Materion (MTRN) 10-Q 2 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Oct. 02, 2015	Oct. 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	Oct. 2, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	MTRN
Amendment Flag	false
Entity Common Stock, Shares Outstanding		20,002,054

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2015	Sep. 26, 2014	Oct. 02, 2015	Sep. 26, 2014
Income Statement [Abstract]
Net sales	$ 244,354	$ 291,570	$ 811,233	$ 838,465
Cost of sales	200,351	236,727	663,548	688,359
Gross margin	44,003	54,843	147,685	150,106
Selling, general, and administrative expense	29,753	34,510	101,578	100,584
Research and development expense	2,501	3,243	9,435	9,473
Other—net	1,590	(644)	(532)	(3,177)
Operating profit	10,159	17,734	37,204	43,226
Interest expense—net	586	764	1,893	2,132
Income before income taxes	9,573	16,970	35,311	41,094
Income tax expense	2,637	4,326	9,868	11,229
Net income	$ 6,936	$ 12,644	$ 25,443	$ 29,865
Basic earnings per share:
Net income per share of common stock (in dollars per share)	$ 0.35	$ 0.62	$ 1.26	$ 1.45
Diluted earnings per share:
Net income per share of common stock (in dollars per share)	0.34	0.61	1.24	1.42
Cash dividends per share (in dollars per share)	$ 0.090	$ 0.085	$ 0.265	$ 0.25
Weighted-average number of shares of common stock outstanding:
Basic (in shares)	20,087	20,490	20,128	20,579
Diluted (in shares)	20,383	20,870	20,458	20,971

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2015	Sep. 26, 2014	Oct. 02, 2015	Sep. 26, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 6,936	$ 12,644	$ 25,443	$ 29,865
Other comprehensive income:
Foreign currency translation adjustment	359	(2,170)	(895)	(1,455)
Derivative and hedging activity, net of tax	(1,177)	1,480	(1,778)	1,567
Pension and post-employment benefit adjustment, net of tax	901	540	2,705	10,465
Net change in accumulated other comprehensive income	83	(150)	32	10,577
Comprehensive income	$ 7,019	$ 12,494	$ 25,475	$ 40,442

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 02, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 24,826	$ 13,150
Accounts receivable	113,961	112,780
Inventories	221,547	232,409
Prepaid expenses	16,902	14,953
Deferred income taxes	11,919	13,402
Total current assets	389,155	386,694
Long-term deferred income taxes	17,722	17,991
Property, plant, and equipment	826,286	800,671
Less allowances for depreciation, depletion, and amortization	(565,086)	(553,083)
Property, plant, and equipment—net	261,200	247,588
Intangible assets	14,312	18,559
Other assets	5,023	4,781
Goodwill	86,725	86,725
Total Assets	774,137	762,338
Current liabilities
Short-term debt	15,234	653
Accounts payable	29,017	36,239
Other liabilities and accrued items	49,325	59,151
Income taxes	3,764	3,144
Unearned revenue	4,105	4,879
Total current liabilities	101,445	104,066
Other long-term liabilities	17,344	18,203
Retirement and post-employment benefits	98,093	103,891
Unearned income	47,099	51,796
Long-term income taxes	1,750	1,750
Deferred income taxes	2,232	0
Long-term debt	31,038	23,613
Serial preferred stock	0	0
Common stock	207,432	204,634
Retained earnings	494,745	474,633
Common stock in treasury	(148,461)	(140,938)
Other comprehensive income (loss)	(82,205)	(82,237)
Other equity transactions	3,625	2,927
Total shareholders' equity	475,136	459,019
Total Liabilities and Shareholders’ Equity	$ 774,137	$ 762,338

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Oct. 02, 2015	Sep. 26, 2014
Cash flows from operating activities:
Net income	$ 25,443	$ 29,865
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation, depletion, and amortization	26,069	26,808
Amortization of deferred financing costs in interest expense	497	627
Amortization of mine development costs	2,393	5,525
Stock-based compensation expense (non-cash)	4,518	3,940
Changes in assets and liabilities net of acquired assets and liabilities:
Decrease (increase) in accounts receivable	(1,583)	(15,184)
Decrease (increase) in inventory	9,928	(24,148)
Decrease (increase) in prepaid and other current assets	(1,965)	(579)
Decrease (increase) in deferred income taxes	3,841	71
Increase (decrease) in accounts payable and accrued expenses	(19,299)	2,315
Increase (decrease) in unearned revenue	(773)	760
Increase (decrease) in interest and taxes payable	896	6,017
Increase (decrease) in long-term liabilities	(5,175)	(14,976)
Other-net	54	(14)
Net cash provided by operating activities	44,844	21,027
Cash flows from investing activities:
Payments for purchase of property, plant, and equipment	(24,085)	(19,843)
Payments for mine development	(16,972)	(670)
Proceeds from sale of property, plant, and equipment	43	3,084
Other investments-net	0	(2)
Net cash (used in) investing activities	(41,014)	(17,431)
Cash flows from financing activities:
Proceeds from issuance (repayment) of short-term debt	14,152	(291)
Proceeds from issuance of long-term debt	53,990	33,252
Repayment of long-term debt	(46,275)	(18,739)
Principal payments under capital lease obligations	(582)	(497)
Cash dividends paid	(5,331)	(5,156)
Repurchase of common stock	(7,129)	(15,615)
Issuance of common stock under stock option plans	0	360
Tax benefit from stock compensation realization	0	109
Net cash provided by (used in) financing activities	8,825	(6,577)
Effects of exchange rate changes	(979)	(183)
Net change in cash and cash equivalents	11,676	(3,164)
Cash and cash equivalents at beginning of period	13,150	22,774
Cash and cash equivalents at end of period	$ 24,826	$ 19,610

Accounting Policies

Accounting Policies	9 Months Ended
	Oct. 02, 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 of the adjustments necessary to present fairly the financial position as of October 2, 2015 and December 31, 2014 , and the results of operations for the three months and nine months ended October 2, 2015 and September 26, 2014 . All adjustments were of a normal and recurring nature, with the exception of certain adjustments referenced in Note B. Certain amounts in prior years have been reclassified to conform to the 2015 consolidated financial statement presentation. In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-11, Simplifying the Measurement of Inventory . Inventory within the scope of this update is required to be measured at the lower of its cost or net realizable value, with net realizable value being the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This ASU is effective prospectively for fiscal years and interim periods beginning after December 15, 2016, with early adoption permitted. We are currently assessing the impact of adopting this standards update on our consolidated financial statements. In April 2015, the FASB issued ASU 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. In ASU 2015-08, the FASB clarified the presentation of debt issuance costs related to line-of-credit arrangements as an asset is acceptable, regardless of whether there are any outstanding borrowings on the line of credit arrangement. The standards are effective for interim and annual periods beginning after December 15, 2015, and retrospective presentation is required. We will adopt this ASU as required. The ASU will not have a material effect on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, 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. We are currently evaluating the impact of adopting this new guidance on the consolidated financial statements. No other recently issued ASUs are expected to have a material effect on our results of operations, financial condition, or liquidity.

Revised Financial Statements

Revised Financial Statements	9 Months Ended
	Oct. 02, 2015
Accounting Changes and Error Corrections [Abstract]
Revised Financial Statements	Revised Financial Statements In the third quarter 2015, the Company identified an error relating to its stock-based compensation expense. The vesting period of awards made under the Company's 2006 Stock Incentive Plan (the “Plan”) generally has been three years and, as such, the Company recognized stock-based compensation expense ratably over the vesting period, presuming the requisite service period to be the vesting period. However, grants made pursuant to the Plan provide that the awards continue to vest if the employee retires. Accordingly, the Company has determined that the requisite service period for awards does not extend beyond the date on which an employee becomes eligible to retire, which causes the requisite service period to be the shorter of three years or the period from the grant date to the date on which each employee becomes retirement eligible. This conclusion has resulted in an acceleration of the recognition of the cost of awards to persons becoming retirement eligible within three years of the grant date. The Company assessed the after-tax impact of this error on the current year interim periods, which would have reduced Net income by $0.7 million for the first quarter and increased Net income by $0.2 million for the second quarter. Additionally, the Company assessed the impact on prior annual periods, which would have decreased Net income by $0.4 million in 2012 and increased Net income by $0.5 million and $0.4 million in 2013 and 2014, respectively. Based on these assessments, the Company determined that the impact of the error was not material to any previously issued financial statements. However, the cumulative effect of this error was material to both the third quarter and expected full-year 2015 results. Accordingly, the Company is revising its previously issued financial statements to facilitate comparisons across periods. As summarized below, Retained earnings at December 31, 2014 was adjusted by the cumulative effect of this error by $1.6 million , net of tax. The Company has revised the Consolidated Balance Sheet as of December 31, 2014 and the Consolidated Statements of Income for the three and nine months ended September 26, 2014. The correction of this error did not result in a change to net cash provided by operating activities for the nine months ended September 26, 2014. The Company will revise additional financial statements and disclosures as applicable in future filings. Consolidated Balance Sheet (Thousands) Dec. 31, 2014 Previously Reported Revision Adjustment As Revised Long-term deferred income taxes (asset) $ 17,722 $ 269 $ 17,991 Deferred income taxes (liability) 617 (617 ) — Common stock 202,104 2,530 204,634 Retained earnings 476,277 (1,644 ) 474,633 Consolidated Statement of Income (Thousands, except per share amounts) Third Quarter Ended Sept. 26, 2014 Nine Months Ended Sept. 26, 2014 Selected Items Previously Reported Revision Adjustment As Revised Previously Reported Revision Adjustment As Revised Selling, general, and administrative expense $ 34,823 $ (313 ) $ 34,510 $ 100,768 $ (184 ) $ 100,584 Income tax expense 4,217 109 4,326 11,165 64 11,229 Net income 12,440 204 12,644 29,745 120 29,865 Basic earnings per share: Net income per share of common stock $ 0.61 $ 0.01 $ 0.62 $ 1.45 $ — $ 1.45 Diluted earnings per share: Net income per share of common stock $ 0.60 $ 0.01 $ 0.61 $ 1.42 $ — $ 1.42

Costs Reduction Initiatives

Costs Reduction Initiatives	9 Months Ended
	Oct. 02, 2015
Restructuring and Related Activities [Abstract]
Costs Reduction Initiatives	Costs Reduction Initiatives In the third quarter of 2015 , the Company recorded realignment charges of $1.8 million in its Other reportable segment due to weakened demand in the projector display segment of the consumer electronics end market and the elimination of executive positions. The realignment charges primarily consisted of severance costs related to approximately 30 employees. The realignment charges are presented in the Consolidated Statement of Income in the following captions: $0.6 million in Cost of sales and $1.2 million in Selling, general, and administrative expenses.

Inventories

Inventories	9 Months Ended
	Oct. 02, 2015
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories on the Consolidated Balance Sheets are summarized as follows: Oct. 2, Dec. 31, (Thousands) 2015 2014 Principally average cost: Raw materials and supplies $ 34,274 $ 39,559 Work in process 150,987 155,377 Finished goods 36,286 37,473 Net inventories $ 221,547 $ 232,409 The Company recognized last-in, first-out (LIFO) liquidation benefits of $0.5 million and $2.4 million in the third quarter and first nine months of 2015, respectively, due to a forecasted reduction in year-end inventory.

Pensions and Other Post-employm

Pensions and Other Post-employment Benefits	9 Months Ended
	Oct. 02, 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 third quarter and first nine 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 Third Quarter Ended Third Quarter Ended Oct. 2, Sept. 26, Oct. 2, Sept. 26, (Thousands) 2015 2014 2015 2014 Components of net periodic benefit cost Service cost $ 2,231 $ 1,931 $ 29 $ 34 Interest cost 2,500 2,449 139 169 Expected return on plan assets (3,354 ) (3,013 ) — — Amortization of prior service cost (benefit) (113 ) (109 ) (374 ) (374 ) Amortization of net loss 1,820 1,275 — — Net periodic benefit cost (benefit) $ 3,084 $ 2,533 $ (206 ) $ (171 ) Pension Benefits Other Benefits Nine Months Ended Nine Months Ended Oct. 2, Sept. 26, Oct. 2, Sept. 26, (Thousands) 2015 2014 2015 2014 Components of net periodic benefit cost Service cost $ 6,692 $ 5,794 $ 87 $ 103 Interest cost 7,500 7,345 415 506 Expected return on plan assets (10,062 ) (9,038 ) — — Amortization of prior service cost (benefit) (337 ) (326 ) (1,122 ) (1,123 ) Amortization of net loss 5,459 3,825 — — Net periodic benefit cost (benefit) $ 9,252 $ 7,600 $ (620 ) $ (514 ) The Company made contributions to the domestic defined benefit pension plans of $8.0 million in the first nine 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	9 Months Ended
	Oct. 02, 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. One CBD case remains outstanding as of the end of the third quarter of 2015, and the Company does not expect the resolution of this matter 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 $5.0 million at October 2, 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.

Segment Reporting

Segment Reporting	9 Months Ended
	Oct. 02, 2015
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Other (Thousands) Performance Alloys and Composites Advanced Materials Other (1) Corporate (2) Subtotal Total Third Quarter 2015 Net sales $ 93,566 $ 113,635 $ 37,142 $ 11 $ 37,153 $ 244,354 Intersegment sales (3) 191 15,316 — — — 15,507 Value-added sales 79,596 44,520 25,671 (948 ) 24,723 148,839 Operating profit (loss) 4,547 6,950 2,273 (3,611 ) (1,338 ) 10,159 Third Quarter 2014 Net sales $ 114,208 $ 137,590 $ 39,948 $ (176 ) $ 39,772 $ 291,570 Intersegment sales (3) 89 15,539 — — — 15,628 Value-added sales 94,681 46,083 27,037 (2,162 ) 24,875 165,639 Operating profit (loss) 10,844 7,841 2,109 (3,060 ) (951 ) 17,734 First Nine Months 2015 Net sales $ 304,507 $ 394,922 $ 112,024 $ (220 ) $ 111,804 $ 811,233 Intersegment sales (3) 733 48,830 — — — 49,563 Value-added sales 256,697 142,952 75,438 (1,258 ) 74,180 473,829 Operating profit (loss) 20,677 23,289 4,512 (11,274 ) (6,762 ) 37,204 Assets 434,416 147,172 119,869 72,680 192,549 774,137 First Nine Months 2014 Net sales $ 321,011 $ 411,955 $ 107,935 $ (2,436 ) $ 105,499 $ 838,465 Intersegment sales (3) 502 37,666 — — — 38,168 Value-added sales 264,569 132,737 75,872 (3,112 ) 72,760 470,066 Operating profit (loss) 23,346 25,520 6,722 (12,362 ) (5,640 ) 43,226 Assets 434,181 150,374 130,265 51,988 182,253 766,808 (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	9 Months Ended
	Oct. 02, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation Expense	Stock-based Compensation Expense Stock-based compensation expense was $1.2 million in both the third quarter of 2015 and the third quarter of 2014. Stock-based compensation expense was $5.9 million and $6.4 million in the first nine months of 2015 and 2014, respectively. The Company granted approximately 56,000 stock-settled restricted stock units (RSUs) during the first nine months of 2015. These shares generally will be amortized over a vesting period of three years , or earlier if the employee is retirement eligible as defined in the Plan, using the weighted average fair value per share of $37.25 . Additionally, approximately 35,000 cash-settled RSUs were granted to employees during the first nine months of 2015. Because these shares are 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 160,000 stock appreciation rights (SARs) to certain employees in the first nine months 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. The SARs generally will be amortized over the vesting period of three years , or earlier if the employee is retirement eligible as defined in the Plan. The SARs expire seven years from the date of the grant. Exercises of SARs totaled approximately 67,000 in the first nine months of 2015 and 50,000 in the first nine months of 2014. The Company granted approximately 77,000 stock-settled performance-based restricted stock units (PRSUs) to certain employees in the first nine months 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	9 Months Ended
	Oct. 02, 2015
Other Income and Expenses [Abstract]
Other-net	Other-net Other-net (income) expense for the third quarter and first nine months of 2015 and 2014 is summarized as follows: Third Quarter Ended Nine Months Ended Oct. 2, Sept. 26, Oct. 2, Sept. 26, (Thousands) 2015 2014 2015 2014 Foreign currency exchange/translation (gain) loss $ (1,256 ) $ (450 ) $ (4,569 ) $ 25 Amortization of intangible assets 1,256 1,208 3,769 3,841 Metal consignment fees 1,686 1,770 5,554 5,481 Net (gain) loss on disposal of fixed assets 2 225 310 (2,384 ) Recovery from insurance — — (3,800 ) (6,750 ) Legal settlements (500 ) (4,000 ) (1,825 ) (4,000 ) Other items 402 603 29 610 Total $ 1,590 $ (644 ) $ (532 ) $ (3,177 )

Income Taxes

Income Taxes	9 Months Ended
	Oct. 02, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded income tax expense of $2.6 million in the third quarter of 2015, an effective tax rate of 27.5% against income before income taxes, and income tax expense of $4.3 million in the third quarter of 2014, with an effective tax rate of 25.5% against income before income taxes. In the first nine months of 2015, income tax expense was $9.9 million , or 27.9% of income before income taxes, while income tax expense was $11.2 million in the first nine months of 2014, or 27.3% of income before income taxes. The differences between the statutory and effective rates in the third quarter and first nine months of both years were 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	9 Months Ended
	Oct. 02, 2015
Property, Plant and Equipment [Abstract]
Depreciation and Amortization	The Company received an aggregate of $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 nine months of 2015, the depreciation expense reimbursed for this equipment was $4.7 million . Unearned income was reduced by $4.7 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	9 Months Ended
	Oct. 02, 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 October 2, 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 $ 2,429 $ 2,407 $ 22 $ — Foreign currency forward contracts 1,001 — 1,001 — Total $ 3,430 $ 2,407 $ 1,023 $ — Financial Liabilities Deferred compensation liability $ 2,466 $ 2,466 $ — $ — Foreign currency forward contracts 368 — 368 — Total $ 2,834 $ 2,466 $ 368 $ — 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 October 2, 2015 .

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activity	9 Months Ended
	Oct. 02, 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 $31.0 million as of October 2, 2015 . All of these contracts were designated and effective as cash flow hedges. The net fair value of the outstanding contracts was $0.6 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 October 2, 2015 . No ineffective expense was recorded in the third quarter or first nine months of 2015 or 2014. Changes in the fair value of outstanding cash flow hedges recorded in OCI for the first nine months of 2015 and 2014 totaled $2.2 million and $2.4 million , respectively. The Company expects to relieve substantially the entire balance in OCI as of October 2, 2015 to the Consolidated Statements of Income during the twelve-month period beginning October 3, 2015. Refer to Note N for additional OCI details.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
	Oct. 02, 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 third quarter and first nine 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 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 ) Third quarter 2015 activity Other comprehensive income (loss) before reclassifications $ (447 ) $ — $ (447 ) $ — $ 359 $ (88 ) Amounts reclassified from accumulated other comprehensive income (1,423 ) — (1,423 ) 1,396 — (27 ) Net current period other comprehensive income (loss) before tax (1,870 ) — (1,870 ) 1,396 359 (115 ) Deferred taxes on current period activity (693 ) — (693 ) 495 — (198 ) Net current period other comprehensive income (loss) after tax $ (1,177 ) $ — $ (1,177 ) $ 901 $ 359 $ 83 Accumulated other comprehensive income, as of October 2, 2015 Gross $ 633 $ — $ 633 $ (104,880 ) $ (5,048 ) $ (109,295 ) Deferred tax expense (benefit) (1,167 ) — (1,167 ) (25,923 ) — (27,090 ) Net $ 1,800 $ — $ 1,800 $ (78,957 ) $ (5,048 ) $ (82,205 ) 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 nine months of 2015 activity Other comprehensive income (loss) before reclassifications $ 2,198 $ — $ 2,198 $ 14 $ (895 ) $ 1,317 Amounts reclassified from accumulated other comprehensive income (5,021 ) — (5,021 ) 4,186 — (835 ) Net current period other comprehensive income (loss) before tax (2,823 ) — (2,823 ) 4,200 (895 ) 482 Deferred taxes on current period activity (1,045 ) — (1,045 ) 1,495 — 450 Net current period other comprehensive income (loss) after tax $ (1,778 ) $ — $ (1,778 ) $ 2,705 $ (895 ) $ 32 Accumulated other comprehensive income, as of October 2, 2015 Gross $ 633 $ — $ 633 $ (104,880 ) $ (5,048 ) $ (109,295 ) Deferred tax expense (benefit) (1,167 ) — (1,167 ) (25,923 ) — (27,090 ) Net $ 1,800 $ — $ 1,800 $ (78,957 ) $ (5,048 ) $ (82,205 ) 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 ) Third quarter 2014 activity Other comprehensive income (loss) before reclassifications $ 2,365 $ — $ 2,365 $ — $ (2,170 ) $ 195 Amounts reclassified from accumulated other comprehensive income (17 ) — (17 ) 833 — 816 Net current period other comprehensive income (loss) before tax 2,348 — 2,348 833 (2,170 ) 1,011 Deferred taxes on current period activity 868 — 868 293 — 1,161 Net current period other comprehensive income (loss) after tax $ 1,480 $ — $ 1,480 $ 540 $ (2,170 ) $ (150 ) Accumulated other comprehensive income, as of September 26, 2014 Gross $ 2,379 $ — $ 2,379 $ (60,764 ) $ (1,168 ) $ (59,553 ) Deferred tax expense (benefit) (522 ) — (522 ) (9,720 ) — (10,242 ) Net $ 2,901 $ — $ 2,901 $ (51,044 ) $ (1,168 ) $ (49,311 ) 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 expense (benefit) (1,433 ) (7 ) (1,440 ) (15,792 ) — (17,232 ) Net $ 1,346 $ (12 ) $ 1,334 $ (61,509 ) $ 287 $ (59,888 ) First nine months of 2014 activity Other comprehensive income (loss) before reclassifications $ 2,357 $ — $ 2,357 $ 14,034 $ (1,455 ) $ 14,936 Amounts reclassified from accumulated other comprehensive income 109 19 128 2,503 — 2,631 Net current period other comprehensive income (loss) before tax 2,466 19 2,485 16,537 (1,455 ) 17,567 Deferred taxes on current period activity 911 7 918 6,072 — 6,990 Net current period other comprehensive income (loss) after tax $ 1,555 $ 12 $ 1,567 $ 10,465 $ (1,455 ) $ 10,577 Accumulated other comprehensive income, as of September 26, 2014 Gross $ 2,379 $ — $ 2,379 $ (60,764 ) $ (1,168 ) $ (59,553 ) Deferred tax expense (benefit) (522 ) — (522 ) (9,720 ) — (10,242 ) Net $ 2,901 $ — $ 2,901 $ (51,044 ) $ (1,168 ) $ (49,311 ) 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 October 2, 2015 . Refer to Note M 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 E for additional details on pension and post-employment expenses.

Accounting Policies New Policie

Accounting Policies New Policies (Policies)	9 Months Ended
	Oct. 02, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Pronouncements	In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-11, Simplifying the Measurement of Inventory . Inventory within the scope of this update is required to be measured at the lower of its cost or net realizable value, with net realizable value being the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This ASU is effective prospectively for fiscal years and interim periods beginning after December 15, 2016, with early adoption permitted. We are currently assessing the impact of adopting this standards update on our consolidated financial statements. In April 2015, the FASB issued ASU 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. In ASU 2015-08, the FASB clarified the presentation of debt issuance costs related to line-of-credit arrangements as an asset is acceptable, regardless of whether there are any outstanding borrowings on the line of credit arrangement. The standards are effective for interim and annual periods beginning after December 15, 2015, and retrospective presentation is required. We will adopt this ASU as required. The ASU will not have a material effect on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, 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. We are currently evaluating the impact of adopting this new guidance on the consolidated financial statements. No other recently issued ASUs are expected to have a material effect on our results of operations, financial condition, or liquidity.

Revised Financial Statements (T

Revised Financial Statements (Tables)	9 Months Ended
	Oct. 02, 2015
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	Consolidated Balance Sheet (Thousands) Dec. 31, 2014 Previously Reported Revision Adjustment As Revised Long-term deferred income taxes (asset) $ 17,722 $ 269 $ 17,991 Deferred income taxes (liability) 617 (617 ) — Common stock 202,104 2,530 204,634 Retained earnings 476,277 (1,644 ) 474,633 Consolidated Statement of Income (Thousands, except per share amounts) Third Quarter Ended Sept. 26, 2014 Nine Months Ended Sept. 26, 2014 Selected Items Previously Reported Revision Adjustment As Revised Previously Reported Revision Adjustment As Revised Selling, general, and administrative expense $ 34,823 $ (313 ) $ 34,510 $ 100,768 $ (184 ) $ 100,584 Income tax expense 4,217 109 4,326 11,165 64 11,229 Net income 12,440 204 12,644 29,745 120 29,865 Basic earnings per share: Net income per share of common stock $ 0.61 $ 0.01 $ 0.62 $ 1.45 $ — $ 1.45 Diluted earnings per share: Net income per share of common stock $ 0.60 $ 0.01 $ 0.61 $ 1.42 $ — $ 1.42

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Oct. 02, 2015
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories on the Consolidated Balance Sheets are summarized as follows: Oct. 2, Dec. 31, (Thousands) 2015 2014 Principally average cost: Raw materials and supplies $ 34,274 $ 39,559 Work in process 150,987 155,377 Finished goods 36,286 37,473 Net inventories $ 221,547 $ 232,409

Pensions and Other Post-emplo23

Pensions and Other Post-employment Benefits (Tables)	9 Months Ended
	Oct. 02, 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 third quarter and first nine 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 Third Quarter Ended Third Quarter Ended Oct. 2, Sept. 26, Oct. 2, Sept. 26, (Thousands) 2015 2014 2015 2014 Components of net periodic benefit cost Service cost $ 2,231 $ 1,931 $ 29 $ 34 Interest cost 2,500 2,449 139 169 Expected return on plan assets (3,354 ) (3,013 ) — — Amortization of prior service cost (benefit) (113 ) (109 ) (374 ) (374 ) Amortization of net loss 1,820 1,275 — — Net periodic benefit cost (benefit) $ 3,084 $ 2,533 $ (206 ) $ (171 ) Pension Benefits Other Benefits Nine Months Ended Nine Months Ended Oct. 2, Sept. 26, Oct. 2, Sept. 26, (Thousands) 2015 2014 2015 2014 Components of net periodic benefit cost Service cost $ 6,692 $ 5,794 $ 87 $ 103 Interest cost 7,500 7,345 415 506 Expected return on plan assets (10,062 ) (9,038 ) — — Amortization of prior service cost (benefit) (337 ) (326 ) (1,122 ) (1,123 ) Amortization of net loss 5,459 3,825 — — Net periodic benefit cost (benefit) $ 9,252 $ 7,600 $ (620 ) $ (514 )

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Oct. 02, 2015
Segment Reporting [Abstract]
Segment Reporting	Other (Thousands) Performance Alloys and Composites Advanced Materials Other (1) Corporate (2) Subtotal Total Third Quarter 2015 Net sales $ 93,566 $ 113,635 $ 37,142 $ 11 $ 37,153 $ 244,354 Intersegment sales (3) 191 15,316 — — — 15,507 Value-added sales 79,596 44,520 25,671 (948 ) 24,723 148,839 Operating profit (loss) 4,547 6,950 2,273 (3,611 ) (1,338 ) 10,159 Third Quarter 2014 Net sales $ 114,208 $ 137,590 $ 39,948 $ (176 ) $ 39,772 $ 291,570 Intersegment sales (3) 89 15,539 — — — 15,628 Value-added sales 94,681 46,083 27,037 (2,162 ) 24,875 165,639 Operating profit (loss) 10,844 7,841 2,109 (3,060 ) (951 ) 17,734 First Nine Months 2015 Net sales $ 304,507 $ 394,922 $ 112,024 $ (220 ) $ 111,804 $ 811,233 Intersegment sales (3) 733 48,830 — — — 49,563 Value-added sales 256,697 142,952 75,438 (1,258 ) 74,180 473,829 Operating profit (loss) 20,677 23,289 4,512 (11,274 ) (6,762 ) 37,204 Assets 434,416 147,172 119,869 72,680 192,549 774,137 First Nine Months 2014 Net sales $ 321,011 $ 411,955 $ 107,935 $ (2,436 ) $ 105,499 $ 838,465 Intersegment sales (3) 502 37,666 — — — 38,168 Value-added sales 264,569 132,737 75,872 (3,112 ) 72,760 470,066 Operating profit (loss) 23,346 25,520 6,722 (12,362 ) (5,640 ) 43,226 Assets 434,181 150,374 130,265 51,988 182,253 766,808 (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)	9 Months Ended
	Oct. 02, 2015
Other Income and Expenses [Abstract]
Summary of Other-Net Expense	Other-net (income) expense for the third quarter and first nine months of 2015 and 2014 is summarized as follows: Third Quarter Ended Nine Months Ended Oct. 2, Sept. 26, Oct. 2, Sept. 26, (Thousands) 2015 2014 2015 2014 Foreign currency exchange/translation (gain) loss $ (1,256 ) $ (450 ) $ (4,569 ) $ 25 Amortization of intangible assets 1,256 1,208 3,769 3,841 Metal consignment fees 1,686 1,770 5,554 5,481 Net (gain) loss on disposal of fixed assets 2 225 310 (2,384 ) Recovery from insurance — — (3,800 ) (6,750 ) Legal settlements (500 ) (4,000 ) (1,825 ) (4,000 ) Other items 402 603 29 610 Total $ 1,590 $ (644 ) $ (532 ) $ (3,177 )

Fair Value of Financial Instr26

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Oct. 02, 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 October 2, 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 $ 2,429 $ 2,407 $ 22 $ — Foreign currency forward contracts 1,001 — 1,001 — Total $ 3,430 $ 2,407 $ 1,023 $ — Financial Liabilities Deferred compensation liability $ 2,466 $ 2,466 $ — $ — Foreign currency forward contracts 368 — 368 — Total $ 2,834 $ 2,466 $ 368 $ —

Accumulated Other Comprehensi27

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Oct. 02, 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 third quarter and first nine 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 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 ) Third quarter 2015 activity Other comprehensive income (loss) before reclassifications $ (447 ) $ — $ (447 ) $ — $ 359 $ (88 ) Amounts reclassified from accumulated other comprehensive income (1,423 ) — (1,423 ) 1,396 — (27 ) Net current period other comprehensive income (loss) before tax (1,870 ) — (1,870 ) 1,396 359 (115 ) Deferred taxes on current period activity (693 ) — (693 ) 495 — (198 ) Net current period other comprehensive income (loss) after tax $ (1,177 ) $ — $ (1,177 ) $ 901 $ 359 $ 83 Accumulated other comprehensive income, as of October 2, 2015 Gross $ 633 $ — $ 633 $ (104,880 ) $ (5,048 ) $ (109,295 ) Deferred tax expense (benefit) (1,167 ) — (1,167 ) (25,923 ) — (27,090 ) Net $ 1,800 $ — $ 1,800 $ (78,957 ) $ (5,048 ) $ (82,205 ) 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 nine months of 2015 activity Other comprehensive income (loss) before reclassifications $ 2,198 $ — $ 2,198 $ 14 $ (895 ) $ 1,317 Amounts reclassified from accumulated other comprehensive income (5,021 ) — (5,021 ) 4,186 — (835 ) Net current period other comprehensive income (loss) before tax (2,823 ) — (2,823 ) 4,200 (895 ) 482 Deferred taxes on current period activity (1,045 ) — (1,045 ) 1,495 — 450 Net current period other comprehensive income (loss) after tax $ (1,778 ) $ — $ (1,778 ) $ 2,705 $ (895 ) $ 32 Accumulated other comprehensive income, as of October 2, 2015 Gross $ 633 $ — $ 633 $ (104,880 ) $ (5,048 ) $ (109,295 ) Deferred tax expense (benefit) (1,167 ) — (1,167 ) (25,923 ) — (27,090 ) Net $ 1,800 $ — $ 1,800 $ (78,957 ) $ (5,048 ) $ (82,205 ) 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 ) Third quarter 2014 activity Other comprehensive income (loss) before reclassifications $ 2,365 $ — $ 2,365 $ — $ (2,170 ) $ 195 Amounts reclassified from accumulated other comprehensive income (17 ) — (17 ) 833 — 816 Net current period other comprehensive income (loss) before tax 2,348 — 2,348 833 (2,170 ) 1,011 Deferred taxes on current period activity 868 — 868 293 — 1,161 Net current period other comprehensive income (loss) after tax $ 1,480 $ — $ 1,480 $ 540 $ (2,170 ) $ (150 ) Accumulated other comprehensive income, as of September 26, 2014 Gross $ 2,379 $ — $ 2,379 $ (60,764 ) $ (1,168 ) $ (59,553 ) Deferred tax expense (benefit) (522 ) — (522 ) (9,720 ) — (10,242 ) Net $ 2,901 $ — $ 2,901 $ (51,044 ) $ (1,168 ) $ (49,311 ) 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 expense (benefit) (1,433 ) (7 ) (1,440 ) (15,792 ) — (17,232 ) Net $ 1,346 $ (12 ) $ 1,334 $ (61,509 ) $ 287 $ (59,888 ) First nine months of 2014 activity Other comprehensive income (loss) before reclassifications $ 2,357 $ — $ 2,357 $ 14,034 $ (1,455 ) $ 14,936 Amounts reclassified from accumulated other comprehensive income 109 19 128 2,503 — 2,631 Net current period other comprehensive income (loss) before tax 2,466 19 2,485 16,537 (1,455 ) 17,567 Deferred taxes on current period activity 911 7 918 6,072 — 6,990 Net current period other comprehensive income (loss) after tax $ 1,555 $ 12 $ 1,567 $ 10,465 $ (1,455 ) $ 10,577 Accumulated other comprehensive income, as of September 26, 2014 Gross $ 2,379 $ — $ 2,379 $ (60,764 ) $ (1,168 ) $ (59,553 ) Deferred tax expense (benefit) (522 ) — (522 ) (9,720 ) — (10,242 ) Net $ 2,901 $ — $ 2,901 $ (51,044 ) $ (1,168 ) $ (49,311 )

Revised Financial Statements -

Revised Financial Statements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Oct. 02, 2015	Jul. 03, 2015	Apr. 03, 2015	Sep. 26, 2014	Oct. 02, 2015	Sep. 26, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Error Corrections and Prior Period Adjustments, Description					In the third quarter 2015, the Company identified an error relating to its stock-based compensation expense. The vesting period of awards made under the Company's 2006 Stock Incentive Plan (the “Plan”) generally has been three years and, as such, the Company recognized stock-based compensation expense ratably over the vesting period, presuming the requisite service period to be the vesting period. However, grants made pursuant to the Plan provide that the awards continue to vest if the employee retires. Accordingly, the Company has determined that the requisite service period for awards does not extend beyond the date on which an employee becomes eligible to retire, which causes the requisite service period to be the shorter of three years or the period from the grant date to the date on which each employee becomes retirement eligible. This conclusion has resulted in an acceleration of the recognition of the cost of awards to persons becoming retirement eligible within three years of the grant date.
Increase (decrease) in net income	$ 6,936			$ 12,644	$ 25,443	$ 29,865
Adjustment to retained earnings	$ (494,745)				$ (494,745)		$ (474,633)
Revision Adjustment [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Increase (decrease) in net income		$ 200	$ (700)	$ 204		$ 120	400	$ 500	$ (400)
Adjustment to retained earnings							$ 1,644

Revised Financial Statements 29

Revised Financial Statements - Revised Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Oct. 02, 2015	Dec. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Long-term deferred income taxes	$ 17,722	$ 17,991
Deferred income taxes	2,232	0
Common stock	207,432	204,634
Retained earnings	$ 494,745	474,633
Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Long-term deferred income taxes		17,722
Deferred income taxes		617
Common stock		202,104
Retained earnings		476,277
Revision Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Long-term deferred income taxes		269
Deferred income taxes		(617)
Common stock		2,530
Retained earnings		$ (1,644)

Revised Financial Statements 30

Revised Financial Statements - Revised Consolidated Statement of Income (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Oct. 02, 2015	Jul. 03, 2015	Apr. 03, 2015	Sep. 26, 2014	Oct. 02, 2015	Sep. 26, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Selling, general, and administrative expense	$ 29,753			$ 34,510	$ 101,578	$ 100,584
Income tax expense	2,637			4,326	9,868	11,229
Net income	$ (6,936)			$ (12,644)	$ (25,443)	$ (29,865)
Net income per share of common stock (in dollars per share)	$ 0.35			$ 0.62	$ 1.26	$ 1.45
Net income per share of common stock (in dollars per share)	$ 0.34			$ 0.61	$ 1.24	$ 1.42
Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Selling, general, and administrative expense				$ 34,823		$ 100,768
Income tax expense				4,217		11,165
Net income				$ (12,440)		$ (29,745)
Net income per share of common stock (in dollars per share)				$ 0.61		$ 1.45
Net income per share of common stock (in dollars per share)				$ 0.60		$ 1.42
Revision Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Selling, general, and administrative expense				$ (313)		$ (184)
Income tax expense				109		64
Net income		$ (200)	$ 700	$ (204)		$ (120)	$ (400)	$ (500)	$ 400
Net income per share of common stock (in dollars per share)				$ 0.01		$ 0
Net income per share of common stock (in dollars per share)				$ 0.01		$ 0

Costs Reduction Initiatives - N

Costs Reduction Initiatives - Narrative (Details) - Corporate and Other [Member] $ in Millions	3 Months Ended
	Oct. 02, 2015USD ($)Employee
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1.8
Expected number of positions eliminated | Employee	30
Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0.6
Selling, General and Administrative Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1.2

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Oct. 02, 2015	Dec. 31, 2014
Principally average cost:
Raw materials and supplies	$ 34,274	$ 39,559
Work in process	150,987	155,377
Finished goods	36,286	37,473
Net inventories	$ 221,547	$ 232,409

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Oct. 02, 2015	Oct. 02, 2015
Inventory Disclosure [Abstract]
LIFO liquidation benefit	$ 0.5	$ 2.4

Pensions and Other Post-emplo34

Pensions and Other Post-employment Benefits - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2015	Sep. 26, 2014	Oct. 02, 2015	Sep. 26, 2014
Pension Benefits [Member]
Components of net periodic benefit cost
Service cost	$ 2,231	$ 1,931	$ 6,692	$ 5,794
Interest cost	2,500	2,449	7,500	7,345
Expected return on plan assets	(3,354)	(3,013)	(10,062)	(9,038)
Amortization of prior service cost (benefit)	(113)	(109)	(337)	(326)
Amortization of net loss	1,820	1,275	5,459	3,825
Net periodic benefit cost (benefit)	3,084	2,533	9,252	7,600
Other Benefits [Member]
Components of net periodic benefit cost
Service cost	29	34	87	103
Interest cost	139	169	415	506
Expected return on plan assets	0	0	0	0
Amortization of prior service cost (benefit)	(374)	(374)	(1,122)	(1,123)
Amortization of net loss	0	0	0	0
Net periodic benefit cost (benefit)	$ (206)	$ (171)	$ (620)	$ (514)

Pensions and Other Post-emplo35

Pensions and Other Post-employment Benefits - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 28, 2014	Oct. 02, 2015
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Domestic defined benefit pension plan		$ 8
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 Millions	9 Months Ended
	Oct. 02, 2015USD ($)claim	Dec. 31, 2014USD ($)
Loss Contingency [Abstract]
Number of CBD cases outstanding	1
Accrual for Environmental Loss Contingencies, Significant Assumptions	The reserves are established based upon analyses conducted by the Company’s engineers and outside consultants and are adjusted from time to time based upon ongoing studies, the difference between actual and estimated costs, and other factors. The reserves may also be affected by rulings and negotiations with regulatory agencies.
Undiscounted reserve balance | $	$ 5	$ 4.9

Segment Reporting (Detail)

Segment Reporting (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2015	Sep. 26, 2014	Oct. 02, 2015	Sep. 26, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Net sales	$ 244,354	$ 291,570	$ 811,233	$ 838,465
Intersegment sales	15,507	15,628	49,563	38,168
Value-added sales	148,839	165,639	473,829	470,066
Operating profit (loss)	10,159	17,734	37,204	43,226
Assets	774,137	766,808	774,137	766,808	$ 762,338
Performance Alloys and Composites [Member]
Segment Reporting Information [Line Items]
Net sales	93,566	114,208	304,507	321,011
Intersegment sales	191	89	733	502
Value-added sales	79,596	94,681	256,697	264,569
Operating profit (loss)	4,547	10,844	20,677	23,346
Assets	434,416	434,181	434,416	434,181
Advanced Materials [Member]
Segment Reporting Information [Line Items]
Net sales	113,635	137,590	394,922	411,955
Intersegment sales	15,316	15,539	48,830	37,666
Value-added sales	44,520	46,083	142,952	132,737
Operating profit (loss)	6,950	7,841	23,289	25,520
Assets	147,172	150,374	147,172	150,374
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Net sales	37,153	39,772	111,804	105,499
Intersegment sales	0	0	0	0
Value-added sales	24,723	24,875	74,180	72,760
Operating profit (loss)	(1,338)	(951)	(6,762)	(5,640)
Assets	192,549	182,253	192,549	182,253
All Other [Member]
Segment Reporting Information [Line Items]
Net sales	37,142	39,948	112,024	107,935
Intersegment sales	0	0	0	0
Value-added sales	25,671	27,037	75,438	75,872
Operating profit (loss)	2,273	2,109	4,512	6,722
Assets	119,869	130,265	119,869	130,265
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Net sales	11	(176)	(220)	(2,436)
Intersegment sales	0	0	0	0
Value-added sales	(948)	(2,162)	(1,258)	(3,112)
Operating profit (loss)	(3,611)	(3,060)	(11,274)	(12,362)
Assets	$ 72,680	$ 51,988	$ 72,680	$ 51,988

Stock-based Compensation Expe38

Stock-based Compensation Expense - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			9 Months Ended
	Oct. 02, 2015	Apr. 03, 2015	Sep. 26, 2014	Oct. 02, 2015	Sep. 26, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1.2		$ 1.2	$ 5.9	$ 6.4
Stock Settled Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock appreciation rights to employees				56,000
Stock appreciation rights vested period				3 years
Fair value grant date per unit (in usd per share)	$ 37.25			$ 37.25
Cash Settled Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock appreciation rights to employees				35,000
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)				67,000	50,000
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		9 Months Ended
	Oct. 02, 2015	Sep. 26, 2014	Oct. 02, 2015	Sep. 26, 2014
Other Income and Expenses [Abstract]
Foreign currency exchange/translation (gain) loss	$ (1,256)	$ (450)	$ (4,569)	$ 25
Amortization of intangible assets	1,256	1,208	3,769	3,841
Metal consignment fees	1,686	1,770	5,554	5,481
Net (gain) loss on disposal of fixed assets	2	225	310	(2,384)
Recovery from insurance	0	0	(3,800)	(6,750)
Legal settlements	(500)	(4,000)	(1,825)	(4,000)
Other items	402	603	29	610
Total	$ 1,590	$ (644)	$ (532)	$ (3,177)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2015	Sep. 26, 2014	Oct. 02, 2015	Sep. 26, 2014
Income Tax Disclosure [Abstract]
Tax expense (benefit)	$ 2,637	$ 4,326	$ 9,868	$ 11,229
Rate against income before income taxes	27.50%	25.50%	27.90%	27.30%

Depreciation and Amortization (

Depreciation and Amortization (Details) $ in Millions	9 Months Ended
	Oct. 02, 2015USD ($)
Property, Plant and Equipment [Abstract]
Reimbursement Revenue	$ 63.5
Depreciation Expense Offset By Government Reimbursement	4.7
Unearned Income	$ (4.7)

Fair Value of Financial Instr42

Fair Value of Financial Instruments - Summary of Fair Value Information and Derivative Financial Instruments (Detail) $ in Thousands	Oct. 02, 2015USD ($)
Financial Assets
Deferred Compensation Investment	$ 2,429
Foreign Currency Contract	1,001
Assets Fair Value Disclosure	3,430
Financial Liabilities
Deferred Compensation Liability	2,466
Foreign Currency Contract	368
Liabilities Fair Value Disclosure	2,834
Fair Value, Inputs, Level 1 [Member]
Financial Assets
Deferred Compensation Investment	2,407
Foreign Currency Contract	0
Assets Fair Value Disclosure	2,407
Financial Liabilities
Deferred Compensation Liability	2,466
Foreign Currency Contract	0
Liabilities Fair Value Disclosure	2,466
Fair Value, Inputs, Level 2 [Member]
Financial Assets
Deferred Compensation Investment	22
Foreign Currency Contract	1,001
Assets Fair Value Disclosure	1,023
Financial Liabilities
Deferred Compensation Liability	0
Foreign Currency Contract	368
Liabilities Fair Value Disclosure	368
Fair Value, Inputs, Level 3 [Member]
Financial Assets
Deferred Compensation Investment	0
Foreign Currency Contract	0
Assets Fair Value Disclosure	0
Financial Liabilities
Deferred Compensation Liability	0
Foreign Currency Contract	0
Liabilities Fair Value Disclosure	$ 0

Derivative Instruments and He43

Derivative Instruments and Hedging Activity - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 02, 2015	Sep. 26, 2014	Oct. 02, 2015	Sep. 26, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Ineffective expense	$ 0	$ 0	$ 0	$ 0
Foreign exchange forward [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of contracts	600,000		600,000
Designated as Hedging Instrument [Member] | Foreign exchange forward [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional value of foreign currency forward contracts	31,000,000		31,000,000
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of contracts	$ 2,200,000	$ 2,400,000	$ 2,200,000	$ 2,400,000

Accumulated Other Comprehensi44

Accumulated Other Comprehensive Income - (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2015	Sep. 26, 2014	Oct. 02, 2015	Sep. 26, 2014	Jul. 03, 2015	Dec. 31, 2014	Jun. 27, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Rollward]
Gross	$ (109,295)	$ (59,553)	$ (109,295)	$ (59,553)	$ (109,180)	$ (109,777)	$ (60,564)	$ (77,120)
Deferred tax expense (benefit)	(27,090)	(10,242)	(27,090)	(10,242)	(26,892)	(27,540)	(11,403)	(17,232)
Net	(82,205)	(49,311)	(82,205)	(49,311)	(82,288)	(82,237)	(49,161)	(59,888)
Activity
Other comprehensive income (loss) before reclassifications	(88)	195	1,317	14,936
Amounts reclassified from accumulated other comprehensive income	(27)	816	(835)	2,631
Net current period other comprehensive income (loss) before tax	(115)	1,011	482	17,567
Deferred taxes on current period activity	(198)	1,161	450	6,990
Net change in accumulated other comprehensive income	83	(150)	32	10,577
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Rollward]
Gross	633	2,379	633	2,379	2,503	3,456	31	(106)
Deferred tax expense (benefit)	(1,167)	(522)	(1,167)	(522)	(474)	(122)	(1,390)	(1,440)
Net	1,800	2,901	1,800	2,901	2,977	3,578	1,421	1,334
Activity
Other comprehensive income (loss) before reclassifications	(447)	2,365	2,198	2,357
Amounts reclassified from accumulated other comprehensive income	(1,423)	(17)	(5,021)	128
Net current period other comprehensive income (loss) before tax	(1,870)	2,348	(2,823)	2,485
Deferred taxes on current period activity	(693)	868	(1,045)	918
Net change in accumulated other comprehensive income	(1,177)	1,480	(1,778)	1,567
Pension and Post Employment Benefits [Member]
Accumulated Other Comprehensive Income (Loss) [Rollward]
Gross	(104,880)	(60,764)	(104,880)	(60,764)	(106,276)	(109,080)	(61,597)	(77,301)
Deferred tax expense (benefit)	(25,923)	(9,720)	(25,923)	(9,720)	(26,418)	(27,418)	(10,013)	(15,792)
Net	(78,957)	(51,044)	(78,957)	(51,044)	(79,858)	(81,662)	(51,584)	(61,509)
Activity
Other comprehensive income (loss) before reclassifications	0	0	14	14,034
Amounts reclassified from accumulated other comprehensive income	1,396	833	4,186	2,503
Net current period other comprehensive income (loss) before tax	1,396	833	4,200	16,537
Deferred taxes on current period activity	495	293	1,495	6,072
Net change in accumulated other comprehensive income	901	540	2,705	10,465
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) [Rollward]
Gross	(5,048)	(1,168)	(5,048)	(1,168)	(5,407)	(4,153)	1,002	287
Deferred tax expense (benefit)	0	0	0	0	0	0	0	0
Net	(5,048)	(1,168)	(5,048)	(1,168)	(5,407)	(4,153)	1,002	287
Activity
Other comprehensive income (loss) before reclassifications	359	(2,170)	(895)	(1,455)
Amounts reclassified from accumulated other comprehensive income	0	0	0	0
Net current period other comprehensive income (loss) before tax	359	(2,170)	(895)	(1,455)
Deferred taxes on current period activity	0	0	0	0
Net change in accumulated other comprehensive income	359	(2,170)	(895)	(1,455)
Foreign Currency [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Rollward]
Gross	633	2,379	633	2,379	2,503	3,456	31	(87)
Deferred tax expense (benefit)	(1,167)	(522)	(1,167)	(522)	(474)	(122)	(1,390)	(1,433)
Net	1,800	2,901	1,800	2,901	2,977	3,578	1,421	1,346
Activity
Other comprehensive income (loss) before reclassifications	(447)	2,365	2,198	2,357
Amounts reclassified from accumulated other comprehensive income	(1,423)	(17)	(5,021)	109
Net current period other comprehensive income (loss) before tax	(1,870)	2,348	(2,823)	2,466
Deferred taxes on current period activity	(693)	868	(1,045)	911
Net change in accumulated other comprehensive income	(1,177)	1,480	(1,778)	1,555
Precious Metals [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [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	0	19
Net current period other comprehensive income (loss) before tax	0	0	0	19
Deferred taxes on current period activity	0	0	0	7
Net change in accumulated other comprehensive income	$ 0	$ 0	$ 0	$ 12