Materion (MTRN) 10-Q 26 Oct 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 29, 2017shares
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	Sep. 29, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Trading Symbol	MTRN
Amendment Flag	false
Entity Common Stock, Shares Outstanding	20,043,474

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2017	Sep. 30, 2016	Sep. 29, 2017	Sep. 30, 2016
Income Statement [Abstract]
Net sales	$ 294,268	$ 249,619	$ 830,779	$ 734,906
Cost of sales	239,065	198,864	678,023	595,488
Gross margin	55,203	50,755	152,756	139,418
Selling, general, and administrative expense	36,415	34,177	108,118	97,101
Research and development expense	3,429	3,237	10,103	9,860
Other net	3,801	3,190	9,823	8,997
Operating profit	11,558	10,151	24,712	23,460
Interest expense—net	533	490	1,721	1,417
Income before income taxes	11,025	9,661	22,991	22,043
Income tax expense	1,705	1,616	3,308	3,081
Net income	$ 9,320	$ 8,045	$ 19,683	$ 18,962
Basic earnings per share:
Net income per share of common stock (in dollars per share)	$ 0.47	$ 0.40	$ 0.98	$ 0.95
Diluted earnings per share:
Net income per share of common stock (in dollars per share)	0.46	0.40	0.97	0.94
Cash dividends per share (in dollars per share)	$ 0.1	$ 0.095	$ 0.295	$ 0.280
Weighted-average number of shares of common stock outstanding:
Basic (in shares)	20,040	19,957	20,007	19,996
Diluted (in shares)	20,411	20,192	20,361	20,209

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2017	Sep. 30, 2016	Sep. 29, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 9,320	$ 8,045	$ 19,683	$ 18,962
Other comprehensive income (loss):
Foreign currency translation adjustment	271	467	1,649	2,918
Derivative and hedging activity, net of tax	(120)	132	(755)	(489)
Pension and post-employment benefit adjustment, net of tax	881	673	2,397	2,923
Other comprehensive income	1,032	1,272	3,291	5,352
Comprehensive income	$ 10,352	$ 9,317	$ 22,974	$ 24,314

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 29, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 22,486	$ 31,464
Accounts receivable	125,417	100,817
Inventories	220,223	200,865
Prepaid and other current assets	19,115	12,138
Total current assets	387,241	345,284
Long-term deferred income taxes	40,332	39,409
Property, plant, and equipment	877,002	861,267
Less allowances for depreciation, depletion, and amortization	(632,435)	(608,636)
Property, plant, and equipment—net	244,567	252,631
Intangible assets	10,771	11,074
Other assets	6,312	5,950
Goodwill	89,720	86,950
Total Assets	778,943	741,298
Current liabilities
Short-term debt	767	733
Accounts payable	44,678	32,533
Salaries and wages	30,889	29,885
Other liabilities and accrued items	27,950	21,340
Income taxes	2,953	4,781
Unearned revenue	5,859	1,105
Total current liabilities	113,096	90,377
Other long-term liabilities	18,968	17,979
Retirement and post-employment benefits	92,014	91,505
Unearned income	37,991	41,369
Long-term income taxes	1,593	2,100
Deferred income taxes	279	274
Long-term debt	3,010	3,605
Serial preferred stock	0	0
Common stock	219,817	212,702
Retained earnings	531,683	517,903
Common stock in treasury	(161,030)	(154,399)
Accumulated other comprehensive loss	(82,890)	(86,181)
Other equity transactions	4,412	4,064
Total shareholders' equity	511,992	494,089
Total Liabilities and Shareholders’ Equity	$ 778,943	$ 741,298

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income	$ 19,683	$ 18,962
Adjustments to reconcile net income to net cash provided from (used in) operating activities:
Depreciation, depletion, and amortization	33,444	34,379
Amortization of deferred financing costs in interest expense	670	417
Stock-based compensation expense (non-cash)	4,303	2,880
(Gain) loss on sale of property, plant, and equipment	207	(601)
Deferred income tax expense (benefit)	1,073	(676)
Changes in assets and liabilities net of acquired assets and liabilities:
Decrease (increase) in accounts receivable	(21,572)	(19,781)
Decrease (increase) in inventory	(9,953)	3,294
Decrease (increase) in prepaid and other current assets	(6,077)	(956)
Increase (decrease) in accounts payable and accrued expenses	17,991	(2,207)
Increase (decrease) in unearned revenue	4,746	(2,546)
Increase (decrease) in interest and taxes payable	(2,083)	898
Increase (decrease) in long-term liabilities	(5,611)	(9,320)
Other-net	(1,324)	2,479
Net cash provided by operating activities	35,497	27,222
Cash flows from investing activities:
Payments for purchase of property, plant, and equipment	(17,759)	(20,052)
Payments for mine development	(620)	(8,934)
Payments for acquisition	(16,504)	0
Proceeds from sale of property, plant, and equipment	53	1,366
Net cash used in investing activities	(34,830)	(27,620)
Cash flows from financing activities:
Proceeds from issuance of short-term debt, net	0	3,777
Proceeds from issuance of long-term debt	55,000	10,000
Repayment of long-term debt	(55,608)	(10,517)
Principal payments under capital lease obligations	(644)	(549)
Cash dividends paid	(5,903)	(5,601)
Deferred financing costs	(300)	(1,000)
Common shares withheld for taxes	(2,397)	(868)
Repurchase of common stock	(1,086)	(3,798)
Net cash used in financing activities	(10,938)	(8,556)
Effects of exchange rate changes	1,293	524
Net change in cash and cash equivalents	(8,978)	(8,430)
Cash and cash equivalents at beginning of period	31,464	24,236
Cash and cash equivalents at end of period	$ 22,486	$ 15,806

Accounting Policies

Accounting Policies	9 Months Ended
	Sep. 29, 2017
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies (Dollars in thousands) Basis of Presentation: In management’s opinion, the accompanying consolidated financial statements of Materion Corporation and its subsidiaries (referred to herein as the Company, our, we, or us) contain all of the adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods reported. All adjustments were of a normal and recurring nature. Certain amounts in prior years have been reclassified to conform to the 2017 consolidated financial statement presentation. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's 2016 Annual Report on Form 10-K. The interim period results are not necessarily indicative of the results to be expected for the full year. Business Combinations: The Company records assets acquired and liabilities assumed at the date of acquisition at their respective fair values. Any intangible assets acquired in a business combination are recognized and reported apart from goodwill. Goodwill represents the excess purchase price over the fair value of the tangible net assets and intangible assets acquired in a business combination. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred. The amounts reflected in Note B to the Consolidated Financial Statements are the results of the preliminary purchase price allocation and will be updated upon completion of the final valuation. The Company is required to complete the purchase price allocation within 12 months of the acquisition date. If such completion of the allocation results in a change in the preliminary values, the measurement period adjustment will be recognized in the period in which the adjustment amount is determined. New Pronouncements Adopted: In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-09, Improvements to Employee Share-Based Payment Accounting , which impacts several aspects of accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the new standard, income tax benefits and deficiencies are to be recognized as income tax expense or benefit in the income statement, and the tax effects of exercised or vested awards will be treated as discrete items in the reporting period in which they occur. An entity will also recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the reporting period. Excess tax benefits will be classified, along with other income tax cash flows, as an operating activity. In regard to forfeitures, the entity may make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures as they occur. The ASU, which is required to be applied on a modified retrospective basis, will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2016. The Company adopted the new guidance during the first quarter of 2017. An impact of adoption was the recognition of excess tax benefits in Income tax expense rather than Shareholders' equity in 2017. As a result, the Company recognized discrete tax benefits of $129 and $503 in Income tax expense during the third quarter and first nine months of 2017, respectively. The cash flow classification requirements of ASU 2016-09 were applied retrospectively. As a result, for the nine months ended September 30, 2016, cash flows from operating activities increased by $868 with a corresponding decrease to cash flows from financing activities. None of the other provisions in this ASU had a material effect on the Company's consolidated financial statements. New Pronouncements Issued: In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , which amends and simplifies existing guidance to allow companies to more accurately present the economic effects of risk management activities in the financial statements. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires an employer to report the service cost component of net benefit cost in the same line item as other compensation costs arising from services rendered by pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. The amendments also allow only the service cost component to be eligible for capitalization. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those periods, with early adoption permitted. The amendments should be applied retrospectively for the presentation of service cost and other components of net benefit cost on the income statement and prospectively for the capitalization of service cost and net periodic postretirement benefits in assets. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases , which eliminates the off-balance-sheet accounting for leases. The new guidance will require lessees to report their operating leases as both an asset and liability on the balance sheet and disclose key information about leasing arrangements. The ASU, which is required to be applied on a modified retrospective basis, will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact of adopting this new guidance on its 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 and can be adopted either retrospectively or as a cumulative-effect adjustment as of the date of adoption. To evaluate the impact of adopting this new guidance on the consolidated financial statements, the Company established a cross-functional implementation team to assess its revenue streams against the requirements of this ASU. In addition, the Company is in the process of identifying and implementing changes to its processes and controls to meet the standard's updated reporting and disclosure requirements. The Company plans to adopt the standard as of the first quarter of 2018 using the modified retrospective approach and will record a cumulative-effect adjustment to equity for open contracts as of January 1, 2018. The Company continues to update its assessment of the impact of the standard and related updates to its consolidated financial statements, and will disclose material impacts, if any. No other recently issued or effective ASUs had, or are expected to have, a material effect on the Company's results of operations, financial condition, or liquidity.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 29, 2017
Business Combinations [Abstract]
Acquisition Disclosure	Acquisitions On February 28, 2017, the Company acquired the target materials business of the Heraeus Group (HTB), of Hanau, Germany, for $16.5 million . This business manufactures precious and non-precious metal target materials for the architectural and automotive glass, electronic display, photovoltaic, and semiconductor markets at facilities in Germany, Taiwan, and the United States. This business operates within the Advanced Materials segment, and the results of operations are included as of the date of acquisition. The Company will make adjustments to the purchase price allocation prior to completion of the measurement period, as necessary. Only items identified as of the acquisition date will be considered for subsequent adjustment. The purchase price allocation for the acquisition is as follows: (Thousands) Amount Assets: Inventories $ 7,221 Prepaid and other current assets 1,107 Long-term deferred income taxes 1,450 Property, plant, and equipment 7,637 Intangible assets 3,236 Goodwill 2,605 Total assets acquired $ 23,256 Liabilities: Other liabilities and accrued items $ 1,030 Other long-term liabilities 430 Retirement and post-employment benefits 5,292 Total liabilities assumed $ 6,752 Total purchase price $ 16,504 As part of the acquisition, the Company recorded approximately $2.6 million of goodwill. Goodwill was calculated as the excess of the purchase price over the estimated fair values of the tangible net assets and intangible assets acquired. Also, the Company acquired approximately $3.2 million of other intangible assets, which will be amortized using the straight-line method over an average life of about ten years . The following table reports the intangible assets by asset category and useful life: (Thousands) Value at Acquisition Useful Life Customer relationships $ 1,861 15 years Technology 1,375 3 years Total $ 3,236

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 29, 2017
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company has the following operating segments: Performance Alloys and Composites, Advanced Materials, Precision Coatings, and Other. The Company’s operating segments represent components of the Company for which separate financial information is available that is utilized on a regular basis by the Chief Executive Officer, the Company's Chief Operating Decision Maker, in determining how to allocate the Company’s resources and evaluate performance. Performance Alloys and Composites produces strip and bulk form alloy products, strip metal products with clad inlay and overlay metals, beryllium-based metals, beryllium, and aluminum metal matrix composites, in rod, sheet, foil, and a variety of customized forms, beryllia ceramics, and bulk metallic glass materials. Advanced Materials produces advanced chemicals, microelectric packaging, precious metal, non-precious metal, and specialty metal products, including vapor deposition targets, frame lid assemblies, clad and precious metal preforms, high temperature braze materials, and ultra-fine wire. Precision Coatings produces thin film coatings, optical filter materials, sputter-coated, and precision-converted thin film materials. The Other reportable segment includes unallocated corporate costs and assets. (Thousands) Performance Alloys and Composites Advanced Materials Precision Coatings Other Total Third Quarter 2017 Net sales $ 109,393 $ 157,770 $ 27,105 $ — $ 294,268 Intersegment sales 54 12,814 — — 12,868 Value-added sales 90,637 60,391 21,896 (1,542 ) 171,382 Operating profit (loss) 6,786 9,756 1,613 (6,597 ) 11,558 Third Quarter 2016 Net sales $ 103,699 $ 107,250 $ 38,670 $ — $ 249,619 Intersegment sales 47 21,505 — — 21,552 Value-added sales 87,247 45,960 25,803 (2,009 ) 157,001 Operating profit (loss) 4,357 8,245 3,432 (5,883 ) 10,151 First Nine Months 2017 Net sales $ 310,487 $ 429,550 $ 90,742 $ — $ 830,779 Intersegment sales 113 42,508 — — 42,621 Value-added sales 262,534 169,720 67,810 (3,602 ) 496,462 Operating profit (loss) 12,523 24,873 6,145 (18,829 ) 24,712 First Nine Months 2016 Net sales $ 292,024 $ 328,927 $ 113,955 $ — $ 734,906 Intersegment sales 226 54,110 — — 54,336 Value-added sales 248,799 135,019 75,548 (4,573 ) 454,793 Operating profit (loss) 6,103 20,748 9,803 (13,194 ) 23,460 Intersegment sales are eliminated in consolidation.

Other-net

Other-net	9 Months Ended
	Sep. 29, 2017
Other Income and Expenses [Abstract]
Other-net	Other-net Other-net expense for the third quarter and first nine months of 2017 and 2016 is summarized as follows: Third Quarter Ended Nine Months Ended Sept. 29, Sept. 30, Sept. 29, Sept. 30, (Thousands) 2017 2016 2017 2016 Metal consignment fees $ 2,436 $ 1,665 $ 6,183 $ 4,851 Amortization of intangible assets 1,179 1,148 3,456 3,444 Foreign currency exchange/translation loss (gain) (201 ) 336 (794 ) 977 Fixed asset impairment 114 — 314 — Cost reduction initiatives 189 — 189 — Net loss (gain) on disposal of fixed assets 60 94 207 (601 ) Other items 24 (53 ) 268 326 Total $ 3,801 $ 3,190 $ 9,823 $ 8,997

Restructuring

Restructuring	9 Months Ended
	Sep. 29, 2017
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities Disclosure	Restructuring In 2017, the Company completed cost reduction actions in order to align costs with commensurate business levels. These actions were accomplished through elimination of vacant positions, consolidation of roles, and staff reduction. Costs associated with these actions within the Other and Precision Coatings segments included severance associated with approximately twenty-three employees and other related costs. In 2016, the Company initiated a plan to close the Fukuya, Japan service center, which is a part of the Performance Alloys and Composites segment. Costs associated with the plan included severance associated with approximately twelve employees and related facility exit costs. These costs are presented in the Consolidated Statements of Income as follows: Third Quarter Ended Nine Months Ended (Thousands) Sept. 29, 2017 Sept. 30, 2016 Sept. 29, 2017 Sept. 30, 2016 Cost of sales $ 346 $ — $ 463 $ — Selling, general, and administrative (SG&A) expense 127 — 1,259 — Other-net 189 — 189 — Total $ 662 $ — $ 1,911 $ — Remaining severance payments related to these initiatives of $0.3 million are reflected within Other liabilities and accrued items in the Consolidated Balance Sheets. The Company does not expect to incur additional costs related to these initiatives.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 29, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded income tax expense of $1.7 million in the third quarter of 2017 , an effective tax rate of 15.5% against income before income taxes, and income tax expense of $1.6 million in the third quarter of 2016 , an effective tax rate of 16.7% against income before income taxes. In the first nine months of 2017, the Company recorded income tax expense of $3.3 million , an effective tax rate of 14.4% , and income tax expense of $3.1 million in the first nine months of 2016, an effective tax rate of 14.0% . The Company recorded discrete benefits of $0.5 million and $1.3 million , respectively, in the third quarter and first nine months of 2017. Of these amounts, $0.4 million related to the reversal of uncertain tax positions due to a lapse in the statute of limitations in the third quarter of 2017. Also, $0.1 million in the third quarter and $0.5 million in the first nine months of 2017 related to the adoption of ASU 2016-09, Improvements to Employee Share-based Payment Accounting. The Company recorded discrete items in the first nine months of 2016, resulting in a net tax benefit of $1.0 million , primarily due to international tax planning initiatives. Income tax expense in the third quarter and first nine months of both 2017 and 2016 was lower than the U.S Federal statutory income tax rate of 35% primarily due to the impact of percentage depletion, foreign rate differential, research and development credit, discrete benefits, and other items.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 29, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share (EPS) The following table sets forth the computation of basic and diluted EPS: Third Quarter Ended Nine Months Ended Sept. 29, Sept. 30, Sept. 29, Sept. 30, (Thousands, except per share amounts) 2017 2016 2017 2016 Numerator for basic and diluted EPS: Net income $ 9,320 $ 8,045 $ 19,683 $ 18,962 Denominator: Denominator for basic EPS: Weighted-average shares outstanding 20,040 19,957 20,007 19,996 Effect of dilutive securities: Stock appreciation rights 149 70 148 66 Restricted stock units 94 82 95 86 Performance-based restricted stock units 128 83 111 61 Diluted potential common shares 371 235 354 213 Denominator for diluted EPS: Adjusted weighted-average shares outstanding 20,411 20,192 20,361 20,209 Basic EPS $ 0.47 $ 0.40 $ 0.98 $ 0.95 Diluted EPS $ 0.46 $ 0.40 $ 0.97 $ 0.94 Stock appreciation rights (SARs) totaling 219,292 and 982,588 for the quarters ended September 29, 2017 and September 30, 2016 , respectively, and 370,917 and 993,418 for the nine months ended September 29, 2017 and September 30, 2016, respectively, were excluded from the dilution calculation as their effect would have been anti-dilutive.

Inventories

Inventories	9 Months Ended
	Sep. 29, 2017
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories on the Consolidated Balance Sheets are summarized as follows: Sept. 29, Dec. 31, (Thousands) 2017 2016 Raw materials and supplies $ 44,924 $ 36,233 Work in process 181,553 169,327 Finished goods 37,671 38,147 Subtotal $ 264,148 $ 243,707 Less: LIFO reserve balance 43,925 42,842 Inventories $ 220,223 $ 200,865 The liquidation of last in, first out (LIFO) inventory layers did not impact cost of sales in the third quarter of 2017 or 2016. In the first nine months of 2017, cost of sales were increased by $0.2 million . In the first nine months of 2016, cost of sales were reduced by $3.2 million .

Pensions and Other Post-employm

Pensions and Other Post-employment Benefits	9 Months Ended
	Sep. 29, 2017
Retirement Benefits [Abstract]
Pensions and Other Post-employment Benefits	Pensions and Other Post-employment Benefits The following is a summary of the net periodic benefit cost for the third quarter and first nine months of 2017 and 2016 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 Sept. 29, Sept. 30, Sept. 29, Sept. 30, (Thousands) 2017 2016 2017 2016 Components of net periodic benefit cost (benefit) Service cost $ 2,106 $ 1,946 $ 23 $ 26 Interest cost 2,372 2,595 99 140 Expected return on plan assets (3,678 ) (3,488 ) — — Amortization of prior service benefit (42 ) (115 ) (374 ) (374 ) Amortization of net loss 1,623 1,431 — — Net periodic benefit cost (benefit) $ 2,381 $ 2,369 $ (252 ) $ (208 ) Pension Benefits Other Benefits Nine Months Ended Nine Months Ended Sept. 29, Sept. 30, Sept. 29, Sept. 30, (Thousands) 2017 2016 2017 2016 Components of net periodic benefit cost (benefit) Service cost $ 6,188 $ 5,838 $ 69 $ 77 Interest cost 7,098 7,785 297 422 Expected return on plan assets (11,007 ) (10,464 ) — — Amortization of prior service benefit (236 ) (345 ) (1,122 ) (1,122 ) Amortization of net loss 4,821 4,292 — — Net periodic benefit cost (benefit) $ 6,864 $ 7,106 $ (756 ) $ (623 ) The Company made contributions to the domestic defined benefit pension plan of $8.0 million and $12.0 million in the first nine months of 2017 and 2016 , respectively. Beginning in 2017, the Company has elected to use a spot-rate approach to estimate the service and interest cost components of net periodic benefit cost for its defined benefit pension plans. The spot-rate approach applies separate discount rates for each projected benefit payment in the calculation. Historically, the Company used a weighted-average approach to determine the service and interest cost components. The change is being accounted for as a change in estimate and, accordingly, is being applied prospectively. The reduction in service and interest costs for 2017 associated with this change approximated $0.3 million and $0.8 million during the third quarter and first nine months of 2017, respectively, and is expected to total approximately $1.0 million .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 29, 2017
Equity [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income (Loss) Changes in the components of accumulated other comprehensive income, including the amounts reclassified, for the third quarter and first nine months of 2017 and 2016 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 Balance at June 30, 2017 $ 1,109 $ 93 $ 1,202 $ (80,842 ) $ (4,282 ) $ (83,922 ) Other comprehensive income (loss) before reclassifications (324 ) (205 ) (529 ) — 271 (258 ) Amounts reclassified from accumulated other comprehensive income 433 (94 ) 339 1,345 — 1,684 Gains and Losses on Cash Flow Hedges (Thousands) Foreign Currency Precious Metals Total Pension and Post-Employment Benefits Foreign Currency Translation Total Net current period other comprehensive income (loss) before tax 109 (299 ) (190 ) 1,345 271 1,426 Deferred taxes on current period activity 41 (111 ) (70 ) 464 — 394 Net current period other comprehensive income (loss) after tax 68 (188 ) (120 ) 881 271 1,032 Balance at September 29, 2017 $ 1,177 $ (95 ) $ 1,082 $ (79,961 ) $ (4,011 ) $ (82,890 ) Balance at July 1, 2016 $ 958 $ — $ 958 $ (74,546 ) $ (3,037 ) $ (76,625 ) Other comprehensive income (loss) before reclassifications (126 ) — (126 ) — 467 341 Amounts reclassified from accumulated other comprehensive income 336 — 336 1,015 — 1,351 Net current period other comprehensive income (loss) before tax 210 — 210 1,015 467 1,692 Deferred taxes on current period activity 78 — 78 342 — 420 Net current period other comprehensive income (loss) after tax 132 — 132 673 467 1,272 Balance at September 30, 2016 $ 1,090 $ — $ 1,090 $ (73,873 ) $ (2,570 ) $ (75,353 ) Balance at December 31, 2016 $ 1,837 $ — $ 1,837 $ (82,358 ) $ (5,660 ) $ (86,181 ) Other comprehensive income (loss) before reclassifications (1,205 ) 30 (1,175 ) — 1,649 474 Amounts reclassified from accumulated other comprehensive income 219 (182 ) 37 3,655 — 3,692 Net current period other comprehensive income (loss) before tax (986 ) (152 ) (1,138 ) 3,655 1,649 4,166 Deferred taxes on current period activity (326 ) (57 ) (383 ) 1,258 — 875 Net current period other comprehensive income (loss) after tax (660 ) (95 ) (755 ) 2,397 1,649 3,291 Balance at September 29, 2017 $ 1,177 $ (95 ) $ 1,082 $ (79,961 ) $ (4,011 ) $ (82,890 ) Balance at December 31, 2015 $ 1,579 $ — $ 1,579 $ (76,796 ) $ (5,488 ) $ (80,705 ) Other comprehensive income (loss) before reclassifications (1,571 ) — (1,571 ) — 2,918 1,347 Amounts reclassified from accumulated other comprehensive income 793 — 793 3,045 — 3,838 Net current period other comprehensive income (loss) before tax (778 ) — (778 ) 3,045 2,918 5,185 Deferred taxes on current period activity (289 ) — (289 ) 122 — (167 ) Net current period other comprehensive income (loss) after tax (489 ) — (489 ) 2,923 2,918 5,352 Balance at September 30, 2016 $ 1,090 $ — $ 1,090 $ (73,873 ) $ (2,570 ) $ (75,353 ) 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. Reclassifications from accumulated other comprehensive income of gains and losses on precious metal cash flow hedges are recorded in Cost of sales in the Consolidated Statements of Income. Refer to Note 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 I for additional details on pension and post-employment expenses.

Stock-based Compensation Expens

Stock-based Compensation Expense	9 Months Ended
	Sep. 29, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation Expense	Stock-based Compensation Expense Stock-based compensation expense, which includes awards settled in shares and in cash, was $1.5 million and $6.2 million in the third quarter and first nine months of 2017 , respectively, compared to $2.1 million and $4.4 million in the same periods of 2016. The Company granted 97,015 SARs to certain employees during the first nine months of 2017 . The weighted-average exercise price per share and weighted-average fair value per share of the SARs granted during the nine months ended September 29, 2017 were $35.26 and $10.89 , respectively. The Company estimated the fair value of the SARs using the following weighted-average assumptions in the Black-Scholes model: Risk-free interest rate 1.92 % Dividend yield 1.1 % Volatility 34.0 % Expected term (in years) 5.6 The Company granted 62,185 stock-settled restricted stock units (RSUs) and 32,466 cash-settled RSUs to certain employees and non-employee directors during the first nine months of 2017 . The Company measures the fair value of stock-settled RSUs based on the closing market price of a share of Materion common stock on the date of the grant. The weighted-average fair value per share was $34.95 for stock-settled RSUs granted during the nine months ended September 29, 2017 . Cash-settled RSUs are accounted for as liability-based compensation awards and adjusted based on the closing price of Materion’s common stock over the vesting period of three years . The Company granted stock-settled and cash-settled performance-based restricted stock units (PRSUs) to certain employees in the first nine months of 2017 . The weighted-average fair value of the stock-settled PRSUs was $30.28 per share and will be expensed over the vesting period of three years . The liability for cash-settled PRSUs is re-measured at fair value each reporting period, and the adjustment to income 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. At September 29, 2017 , unearned compensation cost related to the unvested portion of all stock-based awards was approximately $5.3 million , and is expected to be recognized over the remaining vesting period of the respective grants.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 29, 2017
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 Sheets as of September 29, 2017 and December 31, 2016 : (Thousands) Total Carrying Value in the Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 2017 2016 2017 2016 2017 2016 2017 2016 Financial Assets Deferred compensation investments $ 2,149 $ 1,734 $ 2,149 $ 1,734 $ — $ — $ — $ — Foreign currency forward contracts 149 691 — — 149 691 — — Precious metal swaps 45 — — — 45 — — — Total $ 2,343 $ 2,425 $ 2,149 $ 1,734 $ 194 $ 691 $ — $ — Financial Liabilities Deferred compensation liability $ 2,149 $ 1,734 $ 2,149 $ 1,734 $ — $ — $ — $ — Foreign currency forward contracts 669 1 — — 669 1 — — Precious metal swaps 197 — — — 197 — — — Total $ 3,015 $ 1,735 $ 2,149 $ 1,734 $ 866 $ 1 $ — $ — The Company uses a market approach to value the assets and liabilities for financial instruments in the table above. Outstanding contracts are valued through models that utilize market observable inputs, including both spot and forward prices, for the same underlying currencies and metals. The carrying values of the other working capital items and debt in the Consolidated Balance Sheets approximate fair values as of September 29, 2017 and December 31, 2016.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activity	9 Months Ended
	Sep. 29, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activity	Derivative Instruments and Hedging Activity The Company uses derivative contracts to hedge portions of its foreign currency exposures and uses derivatives to hedge a portion of its precious metal 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 risk 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 that charge the Company a financing fee based upon the current value of the metal on hand. In certain instances, a customer may want to establish the price for the precious metal at the time the sales order is placed rather than at the time of shipment. Setting the sales price at a different date than when the material would be purchased potentially creates an exposure to movements in the market price of the metal. Therefore, in these limited situations, the Company may elect to enter into a forward contract to purchase precious metal. The forward contract allows the Company to purchase metal at a fixed price on a specific future date. The price in the forward contract serves as the basis for the price to be charged to the customer. By doing so, the selling price and purchase price are matched, and the Company's price exposure is reduced. The Company refines precious metal-containing materials for its customers and typically will purchase the refined metal from the customer at current market prices. In limited circumstances, the customer may want to fix the price to be paid at the time of the order as opposed to when the material is refined. The customer may also want to fix the price for a set period of time. The Company may then elect to enter into a hedge contract, either a forward contract or a swap, to fix the price for the estimated quantity of metal to be purchased, thereby reducing the exposure to adverse movements in the price of the metal. In certain circumstances, the Company also refines metal from the customer and may retain a portion of the refined metal as payment. The Company may elect to enter into a forward contract to sell precious metal to reduce the Company's price exposure. The Company may from time to time elect to purchase precious metal and hold in inventory rather than on consignment due to potential credit line limitations or other factors. These purchases are typically held for a short duration. A forward contract will be secured at the time of the purchase to fix the price to be used when the metal is transferred back to the consignment line, thereby limiting any price exposure during the time when the metal was owned. 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 fair value. If the derivative is designated and effective as a cash flow hedge, changes in the fair value of the derivative are recognized in other comprehensive income (OCI) until the hedged item is recognized in earnings. The ineffective portion of a derivative’s fair value, if any, is recognized in earnings immediately. If a derivative is not a hedge, changes in the fair value are adjusted through income. The fair values of the outstanding derivatives are recorded on the balance sheet as assets (if the derivatives are in a gain position) or liabilities (if the derivatives are in a loss position). The fair values will also be classified as short-term or long-term depending upon their maturity dates. The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives not designated as hedging instruments and balance sheet classification as of September 29, 2017 and December 31, 2016 : September 29, 2017 December 31, 2016 (Thousands) Notional Amount Fair Value Notional Amount Fair Value Other liabilities and accrued items Foreign currency forward contracts - euro $ 14,402 $ (11 ) $ — $ — Total $ 14,402 $ (11 ) $ — $ — These outstanding foreign currency derivatives were related to intercompany loans. Other-net included foreign currency losses relating to these derivatives of $0.5 million and $1.1 million during the third quarter and first nine months of 2017, respectively. The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives designated as cash flow hedges and balance sheet classification as of September 29, 2017 and December 31, 2016 : September 29, 2017 December 31, 2016 (Thousands) Notional Amount Fair Value Notional Amount Fair Value Prepaid expenses Foreign currency forward contracts - yen $ 2,000 $ 59 $ 2,418 $ 239 Foreign currency forward contracts - euro 6,829 90 6,493 452 Precious metal swaps 2,148 13 — — Total 10,977 162 8,911 691 Other assets Precious metal swaps 1,932 32 — — Total 1,932 32 — — Other liabilities and accrued items Foreign currency forward contracts - euro 12,689 (658 ) 537 (1 ) Precious metal swaps 7,845 (170 ) — — Total 20,534 (828 ) 537 (1 ) Other long-term liabilities Precious metal swaps 1,999 (27 ) — — Total $ 35,442 $ (661 ) $ 9,448 $ 690 All of these contracts were designated and effective as cash flow hedges. No ineffectiveness expense was recorded in the third quarter or first nine months of 2017 or 2016. Changes in the fair value of outstanding cash flow hedges recorded in OCI for the first nine months of 2017 and 2016 totaled decreases of $1.2 million and $1.6 million , respectively. The Company expects to relieve substantially the entire balance in OCI as of September 29, 2017 to the Consolidated Statements of Income within the next 18-month period. Refer to Note J for additional OCI details.

Contingencies

Contingencies	9 Months Ended
	Sep. 29, 2017
Loss Contingency [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Contingencies Legal Proceedings . For information regarding legal proceedings relating to Chronic Beryllium Disease Claims , refer to Note Q ("Contingencies and Commitments") in the Company's 2016 Annual Report on Form 10-K. Other Litigation. The Company is party to several pending legal proceedings and claims arising in the normal course of business. The Company records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In the event the Company determines that a loss is not probable, but is reasonably possible, and it becomes possible to develop what the Company believes to be a reasonable range of possible loss, then the Company will include disclosure related to such matters. To the extent there is a reasonable possibility that the losses could exceed any amounts accrued, the Company will adjust the accrual in the period the determination is made, disclose an estimate of the additional loss or range of loss, indicate that the estimate is immaterial with respect to its financial statements as a whole or, if the amount of such adjustment cannot be reasonably estimated, disclose that an estimate cannot be made. Environmental Proceedings. The Company has an active environmental compliance program and records reserves for the probable cost of identified environmental remediation projects. The reserves are established based upon analyses conducted by the Company’s engineers and outside consultants and are adjusted from time to time based upon ongoing studies, the difference between actual and estimated costs, and other factors. The reserves may also be affected by rulings and negotiations with regulatory agencies. The undiscounted reserve balance was $6.1 million at September 29, 2017 and $6.0 million at December 31, 2016 . Environmental projects tend to be long-term, and the final actual remediation costs may differ from the amounts currently recorded.

Accounting Policies Basis of Ac

Accounting Policies Basis of Accounting (Policies)	9 Months Ended
	Sep. 29, 2017
Accounting Policies [Abstract]
Basis of Accounting	Basis of Presentation: In management’s opinion, the accompanying consolidated financial statements of Materion Corporation and its subsidiaries (referred to herein as the Company, our, we, or us) contain all of the adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods reported. All adjustments were of a normal and recurring nature. Certain amounts in prior years have been reclassified to conform to the 2017 consolidated financial statement presentation. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's 2016 Annual Report on Form 10-K. The interim period results are not necessarily indicative of the results to be expected for the full year.

Accounting Policies Business Co

Accounting Policies Business Combinations (Policies)	9 Months Ended
	Sep. 29, 2017
Business Combinations [Abstract]
Business Combinations Policy	Business Combinations: The Company records assets acquired and liabilities assumed at the date of acquisition at their respective fair values. Any intangible assets acquired in a business combination are recognized and reported apart from goodwill. Goodwill represents the excess purchase price over the fair value of the tangible net assets and intangible assets acquired in a business combination. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred. The amounts reflected in Note B to the Consolidated Financial Statements are the results of the preliminary purchase price allocation and will be updated upon completion of the final valuation. The Company is required to complete the purchase price allocation within 12 months of the acquisition date. If such completion of the allocation results in a change in the preliminary values, the measurement period adjustment will be recognized in the period in which the adjustment amount is determined.

Accounting Policies New Pronoun

Accounting Policies New Pronouncements (Policies)	9 Months Ended
	Sep. 29, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Pronouncements	New Pronouncements Adopted: In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-09, Improvements to Employee Share-Based Payment Accounting , which impacts several aspects of accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the new standard, income tax benefits and deficiencies are to be recognized as income tax expense or benefit in the income statement, and the tax effects of exercised or vested awards will be treated as discrete items in the reporting period in which they occur. An entity will also recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the reporting period. Excess tax benefits will be classified, along with other income tax cash flows, as an operating activity. In regard to forfeitures, the entity may make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures as they occur. The ASU, which is required to be applied on a modified retrospective basis, will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2016. The Company adopted the new guidance during the first quarter of 2017. An impact of adoption was the recognition of excess tax benefits in Income tax expense rather than Shareholders' equity in 2017. As a result, the Company recognized discrete tax benefits of $129 and $503 in Income tax expense during the third quarter and first nine months of 2017, respectively. The cash flow classification requirements of ASU 2016-09 were applied retrospectively. As a result, for the nine months ended September 30, 2016, cash flows from operating activities increased by $868 with a corresponding decrease to cash flows from financing activities. None of the other provisions in this ASU had a material effect on the Company's consolidated financial statements. New Pronouncements Issued: In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , which amends and simplifies existing guidance to allow companies to more accurately present the economic effects of risk management activities in the financial statements. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires an employer to report the service cost component of net benefit cost in the same line item as other compensation costs arising from services rendered by pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. The amendments also allow only the service cost component to be eligible for capitalization. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those periods, with early adoption permitted. The amendments should be applied retrospectively for the presentation of service cost and other components of net benefit cost on the income statement and prospectively for the capitalization of service cost and net periodic postretirement benefits in assets. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases , which eliminates the off-balance-sheet accounting for leases. The new guidance will require lessees to report their operating leases as both an asset and liability on the balance sheet and disclose key information about leasing arrangements. The ASU, which is required to be applied on a modified retrospective basis, will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact of adopting this new guidance on its 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 and can be adopted either retrospectively or as a cumulative-effect adjustment as of the date of adoption. To evaluate the impact of adopting this new guidance on the consolidated financial statements, the Company established a cross-functional implementation team to assess its revenue streams against the requirements of this ASU. In addition, the Company is in the process of identifying and implementing changes to its processes and controls to meet the standard's updated reporting and disclosure requirements. The Company plans to adopt the standard as of the first quarter of 2018 using the modified retrospective approach and will record a cumulative-effect adjustment to equity for open contracts as of January 1, 2018. The Company continues to update its assessment of the impact of the standard and related updates to its consolidated financial statements, and will disclose material impacts, if any. No other recently issued or effective ASUs had, or are expected to have, a material effect on the Company's results of operations, financial condition, or liquidity.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 29, 2017
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	The purchase price allocation for the acquisition is as follows: (Thousands) Amount Assets: Inventories $ 7,221 Prepaid and other current assets 1,107 Long-term deferred income taxes 1,450 Property, plant, and equipment 7,637 Intangible assets 3,236 Goodwill 2,605 Total assets acquired $ 23,256 Liabilities: Other liabilities and accrued items $ 1,030 Other long-term liabilities 430 Retirement and post-employment benefits 5,292 Total liabilities assumed $ 6,752 Total purchase price $ 16,504
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]	The following table reports the intangible assets by asset category and useful life: (Thousands) Value at Acquisition Useful Life Customer relationships $ 1,861 15 years Technology 1,375 3 years Total $ 3,236

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 29, 2017
Segment Reporting [Abstract]
Segment Reporting	(Thousands) Performance Alloys and Composites Advanced Materials Precision Coatings Other Total Third Quarter 2017 Net sales $ 109,393 $ 157,770 $ 27,105 $ — $ 294,268 Intersegment sales 54 12,814 — — 12,868 Value-added sales 90,637 60,391 21,896 (1,542 ) 171,382 Operating profit (loss) 6,786 9,756 1,613 (6,597 ) 11,558 Third Quarter 2016 Net sales $ 103,699 $ 107,250 $ 38,670 $ — $ 249,619 Intersegment sales 47 21,505 — — 21,552 Value-added sales 87,247 45,960 25,803 (2,009 ) 157,001 Operating profit (loss) 4,357 8,245 3,432 (5,883 ) 10,151 First Nine Months 2017 Net sales $ 310,487 $ 429,550 $ 90,742 $ — $ 830,779 Intersegment sales 113 42,508 — — 42,621 Value-added sales 262,534 169,720 67,810 (3,602 ) 496,462 Operating profit (loss) 12,523 24,873 6,145 (18,829 ) 24,712 First Nine Months 2016 Net sales $ 292,024 $ 328,927 $ 113,955 $ — $ 734,906 Intersegment sales 226 54,110 — — 54,336 Value-added sales 248,799 135,019 75,548 (4,573 ) 454,793 Operating profit (loss) 6,103 20,748 9,803 (13,194 ) 23,460

Other-net (Tables)

Other-net (Tables)	9 Months Ended
	Sep. 29, 2017
Other Income and Expenses [Abstract]
Summary of Other-Net Expense	Other-net expense for the third quarter and first nine months of 2017 and 2016 is summarized as follows: Third Quarter Ended Nine Months Ended Sept. 29, Sept. 30, Sept. 29, Sept. 30, (Thousands) 2017 2016 2017 2016 Metal consignment fees $ 2,436 $ 1,665 $ 6,183 $ 4,851 Amortization of intangible assets 1,179 1,148 3,456 3,444 Foreign currency exchange/translation loss (gain) (201 ) 336 (794 ) 977 Fixed asset impairment 114 — 314 — Cost reduction initiatives 189 — 189 — Net loss (gain) on disposal of fixed assets 60 94 207 (601 ) Other items 24 (53 ) 268 326 Total $ 3,801 $ 3,190 $ 9,823 $ 8,997

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Sep. 29, 2017
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	These costs are presented in the Consolidated Statements of Income as follows: Third Quarter Ended Nine Months Ended (Thousands) Sept. 29, 2017 Sept. 30, 2016 Sept. 29, 2017 Sept. 30, 2016 Cost of sales $ 346 $ — $ 463 $ — Selling, general, and administrative (SG&A) expense 127 — 1,259 — Other-net 189 — 189 — Total $ 662 $ — $ 1,911 $ —

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 29, 2017
Earnings Per Share [Abstract]
Computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted EPS: Third Quarter Ended Nine Months Ended Sept. 29, Sept. 30, Sept. 29, Sept. 30, (Thousands, except per share amounts) 2017 2016 2017 2016 Numerator for basic and diluted EPS: Net income $ 9,320 $ 8,045 $ 19,683 $ 18,962 Denominator: Denominator for basic EPS: Weighted-average shares outstanding 20,040 19,957 20,007 19,996 Effect of dilutive securities: Stock appreciation rights 149 70 148 66 Restricted stock units 94 82 95 86 Performance-based restricted stock units 128 83 111 61 Diluted potential common shares 371 235 354 213 Denominator for diluted EPS: Adjusted weighted-average shares outstanding 20,411 20,192 20,361 20,209 Basic EPS $ 0.47 $ 0.40 $ 0.98 $ 0.95 Diluted EPS $ 0.46 $ 0.40 $ 0.97 $ 0.94

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 29, 2017
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories on the Consolidated Balance Sheets are summarized as follows: Sept. 29, Dec. 31, (Thousands) 2017 2016 Raw materials and supplies $ 44,924 $ 36,233 Work in process 181,553 169,327 Finished goods 37,671 38,147 Subtotal $ 264,148 $ 243,707 Less: LIFO reserve balance 43,925 42,842 Inventories $ 220,223 $ 200,865

Pensions and Other Post-emplo29

Pensions and Other Post-employment Benefits (Tables)	9 Months Ended
	Sep. 29, 2017
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	The following is a summary of the net periodic benefit cost for the third quarter and first nine months of 2017 and 2016 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 Sept. 29, Sept. 30, Sept. 29, Sept. 30, (Thousands) 2017 2016 2017 2016 Components of net periodic benefit cost (benefit) Service cost $ 2,106 $ 1,946 $ 23 $ 26 Interest cost 2,372 2,595 99 140 Expected return on plan assets (3,678 ) (3,488 ) — — Amortization of prior service benefit (42 ) (115 ) (374 ) (374 ) Amortization of net loss 1,623 1,431 — — Net periodic benefit cost (benefit) $ 2,381 $ 2,369 $ (252 ) $ (208 ) Pension Benefits Other Benefits Nine Months Ended Nine Months Ended Sept. 29, Sept. 30, Sept. 29, Sept. 30, (Thousands) 2017 2016 2017 2016 Components of net periodic benefit cost (benefit) Service cost $ 6,188 $ 5,838 $ 69 $ 77 Interest cost 7,098 7,785 297 422 Expected return on plan assets (11,007 ) (10,464 ) — — Amortization of prior service benefit (236 ) (345 ) (1,122 ) (1,122 ) Amortization of net loss 4,821 4,292 — — Net periodic benefit cost (benefit) $ 6,864 $ 7,106 $ (756 ) $ (623 )

Accumulated Other Comprehensi30

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 29, 2017
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Changes in the components of accumulated other comprehensive income, including the amounts reclassified, for the third quarter and first nine months of 2017 and 2016 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 Balance at June 30, 2017 $ 1,109 $ 93 $ 1,202 $ (80,842 ) $ (4,282 ) $ (83,922 ) Other comprehensive income (loss) before reclassifications (324 ) (205 ) (529 ) — 271 (258 ) Amounts reclassified from accumulated other comprehensive income 433 (94 ) 339 1,345 — 1,684 Gains and Losses on Cash Flow Hedges (Thousands) Foreign Currency Precious Metals Total Pension and Post-Employment Benefits Foreign Currency Translation Total Net current period other comprehensive income (loss) before tax 109 (299 ) (190 ) 1,345 271 1,426 Deferred taxes on current period activity 41 (111 ) (70 ) 464 — 394 Net current period other comprehensive income (loss) after tax 68 (188 ) (120 ) 881 271 1,032 Balance at September 29, 2017 $ 1,177 $ (95 ) $ 1,082 $ (79,961 ) $ (4,011 ) $ (82,890 ) Balance at July 1, 2016 $ 958 $ — $ 958 $ (74,546 ) $ (3,037 ) $ (76,625 ) Other comprehensive income (loss) before reclassifications (126 ) — (126 ) — 467 341 Amounts reclassified from accumulated other comprehensive income 336 — 336 1,015 — 1,351 Net current period other comprehensive income (loss) before tax 210 — 210 1,015 467 1,692 Deferred taxes on current period activity 78 — 78 342 — 420 Net current period other comprehensive income (loss) after tax 132 — 132 673 467 1,272 Balance at September 30, 2016 $ 1,090 $ — $ 1,090 $ (73,873 ) $ (2,570 ) $ (75,353 ) Balance at December 31, 2016 $ 1,837 $ — $ 1,837 $ (82,358 ) $ (5,660 ) $ (86,181 ) Other comprehensive income (loss) before reclassifications (1,205 ) 30 (1,175 ) — 1,649 474 Amounts reclassified from accumulated other comprehensive income 219 (182 ) 37 3,655 — 3,692 Net current period other comprehensive income (loss) before tax (986 ) (152 ) (1,138 ) 3,655 1,649 4,166 Deferred taxes on current period activity (326 ) (57 ) (383 ) 1,258 — 875 Net current period other comprehensive income (loss) after tax (660 ) (95 ) (755 ) 2,397 1,649 3,291 Balance at September 29, 2017 $ 1,177 $ (95 ) $ 1,082 $ (79,961 ) $ (4,011 ) $ (82,890 ) Balance at December 31, 2015 $ 1,579 $ — $ 1,579 $ (76,796 ) $ (5,488 ) $ (80,705 ) Other comprehensive income (loss) before reclassifications (1,571 ) — (1,571 ) — 2,918 1,347 Amounts reclassified from accumulated other comprehensive income 793 — 793 3,045 — 3,838 Net current period other comprehensive income (loss) before tax (778 ) — (778 ) 3,045 2,918 5,185 Deferred taxes on current period activity (289 ) — (289 ) 122 — (167 ) Net current period other comprehensive income (loss) after tax (489 ) — (489 ) 2,923 2,918 5,352 Balance at September 30, 2016 $ 1,090 $ — $ 1,090 $ (73,873 ) $ (2,570 ) $ (75,353 )

Stock-based Compensation Expe31

Stock-based Compensation Expense Tables (Tables)	9 Months Ended
	Sep. 29, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule Of Share Based Payment Award SARs Valuation Assumptions [Table Text Block]	The Company estimated the fair value of the SARs using the following weighted-average assumptions in the Black-Scholes model: Risk-free interest rate 1.92 % Dividend yield 1.1 % Volatility 34.0 % Expected term (in years) 5.6

Fair Value of Financial Instr32

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 29, 2017
Fair Value Disclosures [Abstract]
Summary of Fair Value Information and Derivative Financial Instruments	The following table summarizes the financial instruments measured at fair value in the Consolidated Balance Sheets as of September 29, 2017 and December 31, 2016 : (Thousands) Total Carrying Value in the Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 2017 2016 2017 2016 2017 2016 2017 2016 Financial Assets Deferred compensation investments $ 2,149 $ 1,734 $ 2,149 $ 1,734 $ — $ — $ — $ — Foreign currency forward contracts 149 691 — — 149 691 — — Precious metal swaps 45 — — — 45 — — — Total $ 2,343 $ 2,425 $ 2,149 $ 1,734 $ 194 $ 691 $ — $ — Financial Liabilities Deferred compensation liability $ 2,149 $ 1,734 $ 2,149 $ 1,734 $ — $ — $ — $ — Foreign currency forward contracts 669 1 — — 669 1 — — Precious metal swaps 197 — — — 197 — — — Total $ 3,015 $ 1,735 $ 2,149 $ 1,734 $ 866 $ 1 $ — $ —

Derivative Instruments and He33

Derivative Instruments and Hedging Activity Tables (Tables)	9 Months Ended
	Sep. 29, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DerivativeInstrumentsNonHedging [Table Text Block]	The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives not designated as hedging instruments and balance sheet classification as of September 29, 2017 and December 31, 2016 : September 29, 2017 December 31, 2016 (Thousands) Notional Amount Fair Value Notional Amount Fair Value Other liabilities and accrued items Foreign currency forward contracts - euro $ 14,402 $ (11 ) $ — $ — Total $ 14,402 $ (11 ) $ — $ —
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives designated as cash flow hedges and balance sheet classification as of September 29, 2017 and December 31, 2016 : September 29, 2017 December 31, 2016 (Thousands) Notional Amount Fair Value Notional Amount Fair Value Prepaid expenses Foreign currency forward contracts - yen $ 2,000 $ 59 $ 2,418 $ 239 Foreign currency forward contracts - euro 6,829 90 6,493 452 Precious metal swaps 2,148 13 — — Total 10,977 162 8,911 691 Other assets Precious metal swaps 1,932 32 — — Total 1,932 32 — — Other liabilities and accrued items Foreign currency forward contracts - euro 12,689 (658 ) 537 (1 ) Precious metal swaps 7,845 (170 ) — — Total 20,534 (828 ) 537 (1 ) Other long-term liabilities Precious metal swaps 1,999 (27 ) — — Total $ 35,442 $ (661 ) $ 9,448 $ 690

Accounting Policies New Prounce

Accounting Policies New Prouncements Adopted (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2017	Sep. 30, 2016	Sep. 29, 2017	Sep. 30, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income Tax Expense (Benefit)	$ 1,705	$ 1,616	$ 3,308	$ 3,081
Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income Tax Expense (Benefit)	$ (129)		$ (503)
Effect of Change in Accounting Principle				$ 868

Acquisitions (Details)

Acquisitions (Details) $ in Thousands	9 Months Ended
	Sep. 29, 2017USD ($)
Business Acquisition [Line Items]
Inventories	$ 7,221
Prepaid and other current assets	1,107
Long-term deferred income taxes	1,450
Property, plant, and equipment	7,637
Intangible Assets	3,236
Goodwill	2,605
Total assets acquired	23,256
Other liabilities and accrued items	1,030
Other long-term liabilities	430
Retirement and post-employment benefits	5,292
Total liabilities assumed	6,752
Total purchase price	$ 16,504

Acquisitions (Details 1)

Acquisitions (Details 1) $ in Thousands	9 Months Ended
	Sep. 29, 2017USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets	$ 3,236
Customer Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets	$ 1,861
Useful Life	15 years
Technology-Based Intangible Assets [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets	$ 1,375
Useful Life	3 years

Acquisitions Textual (Details)

Acquisitions Textual (Details) $ in Thousands	9 Months Ended
	Sep. 29, 2017USD ($)
Business Combinations [Abstract]
Total purchase price	$ 16,504
Goodwill	2,605
Intangible Assets	$ 3,236
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	10 years

Segment Reporting (Detail)

Segment Reporting (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2017	Sep. 30, 2016	Sep. 29, 2017	Sep. 30, 2016
Segment Reporting Information [Line Items]
Net sales	$ 294,268	$ 249,619	$ 830,779	$ 734,906
Intersegment sales	12,868	21,552	42,621	54,336
Value-added sales	171,382	157,001	496,462	454,793
Operating profit (loss)	11,558	10,151	24,712	23,460
Performance Alloys and Composites
Segment Reporting Information [Line Items]
Net sales	109,393	103,699	310,487	292,024
Intersegment sales	54	47	113	226
Value-added sales	90,637	87,247	262,534	248,799
Operating profit (loss)	6,786	4,357	12,523	6,103
Advanced Materials
Segment Reporting Information [Line Items]
Net sales	157,770	107,250	429,550	328,927
Intersegment sales	12,814	21,505	42,508	54,110
Value-added sales	60,391	45,960	169,720	135,019
Operating profit (loss)	9,756	8,245	24,873	20,748
Precision Coatings
Segment Reporting Information [Line Items]
Net sales	27,105	38,670	90,742	113,955
Intersegment sales	0	0	0	0
Value-added sales	21,896	25,803	67,810	75,548
Operating profit (loss)	1,613	3,432	6,145	9,803
Other
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Intersegment sales	0	0	0	0
Value-added sales	(1,542)	(2,009)	(3,602)	(4,573)
Operating profit (loss)	$ (6,597)	$ (5,883)	$ (18,829)	$ (13,194)

Other-net (Detail)

Other-net (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2017	Sep. 30, 2016	Sep. 29, 2017	Sep. 30, 2016
Other Income and Expenses [Abstract]
Metal consignment fees	$ 2,436	$ 1,665	$ 6,183	$ 4,851
Amortization of Intangible Assets	1,179	1,148	3,456	3,444
Foreign currency exchange/translation loss (gain)	(201)	336	(794)	977
Fixed asset impairment	114	0	314	0
Cost reduction initiatives	189	0	189	0
Net loss (gain) on disposal of fixed assets	60	94	207	(601)
Other items	24	(53)	268	326
Total	$ 3,801	$ 3,190	$ 9,823	$ 8,997

Restructuring (Details)

Restructuring (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2017	Sep. 30, 2016	Sep. 29, 2017	Sep. 30, 2016
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 662	$ 0	$ 1,911	$ 0
Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	346	0	463	0
Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	127	0	1,259	0
Other Expense
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 189	$ 0	$ 189	$ 0

Restructuring Textual (Details)

Restructuring Textual (Details) $ in Millions	Sep. 29, 2017USD ($)
Other
Restructuring Cost and Reserve [Line Items]
Number of employees severed	23
Performance Alloys and Composites
Restructuring Cost and Reserve [Line Items]
Number of employees severed	12
Other Current Liabilities [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	$ 0.3

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 29, 2017	Sep. 30, 2016	Sep. 29, 2017	Sep. 30, 2016
Tax Credit Carryforward [Line Items]
Income tax expense	$ 1,705,000	$ 1,616,000	$ 3,308,000	$ 3,081,000
Effective tax rate	15.50%	16.70%	14.40%	14.00%
Other Tax Expense (Benefit)	$ (500,000)		$ (1,300,000)	$ (1,000,000)
Lapses on statute of limitations	$ 400,000
U.S. Federal Statutory Rate	35.00%	35.00%	35.00%	35.00%
Adjustments for New Accounting Pronouncement [Member]
Tax Credit Carryforward [Line Items]
Income tax expense	$ (129,000)		$ (503,000)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2017	Sep. 30, 2016	Sep. 29, 2017	Sep. 30, 2016
Numerator For Basic And Diluted EPS:
Net income	$ 9,320	$ 8,045	$ 19,683	$ 18,962
Denominator for basic EPS:
Weighted-average shares outstanding	20,040	19,957	20,007	19,996
Effect of dilutive securities:
Diluted potential common shares (in shares)	371	235	354	213
Denominator for diluted EPS:
Adjusted weighted-average shares outstanding	20,411	20,192	20,361	20,209
Basic EPS (in usd per share)	$ 0.47	$ 0.40	$ 0.98	$ 0.95
Diluted EPS (in usd per share)	$ 0.46	$ 0.40	$ 0.97	$ 0.94
Performance Shares
Effect of dilutive securities:
Dilutive effect of share-based compensation (in shares)	128	83	111	61
Restricted Stock Units (RSUs)
Effect of dilutive securities:
Dilutive effect of share-based compensation (in shares)	94	82	95	86
Stock Appreciation Rights (SARs)
Effect of dilutive securities:
Dilutive effect of share-based compensation (in shares)	149	70	148	66

Earnings Per Share (Details 1)

Earnings Per Share (Details 1) - shares	3 Months Ended		9 Months Ended
	Sep. 29, 2017	Sep. 30, 2016	Sep. 29, 2017	Sep. 30, 2016
Stock Appreciation Rights (SARs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock appreciation rights excluded from diluted EPS calculation	219,292	982,588	370,917	993,418

Inventories (Detail)

Inventories (Detail) - USD ($) $ in Thousands	Sep. 29, 2017	Dec. 31, 2016
Principally average cost:
Raw materials and supplies	$ 44,924	$ 36,233
Work in process	181,553	169,327
Finished goods	37,671	38,147
Subtotal	264,148	243,707
Less: LIFO reserve balance	43,925	42,842
Inventories	$ 220,223	$ 200,865

Inventories (Details 1)

Inventories (Details 1) - USD ($) $ in Millions	9 Months Ended
	Sep. 29, 2017	Sep. 30, 2016
Inventory Disclosure [Abstract]
LIFO liquidation effect	$ 0.2	$ (3.2)

Pensions and Other Post-emplo47

Pensions and Other Post-employment Benefits (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2017	Sep. 30, 2016	Sep. 29, 2017	Sep. 30, 2016
Pension Benefits [Member]
Components of net periodic benefit cost
Service cost	$ 2,106	$ 1,946	$ 6,188	$ 5,838
Interest cost	2,372	2,595	7,098	7,785
Expected return on plan assets	(3,678)	(3,488)	(11,007)	(10,464)
Amortization of prior service benefit	(42)	(115)	(236)	(345)
Amortization of net loss	1,623	1,431	4,821	4,292
Net periodic benefit cost (benefit)	2,381	2,369	6,864	7,106
Other Benefits [Member]
Components of net periodic benefit cost
Service cost	23	26	69	77
Interest cost	99	140	297	422
Expected return on plan assets	0	0	0	0
Amortization of prior service benefit	(374)	(374)	(1,122)	(1,122)
Amortization of net loss	0	0	0	0
Net periodic benefit cost (benefit)	$ (252)	$ (208)	$ (756)	$ (623)

Pensions and Other Post-emplo48

Pensions and Other Post-employment Benefits (Detail 1) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 29, 2017	Sep. 29, 2017	Sep. 30, 2016	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Reduction in Service and Interest Cost	$ 300	$ 800
Other Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Employer Contribution		$ 8,000	$ 12,000
Scenario, Forecast [Member]
Defined Benefit Plan Disclosure [Line Items]
Reduction in Service and Interest Cost				$ 1,000

Accumulated Other Comprehensi49

Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2017	Sep. 30, 2016	Sep. 29, 2017	Sep. 30, 2016	Jun. 30, 2017	Dec. 31, 2016	Jul. 01, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Rollward]
Accumulated other comprehensive loss	$ (82,890)	$ (75,353)	$ (82,890)	$ (75,353)	$ (83,922)	$ (86,181)	$ (76,625)	$ (80,705)
Activity
Other comprehensive income (loss) before reclassifications	(258)	341	474	1,347
Amounts reclassified from accumulated other comprehensive income	1,684	1,351	3,692	3,838
Net current period other comprehensive income (loss) before tax	1,426	1,692	4,166	5,185
Deferred taxes on current period activity	394	420	875	(167)
Other comprehensive income	1,032	1,272	3,291	5,352
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Rollward]
Accumulated other comprehensive loss	1,082	1,090	1,082	1,090	1,202	1,837	958	1,579
Activity
Other comprehensive income (loss) before reclassifications	(529)	(126)	(1,175)	(1,571)
Amounts reclassified from accumulated other comprehensive income	339	336	37	793
Net current period other comprehensive income (loss) before tax	(190)	210	(1,138)	(778)
Deferred taxes on current period activity	(70)	78	(383)	(289)
Other comprehensive income	(120)	132	(755)	(489)
Pension and Post Employment Benefits [Member]
Accumulated Other Comprehensive Income (Loss) [Rollward]
Accumulated other comprehensive loss	(79,961)	(73,873)	(79,961)	(73,873)	(80,842)	(82,358)	(74,546)	(76,796)
Activity
Other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from accumulated other comprehensive income	1,345	1,015	3,655	3,045
Net current period other comprehensive income (loss) before tax	1,345	1,015	3,655	3,045
Deferred taxes on current period activity	464	342	1,258	122
Other comprehensive income	881	673	2,397	2,923
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) [Rollward]
Accumulated other comprehensive loss	(4,011)	(2,570)	(4,011)	(2,570)	(4,282)	(5,660)	(3,037)	(5,488)
Activity
Other comprehensive income (loss) before reclassifications	271	467	1,649	2,918
Amounts reclassified from accumulated other comprehensive income	0	0	0	0
Net current period other comprehensive income (loss) before tax	271	467	1,649	2,918
Deferred taxes on current period activity	0	0	0	0
Other comprehensive income	271	467	1,649	2,918
Forward Contract | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Rollward]
Accumulated other comprehensive loss	1,177	1,090	1,177	1,090	1,109	1,837	958	1,579
Activity
Other comprehensive income (loss) before reclassifications	(324)	(126)	(1,205)	(1,571)
Amounts reclassified from accumulated other comprehensive income	433	336	219	793
Net current period other comprehensive income (loss) before tax	109	210	(986)	(778)
Deferred taxes on current period activity	41	78	(326)	(289)
Other comprehensive income	68	132	(660)	(489)
Precious Metal Contracts [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Rollward]
Accumulated other comprehensive loss	(95)	0	(95)	0	$ 93	$ 0	$ 0	$ 0
Activity
Other comprehensive income (loss) before reclassifications	(205)	0	30	0
Amounts reclassified from accumulated other comprehensive income	(94)	0	(182)	0
Net current period other comprehensive income (loss) before tax	(299)	0	(152)	0
Deferred taxes on current period activity	(111)	0	(57)	0
Other comprehensive income	$ (188)	$ 0	$ (95)	$ 0

Stock-based Compensation Expe50

Stock-based Compensation Expense (Detail)	9 Months Ended
	Sep. 29, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.92%
Dividend yield	1.10%
Volatility	34.00%
Expected term (in years)	5 years 7 months

Stock-based Compensation Expe51

Stock-based Compensation Expense Textual (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2017	Sep. 30, 2016	Sep. 29, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1.5	$ 2.1	$ 6.2	$ 4.4
Unearned Compensation	$ 5.3		$ 5.3
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period			97,015
Weighted average exercise price on SARs granted in period			$ 35.26
Grant date fair value per unit (in usd per share)			$ 10.89
Stock Settled Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period			62,185
Grant date fair value per unit (in usd per share)			$ 34.95
Cash Settled Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period			32,466
Vesting period			3 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per unit (in usd per share)			$ 30.28
Vesting period			3 years

Fair Value of Financial Instr52

Fair Value of Financial Instruments (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 29, 2017	Dec. 31, 2016
Financial Assets
Total assets at fair value	$ 2,343	$ 2,425
Financial Liabilities
Total liabilities at fair value	3,015	1,735
Deferred Compensation Investments Liabilities
Financial Liabilities
Total liabilities at fair value	2,149	1,734
Foreign Currency Forward Contract
Financial Liabilities
Total liabilities at fair value	669	1
Precious Metal Swaps
Financial Liabilities
Total liabilities at fair value	197	0
Fair Value, Inputs, Level 1
Financial Assets
Total assets at fair value	2,149	1,734
Financial Liabilities
Total liabilities at fair value	2,149	1,734
Fair Value, Inputs, Level 1 | Deferred Compensation Investments Liabilities
Financial Liabilities
Total liabilities at fair value	2,149	1,734
Fair Value, Inputs, Level 1 | Foreign Currency Forward Contract
Financial Liabilities
Total liabilities at fair value	0	0
Fair Value, Inputs, Level 1 | Precious Metal Swaps
Financial Liabilities
Total liabilities at fair value	0	0
Fair Value, Inputs, Level 2
Financial Assets
Total assets at fair value	194	691
Financial Liabilities
Total liabilities at fair value	866	1
Fair Value, Inputs, Level 2 | Deferred Compensation Investments Liabilities
Financial Liabilities
Total liabilities at fair value	0	0
Fair Value, Inputs, Level 2 | Foreign Currency Forward Contract
Financial Liabilities
Total liabilities at fair value	669	1
Fair Value, Inputs, Level 2 | Precious Metal Swaps
Financial Liabilities
Total liabilities at fair value	197	0
Fair Value, Inputs, Level 3
Financial Assets
Total assets at fair value	0	0
Financial Liabilities
Total liabilities at fair value	0	0
Fair Value, Inputs, Level 3 | Deferred Compensation Investments Liabilities
Financial Liabilities
Total liabilities at fair value	0	0
Fair Value, Inputs, Level 3 | Foreign Currency Forward Contract
Financial Liabilities
Total liabilities at fair value	0	0
Fair Value, Inputs, Level 3 | Precious Metal Swaps
Financial Liabilities
Total liabilities at fair value	0	0
Deferred Compensation Investments Assets
Financial Assets
Total assets at fair value	2,149	1,734
Deferred Compensation Investments Assets | Fair Value, Inputs, Level 1
Financial Assets
Total assets at fair value	2,149	1,734
Deferred Compensation Investments Assets | Fair Value, Inputs, Level 2
Financial Assets
Total assets at fair value	0	0
Deferred Compensation Investments Assets | Fair Value, Inputs, Level 3
Financial Assets
Total assets at fair value	0	0
Foreign Currency Forward Contract
Financial Assets
Total assets at fair value	149	691
Foreign Currency Forward Contract | Fair Value, Inputs, Level 1
Financial Assets
Total assets at fair value	0	0
Foreign Currency Forward Contract | Fair Value, Inputs, Level 2
Financial Assets
Total assets at fair value	149	691
Foreign Currency Forward Contract | Fair Value, Inputs, Level 3
Financial Assets
Total assets at fair value	0	0
Precious Metal Swaps
Financial Assets
Total assets at fair value	45	0
Precious Metal Swaps | Fair Value, Inputs, Level 1
Financial Assets
Total assets at fair value	0	0
Precious Metal Swaps | Fair Value, Inputs, Level 2
Financial Assets
Total assets at fair value	45	0
Precious Metal Swaps | Fair Value, Inputs, Level 3
Financial Assets
Total assets at fair value	$ 0	$ 0

Derivative Instruments and He53

Derivative Instruments and Hedging Activity (Details) - Not Designated as Hedging Instrument [Member] - Other Current Liabilities [Member] - USD ($) $ in Thousands	Sep. 29, 2017	Dec. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Liability, Notional Amount	$ 14,402	$ 0
Derivative Liability, Fair Value, Gross Liability	(11)	0
Euro Member Countries, Euro | Foreign Exchange Forward [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Liability, Notional Amount	14,402	0
Derivative Liability, Fair Value, Gross Liability	$ (11)	$ 0

Derivative Instruments and He54

Derivative Instruments and Hedging Activity (Details 1) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 29, 2017	Sep. 29, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net	$ 0.5	$ 1.1

Derivative Instruments and He55

Derivative Instruments and Hedging Activity (Details 2) - USD ($) $ in Thousands	Sep. 29, 2017	Dec. 31, 2016
Derivative [Line Items]
Derivative, Notional Amount	$ 35,442	$ 9,448
Derivative, Fair Value, Net	(661)	690
Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member]
Derivative [Line Items]
Derivative Asset, Notional Amount	10,977	8,911
Derivative Asset, Fair Value, Gross Asset	162	691
Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | Precious Metal Swaps
Derivative [Line Items]
Derivative Asset, Notional Amount	2,148	0
Derivative Asset, Fair Value, Gross Asset	13	0
Designated as Hedging Instrument [Member] | Other Assets [Member]
Derivative [Line Items]
Derivative Asset, Notional Amount	1,932	0
Derivative Asset, Fair Value, Gross Asset	32	0
Designated as Hedging Instrument [Member] | Other Assets [Member] | Precious Metal Swaps
Derivative [Line Items]
Derivative Asset, Notional Amount	1,932	0
Derivative Asset, Fair Value, Gross Asset	32	0
Designated as Hedging Instrument [Member] | Other Current Liabilities [Member]
Derivative [Line Items]
Derivative Liability, Notional Amount	20,534	537
Derivative Liability, Fair Value, Gross Liability	(828)	(1)
Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | Precious Metal Swaps
Derivative [Line Items]
Derivative Liability, Notional Amount	7,845	0
Derivative Liability, Fair Value, Gross Liability	(170)	0
Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | Precious Metal Swaps
Derivative [Line Items]
Derivative Liability, Notional Amount	1,999	0
Derivative Liability, Fair Value, Gross Liability	(27)	0
Japan, Yen | Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative Asset, Notional Amount	2,000	2,418
Derivative Asset, Fair Value, Gross Asset	59	239
Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative Asset, Notional Amount	6,829	6,493
Derivative Asset, Fair Value, Gross Asset	90	452
Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative Liability, Notional Amount	12,689	537
Derivative Liability, Fair Value, Gross Liability	$ (658)	$ (1)

Derivative Instruments and He56

Derivative Instruments and Hedging Activity (Details 3) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 29, 2017	Sep. 30, 2016	Sep. 29, 2017	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	$ 0	$ 0	$ 0	$ 0
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax			$ (1,200,000)	$ (1,600,000)

Contingencies (Detail)

Contingencies (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 29, 2017	Dec. 31, 2016
Loss Contingencies [Line Items]
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	$ 6.1	$ 6