | -1,544 |
Repurchase of common stock | -1,466 | ' |
Issuance of common stock under stock option plans | 65 | 576 |
Tax benefit from stock compensation realization | 13 | 920 |
Net cash provided from financing activities | 22,760 | 18,960 |
Effects of exchange rate changes | 181 | -361 |
Net change in cash and cash equivalents | -3,461 | 4,186 |
Cash and cash equivalents at beginning of period | 22,774 | 16,056 |
Cash and cash equivalents at end of period | $19,313 | $20,242 |
Accounting_Policies
Accounting Policies | 3 Months Ended |
Mar. 28, 2014 | |
Accounting Policies [Abstract] | ' |
Accounting Policies | ' |
Accounting Policies | |
In management’s opinion, the accompanying consolidated financial statements contain all adjustments necessary to present fairly the financial position as of March 28, 2014 and December 31, 2013 and the results of operations for the first quarter ended March 28, 2014 and March 29, 2013. All adjustments were of a normal and recurring nature. Certain amounts in prior years have been reclassified to conform to the 2014 consolidated financial statement presentation. |
Inventories
Inventories | 3 Months Ended | ||||||||
Mar. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories on the Consolidated Balance Sheets are summarized as follows: | |||||||||
(Thousands) | Mar. 28, | Dec. 31, | |||||||
2014 | 2013 | ||||||||
Principally average cost: | |||||||||
Raw materials and supplies | $ | 42,235 | $ | 42,352 | |||||
Work in process | 211,520 | 203,107 | |||||||
Finished goods | 52,022 | 45,503 | |||||||
Gross inventories | 305,777 | 290,962 | |||||||
Excess of average cost over LIFO inventory value | 78,816 | 77,570 | |||||||
Net inventories | $ | 226,961 | $ | 213,392 | |||||
Pensions_and_Other_Postemploym
Pensions and Other Post-employment Benefits | 3 Months Ended | ||||||||||||||||
Mar. 28, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Pensions and Other Post-employment Benefits | ' | ||||||||||||||||
Pensions and Other Post-employment Benefits | |||||||||||||||||
The following is a summary of the first quarter 2014 and 2013 net periodic benefit cost for the domestic pension plans (which include the defined benefit plan and the supplemental retirement plans) and the domestic retiree medical plan. | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
First Quarter Ended | First Quarter Ended | ||||||||||||||||
(Thousands) | Mar. 28, 2014 | Mar. 29, 2013 | Mar. 28, 2014 | Mar. 29, 2013 | |||||||||||||
Components of net periodic benefit cost | |||||||||||||||||
Service cost | $ | 1,936 | $ | 2,356 | $ | 34 | $ | 76 | |||||||||
Interest cost | 2,444 | 2,353 | 169 | 311 | |||||||||||||
Expected return on plan assets | (3,013 | ) | (2,996 | ) | — | — | |||||||||||
Amortization of prior service cost (benefit) | (109 | ) | (86 | ) | (374 | ) | 29 | ||||||||||
Amortization of net loss | 1,275 | 1,933 | — | — | |||||||||||||
Net periodic benefit cost (benefit) | $ | 2,533 | $ | 3,560 | $ | (171 | ) | $ | 416 | ||||||||
The Company made contributions to the domestic defined benefit pension plan of $7.8 million in the first quarter of 2014. | |||||||||||||||||
The Company has notified participants of planned changes to the domestic retiree medical plan, including changing the benefit formula for participants covered by the plan. The revised benefit formula is designed to lower costs for the Company and the majority of plan participants. As a result of this change, the plan liability on the Company's Consolidated Balance Sheet was reduced by $14.0 million in the first quarter 2014, with the offset increasing other comprehensive income, a component of sharholders' equity. The liability reduction will be recognized in earnings over the average remaining service life. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 28, 2014 | |
Loss Contingency [Abstract] | ' |
Contingencies | ' |
Contingencies | |
Materion Brush Inc., one of the Company’s wholly owned subsidiaries, is a defendant from time to time in legal proceedings where the plaintiffs allege they have contracted chronic beryllium disease (CBD) or related ailments as a result of exposure to beryllium. The Company will record a reserve for CBD or other litigation when a loss from either settlement or verdict is probable and estimable. Claims filed by third-party plaintiffs where the alleged exposure occurred prior to December 31, 2007 may be covered by insurance subject to an annual deductible of $1.0 million. Reserves are recorded for asserted claims only and defense costs are expensed as incurred. Two CBD cases, which were filed in prior periods, were outstanding as of the end of the first quarter 2014. | |
No other CBD cases were filed or dismissed during the first quarter 2014. A loss reserve of $0.2 million was recorded for these two cases as of the end of the first quarter 2014. | |
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 $4.8 million as of the end of the first quarter 2014 and $4.8 million at December 31, 2013. Environmental projects tend to be long term and the final actual remediation costs may differ from the amounts currently recorded. | |
Early in the second quarter 2014, the Company reached an agreement with its insurance carrier to settle the outstanding precious metal theft claim for $6.8 million. The cash was received and the benefit of this settlement will be recorded in the Company's financial statements in the second quarter 2014. |
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 28, 2014 | |||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||||||||||
Segment Reporting | |||||||||||||||||||||||||||||
(Thousands) | Advanced | Performance | Beryllium and | Technical | Subtotal | All | Total | ||||||||||||||||||||||
Material | Alloys | Composites | Materials | Other | |||||||||||||||||||||||||
Technologies | |||||||||||||||||||||||||||||
First Quarter 2014 | |||||||||||||||||||||||||||||
Sales to external customers | $ | 163,197 | $ | 66,685 | $ | 15,497 | $ | 13,550 | $ | 258,929 | $ | — | $ | 258,929 | |||||||||||||||
Intersegment sales | 497 | 519 | 147 | 120 | 1,283 | — | 1,283 | ||||||||||||||||||||||
Operating profit (loss) | 7,604 | 3,548 | 1,102 | 182 | 12,436 | (1,383 | ) | 11,053 | |||||||||||||||||||||
Assets | 318,561 | 266,977 | 145,216 | 20,865 | 751,619 | 39,722 | 791,341 | ||||||||||||||||||||||
First Quarter 2013 | |||||||||||||||||||||||||||||
Sales to external customers | $ | 193,853 | $ | 74,522 | $ | 12,322 | $ | 18,472 | $ | 299,169 | $ | — | $ | 299,169 | |||||||||||||||
Intersegment sales | 748 | 430 | 70 | 230 | 1,478 | — | 1,478 | ||||||||||||||||||||||
Operating profit (loss) | 3,351 | 7,236 | (1,296 | ) | 1,436 | 10,727 | (1,205 | ) | 9,522 | ||||||||||||||||||||
Assets | 334,325 | 272,245 | 135,166 | 23,417 | 765,153 | 47,247 | 812,400 | ||||||||||||||||||||||
Stockbased_Compensation_Expens
Stock-based Compensation Expense | 3 Months Ended |
Mar. 28, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Stock-based Compensation Expense | ' |
Stock-based Compensation Expense | |
Stock-based compensation expense was $1.4 million in the first quarter 2014 and $1.2 million in the first quarter 2013. | |
The Company granted approximately 25,000 performance-based restricted stock units to certain employees in the first quarter 2014. The fair value will be expensed over the vesting period of three years. The final share payout to the employees will be based upon the Company’s total return to shareholders over the vesting period relative to a peer group’s performance over the same period. | |
The Company received $0.1 million for the exercise of approximately 4,000 options during the first quarter 2014 and $0.6 million for the exercise of approximately 40,000 options during the first quarter 2013. Exercises of stock appreciation rights totaled approximately 27,000 in the first quarter 2014 and 28,000 in the first quarter 2013. |
Othernet
Other-net | 3 Months Ended | ||||||||
Mar. 28, 2014 | |||||||||
Other Income and Expenses [Abstract] | ' | ||||||||
Other-net | ' | ||||||||
Other-net | |||||||||
Other-net income (expense) for the first quarter 2014 and 2013 is summarized as follows: | |||||||||
First Quarter Ended | |||||||||
Mar. 28, | Mar. 29, | ||||||||
(Thousands) | 2014 | 2013 | |||||||
Foreign currency exchange/translation (loss) gain | $ | (52 | ) | $ | 719 | ||||
Amortization of intangible assets | (1,322 | ) | (1,292 | ) | |||||
Metal consignment fees | (1,866 | ) | (1,817 | ) | |||||
Net gain on disposal of fixed assets | 2,637 | 33 | |||||||
Other items | 240 | (123 | ) | ||||||
Total | $ | (363 | ) | $ | (2,480 | ) |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 28, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The tax expense of $3.0 million in the first quarter 2014 was calculated by applying a rate of 29.2% against income before income taxes, while the tax expense of $1.9 million in the first quarter 2013 was calculated by applying a rate of 22.0% against the income before income taxes in that period. | |
The differences between the statutory and effective rates in the first quarter of both years was due to the impact of percentage depletion, the production deduction, foreign source income and deductions, executive compensation, state and local taxes and other factors. The research and experimentation credit also reduced the effective tax rate in the first quarter 2013. The U.S. Congress has not extended the credit for 2014, so no benefit has been recognized in 2014. | |
A discrete tax benefit of $0.6 million was recorded in the first quarter 2013 primarily for the research and experimentation credit for 2012 that was not extended by the U.S. Congress until 2013. Accounting regulations require tax expense to be recorded based upon the laws that were in effect as of the end of the period. |
Depreciation_and_Amortization
Depreciation and Amortization | 3 Months Ended |
Mar. 28, 2014 | |
Property, Plant and Equipment [Abstract] | ' |
Depreciation and Amortization | ' |
Depreciation and Amortization | |
The Company received $63.5 million from the U.S. Department of Defense (DoD) in previous periods for reimbursement of the DoD's share of the cost of capital equipment acquired by the Company under a Title III contract. The Company recorded the cost of the equipment in property, plant and equipment and the reimbursements as unearned income, a liability on the Consolidated Balance Sheets. The equipment was placed in service during the third quarter 2012 and its full cost is being depreciated in accordance with Company policy. The unearned income liability is being reduced ratably with the depreciation expense recorded over the life of the equipment. | |
In the first quarter of 2014, the depreciation expense on the equipment subject to reimbursement was $1.2 million. Unearned income was reduced by $1.2 million, accordingly, with the offset recorded as a credit to cost of sales. Depreciation, depletion and amortization expense on the Consolidated Statement of Cash Flows is shown net of the reduction in unearned income. | |
Amortization of mine development costs are initially recorded in inventory and subsequently recorded into cost of sales in the period that the inventory is sold. Depreciation, depletion and amortization depicted on the Consolidated Statement of Cash Flows, including the mine development costs amortized into inventory, totaled $12.1 million in the first quarter 2014 and $8.6 million in the first quarter 2013. Depreciation, depletion and amortization expense recorded in operating profit in the Consolidated Statement of Income totaled $9.8 million in the first quarter 2014 and $9.8 million in the first quarter 2013. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||
Mar. 28, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The Company measures and records financial instruments at their fair values. A fair value hierarchy is used for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three levels: | |||||||||||||||||
Level 1 — Quoted market prices in active markets for identical assets and liabilities; | |||||||||||||||||
Level 2 — Inputs other than Level 1 inputs that are either directly or indirectly observable; and | |||||||||||||||||
Level 3 — Unobservable inputs developed using estimates and assumptions developed by the Company, which reflect those that a market participant would use. | |||||||||||||||||
The following table summarizes the financial instruments measured at fair value in the Consolidated Balance Sheets as of March 28, 2014: | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
(Thousands) | Total | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Financial Assets | |||||||||||||||||
Directors’ deferred compensation investments | $ | 540 | $ | 540 | $ | — | $ | — | |||||||||
Foreign currency forward contracts | 164 | — | 164 | — | |||||||||||||
Total | $ | 704 | $ | 540 | $ | 164 | $ | — | |||||||||
Financial Liabilities | |||||||||||||||||
Directors’ deferred compensation liability | $ | 540 | $ | 540 | $ | — | $ | — | |||||||||
Foreign currency forward contracts | 260 | — | 260 | — | |||||||||||||
Total | $ | 800 | $ | 540 | $ | 260 | $ | — | |||||||||
The Company uses a market approach to value the assets and liabilities for outstanding derivative contracts 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 on the Consolidated Balance Sheets approximate their fair values as of March 28, 2014. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activity | 3 Months Ended |
Mar. 28, 2014 | |
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 and precious metal exposures. The objectives for using derivatives in these areas are as follows: | |
Foreign Currency. The Company sells products to overseas customers in their local currencies, primarily the euro and yen. The Company uses 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 dollar value of the 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 contract 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 they can be structured to be cash neutral. The Company will primarily hedge with forward contracts due to the relationship between the cash outlay and the level of risk. | |
The use of foreign currency derivative contracts is governed by policies approved by the Audit Committee of the Board of Directors. A team consisting of senior financial managers reviews the estimated exposure levels, as defined by budgets, forecasts and other internal data, and determines the timing, amounts and instruments to use to hedge that exposure within the confines of the policy. Management analyzes the effective hedged rates and the actual and projected gains and losses on the hedging transactions against the program objectives, targeted rates and levels of risk assumed. Hedge contracts are typically layered in at different times for a specified exposure period in order to minimize the impact of rate movements. | |
Precious Metals. The Company maintains the majority of its precious metal production requirements on consignment in order to reduce the 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 and that price forms the basis for the price to be charged to the customer. | |
In certain circumstances, a customer may want to establish the price for the precious metal when the sales order is placed rather than at the time of the shipment. Setting the selling 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 a stated quantity of precious metal at a fixed price on a specified date in the future. The price in the forward contract serves as the basis for the price to be charged to the customer. By so doing, the selling and purchase prices are matched and the Company’s market 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 to be paid for a number of orders over a period of time. The Company may then enter into a hedge contract, either a forward contract or a swap, to fix the price for the estimated quantity of refined metal to be purchased thereby reducing the exposure to adverse movements in the market price of the metal. | |
The Company will only enter into a derivative contract if there is an underlying identified exposure. Contracts are typically held until maturity. The Company does not engage in derivative trading activities and does not use derivatives for speculative purposes. The Company only uses currency hedge contracts that are denominated in the same currency as the underlying exposure and precious metal hedge contracts denominated in the same metal as the underlying exposure. | |
All derivatives are recorded on the balance sheet at their fair values. 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 outstanding foreign currency forward contracts had a notional value of $30.9 million as of March 28, 2014. All of these contracts were designated and effective as cash flow hedges. The fair value of the yen forward contracts of $0.2 million was recorded in prepaid expenses and the fair value of a loss of $0.3 million on the euro forward contracts was recorded in other liabilities and accrued items on the Consolidated Balance Sheets as of March 28, 2014. | |
There was no ineffectiveness associated with the contracts outstanding at March 28, 2014 and no ineffectiveness expense was recorded in the first quarter of 2014 or 2013. | |
Changes in the fair value of outstanding cash flow hedges recorded in OCI totaled $(0.1) million at March 28, 2014 and $1.0 million at March 29, 2013. The Company expects to relieve substantially the entire balance in OCI as of March 28, 2014 to income on the Consolidated Statements of Income during the twelve month period beginning March 29, 2014. See Note L to the Consolidated Financial Statements for additional OCI details. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | ||||||||||||||||||||||||
Mar. 28, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||||||||||||||
Changes in the components of accumulated other comprehensive income, including the amounts reclassified out, for the first quarter of 2014 and 2013 are as follows: | |||||||||||||||||||||||||
Gains and Losses | |||||||||||||||||||||||||
On Cash Flow Hedges | |||||||||||||||||||||||||
(Thousands) | Foreign Currency | Precious Metals | Total | Pension and Post Employment Benefits | Foreign Currency Translation | Total | |||||||||||||||||||
Accumulated other comprehensive income, as of December 31, 2013 | |||||||||||||||||||||||||
Gross | $ | (87 | ) | $ | (19 | ) | $ | (106 | ) | $ | (77,301 | ) | $ | 287 | $ | (77,120 | ) | ||||||||
Deferred tax (benefit) | (1,433 | ) | (7 | ) | (1,440 | ) | (15,792 | ) | — | (17,232 | ) | ||||||||||||||
Net | $ | 1,346 | $ | (12 | ) | $ | 1,334 | $ | (61,509 | ) | $ | 287 | $ | (59,888 | ) | ||||||||||
First quarter 2014 activity: | |||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (92 | ) | — | (92 | ) | 14,034 | 589 | 14,531 | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 83 | 19 | 102 | 1,209 | — | 1,311 | |||||||||||||||||||
Net current period other comprehensive income (loss) before tax | (9 | ) | 19 | 10 | 15,243 | 589 | 15,842 | ||||||||||||||||||
Deferred taxes on current period activity | (4 | ) | 7 | 3 | 5,860 | — | 5,863 | ||||||||||||||||||
Net current period other comprehensive income (loss) after tax | (5 | ) | 12 | 7 | 9,383 | 589 | 9,979 | ||||||||||||||||||
Accumulated other comprehensive income, as of March 28, 2014 | |||||||||||||||||||||||||
Gross | (96 | ) | — | (96 | ) | (62,058 | ) | 876 | (61,278 | ) | |||||||||||||||
Deferred tax (benefit) | (1,437 | ) | — | (1,437 | ) | (9,932 | ) | — | (11,369 | ) | |||||||||||||||
Net | $ | 1,341 | $ | — | $ | 1,341 | $ | (52,126 | ) | $ | 876 | $ | (49,909 | ) | |||||||||||
Accumulated other comprehensive income, as of December 31, 2012 | |||||||||||||||||||||||||
Gross | $ | 253 | $ | 97 | $ | 350 | $ | (127,541 | ) | $ | 4,077 | $ | (123,114 | ) | |||||||||||
Deferred tax (benefit) | (1,314 | ) | 34 | (1,280 | ) | (33,405 | ) | — | (34,685 | ) | |||||||||||||||
Net | 1,567 | 63 | 1,630 | (94,136 | ) | 4,077 | (88,429 | ) | |||||||||||||||||
First quarter 2013 activity | |||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 858 | — | 858 | — | (2,754 | ) | (1,896 | ) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (142 | ) | (97 | ) | (239 | ) | 1,876 | — | 1,637 | ||||||||||||||||
Net current period other comprehensive income (loss) before tax | 716 | (97 | ) | 619 | 1,876 | (2,754 | ) | (259 | ) | ||||||||||||||||
Deferred taxes on current period activity | 250 | (34 | ) | 216 | 657 | — | 873 | ||||||||||||||||||
Net current period other comprehensive income (loss) after tax | 466 | (63 | ) | 403 | 1,219 | (2,754 | ) | (1,132 | ) | ||||||||||||||||
Accumulated other comprehensive income, as of March 29, 2013 | |||||||||||||||||||||||||
Gross | 969 | — | 969 | (125,665 | ) | 1,323 | (123,373 | ) | |||||||||||||||||
Deferred tax (benefit) | (1,064 | ) | — | (1,064 | ) | (32,748 | ) | — | (33,812 | ) | |||||||||||||||
Net | $ | 2,033 | $ | — | $ | 2,033 | $ | (92,917 | ) | $ | 1,323 | $ | (89,561 | ) | |||||||||||
Reclassifications from accumulated other comprehensive income of gains and losses on foreign currency cash flow hedges are recorded in other-net on the Consolidated Statement of Income while the gains and losses on precious metal cash flow hedges are recorded in cost of sales on the Consolidated Statement of Income. See Note K to the Consolidated Financial Statements 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. See Note C to the Consolidated Financial Statements for additional details on pension and post employment expenses. |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Summary of Inventories | ' | ||||||||
Inventories on the Consolidated Balance Sheets are summarized as follows: | |||||||||
(Thousands) | Mar. 28, | Dec. 31, | |||||||
2014 | 2013 | ||||||||
Principally average cost: | |||||||||
Raw materials and supplies | $ | 42,235 | $ | 42,352 | |||||
Work in process | 211,520 | 203,107 | |||||||
Finished goods | 52,022 | 45,503 | |||||||
Gross inventories | 305,777 | 290,962 | |||||||
Excess of average cost over LIFO inventory value | 78,816 | 77,570 | |||||||
Net inventories | $ | 226,961 | $ | 213,392 | |||||
Pensions_and_Other_Postemploym1
Pensions and Other Post-employment Benefits (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 28, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Components of Net Periodic Benefit Cost | ' | ||||||||||||||||
The following is a summary of the first quarter 2014 and 2013 net periodic benefit cost for the domestic pension plans (which include the defined benefit plan and the supplemental retirement plans) and the domestic retiree medical plan. | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
First Quarter Ended | First Quarter Ended | ||||||||||||||||
(Thousands) | Mar. 28, 2014 | Mar. 29, 2013 | Mar. 28, 2014 | Mar. 29, 2013 | |||||||||||||
Components of net periodic benefit cost | |||||||||||||||||
Service cost | $ | 1,936 | $ | 2,356 | $ | 34 | $ | 76 | |||||||||
Interest cost | 2,444 | 2,353 | 169 | 311 | |||||||||||||
Expected return on plan assets | (3,013 | ) | (2,996 | ) | — | — | |||||||||||
Amortization of prior service cost (benefit) | (109 | ) | (86 | ) | (374 | ) | 29 | ||||||||||
Amortization of net loss | 1,275 | 1,933 | — | — | |||||||||||||
Net periodic benefit cost (benefit) | $ | 2,533 | $ | 3,560 | $ | (171 | ) | $ | 416 | ||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 28, 2014 | |||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||||||||||
(Thousands) | Advanced | Performance | Beryllium and | Technical | Subtotal | All | Total | ||||||||||||||||||||||
Material | Alloys | Composites | Materials | Other | |||||||||||||||||||||||||
Technologies | |||||||||||||||||||||||||||||
First Quarter 2014 | |||||||||||||||||||||||||||||
Sales to external customers | $ | 163,197 | $ | 66,685 | $ | 15,497 | $ | 13,550 | $ | 258,929 | $ | — | $ | 258,929 | |||||||||||||||
Intersegment sales | 497 | 519 | 147 | 120 | 1,283 | — | 1,283 | ||||||||||||||||||||||
Operating profit (loss) | 7,604 | 3,548 | 1,102 | 182 | 12,436 | (1,383 | ) | 11,053 | |||||||||||||||||||||
Assets | 318,561 | 266,977 | 145,216 | 20,865 | 751,619 | 39,722 | 791,341 | ||||||||||||||||||||||
First Quarter 2013 | |||||||||||||||||||||||||||||
Sales to external customers | $ | 193,853 | $ | 74,522 | $ | 12,322 | $ | 18,472 | $ | 299,169 | $ | — | $ | 299,169 | |||||||||||||||
Intersegment sales | 748 | 430 | 70 | 230 | 1,478 | — | 1,478 | ||||||||||||||||||||||
Operating profit (loss) | 3,351 | 7,236 | (1,296 | ) | 1,436 | 10,727 | (1,205 | ) | 9,522 | ||||||||||||||||||||
Assets | 334,325 | 272,245 | 135,166 | 23,417 | 765,153 | 47,247 | 812,400 | ||||||||||||||||||||||
Othernet_Tables
Other-net (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2014 | |||||||||
Other Income and Expenses [Abstract] | ' | ||||||||
Summary of Other-Net Expense | ' | ||||||||
Other-net income (expense) for the first quarter 2014 and 2013 is summarized as follows: | |||||||||
First Quarter Ended | |||||||||
Mar. 28, | Mar. 29, | ||||||||
(Thousands) | 2014 | 2013 | |||||||
Foreign currency exchange/translation (loss) gain | $ | (52 | ) | $ | 719 | ||||
Amortization of intangible assets | (1,322 | ) | (1,292 | ) | |||||
Metal consignment fees | (1,866 | ) | (1,817 | ) | |||||
Net gain on disposal of fixed assets | 2,637 | 33 | |||||||
Other items | 240 | (123 | ) | ||||||
Total | $ | (363 | ) | $ | (2,480 | ) |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 28, 2014 | |||||||||||||||||
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 March 28, 2014: | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
(Thousands) | Total | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Financial Assets | |||||||||||||||||
Directors’ deferred compensation investments | $ | 540 | $ | 540 | $ | — | $ | — | |||||||||
Foreign currency forward contracts | 164 | — | 164 | — | |||||||||||||
Total | $ | 704 | $ | 540 | $ | 164 | $ | — | |||||||||
Financial Liabilities | |||||||||||||||||
Directors’ deferred compensation liability | $ | 540 | $ | 540 | $ | — | $ | — | |||||||||
Foreign currency forward contracts | 260 | — | 260 | — | |||||||||||||
Total | $ | 800 | $ | 540 | $ | 260 | $ | — | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 28, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
Changes in the components of accumulated other comprehensive income, including the amounts reclassified out, for the first quarter of 2014 and 2013 are as follows: | |||||||||||||||||||||||||
Gains and Losses | |||||||||||||||||||||||||
On Cash Flow Hedges | |||||||||||||||||||||||||
(Thousands) | Foreign Currency | Precious Metals | Total | Pension and Post Employment Benefits | Foreign Currency Translation | Total | |||||||||||||||||||
Accumulated other comprehensive income, as of December 31, 2013 | |||||||||||||||||||||||||
Gross | $ | (87 | ) | $ | (19 | ) | $ | (106 | ) | $ | (77,301 | ) | $ | 287 | $ | (77,120 | ) | ||||||||
Deferred tax (benefit) | (1,433 | ) | (7 | ) | (1,440 | ) | (15,792 | ) | — | (17,232 | ) | ||||||||||||||
Net | $ | 1,346 | $ | (12 | ) | $ | 1,334 | $ | (61,509 | ) | $ | 287 | $ | (59,888 | ) | ||||||||||
First quarter 2014 activity: | |||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (92 | ) | — | (92 | ) | 14,034 | 589 | 14,531 | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 83 | 19 | 102 | 1,209 | — | 1,311 | |||||||||||||||||||
Net current period other comprehensive income (loss) before tax | (9 | ) | 19 | 10 | 15,243 | 589 | 15,842 | ||||||||||||||||||
Deferred taxes on current period activity | (4 | ) | 7 | 3 | 5,860 | — | 5,863 | ||||||||||||||||||
Net current period other comprehensive income (loss) after tax | (5 | ) | 12 | 7 | 9,383 | 589 | 9,979 | ||||||||||||||||||
Accumulated other comprehensive income, as of March 28, 2014 | |||||||||||||||||||||||||
Gross | (96 | ) | — | (96 | ) | (62,058 | ) | 876 | (61,278 | ) | |||||||||||||||
Deferred tax (benefit) | (1,437 | ) | — | (1,437 | ) | (9,932 | ) | — | (11,369 | ) | |||||||||||||||
Net | $ | 1,341 | $ | — | $ | 1,341 | $ | (52,126 | ) | $ | 876 | $ | (49,909 | ) | |||||||||||
Accumulated other comprehensive income, as of December 31, 2012 | |||||||||||||||||||||||||
Gross | $ | 253 | $ | 97 | $ | 350 | $ | (127,541 | ) | $ | 4,077 | $ | (123,114 | ) | |||||||||||
Deferred tax (benefit) | (1,314 | ) | 34 | (1,280 | ) | (33,405 | ) | — | (34,685 | ) | |||||||||||||||
Net | 1,567 | 63 | 1,630 | (94,136 | ) | 4,077 | (88,429 | ) | |||||||||||||||||
First quarter 2013 activity | |||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 858 | — | 858 | — | (2,754 | ) | (1,896 | ) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (142 | ) | (97 | ) | (239 | ) | 1,876 | — | 1,637 | ||||||||||||||||
Net current period other comprehensive income (loss) before tax | 716 | (97 | ) | 619 | 1,876 | (2,754 | ) | (259 | ) | ||||||||||||||||
Deferred taxes on current period activity | 250 | (34 | ) | 216 | 657 | — | 873 | ||||||||||||||||||
Net current period other comprehensive income (loss) after tax | 466 | (63 | ) | 403 | 1,219 | (2,754 | ) | (1,132 | ) | ||||||||||||||||
Accumulated other comprehensive income, as of March 29, 2013 | |||||||||||||||||||||||||
Gross | 969 | — | 969 | (125,665 | ) | 1,323 | (123,373 | ) | |||||||||||||||||
Deferred tax (benefit) | (1,064 | ) | — | (1,064 | ) | (32,748 | ) | — | (33,812 | ) | |||||||||||||||
Net | $ | 2,033 | $ | — | $ | 2,033 | $ | (92,917 | ) | $ | 1,323 | $ | (89,561 | ) | |||||||||||
Inventories_Summary_of_Invento
Inventories - Summary of Inventories (Detail) (USD $) | Mar. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Principally average cost: | ' | ' |
Raw materials and supplies | $42,235 | $42,352 |
Work in process | 211,520 | 203,107 |
Finished goods | 52,022 | 45,503 |
Gross inventories | 305,777 | 290,962 |
Excess of average cost over LIFO inventory value | 78,816 | 77,570 |
Net inventories | $226,961 | $213,392 |
Pensions_and_Other_Postemploym2
Pensions and Other Post-employment Benefits - Components of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2014 | Mar. 29, 2013 |
Pension Benefits [Member] | ' | ' |
Components of net periodic benefit cost | ' | ' |
Service cost | $1,936 | $2,356 |
Interest cost | 2,444 | 2,353 |
Expected return on plan assets | -3,013 | -2,996 |
Amortization of prior service cost (benefit) | -109 | -86 |
Amortization of net loss | 1,275 | 1,933 |
Net periodic benefit cost (benefit) | 2,533 | 3,560 |
Other Benefits [Member] | ' | ' |
Components of net periodic benefit cost | ' | ' |
Service cost | 34 | 76 |
Interest cost | 169 | 311 |
Amortization of prior service cost (benefit) | -374 | 29 |
Net periodic benefit cost (benefit) | ($171) | $416 |
Pensions_and_Other_Postemploym3
Pensions and Other Post-employment Benefits - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 28, 2014 |
Pension Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Domestic defined benefit pension plan | $7.80 |
Other Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Reduction in plan liability from changes in plan | $14 |
Contingencies_Additional_Infor
Contingencies - Additional Information (Detail) (USD $) | Mar. 28, 2014 | Dec. 31, 2013 | Jun. 27, 2014 |
In Millions, unless otherwise specified | LegalMatter | Subsequent Event [Member] | |
Loss Contingencies [Line Items] | ' | ' | ' |
Annual deductible to cover defense and indemnity costs incurred | $1 | ' | ' |
Number of CBD cases pending | 2 | ' | ' |
Loss reserve on contingencies | 0.2 | ' | ' |
Undiscounted reserve balance | 4.8 | 4.8 | ' |
Settlement of outstanding precious metal theft insurance claim | ' | ' | $6.80 |
Segment_Reporting_Detail
Segment Reporting (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2014 | Mar. 29, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales to external customers | $258,929 | $299,169 | ' |
Intersegment sales | 1,283 | 1,478 | ' |
Operating profit (loss) | 11,053 | 9,522 | ' |
Assets | 791,341 | 812,400 | 777,945 |
Subtotal [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales to external customers | 258,929 | 299,169 | ' |
Intersegment sales | 1,283 | 1,478 | ' |
Operating profit (loss) | 12,436 | 10,727 | ' |
Assets | 751,619 | 765,153 | ' |
Advanced Material Technologies [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales to external customers | 163,197 | 193,853 | ' |
Intersegment sales | 497 | 748 | ' |
Operating profit (loss) | 7,604 | 3,351 | ' |
Assets | 318,561 | 334,325 | ' |
Performance Alloys [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales to external customers | 66,685 | 74,522 | ' |
Intersegment sales | 519 | 430 | ' |
Operating profit (loss) | 3,548 | 7,236 | ' |
Assets | 266,977 | 272,245 | ' |
Beryllium and Composites [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales to external customers | 15,497 | 12,322 | ' |
Intersegment sales | 147 | 70 | ' |
Operating profit (loss) | 1,102 | -1,296 | ' |
Assets | 145,216 | 135,166 | ' |
Technical Materials [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales to external customers | 13,550 | 18,472 | ' |
Intersegment sales | 120 | 230 | ' |
Operating profit (loss) | 182 | 1,436 | ' |
Assets | 20,865 | 23,417 | ' |
All Other [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales to external customers | 0 | 0 | ' |
Intersegment sales | 0 | 0 | ' |
Operating profit (loss) | -1,383 | -1,205 | ' |
Assets | $39,722 | $47,247 | ' |
Stockbased_Compensation_Expens1
Stock-based Compensation Expense - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, except Share data in Thousands, unless otherwise specified | Mar. 28, 2014 | Mar. 29, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock-based compensation expense | $1.40 | $1.20 |
Stock Appreciation Rights [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of SARs exercised | 27 | 28 |
Performance Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock appreciation rights to employees | 25 | ' |
Stock appreciation rights vested period | '3 years | ' |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Total cash received from the exercise of stock options | $0.10 | $0.60 |
Number of stock options | 4 | 40 |
Othernet_Summary_of_OtherNet_E
Other-net - Summary of Other-Net Expense (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2014 | Mar. 29, 2013 |
Other Income and Expenses [Abstract] | ' | ' |
Foreign currency exchange/translation (loss) gain | ($52) | $719 |
Amortization of intangible assets | -1,322 | -1,292 |
Metal consignment fees | -1,866 | -1,817 |
Net gain on disposal of fixed assets | 2,637 | 33 |
Other items | 240 | -123 |
Total | ($363) | ($2,480) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 28, 2014 | Mar. 29, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Tax expense | $3,027,000 | $1,909,000 |
Rate against income before income taxes | 29.20% | 22.00% |
Discrete income tax charge | ' | $600,000 |
Depreciation_and_Amortization_
Depreciation and Amortization - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 28, 2014 | Mar. 29, 2013 | |
Property, Plant and Equipment [Abstract] | ' | ' |
Reimbursements | $63,500,000 | ' |
Depreciation expense | 1,200,000 | ' |
Unearned income | 1,200,000 | ' |
Credit to cost of sales for reduction in unearned income | 1,200,000 | ' |
Depreciation, depletion and amortization depicted on Consolidated Statement of Cash Flows | 12,131,000 | 8,572,000 |
Depreciation, depletion and amortization expense recorded in operating profit | $9,800,000 | $9,800,000 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Summary of Fair Value Information and Derivative Financial Instruments (Detail) (USD $) | Mar. 28, 2014 |
In Thousands, unless otherwise specified | |
Financial Assets | ' |
Assets Fair Value Disclosure | $704 |
Financial Liabilities | ' |
Liabilities Fair Value Disclosure | 800 |
Directors' deferred compensation investments [Member] | ' |
Financial Assets | ' |
Assets Fair Value Disclosure | 540 |
Financial Liabilities | ' |
Liabilities Fair Value Disclosure | 540 |
Foreign currency forward contracts [Member] | ' |
Financial Assets | ' |
Assets Fair Value Disclosure | 164 |
Financial Liabilities | ' |
Liabilities Fair Value Disclosure | 260 |
Fair Value, Inputs, Level 1 [Member] | ' |
Financial Assets | ' |
Assets Fair Value Disclosure | 540 |
Financial Liabilities | ' |
Liabilities Fair Value Disclosure | 540 |
Fair Value, Inputs, Level 1 [Member] | Directors' deferred compensation investments [Member] | ' |
Financial Assets | ' |
Assets Fair Value Disclosure | 540 |
Financial Liabilities | ' |
Liabilities Fair Value Disclosure | 540 |
Fair Value, Inputs, Level 2 [Member] | ' |
Financial Assets | ' |
Assets Fair Value Disclosure | 164 |
Financial Liabilities | ' |
Liabilities Fair Value Disclosure | 260 |
Fair Value, Inputs, Level 2 [Member] | Foreign currency forward contracts [Member] | ' |
Financial Assets | ' |
Assets Fair Value Disclosure | 164 |
Financial Liabilities | ' |
Liabilities Fair Value Disclosure | $260 |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activity - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 28, 2014 | Mar. 29, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Ineffective expense | $0 | $0 |
Foreign exchange forward [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Notional value of foreign currency forward contracts | 30,900,000 | ' |
Fair value of contracts | 200,000 | ' |
Fair value of loss on euro contracts | 300,000 | ' |
Cash Flow Hedging [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Fair value of contracts | ($100,000) | $1,000,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2014 | Mar. 29, 2013 |
Accumulated Other Comprehensive Income (Loss) [Rollward] | ' | ' |
Gross | ($77,120) | ($123,114) |
Deferred tax (benefit) | -17,232 | -34,685 |
Net | -59,888 | -88,429 |
First Quarter Activity | ' | ' |
Other comprehensive income (loss) before reclassifications | 14,531 | -1,896 |
Amounts reclassified from accumulated other comprehensive income | 1,311 | 1,637 |
Net current period other comprehensive income (loss) before tax | 15,842 | -259 |
Deferred taxes on current period activity | 5,863 | 873 |
Net change in accumulated other comprehensive income | 9,979 | -1,132 |
Gross | -61,278 | -123,373 |
Deferred tax (benefit) | -11,369 | -33,812 |
Net | -49,909 | -89,561 |
Gains and Losses On Cash Flow Hedges [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Rollward] | ' | ' |
Gross | -106 | 350 |
Deferred tax (benefit) | -1,440 | -1,280 |
Net | 1,334 | 1,630 |
First Quarter Activity | ' | ' |
Other comprehensive income (loss) before reclassifications | -92 | 858 |
Amounts reclassified from accumulated other comprehensive income | 102 | -239 |
Net current period other comprehensive income (loss) before tax | 10 | 619 |
Deferred taxes on current period activity | 3 | 216 |
Net change in accumulated other comprehensive income | 7 | 403 |
Gross | -96 | 969 |
Deferred tax (benefit) | -1,437 | -1,064 |
Net | 1,341 | 2,033 |
Pension and Post Employment Benefits [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Rollward] | ' | ' |
Gross | -77,301 | -127,541 |
Deferred tax (benefit) | -15,792 | -33,405 |
Net | -61,509 | -94,136 |
First Quarter Activity | ' | ' |
Other comprehensive income (loss) before reclassifications | 14,034 | 0 |
Amounts reclassified from accumulated other comprehensive income | 1,209 | 1,876 |
Net current period other comprehensive income (loss) before tax | 15,243 | 1,876 |
Deferred taxes on current period activity | 5,860 | 657 |
Net change in accumulated other comprehensive income | 9,383 | 1,219 |
Gross | -62,058 | -125,665 |
Deferred tax (benefit) | -9,932 | -32,748 |
Net | -52,126 | -92,917 |
Foreign Currency Translation [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Rollward] | ' | ' |
Gross | 287 | 4,077 |
Deferred tax (benefit) | ' | 0 |
Net | 287 | 4,077 |
First Quarter Activity | ' | ' |
Other comprehensive income (loss) before reclassifications | 589 | -2,754 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Net current period other comprehensive income (loss) before tax | 589 | -2,754 |
Deferred taxes on current period activity | 0 | 0 |
Net change in accumulated other comprehensive income | 589 | -2,754 |
Gross | 876 | 1,323 |
Deferred tax (benefit) | 0 | 0 |
Net | 876 | 1,323 |
Foreign Currency [Member] | Gains and Losses On Cash Flow Hedges [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Rollward] | ' | ' |
Gross | -87 | 253 |
Deferred tax (benefit) | -1,433 | -1,314 |
Net | 1,346 | 1,567 |
First Quarter Activity | ' | ' |
Other comprehensive income (loss) before reclassifications | -92 | 858 |
Amounts reclassified from accumulated other comprehensive income | 83 | -142 |
Net current period other comprehensive income (loss) before tax | -9 | 716 |
Deferred taxes on current period activity | -4 | 250 |
Net change in accumulated other comprehensive income | -5 | 466 |
Gross | -96 | 969 |
Deferred tax (benefit) | -1,437 | -1,064 |
Net | 1,341 | 2,033 |
Precious Metals [Member] | Gains and Losses On Cash Flow Hedges [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Rollward] | ' | ' |
Gross | -19 | 97 |
Deferred tax (benefit) | -7 | 34 |
Net | -12 | 63 |
First Quarter Activity | ' | ' |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 19 | -97 |
Net current period other comprehensive income (loss) before tax | 19 | -97 |
Deferred taxes on current period activity | 7 | -34 |
Net change in accumulated other comprehensive income | 12 | -63 |
Gross | 0 | 0 |
Deferred tax (benefit) | 0 | 0 |
Net | $0 | $0 |