Materion (MTRN) 10-Q 31 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 03, 2015	Jul. 23, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	MATERION Corp
Entity Central Index Key	1,104,657
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jul. 3, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	MTRN
Amendment Flag	false
Entity Common Stock, Shares Outstanding		20,124,806

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2015	Jun. 27, 2014	Jul. 03, 2015	Jun. 27, 2014
Income Statement [Abstract]
Net sales	$ 276,855	$ 287,965	$ 566,879	$ 546,894
Cost of sales	225,528	238,164	463,197	451,631
Gross margin	51,327	49,801	103,682	95,263
Selling, general, and administrative expense	34,884	34,685	71,825	65,945
Research and development expense	3,586	3,443	6,934	6,230
Other—net	36	(2,895)	(2,122)	(2,533)
Operating profit	12,821	14,568	27,045	25,621
Interest expense—net	650	672	1,307	1,367
Income before income taxes	12,171	13,896	25,738	24,254
Income tax expense	3,293	3,922	7,231	6,949
Net income	$ 8,878	$ 9,974	$ 18,507	$ 17,305
Basic earnings per share:
Net income per share of common stock (in dollars per share)	$ 0.44	$ 0.48	$ 0.92	$ 0.84
Diluted earnings per share:
Net income per share of common stock (in dollars per share)	0.43	0.47	0.90	0.82
Cash dividends per share (in dollars per share)	$ 0.09	$ 0.085	$ 0.175	$ 0.165
Weighted-average number of shares of common stock outstanding:
Basic (in shares)	20,153	20,642	20,149	20,625
Diluted (in shares)	20,461	21,001	20,453	20,983

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2015	Jun. 27, 2014	Jul. 03, 2015	Jun. 27, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 8,878	$ 9,974	$ 18,507	$ 17,305
Other comprehensive income:
Foreign currency translation adjustment	316	126	(1,254)	715
Derivative and hedging activity, net of tax	(1,104)	80	(601)	87
Pension and post-employment benefit adjustment, net of tax	902	542	1,804	9,925
Net change in accumulated other comprehensive income	114	748	(51)	10,727
Comprehensive income	$ 8,992	$ 10,722	$ 18,456	$ 28,032

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 03, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 20,629	$ 13,150
Accounts receivable	117,178	112,780
Inventories	229,232	232,409
Prepaid expenses	18,992	14,953
Deferred income taxes	13,806	13,402
Total current assets	399,837	386,694
Long-term deferred income taxes	17,722	17,722
Property, plant, and equipment	811,645	800,671
Less allowances for depreciation, depletion, and amortization	(557,369)	(553,083)
Property, plant, and equipment—net	254,276	247,588
Intangible assets	15,717	18,559
Other assets	4,985	4,781
Goodwill	86,725	86,725
Total Assets	779,262	762,069
Current liabilities
Short-term debt	3,427	653
Accounts payable	31,508	36,239
Other liabilities and accrued items	48,687	59,151
Income taxes	5,875	3,144
Unearned revenue	4,597	4,879
Total current liabilities	94,094	104,066
Other long-term liabilities	18,060	18,203
Retirement and post-employment benefits	100,782	103,891
Unearned income	48,523	51,796
Long-term income taxes	1,750	1,750
Deferred income taxes	3,377	617
Long-term debt	41,213	23,613
Serial preferred stock	0	0
Common stock	203,125	202,104
Retained earnings	491,262	476,277
Common stock in treasury	(144,185)	(140,938)
Other comprehensive income (loss)	(82,288)	(82,237)
Other equity transactions	3,549	2,927
Total shareholders' equity	471,463	458,133
Total Liabilities and Shareholders’ Equity	$ 779,262	$ 762,069

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2015	Jun. 27, 2014
Cash flows from operating activities:
Net income	$ 18,507	$ 17,305
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation, depletion, and amortization	20,117	22,093
Amortization of deferred financing costs in interest expense	331	356
Stock-based compensation expense (non-cash)	2,655	3,027
Changes in assets and liabilities net of acquired assets and liabilities:
Decrease (increase) in accounts receivable	(4,622)	(8,680)
Decrease (increase) in inventory	2,150	(16,559)
Decrease (increase) in prepaid and other current assets	(4,037)	(2,658)
Decrease (increase) in deferred income taxes	2,177	58
Increase (decrease) in accounts payable and accrued expenses	(16,882)	(8,965)
Increase (decrease) in unearned revenue	(283)	1,637
Increase (decrease) in interest and taxes payable	3,240	5,432
Increase (decrease) in long-term liabilities	(1,801)	(11,419)
Other-net	(509)	(3,111)
Net cash provided by (used in) operating activities	21,043	(1,484)
Cash flows from investing activities:
Payments for purchase of property, plant, and equipment	(16,564)	(12,859)
Payments for mine development	(10,100)	(337)
Proceeds from sale of property, plant, and equipment	18	3,009
Other investments-net	0	(2)
Net cash (used in) investing activities	(26,646)	(10,189)
Cash flows from financing activities:
Proceeds from issuance (repayment) of short-term debt	2,346	(4,886)
Proceeds from issuance of long-term debt	51,000	33,170
Repayment of long-term debt	(33,110)	(15,492)
Principal payments under capital lease obligations	(404)	(328)
Cash dividends paid	(3,523)	(3,405)
Repurchase of common stock	(2,748)	(2,672)
Issuance of common stock under stock option plans	0	360
Tax benefit from stock compensation realization	0	109
Net cash provided by financing activities	13,561	6,856
Effects of exchange rate changes	(479)	105
Net change in cash and cash equivalents	7,479	(4,712)
Cash and cash equivalents at beginning of period	13,150	22,774
Cash and cash equivalents at end of period	$ 20,629	$ 18,062

Accounting Policies

Accounting Policies	6 Months Ended
	Jul. 03, 2015
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies In management’s opinion, the accompanying consolidated financial statements of Materion Corporation and its subsidiaries (Company) contain all adjustments necessary to present fairly the financial position as of July 3, 2015 and December 31, 2014, and the results of operations for the three months and six months ended July 3, 2015 and June 27, 2014. All adjustments were of a normal and recurring nature. Certain amounts in prior years have been reclassified to conform to the 2015 consolidated financial statement presentation. In May 2014, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), Revenue from Contracts with Customers , which supersedes previous revenue recognition guidance. The new standard requires that a company recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. Companies will need to use more judgment and estimates than under the guidance currently in effect, including estimating the amount of variable revenue to recognize over each identified performance obligation. Additional disclosures will be required to help users of financial statements understand the nature, amount, and timing of revenue and cash flows arising from contracts. This ASU is effective beginning in fiscal year 2018 with a provision for early adoption in 2017. The standard can be adopted either retrospectively or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. On April 1, 2015, the Financial Accounting Standards Board issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires companies to present debt issuance costs associated with a debt liability as a deduction from the carrying amount of that debt liability on the balance sheet rather than being capitalized as an asset. The standard is effective for interim and annual periods beginning after December 15, 2015, and retrospective presentation is required. The Company will adopt ASU No. 2015-03 as required. The ASU will not have a material effect on the Company's results of operations, financial condition, or liquidity.

Inventories

Inventories	6 Months Ended
	Jul. 03, 2015
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories on the Consolidated Balance Sheets are summarized as follows: Jul. 3, Dec. 31, (Thousands) 2015 2014 Principally average cost: Raw materials and supplies $ 35,536 $ 39,559 Work in process 153,200 155,377 Finished goods 40,496 37,473 Net inventories $ 229,232 $ 232,409 The Company recognized last-in, first-out (LIFO) liquidation benefits of $0.8 million and $1.9 million in the second quarter and first six months of 2015, respectively, due to a forecasted reduction in year-end inventory.

Pensions and Other Post-employm

Pensions and Other Post-employment Benefits	6 Months Ended
	Jul. 03, 2015
Compensation and Retirement Disclosure [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 second quarter and first six months of 2015 and 2014 for the domestic pension plans (which include the defined benefit pension plan and the supplemental retirement plans) and the domestic retiree medical plan. Pension Benefits Other Benefits Second Quarter Ended Second Quarter Ended Jul. 3, Jun. 27, Jul. 3, Jun. 27, (Thousands) 2015 2014 2015 2014 Components of net periodic benefit cost Service cost $ 2,231 $ 1,936 $ 29 $ 34 Interest cost 2,500 2,444 138 169 Expected return on plan assets (3,354 ) (3,013 ) — — Amortization of prior service cost (benefit) (112 ) (109 ) (374 ) (374 ) Amortization of net loss 1,819 1,275 — — Net periodic benefit cost (benefit) $ 3,084 $ 2,533 $ (207 ) $ (171 ) Pension Benefits Other Benefits Six Months Ended Six Months Ended Jul. 3, Jun. 27, Jul. 3, Jun. 27, (Thousands) 2015 2014 2015 2014 Components of net periodic benefit cost Service cost $ 4,461 $ 3,872 $ 58 $ 69 Interest cost 5,000 4,888 276 337 Expected return on plan assets (6,708 ) (6,025 ) — — Amortization of prior service cost (benefit) (224 ) (218 ) (748 ) (749 ) Amortization of net loss 3,639 2,550 — — Net periodic benefit cost (benefit) $ 6,168 $ 5,067 $ (414 ) $ (343 ) The Company made contributions to the domestic defined benefit pension plans of $4.0 million in the first six months of 2015. In 2014, the Company amended its 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 of 2014, with the offset increasing other comprehensive income, a component of shareholders' equity. The liability reduction will be recognized in earnings over the average remaining service life of participants.

Contingencies

Contingencies	6 Months Ended
	Jul. 03, 2015
Loss Contingency [Abstract]
Contingencies	Contingencies Materion Brush Inc., one of the Company's wholly owned subsidiaries, is a defendant from time to time in 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 may be covered by insurance subject to deductibles which vary based on when the exposure occurred. Reserves are recorded for asserted claims only and defense costs are expensed as incurred. There were two CBD cases outstanding as of the end of the second quarter of 2015, and the Company does not expect the resolution of these matters to have a material impact on the consolidated financial statements. 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 $4.9 million at July 3, 2015 and $4.9 million at December 31, 2014. Environmental projects tend to be long term, and the final actual remediation costs may differ from the amounts currently recorded. During the second quarter and first six months of 2015, the Company recognized gains of $1.3 million and $5.1 million , respectively, from settlement agreements on insurance claims regarding construction of the Company's beryllium pebble facility located in Elmore, Ohio. The Company recognized this benefit in Other-net in the Consolidated Statement of Income.

Segment Reporting

Segment Reporting	6 Months Ended
	Jul. 03, 2015
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Other (Thousands) Performance Alloys and Composites Advanced Materials Other (1) Corporate (2) Subtotal Total Second Quarter 2015 Net sales $ 107,682 $ 131,370 $ 38,265 $ (462 ) $ 37,803 $ 276,855 Intersegment sales (3) 365 16,129 — — — 16,494 Value-added sales 91,511 46,705 25,203 (1,060 ) 24,143 162,359 Operating profit (loss) 9,327 7,436 564 (4,506 ) (3,942 ) 12,821 Second Quarter 2014 Net sales $ 109,647 $ 145,025 $ 34,088 $ (795 ) $ 33,293 $ 287,965 Intersegment sales (3) 181 11,040 — — — 11,221 Value-added sales 89,864 44,984 24,916 (198 ) 24,718 159,566 Operating profit (loss) 6,293 12,534 490 (4,749 ) (4,259 ) 14,568 First Six Months 2015 Net sales $ 210,941 $ 281,287 $ 74,882 $ (231 ) $ 74,651 $ 566,879 Intersegment sales (3) 542 33,514 — — — 34,056 Value-added sales 177,101 98,432 49,767 (310 ) 49,457 324,990 Operating profit (loss) 16,130 16,339 2,239 (7,663 ) (5,424 ) 27,045 Assets 430,268 149,062 120,643 79,289 199,932 779,262 First Six Months 2014 Net sales $ 206,803 $ 274,364 $ 67,987 $ (2,260 ) $ 65,727 $ 546,894 Intersegment sales (3) 413 22,127 — — — 22,540 Value-added sales 169,888 86,654 48,835 (950 ) 47,885 304,427 Operating profit (loss) 12,502 17,679 4,613 (9,173 ) (4,560 ) 25,621 Assets 417,336 166,086 147,770 59,662 207,432 790,854 (1) The Other reportable segment includes the results of our Precision Optics and Large Area Coatings operating segments, which do not meet the quantitative thresholds for separate disclosure and are collectively referred to as our Precision Coatings group. (2) Costs associated with our unallocated corporate functions have been shown separately to better illustrate the financial information for the businesses within the Other reportable segment. (3) Intersegment sales are eliminated in consolidation.

Stock-based Compensation Expens

Stock-based Compensation Expense	6 Months Ended
	Jul. 03, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation Expense	Stock-based Compensation Expense Stock-based compensation expense was $1.6 million in the second quarter of 2015 and $2.9 million in the second quarter of 2014. For the first six months of the year, stock-based compensation expense was $4.7 million in 2015 and $5.0 million in 2014, which includes awards settled in shares and in cash. The Company granted approximately 40,000 stock-settled restricted stock units (RSUs) in the first quarter of 2015. These shares will be amortized over a vesting period of three years using the closing price of Materion's common stock on the date of grant of $36.81 . Additionally, approximately 21,000 cash-settled RSUs were granted to employees in the first quarter of 2015. Because these shares were settled in cash, the liability and related expense were adjusted based on the closing price of Materion’s common stock over the vesting period of three years . The Company granted approximately 18,882 stock-settled RSUs in the second quarter of 2015. These shares will be amortized over a vesting period of three years using the closing price of Materion's common stock on the date of Materion's annual meeting of shareholders of $38.13 . Additionally, approximately 13,950 cash-settled RSUs were granted to employees in the second quarter of 2015. Because these shares are settled in cash, the liability and related expense are adjusted based on the closing price of Materion’s common stock over the vesting period of three years . The Company granted approximately 160,000 stock appreciation rights (SARs) to certain employees in the first quarter of 2015 at a strike price of $36.81 per share. The fair value of the SARs, which was determined on the grant date using a Black-Scholes model, was $13.27 per share and will be amortized over the vesting period of three years . The SARs expire in seven years from the date of the grant. Exercises of SARs totaled approximately 65,000 in the first six months of 2015, and 38,000 in the first six months of 2014. The Company granted approximately 77,000 stock-settled performance-based restricted stock units (PRSUs) to certain employees in the first quarter of 2015 at a weighted-average fair value of $33.31 per share. The fair value will be expensed over the vesting period of three years . In addition, approximately 39,000 cash-settled PRSUs were awarded to employees in the first quarter of 2015. The liability for cash-settled PRSUs is remeasured at fair value each reporting period, and the expense is recorded accordingly. 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.

Other-net

Other-net	6 Months Ended
	Jul. 03, 2015
Other Income and Expenses [Abstract]
Other-net	Other-net Other-net (income) expense for the second quarter and first six months of 2015 and 2014 is summarized as follows: Second Quarter Ended Six Months Ended Jul. 3, Jun. 27, Jul. 3, Jun. 27, (Thousands) 2015 2014 2015 2014 Foreign currency exchange/translation (gain) loss $ (1,729 ) $ 423 $ (3,313 ) $ 475 Amortization of intangible assets 1,257 1,310 2,513 2,433 Metal consignment fees 1,833 1,846 3,868 3,712 Net (gain) loss on disposal of fixed assets 234 27 308 (2,610 ) Recovery from insurance — (6,750 ) (3,800 ) (6,750 ) Legal settlements (1,325 ) — (1,325 ) — Other items (234 ) 249 (373 ) 207 Total $ 36 $ (2,895 ) $ (2,122 ) $ (2,533 )

Income Taxes

Income Taxes	6 Months Ended
	Jul. 03, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded income tax expense of $3.3 million in the second quarter of 2015, an effective tax rate of 27.1% against income before income taxes, and income tax expense of $3.9 million in the second quarter of 2014, with an effective tax rate of 28.2% against income before income taxes. In the first six months of 2015, income tax expense of $7.2 million was calculated using an effective tax rate of 28.1% , while income tax expense of $6.9 million in the first six months of 2014 was calculated using an effective tax rate of 28.7% . The differences between the statutory and effective rates in the second quarter and first six months 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, discrete events, and other factors.

Depreciation and Amortization

Depreciation and Amortization	6 Months Ended
	Jul. 03, 2015
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 of 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 six months of 2015, the depreciation expense on the equipment subject to reimbursement was $3.3 million . Unearned income was reduced by $3.3 million , accordingly, with the offset recorded as a credit to cost of sales. Depreciation, depletion, and amortization expense on the Consolidated Statements of Cash Flows is shown net of the reduction in unearned income.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jul. 03, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company measures and records financial instruments at fair value. A 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 Sheet as of July 3, 2015: Fair Value Measurements (Thousands) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Deferred compensation investments $ 2,600 $ 2,578 $ 22 $ — Foreign currency forward contracts 2,522 — 2,522 — Total $ 5,122 $ 2,578 $ 2,544 $ — Financial Liabilities Deferred compensation liability $ 2,626 $ 2,626 $ — $ — Foreign currency forward contracts 19 — 19 — Total $ 2,645 $ 2,626 $ 19 $ — 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 Sheet approximate fair values as of July 3, 2015.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activity	6 Months Ended
	Jul. 03, 2015
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 may also use derivatives to hedge a portion of its precious metal exposures. The objectives and strategies for using derivatives in these areas are as follows: Foreign Currency. The Company sells a portion of its products to overseas customers in their local currencies, primarily the euro and yen. The Company secures foreign currency derivatives, mainly forward contracts and options, to hedge these anticipated sales transactions. The purpose of the hedge program is to protect against the reduction in the dollar value of foreign currency sales from adverse exchange rate movements. Should the dollar strengthen significantly, the decrease in the translated value of the foreign currency sales should be partially offset by gains on the hedge contracts. Depending upon the methods used, 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 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 its working capital investment and the exposure to metal price movements. When a precious metal product is fabricated and ready for shipment to the customer, the metal is purchased out of consignment at the current market price. The price paid by the Company forms the basis for the price charged to the customer. This methodology allows for changes in either direction in the market prices of the precious metals used by the Company to be passed through to the customer and reduces the impact changes in prices could have on the Company's margins and operating profit. The consigned metal is owned by financial institutions who charge the Company a financing fee based upon the current value of the metal on hand. In certain instances, a customer may want to establish the price for the precious metal at the time the sales order is placed rather than at the time of shipment. Setting the sales price at a different date than when the material would be purchased potentially creates an exposure to movements in the market price of the metal. Therefore, in these limited situations, the Company may elect to enter into a forward contract to purchase precious metal. The forward contract allows the Company to purchase metal at a fixed price on a specific future date. The price in the forward contract serves as the basis for the price to be charged to the customer. By doing so, the selling price and purchase price are matched, and the Company's price exposure is reduced. The Company refines precious metal containing materials for its customers and typically will purchase the refined metal from the customer at current market prices. In limited circumstances, the customer may want to fix the price to be paid at the time of the order as opposed to when the material is refined. The customer may also want to fix the price for a set period of time. The Company may then elect to enter into a hedge contract, either a forward contract or a swap, to fix the price for the estimated quantity of metal to be purchased, thereby reducing the exposure to adverse movements in the price of the metal. The Company may 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. 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 $32.3 million as of July 3, 2015. All of these contracts were designated and effective as cash flow hedges. The net fair value of the outstanding contracts was $2.5 million , with an asset recorded in prepaid expenses and other assets and a liability recorded in other liabilities and accrued items on the Consolidated Balance Sheet as of July 3, 2015. No ineffective expense was recorded in the second quarter or first six months of 2015 or 2014. Changes in the fair value of outstanding cash flow hedges recorded in OCI for the first six months of 2015 and 2014 totaled $2.4 million and $0.0 million , respectively. The Company expects to relieve substantially the entire balance in OCI as of July 3, 2015 to the Consolidated Statements of Income during the twelve-month period beginning July 4, 2015. Refer to Note L for additional OCI details.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jul. 03, 2015
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 second quarter and first six months of 2015 and 2014 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 April 3, 2015 Gross $ 4,255 $ — $ 4,255 $ (107,671 ) $ (5,723 ) $ (109,139 ) Deferred tax expense (benefit) 174 — 174 (26,911 ) — (26,737 ) Net $ 4,081 $ — $ 4,081 $ (80,760 ) $ (5,723 ) $ (82,402 ) Second quarter 2015 activity Other comprehensive income (loss) before reclassifications $ (197 ) $ — $ (197 ) $ — $ 316 $ 119 Amounts reclassified from accumulated other comprehensive income (1,555 ) — (1,555 ) 1,395 — (160 ) Net current period other comprehensive income (loss) before tax (1,752 ) — (1,752 ) 1,395 316 (41 ) Deferred taxes on current period activity (648 ) — (648 ) 493 — (155 ) Net current period other comprehensive income (loss) after tax $ (1,104 ) $ — $ (1,104 ) $ 902 $ 316 $ 114 Accumulated other comprehensive income, as of July 3, 2015 Gross $ 2,503 $ — $ 2,503 $ (106,276 ) $ (5,407 ) $ (109,180 ) Deferred tax expense (benefit) (474 ) — (474 ) (26,418 ) — (26,892 ) Net $ 2,977 $ — $ 2,977 $ (79,858 ) $ (5,407 ) $ (82,288 ) 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, 2014 Gross $ 3,456 $ — $ 3,456 $ (109,080 ) $ (4,153 ) $ (109,777 ) Deferred tax expense (benefit) (122 ) — (122 ) (27,418 ) — (27,540 ) Net $ 3,578 $ — $ 3,578 $ (81,662 ) $ (4,153 ) $ (82,237 ) First six months of 2015 activity Other comprehensive income (loss) before reclassifications $ 2,439 $ — $ 2,439 $ 14 $ (1,254 ) $ 1,199 Amounts reclassified from accumulated other comprehensive income (3,392 ) (3,392 ) 2,790 (602 ) Net current period other comprehensive income (loss) before tax (953 ) — (953 ) 2,804 (1,254 ) 597 Deferred taxes on current period activity (352 ) (352 ) 1,000 — 648 Net current period other comprehensive income (loss) after tax $ (601 ) $ — $ (601 ) $ 1,804 $ (1,254 ) $ (51 ) Accumulated other comprehensive income, as of July 3, 2015 Gross $ 2,503 $ — $ 2,503 $ (106,276 ) $ (5,407 ) $ (109,180 ) Deferred tax expense (benefit) (474 ) — (474 ) (26,418 ) — (26,892 ) Net $ 2,977 $ — $ 2,977 $ (79,858 ) $ (5,407 ) $ (82,288 ) Accumulated other comprehensive income, as of March 28, 2014 Gross $ (96 ) $ — $ (96 ) $ (62,058 ) $ 876 $ (61,278 ) Deferred tax expense (benefit) (1,437 ) — (1,437 ) (9,932 ) — (11,369 ) Net $ 1,341 $ — $ 1,341 $ (52,126 ) $ 876 $ (49,909 ) Second quarter 2014 activity Other comprehensive income (loss) before reclassifications $ 84 $ — $ 84 $ — $ 126 $ 210 Amounts reclassified from accumulated other comprehensive income 43 — 43 461 — 504 Net current period other comprehensive income (loss) before tax 127 — 127 461 126 714 Deferred taxes on current period activity 47 — 47 (81 ) — (34 ) Net current period other comprehensive income (loss) after tax $ 80 $ — $ 80 $ 542 $ 126 $ 748 Accumulated other comprehensive income, as of June 27, 2014 Gross $ 31 $ — $ 31 $ (61,597 ) $ 1,002 $ (60,564 ) Deferred tax expense (benefit) (1,390 ) — (1,390 ) (10,013 ) — (11,403 ) Gains and Losses On Cash Flow Hedges (Thousands) Foreign Currency Precious Metals Total Pension and Post-Employment Benefits Foreign Currency Translation Total Net $ 1,421 $ — $ 1,421 $ (51,584 ) $ 1,002 $ (49,161 ) Accumulated other comprehensive income, as of December 31, 2013 Gross $ (87 ) $ (19 ) $ (106 ) $ (77,301 ) $ 287 $ (77,120 ) Deferred tax expense (benefit) (1,433 ) (7 ) (1,440 ) (15,792 ) — (17,232 ) Net $ 1,346 $ (12 ) $ 1,334 $ (61,509 ) $ 287 $ (59,888 ) First six months of 2014 activity Other comprehensive income (loss) before reclassifications $ (8 ) $ — $ (8 ) $ 14,034 $ 715 $ 14,741 Amounts reclassified from accumulated other comprehensive income 126 19 145 1,670 — 1,815 Net current period other comprehensive income (loss) before tax 118 19 137 15,704 715 16,556 Deferred taxes on current period activity 43 7 50 5,779 — 5,829 Net current period other comprehensive income (loss) after tax $ 75 $ 12 $ 87 $ 9,925 $ 715 $ 10,727 Accumulated other comprehensive income, as of June 27, 2014 Gross $ 31 $ — $ 31 $ (61,597 ) $ 1,002 $ (60,564 ) Deferred tax expense (benefit) (1,390 ) — (1,390 ) (10,013 ) — (11,403 ) Net $ 1,421 $ — $ 1,421 $ (51,584 ) $ 1,002 $ (49,161 ) Reclassifications from accumulated other comprehensive income of gains and losses on foreign currency cash flow hedges are recorded in Other-net in the Consolidated Statements of Income. Gains and losses on precious metal cash flow hedges are recorded in Cost of sales in the Consolidated Statements of Income in order to offset the impact of precious metal price movements in Cost of sales. The Company has no precious metal hedges as of July 3, 2015. Refer to Note K 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 C for additional details on pension and post-employment expenses.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jul. 03, 2015
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories on the Consolidated Balance Sheets are summarized as follows: Jul. 3, Dec. 31, (Thousands) 2015 2014 Principally average cost: Raw materials and supplies $ 35,536 $ 39,559 Work in process 153,200 155,377 Finished goods 40,496 37,473 Net inventories $ 229,232 $ 232,409

Pensions and Other Post-emplo19

Pensions and Other Post-employment Benefits (Tables)	6 Months Ended
	Jul. 03, 2015
Compensation and Retirement Disclosure [Abstract]
Components of Net Periodic Benefit Cost	The following is a summary of the net periodic benefit cost for the second quarter and first six months of 2015 and 2014 for the domestic pension plans (which include the defined benefit pension plan and the supplemental retirement plans) and the domestic retiree medical plan. Pension Benefits Other Benefits Second Quarter Ended Second Quarter Ended Jul. 3, Jun. 27, Jul. 3, Jun. 27, (Thousands) 2015 2014 2015 2014 Components of net periodic benefit cost Service cost $ 2,231 $ 1,936 $ 29 $ 34 Interest cost 2,500 2,444 138 169 Expected return on plan assets (3,354 ) (3,013 ) — — Amortization of prior service cost (benefit) (112 ) (109 ) (374 ) (374 ) Amortization of net loss 1,819 1,275 — — Net periodic benefit cost (benefit) $ 3,084 $ 2,533 $ (207 ) $ (171 ) Pension Benefits Other Benefits Six Months Ended Six Months Ended Jul. 3, Jun. 27, Jul. 3, Jun. 27, (Thousands) 2015 2014 2015 2014 Components of net periodic benefit cost Service cost $ 4,461 $ 3,872 $ 58 $ 69 Interest cost 5,000 4,888 276 337 Expected return on plan assets (6,708 ) (6,025 ) — — Amortization of prior service cost (benefit) (224 ) (218 ) (748 ) (749 ) Amortization of net loss 3,639 2,550 — — Net periodic benefit cost (benefit) $ 6,168 $ 5,067 $ (414 ) $ (343 )

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jul. 03, 2015
Segment Reporting [Abstract]
Segment Reporting	Other (Thousands) Performance Alloys and Composites Advanced Materials Other (1) Corporate (2) Subtotal Total Second Quarter 2015 Net sales $ 107,682 $ 131,370 $ 38,265 $ (462 ) $ 37,803 $ 276,855 Intersegment sales (3) 365 16,129 — — — 16,494 Value-added sales 91,511 46,705 25,203 (1,060 ) 24,143 162,359 Operating profit (loss) 9,327 7,436 564 (4,506 ) (3,942 ) 12,821 Second Quarter 2014 Net sales $ 109,647 $ 145,025 $ 34,088 $ (795 ) $ 33,293 $ 287,965 Intersegment sales (3) 181 11,040 — — — 11,221 Value-added sales 89,864 44,984 24,916 (198 ) 24,718 159,566 Operating profit (loss) 6,293 12,534 490 (4,749 ) (4,259 ) 14,568 First Six Months 2015 Net sales $ 210,941 $ 281,287 $ 74,882 $ (231 ) $ 74,651 $ 566,879 Intersegment sales (3) 542 33,514 — — — 34,056 Value-added sales 177,101 98,432 49,767 (310 ) 49,457 324,990 Operating profit (loss) 16,130 16,339 2,239 (7,663 ) (5,424 ) 27,045 Assets 430,268 149,062 120,643 79,289 199,932 779,262 First Six Months 2014 Net sales $ 206,803 $ 274,364 $ 67,987 $ (2,260 ) $ 65,727 $ 546,894 Intersegment sales (3) 413 22,127 — — — 22,540 Value-added sales 169,888 86,654 48,835 (950 ) 47,885 304,427 Operating profit (loss) 12,502 17,679 4,613 (9,173 ) (4,560 ) 25,621 Assets 417,336 166,086 147,770 59,662 207,432 790,854 (1) The Other reportable segment includes the results of our Precision Optics and Large Area Coatings operating segments, which do not meet the quantitative thresholds for separate disclosure and are collectively referred to as our Precision Coatings group. (2) Costs associated with our unallocated corporate functions have been shown separately to better illustrate the financial information for the businesses within the Other reportable segment. (3) Intersegment sales are eliminated in consolidation.

Other-net (Tables)

Other-net (Tables)	6 Months Ended
	Jul. 03, 2015
Other Income and Expenses [Abstract]
Summary of Other-Net Expense	Other-net (income) expense for the second quarter and first six months of 2015 and 2014 is summarized as follows: Second Quarter Ended Six Months Ended Jul. 3, Jun. 27, Jul. 3, Jun. 27, (Thousands) 2015 2014 2015 2014 Foreign currency exchange/translation (gain) loss $ (1,729 ) $ 423 $ (3,313 ) $ 475 Amortization of intangible assets 1,257 1,310 2,513 2,433 Metal consignment fees 1,833 1,846 3,868 3,712 Net (gain) loss on disposal of fixed assets 234 27 308 (2,610 ) Recovery from insurance — (6,750 ) (3,800 ) (6,750 ) Legal settlements (1,325 ) — (1,325 ) — Other items (234 ) 249 (373 ) 207 Total $ 36 $ (2,895 ) $ (2,122 ) $ (2,533 )

Fair Value of Financial Instr22

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jul. 03, 2015
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 Sheet as of July 3, 2015: Fair Value Measurements (Thousands) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Deferred compensation investments $ 2,600 $ 2,578 $ 22 $ — Foreign currency forward contracts 2,522 — 2,522 — Total $ 5,122 $ 2,578 $ 2,544 $ — Financial Liabilities Deferred compensation liability $ 2,626 $ 2,626 $ — $ — Foreign currency forward contracts 19 — 19 — Total $ 2,645 $ 2,626 $ 19 $ —

Accumulated Other Comprehensi23

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jul. 03, 2015
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 second quarter and first six months of 2015 and 2014 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 April 3, 2015 Gross $ 4,255 $ — $ 4,255 $ (107,671 ) $ (5,723 ) $ (109,139 ) Deferred tax expense (benefit) 174 — 174 (26,911 ) — (26,737 ) Net $ 4,081 $ — $ 4,081 $ (80,760 ) $ (5,723 ) $ (82,402 ) Second quarter 2015 activity Other comprehensive income (loss) before reclassifications $ (197 ) $ — $ (197 ) $ — $ 316 $ 119 Amounts reclassified from accumulated other comprehensive income (1,555 ) — (1,555 ) 1,395 — (160 ) Net current period other comprehensive income (loss) before tax (1,752 ) — (1,752 ) 1,395 316 (41 ) Deferred taxes on current period activity (648 ) — (648 ) 493 — (155 ) Net current period other comprehensive income (loss) after tax $ (1,104 ) $ — $ (1,104 ) $ 902 $ 316 $ 114 Accumulated other comprehensive income, as of July 3, 2015 Gross $ 2,503 $ — $ 2,503 $ (106,276 ) $ (5,407 ) $ (109,180 ) Deferred tax expense (benefit) (474 ) — (474 ) (26,418 ) — (26,892 ) Net $ 2,977 $ — $ 2,977 $ (79,858 ) $ (5,407 ) $ (82,288 ) 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, 2014 Gross $ 3,456 $ — $ 3,456 $ (109,080 ) $ (4,153 ) $ (109,777 ) Deferred tax expense (benefit) (122 ) — (122 ) (27,418 ) — (27,540 ) Net $ 3,578 $ — $ 3,578 $ (81,662 ) $ (4,153 ) $ (82,237 ) First six months of 2015 activity Other comprehensive income (loss) before reclassifications $ 2,439 $ — $ 2,439 $ 14 $ (1,254 ) $ 1,199 Amounts reclassified from accumulated other comprehensive income (3,392 ) (3,392 ) 2,790 (602 ) Net current period other comprehensive income (loss) before tax (953 ) — (953 ) 2,804 (1,254 ) 597 Deferred taxes on current period activity (352 ) (352 ) 1,000 — 648 Net current period other comprehensive income (loss) after tax $ (601 ) $ — $ (601 ) $ 1,804 $ (1,254 ) $ (51 ) Accumulated other comprehensive income, as of July 3, 2015 Gross $ 2,503 $ — $ 2,503 $ (106,276 ) $ (5,407 ) $ (109,180 ) Deferred tax expense (benefit) (474 ) — (474 ) (26,418 ) — (26,892 ) Net $ 2,977 $ — $ 2,977 $ (79,858 ) $ (5,407 ) $ (82,288 ) Accumulated other comprehensive income, as of March 28, 2014 Gross $ (96 ) $ — $ (96 ) $ (62,058 ) $ 876 $ (61,278 ) Deferred tax expense (benefit) (1,437 ) — (1,437 ) (9,932 ) — (11,369 ) Net $ 1,341 $ — $ 1,341 $ (52,126 ) $ 876 $ (49,909 ) Second quarter 2014 activity Other comprehensive income (loss) before reclassifications $ 84 $ — $ 84 $ — $ 126 $ 210 Amounts reclassified from accumulated other comprehensive income 43 — 43 461 — 504 Net current period other comprehensive income (loss) before tax 127 — 127 461 126 714 Deferred taxes on current period activity 47 — 47 (81 ) — (34 ) Net current period other comprehensive income (loss) after tax $ 80 $ — $ 80 $ 542 $ 126 $ 748 Accumulated other comprehensive income, as of June 27, 2014 Gross $ 31 $ — $ 31 $ (61,597 ) $ 1,002 $ (60,564 ) Deferred tax expense (benefit) (1,390 ) — (1,390 ) (10,013 ) — (11,403 ) Gains and Losses On Cash Flow Hedges (Thousands) Foreign Currency Precious Metals Total Pension and Post-Employment Benefits Foreign Currency Translation Total Net $ 1,421 $ — $ 1,421 $ (51,584 ) $ 1,002 $ (49,161 ) Accumulated other comprehensive income, as of December 31, 2013 Gross $ (87 ) $ (19 ) $ (106 ) $ (77,301 ) $ 287 $ (77,120 ) Deferred tax expense (benefit) (1,433 ) (7 ) (1,440 ) (15,792 ) — (17,232 ) Net $ 1,346 $ (12 ) $ 1,334 $ (61,509 ) $ 287 $ (59,888 ) First six months of 2014 activity Other comprehensive income (loss) before reclassifications $ (8 ) $ — $ (8 ) $ 14,034 $ 715 $ 14,741 Amounts reclassified from accumulated other comprehensive income 126 19 145 1,670 — 1,815 Net current period other comprehensive income (loss) before tax 118 19 137 15,704 715 16,556 Deferred taxes on current period activity 43 7 50 5,779 — 5,829 Net current period other comprehensive income (loss) after tax $ 75 $ 12 $ 87 $ 9,925 $ 715 $ 10,727 Accumulated other comprehensive income, as of June 27, 2014 Gross $ 31 $ — $ 31 $ (61,597 ) $ 1,002 $ (60,564 ) Deferred tax expense (benefit) (1,390 ) — (1,390 ) (10,013 ) — (11,403 ) Net $ 1,421 $ — $ 1,421 $ (51,584 ) $ 1,002 $ (49,161 )

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Jul. 03, 2015	Dec. 31, 2014
Principally average cost:
Raw materials and supplies	$ 35,536	$ 39,559
Work in process	153,200	155,377
Finished goods	40,496	37,473
Net inventories	$ 229,232	$ 232,409

Inventories - Narrative (Detail

Inventories - Narrative (Details) - Jul. 03, 2015 - USD ($) $ in Millions	Total	Total
Inventory Disclosure [Abstract]
LIFO liquidation benefit	$ 0.8	$ 1.9

Pensions and Other Post-emplo26

Pensions and Other Post-employment Benefits - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2015	Jun. 27, 2014	Jul. 03, 2015	Jun. 27, 2014
Pension Benefits [Member]
Components of net periodic benefit cost
Service cost	$ 2,231	$ 1,936	$ 4,461	$ 3,872
Interest cost	2,500	2,444	5,000	4,888
Expected return on plan assets	(3,354)	(3,013)	(6,708)	(6,025)
Amortization of prior service cost (benefit)	(112)	(109)	(224)	(218)
Amortization of net loss	1,819	1,275	3,639	2,550
Net periodic benefit cost (benefit)	3,084	2,533	6,168	5,067
Other Benefits [Member]
Components of net periodic benefit cost
Service cost	29	34	58	69
Interest cost	138	169	276	337
Expected return on plan assets	0	0	0	0
Amortization of prior service cost (benefit)	(374)	(374)	(748)	(749)
Amortization of net loss	0	0	0	0
Net periodic benefit cost (benefit)	$ (207)	$ (171)	$ (414)	$ (343)

Pensions and Other Post-emplo27

Pensions and Other Post-employment Benefits - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 28, 2014	Jul. 03, 2015
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Domestic defined benefit pension plan		$ 4
Other Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Reduction in plan liability from changes in plan	$ 14

Contingencies - Additional Info

Contingencies - Additional Information (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2015USD ($)claim	Jun. 27, 2014USD ($)	Jul. 03, 2015USD ($)claim	Jun. 27, 2014USD ($)	Dec. 31, 2014USD ($)
Business Interruption Loss [Line Items]
Gain on settlement agreements on insurance claims	$ 0	$ 6,750	$ 3,800	$ 6,750
Number of CBD cases outstanding | claim	2		2
Undiscounted reserve balance	$ 4,900		$ 4,900		$ 4,900
Construction of Facility in Elmore, Ohio [Member]
Business Interruption Loss [Line Items]
Gain on settlement agreements on insurance claims	$ 1,300		$ 5,100

Segment Reporting (Detail)

Segment Reporting (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2015	Jun. 27, 2014	Jul. 03, 2015	Jun. 27, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Net sales	$ 276,855	$ 287,965	$ 566,879	$ 546,894
Intersegment sales	16,494	11,221	34,056	22,540
Value-added sales	162,359	159,566	324,990	304,427
Operating profit (loss)	12,821	14,568	27,045	25,621
Assets	779,262	790,854	779,262	790,854	$ 762,069
Performance Alloys and Composites [Member]
Segment Reporting Information [Line Items]
Net sales	107,682	109,647	210,941	206,803
Intersegment sales	365	181	542	413
Value-added sales	91,511	89,864	177,101	169,888
Operating profit (loss)	9,327	6,293	16,130	12,502
Assets	430,268	417,336	430,268	417,336
Advanced Materials [Member]
Segment Reporting Information [Line Items]
Net sales	131,370	145,025	281,287	274,364
Intersegment sales	16,129	11,040	33,514	22,127
Value-added sales	46,705	44,984	98,432	86,654
Operating profit (loss)	7,436	12,534	16,339	17,679
Assets	149,062	166,086	149,062	166,086
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Net sales	37,803	33,293	74,651	65,727
Intersegment sales	0	0	0	0
Value-added sales	24,143	24,718	49,457	47,885
Operating profit (loss)	(3,942)	(4,259)	(5,424)	(4,560)
Assets	199,932	207,432	199,932	207,432
All Other [Member]
Segment Reporting Information [Line Items]
Net sales	38,265	34,088	74,882	67,987
Intersegment sales	0	0	0	0
Value-added sales	25,203	24,916	49,767	48,835
Operating profit (loss)	564	490	2,239	4,613
Assets	120,643	147,770	120,643	147,770
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Net sales	(462)	(795)	(231)	(2,260)
Intersegment sales	0	0	0	0
Value-added sales	(1,060)	(198)	(310)	(950)
Operating profit (loss)	(4,506)	(4,749)	(7,663)	(9,173)
Assets	$ 79,289	$ 59,662	$ 79,289	$ 59,662

Stock-based Compensation Expe30

Stock-based Compensation Expense - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jul. 03, 2015	Apr. 03, 2015	Jun. 27, 2014	Mar. 28, 2014	Jul. 03, 2015	Jun. 27, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1.6		$ 2.9		$ 4.7	$ 5
Stock Settled Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock appreciation rights to employees	18,882	40,000
Stock appreciation rights vested period	3 years				3 years
Fair value grant date per unit (in usd per share)	$ 38.13	$ 36.81			$ 38.13
Cash Settled Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock appreciation rights to employees	13,950	21,000
Stock appreciation rights vested period					3 years
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock appreciation rights to employees		160,000
Stock appreciation rights vested period		3 years
Strike price of units (in usd per share)		$ 36.81
Fair value grant date per unit (in usd per share)		$ 13.27
Expiration term of units		7 years
Number of SARs exercised (in shares)		65,000		38,000
Stock Settled Performance Based Restricted Stock Units (PRSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock appreciation rights to employees		77,000
Stock appreciation rights vested period		3 years
Fair value grant date per unit (in usd per share)		$ 33.31
Cash Settled Performance Based Restricted Stock (PRSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock appreciation rights to employees		39,000

Other-net - Summary of Other-Ne

Other-net - Summary of Other-Net Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2015	Jun. 27, 2014	Jul. 03, 2015	Jun. 27, 2014
Other Income and Expenses [Abstract]
Foreign currency exchange/translation (gain) loss	$ (1,729)	$ 423	$ (3,313)	$ 475
Amortization of intangible assets	1,257	1,310	2,513	2,433
Metal consignment fees	1,833	1,846	3,868	3,712
Net (gain) loss on disposal of fixed assets	234	27	308	(2,610)
Recovery from insurance	0	(6,750)	(3,800)	(6,750)
Legal settlements	(1,325)	0	(1,325)	0
Other items	(234)	249	(373)	207
Total	$ 36	$ (2,895)	$ (2,122)	$ (2,533)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2015	Jun. 27, 2014	Jul. 03, 2015	Jun. 27, 2014
Income Tax Disclosure [Abstract]
Tax expense (benefit)	$ 3,293	$ 3,922	$ 7,231	$ 6,949
Rate against income before income taxes	27.10%	28.20%	28.10%	28.70%

Depreciation and Amortization -

Depreciation and Amortization - Additional Information (Detail) $ in Millions	6 Months Ended
	Jul. 03, 2015USD ($)
Property, Plant and Equipment [Abstract]
Reimbursements	$ 63.5
Depreciation expense	3.3
Unearned income	$ 3.3

Fair Value of Financial Instr34

Fair Value of Financial Instruments - Summary of Fair Value Information and Derivative Financial Instruments (Detail) $ in Thousands	Jul. 03, 2015USD ($)
Financial Assets
Assets Fair Value Disclosure	$ 5,122
Financial Liabilities
Liabilities Fair Value Disclosure	2,645
Directors' deferred compensation liability [Member]
Financial Liabilities
Liabilities Fair Value Disclosure	2,626
Foreign currency forward contract [Member]
Financial Liabilities
Liabilities Fair Value Disclosure	19
Directors' deferred compensation investments [Member]
Financial Assets
Assets Fair Value Disclosure	2,600
Foreign currency forward contract [Member]
Financial Assets
Assets Fair Value Disclosure	2,522
Fair Value, Inputs, Level 1 [Member]
Financial Assets
Assets Fair Value Disclosure	2,578
Financial Liabilities
Liabilities Fair Value Disclosure	2,626
Fair Value, Inputs, Level 1 [Member] | Directors' deferred compensation liability [Member]
Financial Liabilities
Liabilities Fair Value Disclosure	2,626
Fair Value, Inputs, Level 1 [Member] | Foreign currency forward contract [Member]
Financial Liabilities
Liabilities Fair Value Disclosure	0
Fair Value, Inputs, Level 1 [Member] | Directors' deferred compensation investments [Member]
Financial Assets
Assets Fair Value Disclosure	2,578
Fair Value, Inputs, Level 1 [Member] | Foreign currency forward contract [Member]
Financial Assets
Assets Fair Value Disclosure	0
Fair Value, Inputs, Level 2 [Member]
Financial Assets
Assets Fair Value Disclosure	2,544
Financial Liabilities
Liabilities Fair Value Disclosure	19
Fair Value, Inputs, Level 2 [Member] | Directors' deferred compensation liability [Member]
Financial Liabilities
Liabilities Fair Value Disclosure	0
Fair Value, Inputs, Level 2 [Member] | Foreign currency forward contract [Member]
Financial Liabilities
Liabilities Fair Value Disclosure	19
Fair Value, Inputs, Level 2 [Member] | Directors' deferred compensation investments [Member]
Financial Assets
Assets Fair Value Disclosure	22
Fair Value, Inputs, Level 2 [Member] | Foreign currency forward contract [Member]
Financial Assets
Assets Fair Value Disclosure	2,522
Fair Value, Inputs, Level 3 [Member]
Financial Assets
Assets Fair Value Disclosure	0
Financial Liabilities
Liabilities Fair Value Disclosure	0
Fair Value, Inputs, Level 3 [Member] | Directors' deferred compensation liability [Member]
Financial Liabilities
Liabilities Fair Value Disclosure	0
Fair Value, Inputs, Level 3 [Member] | Foreign currency forward contract [Member]
Financial Liabilities
Liabilities Fair Value Disclosure	0
Fair Value, Inputs, Level 3 [Member] | Directors' deferred compensation investments [Member]
Financial Assets
Assets Fair Value Disclosure	0
Fair Value, Inputs, Level 3 [Member] | Foreign currency forward contract [Member]
Financial Assets
Assets Fair Value Disclosure	$ 0

Derivative Instruments and He35

Derivative Instruments and Hedging Activity - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 03, 2015	Jun. 27, 2014	Jul. 03, 2015	Jun. 27, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Ineffective expense	$ 0	$ 0	$ 0	$ 0
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of contracts	2,400,000		2,400,000
Fair value of contracts		$ 0		$ 0
Foreign exchange forward [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of contracts	2,500,000		2,500,000
Designated as Hedging Instrument [Member] | Foreign exchange forward [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of foreign currency forward contracts	$ 32,300,000		$ 32,300,000

Accumulated Other Comprehensi36

Accumulated Other Comprehensive Income - (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2015	Jun. 27, 2014	Jul. 03, 2015	Jun. 27, 2014	Apr. 03, 2015	Dec. 31, 2014	Mar. 28, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Rollward]
Gross	$ (109,180)	$ (60,564)	$ (109,180)	$ (60,564)	$ (109,139)	$ (109,777)	$ (61,278)	$ (77,120)
Deferred tax expense (benefit)	(26,892)	(11,403)	(26,892)	(11,403)	(26,737)	(27,540)	(11,369)	(17,232)
Net	(82,288)	(49,161)	(82,288)	(49,161)	(82,402)	(82,237)	(49,909)	(59,888)
Activity
Other comprehensive income (loss) before reclassifications	119	210	1,199	14,741
Amounts reclassified from accumulated other comprehensive income	(160)	504	(602)	1,815
Net current period other comprehensive income (loss) before tax	(41)	714	597	16,556
Deferred taxes on current period activity	(155)	(34)	648	5,829
Net change in accumulated other comprehensive income	114	748	(51)	10,727
Gains and Losses On Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Rollward]
Gross	2,503	31	2,503	31	4,255	3,456	(96)	(106)
Deferred tax expense (benefit)	(474)	(1,390)	(474)	(1,390)	174	(122)	(1,437)	(1,440)
Net	2,977	1,421	2,977	1,421	4,081	3,578	1,341	1,334
Activity
Other comprehensive income (loss) before reclassifications	(197)	84	2,439	(8)
Amounts reclassified from accumulated other comprehensive income	(1,555)	43	(3,392)	145
Net current period other comprehensive income (loss) before tax	(1,752)	127	(953)	137
Deferred taxes on current period activity	(648)	47	(352)	50
Net change in accumulated other comprehensive income	(1,104)	80	(601)	87
Pension and Post Employment Benefits [Member]
Accumulated Other Comprehensive Income (Loss) [Rollward]
Gross	(106,276)	(61,597)	(106,276)	(61,597)	(107,671)	(109,080)	(62,058)	(77,301)
Deferred tax expense (benefit)	(26,418)	(10,013)	(26,418)	(10,013)	(26,911)	(27,418)	(9,932)	(15,792)
Net	(79,858)	(51,584)	(79,858)	(51,584)	(80,760)	(81,662)	(52,126)	(61,509)
Activity
Other comprehensive income (loss) before reclassifications	0	0	14	14,034
Amounts reclassified from accumulated other comprehensive income	1,395	461	2,790	1,670
Net current period other comprehensive income (loss) before tax	1,395	461	2,804	15,704
Deferred taxes on current period activity	493	(81)	1,000	5,779
Net change in accumulated other comprehensive income	902	542	1,804	9,925
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) [Rollward]
Gross	(5,407)	1,002	(5,407)	1,002	(5,723)	(4,153)	876	287
Deferred tax expense (benefit)	0	0	0	0	0	0	0	0
Net	(5,407)	1,002	(5,407)	1,002	(5,723)	(4,153)	876	287
Activity
Other comprehensive income (loss) before reclassifications	316	126	(1,254)	715
Amounts reclassified from accumulated other comprehensive income	0	0		0
Net current period other comprehensive income (loss) before tax	316	126	(1,254)	715
Deferred taxes on current period activity	0	0	0	0
Net change in accumulated other comprehensive income	316	126	(1,254)	715
Foreign Currency [Member] | Gains and Losses On Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Rollward]
Gross	2,503	31	2,503	31	4,255	3,456	(96)	(87)
Deferred tax expense (benefit)	(474)	(1,390)	(474)	(1,390)	174	(122)	(1,437)	(1,433)
Net	2,977	1,421	2,977	1,421	4,081	3,578	1,341	1,346
Activity
Other comprehensive income (loss) before reclassifications	(197)	84	2,439	(8)
Amounts reclassified from accumulated other comprehensive income	(1,555)	43	(3,392)	126
Net current period other comprehensive income (loss) before tax	(1,752)	127	(953)	118
Deferred taxes on current period activity	(648)	47	(352)	43
Net change in accumulated other comprehensive income	(1,104)	80	(601)	75
Precious Metals [Member] | Gains and Losses On Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Rollward]
Gross	0	0	0	0	0	0	0	(19)
Deferred tax expense (benefit)	0	0	0	0	0	0	0	(7)
Net	0	0	0	0	$ 0	$ 0	$ 0	$ (12)
Activity
Other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from accumulated other comprehensive income	0	0		19
Net current period other comprehensive income (loss) before tax	0	0	0	19
Deferred taxes on current period activity	0	0		7
Net change in accumulated other comprehensive income	$ 0	$ 0	$ 0	$ 12